Frequently Asked Questions

There are a range of options open to you when investing via the Chelsea FundStore:

• Online
• By telephone – simply call us on 020 7384 7300, we can take your payment over the phone, using your debit card
• By post – simply download an application form, complete and return to Chelsea Financial Services. Please note that all cheques must be made payable to 'Aegon'. Alternatively, you can request forms on our 24hr freephone brochure line 0800 071 3333.

You can also invest via ourselves directly into a fund provider's investment fund (i.e. outside the FundStore) either over the telephone or via application form. However, due to increased administration costs, this is less cost effective for investors.

Please be aware that if you are investing a large sum of money, you may want to let your bank know first, as the payment may get rejected.

Following the Retail Distribution Review (RDR) by the financial services regulator, it will no longer be possible for execution-only brokers (like Chelsea) to be paid renewal commission from new investments, after 6th April. All new investments will be put into what is referred to as 'clean' share classes. The broker and platform fee will no longer be taken from the annual management charge (AMC) and will therefore be charged separately.

Before these changes you would have been paying typically 1.5%. From this 1.5% the fund manager would take around 0.75% and then pay the remainder back to the platform and/or broker.

Post RDR the fund manager will continue to take the typical 0.75% from the AMC, and the remainder will be taken by the platform and/or broker separately.

The Chelsea FundStore is powered by Aegon. Aegon's and Chelsea's fees are taken separately from each investor, and are tiered as follows (combined amount across all products and wrappers):

Up to £250,000 held with Chelsea
Aegon's platform fee 0.15%
Chelsea's fee 0.40%

Amounts from £250,000 - £500,000
Aegon's platform fee 0.125%
Chelsea's fee 0.35%

Amounts from £500,000 - £1,000,000
Aegon's platform fee 0.10%
Chelsea's fee 0.30%

Amounts from £1,000,000 - £2,000,000
Aegon's platform fee 0.10%
Chelsea's fee 0.25%

Amounts over £2,000,000
Aegon's platform fee 0.10%
Chelsea's fee 0%

Junior ISA charges

• 0% charge for Junior ISAs opend on Cofunds (pre-Aegon) before 5 May 2018. These will remain at 0% until the child turns 18 (unless they transfer away, or Aegon change their terms and conditions). 
• 0.3%  for Junior ISAs opened after 5 May 2018. 

Each fund manager will also charge an annual management charge, which differs from fund to fund, but is typically around 0.75%.

There are three separate charges, the fund provider's fee, Chelsea's fee and the fee for our platform, the Chelsea FundStore, powered by Aegon.

The fund provider fee will still be taken directly from each fund in a portfolio. The Aegon platform fee and the Chelsea fee can be taken in one of three ways:

1. By Aegon automatically selling an amount of units from the highest-valued fund in your portfolio
2. By Aegon automatically selling an amount of units from one fund of your choice
3. By you putting money in your Cash Facility to cover the charges. You can do this either online, by post, or over the telephone. We can also set up a direct debit, to take a set amount each month to fund the Cash Facility.

We would suggest that options 1 or 2 may be the most convenient for you.

You can fund the Cash Facility a number of ways:

1. Online (directly into the cash facility, or by a bank transfer). Simply log in and follow the steps to "top up the cash facility"
2. Over the telephone (using your debit card to place money directly into the cash facility)
3. Post - simply send a cheque, made payable to Aegon

If charges are being taken from a fund that is held both in and outside an ISA, the charge will be taken proportionately from both products.

Yes. Simply contact Chelsea and we will do it for you.

Aegon base the monthly charges on the value of your portfolio on the last working day of the month. 

If there is cash within the cash facility, on the first Monday of the month, the charge will be taken. If there is no cash available, Aegon will sell units (usually from the largest holding on your account). The charge will then be taken from your account on the second Monday of the month. 

No. Your income will be unaffected. The charges will not be taken from your income.

