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Change to the Terms and Conditions of the Rowanmoor SIPP

The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms which provide services to clients linked to financial instruments, such as shares, bonds, units in collective investment schemes and derivatives and how they are traded.

With new legislation coming into effect on 3 January 2018, changes have been made to the Terms and Conditions of the Rowanmoor SIPP. The new legislation requires firms to undertake more extensive reporting of client transactions to the Financial Conduct Authority (FCA). This means firms need to be able to correctly identify who the client behind the transaction is in order to complete a report. A client’s National Insurance Number is a key client identifier and therefore, if we do not hold a client’s National Insurance Number on our records, then unless we hold sufficient alternative information on a client we will not be able to accurately report the transaction. Because we will not be able to accurately report the identity of the client, the legislation rules prevent us from proceeding with the instruction to execute the transaction.

The Rowanmoor SIPP Terms and Conditions document can be found in our Literature Library

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