New platform news
We’ve now completed the majority of the migration to the new platform, with over 95% of clients having made the move. Thank you for your support to date - you’ve been instrumental in helping us get to this point and we apologise if you’ve been inconvenienced along the way. Thank you also for your patience as we work through these final stages of the move.
Plans are now in place to move the majority of the remaining clients to the new platform by Monday 28 January. Note that there are certain categories of clients who we do not intend to move, for example if they’re in the process of transferring to another provider, or they have a residual balance of less than £100.
In order to complete the move in a stable environment, the old platform will be unavailable on Thursday 24 and Friday 25 January. The new platform will be available as usual and telephone lines will remain open on these days.
Both our platforms will then be unavailable from 6.00pm Friday 25 January to 7.00am Monday 28 January. This is a necessary step to safely complete the move and we apologise for any inconvenience caused.
Ongoing adviser and platform fees, in respect of clients moving in this next phase, will be deducted from their existing accounts on the old platform, prior to being migrated to the new platform. Please ensure that these clients have sufficient cash in their accounts to cover this.
Remember to ensure that there is sufficient cash available in all client accounts to cover fees, charges and any other income requirements. In particular, please note that for clients taking regular income from their SIPP, the deadline for ensuring there is sufficient cash in their accounts to enable them to be paid on time for 1 February payroll, is Tuesday 22 January. If there is insufficient cash to cover this, auto-disinvestment will occur. This will result in selling down from the largest holding to generate cash.
Top tips from our Platform Consultants
Please make use of the Training & Support section of our website to refresh your memory on how to use the different parts of the platform. Here you’ll find videos and factsheets to help you get things done without having to call us.
In the meantime, here are a couple of tips:-
- Our first tip is a small correction: in some of the training delivered we suggested that creating a secondary account (e.g. GIA2, ISA2 etc.) would happen immediately after you’d completed the online process, but in fact that’s not quite true. Once you’ve created the new account (using Add Account on the Client Details Card) you’ll need to email Customer Services to notify them of the new account and allow them to activate it. If a new account has a new set of charges you’ll have to print off the form for the client to sign before sending it to us.
- Please ensure you submit all applicable new business via the ‘New Business’ link and that any new money is sent as a commitment using the correct links on a Client’s Account Details Card. The more you use the new platform processes, the easier it is for us to manage requests and in this way you’ll help us to provide the best possible service.
Farewell to the old platform application forms
We want to make you aware that we’re no longer able to process old application forms. The simple reason for this is that the information collected on the old application form is not entirely compatible with the new system. So, if we try to use the old application form, this could result in clients being mischarged, and delays in setting up new business and payment of your fees. For these reasons we’ll be returning applications made on the old forms to you, from the end of January.
The new platform has an updates section where you’ll find all the latest communications, along with our Temporary Solutions documents that contain handy hints and advice on how to navigate around certain teething problems. If you haven’t already, why not have a look next time you use the new platform?
A special instruction for you to be aware of …
If you have a client looking to take either a lump sum or income from their SIPP, please make sure that you specify any investments that need to be sold to make the payment. You can do this in the ‘Special Instructions’ section of the ‘SIPP Benefit Payment Form’.
If you don’t specify which investments need to be sold, we’ll have to sell your client’s investments to ensure there’s enough cash available, as outlined in our Terms. This could also result in the payment to your client being delayed.
Don’t be afraid of commitment
If you’re making a BACS or cheque payment, don’t forget to place a commitment on the platform using the ‘Add lump sum’ function on the account details card. This allows you to instruct your initial fee and to select the investments to be placed. You must also make sure that the commitment exactly matches the amount you’re sending in to avoid having to re-input this - unfortunately we can’t do this for you.
If we receive money without a commitment it will result in delays to you receiving your fee and to your client’s money being invested.