Investor In Customers (IIC), a service standards rating agency, also reported that staff at provider companies are unaware of this dissatisfaction.
Neil Craig, managing director of IIC, said the two star rating given to the Sipp provider sector “provides encouraging evidence” of good practice in many areas, contrary to recent reports of widespread failings within the sector. However, he admitted the IIC’s report also reinforced the findings of the Financial Services Authority’s thematic review of Sipps, which raised concerns that some customers were not being treated fairly.
The FSA has given its backing to IIC ratings for financial companies, and the IIC has claimed the system is now fundamental to many clients’ processes for ensuring customers are treated fairly.
Lee Robertson, CEO at boutique wealth managers Investment Quorum, winners of three IIC three-star awards, said: “Many advisers have gone through an independent and rigorous assessment process, such as the Gold Standard Awards or Investor in Customers, and having exposed themselves to scrutiny, they want to deal with Sipp providers who have also put themselves to the test.”
The IIC uses a unique rating system to score retail sectors on customer satisfaction, and awarded the Sipp sector a two-star score of 7.15. However, it said this was significantly below requirements for a maximum three-star rating.
