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Bank transfers available for new investments and top ups
You can select ‘Bank transfer’ as a payment method for new investments and top ups. There are some important points to note for this service:
- The bank transfer option only applies to Pension, ISA and Investment Accounts. Other products are not included as yet, for example, Junior ISA/Junior Pension
- We will need separate payments for each investment into each account. Each payment must include the appropriate instruction reference that corresponds with each amount invested
- The bank transfer must come from a bank account in the client’s name (sole or joint). We cannot accept third-party payments (this includes spousal payments)
- Our bank account details are different to those that clients may have used in previous years for ISA and Investment Accounts and there is a different bank account for pensions too. The details are:
For ISA and Investment Accounts:
Account name: Financial Administration Services Limited
Sort code: 20-93-32
Account number: 83385787
For Pension Accounts:
Account name: FIL SIPP TRUSTEE (UK) Limited
Sort code: 20-93-32
Account number: 33039005
- The instruction reference number MUST be quoted by the client on their bank transfer payment. If they are required to send us multiple payments to fulfil one instruction because their bank imposes a limit on how much they can transfer at any one time, they must include the instruction reference number for each individual payment. Clients may be used to using their account number/national insurance number as the reference on their bank transfers, so they must be made aware of the requirement to use our instruction reference which is provided on submission of the instruction (the reference allows us to automatically reconcile the payment when received).
- UK Pay (who run the Faster Payment banking system) have recently made some changes to the way they analyse bank account names in an effort to combat fraud. In some cases, clients have experienced problems using the full bank name detailed above (too long to fit in their payment system). If a client experiences issues with the full bank account name, they should just complete as much as they can of the name.
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Please note that with pension products, your clients will not be able to withdraw their money until the normal minimum pension age, unless the client has a lower protected pension age. Tax treatment depends on individual circumstances and all tax rules may change in the future. The value of investments and the income from them can go down as well as up so your client may get back less than they invest.