Independent SIPP and SSAS firm Talbot and Muir has called for standardised NSI (Non Standard Investments) reporting.

The company made the plea as it issued an NSI due diligence document that it believes answers the questions that advisers need to know when looking at which SIPP provider to partner with. 

Talbot and Muir said industry standardisation of NSI reporting would “make it easier for advisers and their clients to compare providers.”

The intervention followed class actions being brought against certain SIPP providers and High Court rulings going in the clients’ favour.
 
Graham Muir, director, Talbot and Muir said: “It is now more important than ever for advisers to ensure their clients are with a provider that can be considered ‘safe’ and which hasn't stored up significant issues which may have a detrimental effect on service standards. 

“We strongly believe that there is a uniform way to disclose what is ‘under the bonnet’ of each SIPP provider.

“As there is no such disclosure at the moment, we have devised a list of questions with our responses that we believe will provide advisers with a much greater insight into a provider’s exposure to these problem issues. 

“This is now available as part of our due diligence pack and we urge the industry to follow suit and provide a clear and uniform approach to this issue.”