Frequently asked questions

No. NS&I usually offers a number of products that can be held in a SIPP or SSAS, although some of these are not currently on sale. Those permissible for this purpose are either fixed term products or those that are expected to be held for a long period of time, and not account products that result in regular transactions. As our Investment Account product is generally used for regular savings transactions, it is unsuitable to be held in a long-term product such as a SIPP or SSAS.

Yes.

Yes, multiple firms can have access to the same client’s information.

Each firm would need to provide us with: 
 

• One Terms of Business Agreement.
• Letters of Authority for each client.

Yes, but not during initial registration.

The system will only generate one automated registration email. However, once the first ‘super-user’ has registered they will be able to register other ‘super-users’ and grant them full admin rights. The ‘super-users’ can then add other staff with normal access.

Having multiple ‘super-users’ would be particularly useful for the larger advice firms with more than one office, or to cover absences.

Yes, we will need a Letter of Authority for each client.

For joint accounts, each individual must supply a separate signed Letter of Authority. Also, if we don’t have a client’s current signature on file, we’ll require a witness signature.

You must use the NS&I Letter of Authority template, no other templates will be accepted.

No, the Terms of Business Agreement is between NS&I and your firm. We only need one per advice firm.

Yes, unless one has already been registered with us since March 2018.

We launched a new template in late February 2018, as part of the introduction of our new adviser phone service. As a result, we will need a new one completed for every client that has NS&I holdings and that you would have access to (unless you’ve supplied one after the beginning of March 2018).

However these are now held on file and so once registered with us they will be retained for future reference for as long as the arrangement remains in place and in line with our record retention policy.

Only this template can be used to access information on your clients’ NS&I holdings.

NS&I does not offer ‘adviser charging’. This is because we view charging to be a form of commission from the product provider to the advice firm, and following the FCA’s Retail Distribution Review in 2012, financial advice firms should be receiving their income from client fees and not product providers.

NS&I doesn’t currently allow transfers into our Direct ISA from other ISA providers. As NS&I is both a government department and an Executive Agency of the Chancellor of the Exchequer, we must balance the needs of our savers, taxpayers and the broader financial services sector, alongside managing the amount of funding we deliver to the Government.

Jackpot winners have a varied amount invested – one £1 million winner in 2004 had a holding of just £17 of Premium Bonds. 
Every £1 Bond has the same odds of winning. But as each Bond has an individual number, the more Premium Bonds your client buys, the more chances they’ll have to win.

No, it’s a myth that holding Premium Bonds in a sequence can improve your chances of winning. Our Electronic Random Number Indicator Equipment, known as ERNIE, carries out the Premium Bonds draw. 
ERNIE generates random numbers that are matched against eligible Bond numbers to determine the lucky winners. And because it’s random, every Bond number, has a separate and equal chance of winning a prize. 
The only thing that can increase your clients’ chances of winning is holding more Premium Bonds – but holding them in sequence won’t make any difference.

Index-linked Savings Certificates are still a popular investment with a unique combination of index-linking plus a small amount of additional interest – all tax-free. This means they will guarantee your clients inflation beating returns.

Please find information on how to access clients’ holdings with NS&I on the obtaining client information page.

Obtaining client information

Currently you can only invest on behalf of a client into NS&I products in the following ways:

• By completing an application form for the chosen product on behalf of the client, asking the client to sign the form. After the signed form is returned, post it to NS&I (National Savings and Investments, Sunderland SR43 2SB). This doesn’t apply to online only products.
• Your client privately logs in to NS&I’s online and phone service, then you assist them with their application as a professional adviser.

All current versions of NS&I brochures, leaflets and forms will be available to download and print from our adviser website. You can also call our dedicated Adviser Helpline free on 0800 092 1228 and request that hard copies be sent to you. Calls from the UK are free. We may record your call to help us give you the best service.

You can also download a copy of the NS&I Product Guide – an overview of our product range for advisers.