Two Sipp firms have announced they have met the FCA’s new capital adequacy requirements.

Rowanmoor Personal Pensions, a subsidiary of Rowanmoor Group, and @SIPP have both declared they are set for the new rules when they take effect in September.

Rowanmoor Personal Pensions, the operator of the Rowanmoor Pensions Sipp and Family Pension Trusts (family Sipps) said it meets the requirements, with respect to its level of regulatory capital and liquidity.

In a statement, released today, Rowanmoor said: “The total capital requirement for Rowanmoor Personal Pensions Limited, on this new basis, as at 30 April 2016 was £1,962,000. At that date, the company had regulatory capital in excess of £2,000,000 and exceeded the liquidity requirement by over £500,000.

“The new capital adequacy requirements become effective on 1 September 2016 and it is not expected that Rowanmoor Personal Pensions Limited’s total capital requirement will increase significantly in the next three months, whilst the company’s capital and liquidity will continue to have grown.”

Assets under administration in all Rowanmoor Sipps and Family Pension Trusts are included in the calculation, the firm said.

A statement from @SIPP read: “We are pleased to confirm that @SIPP currently hold capital in excess of the new FCA requirement. The additional capital required between the current & new requirements has been secured by our existing shareholders with no external financing required.

“As at 31/3/2016, we held capital and reserves of £567,000 – some 30% above our current capital threshold. In common with our longstanding operating practice, we expect to maintain a margin comfortably above our regulatory capital threshold moving forward.”

The firm said it has doubled its staff numbers in the last 3 years and moved to new premises, which provide the capacity for twice as many employees.

Rowanmoor Group added that it aims to give the “most comprehensive range of investment choice available under current legislation”.

The firm said it would permit any asset provided:

• it does not give rise to an unauthorised payment charge
• it can obtain satisfactory title to the asset
• ownership of the asset will not give rise to an unacceptable liability or risk.