Elsewhere, Xafinity carries out checks on all new firms and repeats them at least once per year thereafter. The background checks are performed using credit report agency Experian. “We do not allow execution-only clients to undertake certain transactions – including occupational pension transfers and non-standard investments – unless we have confirmed the knowledge, experience or investor status as appropriate,” the group says.
While each firm has its own service proposals and internal due diligence, the policy is undoubtedly going to play a larger part of the business as a whole. It is unclear what the next step is when it comes to service, the difference in allocations and the number of bespoke Sipps make it difficult for the regulator to apply an industry standard. Measuring quality of service is not an easy task anyway. If such an effort were to be started, it would not be ready in time for September 2016.
