Third-Party Adviser Centre

How to request client information from us

Letter of Authority

Before we can send you client information, you need to send us a Letter of Authority.

Please download a letter of authority template should you require one.

What you need to include in the letter depends on the type of HL account your client holds, for example a Stocks and Shares ISA or SIPP.

If you’d like us to send you the client's information by email, make sure your email address is on the signed Letter of Authority. We can only send information to the email address that we receive the Letter of Authority from, or email addresses that are on the Letter of Authority itself.

If any of your details change, for example your company name or address, before we send client information, we’ll need a new signed Letter of Authority for each client.

Once completed, please send your Letter of Authority, and any information requests either by email to: operations.queryteam@hl.co.uk or by post: Hargreaves Lansdown, One College Square South, Anchor Road, BS1 5HL.

What you need to include

Select the type of HL account to find out everything you need to include on your Letter of Authority:

• Stocks and Shares ISA, Lifetime ISA, Fund and Share Account, SIPP, Group SIPP, Active Savings, Cash ISA and PMS accounts

  The client's:

  • Name
  • Date of birth
  • Current address (if the address we hold is not current, the client will need to update us before we can accept the Letter of Authority)
  • Signature (we can accept DocuSign)
  • National insurance number and policy/client number, if possible, as these can help us locate the client's account

  The Financial Adviser's:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

• JISA and Junior SIPP

  The registered contact's:

  • Name
  • Signature (we can accept DocuSign)

  The child's:

  • Name
  • Date of birth
  • Address (if the address we hold is not current, the client will need to update us before we can accept the Letter of Authority)
  • Policy/client number, if possible, as these can help us locate the client's account.

  The Financial Adviser’s:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

• Joint Fund and Share Accounts

  Both account holders':

  • Name
  • Date of birth
  • Address (if the address we hold is not current, the client will need to update us before we can accept the Letter of Authority)
  • Policy/client number, if possible, as these can help us locate the client's account.

  One account holder's:

  • Signature (we can accept DocuSign)

  The Financial Adviser's:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

• Company, Charity, Investment Club and Trust Fund and Share Accounts

  The company, charity, investment club or trust's

  • Name
  • Address held on the account (If the address we hold is not current, the client will need to update us before we can accept the Letter of Authority)
  • Memorable date or date of birth on the account
  • Policy/client number, if possible, as these can help us locate the clients' account

  One signatory's:

  • Signature (we can accept DocuSign)

  The Financial Adviser's:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

• Bare Trusts (including Junior Investment Accounts)

  The trustees':

  • Names (we need all names on the account, including the account designation)
  • Date of birth held on the account
  • Address held on the account (if the address we hold is not current, the client will need to update us before we can accept the Letter of Authority)
  • Policy/client number, if possible, as these can help us locate the clients' account

  One trustee's:

  • Signature (we can accept DocuSign)

  The Financial Adviser's:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

• Executor of Account

  The deceased client's:

  • Name
  • Date of birth
  • Address
  • Policy/client number, if possible, as these can help us locate the clients' account

  The Executor's

  • Name
  • Signature (we can accept DocuSign)

  The Financial Adviser's:

  • Correspondence address (we need this even if you send your Letter of Authority via email)

What we send you

We help you to understand your client's portfolio by sending you:

• A cover letter detailing the policy start date
• A current valuation of the client’s accounts
• Statements detailing transactions on these accounts for the last 3 years (unless specific dates are requested)

Further information can be sent if requested. Please check what information we are able to send in the 'Other information we can send on request section'

• Valuation

  On the valuation document you will find:

  • The client’s name and client number - this can be found at the top of the document
  • Current policy value - total value is given, alongside a breakdown of stock value, capital value and income value
  • The date of valuation - this can be found at the top of the document (all prices and values will be from close of business of the date shown)
  • Transfer value - the transfer value is equal to the total value on the day of transfer
  • SEDOLS - all current holdings and their SEDOL codes
  • Number of units or shares held in each investment
• Statement

  On the statement you will find:

  • The client’s name and client number
  • The date of issue and the start and end date of the statement
  • Contributions and withdrawals
  • Fund switches
  • Purchase costs
  • Sale values
  • Fees paid
  • Cash transfers
  • Running balance
  • Original investment amount (only if requested from date the account was opened)

  If you request an income statement, you will also find:

  • Dividends
  • Loyalty Bonuses

  If you’ve requested information on SIPP products, you’ll also receive a SIPP Policy Information Document and contribution statement.

  For SIPP Drawdown, a Drawdown Schedule is included.

• Other information we can send on request
  • Income statements
  • Statements since inception
  • Fee statements
  • Tax certificates
  • Stock movement reports showing sales, purchases, conversions, equalisation payments, corporate actions and/or transfers
  • Subscription statements for non-SIPP products
  • Investment Reports
  • Benefit Crystallisation Events (BCE) information
  • Statutory Money Purchase Illustration (SMPI)
• Information we cannot provide
  • Contract notes
    
    We cannot send copy contract notes to Financial Advisers although they can be obtained by the client. We can produce stock movement reports on request.
  • Capital Gains Tax reports
    
    We cannot calculate any capital gains. We can produce stock movement reports on request to help calculate any capital gains.
  • Fund and share factsheets
    
    Factsheets are available on our website. We can only send you factsheets that are not available online.
    
