Update to Client Terms (wrap66)
19 November 2025As part of our Aberdeen SIPP launch, we have updated our Wrap Services Client Terms and Conditions (wrap66) (Client Terms) to explain certain features and charges of the new Aberdeen SIPP and to make a few additional changes. The changes to our Client Terms, as well as changes we have made to our Wrap ISA & Personal Portfolio terms and Fundzone terms, are summarised below.
The updated Client Terms (version 1125) will be effective from 1 December 2025 and are available here.
From 1 December we will only accept a signed copy of our updated Client Terms (version 1125) for any new business wizards which are submitted. This applies to all products. If we receive a previous version for a wizard submitted on or after 1 December, we will ask you to provide us with a signed copy of our updated Client Terms.
Summary of key changes to Wrap Client Terms and Conditions (wrap66) v0225
- Aberdeen SIPP: Throughout the terms, we added references to the Aberdeen SIPP, for example in the charging schedule (Annex 1).
- View-only access: We clarified that view-only access, where agreed between the adviser and their client, is subject to reasonable verification checks (section 6.1).
- Account closure: A Wrap account may be closed at any time if a customer no longer has any cash or investment holdings (section 9.2 d)). We also clarified that no interest is applied following the closure of an account (section 9.5).
- Dealing instruction: We clarified that we will sell 100% of the holdings in a mutual fund, managed portfolio or advised portfolio if we receive an instruction to sell 95% of those holdings (section 12.5).
- Re-registration: If we are unable to facilitate the conversion of a unit class following an instruction to re-register, we will contact the adviser for further instructions (section 13.11).
- Name change: We updated the terms to reflect the new name of the legal entity that provides our platform and various Wrap products (Aberdeen Platform Limited) and our group name (Aberdeen Group plc).
Summary of key changes to Wrap ISA & Personal Portfolio Terms and Conditions (wrapisa62) v1124
- Dealing instruction: We clarified that we will sell 100% of the holdings in a mutual fund, managed portfolio or advised portfolio if we receive an instruction to sell 95% of those holdings (section 4.11).
- U.S. withholding tax: In order to benefit from a reduced tax rate, a form has to be completed and returned to us. We explain the process in section 9.8.
- Name change: We updated the terms to reflect the new name of the legal entity that provides our platform, ISA and Personal Portfolio (Aberdeen Platform Limited) and our group name (Aberdeen Group plc).
Summary of key changes to Fundzone Terms and Conditions (fzmf62) v0223
- Eligibility: We clarified that customers must not be U.S. persons (as defined in the glossary) to be eligible to open a Fundzone account and that investment restrictions may apply (sections 1.1 and 1.21).
- View-only access: We clarified that view-only access is subject to reasonable verification checks (glossary).
- Account closure: We clarified that no interest is applied following the closure of an account (section 6.3).
- Auto-disinvestment: We clarified that if there is insufficient cash, we will first sell holdings in mutual funds held in a Personal Portfolio, followed by holdings in an ISA (section 23.2).
- Name change: We updated the terms to reflect the new name of the legal entity that provides our platform, ISA and Personal Portfolio (Aberdeen Platform Limited) and our group name (Aberdeen Group plc).