At the year end the number of Sipps administered had increased to 82,224, including 4,113 Sipps added organically plus 5,833 new Sipps as a result of the acquisition of Talbot and Muir.
In November, Curtis Banks announced it would raise the cost of its administration fees on both of its Sipp products from February 2021 in order to achieve a better balance between fee income and interest income.
Its annual administration fee on the mid Sipp increased by £50 to £310 and the full Sipp increased by £140 to £720.
Curtis Banks’ move to a more “sustainable” and “resilient” business model started with its acquisitions of Talbot and Muir and FinTech provider Dunstan Thomas last year (July 2020) for £53m.
The firm said it is “confident that both businesses will play a key role in diversifying and expanding the group’s offering to drive growth in the next two to three years”.
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