The transition period has ended and the UK has left the European Union with a trade agreement in place.

Most of our business is conducted with UK resident and domiciled advisers and investors, so there is little day-to-day impact on us and them.

However, for those who are resident abroad, there may be some changes, for example if you receive income payments from us.

We have updated our frequently asked questions to provide our understanding of the situation and how we plan to operate going forward.

Frequently asked questions

I live outside the UK; what impact does Brexit have on my James Hay product?

Income drawdown payments from our products should be unaffected by Brexit. However, please note the next question if you currently have payments made into a UK bank account which is being closed as a result of Brexit.

If you wish to invest in UK funds where the UK fund manager is currently operating in other countries under EU "passporting" arrangements* you may be unable to invest in those funds in future, unless the fund manager becomes directly authorised in your country of residence.

Please contact the fund manager for more information, or your adviser if you have one. You should also seek independent personal tax advice to review your financial arrangements. If you would like to speak to a financial adviser but do not have one, please visit or call 0800 023 6868 to obtain a list of financial advisers in your local area.

*(EU “passporting” arrangements enable financial services firms that are authorised in any EU or EEA state to also provide those services across other EEA states without, or with minimal separate, authorisation. This is due to end at 11pm on 31 December 2020).

I want to retire to the EU; will I be able to access my James Hay pension benefits?

Income drawdown payments from our products to EU residents may be affected by Brexit, in that you may need to have an EU based bank account for us to pay the money into.

You may want to check with your bank whether they will still allow you to hold your UK account post-Brexit and if they won’t, you will need to make alternative banking arrangements and let us know your new account details so we can continue to pay your income. We would expect your UK bank to make contact if they will not allow you to retain an account after 31 December 2020.

If we need to make payments to a foreign bank account in local currency where previously they were made to a UK account in GBP, then there may be additional banking charges and currency conversions with associated costs to you. Please contact the bank where your payments will go for further information.

Will James Hay deal with financial advisers based in the EU following Brexit?

Yes, we will continue to deal with EU-based financial advisers.

What are the implications of Brexit for my offshore bonds held with James Hay?

The Wrap Offshore Bond that we offer is Isle of Man domiciled so there will be no impact.

What does Brexit mean for the transfer of my pension plan to a non-UK scheme?

There are currently no known changes to the rules regarding pension transfers. If changes are announced following the UK's withdrawal from the EU and you are impacted by those changes, we will contact you.

What does Brexit mean for my investments that are held with Investment Centre fund managers registered in the EU?

If you wish to clarify the position please contact the fund provider directly, or your adviser if you have one.

Does Brexit affect the way my James Hay products are protected?

Not for UK based investments. Investment providers based within the European Economic Area (EEA) may make use of new regimes in order to continue operating in the UK at this time.

If your entitlement to protection and/or compensation has been affected by these changes, your providers should contact you directly. Alternatively, you may wish to contact them to confirm the level of cover applicable to your investments.

Will Brexit affect the choice of funds available on the James Hay Investment Centre?

We currently have no plans to discontinue distribution of Luxembourg and Dublin domiciled funds.

Will James Hay contact me directly about the implications of Brexit?

If there are changes which directly affect you then we will contact you.