Wrap help

Browse our help categories below to get tips and details on using the Wrap platform. Here you will find answers to the most common questions we are asked.

Charge and discounts
Discounted shareclass The average saving on a discounted shareclass can be around 0.14% compared to a standard ‘clean’ shareclass.
Equities and gilts Equities and Gilts only count towards the Platform charge if they are held in ISA/PP; if they are held in SIPP, they incur the fixed monetary initial and annual charges.

Family Terms
When accounts are linked for family terms all of the linked clients benefit from the associated discount. We can link up to 10 close family members for family terms provided that one of them has £500,000 in eligible investments in their account. See client terms and conditions for a definition of close family.
Gilts and bonds Gilts and bonds are charged in the same way as equities and ETFs (Exchange Traded Funds).

Initial charges
There are no Initial Charges on Core / Platform funds but that does not mean that there are no initial costs or that we deal at Net Asset Value. Retail funds almost never deal at Net Asset Value. We normally deal at the creation price. An OEIC may incur a dilution levy – that is not the same as an initial charge.

 

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Funds and Dealing
Add new funds to platform If there is a fund or other investment you would like us to add to the platform, please email the details to platform_fundrequest@standardlife.com with as much information as you have. We will need a fund identifier, ideally more than one: Sedol, ISIN and Citicodes are the most useful.

Advanced Orders
The ‘commission’ shown on Advanced Orders is not actually commission, it is the aggregate of broker charge + SDRT and PTM levy.
The Advanced Orders (“quote and deal”) tool should only be used for equities and is only available while the market is open.
Bulk Trading The Bulk Trading screens will only update regular transactions if they are buy deals and the client only has one standing batch for that product: otherwise you will need to amend these deals manually.

Contract notes
We don't issue contract notes for insured fund deals because the product terms and conditions already set out how deals in these funds are filled and how units are priced. Because of this, the FCA regulations don’t require contract notes to be issued.

Deal statuses
Deal statuses: “Confirmed” means that the deal has not yet been submitted; “Authorised” means that it is ready to go as soon as cash or stock is available; “Pooled” means that we are aggregating the deals just prior to sending them to the fund manager; “Placed” means that they are with the fund manager awaiting pricing; “Complete” means that the fund manager has confirmed the deal price and settlement date.
Equities You can’t hold Equities or ETFs in Wrap International Portfolio Bond.
Ongoing Fund Charge The Ongoing Fund Charge on the quote may occasionally differ from those on the Ongoing Charges Summary (the Quote is usually more up to date as they are reviewed quarterly).

In Progress wizard
Any In Progress wizard that hasn’t had any changes saved for over six months may be deleted without warning; if you have In Progress wizards that you wish to save, remember to re-save it at least every five months.


Rebalance
A Rebalance is not the same as a switch. In a mutual fund switch, the sell deals are booked first and the buy deals are only placed after all the sell deals have been priced.  In a rebalance, the buy and sell deals are normally placed at the same time using estimated cash values.

The red and green boxes in the Rebalance wizard are for convenience only to make it easy to spot which funds are outwith the 2% range. They do not have any impact on the rebalancing process.
Stamp Duty Reserve Tax Not all share purchases incur Stamp Duty Reserve Tax – shares that have their primary listing in other exchanges are often SDRT exempt.
Standing batches To find historic standing batches set up more than 6 months ago, you will need to change the date on the range finder on the Track Orders/Deals Switches screen.





Switches
Comments added to Create Orders/New Deal Switch can be seen in the Detail screen of Transaction History.

The Track Orders/Deals Switches screen shows only deals that have been created in the last six months by default – to see deals that were set up earlier (e.g. standing batches) change the start date.

Switches between funds (OEICs and Unit Trusts) are carried out sequentially – as soon as we have a confirmation of the sell proceeds, we place the switch-buy deals at the next valuation point.

If you set up a deal through New Deal Switch with a future effective date, the platform will create a standing batch straight away (not a one-off batch) and on the day that the deal is due to happen, an auto batch will be created.
TERs and AMCs TERs and AMCs for exchange traded funds (ETFs) are not shown anywhere on the platform – you need to go the ETF manager’s website.

 

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Income and Dividends




Distributions
Although they are not paid in cash, distributions on Accumulation units are still subject to withholding tax and client may have additional tax to pay if the funds are held in Personal Portfolio.

Equalisation (given on Group 2 units) is not an income payment and is not subject to withholding tax.  It should instead be used to adjust capital gains tax (CGT) liability.

Some platforms offer both gross and net nominee accounts; this means they are able to receive gross distributions (i.e. no tax deducted) on certain distributions.  Our nominee is net which means that distributions are mostly received net.  We carry out tax reclaims where appropriate – the process for doing this varies by product.




Fund distributions
A fund distribution will be either interest-related (taxed at 20%) or dividend-related (taxed at 10%). The rule is that if 60% of the income is interest-related, then it’s an interest distribution; less than that and it’s ‘dividend’.

Group 2 and Group 1 are markers applied by the fund manager to determine if these units are entitled to the next distribution in full; after the first ex-date, Group 2 units (which get a partial distribution) are turned into Group 1 units (full distribution) automatically.

The Tax figures shown in Performance / Tax only relate to the withholding tax that has been deducted from dividends and interest – the client may have additional tax liability for some or all of their investments.
Interest Interest on Personal Portfolio is always net, regardless of the type of client; interest is always gross on Wrap ISA, International Portfolio Bond and SIPP.

