James Hay adding online Sipp duo

James Hay & The IPS Partnership is launching two new Sipp products on February 14.

The Sipp provider, which will also change its name to The James Hay Partnership, says it is unveiling the James Hay Partnership Sipp and the iSipp in response to market demand.

The James Hay Partnership Sipp will be a full Sipp product similar to the IPS offering with online illustrations and access to web-based information. The Sipp will allow access to any HMRC-approved product.

The iSipp will be a low-cost online product which allows investors to access the James Hay investment centre fund platform, a panel of discretionary fund managers, execution-only share dealing through self-trade and a panel of fixed-term cash deposits.

Business development director Richard Mattison says the company’s current low-cost product, the eSipp, only allows access to the fund platform and share dealing through Abbey stockbrokers.

He says: “In our opinion, it takes on the other low cost Sipp providers and gives extra flexibility because most low-cost Sipps do not allow external cash deposits.”

Worldwide Financial Planning IFA Nick McBreen says: “It seems like James Hay is aligning its proposition with what is already out there. It is interesting that it will allow access to discretionary managers because that is going to become more and more important as we move into an RDR world.”