Frequently Asked Questions
Find answers to our most frequently asked questions
What is right for me, an ISA or a GIA?
Clim8 does not offer financial advice as part of our services. However, we outline the main features of ISAs and GIAs on our website which may help you to decide if an ISA or GIA is right for you. If unsure, please speak with an independent financial adviser.
Why do we ask suitability questions when you sign up?
We ask questions about your investment knowledge and experience, your financial situation, your ability to bear loss, and your investment objectives and risk tolerance in order to allow WealthKernel to make an assessment of whether the services are suitable for you (the “suitability assessment”). It is a regulatory requirement to enable us to act in your best interest.
Why do you need my National Insurance number?
We need your National Insurance Number as this is one of the ways in which we can easily identify you. We also require it, particularly with regards to the ISA, for Her Majesty’s Revenue and Customs (HMRC) tax reporting purposes.
Why do you ask for citizenship?
It helps us verify your identity and make sure we can offer our services to you (which are currently limited to the UK and Channel Islands). You do not need to have British citizenship to be eligible, but you must be a UK resident.
What is an “Easy bank transfer?”
An Easy bank transfer uses Open Banking to allow you to deposit money into your Clim8 account without having to enter any payment details or account numbers into your online or mobile banking platform. With Open Banking, you authorise payments to a specific third party (like Clim8) by logging into your banking application and confirming you’re happy for that third party to initiate the payment. We currently offer Easy bank transfers to all the major UK banks. However if you don’t see the provider of your nominated bank account listed when making a payment, you’ll need to make a regular bank transfer instead.
Who are Truelayer and why did their name appear when I went to make a payment?
TrueLayer is one of the leading Open Banking technology providers in the UK. We use TrueLayer to connect to your bank account to initiate a payment securely. When authorising the payment you will need to give permission for “Pay with TrueLayer” to make a financial transaction on your behalf. You will be asked to do this each time you make a payment using Easy bank transfer so you stay in control.
TrueLayer is authorised by the Financial Conduct Authority (FCA) as an E-money institution and a Payment Institution.
With investing, your capital is at risk. For illustrative purposes only and does not constitute investment advice.
Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
Past performance is not a reliable indicator of future results.
Still need help? Contact our customer support team