AXA Wealth has withdrawn fixed term deposits as an investment choice for new business on all Elevate general investment accounts (GIAs).
This restriction applies to new business only, while existing deposits can remain in a GIA until maturity. However, any fixed term deposits held within an Elevate GIA will therefore be marked as sell only, the company said in a statement.
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The move follows the FCA’s decision to restrict access to fixed term deposits through platforms.
FCA said unbreakable term deposits that fell under the definition of client money in the CASS will no longer be held on platforms from July unless held by a Sipp trustee.
AXA Wealth launched the fixed term deposit offering on Elevate in October 2012 to support the platform’s whole of market solution.
It offered fixed term deposits rates of up to 3.9% for a three year investment.
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