This step-by-step summary explains how to submit a new business application for an ISA or a Collective Investment Account (CIA).
What you’ll need to get started
Below is some information you will need to have to hand before you start this process.
- Ability to place new business under the correct adviser (correct user access)
- Full client detail including National Insurance number if client has not been fully set up
- An illustration needs to be produced before the application is submitted to ensure appropriate pre-sale disclosure
- Fee agreement (if fee is being placed)
Applying for an ISA or CIA
① From the homepage search for the relevant client.
② Click on the ‘New business’ button at the top of the screen and select ‘New business application’.
③ Select the product and complete the questions about the advice that’s been given.
④ Enter any remaining client details that have not already been provided. Information entered when initially setting up the client will have pulled through to the application.
⑤ On the next screen, enter details of any servicing fee that has been agreed with the client and how the investment is going to be funded (regular contributions, single payment (lump sum), or transfer).
- For single payments, if you select ‘Bank Transfer’ we will provide you with our bank details and an application reference. The debit card option will be available for amounts under £100,000.
- For single payments into an ISA, the cheque or bank transfer needs to be for the sum of the net contribution plus the adviser fee. For other product payments, the adviser fee is deducted from the gross amount.
- For a transfer, enter the required transfer information such as the ceding scheme name and account number.
- For regular payments, you will need to provide the value of the regular payment, the frequency period and the first collection date.
- The ‘Assumed holdings’ section allows you to include additional platform holdings (excluding this application) and the value of any linked accounts to enable the likely platform charge to be displayed within the illustration.
⑥ Select the assets to invest in using the ‘Search’ (or ‘Advanced search’) facility to locate them. You can choose model portfolios, discretionary fund manager portfolios, funds, or exchange traded instruments.
- Enter the asset allocation percentage split amongst the selected assets, including any cash holdings, and ensure the total equals 100%.
- Once you’ve entered the asset allocation, a risk score between 1 and 10 will be generated. There are however some exceptions and in some cases a risk score will not be generated.
- Confirm what you’d like to happen to any distributions received from the assets.
⑦ The next screen allows you to review the information you have entered.
- Use the ‘Edit’ options to make any amendments.
⑧ Supporting documentation will be generated. These documents contain important pre-sale disclosure information for you to discuss with your client. You can consolidate the documentation into one file by selecting the documents you require and clicking the ‘Consolidate’ button.
⑨ Review the information, tick the declarations and click ‘Submit application’.
- The green banner at the top of the screen confirms your new business application has been submitted.
⑩ If you’ve chosen debit card as the payment method, continue to the payment stage by clicking ‘Proceed to payment’. You can choose to do this later from the client’s dashboard, however any delay will hold up the application.
Sending us application documentation and next steps
- Any supporting documentation can be sent to us. Although we do not need to see the signed adviser fee form at the time of application, it is important that you keep a signed copy of the form on your client’s record. We may request to see this as part of an audit or if we have a query relating to fees.
- You can review the progress of your application, and track any transfers, from the client’s dashboard.