Today we issue all statements on a quarterly basis (January, April, July and October). Our new approach will see your clients’ quarterly statements issued on the anniversary of the first account they opened with us. This reduces potential spikes in clients contacting you about their statements, making it easier for you to manage your workload.
This guide to statements will help your clients understand some of the different information they may see on their quarterly statements from our new technology platform.
You can significantly reduce the paperwork your clients receive by encouraging them to sign up for our online Customer Centre.
Statement dates
An example of quarterly statement timings can be seen below. In this scenario we show a client with an anniversary date of 16 August.
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16 Aug |
16 Nov |
16 Feb |
16 May |
16 Aug |
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.
Statements your clients will receive following migration
Your clients may receive up to 3 different statement types over the migration period, and the order in which they receive them may vary from client to client, as we transition to the new anniversary based statement dates.
1. Final quarterly statement from the previous system
This will be the last statement that will be provided from the previous system.
2. A statement from the new system
This is the new quarterly statement that your client will receive on an ongoing basis.
3. An interim statement from the new system
This will be sent to a limited number of customers depending on their anniversary dates and it will typically cover a shorter period than your clients’ usual quarterly statement.
Both the statement from the new system and the interim statements will detail your client’s new account number(s).
As a reminder, you can reduce the paperwork your clients receive by post by encouraging them to sign up for our online Customer Centre.
Information about cash on new statements
One of the main differences your customers may notice on their new statements is the additional information about cash; with cash balances and cash transactions detailed in different sections of the statement. This is because we have 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 one or more ‘Upgrade balance adjustments’ 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.
For adjustments over £100, these have been inserted in the account history at the point the original transaction or correction was made. However, in some online screens and certain documents, including quarterly statements, these adjustments are listed at the time we applied them (i.e. at migration) rather than at the point we have inserted them in the past.
Costs and charges statements
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.