Hello and welcome to the second edition of our CGiX Product Update.
Over the past six months, our development efforts have remained firmly focused on the priorities we outlined in our previous report: enhancing the CGiX user experience, expanding our non-UK tax reporting capabilities, and introducing new ways for clients to strengthen the quality and integrity of their data.
In this edition, we’re pleased to introduce our new 1099-OID reports which bring us another step closer to delivering a comprehensive US tax reporting suite that mirrors the clarity and usability our clients value in our UK and Irish offerings.
We’ve also continued our work enhancing the CGiX user interface, which we plan to launch to clients in full later this year. This development cycle, we’ve focused on improving the usability and workflow efficiency of our homepage and What If Tax Modelling Tool. The updates will not only improve the look and feel of our platform but also provide advisers with clearer insights and greater confidence when modelling tax outcomes and making decisions for their clients.
I hope you find this update both informative and useful, and that it gives you a clear sense of the direction we are continuing to take with CGiX.
Improving Data Accuracy with Our New On-Demand Security Data Reconciliation Service
Our new Securities Data Reconciliation Service is now available as a paid add-on for our SaaS CGiX clients. The service allows clients to:
- Automatically compare their securities data against CGiX’s Master Database, based on current and sold holdings across any date range.
- Enrich their internal datasets using CGiX’s Master Database.
- Improve their overall data accuracy and completeness on demand.
Example use case
Where clients receive security data from multiple external providers, they may occasionally experience discrepancies between their internal records and the security records held by CGiX. Operations teams can now use the Security Data Reconciliation Service to quickly identify where securities are missing or unmatched, incorrectly classified for tax reporting, or have other data inconsistencies.
Benefits
By using our Security Data Reconciliation Service, teams can proactively resolve issues before they get the chance to impact tax reporting, resulting in:
- Reduced manual data investigation and correction
- Faster identification of data maintenance requirements
- Greater confidence in the integrity of your security master data
- Better access to reliable, up-to-date information all year-round
- Better-informed financial planning decisions and improved reporting accuracy
Our new Securities Data Reconciliation Service helps clients enhance the accuracy and integrity of their tax reporting, while significantly reducing manual effort at tax year-end. The result is a smoother, more efficient and more confident tax reporting process for all clients adopting the service.”
Mina Patel, Project Lead
CGiX US Expands Reporting Capabilities with Addition of 1099-OID Forms
Form 1099-OID has now been added to the CGiX US Tax Reporting Suite, completing our core set of reports for US tax compliance alongside our 1099-B, 1099-DIV and 1099-INT reports.
What is Form 1099-OID?
Form 1099-OID is used to report original issue discount (OID) income. OID represents the taxable difference between a debt instrument’s stated redemption value and its discounted purchase price and is treated as interest over the life of the instrument.
Importantly, OID must be reported annually, even where no cash payment has been received. This makes accurate reporting essential for US taxpayers and US-connected individuals, particularly in complex or cross-border scenarios.
What CGiX delivers
Our new 1099-OID reports contain all the data fields needed to complete clients’ tax reports and are aligned with IRS reporting requirements, enabling tax teams to complete filings efficiently and with confidence.
The reports maintain a consistent look and feel with our existing US reporting suite, as well as our UK and Irish outputs, and can be fully white labelled to reflect your brand.
Key benefits
- Supports accurate reporting of Original Issue Discount taxable income
- Reduces manual interpretation of complex instruments
- Helps ensure full compliance with IRS requirements
The new report is now available to clients and this milestone represents an important step towards delivering a fully comprehensive US Reporting Suite within CGiX. We look forward to continuing to expand our US tax reporting capabilities and bringing additional reports to clients in the near future.”
Alex Ranahan, Project Lead
CGiX UI Enhancements: Refreshed Homepage and Refined What If Tool
Over the past year, the team has been evolving the CGiX user interface to deliver a cleaner, more modern and intuitive experience. These improvements are designed to streamline workflows and improve accessibility across the platform and will launch, in full, later this year.
This development cycle, we have focused on enhancing two core areas:
- Our homepage
- Our What If Tax Modelling Tool
A Refreshed CGiX Homepage
At the top of our refreshed homepage, you’ll find a new welcome banner which has been designed to create a more tailored experience, while providing a flexible foundation for future enhancements.
You’ll also find redesigned information cards that give you an at-a-glance view of the key functionality available across CGiX. These cards make it easier to understand what each area offers and help you streamline your day-to-day workflows by allowing you to navigate directly access to the area you need in just a single click.
By reducing the need to navigate through multiple menu levels, our information cards help you to access common tasks and workflows quicker and more efficiently. The result is a more connected and streamlined homepage experience that puts the tools, information, and functionality you use most easily in reach.
Our phased approach to the redesign of CGiX allows us to introduce enhancements in a controlled, user-led way, helping to ensure that each improvement meaningfully enhances day-to-day workflows while maintaining the reliability, strength and familiarity of our functionality.”
Varsha Vora, Project Lead
Alongside this, we have developed several new features, including:
- Consolidated vs Account-Level Views: seamlessly switch between a high-level, consolidated client view and a more granular account-level perspective to quickly assess overall client impact while retaining the ability to drill down into specific portfolios or accounts when needed.
- Streamlined Summary Card: redesigned to present key outcomes in a clearer, more digestible format, helping advisers to interpret results more quickly and confidently during client conversations.
- Enhanced Quick Search Functionality: a comprehensive new search capability allows users to search across all columns within a holdings table, making it easier to locate specific securities within large datasets.
What If: Enhanced Tax Modelling, Tax Optimisation and Usability
Previously the What If tool had been embedded within the client holdings’ page as a toggleable feature but has now been moved to its own dedicated page within the Adviser tab. This change:
- Gives the tool greater visibility and prominence
- Provides a more focused workflow for capital gains modelling
- Improves the overall user experience for analysis and decision-making
We’ve also improved the way our What If tool helps advisers achieve specific outcomes such as targeting desired proceeds, generating specific capital gains or losses or minimising overall tax impact by:
- Adding greater transparency of adviser objectives within workflows
- Clearly presenting configured targets and outcomes
- Improving the visibility of how proposed trades align with intended strategies
These enhancements will provide advisers with more intuitive guidance, supporting confident and defensible decision-making.
The What If is a much-loved feature within CGiX so it was essential that we retained its powerful functionality when redesigning the interface. With new views, improved summaries and enhanced search, this refresh will make the tool even more effective for advisers.”
Varsha Vora, Project Lead
What’s Next for CGiX
As we continue to enhance CGiX, our focus remains the same: delivering a platform that combines powerful functionality with ease of use, helping our clients navigate increasingly complex tax reporting requirements with confidence.
Looking ahead to our next development cycle, we plan to enhance our probate functionality by automating the transfer and probate uplift of a deceased joint account holder’s share to the surviving account holder. This will strengthen our support for deceased client cases, reducing operational effort while improving accuracy, consistency and auditability.
We’re also taking steps to future-proof CGiX for evolving client and integration requirements. This includes expanding client and account identifiers to 50 characters and ensuring these extended IDs can be processed seamlessly across imports, APIs, integrations and reporting.
Perhaps most excitingly, we’ll be unveiling a new set of CGiX screens and workflows designed specifically for advisers. These enhancements will support more effective financial planning and help facilitate more informed, data-driven client conversations.
Thank you for taking the time to read this edition of the CGiX Product Update.
If you would like to learn more about any of the developments featured in this report, please get in touch with your usual FSL contact. And, as always, if there’s something you’d like to see from the team in the future, we’d love to hear from you. Your feedback continues to play an important role in shaping the evolution of CGiX.