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Why are NS&I products not available on platforms and/or back-office systems?
The launch of the dedicated online service for financial advice firms was the first step in our plans to form closer ties with advice firms.
NS&I is currently going through a multi-year transformation programme. As part of this, we want to explore other service enhancements such as transactional access and links with platforms, back office systems and/or cash management systems. Our research will help us to prioritise the most important service enhancements first, based on the needs of advice firms.
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Why are only certain NS&I products allowed to be held in trust?
The features of some of NS&I’s accounts and investments make them unsuitable to be held in trust.
- In line with ISA regulations, NS&I’s ISAs are only available to individuals and cannot be held in trust.
- Direct Saver is an account solely managed online and by phone. NS&I has decided not to offer the opportunity to invest in Direct Saver as part of a trust due to the complex nature of some trusts and the documentation required.
- Premium Bonds were designed as a tax-free product and the maximum holding limit gives individuals the opportunity to have a potential tax-free return from a monthly prize draw. The Premium Savings Bonds Regulations do not allow for Premium Bonds to be invested in by a trust as the investment was created for individuals to invest in. The regulations also do not allow joint investors whether incorporated or unincorporated to invest in Premium Bonds as this would go against the intention of the investment.
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Why are only Savings Certificates allowed to be held jointly by trustees and beneficiaries?
Savings Certificates are the oldest products in NS&I’s current range and the original regulation permitted their use in this type of trust. Since then, NS&I has sought to simplify and standardise the terms and conditions for other products. While Savings Certificates remain available in the former type of trust, NS&I reviews the product range regularly and this may change in the future.
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Why aren’t trust accounts shown in the online service?
This launch represents the first iteration of the service, with various other enhancements planned for the future.
However, information on accounts held in Trust can be obtained via the phone service.
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Why can I not use my online service login details to gain access to my client’s information via the phone?
The NS&I adviser number which you are provided with and the password you create can only be used to access the online adviser service. However, as part of the continued improvements to how advisers can access NS&I customer information, we are looking to enhance the phone service, linking it with the online adviser service, allowing you to use one set of credentials for both online and over the phone. We will let you know when this happens.
Adviser email updates
Adviser email updates offer the quickest, easiest way to stay up to date with the latest news on our products, interest rates and other important developments affecting advice firms.
In order for us to send you adviser email updates, please provide your contact details.