Monzo migrates investment accounts to Seccl
1
Since September 2023, Monzo customers have been able to open investment accounts and access a range of multi-asset funds directly within the app. As well as a Stocks and Shares ISA and General Investment Account (GIA), Monzo also launched a pension tracing and consolidation service in July 2024.
The investment proposition has so far attracted over 300,000 customers, whose assets will now be migrated to Seccl as it takes over the provision of custody, wrapper administration and investment services. BlackRock will continue to manage the funds available to Monzo Investments and Pensions customers.
Monzo selected Seccl as its new technology partner in January and the first assets were placed on the Bath, UK-based technology provider's platform in May.
By the beginning of July, new Monzo investment accounts were powered by Seccl. The migration of its existing investor base is scheduled for September.
As part of the migration, Monzo is introducing a range of new features - starting with a fully digital accumulation SIPP (to which customers can make new contributions, as well as consolidate existing pensions) and the ability to trade ETFs.
Andy Smart, CPO of Monzo says: 'In line with our mission to make money work for everyone, we've helped to demystify investing for thousands of customers, making it simple, transparent and affordable. Working with Seccl means we can go even further and introduce more exciting features and tools that help our customers grow their money, all within the Monzo app.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ITV News
9 minutes ago
- ITV News
UK-India trade deal sparks fears over access to cheap medicines for millions
A newly signed trade agreement between India and the UK has triggered concerns that millions of poor Indians may lose access to affordable life-saving medicines. Civil society groups and health experts say the UK-India Free Trade Agreement (FTA), finalised between two countries, tilts the balance in favour of multinational pharmaceutical corporations and threatens to erode long-standing protections that have allowed India to produce low-cost generic drugs. 'This is not just about trade. It's about whether a person living on ₹200 (£2) a day can afford cancer treatment or survive tuberculosis,' said Jyotsna Singh, co-convenor of the Working Group on Access to Medicines and Treatments. At the heart of the controversy are the agreement's intellectual property (IP) provisions, which activists say may restrict the Indian government's ability to issue compulsory licences—legal tools that allow domestic companies to manufacture patented drugs at reduced prices during public health emergencies. India used this provision in 2012 to dramatically cut the price of sorafenib, a cancer drug sold by Bayer under the brand Nexavar. Generic versions slashed the monthly cost by nearly 97%, from ₹2.8 lakh (£2,600) to around ₹8,800 (£80), making it affordable to thousands. 'By discouraging compulsory licensing and promoting voluntary licences, the deal hands over control of access to medicines to the market,' said Prof Biswajit Dhar, a trade expert and former professor at New Delhi's Jawaharlal Nehru University. 'Voluntary licences often come with strings attached and don't bring the same price reductions.' Weakening India's Patent Safeguards Under the FTA, companies will no longer need to report annually how their patents are being 'worked'—or used—in India. Instead, disclosures can be made every three years, and some information can be kept confidential. Activists say this undermines transparency and makes it harder to prove that a drug isn't available to the public, a key step in applying for a compulsory licence. There are also concerns the deal could open the door to 'evergreening'—a tactic in which companies make minor changes to existing drugs and claim new patents. Indian law currently limits this practice under Section 3(d) of the Patents Act, but experts warn the FTA's emphasis on 'harmonisation' of IP standards with Western countries could override such protections. 'This is effectively a backdoor entry for TRIPS-plus provisions,' said K.M. Gopakumar, co-convenor of the Working Group. 'It would push India to grant unnecessary patents, prolonging monopolies and delaying cheaper alternatives.' The Indian pharmaceutical industry supplies more than 60% of global vaccines and a significant share of affordable generics to low- and middle-income countries. Critics say the FTA may limit this capacity and ultimately have consequences well beyond India's borders. Government response The Indian government has promoted the FTA as a landmark deal that will boost exports and attract UK investment in manufacturing, services, and digital trade. Officials insist that India has preserved its ability to protect public health. But rights groups remain unconvinced. 'You cannot negotiate away access to life-saving drugs in the name of free trade,' said Gargeya Telakapalli, a public health campaigner based in Hyderabad. 'The poorest Indians—those with cancer, HIV, diabetes, or TB—are being quietly sacrificed.' Broader implications The deal follows a similar agreement India signed last year with the European Free Trade Association (EFTA), which also faced criticism for diluting IP safeguards. Observers say the trend may reflect a shift in India's trade policy as it seeks closer ties with Western economies. But for many in India's healthcare and legal communities, the question remains: how much access to medicine is the country willing to give up for a better trade balance? From Westminster to Washington DC - our political experts are across all the latest key talking points. Listen to the latest episode below...
