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How to:

Carry out ad hoc online withdrawals for GIA or ISA

Carrying out ad hoc online withdrawals is easier than ever with this online journey, and if completed before midday, your client can have their money back in the account by close of play.

Key things to remember

Cancellation information:

  • Once submitted, any sales and the withdrawal can’t be cancelled as this is done with straight-through processing.

Rules regarding withdrawal payments:

  • All ad hoc withdrawals have to be paid to a verified bank account in the client’s name.

Timings:

  • If you key an ad hoc GIA or ISA withdrawal on Adviser Zone by midday, and there’s enough available cash and a verified bank account to pay into, this will be paid same day. It will arrive into the client’s bank account by close of business.

Partial GIA or ISA withdrawals:

  • The online withdrawal tool won’t allow you to process a partial withdrawal which takes the wrapper balance below £1,000.

Rebalances:

  • Sales that are placed from the withdrawal journey will be ring-fenced against any rebalancing so that the ad hoc withdrawal will not be affected.

Adviser Zone journey

From the Adviser Zone dashboard:

Select ‘Go to Investor’

Or use the search bar at the top to search via the client’s name.

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Click into the wrapper

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Select ‘Withdrawal’ from the buttons on the top right

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The withdrawal journey

1. You’ll see total wrapper value and available cash

  • If the withdrawal amount is less than the available cash, you’ll be asked how much you want to take from available cash – all, partial or none. If you choose partial, it will ask how much from available cash.
  • If the withdrawal is more than available cash – you’ll be asked how much you want to take from available cash.

2. For the withdrawal amount, you can either withdraw a specified amount or withdraw all

  • The ‘Withdraw All’ option can only be done if there are no pending trades on the wrapper.
  • The ‘Withdraw All’ option will also give the choice to close the account once full withdrawal is complete.

3. Sell assets (if sales are required)

  • ‘Proportionate disinvestment’ – We’ll sell the required amount proportionately from all available assets.
  • ‘Specify Assets’ – You can specify the monetary amount to be sold from each available asset.

4. Bank Account

  • Select a pre-verified bank account from the drop down or add a new bank account.

5. Documents

  • The documents generated are the switch application summary (if assets have been sold) and the ad hoc withdrawal summary.

6. Click the declaration and submit

What happens next

For an online withdrawal that you’ve placed which involves sales going to market, you’ll be able to track its progress through Report Zone by viewing ‘Reports about Clients/Wrappers’ and then selecting the ‘Withdrawal Status’ report.

The ‘Withdrawal Status’ report will allow you to search the status of the withdrawal. You can do this by filtering for ‘Awaiting sale settlement’, ‘Cash reserved for withdrawal’, ‘Withdrawal paid’, ‘Awaiting payment’ and ‘Withdrawal cancelled’.

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