An update for users of the Advance by Embark Platform
You should have recently received a letter from Advance by Embark, the technology platform where your investment portfolio is administered, to inform you that they are upgrading their technology. Therefore, later this year, your portfolio will move from the Advance by Embark platform to the Embark Platform which is already operating and upgrading so this will ensure you benefit from all future enhancements that are made.
As you would expect, The Openwork Partnership are working closely with Embark on this upgrade to ensure the transition runs smoothly and I wanted to take the opportunity to assure you that we will continue to work with you as we do now. I can also confirm that you do not need to do anything as part of this upgrade process, your portfolio will move automatically.
Embark Investment Services Limited
There are over 150,000 customers across the UK with their investment and pension savings on the Embark Platform which is operated by Embark Investment Services Limited (EISL). This means that when the move from Advance to Embark platform happens later this year, the legal entity which underpins your account will change from Sterling ISA Managers Limited (SIML) to EISL. Both EISL and SIML are part of the Embark Group.
Who is EISL?
EISL is an established part of the Embark Group, and your investments will continue to have all the same protections they currently enjoy, including those provided via the Financial Services Compensation Scheme.
I will continue to keep you updated in the run-up to the platform transfer happening later this year, however, if you have any questions or would like to know more about the Embark Platform and how or why this change is being implemented, please don’t hesitate to contact me, James or Nathan or you can also find out more at; https://client.embarkplatform.co.uk/welcome-to-embark/