MiFID II. Wrap Platform user guide

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1 Wrap Platform user guide

2 Introduction This user guide details the platform user interface (UI) changes to support the MiFID, MIFR and PRIIPS regulations. The regulations bring transparency and clarity to help your firm evidence the quality and appropriateness of your client investment propositions. Please refer to our support material for further information. What s changed? Regulation change 1. Legal Entity and Decision Makers for Advisers New input fields (new MIFIR data capture page) 2. Other Decision Makers and Power of Attorney New input fields (new MIFID decision makers page) 3. Country of Nationality and National Identifier New input fields across multiple journeys 4. National Insurance Number for Trustees New input field (existing Trust set up and servicing pages) 5. Decision Makers for this Transaction New input field across multiple journeys 6. Change of Beneficial Owner New input field across multiple journeys 7. Trade blocking New validation 8. Alerts New notifications 9. Declaration changes Declaration wording updated 10. Cost and Charges disclosure New charges information document 11. Investment Information disclosure New investment information documents Let s now look at each item in more detail. User Guide 01

3 1. Legal Entity Identifier and Decision Makers for Advisers Example design (MIFIR Data Capture) Adviser firms with discretionary permissions with clients invested in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub must record Legal Entity Identifier (LEI) and Decision Makers against their company. Trading cannot proceed without this information recorded on the platform. A new Admin > Regulatory > MIFIR Data Capture page has been added to allow users to record details of LEI and decision makers. Up to 10 decision makers can be added per company. Decision maker 1 will be used as company default going forward. Admin > Regulatory > MIFIR Data Capture User Guide 02

4 2. Other Decision Makers and Power of Attorney Example design (MIFIR Decision Makers) Adviser firms with clients invested in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub can record Other Decision Makers against their clients, i.e. another Decision Maker other than the Account Holder(s). A new Clients > Client Details > MIFIR Decision Makers page has been added to capture other Decision Makers (Natural person or Entity), including Power of Attorney, in order for the data to be selectable in the Decision Maker for this transaction dropdown on transactional journeys. Up to 10 Decision Makers can be added per client. Clients > Client Details > MIFIR Decision Makers User Guide 03

5 3. Country of Nationality and National Identifier Example design (New Business New Client) Adviser firms with clients invested in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub must record Country of Nationality and National Identifier (NI) of their clients/trustees. Note: Please refer to the European Securities and Markets Authority (ESMA) paper for guidance on their NI requirements. A new Country of Nationality section has been added to transactional and admin journeys. If UK is selected as Country of Nationality, a National Insurance Number (NINo) is required. If we already hold a NINo on record, no further action required. If a foreign country is selected, the platform will automatically determine what NI is required. Where the client does not own the NI, the next priority NI will be presented. If multi-national added, up to 3 Country of Nationality s can be recorded. New Client > New Business > New Business New Client New Client > New Business > Account Opening For Trusts Clients > Client Details > Account Info Admin > Regulatory > MIFIR Data Capture Clients > Client Details > MIFIR Decision Makers If the account is a charity or corporate trustee, only the Legal Entity Identifier is required. User Guide 04

6 4. National Insurance Number for Trustees Example design (Account Opening For Trusts) Adviser firms with Trustees invested in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub must capture a National Insurance Number for Trustees who are Natural persons (i.e. not Corporate Trustees) and have the UK as their nationality. A new National Insurance Number input field will be added to the Trust set-up and Trust servicing journeys for Individual Trustees and when the UK is selected as Country of nationality. Note: The Legal Entity Identifier must also be recorded to identify the Individual or Corporate Trust itself (excluding Offshore Bond Trusts), Standard Life will request this directly from adviser firms under these circumstances. New Client > New Business > Account Opening For Trusts Clients > Client Details > Account Info (Trustee Servicing) User Guide 05

7 5. Decision maker for this Transaction Example design (New Business New Client) Adviser firms who buy or sell Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub must now record the Decision Maker, Natural person or Entity, against the transaction. A new Decision Maker for this transaction field will be added at the point of investment selection. The Decision Maker list will include the Account holder(s) + any details captured on the MIFIR Decision Makers page. This field will be added across all transactional journeys involving investment buy and sells. New Client > New Business > New Business New Client New Client > New Business > Account Opening For Trusts Clients > Create Orders > New Business Existing Client Clients > Create Orders > New deal/switch Clients > Create Orders > Advanced orders Clients > Create Orders > PP to S&S ISA Clients > Performance > CGST Client Base > Bulk Trading > Bulk Rebalance User Guide 06

6. Change of Beneficial Owner Adviser firms who are processing a transfer, where the transferring company is Standard Life Savings Limited, must record if the transfer includes a change in beneficial

8 6. Change of Beneficial Owner Adviser firms who are processing a transfer, where the transferring company is Standard Life Savings Limited, must record if the transfer includes a change in beneficial owner. Example design (Account to transfer pop up window) A new data capture field Does this transfer involve a change of beneficial owner will be added to transfer transactional journeys. If set to Yes, and the transfer includes ETI or a model portfolio on the Investment Hub, logic will check that the platform holds regulatory data. If no regulatory data exists, validation will instruct the user to complete this before submitting the transfer. New Client > New Business > New Business New Client New Client Clients > Create Orders > New Business Existing Client User Guide 07

7. Trade blocking Example design (New Deal/Switch) Adviser firms with clients wishing to invest in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment

