Sale of James Hay to IFG - Questions & Answers
21 January 2010
Why are Santander selling James Hay?
Santander in the UK has been completing a full review of its activities to assess and establish the core areas of focus for the businesses moving forward.As a result of this review, James Hay as a business does not sit with Santander's long term plans and as a result they have announced their intentions to sell the business to IFG. IFG already operate in the SIPP market and their strategic plans are focused on growing in this area.
When will the sale of James Hay to IFG complete?
It is envisaged that the sale will be completed and transfer to its new owner at the end of February. The sale of the business is also conditional on approval from the FSA and other concerned regulators.
For the time being, James Hay will continue to operate business as usual.
Will the sale result in James Hay using a different Bank Account provider?
IFG and Abbey/Santander are both keen to maintain the banking relationship for SIPP bank accounts with the Abbey/Santander group and are looking to enter a longer term contractual relationship to facilitate this ongoing service provision. As such, there will be no change in your SIPP bank account on completion of the sale to IFG.
What financial security can IFG provide for my SIPP assets?
We are unable to comment on IFG's financial security while the sale is still progressing but you can visit http://www.ifggroup.com/ for further information about the IFG group.
We can confirm that your James Hay scheme will remain in place and that assets owned by your SIPP will be ring-fenced from the assets of the company
There is current press comment that IFG intend to sell the James Hay Wrap - Is this true?
IFG have confirmed that these press statements have not come from anyone in their business. They have also confirmed that no decisions have been made on any aspect of the James Hay business. Indeed, they are in no position to reach any decisions until they complete the purchase of James Hay .