What’s happening?
At Quilter, we are committed to transparency and ensuring the satisfaction of our customers, operating in a transparent manner is a key part of this. Recently, we have received reports of Claims Management Companies (CMCs) indiscriminately targeting customers through social media and via phone regarding compensation allegedly owed by Quilter for ongoing advice services. We want to reassure you that these CMCs are not authorised to act on our behalf, nor have we provided them with access to your personal data.
Understanding ongoing advice services
Quilter provides access to financial products, such as ISAs and pensions, plus investment funds and portfolios, through a range of financial adviser relationships, including:
1. Quilter Financial Advisers and Quilter Cheviot Financial Planning, our national advice businesses.
2. Firms operating under their own brand who are appointed representatives of Quilter Financial Planning, our advice network.
3. Firms independent of Quilter who only recommend our products and investments.
Where you are advised by firms under 1 and 2, and you agreed to pay for ongoing advice services, then these are a vital part of Quilter’s advisory process. This involves the regular review of your financial plans and situations, especially when your circumstances change. This ensures that your investments continue to meet your individual needs. To provide this service, charges are applied to your funds under management.
What should you do next?
Should your adviser be independent of Quilter (firms under point 3 above), then any messages received from CMCs about Quilter advice charges are not relevant to you.
If you feel that your Quilter adviser (point 1) or an appointed representative of Quilter (point 2) has not provided you with ongoing service despite charging a fee, please contact us directly. By reaching out to us, you can ensure that you receive the full amount of any compensation owed to you, without deductions by a third party.
This is the recommendation of the Financial Conduct Authority (FCA), our regulator. This is because, while CMCs and law firms may not charge an initial fee, they could claim a significant proportion of any reimbursement or compensation to which you may be entitled. The FCA has issued some relevant guidance on using claims management companies.
Our commitment to you
Quilter takes your privacy and financial well-being seriously. We maintain the highest standards of data protection and have not shared your information with any unauthorised third parties. Our dedication to service excellence is reflected in our strong rating on Trustpilot, demonstrating the trust and satisfaction of our customers.
Our financial strength
We’re proud to deliver financial strength and stability for our customers. Quilter plc is listed on both the London Stock Exchange, and the Johannesburg stock exchange. Over half a million customers across our group trust us with £113.8bn of their money, as at 30 June 2024.
Fitch, a leading provider of credit ratings, rates Quilter A- as of 19 June 2024, meaning it considers us to have ‘high credit quality’ and thinks our ability to pay our financial commitments is strong.
Financial experts also look at a company’s solvency ratio to assess the strength of its financial resources. Quilter’s Solvency II ratio was 268% as at 30 June 2024.
Contact us
If you have any concerns or need assistance, please do not hesitate to contact us at ask@quilter.com. Our team is here to help you.