Protecting client money is one of our highest priorities. For this reason, we strongly encourage all advisers and clients to use electronic payment methods wherever possible. In line with Consumer Duty both platforms and financial advisers must ensure they are delivering good outcomes and preventing foreseeable harm to their clients. Therefore, we have a joint responsibility in making sure client deposits are received safely.
Depositing money via bank transfers and direct debits are not only the safest options, but also the fastest and most efficient ways to send money to us. When sending the money electronically you can set up an expected deposit and queued purchases with one instruction and we will do the rest. This not only saves you time but also leads to your clients’ deposits being invested a lot quicker.
Did you know?
Clients can now set up direct debit instructions on Transact Online without the need for a signed instruction. The bank account is verified in real time, allowing the direct debit to be set up with minimal delay. This change supports both regular contributions and one-off deposits.
We understand that for some clients, electronic payments may not be suitable. However, payment of contributions from your clients by cheque via the Royal Mail should be a last resort due to the risk of interception or fraud.
If your client insists on sending a cheque to Transact, we encourage using UPS for delivery. We will help to support the usage of UPS by advisers using our account to pay for delivery of cheques. The Sales Support team are available to provide clear instructions on how to arrange a UPS delivery, including packaging, labelling, and tracking your cheque securely to our offices.
If you have any questions about payment methods or require further guidance on secure ways to send funds to Transact, please do not hesitate to contact us. Our team is always available to provide guidance and assistance to ensure the safety of client assets.