Scaling operations remains equally vexing. With assets under administration exceeding £567 billion and growing¹, providers find themselves in the unenviable position of trying to serve fine dining expectations on a fast food budget. The costs of launching new services or expanding existing ones have become prohibitive, particularly when regulatory compliance requirements continue to grow.

Due diligence obligations have multiplied like rabbits in spring, with providers required to scrutinise investments, introducers, and more. The Consumer Duty² has added another layer of complexity, demanding that providers prove they're acting in customers' best interests.

Customer experience suffers accordingly. Pension transfers that should flow like a well-oiled machine now only lumber along. Real-time processing remains elusive while customers demand the instant gratification that modern life—including digital banking—has trained them to expect.

The UK’s first cloud-native SIPP tech

Enter WealthOS, stage right, in pursuit of this ‘unbearable’ predicament. Our comprehensive SIPP administration and drawdown software transforms the entire pension lifecycle from a series of stumbling blocks into seamless, automated, and orchestrated workflows. No more juggling separate systems for accumulation, crystallisation, and drawdown.

Comprehensive automation banishes those dreaded manual processes. Where providers once required armies of administrators armed with Excel sheets, WealthOS delivers end-to-end automation that handles everything from initial contributions to final withdrawals.

The modular architecture can provide the flexibility that modern SIPP providers hope for. Rather than being locked into a one-size-fits-all straitjacket, providers can choose and deploy exactly what they need, when they need it—cost-effective Lego blocks for all your technology requirements.

Rich API integration connects effortlessly with existing systems, eliminating the technological Tower of Babel that currently plagues the industry. Now data can flow smoothly between platforms, so customers get a fully digital, data-driven journey.

The built-in HMRC integration tackles regulatory compliance head-on, providing fully integrated connectivity for tax code retrieval and report submissions. No more midnight panic attacks about whether the statutory returns will arrive on time.

Embedded pension payroll capabilities eliminate the need for separate payroll providers, reducing cost and complexity. It's like having a universal remote for your entire pension operation.

Real-time processing replaces traditional bulk processing and fixed wait times with instant, on-demand execution and fast WebSocket notifications—like switching from cable TV’s fixed telecasts to Netflix’s nonstop streaming.

Finally, regulatory compliance becomes less of a minefield. Automated regulatory reporting and compliance management ensure that providers can sleep soundly, knowing they're meeting FCA and HMRC requirements without requiring a legion of compliance officers.

The bottom line

Our SIPP administration and drawdown software was envisioned to address the biggest technology headaches facing SIPP providers. Reduce your time to market, remove manual processes, and give yourself the space to create a truly delightful customer experience. See our factsheet for details on our platform features and product architecture.

Sources:

1. https://www.fca.org.uk/publication/correspondence/portfolio-letter-sipp-operators-2024.pdf
2. https://www.regulationtomorrow.com/eu/fca-publishes-portfolio-letter-to-sipp-operators/