Withdrawal Request - and Account Closure

Full withdrawals and account closures can be instructed via the portal.

The method is to submit a withdrawal for the full value of the account/ wrapper on that day.  When it is processed it will initiate a full withdrawal, close down any remaining fees and put the account into the status "Intention to Close". 

We have a 98% tolerance in place whereby if a withdrawal is input within 2% of the full account value, a full closure will be actioned.

For a single withdrawal, we action the sales/raises if required, deduct the cash from the investor statement once we have received order confirmations from the fund managers, brokers/custodians, or via the RPS.  The payment date is derived from the latest settlement date of the sales/raises. Therefore, there may be a few days between cash leaving the statement and actually arriving in the investor's bank account.

Withdrawals will be sent out by bank transfer to the clients Nominated Bank Account. Proceeds from the sales will be available on settlement day (for exchange trade products, this is usually 2 working days after the trade date, and for funds, this is usually 2-4 working days after the trade date).  We have the right to delay payment if a fund manager, broker / custodian, or RSP has not delivered settlement proceeds to us.

We utilise NatWest Faster Payments, so once sales have settled, payment is made to the investor's nominated bank account the same day as the settlement date of the latest sale/raise. 

We offer CHAPS payment however it is not something we find beneficial over Faster payment, which is our standard method and pays the same day. Please note with a CHAPS payment that the limit is £1,000,000 and a £25 fee would apply.  To request a CHAPS payment this would be a manual instruction submitted by Freshdesk. 

Any full withdrawal / account closure where the account value is under £100, a ticket will need to be raised to the operations team, so that they can action this manually.

A monthly reconciliation is done of closed accounts to identify any residual balances that may arise from dividends, liquidation payments from suspended funds, residual cash payments from previous transfers, or pricing errors from fund managers. The action taken will be dependant on the last action taken on the account, e.g., if the last action was a full withdrawal to the clients nominated bank details, then any further payments will be sent to the same bank details. In most cases, we will add an Income Withdrawal option to the account, which will pay out, on the last working day of each month, any dividends received.

Please be aware  that for withdrawals from a 3rd party provider product, you will need to obtain agreement from that party before any funds are withdrawn from the product. This includes full transfers out of the product (including internal re-registrations into an alternative provider's product).