Get set up for international investing

Q: What happens if I do not pass the Appropriateness Assessment?

If you fail, we cannot enable you to purchase any complex instruments – including US shares. You can retake the test after 5 days. This date will be displayed to you in the result confirmation. Please note that if you retake the test and your score is significantly improved above what could be expected, you may be presented with another failure message. If you do receive another failure message, please contact our customer services team to discuss your results.

Before you can buy international shares, you need to sign and return the following forms:

Exchange Agreements – this ensures you can get live prices for international markets.
W-8BEN – this enables you to trade US shares.

You will also need to complete an Appropriateness Assessment Form in order to trade US shares or other complex instruments.

How to complete the online Exchange Agreements form

Select Trading > Trade Now from your account menu.
Click on the International investment type, and then the sign the exchange agreements link.
Open the Amalgamated Exchange Agreements form.
Complete the form carefully.
Scroll down to read the disclaimers. Click I agree to confirm.

How to complete a W-8BEN form to trade US shares

To invest in US shares within a Trading Account or ISA, you must complete a W-8BEN form.

You do not need to do this to trade US shares within a SIPP account.

You can access a W-8BEN form through your online account.

Select Account > Useful Forms from the menu.
If you scroll down, you can view a guide to completing the W-8BEN before clicking Go To W-8BEN Online.
Click New Form.
Complete the form chooser by choosing the options which apply to you. This process may take up to 10 minutes to complete.
When you reach the Declarations stage, click Generate PDF to open your W8-BEN form in a new window. Please review the document and check the details are correct.
If you are happy the information in it is correct, close the new window containing the W8-BEN form.
Click Submit to confirm.

Once you have completed your W-8BEN form, you will be able to trade US shares.

It will remain valid for three years before you need to renew.

Learn more about the W-8BEN form.

How to complete the Appropriateness Assessment Form

Appropriateness tests are required when purchasing complex instruments – including US shares.

It helps us to determine whether you have the appropriate experience and knowledge to understand the risks involved while trading.

The Appropriateness Assessment Form contains 10 yes or no questions. You can access it through your account.

Select Account > Personal details & preferences from the menu.
Scroll down to the Account Information section. Click on Appropriateness Assessment Form.
Read each question carefully and select yes, no or don’t know.
When you have finished, click Submit.
A message will then appear to notify if you have passed the assessment.

What happens if I do not pass the Appropriateness Assessment?