Transfers and Financial Advice

All FAQsTransfers and Financial Advice

Can I transfer my existing ISA or Pension over to OpenMoney?

Absolutely, but before you do, we need to ensure that the transfer is in your best interests. Our qualified financial advisers produce a Suitability Report which analyses your current plan(s) and their charges, past performance, risk profile and whether there’s any guarantees that are worth keeping hold of and compare them to the equivalent OpenMoney plan. If it’s not in your best interests to transfer to us, then we won’t recommend a transfer.

S&S ISA and Pension reviews can take up to 8 weeks depending on your provider, whereas Cash ISA reviews take 1- 3 days to produce. This service is free for our customers. If you’re an existing customer then contact support to request a review, if you’re a new customer, select ‘Start my review’ here.

What are the steps involved in a review and transfer?

As an advised service we need to ensure a transfer is suitable, so we carry out an extensive review of the plan that you wish to transfer. To carry out the review, we need an account valuation from your existing provider, it tells us key aspects of your plan. To retrieve these details, we require authority on that account. So, the first step is sending you a Letter of Authority to sign, which we then send to your provider.

Once we receive the account valuation from your provider, we use key plan information to form the basis of our report. Comparing your existing plan and an OpenMoney plan, we create a recommendation on whether you should transfer – all this information is detailed in a suitability report which is uploaded to your account.

Once you receive the report, you can either accept the recommendation and sign a transfer form or, you can discuss the report further with a financial adviser – there are no fees for this service.

Can I transfer a partial amount from an existing provider?

We allow partial transfers from previous tax year ISAs. However, if you are transferring an ISA to OpenMoney which you’ve paid towards in the current year, then you will need to transfer all these contributions over to OpenMoney, as per ISA rules.

For partial pension transfers, it may be worth phoning your pension provider and asking them whether this is possible.

How do I arrange a meeting with a financial adviser?

New customers will have to make their way through our advice process first, this is so our advisers have details about your financial position prior to the meeting.  You can book an appointment once you receive a recommendation, and in some cases we require a meeting prior to providing a recommendation; for example if you’re looking to invest an amount that may take you over your allowance, or because you’re close to retirement.

Please note that we don’t provide a recommendation to invest to all our customers.

What type of advice do you offer?

There are two forms of financial advice; restricted and non-restricted. Independent Financial Advisers (IFAs) tend to work on a non-restricted basis meaning they need to compare the services of the entire market before providing a suitable recommendation. Whereas with restricted advice, the offering is restricted only to the products that service offers. An adviser’s ‘scope of advice’ must be clearly disclosed to customers at the start of each discussion so they are made aware from the outset.

Our advisers make it clear that we work on a restricted basis, meaning we only provide restricted advice on the products we offer.

My circumstances have changed, will this impact the advice provided?

To ensure our recommendation remains suitable on an ongoing basis, we prompt our customers to complete an annual review to ensure that any changes in circumstances are taken into consideration.  If anything changes between your yearly reviews, get in touch with Support and they’ll be able to confirm whether these changes should be discussed with your financial adviser.

Do you offer advice on defined benefit or final salary pension schemes?

We do not currently have the required permissions from the FCA to advise on these types of pension schemes so we’d be unable to assist with these particular plans. You can visit www.pensionwise.gov.uk to arrange an appointment for guidance from a pension specialist.