SIPP Product at Interactive Brokers

Stadia trustees

Interactive Brokers said:
We now have just signed up an approved SIPP Administrator... Stadia Trustees. Stadia Trustees, is an FSA regulated SIPP Administrator that has completed our SIPP Administrator (master account) application and has been approved to set-up their clients to trade their SIPP’s through us.

Note: Interactive Brokers UK Limited does not support SIPP accounts directly, rather we do support them going through approved Interactive Brokers UK Limited - SIPP Administrator. SIPP clients can only trade in an Interactive Brokers UK Limited - Cash account i.e., trade online in over 80 global exchanges i.e., shares, futures, options, ETF's and etc. Clients need to pay 100% of the value of the transaction (no leverage). Clients can trade long stock (i.e., no stock shorting), long options (calls/puts), covered call, and call/put spreads. To qualify you need good/extensive knowledge of financial products, because we are a non discretionary broker so we do not give advice. Further you should have conducted a minimum of 100 trades in your lifetime.


If you already hold or want to open a SIPP and would like more information about using the following pre approved SIPP Administrator in order to be their client, which will allow you to trade your SIPP account through us, contact them directly for further details about their respective services:

Ms. Emma Bunting
Stadia Trustees Ltd.
Telephone: 01206 273 496
[email protected]

www.stadiatrustees.com


DISCLAIMER: The above does not act as a solicitation for your business from the pre approved SIPP Administrator, nor are you obligated to use the above SIPP Administrator to trade your SIPP through us. That is, if you already hold a SIPP and you have a SIPP Administrator, they can apply to open a master account with us and if approved you can trade through us. Please refer us (tel: 020 7 776 7800) to your SIPP Administrator so we can provide him details about how to open a SIPP Administrator account (at no cost to them).
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I would like to know if anyone knows STADIA TRUSTEES and has feedback on their SIPP. I have never heard of this company and want to make sure it is reputable and that it provides good service (besides being regulated by FSA). Anyone who has something to share on the topic (positive or negative), please reply.

Many thanks!
mac!
 
I suggest you register first for the event and afterwards i.e., if you cannot view the event "live," you can view the recording.
 
garethb said:
No they don't have one yet.

I have had conversations with a SIPP Trustee/Administrator www.epml.co.uk who have been trying to get IB to move forward with SIPPs. I am starting this thread to see if others would be interested in trading through IB within a SIPP. If several people are interested we can point this out to IB in the hope that the business opportunity it presents will lead them to move forward more quickly.

If it was done through epml the SIPP would allow a very wide range of products including Equities, Futures and Options on Stocks and Futures. If anyone wants more information on the SIPP fees etc. it would be classed as the empl "bespoke SIPP" product, details of which are on their site.

So if anyone is potentially interested in trading through a SIPP vehicle soon or in the future please respond to this thread.

Regards,


Gareth
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Does www.epml.co.uk offer an account with IB ?
 
For your reference we offer SIPP services for over 90 days.
We do not support SIPPs outright, rather a SIPP needs to go through their SIPP Administrator that must be pre approved by us (at no cost) then their SIPP beneficiaries can trade through us.

EPML is aware of the above for over three weeks.

If you require assistance please have your SIPP Administrator contact us in our London office tel 020 7 776 7800.
 
Interactive Brokers said:
For your reference we offer SIPP services for over 90 days.
We do not support SIPPs outright, rather a SIPP needs to go through their SIPP Administrator that must be pre approved by us (at no cost) then their SIPP beneficiaries can trade through us.

EPML is aware of the above for over three weeks.

If you require assistance please have your SIPP Administrator contact us in our London office tel 020 7 776 7800.
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I guess in the interest of fairness and transparency we should have a list of brokers who provide this facility ?
So far we have ..
Interactive brokers
IG
Moneycorp Markets
GNItouch

anyone else ?
 
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IMO IB are "still not there" as far as the serious SIPP investor/trader is concerned. Note 3 on their SIPP page is one illustration of this:

# [3] Sub accounts can trade in a cash only account (i.e., no stock lending, no selling short options, no leverage/margin available; thus you need to pay 100% value of the transaction).
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http://www.interactivebrokers.com/en/accounts/individuals/sippAccount.php?ib_entity=inst

In a Moneycorp Markets account one can trade stocks/ETFs (on worldwide exchanges), commodities, futures, forex, and forex options (both long and short) on competative margin rates with 20% of SIPP funds (determined on the opening balance of the account).

