Business As Usual
On the news front you may have noticed in the financial press that we recently acquired the assets of Montpelier Pension Administration Services Ltd (MPAS). This is good news for us - it bolsters our SIPP and SSAS numbers to approximately 3000 and moves us up into the top 10 full SIPP providers - but more importantly, it strengthens our position to cope with the increasing regulatory responsibilities which SIPP providers now face.
The infrastructure needed to cope in the 2011 SIPP market is chalk and cheese to that faced when many participants entered the market - as long ago as the early 1990's. Regulatory expectations on SIPP providers are now much higher and many small providers will struggle to cope. That's why we want to be the size we now are, and why we think that the market will continue to contract with mergers becoming more frequent.
All financial advisers, planners and DFM's will want to carry out due diligence on their SIPP provider - big or small - but the list of questions has now got a bit longer. Is your SIPP provider viable as a long term business in the current climate? This is a theme which we expect to see developing in the coming months.
Meanwhile, it is important to stress that if we are currently looking after your SIPP clients then the status quo will very much continue. You will know that we work on an Account Manager basis and the majority of our Account Managers have a finite number of existing adviser relationships which they supervise, and this will continue.
So whilst we are now a bit bigger than we were a month ago, from a service view point it is very much business as usual. Your clients will continue to deal with your current Account Manager and service will remain at the usual high standards.
If you have any questions on this please feel free to get in touch and as always we value your feedback as we grow.