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Cash interest explained |
You will receive interest on balances in your platform cash account at the prevailing rate.
Embark Investment Services Limited acts as the custodian for investments on the Willis Owen platform and is one of our strategic partners that provides our Willis Owen ISA, GIA, Junior ISA and SIPP.
Embark places cash with a number of banking partners for safekeeping and to provide the potential for you to earn interest on money in your platform cash account. By managing cash in this way, it aims to provide better protection and a higher overall level of interest than if all funds were placed with a single bank.
The rates of interest paid by banks will vary. Embark retains a portion of the interest earned to cover its costs in managing platform cash.
Current Interest Rate
The table below shows the current customer interest rate payable on cash balances along with the amount of interest retained by Embark. The customer interest rate shown is that after accounting for interest retained by Embark:
| Date From | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 25th March 2024 | 2.46% | 1.75% - 2.00% |
Embark can change the rate of interest at any time and it reviews the position at least quarterly. Interest is calculated and accrued daily and is credited to your account on the first of each month. If you transfer out, accrued interest is applied at the point of transfer. We will inform you if and when the interest rate changes as soon as is practicable.
Interest retained
The table below shows the yearly equivalent rates of interest Embark expects to pay based on a range of possible yearly interest rates it may earn.
| Interest Embark expects to earn | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 0-1% | 0 – 0.46% | 0 – 0.54% |
| 1-2% | 0.46% – 0.94% | 0.54% – 1.06% |
| 2-3% | 0.94% – 1.46% | 1.06% – 1.54% |
| 3-4% | 1.46% – 2.02% | 1.54% – 1.98% |
| 4-5% | 2.02% – 2.61% | 1.98% – 2.39% |
| 5%+ | 2.61%+ | 2.39%+ |
Historic Interest Rates
To see details of historic customer interest rates, along with the amount of interest retained by Embark, click here.
In order to comply with the rules of our regulator, the Financial Conduct Authority, or with relevant market custom and practice we may from time to time amend our Terms of Business. If we do so we shall seek to give you no less than fourteen business days’ notice in advance, but where this is not practicable we shall notify you as soon as practically possible.
You may have the right to cancel certain investment products, depending on the type of contract concluded and the manner in which this was done. Details of your cancellation rights will have been sent to you by the product provider should your product attract such rights, or in the case of Willis Owen Platform customers you will have received a Confirmation Schedule at the time of opening. We shall not make a charge if you exercise your right to cancel a product in accordance with the cancellation notice sent to you by the product provider.
Willis Owen may terminate these Terms at any time giving you 30 days’ written notice (subject to applicable law and regulatory requirements). We are not obliged to give you any reason for doing so. There is no minimum duration of these Terms. We may also terminate these Terms with immediate effect by written notice if it is required to do so for legal or regulatory reasons.
A customer can remove Willis Owen as intermediary and/or can withdraw their assets.
Upon termination by either you or us, these terms and any outstanding commitments will remain in-force, but no new commitments will be entered into (except with a view to ending outstanding commitments) until a new intermediary has been appointed or investments have been transferred away.
If we are to serve notice on you this will be in the form of a written and signed communication to your last known address as in our records.
All rights, (including web page, publications, photographs displayed) are owned and controlled for the purposes by Willis Owen Limited or its associated companies.
All trademarks, names and logos are the property of Willis Owen Limited or its associated companies.
Any reproduction of the whole or any part of these web pages is strictly forbidden without first having obtained Willis Owen Limited’s prior written consent.
The use of any Willis Owen logo or trademark or other intellectual property is strictly forbidden, unless prior written approval (by licence) has been obtained.
Willis Owen Limited will take immediate legal steps (including injunction proceedings) to stop any unauthorised intellectual property infringements and reserves the right to pursue claims for damages and interest where necessary.
Our failure to take action in respect of a breach by you of these Terms, or to insist on your strict performance of them or to seek any right or remedy to which we are entitled shall not constitute a waiver of our rights under these Terms.
If any provision of these Terms or any part of any provision shall be held to be invalid, unlawful or unenforceable, such provision or part thereof (as the case may be) shall be ineffective only to the extent of such invalidity, unlawfulness or unenforceability, without rendering invalid, unlawful or unenforceable or otherwise prejudicing or affecting the remainder of such provision or any other provision hereof.
