Certain client services operations will be migrated from in-house management to Goji Financial Services Limited (“Goji”) on or shortly after 20 January 2020.
These client services include managing client deposits and withdrawals, anti-money laundering checks and administration of client monies and assets.
Across these services, we expect clients to receive improved service levels and faster processing times. There will be no new charges to clients on any services.
The migration of this customer administration is part of a wider restructuring of our cost base, improving the efficiency of the business today and our ability to grow in the future.
Goji are an FCA-regulated firm that specialise in providing administration solutions to financial services firms in the financial technology space, with an existing client base of 30 platforms. Since January 2019, Goji has provided ISA administration services for our Innovative Finance ISA and we have been impressed by the performance of their technology backed administration services.
From a customer perspective, with the exception of faster processing times, there will be little change to the service you receive. Neither the investments you hold with us or the fees we charge will change in any way. Property Partner will continue to manage and be accountable for your investments.
The principal services managed by Goji will include:
- Identity checks on new clients opening accounts (KYC)
- Anti-money laundering checks
- Processing client deposits and withdrawals - >the bank account details for making deposits will change; we will provide updated details when the migration to Goji completes
- Manager of the Property Partner ISA; if you hold a Property Partner Innovative Finance ISA we will write to you separately on this topic
- Client money will be held in Goji’s segregated, ring-fenced client money account; these client funds will continue to be protected by the Financial Services Compensation Scheme (FSCS)
- Custodian of investors’ share holdings and reconciling these holdings within each property investment SPV
The migration of our customer administration functions to Goji requires specific updates to our Property Partner Investor Terms & Conditions, namely:
- Goji has been appointed as custodian in respect of holding and administering client money and investors’ share holdings
- Including reference to Goji in the complaints provisions
- Noting what happens in the event of Goji’s insolvency
- Clarifying FSCS protection in relation to Goji’s role as custodian
The updated terms and conditions can be found here and will take effect on or shortly after 20 January 2020. You don’t need to take any action as a result of these updates.