Curtis Banks hikes SIPP charges for ‘better balance between fee income and interest income’

Tom Ellis reports

Curtis Banks has increased its mid SIPP annual administration fee and full SIPP fee.

The firm’s mid SIPP annual administration fee will rise from £260 to £310, while the full SIPP charge will jump from £580 to £720. It said these price lifts will offer “a better balance between fee income and interest income”.

Curtis Banks said the changes to its charges accompany a development of its proposition and alteration in the strategic direction of the business.

These changes, the firm added, were kicked off by its £25m acquisition of self-invested personal pension (SIPP) provider Talbot and Muir and £27m purchase of fintech company Dunstan Thomas.

Curtis Banks has also committed £5m to improving its technology over the next five years.

Curtis Banks CEO Will Self said he believed the firm’s fees “remain competitive”. He added: “We are committed to the SIPP sector and my vision is to continue to innovate and drive positive change and behaviour.

“I have a clear vision for not only the Curtis Banks Group but also the sector itself. The SIPP sector continues to be under invested, has a long tail of small providers and is under pressure from the regulators and PI insurers. SIPPs are part of my DNA and if we don’t continue to innovate and invest then we will stagnate and no longer be relevant for advisers and their clients.”