Goji scraps plans for automated SIPP capability

Goji has abandoned its plans to add an automated self-invested personal pension (SIPP) capability to its technology offering.

In May, the alternative investment platform technology provider said it was working on launching a white label SIPP capability in the third quarter.

At the time Goji said it was to give platforms, approved by a SIPP trustee, the ability to offer their investors the opportunity to invest via a SIPP directly through the Goji platform, without the need to complete separate paperwork.

Read more: Pensions and P2P

However, David Genn, chief executive of Goji, said the platform has scrapped the plans to focus on looking after its customers and onboarding a number of peer-to-peer lending platforms.

Goji continues to accept SIPP investments from other companies, rather than providing the planned dedicated SIPP account itself, he added.

“Investors can open a SIPP with a SIPP provider and use that SIPP with P2P lenders – our platform technology can allow them to do that, but we don’t have the dedicated capability to allow investors to open it on our platform,” Genn told Peer2Peer Finance News.

Read more: Gross lending in Q2 was 50 per cent more than the whole of 2019

“We’re working with a number of our platforms to allow them to onboard SIPP investments from SIPP providers that let them include P2P investments.

“There are quite a few P2P lending platforms that want to allow investors to invest via a SIPP and that’s good for platforms as they can attract long-term capital.

“And it gives investors more flexibility to be able to invest not just via an Innovative Finance ISA, but through a SIPP as well.”

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