Buying & Selling Investments

How easy is it to buy and sell investments?

Once you have logged into the dealing area of our website, you simply have to choose the investment you wish to buy, or sell.

If you are buying or selling UK (and certain US and euro) quoted shares, exchange traded funds, warrants, government stock or fixed interest stock the market price will appear for you and you have 15 seconds in which to choose to deal or not.

Unit trusts and OEICs are only priced once a day, typically at midday. If you submit your deal before 11:00am (UK Standard Time), you will normally deal at the price calculated on the same day. If you submit your deal after 11:00am (UK Standard Time) you will normally deal at the following day's price. Times vary between fund managers.

Please be aware that dealing in unit trusts and OEICs does not benefit from an automated settlement system (such as CREST) and there may be delays in your valuation reflecting recent purchases or sales of unit trusts or OEICs.

A small number of investments are viewed as "complex" and in accordance with rules set by the Financial Services Authority we will be required to carry out an appropriateness test before you are able to buy them. Full details of our requirements will be confirmed if you choose to purchase one of these investments.

How are dividends paid to the SIPP?

Dividends will be credited automatically to your Bank of Scotland SIPP cash account and will be specified separately on your statement. It is not possible to automatically re-invest dividends.

There is no charge for processing dividends.

Can I deal over the telephone?

Yes, but in order to keep costs (and therefore your charges) to a minimum we would ask you where possible to submit deals online.

Most unit trusts and OEICs are available to deal online. All other unit trusts and OEICs are available via telephone dealing.

Certain investments, for instance foreign equities, can only be dealt over the telephone. There are separate charges for dealing in some foreign equities. Please see the Charges & Rates section of our website for further information.

How long before I can invest any sale proceeds?

You can reinvest sale proceeds immediately, except for sale proceeds from unit trusts and OEICs which may take longer.

Standard settlement is three days after dealing (known as T+3).

Sale proceeds and purchase costs will be automatically credited or debited to/from your SIPP cash account held with Bank of Scotland.

Can I place orders outside market hours?

Yes, we have a facility to enable you to place orders outside market hours, which are currently 8.00 am to 4.30 pm, Monday to Friday excluding bank holidays.

These orders will be processed as soon as possible after the next market opening, subject to the price limit imposed by you. If an order has not been executed by the close of the market on the day in which the order becomes active, the order will be cancelled.

There is also a limit minding and alert facility.

Is there a restriction on the size of deal?

The amount of shares available for any company is adjusted by the market makers and varies depending on the market at any one time.

If you wish to deal in a larger amount of shares than displayed on your screen, you will have the option to refer the deal directly to a dealer who will attempt to place the order manually, at no extra cost.

How do I know the price I have dealt at?

For UK (and certain US and euro) shares, exchange traded funds, warrants, government stock and fixed interest stock, the dealing price is displayed when you place the order and is held for 15 seconds after which the market may change. The price is confirmed immediately the deal is done.

For unit trusts and OEICs the price will be confirmed on your contract note.

A contract note will be issued to confirm the deal via e-mail.

All investments are registered in the nominee company of our stockbroker, James Brearley & Sons Limited, who are authorised and regulated by the Financial Services Authority.

Can I hold my cash in accounts other than the SIPP cash account?

All un-invested cash can only be held in your individual SIPP cash account with Bank of Scotland.

If you wish to hold cash deposits in an account of your choice then the A J Bell Group also offers a fully flexible SIPP which may be more appropriate (www.ajbell.co.uk).