Curtis Banks has launched a new self-invested personal pension ‘Your Future SIPP’ to replace its existing SIPP business.
The new product brings together Curtis Banks and Suffolk Life SIPPs into one proposition. It has replaced the current range of products, which the company said would begin to close to new business.
The firm said the key features of the new self-invested personal pension (SIPP) include open market access to virtually any investment solution, a competitive price and automated adviser charging.
A new online portal is also set to be launched that directly supports Your Future SIPP. According to Curtis Banks, which carried out research with advisers while designing the SIPP, the portal should help advisers spend less time on administration.
Curtis Banks group CEO Will Self said: “The SIPP market is undergoing an evolution. On one side, a number of platforms are clearly struggling to offer the service levels advisers demand and are far from an automatic choice for advisers with outsourced investment propositions.
“On the other, a number of SIPP providers face an uncertain future as they clean up legacy books that contain illiquid investments and are not innovating in new products. As one of the leading providers, we have looked to the future and created the new SIPP proposition advisers asked for, supported by a nationwide adviser support network.”
Commenting on the launch, the lang cat consulting director Steve Nelson said: “There is obviously a crossover point whereby fixed fee products and services such as Your Future SIPP work out cheaper when compared to alternatives that operate on a percentage-basis.
“What is significantly less simple are the many, many aspects adviser firms need to consider when carrying out provider research and individual suitability exercises. Price is a component part of the wider picture – but an extremely important one from the customer perspective.”
In early 2016, Curtis Banks bought Suffolk Life for £45m from owner Legal & General, following a sustained period of consolidation in the SIPP provider market.