The annual financial strength assessment of Barnett Waddingham’s SIPP business has resulted in a ‘Strong’ rating for the sixth consecutive year.

AKG delivered its findings after considering 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.

The Strong, or ‘B’ rating, was awarded by AKG, which summarised the assessment by stating:

  • 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.

In its report, AKG noted: “Barnett Waddingham has significant experience in providing co-branded SIPPs and third-party administration.”

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.

In numbers

Some of the key statistics highlighted in the report include: 

  • £13.6bn – Total Assets under Administration;
  • 54,000 – the number of SIPPS administered by BW;
  • 207% - improved capital resources requirement with regulatory capital of £5.8m against a requirement of £2.8m; and
  • 4 stars – additional ratings given 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.

Download: our AKG Financial Strength Report 2022

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