Rowanmoor: We won’t pass FSCS buck to clients

Rowanmoor Pensions has confirmed it will not pass on its FSCS levy to consumers.

The SIPP and SSAS provider says it will treat the interim levy as a business expense, as it does with levies generally.

A spokesperson for Rowanmoor says as it does not divulge business expenses, it cannot reveal the levy amount.

Rival SIPP provider James Hay Partnership recently wrote to its clients explaining it may pass on the cost of its £940,000 levy, in a move which angered some IFAs.

James Hay managing director Tim Sargisson said most SIPP providers "would dearly love" to pass on the costs to clients, and added: "We live in a cold commercial world and are all in this together."

The FSCS's interim levy, largely due to the collapse of Keydata, has totalled £93m.