Although Pointon York ceased accepting new clients, its collapse provides a cautionary tale on the importance of regulated oversight and rigorous investment due diligence within a SIPP.

In the UK financial year 2021–22, 9.6 million individuals made personal pension contributions via relief-at-source schemes, amounting to £15.5 billion, compared with £11.4 billion in the previous year. This sharp rise reflects growing public engagement with retirement planning³.

Yet, larger pension contributions alone do not guarantee security. In June 2020, the Financial Services Compensation Scheme formally declared Pointon York in default after identifying major due diligence failures, particularly in approving high-risk, illiquid investments inside SIPPs⁴.

This article examines what went wrong with Pointon York, how existing clients are still protected under Curtis Banks/Crescent Trustees administration, and the lessons for anyone considering a self-invested personal pension today.

What Is the Pointon York SIPP?

A Pointon York SIPP was a Self-Invested Personal Pension designed to provide greater investment autonomy than standard UK workplace or stakeholder pensions. It allowed holders to build their own retirement portfolio using a range of assets approved by HMRC.

Investment Flexibility

• Clients could invest in listed equities, collective funds, corporate bonds, commercial property, and non-standard assets (e.g., unlisted companies) within the same pension wrapper⁵.
• The structure was “open architecture” with no proprietary funds, so investors were not tied to in‑house or limited selections, a model maintained by Curtis Banks for current administration.

Tax Efficiency

• As an HMRC-registered scheme, contributions qualified for tax relief at basic (20%), higher (40%), or additional (45%) rates, depending on income.
• Investments and gains were tax-exempt within the SIPP, and from age 55 (rising to 57 in 2028), members could withdraw up to 25% tax-free, with the remainder taxed at their marginal rate⁶.

Administration and Control

• Plans were held as trusts, with Crescent Trustees Limited as trustee and Curtis Banks as administrator.
• Clients accessed a secure online portal to view balances, submit contributions, arrange withdrawals, and initiate asset transfers, but investment decisions remained the client’s responsibility.
• Specialist investments underwent enhanced due diligence before acceptance.

This level of flexibility suited experienced investors or those working with a professional adviser. It differed substantially from basic or employer-selected schemes by offering full portfolio control.

Is Pointon York Still Operating?

No, Pointon York no longer operates as a SIPP provider. The company entered liquidation in November 2018, and the Financial Services Compensation Scheme (FSCS) declared it in default in June 2020, confirming that at least one customer was eligible for compensation due to provider failure.

Brief History and Resolution

• Founded by Geoffrey Pointon and Syd York in 1971, the company launched one of the UK’s first Self-Invested Personal Pensions in 1990.
• In 2012, around 1,700 SIPPs were sold to Suffolk Life, and in 2014, Curtis Banks acquired approximately 7,000 eSIPP and cSIPP plans.
• Following financial strain and regulatory inquiries, Pointon York ceased operations, and the company was officially dissolved on 27 April 2021 after multiple compensation claims totalling over £15 million and £355,000 against the company and advisers respectively⁷.

Current Administration

Existing Pointon York SIPPs are still maintained, with Crescent Trustees Limited (part of Curtis Banks Group Plc) operating as trustee and administrator under ongoing FCA regulation.

Although no new business is accepted, legacy clients continue to receive full administrative and regulatory protection, including FSCS cover.

Timeline of Key Events

Year	Event
1971	Pointon York is founded by Geoffrey Pointon and Syd York as an independent financial services firm.
1990	One of the UK’s first Self-Invested Personal Pensions (SIPPs) is launched by Pointon York.
2010	A corporate SIPP product is introduced, targeting employer-sponsored pension schemes.
2011	Pointon York acquires Bridgewater Pension Trustees and Halcyon Financial Services to expand its client base and trustee capabilities.
2012	Approximately 1,700 SIPP plans are transferred to Suffolk Life due to early financial distress.
2014	Curtis Banks acquires 7,000 of Pointon York’s eSIPP and cSIPP clients, assuming control over plan administration.
2018	Pointon York enters liquidation, ceasing all new business activity.
2020	The Financial Services Compensation Scheme (FSCS) declares Pointon York in default, citing regulatory failings in investment due diligence.
2021	The company is officially dissolved on 27 April 2021. Administration of remaining SIPP products continues under Crescent Trustees Ltd, a subsidiary of Curtis Banks Group Plc.

What SIPP Products Did Pointon York Offer?

