Direct Debits

To allow payments from a Direct Debit we must receive a signed direct debit instruction. Once active, if not used within 12 months you must call us to reinstate.

Note: If you are increasing, reducing or stopping a Direct Debit on a SIPP please call 0345 279 1001 to cancel and reinstate. Call charges will vary.

 

 

Wrap bank details

Wrap bank details are:

HSBC sort code: 400328
Account number: 02288311
Account name: Standard Life Savings
IBAN: GB60MIDL40032802288311

Please include a reference with the payment – client’s plan number/last name/initial.

 

 

Wrap SIPP bank details

Wrap SIPP bank details are:

HSBC sort code: 400328
Account number: 42288230
Account name: Standard Life Assurance
IBAN: GB53MIDL40032842288230

Please include a reference with the payment – client’s plan number/last name/initial.

 

 

Cheque payment

All cheques are payable to “Standard Life Savings Ltd” and should be mailed to:

Standard Life Wrap, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP

Please write the client’s plan / account number on the back of the cheque.

We strongly recommend that, at this time, you don't send us cheques and arrange for payments to be sent to us via bank transfer.

 

 

 

Frequently Asked Questions

 

 

How do I add a one-off or regular contribution

On the Wrap Platform, go to Create Orders > Existing Client New Business > Step Three. Add the contribution value under the desired product for single / regular payment.

If regular, select the frequency, collection date and for SIPP the Payee. Choose your payment method (please see above for Direct Debit and Collection Account details). Complete all other steps as normal.

 

 

How do I view my client’s contributions?

To view any active regular or single contributions on Wrap go to: Track Orders > Payments / Withdrawals. Hover over the “Amount (£) field to see when the next collection date is.

You can view any historic contributions go to: Performance > Money In.

 

 

How do I set up a one-off/regular withdrawal?

You can set up single or regular withdrawals from Wrap Cash, ISA and Personal Portfolio on Wrap. To do this go to: Create Orders > Withdrawals. Determine whether the withdrawal is a one-off or regular (if regular please choose a frequency) and select a payment date. Choose your tax wrapper, reason for withdrawal, value and how you wish to disinvest. Once happy, place and confirm the withdrawal.

 

 

How long does a platform withdrawal take?

  • External payment from Wrap / Product Cash – 4 working days
  • External payment from Investments – 10 working days
  • Internal payment from Product Cash to Wrap Cash – Same day
  • Internal payment from Investments to Wrap Cash – 6 working days

 

 

Why has my withdrawal failed?

Withdrawals often fail when there’s insufficient cash to pay out the required amount. Common scenario’s include:

  • Wrap monies are not ring-fenced, so cleared cash will be used to cover outstanding charges / negative balances even if it’s set aside for a client withdrawal
  • If you complete a withdrawal to disinvest across funds proportionately and one or more of the funds are suspended, it’s unlikely sufficient cash will generate to pay the withdrawal.
  • If the client is invested in a managed portfolio and the manager is carrying out trading (i.e. rebalances) across the portfolio, this can delay any subsequent Wrap trades placed on the platform. This can result in no payments or a lower amount going to the client.

For further information on why the withdrawal has failed, go to Track Orders > Payments/Withdrawals and hover over the payment amount. This will give you a description as to why the payment has failed.

Note: It is your responsibility to check the progress of client withdrawals and take remedial action to resolve.

 

 

 

Useful Wrap payments guides

Wrap quick guide to contributions

Wrap quick guide to withdrawals

Related help topics