FAQs

An investment platform, sometimes called a fund supermarket, is a fund administrator and website that allows investors to buy and hold a range of assets from a host of fund management companies together in one portfolio.

We use Fidelity Adviser Solutions who offers extensive research and information on each fund, including asset allocation and details of which companies each fund manager is invested in. Also provided are historical and recent performance figures and analysis of the investment styles adopted by fund managers.

Investment platforms are designed for people who want to make their own investment decisions. This is referred to as ‘execution only’.

The Financial Conduct Authority describes ‘execution only’ as a ‘transaction executed by a firm upon the specific instruction of a customer where the firm does not give advice on investments relating to the merits of the transaction and in relation to which the rules on assessment of appropriateness do not apply.’

In simple terms, this means you’re wholly responsible for selecting the investment product and fund and that Seymour Sinclair Investments will only place your money into the asset you choose, rather than telling you which investments to pick.

We are unable to recommend products or funds based on your personal circumstances and will only give you information that might help you with your decision.

There are three ways to make an investment:

Online – Register your details with the Platform via the Seymour Sinclair website, follow the simple instructions and pay by debit card. You’ll need to have your National Insurance number.

Application Form – Complete our Platform Business Investment Application form and send it to ourselves along with a cheque made payable to “Fidelity”.

Phone – Call our friendly office on 020 8870 7072 with your debit card details and we will place the deal for you.

When making an investment, you must confirm you have read the latest Key Investor Information Document (KIID) and agree to the Fees made by FundsNetwork and Seymour Sinclair when giving your instruction.

All forms can be found in the Document Download section.

If you pay by debit card it usually takes around three working days for the payments to be processed and units purchased.

If you pay by cheque it usually takes two/three working days after the Platform receives it for it to clear.

If you have any queries about this process, please do not hesitate to contact us in the office. We are more than happy to check for you, to put your mind at ease.

You can top up your investments by lump sum or regular contributions.

When making a top up, you must confirm you have read the latest Key Investor Information Document (KIID) when giving your instruction.

Lump Sums

You can make a lump sum payment online yourself or by sending us a written instruction and a cheque made payable to the Platform. This can be a letter, or you can use our Platform Business Investment Application form. Alternatively, call the office on 020 8870 7072 with your debit card and the deal can be placed for you.

Regular Contribution

If you are already making regular contributions, you can increase the monthly amount or add new funds by sending us a Regular Payment Instruction Form found in the Document Download section. Alternatively, you can call the office with your instruction or send us an email.

If you are not already making regular payments, we will require the Regular Payment Instruction and direct debit mandate to be completed. All forms can be found in the Document Download section.

Switching is when you sell units you hold in one investment fund and have the proceeds from the sale reinvested into another fund. If done within an ISA you will not lose your ISA status for that investment.

You can switch all or part of your funds online, over the phone or in writing.

You must confirm that you have read the latest Key Investor Information Document (KIID) when giving your instruction.

Your holdings in the old fund will be sold on one day and the proceeds used to purchase your new fund on the next available opportunity. This means that you will be out of the market for only one or two working days, which is a lot quicker than transferring from one fund provider to another if your investments are held directly with an investment company (off-platform).

Some funds can take longer than others to complete so your account may sometimes show a fund being switched out but not showing as switched in. Please be patient and allow the fund to settle.

There is no charge for this service.

Call the office and we can take the details over the phone and arrange this for you or put it in writing by post or email.

Please be aware the investment will need to be sold and bought back within the ISA wrapper. This means that you will be ‘out of the market’ whilst this is completed.

There is no charge for service.

If you want to save for something specific, but want to keep the investment separate from your current Investments you can simply place a ‘heading’ or designation over your funds, so that you know how much has been saved and for what.

Setting up an Investment Account with a Designation enables you to invest on a child’s behalf in such a way that they become the beneficial owners of the shares (i.e. they will benefit from all the income and capital growth). Funds held in a “designated” account are not held by the child, but are solely owned by the parent or grandparent. Designating a fund only provides the intention to pass the funds on to the child.

As of April 2018, the maximum you can invest into an ISA annually is £20,000 per person aged over 18.

The Platform and Seymour Sinclair annual fees are taken separately from each investor on a monthly basis, and are tiered as follows:

FundsNetwork

• FundsNetwork platform fee – 0.25%
• Seymour Sinclair’s service fee – 0.18%

No other fees

Aegon
(For clients who have previously invested with Aegon)

Up to £500,000 held with Aegon

• Aegon platform fee – 0.23%
• Seymour Sinclair’s service fee – 0.20%

Amounts from £500,000.01 – £1,000,000.00

• Aegon platform fee – 0.20%
• Seymour Sinclair’s service fee – 0.20%

Amounts from £1,000,000.01+

• Aegon platform fee – 0.15%
• Seymour Sinclair’s service fee – 0.20%

No other fees

*Each fund manager will also charge an annual management charge, which differs from fund to fund, but is typically around 0.75%

We do not charge for any transactions such as switches, withdrawing cash, or closing your account and there are no other extra hidden charges.

There are three separate charges, the platform fee, the Seymour Sinclair service fee, and the Fund Manager’s fee. The fees are charges in return for providing platform services associated with your investments.

Fidelity Adviser Solutions Platform Fee and Seymour Sinclair Fee:

The FAS Annual Platform Fee is calculated proportionally on the first of every month and deducted around the 15th of the following month. They collect the fees automatically through selling some of the units from your largest holding unless a specific fund has been nominated by yourself.