Chelsea's fee covers:

• Our fund research – Chelsea's Core Selection choices have returned 45% more in total than the (IMA Flexible Investment) sector average over 10 years
• Quality client service – you can speak personally to experienced and friendly staff on the telephone, who are based in the UK
• Online tools (including an overview of all your investments) and guidance to help you make investments decisions
• The ability to manage your account online
• Free telephone dealing
• Free switching
• Our highly acclaimed Viewpoint magazine three times a year
• Email newsletter updates twice per month
• Twice-yearly valuation statements with fund commentary

There are no additional charges. Unlike many competitors, who may show slightly cheaper headline rates, we will not be introducing any additional charges for transacting, exiting or switching.

To register for an online account, please click here.

There are three ways to top up your investment(s), through Chelsea.

1. Online

2. Call Chelsea on 020 7384 7300

3. Fill out an ISA application form or an Investment fund form (depending on your investment amount and circumstances).

You can also invest via ourselves directly into a fund provider's investment fund (i.e. outside the FundStore) either over the telephone or via application form. However, due to increased administration costs, this is less cost effective for investors. For an application form please call our 24 hour free brochure helpline on 0800 071 3333.

An investment usually takes around 24 hours to appear on your account. Our systems update overnight, so if you have made an investment before 10:30am, you will be able to see the funds the next day.

However, if you have made an investment after 10:30am, your investment will update and be shown the following day.

If you have any queries about this process, please do not hesitate to contact us in the office. We are more than happy to check for you, to put your mind at ease.

There are a number of ways to switch funds:

• Sign In to your account and select the funds you want to switch out of and then choose those into which you wish to invest
• Call Chelsea on 020 7384 7300
• Fill out a Switch instruction form

Please be aware the investment will need to be sold and bought back within the ISA wrapper. This means that you will be 'out of the market' whilst this is completed. This is usually just overnight.

Chelsea does not charge for switching between funds.

Please complete an Investment funds to ISA application form and return it to us here in the office.

Alternatively, you can request one to be sent to you by contacting our 24 hour freephone brochure line on 0800 071 3333.

Please be aware the investment will need to be sold and bought back within the ISA wrapper. This means that you will be 'out of the market' whilst this is completed.

Chelsea does not charge for switching between funds.

You will need to complete an ISA transfer application form.

If you have funds you wish to retain, but move into the Chelsea FundStore, please complete a Re-registration form.

Alternatively, you can request forms be sent by calling our freephone brochure line on 0800 071 3333.

Once we have received the completed ISA transfer application form, we will contact your current provider to transfer your funds across. You will receive notification through the post once the transfer is successful.

The most effective way to consolidate your investments is by completing a Re-registration form.

Alternatively, you can request forms be sent by calling our freephone brochure line on 0800 071 3333.

As of April 2018, the maximum you can invest into an ISA, annually, is £20,000.

You can invest from as little as £1.

You can invest with an initial lump sum, and then top up at a later date.

There are three ways to top-up your ISA:

• Online
• Call Chelsea on 020 7384 7300 to invest using your debit card
• Fill out an ISA application form

You can complete an ISA application form or an Investment fund application form, which contains a direct debit mandate.

Alternatively, you call us on 020 7384 7300 to set this up over the telephone.

Please note that, in order for your direct debit to be processed in time for next month's payment (payments are taken on 25th of each month), your direct debit mandate must be received by Chelsea before the 25th of the previous month.

Yes, the Chelsea FundStore provides the ISA wrapper so you can purchase different funds from different providers within the same tax year.

Alternatively, you can use the ISA Cash Facility to utilise this year's allowance and make your fund selection at a later date. Chelsea does not charge for switching into a fund from the ISA Cash Facility.

Income units allow you to have income paid out or reinvested (this will increase the number of units you hold). Accumulation units retain the income within your units, which will increase their price.

Chelsea does not charge to reinvest income.

