Frequently Asked Questions
Need to know more about FinClear's back-office migration project? We are here to help
Will all my historical data move as well?
Yes, your historical data will be moved as part of the migration.
Historical data will be visible in TCWealth only - it will not be visible in TCOps, TCAdviser or TCPro.
Do I need to re-paper account opening forms? Will it be new T&C's?
No, you will not need to re-paper your existing clients. There will be new T&C's for your clients moving forward which we will provide you prior to migration.
Do I need to re-paper direct debit forms?
No, current direct debit forms will be novated so no re-papering is required.
Do I need to notify my clients of this change?
Yes, your clients will need to be notified of the change of clearer. We will provide you with some sample wording you can use. This will be a negative consent mail out so your clients do not need to take any action.
What date will the migration take place?
This migration will take place across 3 weekends in May and June. The target dates are the 11th - 12th of May, the 25th - 26th of May, and the 8th - 9th of June. Your Relationship Manager will be in touch to let you know which of these dates you will be included in.
Will I need to provide new SSI's to my DVP providers?
Yes, we will provide you a copy of our new Standard Settlement Instructions (SSI's).
Will I need to cancel open orders before the migration?
Will my account numbers change?
A two-letter prefix will be added to your account number, but the number will remain the same.
What will this mean for data feeds? Will we need to make any changes?
As there will be some slight changes to account numbers, branch and adviser codes there will be some adjustments required to current data feeds. This will be handled internally by the FinClear team as part of the migration.
Will my logins change to TradeCentre?
No, your TradeCentre logins will remain the same however we will permission your existing logins to the new SUMMIT accounts.
Will my logins change to IRESS?
No, your IRESS logins will remain the same however we will permission your existing logins to the new SUMMIT accounts.
Will daybooks still look the same? What will change?
There will be some slight changes to the daybooks however all current information will still remain in the report. Your Relationship Manager will provide you with a sample of this report.
I have scheduled client reports – will they remain intact?
Yes, any scheduled reports you are currently receiving will remain.
What will our Sponsoring Broker PID be?
The Sponsoring Broker PID will change from 3556 to 3557. The Sponsoring Broker name remains as FinClear Execution Ltd.
Will my branch and adviser codes change?
Yes, your branch and adviser codes will change. We will provide you these new codes as soon as possible.
Will my brokerage codes change?
No, your brokerage rates will remain intact.
Will this affect our clients logging into TC Wealth client?
No, there will be no change in how your clients log into TC Wealth Client.
Will my non sponsored holdings be migrated?
Yes, we will copy over non sponsored holdings as part of the migration.
Will clients BPAY reference change?
Yes, there will be a new BPAY biller code and reference. The new details will be printed on each BUY contract note.
New biller code - 244764
New reference - please refer to the contract note
What will the new Settlement PID be?
The settlement PID will be change from 1822 to 1792. Once we have provided you with the new SSI document, this will need to be shared with your DVP providers for settlement. This new settlement PID is only to be used post migration.
Will the FinClear contacts change?
There are some changes to contact emails. You can find the most up to date information in our FinClear Support Guide (click here to download).
Will there be changes to the end of month billing?
For the migration month only you will receive two billing packs and (if you are in receipt of funds) two payments:
1st of the month - migration date: first billing pack from old back-office (IBroker)
Day after migration - end of month: second billing pack from new back-office (Summit).
If you are due to pay FinClear we will endeavor to provide one invoice only.
Are there any changes to Macquarie Cash Management Accounts?
There is a new company code which will need to be used for granting General Withdrawal Authority to FinClear.
FinClear Services Macquarie Company Code - 9764