The FAS Fee and our Service Fee will be taken directly from the Cash element of your product. If you don’t have enough cash in your account, FAS will take the charge by selling units from the largest holding within your portfolio. Alternatively put some money in your Cash Management Account and we can arrange to have our Seymour Sinclair Service Fee deducted from here.

The deduction of the Platform Fee and Seymour Sinclair Fee will appear on your transaction history report.

Aegon Platform Fee and Seymour Sinclair Service Fee:

Aegon will collect both their Platform Fee and our Service Fee from your Aegon GIA Cash Account Facility each month.

At the beginning of each month Aegon will work out the charges for the previous month, using the daily balance of your portfolio.

If there is enough money in your Aegon GIA Cash Facility, Aegon will ring-fence their Platform Fee and our Service Fee. If there isn’t enough in your Aegon GIA Cash Facility they will sell a number of units in the largest fund you hold. If you do not want these charges to be taken in this way then you need to keep enough monies in you GIA Cash Facility to cover any charges.

The charge will then be taken from your account on the second Monday of the month.

The deduction of the Platform Fee and our Service Fee will appear on your statements and transaction history report.

Investment Company / Fund Manager’s Fee:

The Fund Manager’s fee will be taken directly from each fund in a portfolio.

As the fund managers no longer have to pay the platform and intermediary, they have reduced the charges on their funds. All of the funds available via a Platform are on this lower-charge basis (called ‘commission-free’ or ‘clean’ Funds).

All funds available via a Platform have no initial charge.

The annual management charge will vary from fund to fund but typically will be between 0.5% and 0.75%, compared with the previous 1% to 1.50%.

The reduced Fund Manager Fee will still be reflected in the calculation of the unit price as it was previously.

You can fund your Cash Account in a number of ways:

1. Online directly into the cash facility. Simply log in and follow the steps to “top up the cash facility” and pay by debit card.
2. Over the telephone – call our friendly office on 020 8870 7072 and use your debit card to place money into the cash facility.
3. Post – simply send a cheque, made to “Fidelity” for FundsNetwork requesting the money be put in your Cash Management Account.

The fees cover:

• Quality client service – you can speak personally to experienced and friendly staff in our London office
• Online tools and guidance to help you make investment decisions
• The ability to manage your account online
• Free dealing
• Free switching
• Free withdrawals and account closures
• Newsletters and email updates
• Twice-yearly valuation statements
• Valuations at any time

Unlike many competitors there are no hidden charges and should you require additional valuation statements or income reports, we are happy to forward these to you free of charge.

If you purchase income units, the fund manager will pay dividends to the Platform. They in turn will send the money to your bank or it can be reinvested to purchase further units in the fund.

Accumulation units are where the Fund Manager reinvest any income received back into the fund, which will increase their share price.

Seymour Sinclair does not charge to reinvest income.

The Platform will send you a valuation statement twice a year. You can view and up-to-date valuation online via our website at any time, by logging in to your account.

Should you want a valuation or copies of contract notes, please do not hesitate to contact us.

Seymour Sinclair does not charge for valuation statements, contract notes, or other paper-based information.

You can sell units at any time by accessing your online account and requesting a sale. Alternatively, call our office on 020 8870 7072, email or send a letter, and we will make the sale for you. The Platform will transact the sell for you and all proceeds will be released to your nominated bank account. This can take up to seven working days.

Seymour Sinclair does not charge for selling holdings.

The Platform will automatically send you a Tax Certificate/ Voucher (if appropriate) in April each year.

We may contact you after you have invested to request some money laundering documents on behalf of Fidelity Adviser Solutions or Aegon.

In order to comply with anti-money laundering regulations all financial institutions are obliged to verify the identity of investors. This means that the Platform will have to ask you to supply us with identification relating to recent and even old investments.

Until these checks are completed, and in line with the regulations, you may be unable to make any transactions on your investment account – including encashment.

You will be asked to supply one document from each section below.

Section A: Evidence of Personal Identity

• Current signed passport
• Current signed UK/EEA photo driving licence, or blue disabled driver’s pass
• Current full UK driving licence (old version), provisional licences are not accepted
• Recent evidence to entitlement to a state or local authority funded benefit, including benefit and council tax benefit or state pension (dated within the last year)
• HMRC tax notification. Please note that P45 and P60 documents are not acceptable
• Shotgun certificate
• Residence permit issued by the Home Office to EU nationals
• EEA member state identity card
• Northern Ireland electoral identity card
• Self employed registration cards for individuals and partnerships in the construction industry: CIS3 (partner); CIS4(P), CIS4(T); CIS5; CIS6

Section B: Evidence of Address

• Local authority tax bill (valid for current year)
• Current signed UK/EEA photo driving licence, or blue disabled driver’s pass
• Current full UK driving licence (old version), provisional licences are not accepted
• Solicitor’s letter confirming house purchase or land registry confirmation
• Local council rent card or tenancy agreement
• Recent evidence of entitlement to a state or local authority funded benefit, including benefit and council tax benefit or state pension (dated within the last year)
• Utility Bill (not mobile phone) no older than 3 months
• EEA member state identity card
• HMRC correspondence addressed to the applicant at the stated address (dated within the last year)
• Mortgage statement
• Northern Ireland electoral identity card

There is no need to send these documents to us every time you invest because we will keep copies in our office to satisfy future requests. However, we may occasionally need to ask you for updated documents, depending on certain criteria that may need to be fulfilled at the time.

We believe the most practical documents to be photocopies of your passport and your photo driving licence.

Please do NOT send original items of valuable identity documents.