Earlier this month we received an abundance of Direct Debit cancellations for clients who have Santander bank accounts. We are still looking into this issue but have not, as yet, managed to get hold of satisfactory information.
As a result we have had to cancel the Direct Debits and send a standard letter to all affected investors and advisers explaining that the Direct Debit has been cancelled and that you need submit a new Direct Debit instruction to restart collections.
As this disruption was mainly caused by an error at Santander, there may be an easier way for you to reinstate your clients’ Direct Debits. Simply call us on 0345 604 4001 with confirmation that you have spoken to Santander and that they have confirmed it was their error and we can reinstate your regular saver instructions.
With the holiday season coming up fast, you might like to know what support will be available to you, including the opening times of our Adviser Support Centre.
Potential postal delays
As a number of public holidays will fall on weekdays, postal correspondence – including cheques - may be affected.
Fortunately, as an online company, we offer you plenty of alternatives to post:
Buy, switch and sell collectives online - Find out more in the ‘How do I?’ section of the website.
A wealth of management information (M.I.) is available on the web.
Our Adviser Support Centre will be operating reduced hours on the following days throughout the holiday period:
Friday 24 December - 9:00am - 2:00pm
Monday 27 December – closed
Tuesday 28 December - closed
Wednesday 29 December - 9:00am – 4.00pm
Thursday 30 December - 9:00am – 4.00pm
Friday 31 December - 9:00am - 2:00pm
Monday 3 January – closed
The Adviser Support Centre will open as normal on Tuesday 4 January 2010.
The government has recently issued a draft of the Finance Bill 2011 legislation detailing major changes to the pension tax relief rules and the end of so-called compulsory annuitisation at age 75.
The government has also published the results of the age 75 consultation and has produced a technical guide to the transitional provisions that will apply in respect of the reduction of the lifetime allowance to £1.5 million. Technical Connection’s detailed analysis of these changes is available on our Technical Hub and highlights can be found on our blog.
The first budget announcement of the new coalition government back in June outlined many changes. One of which was the decision to raise the standard rate of VAT from 17.5 to 20 per cent from 4 January 2011.
There were no proposed changes to zero-rated or reduced-rated VAT. Similarly, there are no changes to the VAT exemptions.
Cofunds as a business does not charge VAT, however it is possible to charge VAT through adviser charging. Please note that some bonds and most of the SIPPs offered on the platform, including the Cofunds Pension Account, do charge VAT.
With the regulatory changes on the horizon it’s more important than ever to work with a platform that is here for the long term. With scale, capital and profitability on our side, we can invest steadily and consistently in the platform over the coming years. Just an end of year reminder that we’re committed to you and your businesses – now and in the future.
A reminder that your clients will shortly be receiving CCNs for the period 1 June to 30 November 2010. These important documents will only be sent to investors who have not previously received notification of their transactions and will include details of all transactions within this period.
Find out M&G's Stuart Rhodes' thoughts on this topic as well as all the other footage from top fund managers at our latest conference as they explore the opportunities that lie ahead in 2011.
Cofunds Limited is authorised and regulated by the Financial Conduct Authority FCA Registration No 194734.
* Telephone lines are open Monday to Friday 9am to 5pm. Calls may be recorded for training and quality purposes. Call charges will vary.