Firstly, you need 'income units' to start receiving income from your investments. If your portfolio consists of accumulation units then they can usually be converted by sending a written instruction to us. Please note some funds do not have income units available.

A request to pay out all future income can be made in the same instruction as well.

Please note that income can be paid out either from all the funds within the product (i.e. ISA and investment funds) or from none of them. You cannot have income paid out from some funds and not others, unless you hold them as accumulation units.

Chelsea does not charge for this conversion.

This is completely dependant on when the fund pays dividends. This can be monthly, quarterly, bi-annually or sometimes three times per year. The fund will base the amount of income paid out on the amount held in the fund on the ex-dividend date. If you do not hold the fund on the pre-determined ex-dividend date you will not receive income on the payment date.

You can take a consolidated income from your portfolio. To do this, please contact us on 020 7384 7300 to supply your bank details.

We will send you a valuation four times a year. You can view an up-to-date valuation online via our website at any time, by logging in to your account.

Should you want a valuation at any other time, or copies of contract notes, please do not hesitate to contact us.

Chelsea does not charge for valuation statements, contract notes, or other paper-based information.

You can complete a Withdrawal instruction form, or write a letter to:

Chelsea Financial Services
St James Hall
Moore Park Road
London SW6 2JS

Please include your bank details to ensure that this is paid into your bank. 

PENSION - if you are looking to withdraw from your pension, please contact us on 020 7384 7300.

It can take up to eight working days for the withdrawal amount to appear in your bank account.

This is because Aegon needs to sell the investment, receive the proceeds from the fund provider and transfer the proceeds to the nominated bank account. This means that, although the 'sale' may appear to have been completed, the proceeds may arrive in your account a few days later.

Unfortunately, the process takes time, therefore please allow adequate timing if the cash is needed by a certain date.

Not all platforms deal in the same funds.

There are over 2,500 funds to choose from within the Chelsea FundStore.

Visit our research centre to find out what funds we have available. 

Yes you can, however we will require money laundering documentation in order to prove your identity. For more information please see question 41.

A Junior ISA can be opened for a child until they reach 18 years of age, when the money is officially transferred to them. The Junior ISA allowance is £9,000.

In order to open a Junior ISA, please complete a Junior ISA application form and return it to us here in the office. Cheques should be made payable to Aegon.

The registered contact must be a parental guardian of the child, however, as a family member or friend, you can invest in the Junior ISA as the third party on the form.

If the child was born between 1st September 2002 and 4th January 2011 they would have qualified for a Child Trust Fund. Currently, a child cannot hold both. The government has decided that, as of April 2015, the funds held in a Child Trust Fund can to be transferred to a Junior ISA.

If you want to save for something specific, but want to keep the investment separate from your current Investments you can simply place a 'heading' or designation over your funds, so that you know how much has been saved and for what. Read more about designated accounts.

If you would like to set up a Trust, you will (usually) need a solicitor. Once the Trust has been set up, the process is easy. You then, simply need to complete a FundStore Trust application form, and return to us in the office, with copies of the Trust documents.

If you are interested in, or have recently set up a Trust, please contact us in the office and we will send the relevant forms out to you.

If you hold the Cofunds Pension Account, it is not possible to manage your SIPP entirely online, but you can see valuations and switch funds. Should you wish to invest in a Self Invested Personal Pension, please contact us in the office, and we would be more than happy to discuss this with you.

You will need to notify us in writing of your new address. This can be done by emailing info@chelseafs.co.uk or by sending a letter to:

Chelsea Financial Services
St James Hall
Moore Park Road
London SW6 2JS

If you have an online account, please also update your address next time you log in.

Don't forget to let us know of any changes of telephone numbers and/or email addresses.

If you have recently changed your name, through marriage, adoption, or other, please send us a certified copy of the deed pole, or marriage certificate.

Aegon will automatically send you a Tax certificate (if appropriate) in the April of each year.

