1. Wrap
  2. For Advisers
  3. Our Platform
  4. Platform Developments
  5. Software Release 11.1
  6. Software release 11.1

Our platform

Software release 11.1

In November 2021, we successfully upgraded our platform software to version 11.1 which increased our cloud capability, embedded our technology in the core software and introduced some changes in platform processes. 

So, what changed?

  • A new flexible Isa
  • Changes to the initial fee payment process
  • An enhanced partial segment surrender process for bonds
  • A range of proposition and process improvements 

Flexi Isa

We’ve added new functionality to our Isa, adding flexible features. This means:

  • Flexible features apply to new and existing accounts 
  • Clients can make withdrawals from our Isa which can then be paid back into the account without affecting subscriptions, as long as any payment is made within the same tax year as the withdrawal.
  • A withdrawal doesn’t require a signed declaration. The platform will automatically recognise when an Isa has had a withdrawal in the tax year (called replaceable allowance) and allow payments to be made up to this amount without the need for a new Isa declaration.

Changing the initial fee payment process

We’ve improved adviser outcomes by making changes so how initial fees are processed. This means: 

  • We pay initial fees from client accounts once the new business cheque or direct debit has cleared our bank account.
  • Reduces the risk of fee ‘clawbacks’ happening which cause extra work for you, the adviser.
  • Initial fees are now paid one week later however we hope the certainty of no clawback will compensate for the increased timeframe.
 

An enhanced partial segment surrender process for bonds

Assets no longer need to be sold ahead of instructing the partial segment surrender which reduces the risk that the proceeds could unintentionally be used for other transactions on the account. 

What have we changed?

  • On receipt of a partial bond surrender, the proceeds of the sell trades will be held in reserved cash until the segment surrender completes.
  • Once all trades have settled, the segment surrender will be completed and the proceeds paid to the client.
  • Please note: for a full bond surrender you’ll still need to place sells on the account ahead of the surrender request.

What were the other changes?

  • We no longer require a separate drawdown account for clients who have a phased account in place and would like to take an ad-hoc payment. This saves time and makes client reporting simpler. 
  • Improvements to how cash is displayed, which now shows it in four categories: available, reserved, uncleared and unsettled. This lets us create the reserved cash records earlier in the process which ensures that cash is being reserved for the linked transactions as early as possible.
  • We’ve automated the calculation of the lifetime allowance calculations (LTA). This means we’ve removed the risk of benefit crystallisation events not being recorded correctly.
  • Automatic date alignment for withdrawals and payments date to improve the client experience. 
  • Increased our scalability by switching to Amazon Web Services (AWS) cloud which will help increase our platform capabilities. 

Tax year end changes

We also made some changes to make tax year end easier to navigate:

  • New streamlined process for ad-hoc fees – you can directly request an ad-hoc fee for a client account, without asking your client to sign a form. 
  • Making Isa top-ups easier by removing the need for a client to sign an additional declaration after a break in Isa subscriptions between tax years.
  • Improving our pension crystallisation process so advisers can sign crystallisation forms on behalf of their clients.