We have been working hard to ensure our migration activity does not impact any business you have in progress. Below you can read more information on how existing applications will be treated at migration plus other useful information.
New business and top-up applications
New business and top up applications that have been created on our current system and already submitted to Old Mutual Wealth by the end of 18 February 2021 will be carried over to our new system.
As a result of the trading restrictions in place before migration, the process of re-keying any instructions submitted during this period will be completed after the migration and means that some of your applications may not be visible when you first log on.
- Existing applications that are not traded prior to migration will not appear immediately after migration as they will need to be re-keyed onto the new system by our staff.
- New business and top-up applications (where we have received funds, including transfer payments) - we aim to input them onto the new system as soon as possible after migration.
- Transfer applications (where the process has been initiated but we are waiting for the transfer) - will be input onto the new system shortly after migration.
- Regular investments (where we have received the Direct Debit instruction) – we aim to input onto the new system prior to the cut-off for the collection date.
- Other applications (where we are waiting for payment, a Direct Debit instruction, or a transfer authority) – will be input onto the new system upon receipt of the missing items.
- Illustrations produced before the above date will not be moved over to the new system, because our new technology will offer different functionality that may affect the outcome of the original illustration. If you require a new illustration, you will need to generate one via the new system.
Applications created but not submitted
If you have created an application online but have not clicked the button to submit the application for processing by the end of 18 February 2021, then these applications will not be migrated to the new system. This applies to all application types that have been created but not submitted, apart from switches which would need to have been submitted online by the end of the 12 February 2021. If you wish to proceed with an application please submit it by the above date, otherwise you will need to re-key it on our new system.
Switch and withdrawal requests
In order to ensure an orderly transition of your clients’ data to the new system, we will be implementing some online trading restrictions prior to migration, which will begin on 15 February 2021.
We would encourage you to plan any scheduled rebalancing activity outside of this period, however where you need to send us a paper switch instruction, we will aim to input this onto the new system in the week after the migration.
Trading restrictions for withdrawal requests will commence on the 19 February, therefore any requests for money to be paid out must be received by close of business on the 18 February, if these requests are to be traded before migration. Any money out requests received after this period, we again aim to process in the week after the migration, providing we have received all necessary information to complete the request.
The instructions will be subsequently reviewed to ensure the fund prices received by the client are correct, in line with the account Terms and Conditions.
Changes to our forms
Our new technology platform puts more of our application and account management processes online, to make it quicker and easier for you to instruct and manage business.
We would encourage you to use our new online processes wherever possible; however there are a limited number of scenarios where a paper form is required.
- Data capture forms for all of our products will be made available close to migration, within the ‘Communications and Literature’ area of the Adviser Support Hub. These can be used to capture information from your clients that you can then key into our online technology. We will contact you to confirm when these forms become available.
- Other forms that support some of our processes will be made available from 15 February 2021.
- From this date all new forms should be used instead of our old forms.
- If old forms are sent to us following migration, we will accept these forms for up to two weeks after migration. During this period we will do all that we can to ensure your instructions are implemented, however in some circumstances we may need to obtain further information or instructions from either you or your client and this could delay the processing of the application. After this time, we will only accept our new application forms.
Your clients will receive new Terms and Conditions
- New Terms and Conditions are available for all new and migrated customers and you can access these here.
- When completing an application online you will be asked to confirm that your clients have seen and accepted a copy of the new Terms and Conditions.
- Similarly, if we receive paper application forms we will contact you for confirmation that your clients have seen and accepted the new Terms and Conditions before we process the applications.
- All your existing clients have been provided with access to the new Terms and Conditions prior to migration via our Customer Support Hub.
Trading restrictions and timelines
As mentioned above, in order to ensure an orderly transition of your clients’ data to the new system, we will be implementing a restricted online trading period prior to migration. The last day for trading will depend on the type of instruction you are placing, the earliest being Friday 12 February 2021, with trading restrictions starting the following Monday.