What do I do if my client moves abroad/overseas?
When a client moves overseas there are different requirements depending on which country they move to and what type of accounts they hold.
Countries other than US and high risk jurisdictions
Clients moving overseas who opened accounts while living the UK can maintain their existing accounts.
They can continue to place trades using funds available to them.
They client cannot open a new account type and subscribe new money to existing accounts (unless it's covering fees).
Transfers are permitted for account types that were opened before the client moved overseas.
SIPPs funded directly from a company payroll can continue but the client cannot make personal contributions.
JISAs can continue to accept subscriptions after the child has moved overseas.
Clients moving to the US
The client is given a minimum of 30 days notice to make arrangements to transfer away or liquidate and withdraw the assets.
For SIPPs and ISAs, we can maintain the wrapper but suspend the account from any dealing. US residents are unable to hold most UK funds and so any fund holdings will be sold down and proceeds held as cash.
Clients moving to high risk jurisdictions
Notify Seccl as soon as possible. The client's accounts should be suspended pending further instruction.
In most cases we will not be able to allow a client to continue to operate an account while they are resident in a high risk country.
Crown employees
Crown employees living overseas for work purposes can be accepted as clients.
A Crown employee is someone who holds an office or employment under the Crown such as a member of the UK armed forces, a civil servant or a diplomat. Unless the account has been set up with a BFPO or FCO post-box address, then evidence of crown employment must be obtained.
We can also accept individuals who are married to, in a civil partnership with, or a dependent child of the crown employee.
Temporarily overseas
If a client is temporarily overseas, for example travelling, or living overseas on a short-term, non-permanent basis for work, then we may be able to allow them to open an account. The client must confirm that their main permanent address is in the UK. The account must be registered at the UK address and AML / KYC checks must have been successfully undertaken at the UK address.
We ask that you send us an email to servicecentre@soderbergpartners.com to confirm the client ID, account ID/s, and the date and where the client has/will be moving to.
Our Service Team will review the case and confirm the next steps.