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Cash interest explained |
You will receive interest on balances in your platform cash account at the prevailing rate.
Embark Investment Services Limited acts as the custodian for investments on the Willis Owen platform and is one of our strategic partners that provides our Willis Owen ISA, GIA, Junior ISA and SIPP.
Embark places cash with a number of banking partners for safekeeping and to provide the potential for you to earn interest on money in your platform cash account. By managing cash in this way, it aims to provide better protection and a higher overall level of interest than if all funds were placed with a single bank.
The rates of interest paid by banks will vary. Embark retains a portion of the interest earned to cover its costs in managing platform cash.
Current Interest Rate
The table below shows the current customer interest rate payable on cash balances along with the amount of interest retained by Embark. The customer interest rate shown is that after accounting for interest retained by Embark:
| Date From | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 25th November 2024 | 2.3% | 1.75% - 2.00% |
Embark can change the rate of interest at any time and it reviews the position at least quarterly. Interest is calculated and accrued daily and is credited to your account on the first of each month. If you transfer out, accrued interest is applied at the point of transfer. We will inform you if and when the interest rate changes as soon as is practicable.
Interest retained
The table below shows the yearly equivalent rates of interest Embark expects to pay based on a range of possible yearly interest rates it may earn.
| Interest Embark expects to earn | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 0-1% | 0 – 0.46% | 0 – 0.54% |
| 1-2% | 0.46% – 0.94% | 0.54% – 1.06% |
| 2-3% | 0.94% – 1.46% | 1.06% – 1.54% |
| 3-4% | 1.46% – 2.02% | 1.54% – 1.98% |
| 4-5% | 2.02% – 2.61% | 1.98% – 2.39% |
| 5%+ | 2.61%+ | 2.39%+ |
Historic Interest Rates
To see details of historic customer interest rates, along with the amount of interest retained by Embark, click here.
Equity Styles Explained |
Market capitalisation is an indication of the size of the companies being invested in. It is calculated by multiplying the number of shares issued by the company by the current share price. Market capitalisation is divided into ‘large’, ‘medium’ or ‘small’ according to the below:
Large – Companies that have a market capitalisation greater than $10 billion.
Medium – Companies that have a market capitalisation between $2 billion and $10 billion.
Small – Companies that have a market capitalisation below $2 billion.
Companies can be categorised as ‘value’, ‘blend’ or ‘growth’ as defined below:
Value – Companies that are considered to be trading at a share price below what their fundamentals would suggest.
Blend – Companies that do not exhibit solely value or growth characteristics.
Growth – Typically well-established companies which are considered to have above average prospects for long-term growth.
Equity Regions Explained |
Equity region indicates in which countries the underlying shares within your portfolio are listed.
USA – Companies listed on a stock market in the USA.Canada – Companies listed on a stock market in Canada.
Latin America – Companies listed on stock markets in the Caribbean, Central America and South America, such as Mexico, Brazil and Argentina.
United Kingdom – Companies listed on a stock market in the United Kingdom, Guernsey, Isle of Man and Jersey.
Eurozone – Companies listed on stock markets in countries which have the Euro as their official currency, such as France, Germany and Spain.
Europe ex Eurozone – Companies listed on stock markets in western European countries which do not have the Euro as their official currency, such as Denmark, Sweden and Switzerland.
Europe Emerging – Companies listed on stock markets in European emerging markets, such as Poland, Russia and Turkey.
Africa – Companies listed on stock markets in African countries, such as Egypt, Nigeria and South Africa.
Middle East – Companies listed on stock markets in Middle Eastern countries, such as Israel, Qatar and Saudi Arabia.
Japan – Companies listed on a stock market in Japan.
Australasia – Companies listed on stock markets in Australia and New Zealand.
Asia Developed – Companies listed on stock markets in developed Asian countries, such as Hong Kong, Singapore and Taiwan.
Asia Emerging – Companies listed on stock markets in emerging Asian countries, such as China, India and Thailand.
Equity Sectors Explained |
Cyclical – Companies which operate in industries that are considered to be significantly affected by economic shifts. When the economy is prosperous, these industries tend to expand and when the economy is in a downturn they tend to shrink.
Basic Materials - Companies that manufacture chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing.
Consumer Cyclical - This sector includes retail stores, auto and auto-parts manufacturers, restaurants, lodging facilities, specialty retail and travel companies.
