Good things come to those who click
Online switching and dealing across all of your clients plans, both new and old, has arrived. It is the fastest, most reliable and secure method to change your clients asset mix. Once you have logged onto our Online Service Centre, performing trades is only a click or two away.
Q&As
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QUESTIONS AND ANSWERS
This section is split into different topics. If you have a question about dealing stay here and read from the top, if your question relates to switching, please use the links opposite.
Dealing
Plan access
Q What plan types are available for online dealing?
A Any past or presently sold portfolio bond, including Select, Choice and PIMS.
Q Can I perform online dealing for all of my client's plans?
A Assuming you have been granted online swtiching and dealing rights, this depends on a couple of things. As long as your company has been appointed as the Investment Adviser to the plans, and you have access rights to that plan via the online service centre, then you should be able to deal. Your account administrator can provide you with access to a plan, if it isn't already in your available list.
Q Can my client deal online?
A Yes they can, but they can't do this in combination with an Investment Adviser. They need to take full control and remove their Investment Adviser, or leave the Investment Adviser to deal online.
Q Can more than one user, working for an Investment Adviser company, deal online?
A Yes. If more than one user has dealing and switching rights, they can both be assigned the same plan and either will be able to deal online. This might be particularly helpful if holiday cover is required.
Q I used to be able to deal on a plan, but it is no longer available. What's happened?
A The most likely explanation is that we have acted on a request from the plan owner to grant them online dealing rights. If your client requests that we provide them with online dealing access, this will automatically terminate the Investment Adviser relationship. This is clearly pointed out to the client on their sign-up form.
Of course there may be another reason, such as your administrator removing the plan from your accessible list.
Communications
Q How can I keep up-to-date with dealing requests?
A The dealing home screen provides you with an overview of all transactions in progress for all of your assigned plans. In addition we provide confirmation mails to your online mailbox, and we notify you about these messages each day via your regular email address.
Q What messages should I receive?
A We will message you to confirm purchases and sales, linked trades, deleted trades and completions. Clicking on the links within the messages will allow you to see the current status of a deal. You can also view a deals status by clicking on it via the dealing home screen, or whilst working with a specific plan.
Q Will a contract note be produced?
A Contract notes for every deal are available via the plan transaction tab. This applies to historic deals and not just those done via the online service.
Bulk changes
Q Can I sell out of or buy into an asset across a number of plans?
A Not currently. This is functionality we will be working on, but for now you will have to do this for each plan.
Asset availability
Q What assets can be bought and sold online?
A Generally speaking most the funds available via our platform can be dealt online, depending on the status of the particular asset - for example you won't be able to buy or sell an asset which is suspended. In addition to funds you can also trade on a selection of equities and fixed interest assets. If you believe an asset should be available to trade online, and isn't, please contact dealing@rl360.com
Q Do any asset restrictions apply?
A Yes. There are a number of filters and controls built into the system which may prevent you from buying an asset for a particular plan. As an example a PIMS Focused* plan is restricted to its own fund list. A PIMS Flexible* plan is fully open-architecture, although new assets are subject to our Asset Acceptance criteria. In addition if the underlying clients of the plan are resident in certain jurisdictions, the asset list may also be restricted.
*products no longer available to new business
Foreign exchanges (FXs)
Q Are FXs instant?
A In some cases they are, and in other's they aren't. Major world currencies such as GBP, EUR and USD all settle instantly. In addition, CAD, CHF, DKK, NOK, and SEK also settle instantly. However, currencies such as AUD, HKD and JPY will take 2 days to settle.
Q Can I exchange monies into any currency?
A No. Our regulator prevents the use of offshore bonds for currency speculation. This means that you will only be able to FX monies into currencies where there is a corresponding asset in that currency available to the plan.
Available cash for transactions
Q Is it possible to go overdrawn on a cash account to facilitate a trade?
A No. Our online dealing service only allows you to use a plan's available cash for purchases. The available cash balance will take into account any purchases which are not yet complete. Additionally if you sell an asset, the available cash balance won't update until that trade has completed.
Switching
Plan access
Q What plan types are available for online switching?
A Any past or presently sold guided-architecture product, including RSP, Quantum, Paragon, Oracle, LifePlan, Preference and Prosper.
Q Can I perform online switching for all of my client's plans?
A Assuming you have been granted online switching and dealing rights, this depends on a couple of things. As long as your company has been appointed as the Investment Adviser to the plans, and you have access rights to that plan via the online service centre, then you should be able to switch. Your account administrator can provide you with access to a plan, if it isn't already in your available list.
Q Can my client switch online?
A Yes they can, but they can't do this in combination with an Investment Adviser. They need to take full control and remove their Investment Adviser, or leave the Investment Adviser to switch online.
Q Can more than one user, working for an Investment Adviser company, switch online?
A Yes. If more than one user has dealing and switching rights, they can both be assigned the same plan and either will be able to switch online. This might be particularly helpful if holiday cover is required.
Q I used to be able to switch on a plan, but it is no longer available. What's happened?
A The most likely explanation is that we have acted on a request from the plan owner to grant them online switching rights. If your client requests that we provide them with online switching access, this will automatically terminate the Investment Adviser relationship. This is clearly pointed out to the client on their sign-up form.
Of course there may be another reason, such as your administrator removing the plan from your accessible list.
Communications
Q How can I keep up-to-date with switching requests?
A The switch history screen provides details of all the switches requested since January 2013.
Bulk changes
Q Can I switch in or out of a fund across a number of plans?
A Yes. The bulk switching functionality is available for Regular Savings Plan, Quantum, Paragon, Oracle and Lifeplan products.
Fund availability
Q What assets can be bought and sold online?
A Generally speaking most the funds available via our platform can be dealt online, depending on the status of the particular asset - for example you won't be able to buy or sell an asset which is suspended. In addition to funds you can also trade on a selection of equities and fixed interest assets. If you believe an asset should be available to trade online, and isn't, please contact dealing@rl360.com
Switching process
Q How does the switching process work, and what are the timescales?
A Initially when you have input a switch, its status will be set to ‘Pending’. This indicates it is awaiting acceptance by our systems.
When the switch has been accepted by our systems, its status will change to ‘In Progress’. Any switch instruction you send us before 5pm UK time on a business day* will usually be accepted, and move to a status of ‘In Progress’, the same day. A switch input after 5pm UK time will generally remain pending until at least 9am UK time the following business day (although in some cases, depending on our system availability, it is possible for the instruction to still be accepted the same day).
Our systems will process your switch when the next available fund price is published. This means the next day for daily priced funds, but could potentially be longer where the fund is weekly, monthly or quarterly priced. Therefore a switch request processed on the first business day of the month in a daily pricing fund will receive the published price on the second business day of the month.
Once our systems process and finalise the switch, its status will be set to ‘Complete’ and the switch will be reflected in the plan transaction history and valuation.
If a plan is invested in our protected funds range, please be aware that the switch will not take place until the next available quarterly switching date.
*A business day means any day that RL360’s head office in the Isle of Man is open for business.
Q Do payment redirections take effect immediately?
A Yes. If a change is made to how future payments are split between different funds, our systems will update immediately in real time. This ensures that payments received on the same day as you place your instruction are invested accordingly.