Prior to migration there will be a period of time where it will not be possible to place trades online or over the phone. This is because we need to ensure an orderly transition of your clients’ data to the upgraded system.
Below you will find the important trading and instruction deadlines in the run up to your migration. We would encourage you to plan any scheduled rebalancing activity outside of this period.
Watch the ‘Understanding our trading restrictions’ training video
This video provides important information on our key deadlines and trading restrictions ahead of migration, including:
- Deadlines for submitting business to us
- Tips for planning your business in the run up to migration.
Trading deadlines
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Instruction type |
Trading restrictions begin |
What happens if you miss the deadline? |
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Capital Gains Tax tool – option to add your own purchase price |
Close of business 15 January 2021 |
If you use our Capital Gains Tax Reporting tool for your CIA clients, the option to change the purchase price of the funds your clients hold will be temporarily unavailable from this date until after migration. The remainder of the functionality within the tool is unaffected. If you need to use this functionality we would encourage you to plan any reports around this period. |
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Online switches and rebalancing instructions |
16 February 2021 |
These instructions must have been submitted online by close of business (5pm) on 15 February, before the trading restrictions begin. We recommend you schedule bulk rebalances in advance of online trading restrictions. Straight after migration you will be able to switch and rebalance online. Where absolutely necessary you can still send us a paper switch form during the restricted trading period – it will be held and processed after the migration. Where a paper instruction is received during the restricted trading period, corrective work will then be carried out to ensure your client’s account is in the same position as it would have been had their instruction been implemented upon receipt. It will not be possible to cancel an instruction once we have received it. |
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Bed and ISA instructions |
16 February 2021 |
The ISA application must have been submitted online and we must have received the completed Bed and ISA form by close of business (5pm) on 15 February. We would encourage advisers to hold onto Bed and ISA instructions, where possible, and to key them onto the new system after the migration. This will ensure your instruction is processed in the most timely manner. Any applications created online, but not submitted by this date, will not be carried over to the new system. Any paper instructions received after this date will be held and processed after migration has taken place. Corrective work will not be carried out and prices will be those received on the trades. IMPORTANT: Please note that if you have submitted an ISA application to us online but a supplementary Bed and ISA form is not received by this date, we will rekey the ISA application onto our new system following migration, and it may be a short time after migration until the application reappears. We will contact you if any additional information is required to enable us to complete the instruction on the new system. |
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Online lump sum, Direct Debit or transfer applications |
22 February 2021
For lump sums, we must also receive the payment by this deadline
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These instructions must have been submitted online and, for lump sums, payment received by us by close of business (5pm) on 19 February, before the trading restrictions begin. We would encourage advisers to either submit applications online in advance of any restrictions or key them onto the new system after the migration. This will ensure your instruction is processed in the most timely manner. Any applications created online but not submitted by this date will not be carried over to the new system. Any paper applications and payments received after this date will be held and processed after migration has taken place. Although please note that cheques will be banked on receipt but not reflected in the account until after the upgrade has completed. Please ensure that you use our new application forms, when they become available on the Support Hub. Corrective work will not be carried out and prices will be those received on the trade. We would encourage advisers to hold onto paper applications, where possible, and to key them onto the new system after the migration. Payment can then be sent following the online submission. IMPORTANT: Please note that if you have submitted an application to us but money has not been received by this date, we will rekey the application onto our new system following migration and it may be a short time after migration until the application reappears. We will contact you if any additional information is required to enable us to complete the instruction on the new system. |
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One-off withdrawals, full withdrawals or transfers out
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22 February 2021
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These instructions must have been received by us by midday on 19 February, before the trading restrictions begin. We will process the request and pay the proceeds as soon as possible after the new system opens. We will carry out corrective work to ensure the proceeds are the same as they would have been had the instruction been implemented upon receipt. Payments will still be made within our usual ten working day turnaround time from the point we start the withdrawal process. |
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Read only period |
24-25 February 2021 |
The current platform will become available for read only access. You will be able to get valuations, but no admin changes can be made for 2 days prior to the start of the migration. |
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Migration period
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26-28 February 2021
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The online technology Platform will be unavailable. Valuation feeds into adviser software systems will not be available on Friday 26 February.
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NEW SYSTEM OPENS
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1 March 2021
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NEW SYSTEM OPENS AT 10.30AM
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