The firm’s managing director said continued growth had helped it to exceed £6bn in assets during September. The average fund size of a Suffolk Life Sipp exceeds £300,000 and the figure is continuing to increase.
Mr Self said: “Broadening our proposition beyond the traditional bespoke Sipp market has provided a strong foundation to meet the challenges ahead, including the outcome of the FCA’s CP12/33 capital adequacy regime expected to be published next month. The business remains strongly capitalised in preparation.”
Greg Kingston, head of marketing and proposition for the firm, said that despite holding almost 3000 commercial properties, less than 20 per cent of Suffolk Life’s book was invested in higher risk non-standard assets, as opposed to more than 40 per cent for many of its competitors.
He added that the timing of last week’s FCA announcement on a thematic review of Sipp operators was “sensible” and should tie in well with the outcome of CP12/33.
Patrick Connolly, head of communications for national IFA Chase de Vere, said: “I’m not surprised Suffolk Life is bringing the business in as it offers a competitive product and a good level of service. We have used it in the past and will probably do so again for the right client.”