IB's cash account.... suitable for ISA accounts, perhaps?
 
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Our SIPP Services include:
- Direct Market Access to over 80 global exchanges (i.e., we do not increase the spread or trade against you).
- Multi asset classes (trade stocks, options, futures and etc).
- Account protection =$30 million.
- Use any of our award winning trading platforms (at no extra cost) Webtrade, Traderworkstation, Mobile trader.
- Low costs (voted the lowest cost broker by Barrons for five years) e.g., US shares $0.005 per share all in, US options =< $0.70 per contract and etc.
- Free paper trading account.
- Real-time or delayed market data.
- Smart Order Routing (see how we compare to our competitors http://www.interactivebrokers.com/en/general/education/highlights.php?p=c&ib_entity=llc
- We pay interest on funds on deposit.
- We are FSA regulated.
- We have been in business for over 32 years.
- Our Groups market capitalization is $4.8 billion.

We realise we may not meet the needs of all of our prospects. Hence, we encourage you to compare us. Regardless who you choose, we wish you well!
 
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Interactive Brokers said:
Our SIPP Services include:
- Direct Market Access to over 80 global exchanges (i.e., we do not increase the spread or trade against you).
- Multi asset classes (trade stocks, options, futures and etc).
- Account protection =$30 million.
- Use any of our award winning trading platforms (at no extra cost) Webtrade, Traderworkstation, Mobile trader.
- Low costs (voted the lowest cost broker by Barrons for five years) e.g., US shares $0.005 per share all in, US options =< $0.70 per contract and etc.
- Free paper trading account.
- Real-time or delayed market data.
- Smart Order Routing (see how we compare to our competitors http://www.interactivebrokers.com/en/general/education/highlights.php?p=c&ib_entity=llc
- We pay interest on funds on deposit.
- We are FSA regulated.
- We have been in business for over 32 years.
- Our Groups market capitalization if $4.8 billion.

We realise we may not meet the needs of all of our prospects. Hence, we encourage you to compare us. Regardless who you choose, we wish you well!
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As valid as your claims may be it remains a conundrum to me why a behemoth of the financial services industry is unable to compete with it's smaller contemporaries on the basis of providing a margin account in it's SIPP structure. After all it is a universal account option.

Your cash account model with a little modification would be suitable for ISA investors, do you have any future plans to bring your company into the 21st century by embracing these tax efficient dinosaurs?

A belated... happy new year BTW.
 
Our reason is simple as to why we only offer SIPP beneficiary accounts to trade in a cash account because after polling various SIPP Administrators, 9 out of 10 did not want the SIPP beneficiaries to trade in a margin account. Why? Because SIPP beneficiary accounts are prohibited from losing more than the funds in the account and it was the responsibility of the SIPP Administrator to oversee the aforementioned. Trading on margin carries risk and may result in the account losing more then what is in the account. After carefully considering this point we only offer SIPP Administrators in a cash account. Please if you know of any SIPP Administrator that will accept the risks of allowing their clients to trade in a margin account e.g., stocks and etc, we would appreciate you informing them to contact our London office 020 7 776 7800. Maybe in the future if we can attract enough SIPP Administrators that accept their beneficiaries to trade multi asset classes in a margin account, we may be able to provide both our IB Universal and cash account to all SIPP beneficiaries (via their SIPP Administrators).
 
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Interactive Brokers said:
Our reason was simple as to why we only offer SIPP beneficiary accounts to trade in a cash account because after polling various SIPP Administrators, 9 out of 10 did not want the SIPP beneficiaries to trade in a margin account. Why? Because SIPP beneficiary accounts are prohibited from losing more than the funds in the account and it was the responsibility of the SIPP Administrator to oversee the aforementioned. Trading in margin carries risk and may result in the account losing more then what is in the account. After carefully considering this point we only offer SIPP Administrators in a cash account. Please if you know of any SIPP Administrator that will accept the risks of allowing their clients to trade in a margin account e.g., stocks and etc, we would appreciate you informing them to contact our London office 020 7 776 7800. Maybe in the future if we can attract enough SIPP Administrators that accept their beneficiaries to trade multi asset classes in a margin account, we may be able to provide both our IB Universal and cash account to all SIPP beneficiaries (via their SIPP Administrators).
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Thank you for the explanation.

