Liberty Sipp has seen its turnover almost double to £1,563,708 at the end of the financial year to 31 March from £889,349 in 2012.
The Greater Manchester-based self invested personal pension provider also saw pre-tax profits more than double from £337,647 to £682,272 at the end of March 2013.
In May, the six-year old company recorded its 3,000th Sipp, and now has funds under management of £200m. The firm has 23 members of staff and is looking to recruit a further 10 over the next twelve months.
The business has also entered into a number of partnerships with execution-only brokers to help broaden the services on offer to their customer base.
In readiness for the anticipated rise in capital adequacy requirements for Sipp operators, Liberty Sipp currently has retained assets of over £1m and cash reserves of £970,974.
In November the Financial Services Authority said in a consultation paper that capital requirements for Sipp providers should be increased from its current levels of £5,000 to £20,000.
The regulator proposed that an operator’s total capital requirement should take into account the amount of assets under administration and an additional capital surcharge for operators holding non-standard asset types, which take longer to resolve in the event of a wind-down.
John Fox, managing director at Liberty Sipp, said: “These strong results represent a significant milestone in the growth of the firm and give clients confidence that, as well as being customer-focused and innovative, this is a robust and well-funded business. With new capital adequacy rules due to be implemented, 2013 will be a challenging year for many in the Sipps market.
“At Liberty, we knew that changes were afoot and as a board we have been very diligent in building up our cash resources in anticipation of these changes. With many larger providers potentially struggling to adjust to the new raft of regulatory demands, we believe we are one of very few in the market with sufficient capital adequacy should the rules come into effect immediately.”
