Curtis Banks PLC in good space as recurring fee model proves worth

• Curtis Banks is one of the UK’s main SIPP administrators
• It has more than 76,000 pensions plans on its books
• Company also looks after thousands of properties

How it’s doing

Curtis Banks said its recurring fee model has protected its business against the worst of the effects of the coronavirus (COVID-19) pandemic.

The self-invested personal pensions (SIPP) plan provider completed the acquisitions of Talbot and Muir, a high-quality provider of SIPP and small self-administered pension schemes, and Dunstan Thomas, a leading fintech provider, and announced a new fee-charging structure for clients.

These initiatives will reduce the proportional contribution of interest income to total revenue and improve the overall quality and diversity of earnings across the group, it said in January.

What the boss says: Will Self, chief executive

“Despite the challenging environment we refused to be downbeat and remained focused on our growth strategy. As a result, we managed to execute key strategic initiatives and deliver a strong and robust performance in 2020.

“Looking ahead, we will continue to build a business that looks set to benefit from macro-trends, namely greater numbers of UK savers and an ageing population.

“Building upon our success as one of the UK’s leading SIPP providers, we will continue to develop the business through enhancing our service to our clients and advisers, greater diversification of revenue streams and the targeting of improved operating profit and quality of earnings.”

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Inflexion points

• Organic revenues continue to grow
• Full year’s benefit of sales and management reorganisation
• Acquisitions like Dunstan Thomas to expand footprint and product suite