How to transfer your Clim8 portfolio(s)
Thanks for selecting to transfer your portfolio, to help you with the transfer process we’ve created the following guide:
Our support team remain on hand to help you during this period, you can contact them through email@example.com.
What to consider before transferring:
– You will need to choose a provider you’re looking to transfer to
– You may want to check the fees and where the investments will be invested to ensure these are aligned with your investment goals
How to start your transfer:
– Once you have confirmed the provider you would like to transfer to, you will need to grab the transfer forms from your new provider (please note these may be in digital or printed formats)
– Please double check the spelling and current information on your Clim8 account to ensure this correlates with your transfer forms
– You will need to send these completed forms to your new provider where these will be processed
The transfer process:
– We will check all the information matches on the transfer forms, and will be in touch should this not match up
– We will then start the transfer process, and let you know once this has been completed
Frequently asked questions
Why do I need to revalidate my bank account?
You may need to revalidate your bank account when withdrawing from your Clim8 portfolio, this is to ensure that the funds are being sent to the correct account.
What happens if I want to continue to top up my ISA allowance for the current tax year (2022/23)?
The current tax year ends on 05/04/23, Clim8 accounts from 06/04/23 cannot be topped up and your funds will be returned to you if you make any manual payments directly from your bank.
Do I need to cancel my direct debit?
Your direct debit will be paused to ensure no money is added to your portfolio in the new tax year, you will receive a notification from GoCardless regarding this. If your direct debit is set up to enter your portfolio before the end of this tax year, this will go ahead as normal.
If you would like to cancel your direct debit manually you can do this with your bank or through the Clim8 app.
How do I transfer my account to another provider?
There are a couple of steps to follow, you will need to choose your provider and complete their transfer forms, your new provider will manage the transfer process for you. You can read more about the transfer process here.
How long does a transfer take?
Due to the expected volume of transfer requests we expect to receive throughout this period, we anticipate that transfers may take up to 45 days for a regular ISA transfer or 12 weeks for an in-specie transfer depending on your new provider. We always aim to process transfers as quickly as possible but if your transfer is taking longer than expected, you may want to follow up with your current provider to check progress.
What are you doing to reduce the timescales of the transfer process?
To assist with the transfer process all fractional shares and ETFs held in the portfolios will be sold on or after 27/03/23. This is due to a high number of ISA providers not accepting these which delays the transfer process due to the assets being sold and settled which can take up to 10 working days before we can finalise the transfer to the new provider.
Why is my transfer taking longer than expected?
While we always work hard on making sure your transfer goes through as quickly as possible, every now and then unforeseen delays can happen. In specie transfers take longer than a regular ISA transfer due to funds requiring manual processing or the new provider not accepting all assets held and therefore some assets in the ISA being liquidated.
– If your new providers send funds via cheque and they don’t opt to send it via recorded delivery (securest method), this can take 3-5 business days to clear.
– Your new provider may also be experiencing a backlog of high inbound or transfer-out requests, which can delay the processing of your transfer
– Your details may not be updated with your new provider and they have to get in touch with you first or ask us to get in touch with you to update your information
How much does it cost to transfer a portfolio?
The process of transferring yourself itself is free of charge and we do not charge for supporting your transfer process. You should check if your new provider charges for this process.
Is my money protected?
Clim8 is partnered with WealthKernel as our custodian. Their role as the custodian is to hold customer assets for safekeeping in order to minimise the risk of their misappropriation, misuse, theft, or loss. WealthKernel is authorised and regulated by the FCA and is also a member of the Financial Services Compensation Scheme (FSCS) which means your money may be protected in the event of WealthKernel’s insolvency for up to £85,000 of the amount invested via Clim8. This doesn’t cover losses incurred through investment performance or if you get back less than you originally invested.).
What happens when my transfer is complete?
We will send you an email confirming your transfer has been completed, and that your account has been closed. You will no longer be able to access the Clim8 app from this point.
What happens if Clim8 closes before my transfer is complete?
Don’t worry, your transfer will still continue if it is after the date Clim8 will be offering their platform to customers. You can check the status of your withdrawal by emailing our custodians WealthKernel on firstname.lastname@example.org.
Is there a way to withdraw my money?
Absolutely, instead of transferring your account, you can choose to withdraw your portfolio. You can do this through the Clim8 app by clicking on your account and following the steps. Remember if you choose to withdraw from an ISA you will lose your tax free allowance.
Why is Clim8 no longer offering their platform to customers?
You can find out more by reading our blog
Will I receive my costs and charges document from Clim8?
Yes, this will be sent to you by 09/06/23, please check your junk folder if you do not appear to have received this
When will I receive my end of tax year certificate?
This will be sent to you by 09/06/23 from, please check your junk folder if you do not appear to have received this
What is my ISA reference number
Your ISA reference number is within the app, under the contact us tab or if you click on your portfolio – it should start with C8INV
Filling in new provider transfer forms
As you are completing your new provider transfer forms, in any section you are unsure it is best to contact your new provider directly.The transfer form may ask for information such as a bank account or sort code however we are unable to provide this to you but your new provider will get this directly from our custodian, WealthKernel when they request the transfer on your behalf.
The information you need to provide to ensure WealthKernel can locate your account and complete your transfer is:
Your ISA reference number which starts with C8INV which can be found in the app.
Clim8 address which is Clim8 Ltd Invest, 1 Lyric Square, London, W6 0NB
Your personal details which includes your name, address, date of birth and national insurance number – please check the information you detail on your transfer forms, matches the details we have for you in the Clim8 app.
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.