Requirement to send you quarterly statements under MIFID II

Following the implementation of the MIFID II regime there is now a requirement for us to provide you with a statement detailing your assets held with us on a quarterly basis. As such, rather than producing half yearly valuations as at the 5th April and 5th October together with a statement detailing the previous six month cash movements up to the valuation date, we will now send quarterly valuations as at 5th April, July, October and January together with a statement detailing the previous three month cash movements up to the valuation date.

For Client Web Access (CWA) clients they will be automatically delivered to the document section of your online account. For postal clients this will unfortunately mean you receive twice as many statement packages then previously.

For ISA clients on the automatic quarterly income distribution system there will be no change to the payment frequencies. As we will be issuing full quarterly statements we will no longer be posting income payment advices detailing the specific income entries which make up each payment as the information will be on each quarterly statement, however Client Web Access (CWA) clients will still receive an income payment advice in the document section of their online account.

Please note clients may receive their income payments into the bank prior to receipt of their quarterly statements. If you want to guarantee a breakdown at the time of payment you should request to become a CWA client to receive the bespoke income advices.

CWA clients also benefit from a reduced custody fee as well as not receiving the increased paperwork we now need to provide you with.

To elect for CWA you should email quoting the Pilling account number(s) you wish to have online access to and you will be provided with a username and password.