Bulletin - August 2022

3 min read 22 Aug 22

New adviser training suite available

We’ve created some how-to guides. With step-by-step instructions on how to carry out processes on the platform as well as important things to remember:

  • Setting up a client
  • Adding further assets
  • Creating and editing a model
  • Excluding cash and assets from a rebalance
  • Rebalancing and money allocation
  • Reporting on the platform
  • Dealing on the platform
  • Transacting insured funds on the platform

To access the guides, log in to the platform and go to the Training Hub. If you have any questions about training, please contact PlatformAdoption@mandg.com

Remember to include family group information on Junior ISA applications

Our Junior ISA is designed to be held by clients who are part of family groups. Otherwise charges on a standalone Junior ISA can be disproportionately high compared to portfolio value. The average Junior ISA value is lower than £60,000 - meaning our minimum Platform Charge (of £15 per month) could result in an effective platform charge above 0.30%.

However, for clients in a family group, we apply our Platform Charge based on the consolidated value of the client portfolios of the family group, with charges shared proportionately across all clients.

Please make sure that whenever you submit Junior ISA applications you include the details of the family group that the account should be linked to. As per our Terms, a child is eligible to be linked to a group if they are the child or grandchild of a member of the group.

Client terms changes communicated to clients

In May, we let you know that we’d made non-material updates to client Terms.

We’d made several updates, including necessary changes  as we added our first insured funds to the platform, and completing our rebrand. To remind yourself of the full details of what changed see the summary of changes or see the updated Terms. We’d also made small changes to the privacy policies, llike clarifying when we share personal data within the M&G group.

We’ve now communicated what’s changed to clients, via their Quarterly Valuation Statement, and included  the links to the summary document, the privacy policy and terms for their information.

Stronger Nudge regulation

From 1 June 2022 the FCA and The Pensions Regulator (TPR) have introduced the Stronger Nudge regulation for clients wanting to access their pension without advice.

We wanted to reassure you that as an advised platform, most requests come in via a client’s Financial Adviser. And, if a client does contact us directly we would always recommend they speak to their financial adviser. If they don’t have an adviser or want to access their pension without advice the new regulation means we must provide them with information for Pension Wise Guidance and a recommendation to seek advice. We won’t be able to continue with their transaction until they’ve received guidance or provided us with an opt-out notification.

Over the next few months, we’ll be reviewing our documentation to make sure it meets with the new regulation.

Final deadline for Ascentric branded applications

Further to our email on 30 May, this is a reminder that after 31 August 2022, we are unable to accept Ascentric branded literature. All applications submitted after 31 August 2022 must use the appropriate M&G branded documents. 

If you have any questions on anything in this Bulletin, please contact your BDM or the Customer Services teams.