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Adviser Centre

Frequently asked questions

In this section you’ll find the answers to the most frequent questions asked by advisers about NS&I

  • What is a Terms of Business agreement?

    Our Terms of Business agreement (ToB) is a document which forms the legal relationship between NS&I and a financial advice firm. This details information which ensures and protects the relationship between NS&I, the financial advice firm and our mutual customers.

  • What is the source of wealth referred to in trust applications?

    This describes the activities that have generated the total net worth of the customer, such as the activities that produced the customer’s funds being invested. In some instances, the source of wealth is used interchangeably with the ‘source of funds’. It includes but is not limited to:

    • proceeds of a sale  
    • income  
    • savings  
    • inheritance  
    • business activity  

  • When accessing joint accounts for my customer online the Authority field is blank in some cases. Why is this?

    The Authority field will only be populated if the client is registered for the online and phone service. If they are an unregistered customer, then the Authority field will remain blank until they become registered. This will not affect how you access and view their NS&I holdings.

  • When will NS&I Index-linked Savings Certificates be back on sale?

    Our product range is constantly under review. We need to consider the sales thresholds agreed with HM Treasury each year, designed to ensure NS&I does not destabilise the savings market.

    Even though the product is not on general sale, all Index-linked Savings Certificates customers (that are eligible under the current customer agreement) can continue to reinvest when they reach the end of their current investment term. This applies to our Fixed Interest Savings Certificates too.

  • When will you be giving advice firms transactional access?

    We are undertaking research, exploring direct access through NS&I and/or third-party access through platforms. As part of this research we will also obtain the views of advice firms.

    Our strategy in this area will depend on the findings from this research.

  • When will you be giving advice firms transactional access?

    NS&I is currently going through a multi-year transformation programme. As part of this, we want to explore other service enhancements and we’re undertaking research, exploring direct access through NS&I and, or third-party access through platforms.

    Our strategy in this area will depend on the findings from this research, which will help us to prioritise the most important service enhancements, based on the needs of advice firms.

  • Where can I find the customer reference number?

    This 8-digit reference number will be quoted on the letter which is sent to you by NS&I confirming the successful registration of your customer’s Letter of Authority.

  • Where can I obtain a copy of the Terms of Business agreement and/or Letter of Authority documents?

    You can download copies of both documents from NS&I’s Adviser Centre website.

    Obtaining client information

    Please send your completed documents to NS&I, Sunderland, SR43 2SB.

    Note:

    Only the NS&I templates will be accepted.

  • Which NS&I products can be held in trust?

    Not all NS&I savings products can be held in trust. The products that may be held in trust are:  

    • Fixed Interest Savings Certificates  
    • Index-linked Savings Certificates  
    • Guaranteed Growth Bonds  
    • Guaranteed Income Bonds  
    • Income Bonds  
    • Investment Account  

    Please note, not all NS&I products are always on general sale.

  • Which NS&I products cannot be held in trust?

    NS&I investments which may not be held in trust include:  

    • Direct ISA  
    • Premium Bonds  
    • Direct Saver  
    • Junior ISA  
    • Green Savings Bonds 

  • Who can I get to sign the statutory declaration?

    A statutory declaration can be signed by a solicitor, a magistrate or a notary public.

  • Why are Fixed Interest Savings Certificates allowed to be held in trusts jointly by the trustee(s) and beneficiary(ies)?

    Savings Certificates are the oldest products in our current range and the original regulation permitted their use in this type of trust. Since then, we have sought to simplify and standardise our customer agreements for other products we’ve introduced, only making these newer products available for trusts held by the trustee(s) (which we consider ‘true’ trusts).

  • Why are NS&I products not available on investment platforms and/or integrated with 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.

  • 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.

  • 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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