You can now set up an IPM SIPP using Docusign! Find out more

This article is intended for financial services professionals only. None of the information contained in this article should be received as advice. Pensions are a complicated area of financial planning and IPM suggests that financial advice from a suitably regulated financial adviser is sought before an individual takes any action in respect of their pension savings.

You may have noticed that IPM have made strides forward regarding what we offer online over the last 12 months:

• We revamped our online registration process, giving access to FCA-regulated advisers quicker and giving more control over which support staff can view client information.
• Illustrations for the IPM SIPP can now be generated online.
• We introduced a secure messaging facility, increasing security when communicating client-sensitive information and reducing the amount of paper we use as a company.
• Many of our documents can now be completed electronically. We have partnered with Docusign so that IPM forms can either be issued by us to you, or advisers are able to access and issue these directly through their online access.

The final stage of this part of our journey was to allow for new SIPPs to be established paperless, using electronic signatures. We are now pleased to confirm that this is in place – no more bits of paper required to set up a SIPP with IPM!

Setting up a SIPP with IPM electronically

Being a bespoke SIPP provider, we are used to dealing with a wide range of client circumstances. As such, when an adviser is looking to set up a SIPP with IPM, we have historically provided PDF versions of the documents required, specifically for that scenario.

This was one of the initial challenges we faced when looking to make the SIPP establishment paperless; one size does not necessarily fit all.

To overcome this and continue providing the support our advisers are used to from IPM, we are still issuing the paperwork to establish a SIPP.

Advisers should still contact IPM in the usual way to discuss their specific requirements and, if the SIPP paperwork is to be completed electronically, IPM is able to generate an envelope via Docusign for you with all the forms required.

How the process works

Once an adviser has confirmed that their client wishes to complete the paperwork electronically, we will then proceed to set up the envelope with the forms specific to your client’s requirements.

For example, in addition to our usual SIPP application documents, our questionnaire will be added if the client is purchasing a property, or our income payment request form will be included if the client is in flexi-access drawdown.

The majority of advisers prefer to complete most of the forms on behalf of their clients. So, the envelopes are sent to the adviser firm first, before going to the client.

Our application form and agreements will require the FCA-regulated adviser’s attention, as we have an adviser declaration that will need to be completed. We have a couple of ways as to how we can set up the envelope for the adviser firm:

• Directly to the regulated adviser, or
• To a member of support staff, then on to the regulated adviser.

Once the adviser firm has completed all their required fields, the envelope will then be sent to the client for review and signature, if they are happy to proceed.

At that point, the forms come back to IPM for us to process and take the SIPP establishment to the next stage.

Anti-money laundering requirements

IPM’s approach to satisfying the anti-money laundering (AML) requirements is twofold; for ourselves and for Metro Bank, who provide the trustee bank account for the IPM SIPP. We have been working with Metro Bank to provide a solution that supports the paperless journey of setting up a SIPP with IPM.

IPM has worked with SmartSearch for several years to consolidate all our essential AML checks. By further integrating SmartSearch’s TripleCheck and SmartDoc facilities into our processes for setting up a new SIPP, we have been able to reduce our reliance on certified documents to satisfy the AML requirements for both IPM and Metro.

The adviser/ client is now able to select an option on our application form to complete the AML checks through SmartSearch. If selected, upon receipt of the completed SIPP paperwork, IPM will then issue a link directly to the client to upload a passport or driving licence to SmartSearch, which will then carry out the necessary checks. This option is for clients who reside in the UK only.

If clients do not wish to upload documents to SmartSearch, we are still happy to accept two certified identity documents in the usual way.

And that’s it…!

We have worked hard to make our process as efficient as possible for both adviser firms and clients. We will continue to monitor this and make amendments to our processes where required.

With the above said, please bear the following in mind:

• IPM is still able to accept hard copies of paperwork to establish SIPPs, like we always have done.
• Where more than one SIPP is being established to either purchase or transfer in a commercial property, the required questionnaire would need to be sent on a separate Docusign envelope to the application paperwork; this is because all clients are required to sign the questionnaire.
• IPM is not part of the Origo transfer service. As a result, for most transfers, paper discharge forms will still be required and should be provided to IPM, completed by the client.
• Any paperwork relating to investment accounts to be established in the SIPP will need to be completed in the usual way.

If you have a SIPP you wish to set up for a client and you would like to do this electronically, you can contact us here, or give us a call on 01438 747151.