We still have a small number of clients to migrate to the new platform and we want to ensure we do this in a way that causes you minimal disruption. We’ve been speaking to a number of you about your preferred way for the final migrations to happen and we’re now targeting May to begin this. This means we can get Tax Year End out of the way, along with a couple of IT releases that will enable us to fix a few issues and further stabilise the new platform.
Our intention is to migrate small groups at a time, which means we won’t have to close the platform over the weekend as we did previously and hopefully reduces the inconvenience for you and your clients. We’ll be back in touch next month as soon as we have some further details.
Direct Debit issuing name
We’ve made a change to our issuing name as it appears in Direct Debit (DD) instructions that we wanted to make you aware of.
Previously, when a Direct Debit was collected from a client’s bank account, Fundsdirect would appear on the client statement. Recently this changed to IFDL Nominees, which has caused some confusion and led to some clients cancelling their DD collections.
If your clients contact you to ask who IFDL Nominees are, please reassure them that it is a genuine DD instruction and the reason it’s different is because we’ve changed the name. Their actual instruction has not been changed.
Tax Year End
The Tax Year End draws closer and to help things go smoothly we’ve published the key dates here. With our new platform the deadlines may be different to previous years and our advice is to not leave it until the last minute if you can.
Updates to the illustration tool
We’re going to make some updates to the illustration tool, in preparation for the new tax year, and this includes updating pension allowances and inflation assumptions. The assumed inflation rate for pre-sale pension illustrations will be amended from 2.5% to 2%, as instructed under FCA COBS rules. They’ll remain at 2.5% for SMPI projections.
We will also be adding the option of selecting Welsh residency status when creating a client on the illustration tool, to go alongside Scottish residency, and the rest of the UK.
To make these changes, the tool will be unavailable from 5pm on Friday 22nd March and will be back up again by 7am Monday 25th March. We’ll then make the changes live at the start of the new tax year on 6th April.
Platform Updates section
Don’t forget, for all the latest news, visit the 'Platform updates' section on the new platform. We’ll be updating this section regularly, so this is the place to go for the very latest information.