We must ensure our systems reflect both a timely and accurate record of assets held via an IM. Therefore the following information on the account will be required by us and by signing our investment agreement the IM agrees to provide this information:

Paper contract notes (unless an electronic link is in place with IM)
Issued to us within one day of a deal being placed.

Valuations (unless an electronic link is in place with IM)
Issued to us on a six monthly basis in line with the report date of the SIPP (i.e. if a report date is 1 February, we require a valuation on 1 February and 1 August each year)

Cash statements
Issued to us on a quarterly basis (again in line with the report date of the SIPP)

Consolidated tax voucher
Issued to us annually

It is extremely important we receive the above information at the times stated as the funds being invested through IM accounts are pension benefits, and as such we have to meet a number of stringent regulatory requirements in reporting the value of these pension assets.

Electronic links
Where we have a sizeable number of accounts with an IM, or we believe there to be potential for a large number accounts to be established, we are keen to establish electronic links.

Rather than providing us with hard copy contract notes, we request the IM provide us with four types of electronic files. Two daily files reporting stock transactions and cash transactions that have taken place on the previous working day and two monthly files reporting holdings and cash balances held across all accounts as at the close of business at the month end.  If these requirements are met then the investment transaction fees charged are reduced.

If you wish to discuss establishing electronic links with us, please contact Daniel Tyrrell on (01473) 296906 or alternatively email us.