James Hay SIPP

[Guest Ziggzigg]

I was looking to use IG platform for a SIPP.  Naively, I thought this would work like the "Interactive Investor" platform where there is a seperate (and all but anonymous) administartor in the background and I would be using the normal IG platform to buy and sell shares as I pleased. Just spoke to James Hay and they say that I cannot invest in shares direct myself - this can only be done using one of their fund managers. Therefore, I suspect that IG just get a referral and the relationship ends there. That is not attractive to me. IG need to take this in-house like Hargreaves Lansdown and Interactive Investor and then they would get much more business

PS James Hay's Glassdoor reviews and the other intenet reviews I have read on them since are pretty dire so I am probably well to steer clear.

 

[knicol46]

Quote

 

'IG SIPPs are administered by James Hay, who charge a £195 annual fee and may charge for transferring investments not currently held in a SIPP.'   £195 fee every year even if you or they do nothing - I will not be opening an account.   

[knicol46]

3 hours ago, Ziggzigg said:

I was looking to use IG platform for a SIPP.  Naively, I thought this would work like the "Interactive Investor" platform where there is a seperate (and all but anonymous) administartor in the background and I would be using the normal IG platform to buy and sell shares as I pleased. Just spoke to James Hay and they say that I cannot invest in shares direct myself - this can only be done using one of their fund managers. Therefore, I suspect that IG just get a referral and the relationship ends there. That is not attractive to me. IG need to take this in-house like Hargreaves Lansdown and Interactive Investor and then they would get much more business

PS James Hay's Glassdoor reviews and the other intenet reviews I have read on them since are pretty dire so I am probably well to steer clear.

 

'IG SIPPs are administered by James Hay, who charge a £195 annual fee and may charge for transferring investments not currently held in a SIPP.'   £195 fee every year even if you or they do nothing - I will not be opening an account.   

[JamesIG]

Hi @Ziggzigg - that's actually incorrect and I think there may have been crossed wires with whoever you were discussing with at James Hay. 

When you open a SIPP with us (in partnership with James Hay) you are opening a Self Invested Personal Pension, i.e. a personal account where you make the financial decisions to invest or not. It looks / acts exactly like the share dealing account however it is in a SIPP tax efficient wrapper. You can read more about the account here, including how to add or open one. https://www.ig.com/uk/investments/sipp/share-dealing 

If you want to discuss the account administrative side of things then please contact James Hay, however if you want to discuss deal execution then please contact us. 

Finally it's worth noting that the Glassdoor website is a review site for employees of the company and for those seeking a job there, not a reflection of their service (in the same way Trustpilot is).