7IM Individual Savings Account (ISA)

Make the most of your clients’ flexi-ISA allowance on the 7IM Platform. 7IM ISAs are flexible, allowing your clients to resubscribe any withdrawn monies from this tax year back into their ISA on top of their £20,000 allowance.

New clients

Existing clients

Important reminder

ISA allowance for tax year 2023-24 is £20,000

New clients

Opening

You can use our online application tool to open a new ISA for a client. This tool enables you to include all types of funding and transfers as well as the automated investment of cash. Clients must also open an individual investment account as any new ISA money will need to be deposited into this account first.

View video guide

Funding

Clients can fund their ISAs by sending us cash, via bank transfer or cheque as per the payment details below, or by transferring existing ISAs to us. All new cash will need to be deposited into the individual investment account first and will then be subscribed automatically into the ISA if a lump sum is added to the ISA funding section of the online application.

Withdrawals

Regular withdrawals can be set up online once the account is open and funded and can either come from cash or from automatic disinvestment. Clients can choose whether they want a fixed amount or the ‘natural’ investment income paid out on a regular basis. Remember that as the 7IM ISA is flexible, any withdrawals can be replaced in the same tax year without affecting the client’s usual ISA allowance.

View video guide

Adviser fees

You have complete flexibility over how you take your fees and can choose whether you want percentage or fixed fees for both initial and ongoing. You can even set different rates and structures for different sub accounts. Both initial and ongoing fees for the ISA can be taken from the individual investment account which maximises the value held in the tax-free wrapper. Just remember to keep enough cash in the GIA to cover these fees. Also, as new money will be deposited in the individual investment account first, remember to set any initial fee rate required on this account.

Please note that all forms can be signed electronically by your client using a recognised e-signature system such as Docusign or Adobe sign.

Payment details

Payments made to 7IM by bank transfer will be available to invest quicker than those sent by cheque.

Bank: ROYAL BANK OF SCOTLAND
Swift Code: RBOSGB2LXXX
Sort Code: 16-04-00
Account Number: 31266302
Account Name: Pershing Securities Ltd Client Hub Account
Payment reference: {7IM individual investment account number}

Cheques

Cheques should be made payable to Pershing Securities Limited with the client's 7IM individual investment account number on the back and posted to 7IM, 1 Angel Court, London EC2R 7HJ.

Transfers

Existing ISAs held by another provider can be transferred to a 7IM ISA either in-specie (also known as re-registering) or in cash.

Clients will need to complete and sign our ISA Transfer form which will be included in the application pack generated online for new accounts. We may also request other paperwork if required.

Where possible we will transfer assets electronically using the Altus system.

You will be able to monitor the progress of every transfer by logging into our platform.

Existing clients

No further paperwork is required to top up an existing active 7IM ISA (see below note about a lapsed ISA).

Funding

Clients can top-up their ISAs by sending us cash, via bank transfer or cheque as per the payment details below, or by transferring existing ISAs to us. All new cash will need to be deposited into the individual investment account first and will then need to be subscribed into the ISA online by you using either our bed & ISA tool or Cash Movement tool (see below for more about these). If the existing ISA has an active Standing Investment Instruction set up then the cash will be invested automatically once the subscription is made from the GIA.

Transfers

Existing ISAs held by another provider can be transferred to a 7IM ISA either in-specie (also known as re-registering) or in cash. Clients will need to complete and sign our ISA Transfer form which will be included in the application pack generated online for new accounts or can be sent to us separately to top-up existing accounts. We may also request other paperwork if required. Where possible we will transfer assets electronically using the Altus system. You will be able to monitor the progress of every transfer by logging into our platform.

ISA Transfer Form

Withdrawals

For ad-hoc withdrawals, you can use our cash movements tool and select the withdrawal option. You may need to sell assets first if there isn’t enough cash. You can also set up regular withdrawals either from cash or from automatic disinvestment. Remember that as the 7IM ISA is flexible, any withdrawals can be replaced in the same tax year without affecting the client’s usual ISA allowance.

View video guides

Adviser fees

You have complete flexibility over how you take your fees and can choose whether you want percentage or fixed fees for both initial and ongoing. You can even set different rates and structures for different sub accounts. Both initial and ongoing fees for the ISA can be taken from the individual investment account which maximises the value held in the tax-free wrapper. Just remember to keep enough cash in the GIA to cover these fees. Also, as new money will be deposited in the individual investment account first, remember to set any initial fee rate required on this account. To reduce your fees, you can simply email our Platform Service Team at platformmailbox@7im.co.uk with the request. To increase fees, please send us a signed fee amendment form.

Fee amendment form

Payment details

Payments made to 7IM by bank transfer will be available to invest quicker than those sent by cheque.

Bank: ROYAL BANK OF SCOTLAND
Swift Code: RBOSGB2LXXX
Sort Code: 16-04-00
Account Number: 31266302
Account Name: Pershing Securities Ltd Client Hub Account
Payment reference: {7IM individual investment account number}

Cheques

Cheques should be made payable to Pershing Securities Limited with the client's 7IM individual investment account number on the back and posted to 7IM, 1 Angel Court, London EC2R 7HJ.

Lapsed ISA

To restart a lapsed ISA, where clients have not subscribed with 7IM in either this or last tax year, you will either need to:

use our online Bed & ISA online tool and confirm the declaration (we will write directly to your client to confirm this action). Please view the Bed & ISA video to find out how to do this; or
email postroom@7im.co.uk a completed ISA declaration form and then process the ISA subscription online the following day