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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.”

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