JHIC is the provider of the Modular iSIPP, Wrap SIPP, Private Client SIPP and Partnership SIPP. It is a Jersey company that is regulated for insurance business by the Jersey Financial Services Commission.
On 1 April 2019, JHIC will change its name to James Hay Services Limited. It will remain a Jersey company, but will no longer be regulated by the Jersey Financial Services Commission from that date. Previously insurance companies benefited from an exemption from VAT on SIPP charges, but this will change on 1 April 2019 and therefore retaining an insurance company status for JHIC has no benefit to our customers.
This change will not have any impact on the day to day operation of your SIPP because there is no change to the Scheme Administrator (James Hay Administration Company Limited) or the Professional Trustee (James Hay Pension Trustees Limited). James Hay Administration Company Limited is responsible for all regulated activities with regards to your SIPP and continues to be regulated by the Financial Conduct Authority.
However from 1 April 2019 customers will no longer be able to refer a complaint about the provider of the Modular iSIPP, Wrap SIPP, Private Client SIPP or Partnership SIPP, to the Channel Islands Financial Ombudsman. If you have reason to complain about the administration of your SIPP, you should address your complaint to James Hay Partnership. In the event that you are not satisfied with the outcome, your right to then refer your complaint to the Financial Ombudsman or Pensions Ombudsman in the UK, is unaffected.