Our latest updates could make it easier for you

From 30 April you can now submit rate switch applications on behalf of your clients up to 5 months ahead of their maturity date.

And we’ve made a number of improvements designed to help make things easier for you and your clients. We’re reducing the proofs needed for savings held outside of the UK, removing the need for child benefit proofs and expanding what your client can use for their deposit.

Read on for full details.

Submit earlier Rate Switch applications

You can now submit earlier Rate Switch applications on behalf of your clients. From today, we’ll accept these up to 2 months ahead of the 3 month ERC waiver period, which is now aligned with what’s available to our members direct.

This means you’ll be able to secure a new Rate Switch product up to 5 months ahead of your clients’ current deal maturing - helping you to retain more of these cases.

And we’ll now post the Rate Switch offer to your client once the application has been fully submitted, instead of sending one each time you produce an offer in NFI Online.

Child benefit proofs

We’ll no longer ask for proof of child benefit (Please note, this change was effective from 24 April).

Where a client wishes to use child benefit you must continue to key it, but proofs are no longer needed. As always, please only submit the proofs we ask to see, as any proof attached to an application will need to be checked.

Savings proofs

We’re reducing the number of proofs we need to see for source of deposit. In NFI Online and MTE, for new purchases, you'll notice two new options that replace the previous generic 'Savings' option.

These are:

  • Savings account in UK or EEA – we’ll now only need 1 month's statements held in an EEA account (previously 3)
  • Savings account outside of UK and EEA - we’ll now only need 3 months' statements held in a non-EEA account (previously 6)

It’s important you select the right option (if in doubt please check a list of EEA countries) and only provide us with proof of deposit if we ask for it.

Proof requirements for UK savings accounts remain unchanged, requiring only the latest months bank statement.

Gifts

We’re changing how we define a gift. So, if a client tells you their deposit was gifted to them over 12 months ago, we’ll now be treating this as Savings.

This means you’ll need to key this as Savings and not as a gift.

  • Example: Client tells you that 18 months ago their father gifted them £12,000 - You don’t need to select the ‘Gift’ option in the drop down in NFI Online as this will now be treated as Savings. You’d input £12,000 against either ‘Savings account in UK or EEA’ or ‘Savings account outside of UK and EEA’
  • Also, please ensure you’re using the latest version of the Gifted Deposit form, as we’ve added some new questions to this.

Repayment of a loan

If a client has lent money to friends or family, which was repaid to them over 3 months ago, we’ll now accept this as Savings.

  • Example: At the time of application, your client tells you that they loaned their friend £15,000 4 years ago and that the friend has now paid it back to them - If the money was given back to the member over 3 months ago we’ll accept this as Savings.
Edit & View action buttons

You’ll see some changes on your My Home screen when you log into NFI Online. We’ve replaced the ‘Edit and View’ action buttons with a single ‘Open’ button.

When you click ‘Open’, your case will always open in edit mode, unless there’s a reason why it can’t be edited, such as someone else is already editing the case, or because the case has already been fully submitted. You’ll know if the case has opened in ‘View’ mode as a message will display across the top of the page.

Here’s an example showing the new ‘My Home’ page with the ‘Open’ button:

Not actual customer / intermediary data