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James Hay to absorb £940,000 FSCS levy

James Hay Partnership will not pass its £940,000 FSCS levy on to clients.

Last month the Sipp provider wrote to clients warning that it could be forced to pass on the cost of the levy amid concerns about future failures and the impact on the business.

Howeve managing director Tim Sargisson says: “I am able to confirm that James Hay Partnership paid the amount of its interim levy in full by the due date of February 23 and having now had time to reflect on this issue, we will not pass on the cost of the levy to James Hay Partnership Sipp holders.

“We will be writing to IFAs in the first instance confirming this and then to clients.”


Rock offering 90% LTVs for first-timers

State-backed bank Northern Rock has launched a range of 90 per cent loan-to-value mortgages aimed at first-time buyers. The range includes a two-year fixed rate mortgage at 5.99 per cent, a three-year fixed rate at 6.49 per cent and a five-year fixed rate at 6.59 per cent. There are no product fees for any of […]

Gartmore hit with £7bn fund outflows

Gartmore saw £7.2bn of net new business outflows last year as star managers left and the company started takeover talks with Henderson. Gartmore, which is set to be acquired by Henderson in April, also revealed a £2.1m interim FSCS interim levy bill in its 2010 results. Assets under management fell from £22.2bn to £17.2bn while […]

Knock-on effects raise protection fears

The protection industry has raised concerns about potential knock-on effects of the European Court of Justice’s ruling that insurers cannot price products based on gender. The ECJ gave its judgment this week following a test case brought by Belgian consumer group Test-Achats, which suggested that to price products such as annuities and life insurance according […]


Abbey for Intermediaries introduces lending policy changes

Abbey for Intermediaries has made changes to its lending policy. Intermediaries are no longer required to obtain self-employed accounts as evidence of income where lending is less than 90 per cent LTV. Self-employed income can now be evidenced through either an accountant’s letter or the latest two years’ SA302s. Broker advice fees can now be […]


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