Where cash account entries relate to adhoc payments and deposits we will always require identification, generally accompanied by documentary evidence for audit purposes, to be able to process them. Where they include the first of a series of fixed, regular contributions or pension payments these will generally only require identification once as they will be automatically recognised ongoing.
Well Narrated Transactions
Some transactions may be so well described that you would think we would have no difficulty in matching them. In these cases we generally require supporting documentation so they should be dealt with by simply uploading the relevant documents to us.
Data Download Facilities
Transaction downloads from product providers often over promise and under deliver. Unfortunately, fake news is the norm. One platform, lauded by the adviser community as one of the best, and used by about 30% of the funds we administer, is notorious for breaking down on a weekly basis, duplicating data and losing transactions. Those of you who use this platform may not notice this as it only affects the feeds to us, not the data you would generally access directly from the platform. The amount of manual input and rectification we must implement for this platform constitutes the single biggest non-productive use of our resources. Each week I am assured that the problems will be fixed next week. One day I’m sure this will be true but I’m not sure when that day will be.
Even those platforms that work well, cease to do so, if they contain an active separately managed account. In addition, download facilities generally, possess an aggravating tendency to stop working without notice.
There isn’t anything you can do about these problems. We are dealing with them with each provider as best we can. I am merely pointing out one of the reasons why you may sometimes see items in your unmatched transaction list relating to data feeds.
Transactions that are Netted Off
Sometimes multiple transactions are reflected by a single entry in the fund cash account. We will generally require assistance here. Commonly this occurs for property transactions and can be easily answered once a summary document, such as a solicitor’s trust account reconciliation, is provided to us. When these occur within a data fed platform you may well expect us to be able to work it out ourselves. We can do so if we have access to the platform reports however, whilst providers readily agree to providing download data, this authority does not usually extend to providing us with the sort of transactional information you can access. For this reason, where we are seeking clarification of such an item, your best response is to send us a copy of the detailed transaction information from your platform reporting module.
We would prefer to be able to access this information directly from the platform or investment house ourselves, thus saving you the bother, and would ask you to ascertain if the platform can provide this to us and on what terms. Be careful here as our experience has provided the following inappropriate impediments to the implementation of this convenient access;
- It may only be available if we are granted transactional access as well.
- It may only be available if we have access to the information for all your clients, including those that we do not provide services for.
- If it is available, it may need to be formally requested by way of a separate authority – each time.
Notwithstanding the above, there are many instances where we can be provided with permanent view only access. If you feel that what we require could be obtained by our contacting the investment house or platform we would appreciate your discussing this with them first to ensure that this is both possible and practical.
Requests for Previously Provided information
This should not occur but if it does could you please consider the following;
- Informing us of the nature of a transaction also requires evidence for audit purposes. For example, responding to an unmatched $100,000 cash withdrawal by stating that it was a deposit for a real estate transaction is of little practical use to us without a copy of the contract, so the item will remain unmatched.
- Data feed authorities and fee authorities are separate documents that often look very similar. Please check that you have returned what you think you have.
We hope this information has been of assistance.
Any suggestions or comments you may have which will allow us to improve your service experience with us would be gratefully received. Please let me have your suggestions.