BT has shut down the SMSF establishment and administration services on its Panorama platform, but will continue to allow SMSF clients to use its investment and cash account facilities.
In an email sent to BT Panorama SMSF services clients, the organisation stated that following a review of its services “BT has decided to simplify its current SMSF offers and will cease offering the Panorama SMSF establishment and administration services effective 23 December 2021”.
“While our SMSF establishment and administration services are ceasing, advisers, clients and accountants will continue to be able to collaborate on Panorama as they did before,” it said.
“This change is part of our simplification program, allowing us to focus on our core platform capabilities and our ongoing program of improvements.”
In the note to clients, BT added any in-progress applications to set up an SMSF in conjunction with opening a Panorama Investments account or BT Cash Management Account (CMA) submitted by 23 December will still be processed.
“All SMSF establishment applications received and approved by 23 December 2021 will continue to be supported by our team until your client’s SMSF has been registered with the ATO and their Panorama Investments or BT CMA Saver account becomes active,” it said.
In the wake of the move SMSFs using the BT Panorama administration service have been pointed in the direction of Heffron under an arrangement the former said will create a smooth transition and continuity in services.
“[Existing clients] are free to nominate any service provider [they] choose. However, to assist with a smooth transition and continuity of administration services, BT has held discussions with another administration service provider, Heffron,” the financial services firm said in a note to clients.
“Heffron has agreed to honour all existing fees (including discounts where relevant) for administration, audit and company administration for the 2021/22 FY and 2022/23 FY.”
Heffron managing director Meg Heffron confirmed the arrangements with smstrusteenews and confirmed BT clients would not be disadvantaged in any way as a result of the move.
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