We may transfer or assign our rights or obligations under these Terms to another person in the United Kingdom regulated by the FCA in accordance with the rules (or to the FCA) on written notice to you.
We shall take reasonable care in performing our duties and obligations to you under these Terms. Subject to these Terms, if you suffer loss, expense or liability as a direct result of our negligence, fraud or wilful misconduct (or that of a person connected with us) we shall be liable to you, although our liability will be limited to the replacement of securities or monies (including interest) lost as a direct result of our action or failure to act. We shall not be liable to you for any of the following, even if they arise as a result of our breach of these Terms or if we have been advised of the possibility that you might incur them:
You agree that you will be responsible to us and any persons connected with us for any expense, charge or liability incurred by us or them under these Terms except in the case of our negligence, fraud or wilful misconduct by us or that of a person connected with us.
Except as expressly provided in these Terms, a person who is not party to these Terms has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any of these Terms, but this does not affect any right or remedy of any such person which exists or is available otherwise than in consequence of that act.
These Terms, together with any documents referred to in them, and together with any other written agreement between you and us, constitute the whole agreement between us relating to its subject matter and supersede and extinguish any previous arrangement, understanding or agreement, whether in writing or oral, relating to such subject matter. No statement or representation made by either of us has been relied upon by the other in agreeing to enter into these Terms. However, nothing in these Terms purports to exclude or restrict liability for any fraudulent statement or act, or for any duty or liability we have under the rules, or death or personal injury.
Use of the singular includes the plural and vice versa and use of any gender includes any other gender. Any reference to a statute, statutory provision or subordinate legislation (“legislation”) shall (except where the context otherwise requires) be construed as referring to such legislation as amended and in force from time to time, and to any legislation which re-enacts or consolidates (with or without modification) any such legislation.
We will be liable for any losses suffered by you due to our negligence, fraud or breach of our obligations under the Regulatory System.
We accept no responsibility for documents that go missing in transit to and from our office.
We will not be liable to you if we cannot perform our obligations by reason of any cause beyond our reasonable control, which could include but is not limited to any act of God, fire, act of government or supranational bodies or authorities without a reasonable period of prior notice, war, civil commotion, insurrection, act of terrorism or threat thereof, embargo, failure of any telecommunication, computer dealing or settlement system, prevention from or hindrance in obtaining any energy or other supplies, labour disputes (affecting companies other than Willis Owen) of whatever nature, late or mistaken delivery or payment by any bank or counterparty. If any event of this kind occurs, we will take such steps as are reasonable and practicable in the circumstances with a view to minimising the effect of the event on you and will pass on to you (up to the amount of the losses you suffered) any compensation that we may obtain under any action that we take against a third party following such an event.
Willis Owen will use all reasonable endeavours to ensure continuous availability of the Willis Owen website and the Willis Owen Platform.
Availability of the Aegon/Fidelity FundsNetwork Platform are the responsibility of the respective business entities. While we take all reasonable steps to ensure access to the Aegon Platform is available via our site we take no responsibility for the availability of the Aegon Platform.
We may, from time to time, carry out maintenance and updates to protect the users of our website and the Willis Owen Platform. Wherever possible, we will schedule such interruptions to fall outside of trading hours. However there may be circumstances where we may need to do so during trading hours.
Whilst we will use all reasonable endeavours to ensure the accuracy of any information placed on the Willis Owen website, we make no representations or give warranties of any kind with respect to the site or its contents.
The internet and the telecommunications systems may be subject to interruption or failure through no fault of ours.
We accept no responsibility for the communications equipment (including iPads, personal computers, modems) that you access our website from or the Willis Owen Platform.
Authority to act on behalf of a customer may be terminated at any time without penalty by either party giving written notice. Such termination will not affect the completion of any transaction already initiated.
Deeds evidencing powers of attorney are required in either an original format or a copy of the original. If it is a copy it must be certified (see below) on each and every page and in blue ink.
Amendments to your name will require an original copy of a Change of Name Deed (e.g. Marriage Certificate). In relation to documents we can accept originals as long as the documentation does not contain a photograph. Documentation with photographs should be certified.
Certification should be completed by a professional person or a person of good standing in your local community. The counter signatory should have known you for at least two years and live in the UK. The counter signatory should not be related to you, be in a personal relationship with you or live at the same address as you.
