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I have never been asked to provide the details of the settlor, source of wealth or the purpose of the trust. Why is NS&I now requesting this information?
NS&I is required to establish from where and by whom an investment is to be made. If investments are received from someone other than the applicant (ie the trustee) as in the case of a trust application, then NS&I must understand why, and if appropriate, verify the identity of the payer (ie the settlor). NS&I reserves the right to request further information in order to meet the regulatory requirements.
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I have received my activation emails, but it has expired, can a new one be sent?
Yes, please contact the Adviser Helpline on 0800 092 1228 and they can arrange for a new email to be sent.
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I have sent in a Letter of Authority for my client, but their information is not yet showing when I login to the online service?
Please allow for up to five working days from NS&I receiving the Letter of Authority for the client’s information to appear online. Alternatively please ring the Adviser Helpline on 0800 092 1228 and they can check whether we have received it.
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I've not provided a trust deed for a trust I already hold with NS&I, why do I need one now?
NS&I constantly reviews processes and procedures to make sure they are up to date and fit for purpose. To better comply with the current money laundering legislation, we now require trust applications to provide the trust deed as supporting evidence.
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If I want to find out information on NS&I holdings held in a SIPP or SSAS how should I complete the ‘Terms of Business Agreement’ and ‘Letter of Authority Templates’?
You will have to complete a Terms of Business Agreement for your firm. The Letter of Authority must list all trustees’ names in paragraph 1 and the signatures of all trustees responsible for the account will be required on the completed Letter of Authority.
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