Xafinity is actively seeking to make deals in the self-invested personal pension market, with the firm’s director urging smaller providers to “bite the bullet” and honestly value their businesses.
Speaking to FTAdviser, Andy Bowsher, director of self-invested pensions at Xafinity, said since the Financial Conduct Authority has confirmed capital adequacy requirements, “there are opportunities coming, so some businesses should reflect on their true value and bite the bullet to conclude deals”.
“It is good to finally see a bit of movement in this space, because recently there was a bit of reluctance in making decisions due to uncertainty over the capital adequacy rules.
“We have made a couple of deals in the last few years, but are actively seeking more.”
Last week the firm appointed James Cannon to its Sipp and Ssas sales team as business development manager, to help support new and existing clients.
This comes after last month’s move to freeze Sipp administration fees, which Mr Bowsher says is part of a focus on supporting advisers.
He admitted that Xafinity was not a big player in the market, so operates a bespoke proposition based on personalised service and dedicated administration for advisers and clients.
The firm got into the advised retail pensions space in 2008 with its own products based on those from the acquisition of Hazell Carr.
Since then the Sipp and Ssas business has grown to revenues of £4.5m, with Mr Bowsher stating that a well-capitalised position means it is able to pass the benefit on the advisers and be actively acquisitive.
