Customers who wish to appoint a third party agent to manage their account or, in the case of a SIPP Dealing account, a SIPP Manager can do so by completing the appropriate authority, as shown in the table below.
| Type of account held |
Forms to be completed |
To be signed by: |
| Dealing account |
Third Party Authority |
Sole account holder |
| Joint Dealing account |
Third Party Authority |
Both account holders |
| Dealing account and Shares ISA |
Third Party Authority |
Sole account holder |
| SIPP Dealing account |
SIPP Manager appointment |
The SIPP Trustee/Administrator and the SIPP Member |
| Dealing account / Shares ISA AND SIPP Dealing account |
Third Party Authority AND SIPP Manager appointment |
Sole account holder and, for the SIPP Manager form, the SIPP Trustee/Administrator |
| Investment Club account |
An agent cannot be appointed: instead, a ‘lead Investor’ is appointed by the member to manage the account and in the event they cannot act, a new ‘lead investor’; should be appointed. |
| Company Dealing account |
An agent cannot be appointed: instead, the Company appoints up to two authorised individuals to manage the account: |
| Child Trust Fund account |
An agent cannot be appointed: instead, the registered contact manages the account |
Identification should be provided for the Agent/SIPP Manager: where this person is already an account customer with Selftrade, no identification need be provided. Identification requirements are stated on the forms.
Once appointed the Agent / SIPP Manager has access to the account by using the same log-in details as the customer. In the event, therefore, that the agent is changed or the arrangement cancelled customers should immediately change their PIN.
The questions and answers below give more detail about these arrangements and changes that took place from September 2011.
Authorising a Third Party for the first time on accounts other than a SIPP Dealing account +
How do I appoint an agent to act on my account?
Complete a Third Party authorisation form, have it signed by your agent and send it to us, together with any identification documentation required, as shown on the form.
If your account is a joint account, both account holders must authorise the appointment of the agent.
Return the completed authority to us, enclosing identification for your Agent, as shown on the form.
Can I appoint an agent to act on my company account?
No.
The Company can, however, appoint up to two authorised persons to manage the account. This requires an authority signed by an authorised signatory acting on behalf of the Company, and a Board Resolution confirming that the authorised signatory is specifically empowered to sign the third party authorisation.
I am the lead investor of our Investment club. Can I appoint an agent to act on the club’s account?
No.
Our Terms & Conditions require that only the Lead Investor is authorised to act on behalf of the Club. Where the lead investor is unable to act, the club should appoint a new Lead Investor.
I want to appoint a Power of Attorney. How is that affected?
A Power of Attorney can vary considerably in its scope. So in order to give effect to it, you will also need to complete a Third Party Authorisation form. This ensures that your agent is fully authorised by you to carry out all actions which may be completed online.
What can my agent do?
Your agent is authorised by you to carry out any action that you could carry out online, having logged-in with your PIN. In addition, he/she can give us investment dealing instruction by telephone or by post.
The authority will apply to all portfolios that you hold under your account number.
What if I want to restrict some of the actions of my agent?
By appointing an agent and giving them access to your online account via you PIN, you are enabling them to do all things online that you yourself could do. We cannot accept a ‘partial’ authority.
However, except in respect of investment dealing instructions, your agent will not be able to carry out actions that may only be completed offline, i.e. for which a written authority from you is required.
What actions must be completed offline?
To see which changes to your account details must be carried out offline, please see the Getting Started, Running your account, Changes to your detail section of this website.
However, please bear in mind that the scope of online actions will change over time and some of these actions may be available online in the future. Our website will be updates in the event of any changes.
I have a Dealing account / ISA and a SIPP Dealing account; can my agent act on all of them?
In short, yes.
However, you must complete both a Third Party Authority and a SIPP Manager appointment form in order that that your SIPP Trustee and Administrator also authorise the latter appointment.
I want to appoint an agent to mange only my Dealing account, but I also have a SIPP. How do I do that?
Since all your accounts are accessed via your PIN, your agent will be able to manage ALL accounts under that same account number.
You may, however, request us to allocate a separate customer number for one of your accounts: however, please be aware that you will pay an annual Management fee for each account.
Can I have an agent on one account, but not another?
As all your portfolios are grouped under one account number and accessed online via the same PIN, an agent will have access to all separate portfolios.
To restrict an agent’s access to just one of your accounts, you can open a new account under a separate account number which will then have a separate log-in. However, do bear in mind that a separate Annual Management Fee would be payable on each account number.
Why must I have a new PIN issued if I appoint a new agent/SIP Manager?
Your existing agent accesses your account using your PIN. Since this authorisation is withdrawn by either appointing a new agent, in order to prevent your existing agent continuing to access your account we will issue to you a new PIN.
On receipt of your PIN you may wish to change it to a more memorable one. You should then advise your log-in details to your new agent in order for them to access your account.
Authorising a SIPP Manager for the first time +
How do I appoint an agent to manage my SIPP Dealing account?
Complete a SIPP Manager appointment form, have it signed by your agent and send it, together with any identification documentation required, as shown on the form, to your SIPP Trustee/ Administrator. They will sign the from and forward it to us.
How does the SIPP Manager authority differ from a third party authority?
The authority confirms that you, your SIPP Trustee and SIPP Administrator authorise your agent (known as the SIPP Manager) to carry out on your behalf any activity that you, as the SIPP Member could carry out online having logged-in to your account. It also confirms that, other than in respect of investment dealing instructions which may be given by telephone or post, he/she cannot undertake actions which you are required to take off-line.
