Tim Sargisson, the managing director of James Hay Partnership, has defended the provider's decision to tell clients the FSCS levy may be passed to them.
The company wrote directly to SIPP clients last week explaining it may pass on the cost of its £940,000 levy to customers. Since then, the provider says IFAs have 'expressed concerns' James Hay did not contact advisers before clients, and issues an apology. Sargisson says: "We believed it was in everyone's interests to let these clients know sooner rather than later. "We have been pilloried in some quarters for our stance over the levy but we feel this is a little unfair. "Almost all SIPP providers feel the same as we do and many have already written into their terms and condit...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
