Curtis Banks has partnered with the Intergenerational Foundation, a charity focusing on tackling wealth unfairness between generations.

The partnership aims to raise the profile of rising intergenerational wealth inequalities.

The charity works with policy makers to ensure fairness between generations.

The SIPP provider chose to partner with the charity as it believes policy makers need to rebalance intergenerational fairness following the effects of the Coronavirus pandemic.

According to the Intergenerational Foundation the median individual wealth gap between the oldest and youngest age groups has increased by around 43% in just six years, highlighting the need to ensure fairness between generations and to give younger generations the opportunity to thrive.

Andy Stuart-William, head of product and communications at Curtis Banks, said: “There is a societal need to establish fairness between the generations and ensure the younger generations have the opportunity to thrive in the future.

“Covid-19 has hit younger people hardest and it has widened the inequality between the old and young.

“We believe that policy makers have to understand the drivers of these inequalities and tackle them quickly in order to help rebalance intergenerational fairness. We look forward to working with the Intergenerational Foundation to address these issues in the coming years.”

Angus Hanton, co-founder of the Intergenerational Foundation, said: “Young people in the UK have lived through a decade of rising intergenerational unfairness, having fallen behind in 9 out of 10 policy areas, with Covid-19 only exacerbating their plight.

“As we look to protect the interests of younger and future generations, we are very grateful for the support of Curtis Banks and look forward to working with them over the next twelve months and beyond.”

SIPP provider Curtis Banks increased revenue by 29.4% to £31.7m in the first half of 2021 although profits showed little growth at £6.3m. 

Total SIPPs under administration, including third party administered, rose to 80,997 (June 2020: 76,306).

The firm said the increase in revenue was driven by acquisitions and organic growth. Last year the group acquired SIPP and SSAS provider Talbot and Muir and Dunstan Thomas, a provider of financial technology services.