Zurich Portfolio & Sterling Investments Ownership Change



Important news for our clients about their Zurich Portfolio’s (Platform) and Sterling ISA’s and Sterling Investment’s. Zurich has agreed to sell part of its UK wealth and investment business to the Embark Group.

Your investments are not affected by this transfer of ownership and your money will remain invested in the same funds and assets.

 

What’s happening?

Zurich have agreed to sell Sterling ISA Managers Limited (SIML) to Embark Group Limited. Your Zurich Portfolio is provided by SIML. The sale doesn’t impact any other Zurich products you may hold via us as your adviser. Zurich and Embark expect the sale to complete on 1 May 2020.

Will my Zurich Portfolio be affected?

No, your Portfolio won’t be impacted by the sale and your accounts will stay invested in the same funds or assets as they are today. Your accounts continue to be covered by the Financial Services Compensation Scheme (FSCS).

What happens when Embark take over?

Embark will take over the operation and provision of your Portfolio. It will be renamed the Advance Portfolio.

Your terms and conditions will be updated to reflect the purchase by Embark and change in ownership. They’ll be available at www.zurich.co.uk/support/Sale-to-Embark closer to the time of the change of ownership.

Will my Sterling ISA and/or Sterling Investment Account be affected?

No, your Sterling ISA and/or Sterling Investment Account won’t be impacted by the sale and your account(s) will stay invested in the same funds or assets as they are today. Your account(s) continue to be covered by the Financial Services Compensation Scheme (FSCS).

Does this change how you will manage my investments?

No, we will continue to manage your Zurich Portfolio and provide our service to you just as we do now.

Will my Zurich Portfolio (Platform) Retirement Account be affected?

If you have a Retirement Account within your Zurich Portfolio, the scheme rules relating to your Retirement Account won’t change. On 1 May 2020, your scheme will be renamed the ABE Personal Pension Scheme and the trustee of the scheme will be changed to Embark Trustees Limited.

Will this change the day to day running of my Zurich Portfolio?

No, Embark have confirmed that your account will continue to operate as it does now with all the same features and benefits. Your current Portfolio charge won’t increase and any payments you are making (e.g. Direct Debits) or income you are receiving from your Portfolio will stay the same.

Who is Embark?

The Embark Group provide a wide range of wealth and retirement solutions in the UK. They have over 300,000 customers and look after £33bn of assets for their customers. For more information, visit https://embarkgroup.co.uk/

Why are Zurich doing this?

Zurich is simplifying its UK business as part of a long-term strategy to focus on supporting customers in other areas, such as its life insurance business.

How can I find out more?

If you have any further questions or concerns, please get in touch with us and we will be happy to help.

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