Rupert Curtis talks to Citywire about the Pointon York acquisition
Pointon York sells SIPP business to Curtis Banks
Pointon York has sold its Sipp business to fellow Sipp provider Curtis Banks.
Pointon York has transferred the running of its entire Sipp business to Curtis Banks. Curtis Banks will keep open Pointon York’s Market Harborough offices and have pledged to increase staff numbers there as a result of the deal.
Pointon York chief executive Geoffrey Pointon said: ‘The whole Sipp business has been sold, I signed off on it on Friday night and I will now sit down with the directors [of Pointon York] and consider the future.
'We got the business as far as we could get it and consider Curtis Banks a perfect partner for our clients. They will keep the Market Harborough office open and expand it.’
Pointon said Sipp providers were in a ‘wonderful position’ to take advantage of the incoming pension freedom reforms. However he did reveal that Curtis Banks had been interested in his Sipp books ‘for some time’. Pointon said the online e-Sipp book had become a particularly valuable part of the business.
Curtis Banks managing director, Rupert Curtis, said recent increases to capital adequacy requirements had sparked consolidation of providers in the Sipp market. Curtis said bigger firms like his own were in a better position to deal with the cap ad changes.
'This deal is part of the consolidation of the market generally,' said Curtis. '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.'
Author: William Robins
3rd November 2014