Re-registration
Novia allows you to move investments you hold elsewhere to the Novia service in a process called 're-registration'. You may also move investments away from the Novia service in this way.
Re-registration - Q&As
Q/ What is re-registration?
A/ Re-registration allows you to move investments you already hold from one setting, such as with a stockbroker or investment platform to another setting, such as the Novia service. This simply involves changing the name of the shareholder on the register of holders to reflect the new setting. If you decide to re-register to a Novia product wrapper, such as an ISA or General Investment Account (GIA), when the process is complete the investments will be held on your behalf in safe custody by us. As investments are not sold and re-invested they are never out of the market, and as such you will not miss out on any gains (or losses) that may have been made. There is also no Capital Gains Tax liability for re-registering investments not in a tax free product wrapper, such as the GIA.
Q/ Can I re-register all of my investments?
A/ We allow investments, offered by investment managers available through Novia, to be re-registered freely to the Service. Investments which it is possible to re-register include the broad range of Unit Trusts and Open Ended Investment Companies (OEICs) accessible through Novia. If your investments are held directly with the investment managers, you can check the Investments List, available here, which shows the investments that can be re-registered to the Novia service. Not all investments can be re-registered and some investment managers or investment platforms may not allow investments to be re-registered out.
If your investments are held via a third party (such as a stockbroker or investment platform) then it is important that you check with them prior to initiating any re-registrations as some investment platforms may impose restrictions or charges. Please speak to your adviser to find out if it is possible to re-register your investments to Novia and any cost implications there may be.
Q/ Can I re-register to all product wrappers?
A/ Re-registration is not available for all product wrappers. You may re-register funds to and from a GIA or ISA, but investments cannot currently be re-registered to or from an Offshore Bond or into a SIPP. Please contact your adviser for more details regarding these product wrappers.
Q/ What does re-registration cost?
A/ Novia makes no charge for re-registration of investments to or from the Service, nor do we levy the Initial Charge on re-registered investments. You should be aware that some investment managers and investment platforms may do so. Where your investments are held directly with investment managers we provide access to through the Service, we will bear any costs incurred. However if the charge is made by a third party, such as an investment platform we will not be able to do so. You should always check for any restrictions or charges that may be levied before proceeding. Once your investments have been re-registered to the Service, Novia will levy the Annual Charge as with the rest of your holdings. You must hold 2% of a product wrapper as cash, so if you open a product wrapper with re-registered investments 2% of your holding will be moved to the Cash Facility at the next monthly top-up point (please see the Key Features Document and Terms & Conditions here for more details on the Cash Facility).
Q/ What happens to income due to be paid while re-registration of my investments is in progress?
A/ Some investment managers will make income payments to you directly; others will forward it on to Novia where it will be credited to your Cash Facility, subject to the Terms & Conditions.
Q/ What help does Novia provide to complete re-registration?
A/ Novia is committed to making the re-registration process cheaper, quicker and easier and we will work with your adviser to help you move your investments efficiently. We understand the frustration that can be caused when paperwork has to be returned or is lost in the post, so we have created a single form for the re-registration of investments (unless these are part of an investment plan). This means that we can chase the investment managers to ensure the re-registrations are completed in a timely manner. Within a GIA, we can deal with any amendments to paperwork needed on your behalf. Your adviser will also work with you and Novia to help re-register your investments to Novia as you instruct.
Q/ What documentation will I receive?
A/ We will send you a contract note confirming the first investment re-registered to Novia. Once the full re-registration process is complete we will send you a valuation detailing all of the investments moved to the Service. A transaction history will be available online through the secure Novia website.
Q/ What happens if I use rebalancing?
A/ Where you use rebalancing you should be aware that any investments you re-register into a product wrapper will be subject to the existing rebalancing instruction. You should be aware that if you do not amend the rebalancing instruction your re-registered investments will be affected by this and could be sold at the next rebalancing point. You should speak to your adviser for more information on what this could mean for your investments. More information on rebalancing is available in the Key Features Document and Terms & Conditions, available here.
Q/ What should I do if I want to re-register to Novia or find more information?
A/ Please speak to your adviser who will be able to give you more information on re-registering investments you already hold to the Novia Service. They will be able to guide you through the process and work with Novia to deal with any paperwork. You may also like to see the Key Features Document and Terms & Conditions for more information, which are available here.
Q/ What if I am unable to re-register certain investments onto the Novia Service?
A/ You may not be able to re-register certain investments onto the Novia Service. In these cases you may be able to transfer your investments by selling them with the existing provider or investment platform and transferring the proceeds in cash to Novia. You can then repurchase the investment through Novia (subject to the investment being available on our Investment List). You should be aware that there may be tax implications for doing this within certain product wrappers, such as Offshore Bond or GIA. There may be other implications from transfers, for example, the Initial Charge will be applied and the market may move during the transfer. You may therefore benefit from professional advice - please speak to your adviser for more information on transferring and whether this may be suitable for you. Additional information can be found in the Key Features Document and Terms & Conditions, which are available here.
