What is an LEI and when would I need to provide one?
Any legal entity that uses a regulated exchange to invest in financial instruments (such as shares, bonds, collective investment schemes and derivatives) needs a unique code called a Legal Entity Identifier (LEI). This code is used to identify the legal entity when it makes a transaction.
Some examples of legal entities are Trusts (with the exception of Bare Trusts), Companies (Public and Private), Pension Funds (with the exception of SIPPs), Charities and Unincorporated Bodies.
That means if you’re the nominated contact for a Dealing account which is part of a Small Self-Administered Scheme (SSAS), you’ll need to provide us with an LEI. From 3 January 2018, if we don’t have an LEI you won’t be able to deal in your AJ Bell Youinvest Dealing account. We can’t be held responsible for any losses you might incur as a result.
If you’re opening a new Dealing account which is part of a SSAS, you’ll need to provide us with a LEI on your application form.
You can obtain an LEI, for a fee, from an authorised Local Operating Unit. The UK Local Operating Unit is the London Stock Exchange (LSE), which charges an application fee of £115 + VAT. You’ll need to renew your LEI every year – which, from the LSE, will cost you £70 plus VAT.
You can apply for an LEI yourself (or via your scheme administrator) by visiting www.lseg.com/LEI. You need to make sure you register the LEI for the SSAS – not for the employer or yourself. You only need one LEI per SSAS.
Once you’ve received your LEI (or if you’ve already obtained one), please send it to us by email at firstname.lastname@example.org. Alternatively, you can send us a letter. Either way, remember to quote your AJ Bell Youinvest account number for your account.