The Independent
39 minutes ago
- The Independent
Trump claims ‘migrant invasion is killing Europe' during Scotland visit
Donald Trump arrived in Scotland for a four-day visit, intending to golf at his luxury resorts and engage with leaders. Upon landing at Glasgow Prestwick Airport, he was greeted by thousands and met by Scottish Secretary Ian Murray. Trump praised Prime Minister Keir Starmer as a "good man" and confirmed a meeting, commending him for securing a trade deal. He advised European leaders to "get your act together" on immigration, labelling it an "invasion" that is "killing Europe". Trump also criticised windmills, claiming they are "ruining your countries" and harming the environment.
Daily Mail
40 minutes ago
- Daily Mail
Death of the British summer holiday job: Hospitality job postings fall by more than 20,000 in a year as industry blames Rachel Reeves' Budget
Rachel Reeves ' budget has been blamed for killing the British summer holiday job with hospitality postings falling by more than 20,000 in a year. The drastic reduction comes despite a booming tourism industry which saw visitors in England spending £48.4 billion on day visits in 2024, a six per cent rise from the previous year. Job postings for temporary hospitality work is down 25% year-on-year, with 22,369 fewer unique postings for jobs this year compared to last, according to data from the Recruitment and Employment Confederation (REC). In 2024 there were 88,414 hospitality jobs on offer, but that fell markedly to 66,045 in a single year. Meanwhile, the number of tourism jobs have also been largely reduced. This year there have been just 15,650 unique unique job postings, a 14 per cent drop from the 18,118 last year. The fall in employment opportunities will largely impact students and teenagers looking for their first jobs and will threaten the temporary job market as schools and universities break up for the summer, according to UKHospitality, a trade body for the industry. It will put at the risk the skills provided by having hospitality as a first job, they claim. Allen Simpson, Chief Executive of UKHospitality, said: 'This is the time when hospitality businesses would be frantically hiring staff for the busy summer months, when the sector expects to welcome families to their hotels, and serve millions of people with ice cream on the beach, fish and chips on the pier, and cold pints in the pub garden. 'I know from personal experience how important hospitality summer jobs are for getting young people experience of work, however hiring this year has fallen off dramatically, with 22,000 fewer jobs available compared to last year. 'It is sadly reflective of the impact we have seen from increased costs over the past nine months – less employment, less opportunity and less growth in the economy. The reduction in hiring comes after Labour chancellor Rachel Reeves hiked the National Insurance rates for employers. The October budget also lowered the threshold for when employers must start paying the tax, as she looked to raise around £20 billion. It has resulted in £3.4bn in additional annual cost for hospitality businesses, with 84,000 job losses, UKHospitality estimates. Mr Simpson added: 'Unless the Government acts, we could well be seeing the death of the great British summer job. That's not good for the economy, for businesses, or for the people that need this flexible work during the summer. 'We need to see action at the Budget to reverse this damage. That starts with fixing NICs, lowering business rates and cutting VAT for hospitality businesses.' Neil Carberry, REC Chief Executive, said: 'Hospitality is one of the UK's biggest entry points into work, but right now, we are shutting people out before they even get a foot in the door. 'A drop of over 22,000 job postings as we reach the height of the summer season is not just a staffing gap, it is a red flag for the wider economy. It puts recruiters, hospitality businesses and customers under massive pressure to make the most of the short-lived English summer. 'We cannot keep loading new costs onto employers if we want vibrant high streets, thriving pubs and strong local economies.
