DD|hub launches a Self-Invested Personal Pension (SIPP) review service for advisers

The service currently includes data from AJ Bell, Barnett Waddingham, Dentons, IPM, Westerby and YorSIPP, with others being added shortly.

The service also allows advisers to follow providers to get automated updates when things change.

Due diligence is a key area of focus for the Financial Conduct Authority (FCA) which has told advisers that suitability requires assessment and understanding of both investments and providers, DD|hub said.

In particular, the due diligence specialist said advice firms should

'Assess the provider to establish whether they believe it appropriate to entrust the provider with client assets.'

DD|hub added that this assessment is a core element of the foreseeable harm rules in Consumer Duty as advisers consider what risks might arise from recommending a particular provider to a client.

'With multiple Dear CEO letters expressing concerns about inadequate due diligence alongside well-publicised issues with some SIPP providers, it is clear that advisers need to take due diligence seriously,' it said.

DD|hub director and SIPP specialist Chris Jones said:

'Doing the detailed due diligence the FCA expect does take time and effort, but D Hub streamlines the process by pulling all the information together online for you, in a consistent, easy-to-compare format, with tools to help advisers review and assess it, and comprehensive reports to document their process.'

DD Hub director David Lee added:

'This is another step in our journey to supply advisers with the information they need to meet the FCA's due diligence expectations.

'There are lots of good research tools out there, but none which carry the depth of due diligence data the FCA expect advisers to look at.'