We now issue quarterly statements on the anniversary of the first account your client opened with us. This reduces potential spikes in clients contacting you about their statements, making it easier for you to manage your workload.
Our guide to statements will help your clients understand their statement. You can significantly reduce the paperwork your clients receive by encouraging them to sign up for our online Customer Centre.
An example of quarterly statement timings can be seen below. In this scenario we show a client with an anniversary date of 16 August.
| First account opened | Quarterly statement | Quarterly statement | Quarterly statement | Quarterly statement |
| 16 August | 16 November | 16 February | 16 May | 16 August |
Please note that a client may have different anniversaries for their joint account and their individual account or between different individual accounts, for example if they hold more than one ISA with us. This is due to some of the rules around our new ‘Head Account’ structure. For these clients it will mean they receive more than one statement, separately, on different dates.
We now provide access to cash accounts through our wrappers. One of the main differences your customers may notice on their statements is the additional information about cash; with cash balances and cash transactions detailed in different sections of the statement. This is because we moved from a system where cash was managed in the background to one where it is fully visible; with all asset transactions having a corresponding cash transaction.
To ensure all customers’ cash balances were in the correct position at migration, we needed to apply an ‘Upgrade balance adjustment’ during the migration process and for most customers this will be fairly small. No client money is used in this adjustment, it is simply for accounting purposes.
We currently provide clients with their annual costs and charges disclosure in their January statement. We will continue to issue these disclosures in 2021 although not necessarily alongside your clients’ statements as we do on the current system.
