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Investment firms

Setting up an account with an investment firm

Once you and your client have decided upon the investment firm that will be responsible for undertaking the investment management of the SIPP, we will contact them to carry out due diligence checks. This is to ensure that the investment firm can report to us correctly and that the SIPP maintains its tax-exempt status. This includes checking that the branch of the investment firm we are transacting with is a UK-based company that is FCA authorised.

Once the SIPP has been created, we will begin the process to establish an account for the SIPP with the chosen investment firm. If the company meets our criteria, we will establish an account for the SIPP, notifying you once the process is complete.

If the investment firm does not have a global agreement in place with us, they will need to sign in to one before the investment account can be established. Some accounts can be established within 5-10 working days, however we are reliant on the turnaround times of your chosen investment firm. Where we have already conducted a large amount of business with an investment firm and a global agreement is already in place, this timescale may be reduced further.

You or your client will need to liaise directly with the investment firm to establish any necessary risk profile or investment strategy for your client's SIPP.

Transferring funds to an investment firm account

Once the investment firm has received back their account opening forms and has notified us the account is open, we can transfer funds or assets to them. Please note that the investment firm will need to inform us of bank details for the account so that funds or assets can be transferred electronically. We will transfer funds when requested from either you, as the financial adviser, or the investor. Instructions can be made by phone, fax, or in writing. We are unable to action instructions made by email. We may also accept telephone or written instruction from the investment firm to transfer funds from the SIPP bank account to the investment firm unless the investor has told us otherwise.

When we receive a request to transfer the maximum available funds within the SIPP to the investment firm, we may retain a small balance on the investor's individual SIPP bank account. This will take into account any fees, pension income payments and other payments due from the SIPP account.

CHAPS, Faster Payments or BACS  

CHAPS/Faster Payments BACS
Fee Yes, see Schedule of Fees No
Funds available at the investment firm 24 hours After 3-5 full working days

Disclaimer

This information is intended for investment professionals and should not be relied upon by private customers or any other persons.