Frequently asked questions

The platform charge has replaced the previous annual administration charge* and covers costs associated with holding the following assets:

• Platform funds – including those in model portfolios
• On platform exchange traded investments
• Fixed term deposits and notice accounts

It’s charged as a percentage of the value of the assets your clients hold and there’s no longer a minimum charge.

[* note – The previous James Hay Wrap had a minimum monthly fee rather than an annual administration charge. This product has been upgraded to the Nucleus Modular iPlan and a platform charge will apply.]

We offer a simple, tiered pricing structure, based on portfolio size.

Charges are lower for higher tiers. This tiered approach ensures that as your clients’ investments grow, they benefit from progressively lower charges. There are three, four or five tiers depending on their product.

The charges schedule we sent your clients previously outlines the specific rates and tiers that apply to them.

It confirms that the platform upgrade has taken place and provides customers with key information relating to their account and products (i.e. new client number, new product reference number(s) and new bank account details for payments into their product(s)). It also provides an overview of the improvements we’ve made and outlines key benefits. It encourages customers to consider setting up an online account (we recommend advised customers discuss with their adviser first), and flags how to opt-in to receive electronic communications.

We sent your username both in an email and a letter when you registered. If you still can't find it, you’ll need to contact us (call 03455 212 414 or email at ask@nucleusfinancial.com) so we can send you a reminder.

Not using the correct product reference number may lead to a delay. Using this reference number helps us to easily match payments.

A three month grace period is in place following the date of upgrade (9 February). After that, standing order payments will be returned to their bank and will not be invested with us.

Clients are able to set up a Direct Debit Instruction online as part of the Payments in process on the Nucleus Platform.

Data on your client's account activity for the last five years is now available online on the new platform.

If there was an issue or delay that meant the trade didn't settle before the upgrade, then we've moved your assets over as if they settled in time.

The table below shows what the James Hay product has been upgraded to on the Nucleus platform:

• Max 1.5% of plan value, which is a change from the previous 5% limit
• Can be requested as £ or % amount (either a flat % rate or a tiered % rate)
• Option to exclude certain asset types from ongoing calculation and can apply at head account or sub account level
• Paid automatically by the platform (default payment frequency is now monthly)
• Customer must consent to rate (within max)

To establish the percentage rate for the Ongoing Adviser Charge (OAC), accruals are calculated on a daily basis, then totalled and applied to the account. On the Nucleus Platform the OAC rate can be set up to 2 decimal places.

All fees due for payment are paid at the same time in the same payment.

• Each payment is subject to a maximum of £10k (or 1.5% of plan value, if lower)
• Aggregate annual ad hoc fees must not exceed £20k (or 5% of the plan value, if lower)
• This is a slight change from 5% applied today
• Must be requested individually via the platform
• Customer must consent to first payment including a rolling 12-month total within max rate
• Ad hoc charges are keyed directly on to the platform by the adviser

All fees due for payment are paid at the same time in the same payment.

• Max 5% initial fees taken against one off initial advice
• No change from previous 5% limit for SIPP, reduction from previous 7% wrap limit
• Can be requested as £ or % amount
• Paid automatically by the platform
• Customer must consent to rate (within max)

All fees due for payment are paid at the same time in the same payment.

• Max 25% of contributions – up to 36 months
• Must be requested as a £ amount per deduction, applied at a set frequency for a set number of deductions. The total deduction period can't exceed 36 months. (i.e., 36 deductions if monthly / 3 deductions if annual)
• Replaces the previous spread initial adviser charge on contributions that allowed the amount to be taken on all new money in on an ongoing basis
• Paid automatically by the platform
• The new platform allows the user to create a Spread Initial Adviser Charge which defines an amount, frequency of deduction, and number of deductions to make before automatically stopping

All fees due for payment are paid at the same time in the same payment.

We can facilitate the payment of adviser remuneration (adviser charges) where your clients have provided their consent for the type, amount and frequency of the requested charges.

Charges are paid from each product’s cash balance. Where a customer also holds an individual GIA, this product may instead be nominated for the payment of adviser charges related to other Nucleus products.

We’ll only make payments in line with an active adviser charges agreement signed by the client and submitted to us, as stated in the Adviser Terms of Business. This means that if a client:

• transfers out or closes their product
• informs us that you’re no longer their adviser
• informs us that they're no longer receiving ongoing advice from you; or
• wishes to stop payments or make alternative arrangements for such remuneration

then we’ll make a final pro-rated payment to you, for the period between your last payment and the date of the event above.

Initial and ongoing charges are deducted and paid automatically in line with the amounts and frequencies confirmed in the adviser charging agreement. Ongoing charges may be applied and calculated across all products your client holds or at individual product level.

Ad hoc charges must be requested via our online platform; there’s no need to send us an invoice.

All references to amounts that Nucleus will process through adviser charging are inclusive of VAT.

All fees due for payment are paid at the same time in the same payment.

For further details, read the policy document.

Customers who previously had James Hay Modular iPlan products will see a few changes on the new platform. Products have been renamed, and new features are available. The point-of-sale literature for these products has been updated to reflect this. Customers who previously had James Hay Wrap or Private Client SIPP products have been moved from these products to our new Nucleus Modular iPlan. For this group of customers, the literature for their new products is now available on the Nucleus Platform.

In general, we’ve retained existing product features for customers who have upgraded, although some options won’t be available to new customers. Read more in our Platform upgrade news. You can also the Key Changes Summary documents on our Customer upgrade support page.

We actively manage the cash your clients hold in product bank accounts to ensure they benefit from competitive interest rates. We credit some interest to their accounts whilst retaining a portion to continually invest in improving the products we offer and our service.

Find out more on our Bank accounts page.

Most James Hay products upgraded to the new platform, however there are a handful of more complex, older products that did not upgrade.

If you have clients with any of our products that didn't upgrade, you’ll still be subject to the James Hay Adviser Terms of Business when managing those clients on James Hay Online.

Read about which products upgraded.

For the 2026/2027 tax year, things will be simpler. The full year will be on the Nucleus Platform so a single pack will be provided for most customers.

These are charges that apply depending on the products and services your clients use. They’re for assets that are held off the platform, such as directly held shares and commercial property, and are fixed fees that we charge once a year. Your clients will only pay them if they hold assets in these categories.

1. Whole of market
2. Specialist investments
3. Commercial property

Our simplified, transparent pricing flyer has further details.

The Nucleus Platform pricing is simpler than the previous James Hay model. It has higher ‘module’ charges but far fewer additional transaction charges. This is a much simpler, more transparent approach – with less scope for unexpected fees.

Investments are complex but how your clients pay for them shouldn’t be. With the new Nucleus Platform, your clients will only ever pay for the investments they have, the products they use and the choices you make with them.

Our charges will be split into three main types:

1. Platform charge
2. Module charges for specific services
3. Additional charges that may apply in certain situations

The upgrade took place over the weekend of 7 and 8 February 2026 and has been available since 9 February.