The product bank accounts are designed to facilitate the movement of money within Nucleus products, including contributions and subscriptions, transfers in and out, investment purchases and sales, as well as for the payment of any withdrawals.

Any charges incurred are also normally paid from the product bank account, including Nucleus’s charges as well as those due to investment managers, fund providers, financial advisers and other third parties as required.

The Financial Services Compensation Scheme (FSCS) protection limit (currently £85,000) applies separately to each bank we use, to protect your clients' money in the unlikely event of the failure of the bank. Please note that money held by clients in fixed term deposit accounts from our SIPP Cash Panel are covered separately by the FSCS, but this limit does include any personal or joint accounts clients hold with banks outside of their Nucleus products.

Please also note that cash held in an Offshore Bond is not covered by FSCS protection, as the product falls under the Isle of Man Compensation of Policyholders scheme.

If we are using more than one bank, we may spread the cash held in your clients' products across multiple banks in order to increase the potential level of FSCS protection. If a single bank

holds more than £85,000 of a client's money, we will hold this with our highest rated banking providers wherever possible. What are the minimum requirement

We will only select banks rated by leading ratings agencies in the ‘A’ category or higher for this purpose. Please note that we may change this minimum rating from time to time depending on the economic circumstances.

For cash held in and ISA, GIA or OFB products

If a bank is unable to pay us back all the client money we hold with them (so there is a shortfall) we have to share that shortfall across all of our customers for whom we are holding client money. If 10% of our pooled cash were with a particular bank and that bank could only repay half of this amount then each customer would have a potential shortfall of 5% of their cash balance. Please note that in practice, if the shortfall is less than £85,000 per client, the FSCS would cover the shortfall amount.

For cash held in SIPP products

Pooled cash is spread across customers in the same proportion, except where this would cause the balances held by a customer to exceed £85,000 with a bank not approved by us for that purpose. In these circumstances the amount allocated to that customer for that bank would be capped at £85,000. In the event that a bank is unable to pay us back all the money we hold with them, the shortfall would be shared across all customers in proportion to the cash they hold with that bank. Please note that in practice, if the shortfall is less than £85,000 per client, the FSCS would cover the shortfall amount.

The banks we use pay us interest because of the total amount of money we hold with them in the pooled client money accounts. We retain this interest in order to avoid charging for managing these accounts, and to keep down the other charges on our products.

We may pay interest on the product bank account at a rate that we will publish on this page of our website.

There is no minimum balance that must be held in product bank accounts. We will use your instructions and/or automatically disinvest assets to raise cash required for charges and payments out where possible. However, you and your clients should regularly review the cash balance and any regular disinvestment instructions you have in place to ensure these remain appropriate and charges and payments out can be made on time. Your client’s current cash balance can be viewed at any time on the Nucleus platform.