Quilter 'technical issue' leads customers to receive erroneous 10% drop notification

1,200 received

A “technical issue” on Quilter’s platform lead to 1,200 customers to receive an unnecessary 10% drop notification last Friday morning (8 April).

The 10% depreciation notification was brought in by MiFID II. It requires portfolio managers to inform their clients by the end of the business day if the value of their portfolio depreciates by 10% or more from the beginning of the last reporting period, which is at least quarterly. "A technical issue triggered 10% drop notification emails to a number of customers on Friday morning," a spokesperson from the firm said. "This was identified the same morning and we have communicated with affected customers and advisers to confirm they were sent in error and can be ignored. We are sorry for...