Transfer from a joint account to one or other spouse (or vice versa):
There is NO CHANGE of beneficial ownership between joint accounts and anyone of the spouses (or vice versa)
Refresher Comms
Loading banking details on Minor accounts:
If the bank account belongs to a parent of the minor it should always be loaded as own (irrespective if the parent is an auth rep or not).
New investment for minors
Process to follow:
•Confirm who will be acting on behalf of the minor
•Confirm whether all details on page 1 is identical to that of the guardian (if it differs we require an acting on behalf of investor form)
FICA requirements for direct clients:
• Unabridged birth certificate (A parent declaration will be required if the gardians name is not on the birth certificate)
• ID and proof of res of the guardian/auth rep
• Additional docs if auth rep is not the parents
• Minor declaration form
FICA requirements for direct clients:
•ID of auth rep (This will not be required if the client is existing or if we receive the acting on behalf of investor form)
Process update: Withdrawal uncleared units:
If you do a 100% withdrawal out of a fund and cancel the debit order within 4 business days of the original withdrawal instruction, then you do not have to create an SR for the uncleared units as this will be created automatically.
Withdrawals that require a reference for the payment
When a withdrawal is received and a reference is required for the payment:
• We process into the requested bank account
• We offer the proof of payment. The reference will be the clients AllanGray account number (AGUT/LP)
The manual payment process should only be followed if the client insists on a specific reference other than that of his Allan Gray account number.
Capturing online authorization for IFS’s when loading discretion
When a CATII financial advisor indicates that he would like discretion to be loaded on his client’s account (tick on New Investment form or received mandate). “Online auth with withdrawals” has to be loaded (irrespective if this is ticked on the form or not) as it is not processed automatically.
Capturing subscriptions for Transfers:
If an AMOUNT has been captured for a backdated subscription
•Click on the Load Override tab
•Change type should be “return value”
•Change value should be “0