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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.
If you hold an account with us we will categorise you as a retail client. By being a retail client you will benefit from the highest degree of protection under the Financial Conduct Authority rules.
Willis Owen does not hold client money. Willis Owen never accepts cheques made out to Willis Owen, unless it is in settlement of charges which the customer is aware of. Willis Owen will not accept cash.
We do not have custody of your investments. Investments, will be registered either in your own name or in the name of the appropriate nominee of the product provider or platform. We will not be liable in the event of a default by such a nominee. You should therefore ensure you understand the content of the terms under which the product provider or platform nominee holds your investments.
Willis Owen like many organisations throughout the UK is subject to legislation which requires us to put controls and processes in place to prevent our business being used for Money Laundering. An essential part of this preventative framework is the Anti-Money Laundering (AML) search. To help us comply, we will make an electronic check to help verify your identity when you apply or transfer a product using our services. These procedures also apply to decision makers, such as under a Power of Attorney. Depending on the result, we may request further documentation from you, in which case we may (a) delay your application; (b) return your application, where relevant; (c) withhold settlement of any trade until we have successfully verified your identity.
We are legally obliged to submit a report to the National Crime Agency if we know, suspect or have reasonable grounds to suspect, that any person is engaged in Money Laundering, drug trafficking or terrorism. We are not normally permitted to inform anyone of the fact that we have made such a report. We may cease to act without explanation in certain circumstances. You agree that we will not be liable to you for losses that arise from any action that we take in good faith and reasonably consider required under Anti-Money Laundering and Anti-Terrorism legislation.
Examples of appropriate documents which we can accept can be found here.
If you wish to register a complaint against Willis Owen Limited, please write to:
The Complaints Department,
Willis Owen Limited,
PO Box 766,
BOREHAMWOOD,
WD6 9JS
Telephone: 0800 597 2525
A copy of our Complaints Procedure is available here.
We aim to resolve all complaints amicably. However, should we fail to resolve a complaint to your satisfaction or if we fail to do so within eight weeks of receiving your complaint, you may be entitled to refer it to the Financial Ombudsman Service, contact:
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered and the compensation limit for investments is £85,000 per person per firm (for deposits the limit is also £85,000 per person per firm). Further information about compensation arrangements is available from the Financial Services Compensation Scheme website, at www.fscs.org.uk.
Willis Owen maintains a professional indemnity insurance policy for the protection of customers in the event of negligence by any member or employee of Willis Owen, details of which are available on request.
The value of investments and the income from them can fall as well as rise, as a result of market or currency fluctuations, and you may not get back the amount originally invested. Past performance is not a reliable indicator of future results. You are not certain to make a profit – you may lose money, or make a loss and you may not get back the full amount invested. If you invest in an overseas Fund, movements in the exchange rates may cause the value of the investment to go up or down.
You should regard the products outlined in our website or various publications as investments which should be held for the medium to longer term. If you withdraw money early from your investments, there is a risk that you may not receive back the full amount originally invested. If you investments that produce an income, the amount of any income payable may not be fixed and could rise or fall depending on investment performance.
Please ensure that you read the relevant fund documentation and full product literature before choosing to make an investment. The Key Investor Information Documents or Key Information Documents will contain details as to the risks specific to any given investment and should always be noted.
You should be aware that even where an investment is labelled as ‘capital protected’ this does not necessarily mean that the return of your initial investment is guaranteed at maturity, or when you decide to sell, as such protection is likely to require you to hold to maturity and for certain other conditions to be met.
The tax treatment of your investment depends on your individual circumstances and may be subject to change in future. The products outlined on our website may be subject to taxes or costs that are not imposed by Willis Owen Limited. Any information we provide via our website or otherwise as to the tax treatment of an investment is based on our current understanding which could change in the future.
We do not provide tax advice, nor accept liability for it, and you should always consider seeking professional advice.
