IFAs are being asked by one of the UK’s largest banks to put any queries they have on behalf of clients in writing and post them.
Santander told FTAdviser correspondence in writing was introduced back in March 2020 when it made its decision to “temporarily dedicate” its telephone lines to direct customer queries in order to maintain its service levels.
Paige Morrison, a financial planning administrator at The Orchard Practice, has been trying to chase up pro-forma information from the bank since mid-October.
But the line is still the same: “Write to us”.
Morrison has written twice to the bank requesting specific details to determine whether her clients should stick with Santander’s financial plans - specifically their Isas - or leave them, in order to meet her compliance requirements as an adviser.
“Most providers don’t fill out these pro-formas, everyone knows that,” said Morrison. “So you would normally pick up the phone.”
But when Morrison called the bank’s main line, selecting Option 2 for Investments, and then Option 0 for Financial Advisers, she heard a message confirming that she should write with her enquiries.
When she did, twice, both times the bank wrote back with its standard pack which didn’t answer any of her specific client questions, Morrison said.
Santander told FTAdviser: “Customers can access all required information directly online with their Investment Hub accounts."
Morrison said she sometimes felt the bank was cutting her out of the loop of communication.
“We are reviewing how we support our customers’ IFA requests, however currently they are able to contact us in writing with any queries or requests,” Santander said.
Currently, the lack of communication channels is impacting a handful of Morrison’s customers on the wealth side of the business.
“Aviva is another example where they won’t take calls,” said Morrison. “But they at least promise to respond by email within 24 hours.”
On Santander’s information updates to advisers, it still reads: "If you have any questions at all, please call us on the number above."
The number in question redirects the adviser to a postal address.
ruby.hinchliffe@ft.com