Financial Services - Companies that provide financial services include banks, savings and loans, asset management companies, credit services, investment brokerage firms and insurance companies.
Real Estate - This sector includes companies that develop, acquire, manage and operate real estate properties.
Sensitive – Companies that operate in industries that ebb and flow with the overall economy, but not severely. Sensitive industries fall between defensive and cyclical, as they are not immune to a poor economy, but they also may not be as severely affected as cyclicals.
Communication Services - Companies that provide communication services using fixed-line networks or those that provide wireless access and services. Also includes companies that provide advertising & marketing services, entertainment content and services, as well as interactive media and content provider over internet or through software.
Energy - Companies that produce or refine oil and gas, oilfield-services and equipment companies and pipeline operators. This sector also includes companies that mine thermal coal and Uranium.
Industrials - Companies that manufacture machinery, hand-held tools and industrial products. This sector also includes aerospace and defence firms as well as companies engaged in transportation services.
Technology - Companies engaged in the design, development and support of computer operating systems and applications. This sector also includes companies that make computer equipment, data storage products, networking products, semiconductors and components.
Defensive – Companies which operate in industries that are relatively immune from economic shifts. These industries provide services that consumers require in both good and bad times.
Consumer Defensive – Companies that manufacture food, beverages, household and personal products, packaging, or tobacco. Also includes companies that provide services such as education and training services.
Healthcare – This sector includes biotechnology, pharmaceuticals, research services, home healthcare, hospitals, long-term-care facilities and medical equipment and supplies. Also includes pharmaceutical retailers and companies which provide health information services.
Utilities - Electric, gas and water utilities.
Product Involvement Explained |
Product Involvement metrics measure the percentage of a portfolio's assets exposed to a range of business areas and activities. For example, if a fund's involvement in Animal Testing is 20%, that means 20% of the fund's assets are invested in companies involved in Animal Testing.
Exposure percentages are calculated by summing the weights of a portfolio’s holdings in the companies involved in each area. In most cases a company is considered ‘involved’ in a certain area if it's revenue from that area exceeds a certain minimum threshold. In other areas, for example animal testing, abortion, contraceptives and human embryonic stem cell research, there is no revenue threshold such that if the company has any involvement at all in these areas, it will be considered involved. If a company is considered involved in an area, the entire weight of that company in a portfolio is counted when determining the overall percentages shown.
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ESG Pillars Explained |
Morningstar's ESG Pillar Scores help investors understand how a fund is performing in three key areas: Environmental (E), Social (S), and Governance (G). These scores break down the overall sustainability risk of a portfolio into these specific categories.
Each score reflects how much environmental, social, and governance factors contribute to the overall risk of companies in the fund. The scores are averaged based on the size of each company in the portfolio. Lower scores mean lower risk.
To receive these scores, at least 67% of the fund’s assets must be rated for their ESG risk. This provides investors with a clearer view of a fund’s exposure to sustainability risks in different areas.
Asset Allocation Explained |
Equity – Often referred to as shares. Shares are units of ownership in a company which entitle the holder to certain rights for example to exercise voting rights or to participate in the company’s profits.
Fixed Income – Often referred to as fixed interest or bonds. When you invest in bonds, you are typically lending money to a company or a government in return for a defined series of interest payments and the promise that a defined value (called the ‘face’ or ‘par’ value) will be returned at a certain point in time
Property – Investments in property include residential, offices, warehouses and shopping centres.
Cash – Money held in cash or cash-like instruments, often to ensure there are sufficient liquid assets within a portfolio.
Other – Contains other investments such as commodities, preferred stock and derivatives.
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The Financial Services Compensation Scheme is a fund of last resort available to compensate consumers if an authorised financial services provider cannot meet claims against it. This will generally be because a firm has stopped trading and has insufficient assets to meet claims, or is insolvent.
As a quick overview the Financial Services Compensation Scheme pays out:
The amount is per-customer and per bank or provider so the maximum you can claim is up to £85,000 per provider regardless of whether your funds are held through the Willis Owen Platform or another platform. So for example, if you have an investment with Henderson and Jupiter and both Henderson and Jupiter were to collapse, you may be able to claim up to £85,000 from each fund provider.
