(Alliance News) - Curtis Banks Group PLC said Tuesday it produced a robust trading performance for 2020 as a whole, both on an operational and financial basis despite disruption from the pandemic.
The UK-based self-invested pension products company said during the year it had acquired Talbot & Muir, a provider of SIPP and SSAS schemes, and Dunstan Thomas, a FinTech provider back in July.
In addition, Curtis Banks announced a new fee charging structure for clients. Collectively, the group expects this to reduce the proportional contribution of interest income to total revenue, thus improving the diversity of earnings across Curtis Banks.
In November, Curtis Banks said it had laid out plans to achieve a better balance between fee income and interest income, which it believes is more transparent and provides greater certainty to clients.
The company said that this would involve increases to the annual SIPP administration fees paid on the mid and full SIPPs, effective from February 1.
"Looking ahead, we will continue to build a business that looks set to benefit from macro-trends, namely greater numbers of UK savers and an ageing population. Building upon our success as one of the UK's leading SIPP providers, we will continue to develop the business through enhancing our service to our clients and advisers, greater diversification of revenue streams and the targeting of improved operating profit and quality of earnings," said Chief Executive Officer Will Self.
Curtis Banks said it will publish its annual results on March 18.
Shares in Curtis Banks were down 0.9% at 226.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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