We have extensive testing and quality assurance checks to carry out and until these processes are completed, we can't confirm the exact date that the upgrade will take place. We'll keep you informed as we know more.
Frequently asked questions
The platform upgrade and new branding are part of our wider strategy to grow our business and improve the online service we offer. Read more in our Platform upgrade news.
All customers pay an annual platform charge which is either a fixed fee, a percentage of assets or a combination of both. Your client may pay other charges depending on the products they have, the assets they trade in and specific events. You can find their current charges in their existing James Hay charges schedule.
As a result of the changes, many customers will pay less and some will see an increase. We’ve simplified our pricing, to make it easier to understand the charges your clients pay, and details are set out in the new charges schedule we sent them.
If you’d like help to understand the charges, please get in touch with us and we’ll be happy to assist.
All customers will be able to access our new customer portal, allowing them to view their products and make some changes online. Those who already have a James Hay Online account will be guided to register for the new platform when they first login after the upgrade. We’ll be making all customers aware of how to find the new portal and how to register or login for the first time.
All customers included in the upgrade will be set up on the new platform with the paper-based communication option. This preference can be updated on the platform at any time.
However, all new customers joining after the upgrade will have electronic communication as the default – again, this preference can be updated if required.
We’ve been working with many providers of back-office software to ensure that data from the new platform will be available. Information relevant to your software provider will be available here shortly so do check back.
The Nucleus Wrap and existing James Hay data feeds will remain unchanged for now and will appear alongside the new Nucleus Platform data feed.
Yes, details of your firm will be ready for you on the new platform, based on our current understanding of your structure. Following the upgrade, there’ll be more options available for setting up different user levels for your organisation, so if the initial set up doesn’t look quite right, it can easily be changed. Read more in our Platform upgrade news.
After upgrading to the Nucleus Platform, updated Terms and Conditions will apply. If your clients don’t wish to change to our new terms for any reason, they have the option to transfer out. If we’re unable to complete the transfer of their products before they’re upgraded to our new platform, we’ll reimburse customers if they’re negatively impacted by any changes in price resulting from the upgrade.
We no longer apply exit fees when a customer chooses to leave any of our products. Charges for transferring a property do, however, continue to apply.
New Adviser Terms of Business will apply for all business placed on the Nucleus Platform. Our existing Terms of Business will apply for all products that remain on James Hay Online, as well as any new business on that platform. We won’t require a signature from you for this change, but we’ll write to you separately with full details.
The dates for all regular payments out will remain the same, however after the upgrade payments will be triggered on the payment date and will clear in the receiving account within three working days. This is different from the current position, where payments are triggered shortly before the payment date. If required, you can change the date for future payments to any day from 1 – 28th of the month on the platform.
We’re making some changes to our company structure which means that some payments will be sent from different bank accounts. Read more in our Platform upgrade news.
After the upgrade, all customer correspondence and statements will be sent directly to customers. It won't be possible for a customer to choose for it to be sent to an adviser or other third party. If this is a service you currently offer to your client, please make them aware of this change and ensure their address details are up to date.
Yes, we’re setting up new product bank accounts and allocating all our customers' new account numbers – these will replace all existing James Hay member and plan numbers. All payments on the new platform should be made to the new bank accounts, using the new reference numbers. This will particularly apply to any standing-orders or one-off payments. Standing order arrangements will need to be replaced with direct debit payments using the new details. All active direct debit arrangements will be changed automatically.
We’ll write to customers with details of the new bank accounts and product references soon after the upgrade. You’ll be able to see copies of these letters on the platform and you’ll also be able to find the same details on your client's account after the upgrade.
In the period before the upgrade of your clients products, there’ll be some changes to our standard service – this is to ensure the upgrade is as smooth as possible. We’re keeping these to a minimum and hope they don’t inconvenience you too much.
Advisers won't be able to place any instructions within the restricted trading period. Full details of the deadlines will be available on the 'Platform upgrade news' / 'Key dates and actions' page of our Help Hub in advance. We've written to your clients to make them aware and will write again to confirm specific deadline dates ahead of the restrictions.
We’re going to write to your clients twice before the upgrade takes place. Our first letter will be sent to them approx. 90 days before the upgrade, notifying them of the changes and that updated terms and conditions will apply on the new Nucleus Platform. A second letter confirming the date of the upgrade will be mailed approx. 60 days before the change takes place.
We’re also creating online content covering additional detail which we’ll signpost to from the letters.