01 Aug Release 1 August 2023 – Fee Control account

Posted at 08:55h in Recent Updates by

Fee Control account

In this release we have introduced the concept of a fee control account to improve the liability towards recipients (adviser, administrator etc.) when taking fees. This liability is the value of fees calculated on the client account. With fee runs, fees are often taken as units in non-cash instruments, which does not accurately translate into the calculated fees.

Currently the system takes all fees directly to recipient fee accounts, where units are sold and converted to cash with switch instructions on each fee account. Before fees can be paid out, the system then creates adjustment transactions to compensate for the difference in the calculated fee value (based on last known price) and the value realised from switches (based on actual price).

The fee control account will now receive all fees taken (fee taken transaction) from client accounts and the fees will be distributed from the fee control account to the recipient’s account as cash (fee earned transaction). The fee control account will then be managed to switch the necessary units into cash and transfer money to the accounts where fees will be paid out from. The fee control account will then contain the profit or loss which is a financial aspect that can be reported on independently. In other words, one switch will be done on the fee control account instead of a switch instructions on each fee account.

Fee taken transactions before this release will be renamed to ‘Old Fee transactions’

The fee control account principal will apply to all fees, except bank charges on money transfers and Transaction fees. For more information see link.

 

More changes include:

  • Add ‘Financial Analysis’ global permission to allow editing of Financial analysis inputs on a person
  • Display message ‘This file contains invalid characters – unsupported encoding: binary’ when a user try to import a file with invalid characters
  • Change distribution process on instrument account with zero balance. See link
  • Change the Dealer column in the Import Historical Transactions import not to be case sensitive
  • Change in Investor Statement -> Transaction history section; If the investor account is a recipient of a fee split add the originating entity details and account number to the transaction description
  • Expand ‘Take ad-hoc fees’ on an account and import file to make provision to specify units and price where a specific instrument has been selected to take the ad-hoc fee from
  • Add functionality to override compliance on an entity to compliant. See link
  • Add option to make the compliance of an employee dependant on the compliance of the employer company. See link
  • Add a list of instructions triggered by a cash distribution to the distribution->More Actions->Instructions and change switch/withdrawal purpose to be descriptive. See link
  • Add option to statement defaults, section ‘Active recurring instructions’  to display underlying instruments invested or -withdraw from, or 100% into the model, where the account is linked to a model (untick ‘Show Model Portfolio Details’)
  • List of Products and Available Instruments on a product added to the Accounts Application Program Interface (API). See link
  • Additional API document added for Entities which was originally part of the Accounts Application Program Interface (API). See link
  • Accounts for Entity added to the Entities Application Program Interface (API). See link
  • Report added for Realised and Unrealised Gains on an Instrument. See link
  • Add total to the Asset Allocation on CIS
  • Set instruction purpose for withdrawals & switches created by a distribution
  • Increased performance on Money Market distribution
  • Make PAYE directive number a required field if PAYE is completed for lumpsum withdrawal
  • Add the Dealer and Supplier instrument account number to the distribution card
  • Add the Transaction ID/Reference to the Transaction report (Reports -> Transaction report)
  • Add a column Date Created to the Users -> Users screen
  • Hide instruction from the list “Instruction -> New” for accounts with the status Quote Declined, Quote Pending
  • No changes to the Export Transaction Data Job (S3). See link

Refer to your online Pivotal Tracker Project for a full list of changes and enhancements for the release.

Last Updated on 3 years ago by Antoinette Van Meyeren