Pointon York reports losses narrowing

Pointon York posted a loss after tax of £371,793 in the year to 31 January.

The specialist Sipp provider saw losses fall from £629,048 the previous year, despite a reduction in earnings from introductory fees on provider bank deposits.

The group said the higher charges it introduced last year and high levels of portfolio activity among its clients improved revenues and operating costs were cut by 10%.

The firm’s assets under administration remain ‘in excess of £700 million’ despite market falls.

Pointon York announced that Howard Barrett is joining on 1 July as deputy chairman. The group is also launching a new corporate Sipp this year, which it believes will enable to better compete in the post-retail distribution review world.

Chairman Geoffrey Pointon said: ‘Overall  the  prospects for the Sipp market remain satisfactory in spite of the  general  economic environment.  We have continued to see increased regulatory activity both from the FSA and also from HMRC and we believe that the groundwork we have done over the past 12 months has positioned the group well for the future.’

‘We are pleased to report that in the early part of the year the revenues and costs are both showing improvements compared with last year.’