9 7. Trade blocking Example design (New Deal/Switch) Adviser firms with clients wishing to invest in Exchange Traded Instruments (ETI) on the Wrap Platform or within model portfolios on the Investment Hub cannot trade if the regulatory data is not recorded on platform. If the user selects an ETI or a model portfolio holding ETIs on the Investment Hub, on a transactional journey and the platform is missing regulatory data against one or more account holder(s)/trustee(s), validation will be flagged to instruct the user to complete before submitting the instruction. New Client > New Business > New Business New Client New Client > New Business > Account Opening For Trusts Clients > Create Orders > New Business Existing Client Clients > Create Orders > New deal/switch Clients > Create Orders > Advanced orders Clients > Create Orders > PP to S&S ISA Clients > Create Orders > Withdrawals Clients > Performance > CGST Client Base > Bulk Trading > Sell Client Base > Bulk Trading > Switch Client Base > Bulk Trading > Bulk Rebalance User Guide 08

10 8. Alerts Example design (Maintain Alerts) Provide notification when: -DIM portfolio or leveraged instrument drop in value by 10% -Regular annual statement is produced -KID document is changed. New notifications will be added to the existing Maintain Alerts page. Up to 3 addresses can be added. 10% Drop notification is mandatory and cannot be switched off. Please ensure addresses are added to the platform to receive notifications. Client Base > Alerts > Maintain Alerts User Guide 09

9. Declaration changes Example design (New Business New Client) Adviser firms must confirm they will provide to their client relevant supporting investment documents.

11 9. Declaration changes Example design (New Business New Client) Adviser firms must confirm they will provide to their client relevant supporting investment documents. New dynamic declaration wording has been added to Validate and Execute page of new and existing client new business journeys. New Client > New Business > New Business New Client Clients > Create Orders > New Business Existing Client User Guide 10

12 10. Cost and Charges disclosure Example design (New Business New Client) Adviser firms must provide to their client aggregated and itemised breakdown of cost and charges in both and % including investment transaction costs for Stocks & Shares ISAs and Personal Portfolios. A new pre-sale Charges Information Document (CID) will be produced when an investment into a Stocks & Shares ISA or Personal Portfolio occurs. The current Charges Summary and product illustrations are unchanged. The CID provides an estimation of the costs and charges the client will pay now and over the next 12 months based on the investment they are about to make. The information is broken down into Service and Investment charges. New Client > New Business > New Business New Client New Client > New Business > Account Opening for Trusts Clients > Create Orders > New Business Existing Client Clients > Create Orders > New deal/switch Clients > Create Orders > Advanced orders Clients > Create Orders > PP to S&S ISA Clients > Review > Rebalance Clients > Performance > CGST Client Base > Bulk Trading > Switch Client Base > Bulk Trading > Bulk Rebalance User Guide 11

11. Investment information disclosure Example design (Investment Selection Tool) Under PRIIPS regulations, adviser firms must provide to their client relevant pre-sale investment information

The Product Key Information Document (KID) and SID will be made available on the Validate and Execute page of new and existing client new business journeys.

13 11. Investment information disclosure Example design (Investment Selection Tool) Under PRIIPS regulations, adviser firms must provide to their client relevant pre-sale investment information documents for Offshore and Onshore Bonds. A new Supplementary Information Document (SID) for insured funds will be made available on our Investment Selection Tool. The Product Key Information Document (KID) and SID will be made available on the Validate and Execute page of new and existing client new business journeys. Example design (New Business New Client) Note: Some Stocks & Shares ISA and Personal Portfolio investments can be classed as PRIIPs in their own rights. In these circumstances an Investment Key Information Document will also be provided on the Investment Selection Tool and new business journeys. Investment Selection Tool (across multiple journeys) New Client > New Business > New Business New Client Clients > Create Orders > New Business Existing Client User Guide 12

14 For more information Please get in touch with your Standard Life contact. Standard Life Assurance Limited is the provider of the Onshore Bond for Wrap and the Standard Life Self Invested Personal Pension Scheme. Standard Life Trustee Company Limited is trustee of the Standard Life Self Invested Personal Pension Scheme. Standard Life Savings Limited is registered in Scotland (SC180203) at 1 George Street, Edinburgh, EH2 2LL. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Trustee Company Limited is registered in Scotland (SC076046) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Standard Life International dac, registered in Dublin, Ireland (408507), is the provider of the Wrap International Portfolio Bond. It is a designated activity company limited by shares with its registered office at 90 St Stephen s Green, Dublin 2. Standard Life International dac is authorised and regulated by the Central Bank of Ireland and subject to limited regulation in the UK by the Financial Conduct Authority. Details about the extent of Standard Life International dac s regulation by the Financial Conduct Authority are available from us on request. Standard Life Assurance Limited, Standard Life Trustee Company Limited and Standard Life International dac are owned by the Phoenix Group and use the Standard Life brand under licence from the Standard Life Aberdeen Group. You can find more information about Standard Life Aberdeen plc s strategic partnership with Phoenix at WRAP Standard Life Aberdeen, reproduced under licence. All rights reserved.

Adviser User Guide. Investing in a Managed Portfolio through a DIM on the Wrap platform

Adviser User Guide. Investing in a Managed Portfolio through a DIM on the Wrap platform Adviser User Guide Investing in a Managed Portfolio through a DIM on the Wrap platform Introduction Our wrap platform has the functionality to enable you to invest your clients in a range of Managed Portfolios