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 give advice about how you should manage your client’s money.

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.

Clients that use our platform must have a UK bank account. We’re aware that some UK banks have stated they will no longer allow EEA clients to bank with them, so we recommend you check the situation with the banks your clients use. If your client doesn’t have a UK bank account, we will be unable to work with them, as detailed in our Terms.

Although we will still continue working with EEA clients, applications for new EEA clients must be received by 31 December 2020. After this date we will no longer be accepting new EEA clients on the platform. Please also be aware that EEA clients will no longer be able to open new wrappers on the platform from this date.

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.

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