The AKG rating is designed to meet adviser’s information needs for assessing the financial strength of UK providers and to provide independently evaluated information to assist in the choice of a service provider. It evaluates company structure, financial data, assets under administration, distribution and product information and service.
AKG’s financial strength ratings assists advisers and others to assess the relative strengths of individual provider companies. AKG’s concept of ‘financial strength’ starts with the fundamental issue of a company’s ability to meet all of its guaranteed payments to policyholders, but extends beyond this by aiming to factor in the degree to which a policyholder’s expectations are likely to be met - or even exceeded - in the long-term.
SIPPs are now administered by Barnett Waddingham
of assets under administration
properties under administration
The full report states "The Barnett Waddingham group is an established financial services consultancy with numerous mature and growing business lines. It has a strong consolidated cash position and satisfactory level of members' capital. The 2016 year saw a continued growth of operating profit within the group."
It also described Barnett Waddingham's ability to meets its capital adequacy requirements and summarised that "The regulatory capital requirement for BW SIPP was assessed and reported as at January 2017 in line with the latest FCA requirements, and was satisfactory at 119% against a prudent assessment of total capital requirement and an expectation that coverage will naturally strengthen as further detail of non-standard assets is established".