13 June 2025
Published: 13/06/2025 Last Updated: 15:43 16/06/2025
From 30 June 2025, Walker Crips Investment Management’s custody services will transfer to BNY Pershing, a subsidiary of BNY Mellon. This change means that, going forward, your cash and investments will be safeguarded by BNY Pershing rather than our own nominee company, WB Nominees Limited (WBNL).
Over recent months, we’ve written to clients to explain the transfer process and request their consent. In this post, we’re bringing together some important service updates we’ve already shared with clients who may be more directly affected, so you know what to expect after the transfer.
From 30 June 2025, we will begin applying interest charges on accounts with a debit (overdrawn) balance. This is in line with our Terms of Service and Business, but until now, we’ve absorbed this cost.
Interest will be charged at 5% per annum above the Bank of England base rate, calculated daily and charged monthly.
To avoid charges, we recommend holding enough cash to cover 12 months of fees and charges (including custody and administrative costs).
Examples of accounts going into debit include unpaid trade settlements or insufficient funds to cover fees.
If an account remains overdrawn for more than 21 days, we may sell assets to recover the amount owed. If you’re unsure about how much cash to retain, your Investment Manager or Account Executive will be happy to help.
If you wish to sell shares held as paper certificates, you’ll need to ensure the original certificate and completed transfer form arrive at our office 5 days before the settlement date for onward delivery to the custodian (BNY Pershing).
From 30 June 2025:
Late delivery may lead to a buy-back, incurring a £125 charge plus commission.
Buy-backs will be at the prevailing market price, which may differ from the original sale price.
You may wish to avoid delays by depositing certificates into our Nominee service, which allows for faster, more secure electronic settlement (T+2).
For full details of charges relating to the late delivery of stock and/or transfer forms for certificated sales, please refer to our Supplementary charges.
To align with global settlement standards, from 2 June 2025, we will reduce the maximum extended settlement period from T+20 to T+10 business days.
This means extended settlement trades will require settlement within a maximum of the trade date plus 10 business days.
From 30 June 2025, we’re adjusting how Bed & ISA transactions are processed:
The ISA purchase will only proceed once sale proceeds are notionally subscribed into the ISA account to avoid overdrawing.
This may create a short delay (up to one day) between the sale and purchase.
To avoid delays or market price fluctuations, clients can pre-fund their ISA account before requesting a purchase.
From 30 June 2025, withholding tax relief will be withdrawn from REIT income distributions. This means tax will be deducted at source before dividends are paid.
If you're eligible to reclaim tax, this must now be done directly with the relevant tax authority.
We recommend seeking advice from your tax adviser if this applies to you.
Following the custody transfer, the “Your Portfolio” section of the Client Portal will be updated:
Two separate sections will be shown:
Portfolio (BNY Pershing) – your current holdings from 30 June 2025 onward.
Portfolio (WB Noms) – any assets not transferred and historic data up to 28 June 2025.
If you have assets held across both custodians, you’ll need to view both sections to see your complete portfolio. Most clients will only need to access the “WB Noms” section for historical information.
If you have any questions about how these changes might affect you, your Investment Manager or Account Executive will be pleased to help.
Important Note
No news or research content is a recommendation to deal. It is important to remember that the value of investments and the income from them can go down as well as up, so you could get back less than you invest. If you have any doubts about the suitability of any investment for your circumstances, you should contact your financial advisor.
The value of investments can fall as well as rise. Investors may get back less than invested. Past performance is not a reliable indicator of future results.
The value of investments can fall as well as rise. Investors may get back less than invested.
