SIPPs: Curtis Banks buys Pointon York

Posted on November 3rd, 2014 | Categories - News

SIPPs: Curtis Banks buys Pointon York In the latest of a series of takeovers, Bristol based Curtis Banks has bought the Self-Invested Personal Pension (SIPP) business of Pointon York.

The deal will see Curtis Banks keep the Market Harborough offices of Pointon York open and take over the entire Pointon York range of SIPPs, some 7,000 plans.

According to Curtis Banks there will be no change for Pointon York clients.

The amount Curtis Banks paid, which will take the number of SIPPs administered by them to over 20,000, was not disclosed.

Mergers & acquisitions

Having already purchased Alliance Trust, Curtis Banks is currently one of the most acquisitive SIPP providers.

Experts predict that the number of takeovers in the SIPP market will increase over the coming months, as the market comes to terms with the Financial Conduct Authority’s (FCA) new capital adequacy requirements.

It is also expected that some SIPP providers, who have taken on large numbers of clients investing in unregulated assets, could also find themselves subject to takeovers; albeit from a distressed position.

Commenting on the deal, Rupert Curtis, Managing Director of Curtis Banks, said: “This deal is part of the consolidation of the market generally. A mix of cap ad increases and extra pressure from the regulator means people are making a business decision on whether they want to stay in the SIPP market or not. It is a fact about the new cap ad rules that the bigger you are the less impact the changes have; it favours bigger operators.”

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