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Talbot and Muir sees SIPP book grow

1 March 2018

Talbot and Muir saw its SIPP book grow by 14% in 2017, and said it remains bullish about its future prospects.

The SIPP and SSAS specialist, which celebrates its 25th anniversary this year, said its SIPP business rose to a total of 4,360 in 2017 compared to 3,820 the previous year. There was also a marked increase in the number of advisers supporting the firm, up 40% since 2016.

Brian Talbot, founder and director, Talbot and Muir (pictured), said: “We have spent the last 25 years building a robust and sustainable business model with 85% of our fee income being renewal fees and turnover increasing by 17% last year alone. We remain privately owned, are entirely self-financed, and hold a healthy surplus over and above our minimum capital requirements.”

Talbot added that the increased burden of capital adequacy and FCA scrutiny will lead to further consolidation and casualties within the market, partly as a result of what he referred to as some providers’ “exposure to toxic, non-standard assets”.

He commented: “We have watched from afar over the last 10 years, with some degree of envy, the rapid growth of some of our competitors. We are now seeing that, in some cases, this growth was driven by an open-door policy where all manner of investments were allowed, often introduced via a combination of non-regulated introducers and direct clients. Where due diligence on these investments and introducers was lacking, the consequences are starting to be felt by these firms.

“Advisers value our cradle to grave, hands on administration, combined with technical and procedural support. This is where we intend to remain positioned.”

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