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Why do I need a Terms of Business agreement when I haven’t needed one before?
The Terms of Business Agreement is a standard type of document which is used throughout the financial industry between providers and financial advice firms. This is a legal document between NS&I and financial advice firms which covers a wide range of legal and regulatory terms thus helping to safe guard the relationship between NS&I, financial advice firms and our customers.
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Why do I need to provide the trust deed?
In line with existing money laundering legislation, NS&I is required to seek evidence of their identity and evidence to support the proposed business relationship. In the case of trusts, the trust deed gives NS&I the appropriate evidence to support the application and proposed business relationship.
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Why do trust applications have to be made by post to NS&I?
Investments on behalf of another party must be completed on paper, rather than online or over the phone.
NS&I requires a copy of the trust deed to ensure that all trustees are in agreement, primarily if any of the transactions cannot be managed online.
Forms can be downloaded or requested by calling 0800 092 1228 (Calls from outside the UK may not be free. Calls may be recorded). These forms include all the information that your clients need to make their application, including details of documents needed to meet anti-money laundering regulations.
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Why has NS&I decided to introduce an online service for advice firms?
At NS&I we want our customers chosen advice firms to be able to access their information as easily and securely as possible. By making it possible for financial advisers to gain access to client information via a secure online service, this allows for a much more efficient relationship not only between NS&I and advice firms, but also our mutual customers.
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Why has NS&I removed the option for my client to make a withdrawal from their Fixed Interest Savings Certificates?
A fixed-term product is designed to be held for the full term purchased.
We continually review our products and monitor the market conditions as well as competitor and customer activities.
Removing the option to make a withdrawal brings us in line with the wider financial fixed-term investment market.
If your client thinks they might need access to their money before the end of the term, they might need to consider if this is the right product for them.
Adviser email updates
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