The route to EmbarkImportant updates regarding the weekend of the transfer
To make the move as smooth as possible and minimise the likelihood of unsettled trades on accounts at the point of the asset transfer, a trading blackout will be introduced on Monday 16 November 2020. This means that;
No purchase/ subscription trades will be accepted after 5pm on Monday 16 November 2020.
Sale/ redemption trades will only be accepted where this is to enable the customer to access their wealth, e.g. withdrawal.
Regular trade instructions and dividend reinvestments will be cancelled from 5pm on Monday 16 November 2020.
This is in place for all investments held on the platform.
Online trading will be closed from 5pm on Monday 16 November 2020.
Acceptable trades will need to be placed over the phone – charged at the online rate or if you have any free/inclusive trades remaining these will be used.
If you run your client accounts via an adviser model, due to their extended settlement cycle, we recommend that you undertake any rebalances well ahead of the blackout period starting.
Due to the above trading block and all updates to Account details being restricted, we will alter your online access to the Fund Plus platform to view only, and access to the Funds platform will be removed. These changes will also be effective from 5pm on Monday 16 November 2020.
Online access for clients to their Accounts will also be removed at this point.
Re-registration of Holdings with Embark Nominees
Following the weekend that the Accounts move to Embark, we need to re-register all of the holdings currently held by ATS when the markets reopen from Monday 23 November onwards. Where possible this will be done via an automated process to enable a quick settlement of the holdings to take place. We do need to make you aware that not all providers offer an automated route to achieve this, so there might be some delays where reregistration has to be completed manually. Predominantly these are OEIC and Unit Trust providers, a list can be found here.
Until these holdings settle into Embark’s custody you will not be able to place a sell trade on these holdings. We will endeavour to settle these as quickly as possible to minimise any impact, however parts of the process are outside of our control. On average a manual stock transfer takes around 7 days; however in exceptional circumstances this can be longer.
Cut-offs for all other processes
In the lead up to the transfer of your clients Accounts to Embark, we have had to restrict some of the activities on the platform to help a smooth transition. You will be able to go online on the Embark platform and input transaction from Monday 23 November 2020.
Date cut off
COB Friday 6 November
No new Transfers in accepted
No new Transfers out accepted - any remaining stocks or cash on transferring cases will transfer to Embark on 21-22 November for completion
No changes to or new can be set up online or offline
Online & offline changes restricted
New requests stopped
COB Tuesday 10 November
No new requests or changes for income will be accepted
COB Monday 16 November
Blackout on all platforms for all Accounts - except sell to withdraw
Online withdrawals stopped
COB Tuesday 17 November
Offline withdrawals stopped
COB Wednesday 18 November
No new contributions to Accounts
Please also refer to our FAQs for the transfer here.
Keeping you in the know
Visit our ‘Refreshing change’ information hub where you will find the very latest information on this transaction and what it means for you and your clients as well as answers to questions we think will be of most interest.