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 conditio...
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