The Novia Global Platform operates in a number of currencies. This provides flexibility for you to:
The Service reports and facilitates investment in US Dollars (USD), Sterling (GBP), Euros (EUR), Swiss Franc (CHF), Australian Dollars (AUD), and Hong Kong Dollars (HKD).
In each currency holding there is a cash facility. This provides liquidity within the Account and holds funds for investing and withdrawing. Money from sales and dividends from within the specific currency holding will be paid into its cash facility and the relevant fees and charges will be paid from it. A minimum of 2% of the value of the currency holding will be maintained in the cash facility to meet these obligations. All cash and investments are handled by Novia Global in accordance with the client money rules of the Financial Conduct Authority.
The interest rate which clients currently receive for our available currencies are:
Interest Rate Policy
Novia Global was set up in October 2014 to offer online wealth administration to offshore advisers and their clients. The platform allows professional advisers to trade into and out of assets on your behalf through an online system.
The system has a cash facility to enable you to hold sufficient monies to cover your forthcoming need to pay fees (we require 2% of your overall investments to be held in cash for these purposes).
Consequently, these facilities are not designed to be interest-bearing accounts where you can seek interest-bearing returns and therefore, Novia Global retain all interest on monies held in the cash facility.
In the event there are negative interest rates we will follow those provided by our main trading bank HSBC Jersey plc, who may apply a margin. We will also apply our own margin of 40bps to any negative rates to cover our own costs for holding cash.
We also apply the 40bps margin on positive rates lower than 0.4% - where applicable, this has been accounted for in the above table.
If interest rates are positive, Novia Global will normally receive a margin. Currently, across all currencies, we are receiving a blended rate of interest of 5.08% as at 31/12/2023. This rate changes regularly with movements in interest rates and this policy will be updated each quarter to confirm the blended rate at the time.
We issue regular reminders to your adviser about the long-term nature of our proposition and the need to invest in assets over the long-term depending on your objectives and attitudes.
You and your adviser have access to money market funds in which to invest. However, if your long-term objectives and attitudes are not being met by our proposition and you are looking for a deposit facility, then you might want to consider moving away.
If we have a particular situation where you are holding cash due to special vulnerable circumstances and we are making margin, then if there is justifiable reason for you staying with us in cash for a prolonged period, we will consider waiving some or all your platform fees. Such cases should be referred to our Managing Director or Chief Financial Officer.