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.
‘Overflow’ option
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.
Any questions?
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.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.