Although no longer open to new clients, the Pointon York cSIPP and eSIPP products remain available to legacy customers under administration by Curtis Banks and Crescent Trustees Ltd.

cSIPP (Corporate SIPP)

• Purpose: Established for employees of partnering organisations, enabling both employer-directed investment and employee-directed flexibility .
• Key Features: Open‑architecture trust structure, online portal access, and the ability to hold a broad spectrum of assets including non‑standard investments and property.
• Entry Requirements: Minimum opening balance of £25,000; ongoing contributions via PAYE (min. £50/month or £1,000 lump sum)⁸.

eSIPP (Individual SIPP)

• Originally offered directly to private individuals under similar flexible terms, managed under Curtis Banks' umbrella.

Costs & Charges

Below is a summary of the 2023-2025 fees for the Pointon York cSIPP as operated by Curtis Banks:

Fee Type	Charge
Annual administration	£113 (paid in advance)
Single contribution	£37
Transfer In	Nil
Transfer Out (full/partial)	Nil
Transfer Out to ROPS	£1,233
UFPLS (Uncrystallised Funds Lump Sum)	£222
Flexi-access drawdown set-up	Nil
Flexi-access annual payment fee	£284
Capped-drawdown costs	Similar structure
Adviser services	As agreed separately

Fees are subject to VAT and hourly charges of £113 apply for bespoke administrative work outside standard processing.

Analysis

The Pointon York SIPP products provide a transparent fee structure with no hidden setup or transfer-in costs, making them competitive for legacy holders. However, the substantial £1,233 fee for transfer to a ROPS (Recognised Overseas Pension Scheme) may hinder international flexibility. Compared to modern SIPP providers, this reflects a mid-market cost model.

Who Were Pointon York SIPPs Designed For?

Pointon York SIPPs were tailored to meet the needs of two specific investor profiles:

1. Corporate Employees via the cSIPP

The Pointon York cSIPP was designed for employees of companies that had entered into a sponsorship agreement with Pointon York (now administered by Crescent Trustees Ltd under Curtis Banks). These schemes offered employer-facilitated pension contributions, combined with the flexibility of self-invested options, making them suitable for staff seeking greater control than traditional group pensions allowed.

Participants in the cSIPP could:

• Receive employer contributions through PAYE.
• Choose from a broad list of HMRC-approved investments.
• Access real-time valuations and make changes via a secure online portal.

2. Experienced or Advised Individual Investors via the eSIPP

The eSIPP targeted individuals capable of making informed investment decisions, either independently or with the help of a regulated financial adviser. It was particularly suited to:

• Self-employed professionals or high-net-worth individuals.
• Investors wanting to include commercial property, collective investments, or unlisted assets in their retirement strategy.
• Clients seeking a transparent, non-restricted fund selection model without ties to proprietary platforms.

Pointon York’s open-architecture approach, combined with minimal internal fund promotion, positioned it for clients who valued flexibility, independence, and a higher degree of portfolio customisation.

Regulatory Suitability

At the time, Pointon York operated under FCA-regulated criteria for SIPP suitability. Clients were required to pass basic identity and contribution-source verification, and non-standard investments were subject to enhanced due diligence procedures. These checks are still applied today under Curtis Banks' oversight for all legacy accounts.

How Does Pointon York SIPP Compare to Other Providers?

To evaluate whether staying with a legacy Pointon York SIPP or transferring makes sense, consider fees, minimum investment requirements, and investment flexibility.

Comparative Overview

Provider	Annual Admin Fee	Minimum Investment	Notes on Additional Costs
Pointon York cSIPP (legacy)	£113 flat	£25,000	Transfer-out and adviser fees vary by activity
AJ Bell SIPP	0.25% of SIPP value	£1,000	Dealing fees £1.50 per transaction; minimum £5.25–£15 depending on regular saver vs ad hoc trades
Hargreaves Lansdown SIPP	Up to 0.45% (tiered)	£100 or £25/month	Capped at £200/year on shares; dealing £11.95–£5.95 per trade
Curtis Banks ‘Your Future SIPP’	£352 (standard) or £922 for full range	No set minimum	In-specie transfer £284; cash transfer out £284; to QROPS £398

Analysis

• Pointon York vs Tiered Percentage Providers
  • For pots under £45,000, the £113 flat rate could cost more than percentage-based fees if the provider charges 0.25%–0.45%.
  • For larger pots (>£50,000), Pointon York’s flat fee becomes increasingly competitive compared to tiered or percentage-based models.
• AJ Bell
  • Lower entry threshold (£1,000), with modest fees and low per-trade costs. Ideal for moderate-sized and active portfolios.
  • Greater suitability for retail investors, compared to the higher-balance focus of Pointon York.
• Hargreaves Lansdown
  • More expensive for smaller pots but tiered structure becomes cost-effective for large funds. Premium research tools and capped charges on shares.
  • Suitable for clients who prioritise access to in-depth resources.
• Curtis Banks ‘Your Future SIPP’
  • Positioned as a premium option with full open-architecture flexibility and strong support. Higher entry points but robust features, including seamless adviser integration.

