Moving to the new technology means you’ll be given new account numbers. You’ll automatically receive a separate account number for each Collective Retirement Account (CRA), Collective Investment Bond (CIB), Collective Investment Account (CIA) and Individual Savings Account (ISA) you hold with us.
You will also have a new customer reference (sometimes you may see this referred to as your ‘head account’) that some or all of your accounts will be linked to.
Each account will have an account number made up of your customer reference plus a numbered sub-account reference. For example, if your customer reference was AC0001234, your ISA account number might be ISA AC0001234-002 and your CRA may be CRA AC0001234-003.
There may be situations where you will have more than one customer reference and therefore multiple sub-accounts under each, for example, if you have a joint account with someone else or if you currently have two or more CRAs with us. The number of customer references you have does not affect the amount you pay for investing with us.
We’ll tell you your new account numbers in your first statement that you receive from the new system. If you need to contact us in the interim, you can continue to quote your existing account number when you get in touch with us.
This 'Guide to your statements' will help you understand some of the different information you may see on your quarterly statements for our new technology.
You'll still receive statements quarterly, but when you receive them will change
Once you have moved to our new system, you will begin receiving your quarterly statements for all your individual investments based on the anniversary of when you opened your first account with us, under your customer reference.
An example of quarterly statement timings can be seen below. In this scenario we show an example of an investor with an anniversary date of 16 August.
For example, if the first account you opened with us was an ISA on 16 August, and then you subsequently invested in a Collective Retirement Account and Collective Investment Bond, the date that you receive your quarterly statement for all three investments will be based on the original August date. So you’ll receive statements in May, August, November and February.
For some customers, it’s possible that you may have a different anniversary for your joint account and your individual account or, as these would be under separate customer references or, for example, if you currently hold more than one ISA with us, as these would also be held under separate customer references in the new system. If this is the case you will receive more than one statement, separately, on different dates.
Statements you may receive around the time you move to the new technology
You may receive up to three different statements during the move to the new technology, and the order in which you receive them may vary, as we transition to the new statement dates detailed above.
1. Final quarterly statement from the previous system
This will be the last statement that will be provided from the previous system.
2. An interim statement from the new system
Whether you receive an interim statement will depend on the anniversary dates for your account(s) and it will typically cover a shorter period than your usual quarterly statements.
3. A quarterly statement from the new system
This is the new quarterly statement that you will receive on an ongoing basis.
Information about cash on your new statements
One of the main differences you may notice on your new statements is the additional information about cash throughout the statement, with cash balances and cash transactions detailed in different sections. This is where we have moved from a system where cash was managed in the background to one where it is is a central part of every transaction.
To ensure your cash balance was in the correct position after the upgrade, we may have needed to apply one or more ‘Upgrade balance adjustments’ during the upgrade process and for most customers this will be fairly small. None of your money is used in this adjustment, it is simply for accounting purposes.
If your overall adjustment was over £100, these have been inserted in your account history at the point in the past we needed to adjust your cash balance and you may see these on the online Customer Centre. In your first quarterly statement however, you may notice these adjustments are listed at the time we applied them (i.e. at the point of the upgrade) rather than at the point we have inserted them in the past.