From 1 February, we will be following a new Financial Conduct Authority (FCA) policy that will allow us to collaborate more effectively with other providers when carrying out in-specie transfers of customers’ holdings in Investment Centre funds.
If you instruct investment funds to be transferred to us ‘in-specie’, we will communicate with the transferring scheme or platform before initiating any transfer to determine which investments can be transferred to our Investment Centre without needing to be sold. We will identify the cheapest* unit class (also known as share class) that is jointly available from both providers and, if necessary, request the transferring scheme converts your current unit class to a different unit class to enable the transfer. Once the in-specie transfer has been completed, you will be able to request that we convert your units to a different share class, if desired.
Conversely, if you instruct us to transfer your investments in-specie to another provider, we will collaborate with that provider to ensure your investments are transferred in the most effective way.
We have also made improvements to James Hay Online to allow for an easier comparison of the fund charges of share classes available to you through the Investment Centre. If you wish to view alternative share classes and compare the charges, you can now do so through James Hay Online. Once logged in, select the Collective Holdings screen of your portfolio, and then select the Fund Charges tab. If you wish to convert the share class of any funds held, please instruct us to do so by:
- sending us a secure message through James Hay Online, or
- completing the Share Class Conversion Form, which is available on the literature section of our website www.jameshay.co.uk, or on request.
Please see your product’s Permitted Investments List and relevant Funds List for more information on the funds available to you, and we recommend that you speak to your financial adviser before taking any action. If you do not have one, you can find a list of regulated advisers in your area at www.unbiased.co.uk or by calling 0800 023 6868.
Please note that this change includes an update to your product’s Terms and Conditions, with effect from 1 February 2021. You can find a copy of the latest Terms and Conditions documents on our website.
* In order to determine the cheapest option from the share classes common to both sides of the transfer, we will choose the one that has the lowest fund manager Ongoing Charges Figure (OCF).