Frequently asked questions

Below is a summary of the main differences between the previous James Hay terms,  and the new Nucleus platform terms:

• Online efficiencies – our new platform delivers an intuitive, efficient online service – which means faster processing for you – so we’re keen to encourage advisers to use it. We've minimised inefficient, paper-based processes and the new Terms of Business reflect this digital focus.
• Self-service control – adviser firms can now designate a Master user with special account privileges to manage your company’s user access and assign roles to your team. This gives you more control over your data and the ability to tailor access to your business needs.
• Settling your charges – our new Remuneration Policy reflects our revised adviser charging process. The enclosed policy sets out the new parameters of the charging, and our auto-disinvestment policy can help to ensure these are settled in a timely fashion.
• Paperless invoicing – all adviser charges will now be instructed on the platform, so there’s no need to send us an invoice. Adviser charges (initial, regular and ad hoc) will normally be paid together monthly, four business days after the BACS processing date (25th of the month). If this falls on a non-business day, the processing and payment dates will be moved forward.

If you previously had a James Hay Online account which you’ve used in the last 12 months, then a new account has been automatically set up for you on the Nucleus Platform. Note, you will only be able to see details of your upgraded clients’ accounts on the Nucleus Platform – the information will no longer be available from James Hay Online.

The first time you log in, you’ll be asked to enter your existing login credentials which will be used to verify your identity. You’ll then need to set up new details. If you didn’t previously have an active James Hay Online account, you’ll need to register as a new user.

Any instructions sent past the deadlines provided won't have been processed and will now need to be resubmitted on the new Nucleus Platform.

We’ve automatically set up any active Direct Debits for clients on the new platform and their bank may also notify them independently. If they have a Direct Debit that is currently paused (inactive), please arrange for it to be set up on the new platform for when they want payments to restart.

If you haven’t accessed your account in over 12 months, you won’t now be able to access it for security reasons. 

Please call our team on 03455 212 414 for assistance. They’ll take you through the security checks and reinstate your access.

If the registration link has expired, you’ll need to use the ‘forgotten your password’ option on the login screen to request a new link. Once your password is set, you’ll receive a one-time passcode by SMS or email. Please enter the passcode to continue. You’ll then be asked to review and accept our platform Terms of Use policy. Once you’ve done this, you’ll be able to access the platform.

There’s no annual administration charge for platform assets any more. The relevant module fees will cover your administration costs.

On the Nucleus Platform, our standard rate tiered platform charges are: 

This charge is calculated daily and payable monthly on the plan anniversary (i.e. the date your client opened their product).
 

All active Direct Debit arrangements on James Hay Online have been automatically transferred to minimise disruption. The only change your clients will notice is that our name and the reference number on their bank/building society statement will be different now we've upgraded:

For ISA, GIA and Offshore Bonds our name will appear on their statement as:
Nucleus Financial Services Limited

For SIPPs our name will appear on their statement as:
James Hay Pension Trustees Limited

Their bank may also tell them that a new Direct Debit Instruction has been set up.

Any temporarily suspended Direct Debits will need to be set up again. This also applies to employer contributions and third-party payments.

We wrote to tenants to provide them with details of the new bank account for any payments following the upgrade (such as rent, service charge, and insurance). They need to update the bank account details for any  payments going forward.

If their property is managed by CBRE, payments will continue to be collected by them, and there will be no change.

Pricing is specific to product and customer choice, reflecting the modules of investment your clients use. Some of the key changes are:

• The James Hay Wrap had a minimum monthly fee rather than an annual administration charge. This product has been upgraded to the Nucleus Modular iPlan and a platform charge will apply.
• The drawdown fee has increased slightly but initial drawdown fees are being removed.
• Property annual charges have increased to reflect the additional complexity involved in administering this type of SIPP.
   

Our multi-million pound investment delivers:

• A more responsive and efficient service
• A wider product range, so more choice
• Simpler charging so it's easier to understand what you pay
• Intuitive, modern technology that's easier to use

New bank accounts are in place for client payments into products on the new Nucleus Platform.

We advise you and your clients of the details to use when making payments to us on relevant screens in the online journeys and in a confirmation letter.

We’ve noticed some banking apps are more sensitive than others when typing in the payee name online, so alternative names may be suggested by the bank, or in some extreme instances, the name may not be recognised and it errors.

We’ve made a change to remove this potential problem, but these new names aren’t yet appearing on the web screens or letters. These are the names you and your clients should use:

We expect the letters and web screens to be fixed during November.

For most customers, our new integrated trading function is the only option for trading. We expect this to be a simple and efficient way of managing your client’s trading needs. Where James Hay customers had existing accounts with EQi or Stocktrade, these are still available with the single sign-on option retained. The platform represents holdings with EQi or Stocktrade as a single asset line – details of asset holdings will be with these companies.

Read more on our Investments page.

Customers who upgraded will retain the investment options that they were previously using, although some asset types won’t be available for new investments - Read more. The Select and Collect funds have been replaced by a competitively priced and wider range of platform assets, including a large range of UK ETIs.

The platform charge has replaced the previous annual administration charge* and covers costs associated with holding the following assets:

• Platform funds – including those in model portfolios
• On platform exchange traded investments
• Fixed term deposits and notice accounts

It’s charged as a percentage of the value of the assets your clients hold and there’s no longer a minimum charge.

[* note – The previous James Hay Wrap had a minimum monthly fee rather than an annual administration charge. This product has been upgraded to the Nucleus Modular iPlan and a platform charge will apply.]

We offer a simple, tiered pricing structure, based on portfolio size.

Charges are lower for higher tiers. This tiered approach ensures that as your clients’ investments grow, they benefit from progressively lower charges. There are three, four or five tiers depending on their product.

The charges schedule we sent your clients previously outlines the specific rates and tiers that apply to them.

It confirms that the platform upgrade has taken place and provides customers with key information relating to their account and products (i.e. new client number, new product reference number(s) and new bank account details for payments into their product(s)). It also provides an overview of the improvements we’ve made and outlines key benefits. It encourages customers to consider setting up an online account (we recommend advised customers discuss with their adviser first), and flags how to opt-in to receive electronic communications.

Not using the correct product reference number may lead to a delay. Using this reference number helps us to easily match payments.

A three month grace period is in place following the date of upgrade (9 February). After that, standing order payments will be returned to their bank and will not be invested with us.

Clients are able to set up a Direct Debit Instruction online as part of the Payments in process on the Nucleus Platform.

Data on your client's account activity for the last five years is now available online on the new platform.

If there's an issue or delay that means the trade did not settle before the upgrade we have moved your assets over as if they were settled in time.