A survey of financial advisers has found that nearly four in 10 (39%) will take a cautious approach to the MPAA cut deferral and advise clients to avoid contributing more than £4,000.

Curtis Banks will examine possible acquisitions of good quality Sipp books this year, it said this morning, after announcing a profits boost.

Curtis Banks Group achieved an operating profit of £1.631million and administered 67,161 Sipps in the six months to the end of June.

Curtis Banks has continued its Sipp acquisition trail by acquiring 5,000 Sipps - with assets under administration of approximately £630m - from the administrators of European Pensions Management.