You are here: AdviserArchive: July 2015

Archive: July 2015

This page is for Professional Financial Advisers only Latest from Cofunds - week commencing 27 July 2015
Conversions are now even quicker and easier

Conversions are now even quicker and easier

Converting your clients commission-free share class funds has now become even easier with just the tick of a box.

Find out how

Improving 'My Client Dashboard'

Improving 'My Client Dashboard'

New features to 'My Client Dashboard' are now available online.

Take a look here at what's been improved

Updates to our Anti-Money Laundering Policy and Procedures

Updates to our Anti-Money Laundering Policy and Procedures

We're now required to establish and evidence source of wealth in high-risk cases and as a result we'll be introducing new procedures to comply.

Find out more here

We've updated our Annual Growth Rates

We've updated our Annual Growth Rates

We've updated our IMA sector growth rates to reflect the current industry averages.

Find out more on our updated annual growth rates here

Corporate Actions

Corporate Actions

View details of recent and upcoming Corporate Actions

View the latest Corporate Actions here

Conversions are now even quicker and easier

We've updated our ISA, Investment Funds, Transfer and Switch forms to help make the process of converting your clients to commission-free share classes simpler.

Simply tick the new box in the 'Convert All Accounts' section of the forms to convert all of your client's commission-included share class funds across their holdings where they're the primary holder.

For information on the steps you need to take before you convert your clients, take a look at our Sunset web pages. Or find the new forms at the Document Centre.

Improving 'My Client Dashboard'

We've made some new improvements to 'My Client Dashboard' to enable you to manage your clients' investments more easily.

You'll notice a number of changes including an update to the Valuation History Graph, which now allows you to select a valuation period from one month up to five years - and now at a client, account or product level. Also, you can now view Key Investor Information Documents and Fund Fact Sheets directly from the 'Valuation Screen'

Take a look at all the new features by logging in here.

Updates to our Anti-Money Laundering Policy and Procedures

From 3 August 2015, we're making improvements to our Anti-Money Laundering Policy and Procedures following recent changes to the FCA Financial Crime Guidance for businesses and the Joint Money Laundering Steering Group Guidance.

The changes now mean that we're required to establish and evidence the source of wealth in high-risk cases. To do this, we'll be contacting you regarding some of the investments your clients' make to ensure we reduce the risk of financial crime. These include:

  • Identification of a high risk Politically Exposed Person (PEP)
  • Investment deals placed over £500,000
  • Where information in the public domain is identified linking an underlying investor to a serious allegation of financial crime.

The table below includes examples of the types of evidence of source of wealth that we're able to accept.

Evidencing source of wealth

Source of wealth Evidence Requested
Accumulated savings from salary Bank statement, Investment Portfolio Statement, Building Society account etc
Retirement fund Pension documentation from insurance company
Inheritance Grant of Probate or solicitors letter
Sale of property Solicitors letter, this letter can be supported by internet evidence (Zoopla, Rightmove etc) The Land Registry
Sale of maturity of previous investments Share certificates, investment statements, transfer forms
Divorce settlement Solicitors letter, legal documentation
Lottery winnings Letter or bank statement with entry from Camelot, which can be supported by news articles
Gifted e.g. From relatives Source of wealth is required from the individuals. E.g. If gifted from parents/grandparents - the relative must advise and evidence their source of wealth for the gift, as per this list
Profits from a company/shares Company share statement, dividend share statement, bank statement

As long as the client has been passed for money laundering purposes, there will be no delay to the deal being placed.

We've updated our Annual Growth Rates

We've updated the IMA sector growth rates, within our Illustrations Tool, to reflect the current industry averages. This means your clients can receive the most up-to-date estimates on the future growth of their funds, and the charges that might be applied.

Take a look at the new growth rates here.

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