 

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Payments and Withdrawals
Direct Debits Direct debits for SIPP can't be changed - to do so you will need to cancel and reinstate.
Wrap bank details Wrap bank details are HSBC sort code 400328, account number 02288311, account name Wrap Collections, IBAN GB60MIDL40032802288311. Please include a reference with the payment – client’s plan number/last name/initial.
Wrap SIPP bank details Wrap SIPP bank details are HSBC sort code 400328, account number 42288230, account name SIPP Collections, IBAN GB53MIDL40032842288230. Please include a reference with the payment – client’s plan number/last name/initial.
Cheque payment All cheques are payable to “Standard Life Savings Ltd” and should be mailed to: Standard Life Wrap, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP. Please write the client’s plan/account number on the back of the cheque.

 

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Platform data
Bid price The price that we show for funds on the platform – in the Portfolio and Performance screens – is the Bid price; this is also the case for equity holdings.
Client access If you want to see which clients have access and when they last logged into the platform, go to the Admin tab, then select Users, followed by Users By Group.

Inception dates
Client inception dates vary by product – a client may well have a SIPP inception date which is different from their ISA anniversary date. You can find their inception date by going into Client / Client Details and selecting the relevant product.



Performance
The Performance rate of return figures will only be the same as the simple rate of return if there have been no transactions during the period selected.

Performance / Charges is good for seeing advice and platform charges but it does not take into account any of the fund charges or equity dealing charges (as these are included in the deal values).

The Performance tab does not take off-platform or external/legacy investments into account.

Transaction history
The Transaction History screen allows you to see the transactions in a specific fund by entering the fund code in the "Security" box. Because many funds have been through conversions, it might be a better idea to leave that field blank and use the Export to Excel function instead. The resulting spreadsheet will let you sort the funds into any order you need.
Valuations Valuations on the Client tab are updated once daily by a feed from FinEx – normally around 8 a.m. The price that we show on the platform and in the reports “today” is likely to be from yesterday’s valuation point.

 

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Quotes


Charges Summary
To quickly see the charges that would apply to a new client's prospective products and investments, you can generate an Charges Summary using the short New Client / Charges Summary wizard. This is also available on the Client / Performance menu.

 The Quote and Charges Summary charge are never the same. The Charges Summary charge is always lower than the Reduction in Yield shown in the Quote because the Quote takes into account the loss of growth.

Quote failure
Quote failure can happen because they “deplete to zero”. This happens when the sum of charges and withdrawals exceeds the projected growth rate for the funds selected. Choosing funds with higher growth rates (or lower charges) and/or reducing the withdrawal amounts is the only solution to this issue.

 

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Reports and documentation
Cash Balances The Client Base/Cash Balances report includes the value of in progress transfers.
Client Listing The Client Listing report in Client Base will tell you which of your clients have been linked for family terms – a “Link ID” number will be shown. It will also show which clients are paperless.
Consolidated account Creating a consolidated account for reporting purposes does not give family terms to the clients who have been linked – send an email to wrap_servicing@standardlife.com to link accounts for discount purposes.



Contract Notes
If your client no longer wishes to receive paper Contract Notes, we can switch these off if you send us a signed letter from your client. We will still load copies to the Document Library and post the client paper statements.

Contract notes are not issued for insured fund deals. There is no regulatory requirement to provide them as the units are created and priced by the pension / bond provider.
Export to Excel The 'Export to Excel' function is available in: Portfolio Detail; Track Orders/Deal Switches; Investment Transactions; Cash Transactions; and Track Orders/Payments Withdrawals.
Gain/Loss The Performance Gain/Loss figures should not be used for CGT reporting.
Paperless The following is the list of documents suppressed if a client is opted out of receiving non-regulatory documentation by mail:

  • Payment Information Forms (direct debit receipts)
  • All Product Statements
  • Re-registration Confirmation and Disclosure Document
  • MiFID Costs & charges document


Performance
When running a Performance report, pay close attention to the report 'from' date – if the first large transaction occurred well after the account inception date, start the report from the day before the large transaction, otherwise the (+ve/-ve) Return will be amplified due to the low time-factor weighting.

When you generate a Performance report from the Rebalance wizard, it will automatically include the performance figures from the inception date as well as for the date range that you select.

 

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Tax
Capital Gains Tax The figures shown in the Performance screens are not Capital Gains Tax compliant.
Capital Gains tool The +Book Cost flag in the Capital Gains Scenario Tool is shown when we don’t have a book cost for some of the units – clicking the button will show you which units we have no cost for.





Capital Gains report
The Gain/Loss figure on the CGT report will not be the same as: units times (sale price minus cost). For CGT purposes, we need to deduct the value of net Accumulation distributions (and add equalisation on Income units) to the CGT gain. These adjustments aren’t listed separately on the report so it can look as if the Gain/Loss figure is wrong.

The book cost for an investment on the Capital Gains Report will be shown as zero if 1) the units were transferred to the account and no book cost has been entered; or 2) the average unit cost is less than £0.005. If the units were transferred, an asterisk will be shown next to the fund.

You don't need to wait for us to send your clients a Consolidated Tax Certificate each year - unwrapped income information can be found on Performance Interest and Performance Dividends screens at any time.



Tax reclaims
For ISA, we will reclaim any tax that has been deducted on “Interest distributions”. Funds that derive 60% or more of their income from interest-bearing securities (such as government or corporate bonds) are treated as paying interest distributions which are generally taxed at 20% before being paid. We can reclaim that 20% deduction for SIPP, ISA and International Portfolio Bond clients and we do so – regardless of whether the units held are Inc or Acc units. The tax reclaim will be applied as cash.

We apply  tax reclaims for ISA distributions every 4 - 8 weeks; for SIPP and Offshore Bond we apply tax reclaims annually.

 

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Transfers
Transfer turnarounds We will only start to chase transfers in 30 days after we have sent the transfer request.

 

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