SIPP  

Curtis Banks boss says Fos is fair on firms

Earlier this year (February 19) it bought the Sipp business and certain assets of Guinness Mahon for an undisclosed sum, involving 4,000 Sipps with a total investment value of £300m.

In September 2019 Berkeley Burke’s administrators announced that the Sipp arm of the business would be sold out of administration in a pre-pack deal with Hartley Pensions.

This came after Hartley bought the £130m client book of GPC Sipp in August, which entered into administration after it was embroiled in hundreds of customer claims.

Meanwhile, Mattioli Woods has acquired Hurley Partners in a deal which is expected to complete later this month.

But Curtis Banks is not looking to consolidate any small firms in the near future.

Mr Self said: “There will be some Sipp providers out there that do not have the critical mass to deal with the cost of regulation and business and this will lead to a lot of smaller Sipp firm consolidation.

“We are not hugely interested in these smaller firms, partly because they are a bit too small and the cost of taking on a small book isn’t economically beneficial for us. 

“We are also keen to make sure our book remains full of quality assets rather than a high proportion of non standard assets.

“There will always be some consolidation that we are not interested in.”

amy.austin@ft.com

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