Sipp provider @SIPP says there has been a 70% increase in new business for sales in the first quarter of 2016 compared to 2015.

The Sipp portfolio grew to 2,253 clients as of 31 March, the full year results showed.

The firm, founded in 2001, said it continued to see strong demand for its commercial property offering, with the numbers of properties under administration rising to 700.

Eddie McGuire, managing director, said: “Our business has grown significantly in the past twelve months and I am confident this will continue. We have a strong capital position, which will see us comfortably meet the upcoming FCA Capital Adequacy requirements, enabling us to continue to grow with pace.

“We look forward to sharing further details on these plans in the coming weeks."

The company, meanwhile, has announced it has appointed Mark Canning from YorSipp. He takes up the newly created role of head of proposition and development.

Mr Canning, a committee member of industry trade body the Association of Member Directed Pension Schemes, has over 25 years’ experience in the self-invested pension market.

Mr McGuire said: “Mark joins our business at a crucial time and will be instrumental in helping us continue to develop our proposition for the adviser market. He is a terrific addition to our senior team bringing a wealth of complementary industry experience.”

In his new role as head of proposition and development, Mr Canning will be responsible for continuing @SIPP’s expansion throughout the UK and developing strategic partnerships.

Mr Canning said: “@SIPP is at a pivotal point in its strategic development. As the self-invested pension market continues to evolve I believe advisers will increasingly look towards ‘true’ Sipp players, like @SIPP, to support their clients.

“Only those firms offering a combination of capital strength coupled with strong governance and controls required to offer the widest range of investment solutions will flourish; often at a fraction of the cost of narrower platform based offerings.”