Reply to Lee — Provider Database

Hi Lee,

Good stuff, glad you're happy to proceed. I've started building out the provider database as requested.

I've identified 10 UK SIPP providers that accept or could accept non-standard investments and put together a working document with the detail on each one, including their stance on non-standard assets, their processes, and how the AFX notes are likely to be assessed. I've ranked them in order of likelihood of acceptance.

SIPP Provider Database: afx-bonds-meowsehl.manus.space/sipp-database

Private and confidential, internal use only.

The key finding from the research is that the confirmed 30-day notice period is a real advantage. The FCA defines a standard asset as one that can be readily realised within 30 days. If providers accept that the notes meet this threshold, it removes the capital adequacy surcharge that puts most of them off non-standard investments. Combined with the ISIN, Vienna MTF listing and Euroclear clearing, the notes are in a stronger position than most products seeking SIPP panel approval.

Once I have the updated term sheet, full prospectus and ISIN number from you, I'll be in a position to start approaching the providers on the list. The first conversations will be with Curtis Banks and Yorsipp as they have the most established non-standard investment processes.

Have a look through the database when you get a chance and let me know your thoughts.

Kind Regards,