The impact of the end of the Brexit transition period

    As a UK-based platform, we believe there's limited impact on UK-based advisers and clients from the Brexit agreement. There are some changes that will affect any clients who are resident in the European Economic Area (EEA) and we've created this helpful FAQ to provide more detail.

    We need you to let us know as soon as possible if you have EEA resident clients on the Nucleus platform and if you're continuing to advise them or have stopped providing services.

    Please contact your regional client relations manager to let them know.

    FAQs


     

    You may be able to provide advice services to your EEA resident clients when they return to the UK e.g. for a holiday but it's worth checking with the regulator in the relevant EEA state if that's acceptable to them. Your compliance team will be able to advise you on this. We'll place reliance on you to ensure you have the required regulatory permissions to provide advice to your clients.

    If you'd like to continue to provide advice to your clients in their country of residence you'll need to have regulatory permissions in whichever country/countries you want to provide advice services or do investment business in. That involves you obtaining the relevant permissions from the regulators in each of those countries by following the prescribed process. The FCA has no power to give such permission or authorisation.

    Should you decide you don't want to advise or service your existing EEA resident clients, you must tell them what this means for them i.e. you're no longer able to provide any advice services. You may have already made your decision to stop advising affected clients and communicated this to them. We'd appreciate if you can please confirm if you have, or are planning to do this and let us know the action being taken. It's important we can correctly classify customers on our platform as being advised or 'orphaned'.

    If your relationship with any EEA resident clients comes to an end, we’ll remove your access to their account on the platform and stop all ongoing fee payments. We'll continue to service their existing accounts on our platform and provide them with the details of the restricted services we'll offer. We always recommend a customer seeks financial advice before making any decisions about their investments and will ask customers to consider appointing a new, appropriately authorised, firm.

    Published 23 December 2020