A more efficient way for clients to access their funds

When requesting a withdrawal on behalf of your clients, North will on occasion require positive consent from your clients before we can process the payment. From 29 July 2024, we’ve made this process more:

Efficient by using North's digital consent process when North requires positive consent for a withdrawal.
Transparent as you’ll be able to track the progress of a withdrawal including when client consent is requested in Activity Management.
Flexible, allowing your clients to action the withdrawal consent request at any time though various secure channels.

These enhancements aim to simplify and expedite the withdrawal process for you and your clients.

What’s changing?

For cash withdrawals on Super, Pension or individual IDPS accounts, you will be informed if North client consent is required at the point when you submit the withdrawal. If North client consent is required:

Clients eligible for digital consent will be prompted to approve requests directly through an integrated digital consent function. This function provides clients with greater flexibility to action the North digital consent request on their preferred channel: North Online, mobile app, or via a link in the email (where applicable).
If a client has not provided North with a mobile number, you will need to prompt your client to contact the North Service Centre on 1800 667 841 to provide a response to the North consent request.
Clients will receive reminders if a response has not been provided and the North Service Centre will actively follow up clients for a response after 4 days. If a client response has not been received after 10 days from the withdrawal submission, the withdrawal transaction will be cancelled.
You will have full transparency in Activity Management on the client interaction with the North client digital consent request, including viewed status, actions taken, and reminder notifications sent.

We’re also updating our requirements for SMSF's. From 29 July 2024, a certified SMSF bank statement will only be required if the rollover amount is greater than $100,000.

More information

To find out more, please contact your Business Development Manager (BDM).

Important information

The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT). It contains general advice only, does not take account of your client’s personal objectives, financial situation or needs, and a client should consider whether this information is appropriate for them before making any decisions. It’s important your client consider their circumstances and read the relevant product disclosure statement (PDS), investor directed portfolio guide (IDPS Guide) and target market determination (TMD), available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.

MyNorth Investment and North Investment are operated by NMMT. MyNorth Investment Guarantee is issued by National Mutual Funds Management Limited ABN 32 006 787 720, AFSL 234652 (NMFM). MyNorth Super and Pension (including MyNorth Lifetime), MyNorth Super and Pension Guarantee and North Super and Pension are issued by N.M. Superannuation Proprietary Limited (ABN 31 008 428 322, AFSL 234654 (NM Super) as trustee of the Wealth Personal Superannuation and Pension Fund (the Fund) ABN 92 381 911 598. NMMT issues the interests in and is the responsible entity for MyNorth Managed Portfolios. All managed portfolios may not be available across all products on the North platform. All of the products above are referred to collectively as MyNorth Products. The information on this page is provided only for the use of advisers, it is not intended for clients. This page provides a brief overview of some of the benefits of investing in MyNorth Products. The adviser remains responsible for any advice/services they provide to clients including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.

You can read the Financial Services Guide online for more information, including the fees and benefits that companies related to NMMT, N.M. Superannuation Proprietary Limited ABN 31 008 428 322, AFSL 234654 (N.M. Super) and their representatives may receive in relation to products and services provided.

North and MyNorth are trademarks registered to NMMT.

All information on this website is subject to change without notice.

This article has been provided by NMMT Limited ABN 42 058 835 573, AFSL No. 234653 (NMMT) for professional adviser use only and is general in nature. The adviser remains responsible for any advice/services they provide to clients using this information, including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.

It’s important a person considers their circumstances and reads the relevant product disclosure statement and/or investor directed portfolio services guide and target market determination, available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them. Any general tax information provided is intended as a guide only and is based on our general understanding of taxation laws current at the date of publication. It’s not intended to be a substitute for specialised taxation advice or an assessment of liabilities, obligations or entitlements that arise, or could arise, under taxation law, and we recommend that advice be obtained from a registered tax agent / tax professional before deciding to act on the information provided. Information in this article is subject to change without notice.

A more efficient way for clients to access their funds

What’s changing?

More information

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