FundsNetwork ties up with Standard Life for Sipp

Fidelity FundsNetwork has entered into an agreement with Standard Life to offer self-invested personal pensions and an onshore investment bond through the supermarket platform.

Standard Life is to be the Sipp provider, trustee and supplier of administration services for FundsNetwork. It has also agreed to develop an onshore single-premium investment bond.

Head of FundsNetwork David Dalton-Brown says: “The main principle used throughout to identify a product provider was its ability to deliver advisers a quality service proposition. When it comes to service levels Standard Life is the leading provider in the industry today – their processes and technology systems are very well integrated.”

Dalton-Brown, who joined the company in March, took a leading role in the process. The addition of Sipps and an investment bond is in line with FundsNetwork’s strategy to offer advisers and clients a full wrap service.

Specific product details including pricing and commission have yet to be announced, but the new products will be transparent, flexible and good value for money, according to FundsNetwork.

Looking to the future, Dalton-Brown says: “Getting the new propositions to market and gaining scale on the platform is our main priority over the next 18 months, along with looking to introduce an offshore bond.” The full-wrap service will eventually follow, he explains.

The fund supermarket currently offers Isas, Peps and mutual funds, and the new products will be available later this year.