If a loved one is unable to manage their account because of health reasons and you have been granted Power of Attorney, please send us a certified copy of power of attorney. You will then be authorised to deal on their behalf.

If a loved one died, please kindly send us a certified copy of the death certificate. Their FundStore account will be finalised as of the date of death and you will be sent a valuation. Through grant of probate you can then proceed with distributing the funds, as necessary. Proceeds do not have to be sold.

All documentation will be sent back to you.

Chelsea does not charge for processing probate.

Please click here for more details. 

We may contact you after you have invested to request some money laundering documents.

In order to comply with anti-money laundering regulations all financial institutions are obliged to verify the identity of investors. This means that we have to ask you to supply us with identification relating to recent and even old investments.

Until these checks are completed, and in line with the regulations, you may be unable to make any transactions on your investment account - including encashment.

You will be asked to supply one document from each section below.

Section A: Evidence of Personal Identity

• Current signed passport
• Current signed UK/EEA photo driving licence, or blue disabled driver's pass
• Current full UK driving licence (old version), provisional licences are not accepted
• Recent evidence to entitlement to a state or local authority funded benefit, including benefit and council tax benefit or state pension (dated within the last year)
• HMRC tax notification. Please note that P45 and P60 documents are not acceptable
• Residence permit issued by home office to EU nationals
• Shotgun certificate
• Residence permit issued by the Home Office to EU nationals
• EEA member state identity card
• Northern Ireland electoral identity card
• Self employed registration cards for individuals and partnerships in the construction industry: CIS3 (partner); CIS4(P), CIS4(T); CIS5; CIS6

Section B: Evidence of Address

• Local authority tax bill (valid for current year)
• Current signed UK/EEA photo driving licence, or blue disabled driver's pass
• Current full UK driving licence (old version), provisional licences are not accepted
• Solicitor's letter confirming house purchase or land registry confirmation
• Local council rent card or tenancy agreement
• Recent evidence to entitlement to a state or local authority funded benefit, including benefit and council tax benefit or state pension (dated within the last year)
• Utility Bill (not mobile phone) no older than 3 months
• EEA member state identity card
• HMRC correspondence addressed to the applicant at the stated address (dated within the last year)
• Mortgage statement
• Northern Ireland electoral identity card

There is no need to send these documents to us every time you invest because we will keep copies in our office to satisfy future requests. However, we may occasionally need to ask you for updated documents, depending on certain criteria that may need to be fulfilled at the time.

Please do not send original items of valuable identity documents. The same document cannot be used to cover both sections, and they must each come from a different source.

We believe the most practical documents to be photocopies of your passport and your photo driving licence.

At Chelsea, we are always trying to make the customer's experience better, and seek both positive and negative feedback. Should you have had a negative experience, please do get in contact.

We have detailed our complaints procedure, should you wish to make a formal complaint.

Our commitment is to:

• Resolve the complaint as soon as practically possible
• Conduct a thorough, independent and impartial investigation
• Uphold the values of treating customers fairly at all times during the complaints handling process, paying due regard to the fair treatment of all our customers
• Respond to the complainant in writing, within the time limit set out below:

a) Five business days – acknowledgement of the complaint in writing within five business days of receipt. If the matter can be resolved within this time period we will write to the complainant with the results of our investigation within five business days.

b) Four weeks – resolution or, if not resolved, a holding letter must be sent explaining why we are not yet in a position to resolve the complaint, with an indication of when it will be.

c) Eight weeks – final response. In the unlikely event that we are unable to resolve the complaint we will, in accordance with the requirements set out by the Financial Conduct Authority, write to the client explaining why the firm in not yet able to resolve the complaint and that they have the right to refer the matter to:

Financial Ombudsman Service (FOS)
South Quay Plaza
183 Marsh Wall
London
E14 9SR

Tel: 0300 123 9123
Email: complaint.info@financialombudsman.org.uk

We will also include a FOS leaflet with the enclosed final decision letter, if prior to the eight-week period.