    Search for fund factsheets Search for share factsheets
  • Projections and illustrations
    
    We are unable to produce ad-hoc projections or illustrations. Clients receive an annual Statutory Money Purchase Illustration (SMPI), for their HL SIPP, HL Group SIPP or Portfolio Management Service SIPP if they don’t have any crystallised funds which we can send you on request. This is produced shortly after their birthday each year.

To guarantee a response, please make sure you have only requested information that we are able to provide.

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Investments

Investing with HL

HL clients can invest in over 3,500 unit trusts and OEICs, managed by a range of over 200 fund management groups. There is no maximum number of funds that can be held in an HL account, and our minimum investment levels are £25 by Direct Debit or £100 lump sum per fund.

Clients also have access to London Stock Exchange listed investment trusts and equities (including AIM), UK gilts, corporate bonds and PIBs, as well as overseas shares from a selection of the world's stock exchanges.

All cash held on HL accounts is in GBP. Income cannot be paid in any other currency. Currency transfers can be made through the HL currency service.

What you should know

Aspects of investing, or the terminology used, may be different with different providers. You may find these explanations useful for understanding what we send you, and where to find any other information you need.

• Allocation Rate

  Allocation rate refers to the percentage of capital invested into an asset net of charges. This isn't something that HL calculate.

  As an example, a fund with a net initial charge of 1% has an allocation rate of 99%. Please be aware that whether the fund is single or dual priced, and whether there is an HL saving applied, may affect your calculations.

• Bid/offer spread

  The bid/offer spread refers to the difference between the sell (bid) price and buy (offer) price.

  You can find the buy and sell price for each investment on the factsheet. Factsheets can be found from the Funds section or Shares section of our website.

  Search the funds section Search the shares section

  We will only produce factsheets which are not available online.

• Discounts received on funds

  Any discounts, or savings on funds are paid to clients as Loyalty Bonuses (see below). You can view any savings on both the initial and ongoing charge on the fund factsheet.

• Fund conversions

  Fund conversions are where an existing fund is converted into another version of the same fund. Conversions will take place either at the client’s request or through a bulk conversion on their behalf.

• Loyalty Bonuses

  Any Loyalty Bonus for fund units purchased after 1 April 2014 must be paid as fund units, often referred to as 'Unit Rebate'. We are required to reinvest this and will do so automatically, subject to a £10 minimum, unless otherwise instructed. This cannot be used to cover account fees.

  The Loyalty Bonus for fund units bought prior to 1 April 2014 is paid as a 'Cash Rebate'. This does not need to be reinvested, and is instead held within the income account until we receive a further instruction from the client. This can be used to cover account fees.

  To view any Loyalty Bonuses a client has accrued, please request an income statement.

• Other services

  You can find details of our full range of services:

  General investment services

  Currency service

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Pensions

• Trust scheme

  The HL SIPP is written under trust. As such, it’s not possible for it to be subject to another trust.

  The current scheme rules can be found in the current SIPP Trust Deed and Rules on our website.

• Pension input period

  Runs from the 6th April to the 5th. These dates have always been the same.

• Earmarking, pension sharing, lifestyle profiles, protected and non-protected rights from previous providers

  Please confirm this with the client as they will have these details, should they be applicable.

• Annual review date for Statutory Money Purchase Illustration (SMPI)

  The annual review is carried out on the client’s birthday and issued within the following 6 weeks.

• Details of any block/bulk transfers in

  Please refer to the SIPP Policy Information Document that you’ll receive once we have your Letter of Authority.

Retirement

• Retirement age

  The client can normally access their pension from age 55, rising to 57 in 2028.

  The HL SIPP will not be subject to a protected retirement age following the changes in normal minimum pension age. Clients may be able to transfer a pension with a protected retirement age from another provider and retain this on a portion of the HL SIPP.

  A client can choose their own selected retirement age. This information will be included in the SIPP Policy Information Document we send you once your Letter of Authority has been approved.

• Tax-free cash amount

  Typically, the client is entitled to up to 25% tax free.

  The amount the client has taken may vary. Please contact our Pension Helpdesk on 0117 980 9926.

• Income Drawdown

  Flexible drawdown is available. Transferring into drawdown/flexible drawdown is also available, and HL does not charge for transferring.

  Clients who currently have a Capped Drawdown arrangement can either continue on this basis, or request to convert to flexible drawdown.

• Uncrystallised Funds Pension Lump Sum (UFPLS)

  It's possible to take uncrystallised funds pension lump sums on both a full and partial basis.

• Annuities

  Hargreaves Lansdown is not an Annuity provider. We do, however, broker annuities for clients.

  For information on annuity options, please visit the Annuities section of our website.

