| My favourite pages |
| Support topics
Need help in something? Take a look at our support area for your answer. Find out more |
Session Timeout
You have been inactive for 0 mins.
Stay logged in or you will be logged off in 60 seconds.
Quick content survey
As your feedback helps us improve our content and services, we'd appreciate it if you can spare a few moments to respond to the following statements.
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.
|
|
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.
Charges are an important part of the relationship between our customers and the services that we provide. Willis Owen will always endeavour to be as transparent as possible with its charging structures and provide easy access to the rates that are applicable to individual investors.
When you invest in Funds there are three types of charges which you may see quoted, the Fund Manager Charge being the most comprehensive:
Annual Management Charge (AMC) - the internal costs of running the fund the AMC typically comprises the investment management fee plus any other charges for its own services, such as administration or marketing. It usually excludes any fees or charges paid to 3rd parties.
The average AMC is around 0.75% in most actively managed funds but can vary depending on what is included. A few providers now quote the same figure for AMC and OCF.
Ongoing Charges Figure (OCF) - incorporates the AMC, as well as a number of additional costs and expenses, that are taken directly out of the fund in the previous 12 month accounting period to its financial year end. It includes 3rd party costs such as: audit fees; custody fees; financing costs; custodian fees; shareholder reporting costs; regulatory fees; director’s fees (where applicable) and bank charges.
Research costs may also become part of on-going costs unless the Fund Provider states they will absorb them into their own operating costs. The OCF excludes: performance fees (where applicable) and portfolio transaction costs, except in the case of other collective investments held (for example, by a multi-manager fund).
Investment Charges - are presented in the ex-ante costs document, these comprise the OCF plus all costs related to transactions. It also includes incidental costs which are primarily performance fees. It captures all transaction costs for the product over the last 3 years, incurred as a result of the acquisition and disposal of investments, and works out an average. This covers: broker charges, mark- ups included in the transaction price, stamp duty, and foreign exchange costs.
Transactions costs can be divided into explicit and implicit costs. Explicit costs relate to the tax and commission charges added to the transaction settlement amount. These costs can be clearly identified and quantified. Implicit costs, also called slippage costs, are more complex calculations which work out the difference between the price when a trade is placed and the price it is dealt.
Over and above the charges related specifically to the investments you hold, you will also pay a service fee as follows:
Service fee ISA/GIA/SIPP
| Tier | ISA |
GIA |
SIPP |
|---|---|---|---|
| £0 - £50,000 | 0.40% |
0.40% |
0.40% |
| £50,001 - £100,000 | 0.30% |
0.30% |
0.40% |
| £100,001 - £250,000 | 0.20% |
0.20% |
0.25% |
| £250,000 + | 0.15% |
0.15% |
0.15% |
These costs are for each ‘tier’ of your overall Account. So, as an example on the Willis Owen platform for ISA or GIA or combined ISA and GIA, for the first £50,000 invested you pay 0.40%, which equates to £200 per annum, then for the next £50,000 you pay 0.30%, which equates to £150 per annum and so on.
The first £50,000 invested in a SIPP, you pay 0.40%, which equates to £200 per annum, and then for the next £50,000 you pay 0.40%, which equates to £200 per annum and so on.
Likewise, if you invested £120,000 split equally between an ISA and a SIPP you would pay 0.33% for the ISA which equates to £198 per annum and 0.38% for the SIPP which equates to £228 per annum. The blended rate takes into account your total portfolio value across your ISA, GIA or SIPP.
Service fee JISA
| Tier | Junior ISA |
|---|---|
| £0 - £50,000 | 0.40% |
| £50,001 - £100,000 | 0.30% |
| £100,001 - £250,000 | 0.20% |
| £250,000 + | 0.15% |
These costs are for each ‘tier’ of your Junior ISA only.
Tier and fee calculations are based on Funds, Share, Investment Trusts, ETFs and Cash balances.
Our fee covers:
If you do not agree to the charging structure(s) applied by Willis Owen or its partners then services will be terminated at the company’s discretion.
There is currently no additional fee for using income drawdown under our SIPP product.
We arrange your investments on either a commission basis, or fee basis. Where an investment is arranged on a commission basis, we are paid commission by the Product Provider and we will not apply any other charge in respect of that investment. These charges will usually have been built into the Annual Management Charge of your investment.
Where the provider of an investment which we have arranged for you does not pay us commission, you will usually pay a lower Annual Management Charge for your investment. Our fees will be deducted by the Platform or Product Provider from your Cash Account, or by unit cancellation from your investment(s), and paid to us directly. This is our preferred method of administering fees but is usually only available when you invest through Platforms or life companies. These charges are usually calculated daily, but levied on a monthly basis.
We reserve the right to amend our fee model(s) and collection process at any time. If we do so we shall seek to give you no less than fourteen business days’ notice in advance, but where this is not practicable we shall notify you as soon as possible.
A full list and summary of all charges can be found within our website.
Willis Owen may receive an annual commission from a Product Provider which varies from 0.1%-1% of the value of your investment, depending upon your Fund choice. For example, if your Fund value averages £4,000 over a one year period and the Funds in which you invest generate an average commission to Willis Owen of 0.5%, Willis Owen will typically receive a commission of £20.00 over the year.
Financial Conduct Authority rules have been designed to make sure it's clear to you what charges you pay, and to whom, when purchasing Funds through a Platform. Historically, your charges have all been bundled into one Annual Management Charge (AMC), typically 1.5% per Fund, split between your Fund Provider (e.g. Jupiter), your Intermediary (e.g. Willis Owen) and your Platform (e.g. Willis Owen Platform, Aegon/Fidelity FundsNetwork). Going forward, these charges will need to be applied separately.
The Retail Distribution Review brought with it a new share class ‘commission excluded’ or ‘clean’ share class with a typical equivalent average AMC charge of 0.75%. These Fund charges do not include Platform or Willis Owen fees.
