Dentons acquires Sipp book and backs capital adequacy rules

A Sipps firm has backed the FCA's new capital adequacy rules and announced it has acquired the Sipp book from a pension administration provider for an undisclosed sum. Dentons has acquired the Sipp book from MAB Pensions, part of the Michael Ambrose Group, the Leicester based financial advice firm. This adds 125 Sipp plans to Denton's existing book which already totalled over 4,000 high net worth Sipp and SSAS clients.Michael Watson, director of MAB Pensions, said: "This was a very difficult decision to make as we have provided Sipp services to our customers for many years and value their custom, financial well being and security above all. {desktop}{/desktop}{mobile}{/mobile} "However, having made the decision in the best interests of all we were determined to find the right provider who shares our commitment to high administration standards and practice."We firmly believe that we have done so and I am very confident that Dentons will prove to be the right choice to meet our customers' Sipp needs in the future."Ian Stewart, joint managing director of Dentons, said it was a "perfect fit".He said: "We have made no secret that we are an acquisitive firm, but it has to be for the right business or Sipp book."We are committed to the Sipp and SSAS market and the size of this acquisition is easily absorbable into our current business without impacting the service we provide."Our due diligence of the Sipp book suggests that it will not have adverse implications in respect of the new capital adequacy requirements."Dentons has welcomed the new capital adequacy rules.David Fox, director of sales and marketing at Dentons, said the changes were "well thought out and fit for purpose" and that it was "good to finally have certainty in the sector".He said: "We are confident the new rules can be accommodated within our current structure and resources and we can now build towards satisfying these requirements and invest in the business for the future which will include acquiring Sipp books with good quality assets."We are confident we will not be challenged by these rules as much as most will be due to our financial resources and track record of profitability. We have a controlled exposure to various non standard assets which has resulted from our robust due diligence process."The impact on well run and well capitalized Sipp operators will be minimal but where we might see increased fees and change is around the lower cost platform Sipps where the levels of asset monitoring will be greatly increased. Consumers will need to be aware of this."

Dentons acquires Sipp book and backs capital adequacy rules

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