We’re changing how we manage ISA ‘oversubscriptions’
From 3rd February 2020, if we receive a Direct Debit payment that exceeds the ISA allowance available to the client, we’ll return the payment in full. If and when this happens, we’ll let you know the same day.
Our Terms and Conditions will be updated to reflect the new process.
Why are we making this change?
The way we managed oversubscriptions previously relied on manual intervention. The new process is designed to protect your clients by reducing the risk of human error.
If your client holds one of our GIA or SIPP portfolios, you can request for either of these to act as an ‘overflow’ account. This means any ISA oversubscriptions will go into this account automatically. The overflow option will need to be requested before the Direct Debit is collected.
If you have any questions, or would like to discuss the ‘overflow’ option, please get in touch with our Client Services team on 0117 204 7678.
“The above article is intended to be a topical commentary and should not be construed as financial advice from either the author or Parmenion Capital Partners LLP. If a client wishes to obtain financial advice as to whether an investment is suitable for their needs, they should consult an authorised Financial Adviser. Past performance is not an indicator of future returns.”
Any news and/or views expressed within this document are intended as general information only and should not be viewed as a form of personal recommendation. All investment carries risk and it is important you understand this. If you are in any doubt about whether an investment is suitable for you, please contact your financial adviser.