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If you haven’t done so already, you must first send us a completed Terms of Business (ToB) agreement by post. Once we have received this, you will receive an activation email within five working days.
This email will be valid for 14 days and will allow you to go online and activate your registration.
A senior representative of the firm must complete the initial registration, and they will be provided with administration rights, i.e. becoming ‘super-users’. This will allow them to add and remove additional users within the firm and determine individual access rights (i.e. admin access or standard access).
Once registered for the service, you will be able to view any mutual NS&I customer accounts following receipt of a Letter of Authority (LoA) for each client you wish to view.
When we receive a completed Letter of Authority, we will also send you an acknowledgement letter. This will contain a reference number which you can use to make client information requests over the phone. Please note that this is separate to your online log in credentials.
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.
Not all NS&I products can be held in a SIPP, for those that can, your client will have to apply via the Trust Application form (paper form only currently). Before recommending NS&I investments we suggest you check that the SIPP or SSAS provider will accept them.
On 06 April 2016 HMRC introduced a new tax-free Personal Savings Allowance of £1,000 on the interest earned on savings (or £500 for higher rate taxpayers).
Interest remains taxable, but will be paid without any tax taken off. Basic rate taxpayers don’t have to pay tax on the first £1,000 of interest they earn on their savings (or £500 for higher rate taxpayers).
If the total interest on their savings is more than this allowance, or they pay tax at the additional rate, they will need to declare the interest to HM Revenue & Customs and pay any tax due.
If my clients renew their Index-linked Savings Certificates at maturity will it be on the RPI or CPI?
If your clients decide to renew their Certificate on or after 1 May 2019, we will calculate their index-linking using the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI). The CPI is generally lower than the RPI, so this means your client will probably receive a lower return.
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