4.8 Process FCIS Broker Migration Detail

This topic provides the systematic instructions to change the default broker, from one broker to the other, for all the unit holders, in bulk.

Broker merger is a scenario, where source broker code merges with target broker code to form a single entity.

Post RDR, if the broke merger is not due to advise, then the merger is considered as not advised and the new agent/broker will inherit the terms of holdings. Also. is eligible to receive commission.

Once the broker is merged, the commission due to source broker is paid to the target broker for the business mobilized by the source broker. Also, the system transfers the holdings of source broker to target broker. Post merger, if a transaction is received with source broker code, then the transaction is linked to the target broker code.

Merger of brokers is scheduled as a EOD batch process triggered by Broker Merger activity on the day the merger is authorized.

Note:

• If either the source or target broker is suspended or deceased, then the system disables broker merger.
• If source broker code is UK domiciled and target broker code is non UK domiciled or visa versa, then the system displays the warning message as Source/target broker is UK Domiciled - Do you wish to continue.

Process FCIS Broker Migration Detail

1. On Home screen, type UTDBRMIG in the text box, and click Next.
   The FCIS Broker Migration Detail screen is displayed.

   Figure 4-15 FCIS Broker Migration Detail

   
   

   
   Description of "Figure 4-15 FCIS Broker Migration Detail"

   
   
2. The system validates if the source broker status is Pending Closure before migration. Only the brokers with disabled status as No are mapped as destination brokers.
   Only Save operation is applicable for the FCIS Broker Migration Detail screen.

   Note:

   Duplicate entries with the same source and destination broker with the same effective date are not allowed.
3. On FCIS Broker Migration Detail screen, click New to enter the details.
   For more information on fields, refer to the field description table.

   Table 4-13 FCIS Broker Migration Detail - Field Description

   Field	Description
   Source Broker ID	Alphanumeric; 12 Characters; Mandatory Source broker is the broker from whom migration is done. Select the source broker ID of the option list.
   Source Broker Name	Display The name of the source broker is displayed.
   Destination Broker ID	Alphanumeric; 12 Characters; Mandatory Destination broker is the new broker to whom the details are migrated. Select the destination broker ID of the option list.
   Destination Broker Name	Display The name of the destination broker is displayed.
   Effective Date	Date Format; Mandatory Specify the date from which the broker migration is effective in the system.
   Status	Display The status of broker migration is displayed.