As you will be aware from my previous posts European Pensions Management Ltd allow their SIPP clients to trade in a margin account through Moneycorp Markets. Unless you were not an employee of IB or worked in a different department since Decemember 2005 or you have not read the original post in this thread you will also be aware that there was some sort of negotiations going on between IB and EPML with regard to a SIPP partnership.

Owing to the dangers of trading on margin as you expressed above I would imagine a SIPP administrator of the calibre of EPML would want to satisfy themselves that their prospective SIPP partners have suitable systems in place both from a technological and human perspective to eliminate any risk. I understand the negotiations/talks eventually broke down.

From the first post in this thread dated December 20th 2005:

No they don't have one yet.

I have had conversations with a SIPP Trustee/Administrator www.epml.co.uk who have been trying to get IB to move forward with SIPPs. I am starting this thread to see if others would be interested in trading through IB within a SIPP. If several people are interested we can point this out to IB in the hope that the business opportunity it presents will lead them to move forward more quickly.

If it was done through epml the SIPP would allow a very wide range of products including Equities, Futures and Options on Stocks and Futures. If anyone wants more information on the SIPP fees etc. it would be classed as the empl "bespoke SIPP" product, details of which are on their site.

So if anyone is potentially interested in trading through a SIPP vehicle soon or in the future please respond to this thread.

Regards,


Gareth
Click to expand...
 
So how exactly is trading futures NOT trading on margin?

Personally, I am not bothered about leverage but the inability to short stocks is a bummer.
 
After some six months now since IB started to offer a SIPP account, it is good to see that the list of approved SIPP administrators is slowly growing, there are now 5 on the list at the time of posting:

http://www.interactivebrokers.com/en/accounts/individuals/sippAdministrators.php?ib_entity=inst

Unfortunately though not the one I use, IPS Partnership. The last I got from them was this comment:

>I’m afraid we are having problems getting Interactive Brokers to agree to set up accounts in the way we need them to operate. One of our Business Development Managers is currently awaiting a call from Interactive Brokers to discuss this matter further. Until this is resolved, I’m afraid you will not be able to set up an account with them through the SIPP.

I emailed Gerald Perez at IB about what's going on here a couple of weeks ago but did not get a reply. Is anyone else using IPS and would like to trade through IB, or can anyone shed any light on this?

KenN
 
For your reference, we require all SIPP Administrators to affirm all banking instructions (in and out) of a SIPP sub account. This is a secure 2 minute process and all online.

IPS cordially objects to the above as they find it an extra step that they are not prepared to do for any account that trades through us. We implemented such a step because (but not limited to) the SIPP Admininstrator's role is to oversee funding in and out of each respective SIPP. Hence our online process ensures all of SIPP Administrators have oversight and control of all funding in and out of each respective account.
 
Many thanks for the prompt reply and explanation, I will challenge them on this.

Ken
 
Dear K Norrie

Further to the above post, I travel a lot so I use my mobile phone (while on the road) to reply to messages. I replied to your email from my mobile. Sorry it did not get through to you.

With respects to IPS, I personally spoke to their reps to address there objection to completing our online deposit or withdrawal notification over two weeks ago. Unfortunately they deferred not to proceed to open an account with us. Hence, you will have to contact them directly to address the matter. They have my contact details in order to reach me.



Sincerely
Gerald Perez
 
Odd as I don't have any kind of mail/spam filter whatsoever, but thanks for that. Anyway I have already been in contact with IPS and it seems there is another problem about IB executing deals that they just can't support, I have the feeling that this just isn't going to fly with them.

So I'm almost certainly going to have to switch administrators (again) which is a bit tedious, not just the extra costs involved but esepcially the time the whole thing takes - nearly 2 months last time and I wasn't able to trade for most of that time. So I'll be weighing up the pros and cons over the weekend.

KenN
 
Gerald - I have a question regarding multiple accounts at IB.

I already have a personal trading account, and if I do transfer my SIPP I would of course have another one. Would I then have to have two separate logins, with presumably two of these <expletive deleted> security code cards, and two running instances of TWS? Or is it possible to have both of these accounts under the Friends & Family umbrella, and if so would it then be a single login and single TWS instance, with somehow the ability to switch the account number?

KenN
 
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