Cost and charges

    Frequently asked questions

    Why am I receiving this document as well as my quarterly statement?

    Your quarterly statement will continue to be issued as usual, and provides you with a checkpoint on how your investments are doing at regular points of the year. We’re providing this additional annual statement to help you better understand the current costs of your investments. This is a welcome requirement for greater transparency on costs, from our regulator, and meets the requirements of MiFID II.

    What is MiFID ll?

    It’s the second part of the European Union’s Markets in Financial Instruments Directive. It came into effect on 3 January 2018 and is widely regarded as being one of the most important regulatory initiatives undertaken by the European Union. From outset, the initiative has had the objectives to increase the level of transparency in financial markets and make sure there are appropriate levels of investor protection. Your adviser can provide you with more information on the effects of this important initiative.

    What’s different about this statement?

    Some of the costs and charges displayed in your statement will look familiar, as these already show in your quarterly statement. One major difference is the asset charges section, where we show the four types of asset charge. An explanation of these is found in your guidance notes, but it’s worth noting that some assets, such as funds, have an in-built charge, which is not shown as an explicit cost. These charges are not new but the initiative means there must be greater transparency on the actual cost of these charges. To do this, we’ve provided the equivalent monetary and percentage amounts on your statement, to show the impact of these charges.

    Are all the charges / fees I pay included?

    Your statement covers the costs and charges for assets held on the platform and any fees paid from your Nucleus accounts. If you have investments held elsewhere or pay your adviser directly, you can speak to them about providing you with a costs and charges statement to cover all fees and charges paid for recommended investments. If you don't have enough cash in your account to pay out fees, any accrued fees won't be included in the costs and charges statement.

    Will I receive a paper copy?

    Providing you with secure and easy access to communications is important to us. We also want to reduce our impact on the environment, which is why your costs and charges statement will always be available online, you'll also receive a paper copy if you have selected this option. If you’d like to receive this statement in paper format, your adviser can do this by logging in to your Nucleus account and selecting the suitable correspondence preference for you.

    My account(s) are in joint names, will both account holders receive a statement?

    Jointly held accounts have nominated primary and secondary account holders. The costs and charges statement is issued to the primary account holder only, however If you’re a secondary account holder and wish for a copy of your joint statement, you can contact to request this.

    I’ve received a paper copy; how do I view my statement online?

    You can log on to Nucleus Go and view your statement at any time. If you haven’t accessed your account on Nucleus Go, we have some simple guidance that you can follow.

    Who should I speak to about my statement?

    If you have any questions about your statement, please contact your adviser, who can see it online too. If you don’t have an adviser, we recommend that you seek professional advice when making any investment decisions and perhaps now is a good time for you to consider this, which may help determine if our platform services are still right for your investment needs. For help in selecting the services of a new adviser you may wish to refer to the guidance from the Money Advice Service