The new feature will be a hybrid between a funds platform and a wrap platform.

AJ Bell says it will offer the “pricing benefits of a funds platform where clients invest in retail funds and the investment functionality of a low-cost wrap platform where they invest wide of this.”

Benefits of the platform include no establishment or administration charges, no charges for transfers, 1,900 core funds with free dealing/switching and a further 4,000 funds with online dealing/switching charges of £9.95.

Andy Bell, chief executive of AJ Bell, said: “We are a little bit different to other platform operators. We have many years’ experience in Sipps and have over £15bn in assets under administration. This gives us a great base from which to roll out our award-winning approach to Sipps to a wider product range.”

Billy Mackay, marketing director at AJ Bell, said: “Sipp will remain at the core of what we do but these new products are complementary to, and share many of the attractive features, of our Sipp.”

The new platform will launch on 11 July and full details will be available from this date at www.sippcentre.co.uk