Strong rating for SIPP business for seventh year running

For a seventh consecutive year, our SIPP business has been rated as 'strong' in an independent annual financial strength assessment by AKG.

The findings were announced after AKG considered the ability of BW SIPP LLP, Barnett Waddingham’s SIPP operator and administrator, to deliver ongoing operational capacity in the interest of its customers.

The analysis is designed to inform financial advisers and assist with their understanding of a company’s operational financial strength.

Awarding the ‘B’ rating, the report included the following summary in its assessment:

• The SIPP operation is explicitly seen as one of the areas for diversified growth and it appears to be receiving a level of focus and investment in line with this.
• The group benefits from an overall strategic and governance approach which is joined up at a Partnership level and across the organisation, and demonstrates the scale of the business in aggregate.
• The partnership structure, and more broadly the culture of the firm in part emanating from it, contribute to a very stable, collegiate and risk averse corporate personality across the group, including the SIPP operation.
• The partnership with Interactive Investor significantly increased the importance and presence of BW SIPP both within the SIPP market and also the wider group.
• Complementing traditional strengths in bespoke SIPPs, white label arrangements are being developed as another core part of the balanced growth trajectory
• The business has also established something of a track record and consequently reputation for successful SIPP portfolio migration

In its report, AKG noted: “Barnett Waddingham believes that SIPPs and SSASs will remain an important part of pension provision in the future. It states that its fully integrated systems in both these areas will enable it to 'deliver efficiently and effectively' for the benefit of its clients.”

AKG is an independent organisation, which has specialised in the provision of assessment, ratings, information and market assistance to the financial services industry for over 30 years.

Key statistics

Some of the key statistical information about BW SIPP LLP:

• £13.6bn total Assets under Administration
• 60,500 SIPPS administered by BW
• 212% improved capital resources requirement with regulatory capital of £6.6m against a requirement of £3.1m
• Four star ratings for service, image & strategy, and business performance

Visit our SIPP service page for more information about the independent, expert services we provide, or contact us by email.