Frequently asked questions

We sent your username both in an email and a letter when you registered. If you still can't find it, you’ll need to contact us (call 03455 212 414 or email at ask@nucleusfinancial.com) so we can send you a reminder.

The table below shows what the James Hay product has been upgraded to on the Nucleus platform:

The Nucleus Platform pricing is simpler than the previous James Hay model. It has higher ‘module’ charges but far fewer additional transaction charges. This is a much simpler, more transparent approach – with less scope for unexpected fees.

Investments are complex but how your clients pay for them shouldn’t be. With the new Nucleus Platform, your clients will only ever pay for the investments they have, the products they use and the choices you make with them.

Our charges will be split into three main types:

1. Platform charge
2. Module charges for specific services
3. Additional charges that may apply in certain situations

• Max 1.5% of plan value, which is a change from the previous 5% limit
• Can be requested as £ or % amount (either a flat % rate or a tiered % rate)
• Option to exclude certain asset types from ongoing calculation and can apply at head account or sub account level
• Paid automatically by the platform (default payment frequency is now monthly)
• Customer must consent to rate (within max)

To establish the percentage rate for the Ongoing Adviser Charge (OAC), accruals are calculated on a daily basis, then totalled and applied to the account. On the Nucleus Platform the OAC rate can be set up to 2 decimal places.

All fees due for payment are paid at the same time in the same payment.

• Max 5% initial fees taken against one off initial advice
• No change from previous 5% limit for SIPP, reduction from previous 7% wrap limit
• Can be requested as £ or % amount
• Paid automatically by the platform
• Customer must consent to rate (within max)

All fees due for payment are paid at the same time in the same payment.

• Max 25% of contributions – up to 36 months
• Must be requested as a £ amount per deduction, applied at a set frequency for a set number of deductions. The total deduction period can't exceed 36 months. (i.e., 36 deductions if monthly / 3 deductions if annual)
• Replaces the previous spread initial adviser charge on contributions that allowed the amount to be taken on all new money in on an ongoing basis
• Paid automatically by the platform
• The new platform allows the user to create a Spread Initial Adviser Charge which defines an amount, frequency of deduction, and number of deductions to make before automatically stopping

All fees due for payment are paid at the same time in the same payment.

• Each payment is subject to a maximum of £10k (or 1.5% of plan value, if lower)
• Aggregate annual ad hoc fees must not exceed £20k (or 5% of the plan value, if lower)
• This is a slight change from 5% applied today
• Must be requested individually via the platform
• Customer must consent to first payment including a rolling 12-month total within max rate
• Ad hoc charges are keyed directly on to the platform by the adviser

All fees due for payment are paid at the same time in the same payment.

We can facilitate the payment of adviser remuneration (adviser charges) where your clients have provided their consent for the type, amount and frequency of the requested charges.

Charges are paid from each product’s cash balance. Where a customer also holds an individual GIA, this product may instead be nominated for the payment of adviser charges related to other Nucleus products.

We’ll only make payments in line with an active adviser charges agreement signed by the client and submitted to us, as stated in the Adviser Terms of Business. This means that if a client:

• transfers out or closes their product
• informs us that you’re no longer their adviser
• informs us that they're no longer receiving ongoing advice from you; or
• wishes to stop payments or make alternative arrangements for such remuneration

then we’ll make a final pro-rated payment to you, for the period between your last payment and the date of the event above.

Initial and ongoing charges are deducted and paid automatically in line with the amounts and frequencies confirmed in the adviser charging agreement. Ongoing charges may be applied and calculated across all products your client holds or at individual product level.

Ad hoc charges must be requested via our online platform; there’s no need to send us an invoice.

All references to amounts that Nucleus will process through adviser charging are inclusive of VAT.

All fees due for payment are paid at the same time in the same payment.

For further details, read the policy document.

Customers who previously had James Hay Modular iPlan products will see a few changes on the new platform. Products have been renamed, and new features are available. The point-of-sale literature for these products has been updated to reflect this. Customers who previously had James Hay Wrap or Private Client SIPP products have been moved from these products to our new Nucleus Modular iPlan. For this group of customers, the literature for their new products is now available on the Nucleus Platform.

In general, we’ve retained existing product features for customers who have upgraded, although some options won’t be available to new customers. Read more in our Platform upgrade news. You can also the Key Changes Summary documents on our Customer upgrade support page.

We actively manage the cash your clients hold in product bank accounts to ensure they benefit from competitive interest rates. We credit some interest to their accounts whilst retaining a portion to continually invest in improving the products we offer and our service.

Find out more on our Bank accounts page.

Most James Hay products upgraded to the new platform, however there are a handful of more complex, older products that did not upgrade.

If you have clients with any of our products that didn't upgrade, you’ll still be subject to the James Hay Adviser Terms of Business when managing those clients on James Hay Online.

Read about which products upgraded.

These are charges that apply depending on the products and services your clients use. They’re for assets that are held off the platform, such as directly held shares and commercial property, and are fixed fees that we charge once a year. Your clients will only pay them if they hold assets in these categories.

1. Whole of market
2. Specialist investments
3. Commercial property

Our simplified, transparent pricing flyer has further details.

The upgrade took place over the weekend of 7 and 8 February 2026.

The mailing that contained their charges schedule for the new platform will have been delivered between 14 August and 2 September 2024. An additional letter was sent in September 2025 to customers who joined the platform after this time, or who we have an updated address for.  

We confirmed your clients new reference number(s) in our Welcome to the Nucleus Platform letter, sent in February 2026, after the upgrade took place. They should use this as the reference for future payments to their products, but they won’t need it to access the new platform.

Our letter of April/May 2025 included a simplified, transparent pricing flyer. It outlined how our pricing will work on the new Nucleus Platform.

User guides for advisers and customers are available on our website.

Comprehensive resources (including videos and webinar training) are also available for advisers to get familiar with the new platform.

Copies of all client specific letters about the upgrade can now be found on the new Nucleus platform. These can be found in the client's account under the documents tab.

You can see all transactions from the past five years on the new platform. Post upgrade, you can't see your upgraded clients’ product history on James Hay Online.

Other one-off charges

While we’ve reduced the number of charges, there are some one-off fees that apply in specific circumstances, such as offshore bond set up, or the sale or purchase of Exchange Traded Investments (ETI) – which are payable when they take place. These charges only apply when the relevant options/actions are taken so your clients only pay for what they use.

For commercial property some transactional charges also apply.

Also when your clients start to access the benefits from their pension, either through a lump sum or regular income payments, then an annual income drawdown charge will apply.

Other annual charges:

• Investment Manager account covers the cost of using an external Investment Manager for a SIPP. For the Modular iPlan, this is accessed via the Whole of Market module.
• Stockbroker account - this fee covers the cost of investing with our stockbroker accounts: EQI and Stocktrade.
• Annual property charge covers the administrative cost of managing the commercial property investments in a SIPP