On 15 October 2021, the limit per transaction for contactless cards increased from £45 to £100. The decision was made by HM Treasury and the Financial Conduct Authority following a public consultation and in discussion with the UK retail and banking sectors. It follows on from the successful increase in the limit from £30 to £45 in April 2020.
As a security measure, you will need to input your PIN after 5 transactions, or when the cumulative value of your transactions reaches £300, whichever is sooner.
If you have any concerns about how this change may impact you, have a look at our useful fact vs fiction list here.
The latest improvements to our online wealth services introduce a number of self-service features that give you greater control, increased security, and more convenience.
In addition to the useful ‘view PIN’ facility, you can now:
all through your mobile app or via your desktop. Just go to the ‘More’ menu and select ‘Card management’.
Update your mobile app today to access the new card management features, and please ensure you have given us your current mobile phone number – if in doubt, please contact us.
Your mobile app is up to date when you are using version 6.1.2. You can check your current version by navigating to ‘More’ followed by ‘Important information’. The version number is visible at the bottom of the screen.
New European Union (EU) legislation comes into effect from 3 September 2020.
The Shareholder Rights Directive II (SRD II) is designed to improve corporate governance and encourage long-term engagement among shareholders of companies that have their registered office in the EU and whose shares are traded on EU regulated markets.
If you hold shares in companies within the scope of this directive, you will be notified of corporate events in a timely manner and have the opportunity to vote at general meetings, on issues such as board composition, strategy and directors’ remuneration.
Nedbank Private Wealth will be obliged to share information about the identity of shareholders at a company or share issuer’s request. As is common practice across other jurisdictions, the information we will be asked to share will include the shareholder name, their contact details, and the registration number and number of shares held.
What do clients need to do?
If you haven’t already submitted your ‘decision maker’ nomination form, you can download it here. Please complete it and send it back to us at your earliest convenience.
You may nominate yourself or an appointed third-party with authority over your account, such as an investment adviser. Please ensure you have their agreement for us to contact them. Where you have appointed Nedbank Private Wealth as your discretionary investment manager, we will act as your decision maker on corporate actions within the portfolios we manage on your behalf.
Notifications will be sent by email as this is the preferred means of contact to ensure prompt and direct delivery, so it is important you provide us with your nominated decision maker’s current email address.
Should you wish to nominate someone who does not currently have authority over your account as your decision maker, or you have questions regarding the impact of the Shareholder Rights Directive II, then please contact your private banker, or our client services team.
Access the MiFID II forms you need for the UK or access more information on the legislation, as well as the reports on the top five brokers we publish on an annual basis for each of the main asset classes which we trade.
Please click here to access the last published rates for Nedbank Private Wealth’s current accounts as well as lending rates.
Please download the pdf for a step-by-step overview.
If you would like more information, the Isle of Man scheme website is linked here, the Jersey website is linked here, and the UK website is linked here.
You can also download the information from Nedbank Private Wealth on the UK Financial Services Compensation Scheme
Our client magazine, Opportunity, is published up to three times a year and provides insights and company updates for our clients.
If you would like to subscribe, please contact your private banker, who can add you to the mailing list, or email us here.
If you are interested in becoming a client, please complete the form via the ‘become a client’ button below. Alternatively, if you are already a client, or if you have a question about how we help clients in particular circumstances, please use the ‘contact us’ button.
We will get back to you as soon as we can during office hours, which are Monday to Friday, 8am to 8pm (UK time), except for UK public holidays.
Copyright Nedbank Limited 2021.
Thank you for your interest in Nedbank Private Wealth. Please call us on +44 (0)1624 645000 or complete the requested information and one of our team will get back to you soon. We look forward to speaking with you. Please note: If you are an EU resident, we are unfortunately unable to offer our services to you at present.
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