• The benefits on death/death before retirement
  • Lump sum - Any beneficiary can inherit some or all of a client’s remaining fund.
  • Drawdown - Typically, a dependent or nominated beneficiary can continue to receive the fund as drawdown.
  • Annuity - Typically, a dependent or nominated beneficiary can use the remaining drawdown fund to purchase a lifetime annuity.

  There is no charge from HL for arranging Death Benefits.

  More information on beneficiaries, and the options available to them can be found in our guidance on what happens to your pension when you die.

Not applicable to HL pension policies:

• Rights protection
• Life Assurance Premium Relief (LAPR)
• Maturity dates
• Guaranteed annuity rates
• Additional sum assured, waiver of contribution benefits, with-profits, terminal bonuses, market value adjustment

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Transfers

All instructions to transfer, and amendments to an ongoing transfer, must come directly from the client. We're unable to take any instruction from a third-party without a Power of Attorney.

Timeframes

We expect a transfer to take between 2 to 8 weeks. Electronic transfers are typically completed towards the earlier end of this timeframe.

Timescales are not exact because it depends on

• The type of account
• The number and type of investments it holds
• The current provider
• Whether the client is transferring cash (uninvested money) or investments

Transferring to HL

• Charges

  We don't charge anything to transfer to HL. However, your client should check with their current provider that they will not lose any benefits or guarantees before they start the transfer process.

• ISAs and General Investment Accounts

  How to start a transfer

  Your client should start with the Transfers page of our website.

  They will need to enter their existing provider's details. If their provider supports electronic transfers with Altus Transfer Gateway, they should be able to complete their transfer online. If not, they will be given the correct form to download for a paper application.

  Partial Transfers

  If your client would like to make a partial transfer, they should call our Transfers Helpdesk on 0117 906 7816.

• Pensions

  How to start a transfer

  SIPP, Drawdown & Group SIPP

  If your client wants to transfer their drawdown plan to us, they should call our Helpdesk on 0117 980 9940. We will post them a questionnaire and application form.

  If your client is transferring their pension or group pension, they should start by visiting the transfers page of our website.

  They will need to enter their existing provider's details. If their provider supports electronic transfers with the Origo Options or Altus system, they should be able to complete their transfer online.

  If your client’s current provider cannot support electronic transfer, they will send your client discharge forms to complete and return. Discharge forms may also be sent directly to HL.

  Where a client is transferring in order to access benefits, they will be subject to the Stronger Nudge to Pension Wise rules (COBS 19.7). HL will provide the client with the Stronger Nudge under FCA guidelines unless the client is advised by HL. This will comprise of a series of questions about the risks faced when flexibly accessing a pension.

  Defined Benefit Pensions

  Defined Benefit Pension transfers are treated on a case-by-case basis, and the requirements for transferring differ dependent on their value. Please ask your client to contact the Pensions Helpdesk on 0117 980 9940 for more information.

  If your client is required to take financial advice before transferring, HL will only accept the transfer if the advice is in favour of it. We ask for an advice certificate from the adviser. This is in addition to our HL Advice Form, the Letter of Authority, and the discharge forms. You will need to send the advice certificate directly to us, containing the following:

  • The client’s name
  • The name of the pension scheme with safeguarded benefits to which the advice applies
  • If the advice provided was regulated ‘Full Pension Transfer Advice’ or ‘Abridged Advice’
  • If the recommendation was or was not in favour of transferring to a defined contribution pension

  The advice certificate can be sent via email to sipptransfer@hl.co.uk.

  Partial Transfers

  If your client would like to make a partial transfer to an HL SIPP they should start by visiting the transfers page of our website.

  For drawdown plans, it's not possible to do a partial transfer unless there is more than one arrangement.

  Where there is more than one drawdown arrangement, single arrangements must be transferred in full.

Transfer to another provider

• Charges & Transfer Value

  There is no charge to transfer out of HL. Postal dealing fees apply for assets sold as part of a transfer. View postal dealing fees

  The transfer value is equal to the total value of assets being transferred on the day of transfer.

• ISAs and General Investment Accounts

  How to start a transfer

  If your client would like to transfer their HL Stocks & Shares ISA, HL Cash ISA, HL Lifetime ISA or HL Fund & Share Account, they usually won’t need to contact us. They can complete an application at their new provider, who will then contact us to arrange the transfer.

  Partial Transfers

  We facilitate partial transfers out on request.

• Pensions

  How to start a transfer

  SIPP, Drawdown & Group SIPP

  If your client would like to transfer as cash, they usually won’t need to contact us. If their new provider can transfer electronically through Origo Options or Altus Transfer Gateway, they can complete an application with their new provider, who will then contact us to arrange the transfer.

  Find out more about how to transfer to another provider

  Partial Transfers

  We facilitate partial transfers out on request. Your client should contact their new provider to arrange the transfer, who will then contact us.

  For SIPP Income Drawdown, it's not possible to do partial transfers unless there is more than one arrangement.

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