Setting up an investment manager account
Once you and your client have decided upon the company 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 manager will enter into an agreement for the SIPP and that the SIPP maintains its tax exempt status. This includes checking that the branch of the investment management company we are transacting with is a UK-based company.

Once the SIPP has been established, we will begin the process to establish an account for the SIPP with the chosen investment manager. If the company meets our criteria, we will establish an account for the SIPP, notifying you once the process is complete. If the investment manager is unknown to us or not covered by a global agreement, a tri-partite investment agreement signed by both your client and investment manager, as well as us, will be required. Most accounts are ready to trade within 5 to 10 working days. Where we have already conducted a large amount of business with an investment manager and a global agreement is in place, this timescale may be reduced further.

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

Transferring funds to an investment manager account
Once the investment manager has received back their account opening forms and has notified us the account is open, we can transfer funds to them. Please note that the investment manager will need to inform us of bank details for the account so that funds can be transferred electronically. We will only 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 e-mail.

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

CHAPS or BACS