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Curtis Banks: Sipp market will overcome challenge of non-standard assets

Curtis Banks has backed the Sipp market to bounce back from the reputational hit of defined benefit transfers and non-standard asset failures as the firm posts another growth in sales.

Revenue increased by 6 per cent to £46.1m and adjusted profit before tax increased by 13 per cent to £12.1m.

The number of new Sipps administered increased to 77,739 from 76,474.

However, the firm notes that confidence in the sector has taken a hit from recent negative headlines surrounding high-risk investments held in Sipps.

The firm writes in its results this morning: “There have been some well publicised challenges, from which no provider has been immune, which have led to lower gross sales across the industry. The defined benefit transfer review has impacted all professional advisers, spanning both DB and defined contribution pension transfer advice.

“Liabilities arising from Sipps holding non-standard assets have reduced confidence in the Sipp market, and the general economic environment has reduced consumers’ focus on pension savings. All of these factors have been felt across the industry but we believe that our robust financial strength, quality of administration and our new proposition puts us at the forefront of the sector.

“The issue of non-standard investments has received increased media attention. Whilst we acknowledge that these issues are significant within the wider industry, and that some uncertainty still persists, we do not consider them to be a material risk to our business. The group continues to carry out robust due diligence on non-standard investments.”

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