SIPP administrators who allow professional status

[timrich489]

I have a SIPP, but my broker says I cant trade leveraged products, only regular shares like AAPL.
My broker says I need to be classed as "professional", but my SIPP administrator wont allow it.
Is anyone able to trade leveraged ETFs - such as proshares TQQQ - in their SIPP?
Thanks

 

[1nvest]

I have a SIPP, but my broker says I cant trade leveraged products, only regular shares like AAPL.
My broker says I need to be classed as "professional", but my SIPP administrator wont allow it.
Is anyone able to trade leveraged ETFs - such as proshares TQQQ - in their SIPP?
Thanks

You wouldn't be able to trade TQQQ on your SIPP as its a US ETF, and that's not allowed through the SIPP, however leveraged products are possible.
I use Hargreaves for my SIPP and if i was inclined i could trade 3LUS for example which is 3x S&P. which broker are you using? Its possible its just a restriction of the vendor, but as for "professional" thats just not true

 

[timrich489]

Im with Interactive Brokers. They say my sipp administrator have limited what I can trade.

Im looking for alternative sipp administrators that do allow wider trading...

 

[1nvest]

Im with Interactive Brokers. They say my sipp administrator have limited what I can trade.

Im looking for alternative sipp administrators that do allow wider trading...

that's interesting, ive always wanted to know what their SIPP service was like. I know they use an alternative provider, so clearly even though its IB you dont have the same access to their products.

I have a SIPP with Hargreaves, as i mentioned, and by far their service is the best, i also used to hold some with interactive investor and am in the process of setting up with Willis Owen. Willis are going to be like yours with IB, they have a limited product selection. but with Hargreaves and interactive investor you can choose from a much larger range
There's nothing to say you couldnt split your portfolio dependent on the products offered. its what i do currently, whereby my equity strategy is held in one account, and another bond portfolio with another.
just a suggestion of course

 

[timrich489]

Yes, I could split my portfolio. But the issue still remains about product selection.

Interactive investor? is this a different one to IB, or a typo?

 

[1nvest]

Not a typo. Interactive Investor..if you go to
www.II.co.uk they provide SIPPs, ISAs or general trading accounts

I take your point about product selection, but where i was really going was that if you went with hargreaves for example, who charge 0.45% across your entire balance, which is one of the most expensive, you could have a portion of your portfolio where you want leveraged products, say your equity portion with hargreaves
and then your existing provider for those non-leveraged. assuming of course you are diversifying your portfolio
you wouldnt for example need a leveraged bond fund, or strategic bond mutual fund. and that way you get your product selection, but dont incur the entirety of the 0.45% charge.

 

[timrich489]

I see, thanks 1nvest

I'll take a look at II.

I'd love to trade bitcoin - or a derivative of it - in my SIPP, but it seems BTC is not allowed by the regulators

 

[TedWrinch]

Hi timrich489,

Your broker is right, as I understand your question - EU-UK nationals cannot trade US ETFS unless they: 1) get professional trader status; 2) use a SIPP - often known as a 'full SIPP' - that allows such trading. We UKs cannot even trade SPY or QQQ! Though buying individual US shares, that may go to zero, is fine (clearly the regulators had little idea what they were doing or some kind of corruption was involved). I am trying to navigate this problem myself. If you look at your broker, Interactive Brokers, they have a web page describing how they handle this:

Approved Interactive Brokers UK Limited SIPP Administrators | Interactive Brokers U.K. Limited

Approved Interactive Brokers UK Limited SIPP Administrators

www.interactivebrokers.co.uk

But even their, few, designated SIPP administrators don't appear to necessarily do what we want: I checked and @sipp Limited don't allow US ETF investment, even though they charge the usual full SIPP high fees. I'm still on this problem...