Brexit FAQs

It’s important to note that we cannot give advice to your clients. If we don’t have the information to answer your client’s question, please refer them to either:

Ascentric do not have a corporate position on the issue. Following the General Election in December 2019 we agreed to leave the EU on 31 January 2020. It is still not at all clear exactly what shape Brexit will take. We will let you know of any changes that may impact on your business or your clients’ policies as soon as we can.

While your clients might see ups and downs in the stock markets, or movements in the value of the pound, Brexit isn’t the only event that can impact stock markets; they can be affected by all sorts of global events, from tax cuts to trade wars. In the UK the Government and the Bank of England have different powers that can help to ease the ups and downs. You might see them using these powers depending on what happens with Brexit.

The DFMs and/or fund managers who manage your client’s portfolios are best placed to answer specific questions about the impact on their investments. 

We don’t know what the final Brexit will look like, or what affect it will have on their investment. Until the situation becomes clear, we’ll carry on as normal and continue to collect and make payments that are due to your client’s bank account.

We are continuing to monitor the developments in the Brexit negotiations, and we’re engaging with the UK regulators so that we can act quickly once the situation is made clear. Whatever happens, we’re looking to ensure that we can continue serving you and them.

We have no plans to stop dealing with EEA clients. It is important that advisers have checked that they are able to continue their relationship with their EEA client before investing on the Ascentric platform.

No. This is set by UK legislation. We can’t comment on how any death benefits will be taxed in your client’s country of residence, if they live outside of the UK. This has always been the case though and Brexit doesn’t change that.

We don’t expect our current charges to change as a result of Brexit. If there are any changes to our charges for any reason, we will communicate them in the usual way.

Assets on the Ascentric platform will continue to be administered in the United Kingdom and we do not expect this to change.

On 7 February 2019, our parent company, Royal London, transferred certain policies from The Royal London Mutual Insurance Society Limited (Royal London) to a new subsidiary of Royal London registered in Ireland. The subsidiary is called Royal London Insurance DAC. From the date on which the UK leaves the European Union, it may not legally be possible for Royal London to continue to administer insurance policies sold outside the UK. So that Royal London can continue to service their customers they’ve transferred approximately 460,000 policies which were originally sold in Ireland or Germany. They did this so that they can continue to administer these policies after the UK leaves the European Union. 

Customers who may be impacted by these changes were contacted via post. Further information is also available on the Royal London website.

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