Curtis Banks to integrate further with platforms

Curtis Banks to integrate further with platforms

Curtis Banks is developing a tool which will, among other things, allow self-invested personal pension applications and quotes to be added directly into adviser platforms.

According to its half year results, published this morning (September 9), the provider is looking to boost its technology offering on the back of its acquisition of fintech firm Dunstan Thomas.

This includes using machine learning to lessen advisers' and clients' dependence on telephone calls and it is also developing technology to allow its Sipp application and quote process to be easily added into IFA platforms, which Curtis Banks said would “grow market share and expand its target market”.

Its tech team is also developing more adviser tools, though no further detail has yet been given on what these could be.

Will Self, chief executive of Curtis Banks, said: “The second half of the year is gearing up to be a busy period. As part of our effort to reach new areas of an ever-increasing addressable market, Curtis Banks is evolving from a primarily focused Sipp administrator to a more holistic retirement group which provides technology and complementary services to the advised retirement market."

During 2018, Curtis Banks began a review of data records related to properties held within its Sipps.

According to the firm this involved a case-by-case assessment of each of the properties to assess whether any remedial action was needed in respect of that property or the associated Sipp.

The liabilities arising from this process currently stand at £1.3m, down from £1.8m in the same period last year as a number of cases have been resolved, as well as there being an overall reduction in the value of remaining cases and uncertainty.

Elsewhere, Curtis Banks saw profits before tax rise slightly to £4.5m for the six months ended June 30, 2021, compared to £4m the year before.

The total number of Sipps administered increased by 6 per cent to 80,997 from 76,306, due to a combination of organic growth as well as the acquisition of Talbot and Muir which added 6,082 Sipps to this total.

Assets under administration increased by 26 per cent to £36bn (June 2020: £28.6bn).

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