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Cash Warnings, Bulk Fee Structures & Asset Groups

Cash Warnings - Improving Outcomes for Non-Workplace Pensions

New Cash Warnings functionality has been released to enable clients to meet their obligations under FCA policy statement (PS22/15) for non-workplace pensions. Cash Warnings must be produced for all consumers who have a significant and sustained level of cash or cash-like assets in their pension scheme. From 1st December 2023 providers are to give initial and ongoing annual Cash Warnings to all their consumers who meet the conditions, including existing and advised consumers.

To comply with these new requirements and to maximise efficiency, we have introduced a Cash Warnings Automation process into Platinum. The automation process assesses all active members against a set of pre-defined criteria. Those members who are assessed as having a high level of cash or cash like assets more than twice in a 6-month period will automatically trigger the generation of a cash warning letter.

 

Bulk Updating Customer Fee Structures

New functionality enables members to be moved in bulk between brands rather than processing on a member by members basis. Fee Structures have been added to the existing suite of platinum batch processes so that large groups of members can be assigned to new or existing fee structures in bulk providing further efficiencies to the customer invoicing process.

 

Asset Groups – Asset Ownership Management

An enhancement has been made to how we record and display ownership of assets for groups in Platinum. Current ownership is now displayed in a tabular format with an accompanying graphical display of these records. Ownership History is now displayed in a new grid with an action link to allow the user to see the ownership history details for any group assets. For Group Bank Accounts a new Redistribution History grid is displayed detailing the history of any redistributions between group members within the bank account. These changes further improve the asset group functionality.

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