Eight of the biggest names in the asset management industry have teamed up to establish a series of...
Eight of the biggest names in the asset management industry have teamed up to establish a series of Isa pick-up points around the UK to take Isa applications on 4 and 5 April.
The move allows the houses to cut the costs of providing last-minute drop-off points and lets smaller players like ABN Amro get in on the act.
Other houses such as Jupiter and Fidelity have opted to go it alone. Jupiter will provide 15 drop-off points in hotels throughout England, Northern Ireland, and Scotland between 9am and 6pm on 4 April and 9am and 4pm on 5 April, except in London and Kent where its drop-off points will close at 11.55pm.
Fidelity has 11 drop-off points in England, Scotland, Wales and Northern Ireland, as well as Fidelity offices in London, Kent, Surrey and Manchester. The Kent and Surrey offices will be open until midnight, although IFAs should check how late the others open to on 4 and 5 April.
Many groups, including Jupiter, will offer online Isa applications on their own websites, although Jupiter has also teamed up with Lastminute.com to take Isa applications until 11.30pm on 5 April. For the first time at the close of an Isa season IFAs can submit applications online via a funds supermarket. Fidelity's FundsNetwork can accept applications using debit cards until midnight, although the group recommends that IFAs do not leave applications too late.
Firms such as Jupiter and Gartmore will offer phone dealing until 11.55pm as long as deals are concluded by midnight, although IFAs should check in advance, particularly as deadlines vary from group to group. For these services IFAs must have clients' national insurance and debit card details to hand.
It is also important to check how late postal applications are accepted as different groups can have different provisions. Chase Fleming Asset Management, for example, can take applications for Oeics and unit trusts up to 5 April, but new business for investment trust Isa applications must be received by 28 March.
Gartmore, which will be accepting applications until midnight at its London offices as well as in Brentwood and Glasgow, can take postal applications up until 5 April but recommends IFAs post applications first class on 3 April. After that, IFAs should pay for next day delivery to ensure they meet the deadline. Gartmore is also offering special Isa pick-up services for IFAs with significant numbers of applications.
Eight investment houses have set up a number of joint drop-off points. These are Invesco, M&G, Threadneedle, Aberdeen, Schroders, Henderson Global Investors, ABN Amro Asset Management and Perpetual. The grouping also includes Cofunds. Many of these groups are also accepting applications at their offices. The plan will see eight pick-up points around England, two in Scotland and one in Northern Ireland. None are to be established in Wales. Each of the locations will be open on 3, 4 and 5 April, except in Glasgow which will only be open on 4 April.
Many smaller houses such as Framlington are not able to roll out a number of drop-off points, but still offer late collection at their own offices.
HSBC Asset Management and Norwich Union Investment Funds are to tap into the branch systems of their parents. Norwich Union will have nine branches accepting applications, but only during business hours.
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