Were you to appoint someone to act on your behalf under a separate power of attorney, the SIPP Manager authority supplements, and is in addition to, the power of attorney.
I manage my SIPP Dealing account: do I need to complete a SIPP Manager form?
No. Your Trustee has already authorised you to manage your SIPP.
You will only need to complete a form if you wish to appoint another person to manage it on your behalf OR if you want to appoint someone to manage other portfolios under that same account number.
Can I appoint someone to manage my SIPP Dealing account under a Power of Attorney?
Yes. Your SIPP Trustee and SIPP Administrator will need a copy of the Power of Attorney and confirm the appointment. You and your attorney will also need to complete the SIPP Manager form, which will also be signed by your SIPP Trustee and SIPP Administrator, in order to ensure that your agent is fully authorised to carry out all actions which may be completed online.
What can my SIPP Manager do?
Your agent is authorised by you to carry out any action that you could carry out online, having logged-in with your PIN. In addition, he/she can give us investment dealing instruction by telephone or by post.
The authority will apply to all portfolios that you hold under your account number: hence if you hold accounts other than your SIPP Dealing account, you mist also complete a third party authorisation form.
What can my SIPP Manager NOT do?
With the exception of giving us investment dealing instructions, your SIPP Manager may not carry out any action that cannot be done online.
To see which changes to your account details must be carried out offline please see the Getting Started, Running your account, Changes to your detail section of this website.
However, please bear in mind that the scope of online actions will change over time and some of these actions may be available online in the future. Our website will be updates in the event of any changes.
What if I want to restrict some of the actions of my SIPP Manager?
By appointing a SIPP Manager and giving them access to your online account via you PIN, you are enabling them to do all things online that you yourself could do. We cannot accept a ‘partial’ authority.
However, except in respect of investment dealing instructions, your agent will not be able to carry out actions that may only be completed offline, i.e. for which a written authority from you is required.
Why must I have a new PIN issued if I appoint a new SIPP Manager?
Your existing agent accesses your accounts using your PIN. Since this authorisation is withdrawn by appointing a new SIPP Manager, in order to prevent your existing agent continuing to access your account we will issue to you a new PIN.
On receipt of your PIN you may wish to change it to a more memorable one. You should then advise your log-in details to your new agent in order for them to access your account.
Customers with a Third Party Authority in place before September 2011 – about the changes +
We updated the arrangements in respect of agents in September 2011, and introduced the new SIPP Manager appointment.
These changes were necessary to reflect the change in scope, over time, to the changes that customers could make online to their account details.
All customers were contacted by letter and secure message, to explain the changes and to provide us with an updated authority.
The questions and answers below give more detail about these changes.
I already have an agent appointed. Why do I need to complete a new authority form?
Over time, the scope of things that you can do online in relation to your account has changed. We have therefore updated the scope of the third party authority to clarify the activities that your agent may carry out on your behalf. As a result, we require you to complete a fresh authority to replace the existing authority.
Why do I need to complete two forms where I have a Dealing / Shares ISA and a SIPP Dealing account?
The Third Party Authority covers your personal accounts, the SIPP Manager forms relates only to your SIPP Dealing account.
This is because you operate the SIP Dealing account under the authority given to you by the SIPP Trustee / Administrator. So when you want to appoint an agent, your Trustee / Administrator needs to authorise that appointment by also signing the appointment form.
What’s different about the new authority?
The new authority confirms that you authorise your agent to carry out on your behalf any activity that you could carry out online having logged-in to your account, and that, other than in respect of investment dealing instructions which may be given by telephone or post, he/she cannot undertake actions which you are required to take off-line.
It also shows that, where you to appoint someone to act on your behalf under a separate power of attorney, the third party / SIPP Manager authority supplements, and is in addition to, the power of attorney.
What happens if I don’t provide new authorities?
The new authorities confirm that you wish your agent to continue to manage your account following the extended scope of actions that can be completed online.
The letters and secure messages sent to you include a date by which you must retune to us your new authority. If you do not return new forms by that date, the old authority lapses and your agent can no longer manage your accounts. To prevent any further actins being taken by your now expired agent, we will issue a new PIN to you.
How do I reinstate an agent once they have lapsed?
Return the appropriate forms to us, fully completed and signed, by the date provided in the letter and secure messages to prevent your agent’s authority from lapsing.
To re-appoint an agent at any time after this date, send us a completed form(s) together with fresh documentation confirming their identify.
How do I appoint a different agent?
Send us an authority from stating the new agent’s details, together with documents confirming their identity (as stated on the form).
Upon receipt, we will cancel your old agent’s details and replace them with those of your new agent. We will then write to confirm the change and send you a new PIN.
If you also hold a SIPP Dealing account you will need to provide both a Third Party Authority and a SIPP Manager form. The same agent must be appointed under both forms.
Remember to have your SIPP Manager form signed by your Trustee / Administrator before sending both forms to us.
I am operating an account under an Enduring/Lasting Power of Attorney due to the incapacity of the account holder. How is this affected?
Your existing Power of Attorney remains valid. However, we will need to satisfy ourselves that it encompasses all action that you, as the agent may take, including actions which would only normally be carried out by our customer directly.
If we have any concerns about the scope of your present authority we will contact you directly.
If you have any questions about these arrangements do please call us: we’ll be pleased to help.