James Hay has revealed the RDR-ready charges on its Sipp products through the James Hay Investment Centre platform.
Clients will be charged 0.18 per cent for assets up to £500,000, 0.15 per cent on assets between £500,000 and £1m and 0.05 per cent on assets over £1m.
There will be no charge for online transactions and £20 for paper transactions. The new charges will apply to new business from 1 January, 2013.
Existing clients will be moved onto the new charges when a “trigger event” occurs after 31 December. The 10 “trigger events” include investment switches, new contributions and change of adviser.
Existing clients will not move to the new structure until 1 March at the earliest.
James Hay managing director Tim Sargisson says; “For Sipp clients who access James Hay’s platform, we will be moving to a completely transparent pricing model where we will return 100 per cent f the rebates paid to us by fund managers back to your client’s product bank account.”
Radcliffe & Newlands chartered financial planner Mel Kenny says: “I was surprised at the low level James Hay has set its pricing here and I think it certainly warrants further investigation.”