Turnover at the Greater Manchester-based company increased sharply from £889,349 (2012) to £1,563,708 (2013), while pre-tax profits more than doubled from £337,647 to £682,272.
In May, the six-year old company, renowned for its transparent fee structure, recorded its 3,000th SIPP, and now has funds under management of £200 million. The firm has 23 members of staff and is looking to recruit a further 10 over the next twelve months.
The business has also entered into a number of partnerships with execution-only brokers to help broaden the services on offer to their customer base.
In readiness for the anticipated rise in capital adequacy requirements for providers of Self Invested Personal Pensions, Liberty SIPP currently has retained assets of over £1m and cash reserves of £970,974.
John Fox, Managing Director, Liberty SIPP, commented:
“These strong results represent a significant milestone in the growth of the firm and give clients confidence that, as well as being customer-focused and innovative, this is a robust and well-funded business. With new capital adequacy rules due to be implemented, 2013 will be a challenging year for many in the SIPPs market.
"At Liberty, we knew that changes were afoot and as a board we have been very diligent in building up our cash resources in anticipation of these changes. With many larger providers potentially struggling to adjust to the new raft of regulatory demands, we believe we are one of very few in the market with sufficient capital adequacy should the rules come into effect immediately.”
