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16 Oct Release 16 October 2024 – Internal Unit Transfer

Posted at 10:42h in Recent Updates by

New Transactions Type: Internal Unit Transfer

In this release we created functionality for Internal Unit Transfers allowing for units to be transferred directly from one contract’s holdings to that of another contract, from and to product needs to have the same asset holder custodian. Specific number of units can be captured or a percentage of the units per instrument to be transferred.

The purpose with the addition of this new transaction type is to move units with no impact on cashflow file or net creations file, additionally Base Cost to move between unit holders if not “Capital Gains Event” and product has “Capital Gains Event” activated on change of ownership.

For more detail see link

More changes include:

  • Added validation when linking an adviser to a group or contract and no ongoing adviser fee has been set on a product. In this instance the system will show a warning: “The advisor will not accrue ongoing fees as the fee type(s) are not defined on the the advisee’s product(s). Do you want to continue?”. See link
  • Added an option “Be landscape” on the Statement- and Combined Statement Defaults on the General statement settings. For details on setting statement defaults refer to Statement- and Combined Statement Defaults or Product Statement Defaults
  • Ensured that amounts sells from a model containing ETF’s sell at least one unit per instrument in the model to prevent shortfalls when doing Annuity payments. See link
  • Add client account summary table to statement. See link
  • Update default client beneficiary bank account for Finswitch withdrawals.
  • Updated the ‘Upload ad- hoc fee’ functionality to cater for client account.
  • Added functionality to take accrued fees on a 100% withdrawal or 100% client account transfer from a client account on a contract. See link
  • Added functionality to zero negative amount on Debit order Reversals on a contract buying into client accounts. See link
  • Added button to Transactions Report >> more actions: Export to S3. See link
  • Made Client Account and Account Number persistent and editable. See link
  • Updated imports to accommodate the two pot changes in the data feeds: Import Historical Transactions – Momentum and Import Historical Transactions – Glacier
  • Added validation for Fee Sharing on a Product. If no fees are set up on the Product the system will give an error: “No fee types are available to set up fee share”
  • Update to Straight2Bank payment format
  • Added option to use different SARS lump sum withdrawal source code. See link
  • Refer to the link for changes to the Export Transaction Data Job (S3). See link
  • Added new Brokerage Application Program Interface (API), for details refer to the API link
  • Change algorithm on an amount sell in a model portfolio to ensure the buy amount leg ties up with the amount specified, refer to the attached sheet for a typical scenario: Amount sell in a model portfolio.
  • Ability to set up fee portfolios on model manager
  • Fund Merger Functionality Added. See link

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

Bug Fixes

  • 188183987 – Fix authorising of instruction on 2 pot investment
  • 188360756 – Improve performance on interest distribution allocation
  • 188083238 – Improve low cash provision warning on importing of switches to cash
  • 188324298 – Prevent POM error on exporting Contracts
  • 188143736 – Fix cash liability report generation error
  • 188265505 – Ensure withdrawal fees are taken into consideration when confirming tax amount
  • 188401793 – Fix error on authorising a 100% client account transfer
  • 188339308 – Finswitch file | Switch in incorrectly populated with units
  • 188338270 – Bugs on fee date calculations
  • 188374384 – Improve fee run performance
  • 188396123 – Error on Export Transactions
  • 188295306 – Instrument performance not reflecting correctly on statement
  • 188330320 – API bugs on investments & withdrawals
  • 188413138 – Error when trying to change fund percentages on model
  • 188374551 – Error on allocating more than one interest distribution concurrently
  • 188361504 – Currency exposure for model linked client account did not reflect on the currency exposure section in the combined statement
  • 188447919 – Ensure PAYE file & IRP5 reflect gross income with or without interest as applicable

 

Software update can include but is not limited to:

  • Bug fixes.
  • New and/or enhanced features.
  • Further improvement to performance

 

 

Last Updated on 4 months ago by otto