Working Document — April 2026
The UK SIPP market holds approximately £150 billion in assets across 1.2 million schemes. Of these, around 270,000 are full-choice SIPPs controlling £70 billion, where scheme holders and their advisers have the flexibility to direct investments into a wide range of assets. This is the addressable market for the AFX Fixed Income Bond.
80% of SIPPs are advised, meaning the route to market runs through both the SIPP providers (who must approve the investment) and the financial advisers who recommend it to their clients. A well-structured campaign needs to address both audiences.
The AFX bond has recently had a critical development confirmed: the loan note instrument and term sheet are being updated to include a 30-day lock-up from acquisition and a 30-day notice period for optional redemption. This is significant because the FCA defines a standard asset as one that can be "readily realised whenever required, up to a maximum of 30 days." Meeting this threshold changes the commercial equation for SIPP providers entirely.
What 30-Day Redemption Means for SIPP Providers
SIPP operators holding non-standard assets face significantly higher capital adequacy requirements under FCA rules. A bond that meets the 30-day realisability threshold, is listed on a recognised exchange with an ISIN, and clears through Euroclear has a strong case for standard asset classification. This means lower capital costs for the provider, simpler due diligence, and a much easier approval process. It moves the conversation from "can we accept this?" to "why wouldn't we?"
Combined with the Irish DAC structure, Vienna MTF listing, ISIN number, Euroclear/Clearstream settlement, and assigned LEI, the bond now has the institutional infrastructure that SIPP providers expect to see. Most products in this space lack several of these elements. The AFX bond has all of them.
The proposed strategy is a structured, phased outreach campaign targeting every relevant SIPP provider in the UK. Rather than a scattergun approach, this would be methodical and data-driven, prioritising providers by their likelihood of acceptance and the size of their book.
Build a comprehensive database of every UK SIPP operator that accepts or has historically accepted non-standard investments. Each entry profiled by assets under administration, investment committee structure, fee model for non-standard holdings, and known appetite for listed debt securities. This isn't a list you can buy off the shelf — it requires hands-on research across FCA registers, provider documentation, and industry contacts.
Prepare a professional submission pack tailored to what SIPP investment committees actually ask for. This includes the product summary, the standard asset argument, the regulatory structure, settlement mechanics, and answers to the eight key due diligence questions that every provider will raise. The pack needs to do the heavy lifting so the provider's compliance team can assess it efficiently.
A structured email and follow-up campaign to each provider's investment or compliance team. Not a mass mailshot — each approach would be tailored to the specific provider, referencing their published investment criteria and explaining precisely why the AFX bond fits. The goal is to get the product in front of the right decision-maker with a clear, professional proposition.
Track every provider through the process: initial contact, documentation submitted, investment committee review, questions raised, approval or decline. Maintain a live pipeline so there's always visibility on where each provider stands and what's needed next. Regular reporting on progress, conversion rates, and any common objections that need addressing.
Every SIPP provider that can accept the bond will have been approached with a professional, compliant submission. No stone left unturned.
Each approved provider opens a distribution channel to their adviser network and underlying SIPP holders. One approval can unlock thousands of potential investors.
Being on a SIPP provider's approved panel is a mark of institutional credibility. It signals to advisers and investors that the product has passed independent due diligence.
Even where providers decline, the feedback is valuable. It reveals exactly what the market wants to see, allowing the product positioning to be refined over time.
| Phase | Timeframe | Outcome |
|---|---|---|
| Provider database & documentation | 2 weeks | Complete target list and submission-ready pack |
| Initial outreach (priority providers) | Weeks 3-4 | First submissions to top-tier providers |
| Full market outreach | Weeks 4-8 | All relevant providers contacted |
| Provider review cycles | Weeks 4-16 | Investment committee decisions (varies by provider) |
| First approvals expected | 8-12 weeks from start | Bond available to SIPP holders via approved providers |
Timelines depend on individual provider review cycles. Some full-SIPP operators can turn around approvals in 4-6 weeks; others may take 3-4 months.
Before approaching providers, the following needs to be in place:
Updated term sheet with 30-day lock-up and 30-day notice period
Confirmed — being updated in the new documentation
ISIN number and Vienna MTF listing
In place via AFX Fixed Income DAC
LEI code assigned
635400VGZMGI4RZHBT55 — issued 01/04/2026
Final prospectus / offering memorandum
Needed for provider submissions — awaiting final version
Agreement to proceed with provider outreach
For discussion
The AFX Fixed Income Bond is better positioned for SIPP distribution than most products in this space. The combination of an Irish DAC issuer, Vienna MTF listing, ISIN, Euroclear settlement, and now a confirmed 30-day redemption notice period gives it the institutional credentials that SIPP providers need to see.
A structured campaign targeting every relevant provider in the UK market would establish exactly where the opportunities are, get the bond onto approved panels, and open up a significant distribution channel into the UK pension market. The groundwork has been done. The question is whether to move forward.
AFX Wealth — Private & Confidential — Not for distribution