The counter signatory should provide contact details and be contactable.
The counter signatory should date, sign and write ‘original seen’ on the copy and if the document includes a photograph, state ‘original was a good likeness’ on the copy.
For guidance purposes the list of occupations found here is purely for guidance and is not an exhaustive list of occupations.
Prior to investing you are required to read the necessary regulatory document(s).
Where, in some circumstances, we arrange certain investments we are required to provide you with a Key Facts or Key Features Document
For certain types of Collective Investment Schemes (UCITS schemes) a Simplified Prospectus may be available.
For some UCITS, a Key Investor Information Document (KIID) may be available instead of a Simplified Prospectus. Where this is the case, the KIID should be provided to you before you complete your purchase of the product. If you instruct us to purchase a fund, exchange traded fund or investment trust that has a Key Investor Information Document (KIID) or Key Information Document (KID) you must read the KIID or KID before we can place your deal.
These documents can be found within the Find Investments section of our website or can be sent to you on request.
Units purchased with no initial charge will normally be bought at creation price, which comprises bid price plus Stamp Duty and other charges that Willis Owen cannot control. There is a possibility that other costs, including taxes on profits made may arise for customers and these are not the responsibility of Willis Owen.
It is your responsibility to ensure you are aware of current charges or levies applying to any fund you instruct us to buy or sell. Details of these charges and levies are usually available on the fund factsheets within the Find Investments section of our website. Deals are normally placed by the end of the working day following receipt of your instruction.
We may refuse your application or other instructions at our discretion and we may not provide you with a reason for doing so. We may refuse your application for, but not limited to, the following reasons; provision of incomplete or untruthful information by you, your failure to observe these Terms, a disagreement or dispute with us or as a result of a regulatory or legal requirement, or for another commercial reason. Where information on your application is incomplete or incorrect then we may adjust your application to make it valid, but we are not bound to do so. We will only make changes using details you have previously provided to us.
We are required to put in place an order execution policy and to take all reasonable steps to obtain the best possible result (or “best execution”) on behalf of our clients, either when executing client orders or receiving and transmitting them for execution. Subject to any specific instructions that may be given by you, when executing orders on your behalf we will take all reasonable steps to obtain the best possible result for you taking into account the execution factors detailed below.
This policy applies to all orderes in investment trusts, exchanged traded funds and equities.
As a retail client, the best possible result for you will be determined in terms of the total consideration, representing the price of the investment and the costs related to execution. Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other implicit transaction costs will be given precedence over the immediate price and cost consideration only insofar as they are instrumental in delivering the best possible results in terms of the total consideration to you.
When carrying out your orders, we place significant reliance on the managers and administrators of collective investment schemes and other investments. Some investments may have only one possible execution only venue, in the form of the investment manager. In carrying out an order on your behalf in such circumstances, it will be assumed that we have achieved best execution.
Where you give us a specific instruction as to the execution of an order, we will execute the order in accordance with those specific instructions. Where your instructions relate to only part of the order, we will continue to apply our order execution policy to those aspects of the order not covered by your specific instructions. You should be aware that providing specific instructions to us in relation to the execution of a particular order may prevent us from taking the steps set out in our order execution policy to obtain the best possible result in respect of the elements covered by those instructions. We reserve the right to refuse specific instructions from you regarding the execution of your order, where in our opinion such instructions are not practicable or may be contrary to your best interests.
Subject to any specific instructions that may be given to you above, we may transmit an order that we receive from you to a person connected with us, or to an external entity, such as a third party broker, for execution. In doing so, we must act in your best interests and also comply with the above.
Willis Owen Limited has in place a comprehensive Conflicts of Interest Policy to ensure fair treatment of its customers. We have systems and controls in place to identify and manage any actual or potential conflicts of interest which may arise between Willis Owen, our employees and our clients and between one client and another.
Our Conflicts of Interest Policy covers (but is not limited to) the following:
A copy of our full Conflicts of Interest Policy can be obtained by contacting us:
In writing: Willis Owen Limited, PO Box 766, Borehamwood, WD6 9JS
By phone: 0800 597 2525 (from overseas 020 8236 1240)
By email: enquiries@willisowen.co.uk.
