"Barry Stanley has always given me simple, uncomplicated advice, which has been totally relevant to improving my financial situation. Whether it be Inheritance Tax, Investments or Pensions he has come through with timely advice and taken away the burden and mystique of financial planning for oneself."
Barry Wood
Henley-on-Thames

Paragon Independent Financial Solutions Ltd is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register www.fsa.gov.uk/register/ under reference 150427.

The FSA do not regulate some forms of mortgage and Inheritance Tax Planning.

FundsNetwork

Re-registration

Re-registration with FundsNetwork is an administrative process allowing you to consolidate your fund holdings. It is totally free of charge:

  • FundsNetwork simply takes over the administration of your funds - your money stays in exactly the same funds, so you won't be out of the market while your investments are being re-registered.
  • All your investments appear on a single statement.
  • The FundsNetwork website allows you to see at a glance how your
    portfolio is diversified across economic sectors, geographic regions and
    investment styles.

Once re-registered it is easy to switch funds and the administration charge is normally just 0.25%. By centralising your portfolio record keeping, FundsNetwork frees you to spend more time on what really matters - refining your investment strategy and making the right decisions.

How do I actually re-register?

Whilst the process of re-registration is straightforward, it can be time-consuming, especially if you have a number of different funds and / or each spouse has individual holdings. We therefore suggest that you let us deal with re-registration, on your behalf, saving you time and keeping things simple.

The process is as follows:

  1. Provide us with full details of your holdings - providers, funds and their reference numbers. The easiest way is usually to provide copies of the latest statements for each holding.
  2. We check which funds can be re-registered (most, but not all, can).
  3. We prepare all necessary paperwork.
  4. We send all documentation to you for checking and signing.
  5. You return all documentation to us for submission to Fidelity FundsNetwork.
  6. We liaise with Fidelity to ensure that the re-registration process is correctly implemented. Errors do occasionally occur in the communication between the various providers and Fidelity, and, if this happens, we can ensure that they are corrected.
  7. On completion of the re-registration process, we organise your personal log-in arrangements and, if you wish, explain how to use the facilities available.

You may wonder what incentive there is for us in helping you to re-register. While it is true that we are experienced in the process and enjoy giving our clients good service, there are also commercial benefits. Firstly, the annual management charge of most funds includes a small percentage (typically 0.5%), payable to the servicing adviser. If there is no servicing adviser, this is simply retained by the provider. Your investment is therefore subject to the same annual charges, whether or not you have an adviser. Secondly, if you receive good service from us, in this respect, there may be occasions, in future, when you wish to discuss wider aspects of your finances with us.

If you would prefer to carry out the re-registration yourself you can check whether your funds can be re-registered by using the link here.

You can then enter the Fidelity FundsNetwork site to download all the necessary forms by using the Paragon Independent link here.

Which funds can I re-register?

Over 800 funds, from 47 of the fund management companies on FundsNetwork, can be re-registered. You can find the current list of funds available for re-registration here .

Don't forget that funds that can't be re-registered can still be transferred.

How much will re-registering my funds cost me?

Neither Fidelity nor the fund companies involved charge anything for this service. In the unlikely event that a third party levies a charge for re-registration, Fidelity will meet the cost.

Do I have to re-register all my different funds?

With a current-year ISA, the answer is yes. You must re-register all the funds in the account. With other accounts, you can choose to re-register some funds and leave others behind. However, you cannot re-register just a part of a fund holding. It is worth bearing in mind that the more of your investments you re-register the more benefit you will derive from Account Management.

Will my funds stay in a PEP or ISA when I re-register them?

Yes, but of course you will not be able to move funds into a PEP or ISA if they are not already held in a tax-free wrapper.

Will re-registration make me liable for Capital Gains Tax?

No. Units and shares are not sold when you re-register them, so there are no capital gains for you to be taxed on.

Will there be any change to the income payments I receive from my funds?

The transfer of your funds to Fidelity's FundsNetwork will have no effect on the total amount of income you receive.

You will receive one payment for any ISA and PEP holdings you have and separate payments for any other fund accounts. Fidelity find that this system is more efficient than making several small payments for each account, and their investors appreciate the convenience of being able to choose to have their income paid straight into their current account.

Many investors choose to have their income reinvested in their funds in order to increase the potential for long-term capital growth. An advantage of being with Fidelity is that you do not pay an initial charge on each income payment that is reinvested.

Once you are ready to complete your re-registration, please do so here.

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