If your Pointon York SIPP has assets above roughly £45,000, its flat £113 fee could be among the most cost-effective in today’s market, especially since there are no transfer-out charges for UK schemes.

However, for smaller pots or those needing advanced tools and support, providers like AJ Bell and Hargreaves Lansdown may offer better value and resources.

Can You Still Invest in Pointon York SIPPs?

No new investments can be made into Pointon York SIPPs. However, legacy members can continue to hold and manage their existing cSIPP or eSIPP accounts, which are administered by Curtis Banks and held in trust by Crescent Trustees Ltd.

Investment Choices

• cSIPP (corporate): Employers define the selection of investments, but members can also access HMRC-approved assets such as commercial property, equities, bonds, and non-standard investments.
• eSIPP (individual): Offers a fully discretionary investment list governed by Curtis Banks, ranging from unit trusts to corporate bonds and buy-to-let property, subject to standard due-diligence.

Access and Withdrawals

• Members may access their pension from age 55 (increasing to 57 in 2028).
• Withdrawal options include taking up to 25% as a tax-free lump sum, entering drawdown, purchasing an annuity, or using uncrystallised funds pension lump sum (UFPLS).

Contribution and Tax Rules

• Annual contributions qualify for tax relief up to the £60,000 annual allowance (or 100% of earnings), although this may taper to as low as £10,000 for high earners⁹.
• Members can carry forward unused allowance from the previous three tax years.

While Pointon York SIPPs are closed to new investors, they remain fully functional HMRC-recognised schemes with tax-efficient benefits and a wide range of investment choices. E

xisting members can manage their portfolios and withdraw in line with current pension rules.

The key considerations are understanding evolving tax allowances and ensuring investments satisfy ongoing due-diligence standards.

What Protection Is Available for Pointon York SIPPs?

Even though Pointon York ceased trading, existing SIPP clients continue to benefit from robust regulatory protections thanks to ongoing administration by Curtis Banks and Crescent Trustees Ltd.

FCA Regulation

• Curtis Banks Ltd is authorised and regulated by the Financial Conduct Authority (FCA), reference number 492502¹⁰.
• As a regulated SIPP administrator, Curtis Banks must comply with FCA rules on capital adequacy, governance, and client asset protection.

FSCS Compensation

• The Financial Services Compensation Scheme (FSCS) covers SIPPs administered by Curtis Banks, offering compensation of up to £85,000 per client, in cases of firm failure or provider default.
• For pension-related advice from an authorised professional, compensation may also be available up to the same limit for adviser misconduct; this remains valid even if the adviser is still operating.
• The FSCS has confirmed that when a SIPP provider fails, eligible members are normally entitled to 100 % compensation up to £85,000¹¹.

Data Protection and Governance

• Curtis Banks adheres strictly to the UK Data Protection Act and GDPR, ensuring integrity in client data handling, secure communications, and robust confidentiality safeguards.

Legacy Pointon York SIPP holders enjoy FCA-regulated administration, FSCS safety net up to £85,000, and comprehensive data protection via Curtis Banks. These protections deliver peace of mind, particularly in light of past regulatory failures associated with Pointon York itself.

Claims and Compensation Options

If you suffered losses from investments made through a Pointon York SIPP, you may be eligible for compensation, provided the losses resulted from provider failures or unsuitable adviser recommendations.

1. FSCS Claims Against Pointon York SIPP

• The Financial Services Compensation Scheme (FSCS) formally declared Pointon York in default on 19 June 2020, after receiving around 100 claims related to poor due diligence on high-risk investments such as non-standard, illiquid assets.
• Since then, the FSCS has accepted and processed numerous claims from affected customers. The FSCS confirmed: “Our investigations have focussed on the levels of due diligence carried out by Pointon York before allowing customers to make specific investments under their pensions. From this, we’ve determined that protected claims exist”¹².
• By September 2020, the FSCS had paid out approximately £355,000 to customers and £15 million in claims against advisers related to advice to transfer pensions into unsuitable investments.

2. FSCS Compensation Limits

• As the SIPP administrator, Curtis Banks SIPPs (formerly Pointon York) are covered under the FSCS investment safeguard, which provides up to £85,000 per individual, per firm for eligible claims.
• Claims include provider failures and malpractice in due diligence; adviser-related claims are also covered if advisers were declared in default.

