Upcoming changes to OneFamily’s long-standing (legacy) ISAs

Changes to the investment funds and which part of the OneFamily group acts as ISA manager

We recently wrote to our long-standing ISA customers to let you know that the way your product is invested and managed is changing.

This change won't happen before 19 October 2025 to give you time to understand what the changes mean. We'll let you know when the change has happened.

We believe this is a positive move. You'll be able to manage your ISA online and pay money in. As the new fund you'll be investing in is a 'life fund', you’ll also get a death benefit.

But we understand that change can be unsettling, especially when it comes to your savings. So, we’re going to break down exactly what’s changing and how it affects you.

What’s changing?

There are six main changes. Not all of these changes affect everyone so please read the below carefully to understand which are applicable to you.

The fund you invest in is changing

The legal entity of your ISA is changing

The “legal entity” is the company within the OneFamily group that manages your ISA.

Your ISA is currently managed by “Family Equity Plan Limited”. It will instead be managed by “Family Assurance Friendly Society Limited”.

OneFamily is a trading name for both these entities so you’re still a OneFamily customer and nothing will change with how your product is managed. The team, and our contact details, are staying the same.

While this change doesn’t affect you, we do have a duty to let you know.

You'll be able to start paying into your ISA (if you can't already)

Your Annual Management Charge (AMC) is changing

Your Direct Debit might look different on your bank statement (if you have one set up)

If you have an active Direct Debit, you might notice a change on your bank statement. If you don't have a Direct Debit, this won't affect you.

Your OneFamily Direct Debit will go to to Family Assurance Friendly Society Limited, instead of Family Equity Plan Limited.

That’s because of the change in legal entity.

This change could trigger your bank to send you a notification that you have a new Direct Debit set up. If this happens, just check that the details match the above and that the amount is what you expect.

We're adding a death benefit

The new funds are ‘life funds’, which means if you die while your ISA is open with money in it, we’ll pay out everything that’s in your account plus an extra 1% of the account value.

That means whoever inherits your money will get the money in your account, plus a little extra.

If you're a XX or XX customer, this death benefit is already in place and is unchanged.

The death benefit isn’t a replacement for life insurance. If you're thinking about inheritance planning, please bear in mind that this additional benefit can't be placed in trust or used to secure a loan. If you need additional life insurance, have a look at the products offered by Beagle Street (a member of the OneFamily Group).

How do these changes affect me?

You'll be able to pay into your ISA. If you can't already, you'll be able to create an online account and set up payments in.
Your Direct Debit will be collected under a different company name. If you have one set up, your Direct Debit might look slightly different on your bank statement. If it’s being collected by Family Assurance Friendly Society Limited and is the amount you expect, there’s nothing you need to do.
You’ll be entitled to a death benefit. If you die while you have a OneFamily ISA, we’ll pay out 101% of the account’s value. So, if you have £5,000 in your ISA, we’ll pay out £5,050 if you die, after speaking to your family and collecting the necessary paperwork. Again, there’s nothing you need to do at this stage, and you’ll be automatically entitled to this.
Your Annual Management Charge (AMC) is changing. As this is different for everyone, please refer to the letter we sent for the exact AMC and how this is changing.

What’s not changing?

You’re still covered by Financial Services Compensation Scheme (FSCS). You will be covered under FSCS’s definition of insurance. You can find out more on the FSCS website.
Your Direct Debit guarantee. This is a protection scheme offered by all banks and building societies in the UK. If we make a mistake with your Direct Debit, we will rectify this and refund you immediately. You can read the Direct Debit guarantee here.

Terms and conditions

The terms and conditions (T&Cs) of your account will change after 19 October 2025. You can download your T&Cs using the link below. These will automatically update when the change goes live.

ISA terms and conditions

What options do I have?

If you’re happy with these changes, you don’t need to do anything, the changes mentioned will not happen before 19 October, a confirmation notice will be issued shortly after implementation.

However, if you’d like to leave OneFamily as a result of these changes, we’re sorry to see you go but respect your decision.

We don’t charge you to transfer to another provider and this won’t affect your ISA allowance, as long as you transfer without withdrawing. To start a transfer out, please visit the website of the provider you’d like to move to.

You can also close your account and withdraw your money, but if you then reinvest your money into another ISA this will come out of your ISA allowance.

Any questions?

If there’s anything you don’t understand or if you have any questions at all, please just give us a call on 0344 8 920 920 or log into your account to send us a secure message.