As a point of note, Willis Owen does not hold customer monies, so in the very unlikely event the Willis Owen business fails, you as a customer will not suffer.
Your investments through Willis Owen are held via the Willis Owen Platform (administered by Embark; powered by FNZ). The Willis Owen Individual Savings Account (ISA), Junior Individual Savings Account (JISA), Self-Invested Personal Pension (SIPP) and General Investment Account (GIA) are provided by Embark. Embark is authorised and regulated by our regulator, the Financial Conduct Authority (FCA) and as such are covered by the FSCS. Embark holds (through a custodian) the cash either awaiting investment, or awaiting payment to an investor, it does not hold the investment directly. FNZ hold, for a short period, the money being invested into a fund, and a cash account. In the unlikely event that the Embark or FNZ business fails, your cash deposit will be covered under the FSCS.
Cash deposits you may hold whether through UK Banks, Building Societies or on a platform (such as the Willis Owen Platform) fall under the protection of the FSCS. If one of these institutions become insolvent and couldn’t return your money, you would be protected for 100% of the first £85,000 held with each financial institution.
Temporary high balances will be covered up to £1 million for six months from the date that monies are available in your account.
Fund providers offering Unit Trusts or OEICS operate under well-defined FCA rules that require them to have robust controls in place to ensure the interest of investors are protected. These include:
These protections exist to reunite you with your money as quickly as possible in the event that a fund closes unexpectedly. There is however a possibility that some of the ring-fenced money from customers assets could be used to cover administration costs where the fund provider fails and the administrator can’t recoup those costs from the management company themselves.
You’re most likely to benefit from the FSCS protection if a fund fails and has had to meet some of its administration costs from its client money pool. The FSCS can be used to claim back some or all of those costs and there’s more detail below on how this works.
In the unlikely event you were to suffer financial loss because a fund provider became insolvent you may be able to claim under the investment section of the FSCS.
It’s important to note that if a fund provider became insolvent and you hold investments from the same fund provider through different platforms or directly, you can only claim up to £85,000 for all the affected holdings.
If you require any further information you can visit the FSCS website at Financial Services Compensation Scheme. You can also contact the FSCS by writing to: Financial Services Compensation Scheme, 10th Floor, Beaufort House, St Botolph Street, London EC3A 7QU. Alternatively, call them on 0800 678 1100 or 020 7741 4100.
Most of the funds on the Willis Owen Platform are UK based, which means that FSCS protection is in place. However, some funds on our platform are based outside the UK, more information on how to identify those can be found on our dedicated FCA recognised funds page.
FSCS eligibility is more complicated for funds which are based outside the UK. Those with a UK branch are protected by the compensation scheme but those without a UK branch won’t usually be covered. You can check whether a fund has FSCS protection by looking up the fund manager on the FCA’s register and searching the name.
If the fund is authorised under the FCA’s temporary permission regime (a transitional regime established following Brexit to allow non-UK funds to continue to be sold in the UK), then it is possible that the FSCS will provide protection.
If this is the case, a message which states that the fund is regulated as a “UCITS” or “AIF” will be shown alongside text which explains it is part of the “Temporary Permissions Regime”. If the register also shows the fund has a UK branch, then it will be protected.
It’s worth bearing in mind that although a fund might not be covered by the UK FSCS, it may be covered by a compensation scheme in the country of origin. It’s important to note though, that the protection is likely to be less generous than that offered by the FSCS.
For example, the Investor Compensation Scheme (ICS) in Ireland covers foreign investors in firms which are authorised by the Central Bank of Ireland (90% of net loss up to €20,000), but the scheme is unlikely to cover losses from collective investments like the funds on our platform.
Please note that funds within the FCA’s Temporary Marketing Permissions Regime are currently in the process of being transitioned over to a new regime called the Overseas Funds Regime.
The first tranche of funds will be allowed, by the FCA, to apply to move over from November this year. By the end of 2026 it is expected that all of the current Temporary Marketing Permission Regime funds will have transitioned to the new approach.
This is good news for investors because the Overseas Funds Regime includes extra rules which require managers to provide a better explanation of the protections available to customers. This explanation will either be presented in fund Prospectus or an appendix to it.
More information can be found on the FSCS website and, as we previously mentioned, on our FCA recognised funds page but if you’ve got any questions please contact us and we’d be more than happy to help.