3. Adviser Mis-Selling Compensation

• If an FCA-regulated financial adviser recommended transferring pensions into a Pointon York SIPP and the investment was unsuitable, the adviser may have been found negligent.
• Compensation via FSCS or Financial Ombudsman Service (FOS) could reach up to £85,000, with potentially higher awards available for systemic adviser obligations.

4. What You Should Do Next

• Check if you held high-risk or non-standard investments such as unlisted company shares or commercial property within your SIPP—these were the main focus of FSCS investigations.
• File a free FSCS claim directly, without needing a representative, and expect around 100% compensation on validated losses up to the cap.
• If your losses were due to adviser negligence, complain to your adviser first. If unresolved, escalate to the Financial Ombudsman Service or the FSCS.

Substantial sums have already been recovered. The FSCS recognised that Pointon York failed to carry out required due diligence on high-risk investments, leading to eligible protected claims. If you were advised to transfer into a Pointon York SIPP or hold high-risk assets, it is critical to confirm your eligibility and file a claim promptly, time limits apply.

How Do You Contact Pointon York SIPP Support?

Although Pointon York no longer exists, legacy clients can access support via the current administrator, Curtis Banks through Crescent Trustees Ltd.

Here are the key contact and service details:

Contact Channels

• Phone: General enquiries and SIPP support: 0370 414 7000
• Client Management Team (for legacy Pointon York SIPPs): 0117 332 4080, or email cmt@curtisbanks.co.uk
• Secure Portal Messaging: Use the secure messaging feature within the online client portal for document submission or queries

Complaints Procedure and Response Times

• Acknowledgement of written complaints is issued within five working days; full response expected within eight weeks.
• Complaints can be submitted via secured portal message, email (clientrelations@curtisbanks.co.uk), or post to the Complaints Manager, Curtis Banks, 153 Princes Street, Ipswich, IP1 1QJ.
• If unresolved, clients can escalate to the Pensions Ombudsman (0800 917 4487) or Financial Ombudsman Service (0800 023 4567).

General Service

• Curtis Banks also provides a live chatbot on its website for quick answers to routine queries.
• Specialist lines ensure that adviser-related or pension-specific questions are directed to the correct team.

Legacy clients benefit from structured and timely support backed by FCA-regulated procedures. With multiple secure contact options and clear escalation pathways, users of Pointon York SIPPs can expect professional and guided administration even post-liquidity.

What’s Next for Pointon York SIPP Holders?

With Pointon York SIPPs now administered under Curtis Banks, the acquisition by Nucleus Financial Platforms in September 2023 signals future enhancements:

• Nucleus completed its £242 million acquisition, combining with Curtis Banks and James Hay to manage approximately £80 billion in assets across nearly 5,000 advising firms and 250,000 customers.
• Despite the integration, both businesses will operate independently in the near term to avoid disruption for advisors and customers.

Forward-Looking Priorities

Focus Area	Potential Impact for Pointon York SIPP Holders
Platform Integration	Nucleus intends to consolidate Curtis Banks’ infrastructure onto its FNZ-powered platform, potentially improving user experience.
Enhanced Services	Access to a broader suite of financial planning services, including ISAs, onshore/offshore bonds, and GIA, through the combined platform .
Continued SIPP Support	Curtis Banks will retain its open-architecture trust model while scaling up customer support and adviser integration .

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Expert Insight

Action for SIPP holders: Keep an eye on updates from Curtis Banks or Nucleus regarding replatforming timelines and potential changes to online access, product availability, or service fees.

Short-term: Operations remain unchanged, SIPP access, administration, and charges continue as-is.

Mid-to-long-term: Users may benefit from enhanced platform features, tighter adviser connectivity, and new investment products through Nucleus’s expanded financial ecosystem.

Common Questions

In Conclusion

The collapse of Pointon York offers a compelling lesson in the importance of due diligence, regulatory oversight, and adviser accountability within the SIPP landscape. While existing plans remain under the administration of Curtis Banks, the issues that led to Pointon York’s liquidation underline the need for caution when managing retirement investments.

If you currently hold a Pointon York SIPP or were advised to transfer into one, it is essential to assess the quality of your investments, verify your entitlement to regulatory protections, and seek professional guidance before making further decisions. The advantages of SIPPs can be significant, but only when supported by a properly structured plan and well-informed strategy.

Retirement planning is too important to leave to chance. Ensure your SIPP aligns with your long-term objectives and is backed by a provider and adviser who meet the highest regulatory standards.