We are pleased to advise you that our latest Portal Release is now live. Please take time to review this summary of improved functionality and share with your team. Please note that release content has changed as we went through the final stages of the testing cycle. This release includes:
- AML enhancements/ guidance
- When entering new investor detail, the list of options for Industry and Occupation has been expanded. This includes 11 new industries and 20 new occupations. A full list of options and amendments can be found in Appendix A and B.
- Where you are entering information for a retired investor, please select
- Industry = “Other” (please then add retired in the free format box)
- Occupation = “Retiree”
- Following a review of our AML process, we can confirm that we are now able to accept evidence of personal identity and evidence of address that is no older than 6 months.
- KYC fields added to General MI report
- Addition of 3 new columns to show the information recorded on the following KYC fields for each investor
- Industry
- Occupation
- Salary range
- Addition of 3 new columns to show the information recorded on the following KYC fields for each investor
- Updated Investor AML status page
- This will now list out the types of evidence required and for the user to attach docs to each. This will be based on configured acceptable documents lists for each evidence type.
- Illustration enhancement
- To give a more accurate reflection of charges, we have updated the calculation used in the Illustration Charges Table.
- Previously the “Charges %” column was calculated against the average investment value over 12 months. This is now calculated against the Projected value after 12 months assuming no charges and mid growth.
- SIPP enhancements
• To offer greater flexibility on third party SIPP products, we have now enabled withdrawals at sub account level. The previous process for sub-account withdrawals on a third party SIPP requires the user to move money from the sub-account to the primary and set up a withdrawal from the primary. For regular withdrawals, the user needs to do this monthly to ensure there's available cash to cover. Following this release, users can follow the new process by accessing the withdrawals menu directly on a sub-account for all third party SIPP products.
• For the Hubwise SIPP, we have switched off the ability to add contributions at sub account level as the tax relief is only designed to work for contributions on the Primary account.
- Vulnerability UI enhancements
• A number of usability changes has been made in the way investor vulnerabilities are recorded and maintained. This should make the process more intuitive and consistent.
- Model Maintenance Enhancements
• When creating model portfolios (including bespoke models), new markers have been introduced to aid the selection process:
o ISINs that are marked as suspended
o ISINs that are marked as Overseas
o Where available links to the KIID documents
• Example screenshots below
6. improve date selection when an adviser generates a custom date S&V PDF
- To simplify the process of producing a backdated statement and valuation report, it is now possible to select a month and year (without the need to scroll by month).
Appendix
- List of Industries
Industry | Change |
Armed Forces | New |
Art and Antiques Dealers | New |
Consulting Services | New |
Creative Arts and Design | New |
Crypto | New |
Freelancers and Digital Nomads | New |
Import and Export Businesses | New |
Legal and Accounting | New |
Private Money Lenders and Pawnbrokers | New |
Social Media Influencers and Content Creators | New |
Sports Industry | New |
Agriculture, forestry and fishing | Updated |
Engineering and construction | Updated |
Hospitality and leisure | Updated |
Technology & telecommunications | Updated |
Business services | Removed |
Non conventional financial services | Removed |
Not Applicable | Removed |
Aerospace and defence | No change |
Arms dealers and manufacturers | No change |
Asset and wealth management | No change |
Automotive | No change |
Banking and capital markets | No change |
Bureau De Change | No change |
Capital projects and infrastructure | No change |
Cash converters | No change |
Charities | No change |
Chemicals | No change |
Deposit box services | No change |
Distribution | No change |
Education | No change |
Financial services | No change |
Foods, drink and tobacco | No change |
Forest Paper and Packaging | No change |
Gambling and casinos | No change |
Government and public services | No change |
Healthcare | No change |
Insurance | No change |
Manufacturing | No change |
Media and entertainment | No change |
Minings & Minerals | No change |
Money service bureaus | No change |
Oil and gas | No change |
Other / miscellaneous | No change |
Pharmaceutical and life sciences | No change |
Power and utilities | No change |
Precious metals and jewellers | No change |
Private equity | No change |
Real estate | No change |
Retail and Consumer | No change |
Retail cash intensive (food / takeaway/ launderette/ nail bar/ beautician/ convenience store) | No change |
Social services | No change |
Sovereign Investment Funds | No change |
Transport and logistics | No change |
Trustee | No change |
- List of Occupations
Occupation | Change |
Business Owner | New |
C-Suite or Senior Corporate Executives | New |
Doctors, Pharmacists, Senior Medical Professionals and Scientists | New |
Education Professionals (Teachers, Professors) | New |
Government Employees or Public Servants | New |
Head of State or Senior Political Figure | New |
Influencers | New |
Middle Managers | New |
Middle Ranking Military Officials or Officers | New |
Other Corporate Professionals, Consultants, Lawyers and Accountants | New |
Other Military Personnel | New |
Other Skilled Workers | New |
Other Unskilled Worker or Labourer | New |
Professional Support or Assistants | New |
Retail or Hospitality Professionals | New |
Sales Professionals | New |
Senior Military Officials | New |
Senior Sports Professional or Other Public Figures (not politically-exposed) | New |
Pilot | New |
Other | New |
Student | Updated |
Self employed | Updated |
Armed forces | Removed |
Senior Executive | Removed |
Manager | Removed |
Professional | Removed |
Sales | Removed |
Unskilled worker | Removed |
Unemployed | No change |
Retiree | No change |
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