Suffolk Life director exits as pro-active Sipp book acquisition ends

A director at Suffolk Life has left the company after it ended a strategy of pro-active acquisition of Sipp books. The company said it is looking instead to focus on “higher quality, more sustainable business through organic growth”.Chris Jones, Suffolk Life’s strategic partnership director responsible for Sipp acquisitions, has decided to leave, the company reported in a statement.The reason behind the change in strategy was explained by Will Self, managing director of Suffolk Life, who said the company has found “previously unknown and often unacceptable assets within plans” during acquisition work, with the quality of business available unable to be assessed to its satisfaction. {desktop}{/desktop}{mobile}{/mobile}On Mr Jones's exit, Mr Self said: “Chris has made a huge contribution to Suffolk Life, both in his expertise and experience and also in his character and the professionalism he brought to a number of roles during his 10 years with us. We will miss him and wish him the very best for the future”.The Sipp provider, responsible for the administration of nearly 25,000 self-invested plans with a value in excess of £8 billion, has completed four acquisitions of Sipp back books in the past three years.Will Self, managing director of Suffolk Life, said: “While we will continue to consider any opportunities that present, we are ceasing pro-active acquisition of other Sipp books. In the past 18 months we have reviewed a number of opportunities and have found that the quality of business available either cannot be assessed to our satisfaction or isn’t aligned to the type of business that we’re prepared to accept.”He said: “During some of our previous acquisition work, it became clear that no matter how forensic the pre due diligence, we would still find previously unknown and often unacceptable assets within plans, ultimately leading to us having to refuse some transfers and disappoint the investor and adviser.”The first four months of 2015 has brought “strong organic growth” for Suffolk Life, with more than 1,700 new Sipps received.This was attributed to strong demand for drawdown ahead of new pension freedoms in April, declining adviser confidence in financially fragile Sipp operators and closer alignment with Cofunds, for which Suffolk Life provides administration of the Cofunds Pension Account.Suffolk Life and Cofunds are parts of Legal & General’s digital savings division.

Suffolk Life director exits as pro-active Sipp book acquisition ends

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