You will receive a final fee payment from the previous system on the first Monday after migration. If you receive your fees on a weekly basis you will then start receiving weekly fees from the new system on Fridays.
The Friday payment will be generated on the Monday and will be paid by BACS. It will include all fees deducted from cash up until close of play on the Monday. In most instances, immediately after migration, we will need to sell units to cover ongoing fees as your clients transition to paying fees from cash held in their accounts.
In this scenario, fee payments will only be included in the payment generated on Monday where we have received electronic confirmation of the trades from the fund manager by close of play on the Monday.
This means that the first Friday payment after migration will only include fees deducted and available for payment on the Monday after migration, so you may receive a small payment on the following Friday. You will receive the first substantial fee payment from the new system on Friday 11 December.