Change of ISA Manager FAQs

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What is happening, when and why?

On 1st October, we are changing the ISA Manager of the Platinum Plus ISA from RL Marketing (CIS) Ltd to Royal London Savings Ltd.

Following a review of the different ISAs managed by the Royal London group, we have decided to reduce our number of ISA Managers. To achieve this, we are intending to transfer all ISAs held with RL Marketing (CIS) Ltd to Royal London Savings. Following the transfer, RL Marketing (CIS) Ltd will cease to act as an ISA Manager.

Royal London Savings and RL Marketing (CIS) Ltd are both part of the Royal London group. Royal London Savings is an existing, approved ISA manager, authorised and regulated by the Financial Services Authority under reference 191237.

Yes, all ISA investors currently managed by RL Marketing (CIS) Ltd will be transferred unless you opt out by transferring to another ISA Manager (see "Can I opt out of the transfer?" under How this transfer affects you).

The transfer will only affect you if you have taken out a Royal London Platinum Plus ISA with RL Marketing (CIS) Ltd (formerly the Co-operative Insurance Society Limited). Any investment you may hold in the Platinum Plus Overflow Account is unaffected by this transfer and will remain as part of Royal London Mutual Insurance Society Limited.

No. Royal London will pick up all the costs.

No substantive changes will be made to terms and conditions as a result of the transfer. See the full terms and conditions.

However, we would like to bring to  your attention something that we have always done but it hasn’t been documented in our Terms and Conditions. In the event of a death claim being outstanding for more than two (2) months, we start to pay interest from that point until paid. This is now detailed in our Terms and Conditions. Please refer to section 6.7.

The contact details are not affected by the transfer:

Telephone:

0345 605 7777 (UK)
00 44 1625 718 989 (Overseas)

Address: Royal London, Churchgate House, 56 Oxford Street, Manchester, M1 6EU

Online: www.royallondon.com/existing-customers/contact-us/

This is a head office number for Royal London with the international dialling code added. Alternatively, you can call us on 00 44 345 605 7777. Remember if you are dialling from outside the UK additional charges may apply. Check with your operator before calling us.

How the transfer affects you

No. When the transfer goes ahead, you will keep the same policy number and if you make payments these will continue in the same way. You are not required to make any changes with your bank.

No. Royal London Savings Ltd is an approved ISA manager and the bulk transfer of the policies will preserve the ISA tax wrapper.

No. The terms and conditions of your policies will not change, and investors will still have the potential to earn bonuses on their policies.

Yes. There will be no change to the protections afforded to investors, including those provided by the FSCS. 

Yes, nothing will change. Royal London Savings will maintain separate client money accounts for ISA policies. Your money may be held temporarily in one of these accounts whilst we process your instructions and will remain so until you present your cheque at your bank. Funds held in such client money accounts are held on trust and are segregated from our own funds.

No, any ISA you hold with Royal London Savings is unaffected. If you want to discuss this ISA, the contact points for this remain unchanged.

Yes, you can opt out by nominating an alternative ISA manager to whom you would like your ISA to be transferred.  If you wish to transfer your ISA to an alternative ISA manager before the transfer date, it is your responsibility to ensure you have contacted the proposed ISA manager and opened an account by no later than 1st September.

Payments, statements and withdrawals

No. However, from the transfer date 1st October 2021 any payment should be made payable to Royal London Savings Ltd. If you want to make a payment prior to the transfer date, please let us have your cheque by the 23rd September, to ensure that it can be paid into your ISA without delay.

Please send your payment to Royal London Savings Ltd, Royal London, 5th Floor, Churchgate House, 56 Oxford Street, Manchester, M1 6EU.

No, you can still transfer to another ISA provider at any time, at no charge. You will need to contact your new provider and ask them to send us the necessary paperwork.  

Yes. Statement timings won’t change and will continue to be issued as they are now.

Overflow Account

In the case where regular contributions were paid in excess of ISA limits, some customers invested in a Platinum Policy that sits outside the tax-free environment of the ISA by way of an ‘Overflow Account’. Until their closure in 2008, the Overflow Account was used to top-up contributions to an ISA in each tax year up to a maximum of the ISA limit for that tax year. 

No. As a non-ISA investment, the tax treatment of Overflow Accounts is different to investments in a Platinum Plus ISA. Although you would have originally taken out your Overflow Account at the same time as an ISA, it has always been outside of an ISA wrapper and does not benefit from the tax advantages. You can find more information in the brochure “Key Features of The Co-operative Platinum Plus”. You will have received this when you invested with us.

If you hold a Platinum Plus Overflow Account, this will continue to be administered by The Royal London Mutual Insurance Society Limited and is therefore unaffected by the Transfer. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.

No, not directly. You would have to withdraw the money from your Overflow Account first. We would send you this payment. If you are making regular payments to your ISA already, then subject to ISA limits, you may be able to make a further contribution to your ISA with us.

FCA register

No. Clone firms are fake firms set up by scammers using the name, address and 'Firm Reference Number' (FRN) of real companies authorised by the FCA. The FCA also warns consumers to use the phone number on the FCA Register to make contact with an FCA authorised firm so as to be sure they are dealing with the real firm. However, as with anything, please be careful giving out your details and only contact us on the numbers given on the letter we have sent to you or at our address:  

Royal London, Churchgate House, 56 Oxford Street, Manchester, M1 6EU