Frequently asked questions

All products in the scope of this change will be upgraded, including those where a transfer out is in progress. We’ll continue to work to complete the transfer as quickly as possible and we’ll reimburse customers if they’re negatively impacted by any changes in price resulting from the upgrade.

Any requests received after the dates indicated in the Getting Ready booklet cannot be accepted. They’ll need to resubmit them on the new Nucleus Platform, after 9 February 2026, once the upgrade has taken place.

A three month grace period will be in place following the upgrade. After that, their standing order payment will be returned to their bank and will not be invested with us.

Once their product has been upgraded, they’ll still be 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 will still be available online on the new platform after the upgrade. If you want to keep a record of data and documents on their account before that time, please go onto James Hay Online before the upgrade and download it.

We've shared details of when trades will need to be completed ahead of the upgrade - please refer to our 'Changes to standard service' page for details. If there's an issue or delay that means the trade may not settle before the upgrade we'll ensure your client's assets are moved over as if they were settled in time.

The Nucleus Platform pricing is simpler than the current 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
    

• 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 current 5% limit for SIPP, reduction from current 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 1.5% of plan value, which is a change from the current 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.

• 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 cannot exceed 36 months. (i.e., 36 deductions if monthly / 3 deductions if annual)
• Replaces the current spread initial adviser charge on contributions that allows the amount to be taken on all new money in on an ongoing basis
• Paid automatically by the platform
• The new platform will allow 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 are 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.  

If the registration link has expired, you’ll need to use the ‘forgotten your password’ option on the login screen to request a new link. Once your password is set, you’ll receive a one-time passcode by SMS or email. Please enter the passcode to continue. You’ll then be asked to review and accept our platform Terms of Use policy. Once you’ve done this, you’ll be able to access the platform.

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 webpage. 

We’ll send your username both in an email and a letter once you register. If you later forget it, you’ll need to contact us (call 03455 212 414 or email at ask@nucleusfinancial.com) so we can send you a reminder.

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

If, following the upgrade, you have clients with any of our products that aren’t being upgraded, 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 are upgrading.

Letter 1 – James Hay Modular iPlan and Private Client SIPP customers (standard letter)
Letter 2 – James Hay Modular iPlan and Private Client SIPP customers (additional pricing;  wording)
Letter 3 – Willis Towers Watson Modular iPlan customers
Letter 4 – James Hay Wrap customers (standard letter)
Letter 5 – James Hay Wrap customers (additional pricing wording)
Letter 6 – Willis Towers Watson Wrap customers
Letter 7 – James Hay / Life company customers
Letter 8 – James Hay iSIPP customers (standard letter)
Letter 9 – Rathbones Modular iSIPP customers

• We previously wrote to our customers in November 2024 so this letter provides an update on our progress and a reminder of what support is available. 
• We’ve since made some changes to our terms and conditions for the Nucleus Platform – one of which is material so we’re required to make customers aware of it (this is the change to how whole of market assets will be traded).
• We want to use this opportunity to help ensure customers understand how our pricing is changing.
• We want to make customers aware that our correspondence address has changed and provide the new details.

Please note, an additional letter was sent in September 2025 to customers who joined the platform after this time, or who we have an updated address for.

The table below shows how our James Hay product suite maps to the Nucleus product suite:

Our multi-million pound investment will deliver:

• A more responsive and efficient service
• A wider product range, so more choice
• Simpler charging so it's easier to understand what you pay
• Intuitive, modern technology that's easier to use

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.