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6. Going live: opening a scheme

Where things stand today​

On the live platform, both SCAFI and SAIF are still in DRAFT.

This means:

  • Members cannot join.
  • Nobody can record a contribution.
  • Nobody can pay online.
  • The schemes do not appear to the public or to members.

A scheme must be Open before any member can register or join, and before any contribution can be recorded. Do not open a scheme until its parties, its collection account and its cooperatives are ready.

The seeding script creates each scheme as Draft. There is no "create scheme" screen. Re-running the seeding script does not change a scheme's status.

Who can do this​

  • Programme Administrator (PA), or
  • Client System Administrator (CSA), or
  • Platform Super Administrator (PSA).

Before you start​

Check that you have:

  1. The name of the trustee, the custodian bank, the fund manager and the auditor. All four are required. Each one must have at least 2 characters.
  2. The custodian collection account details that members will pay into: bank, account name and account number, as the custodian confirms them in writing.
  3. For SCAFI, at least one cooperative that is already verified. Members can only pick verified cooperatives. See section 8.
  4. Your MFA is working. You may be asked to sign in again.

Steps: opening a scheme​

Do these steps for SCAFI first, then for SAIF.

  1. Sign in to DFFMS as a Programme Administrator or a Client System Administrator. Complete MFA if asked.
  2. In the menu, select Investment schemes.
  3. On the scheme card, select Manage. The dialog is titled "Manage SCAFI" (or "Manage SAIF").
  4. In Status, choose Open.
    • The three choices are "Draft (not visible to investors)", "Open" and "Closed".
  5. Type the Trustee.
  6. Type the Custodian bank.
  7. Type the Fund manager.
  8. Type the Auditor.
  9. Type the Custodian collection account shown to members. This is the text members see under "How to contribute".
    • For SCAFI, enter the custodian collection account details.
    • For SAIF, enter the wording for the SEC platform route. Confirm the wording with the team first (see "Common problems").
  10. Select Save.
  11. Check that the message "Scheme updated." appears.
  12. Check the scheme card. The status badge should now say Open.
  13. Repeat steps 3 to 11 for the other scheme.

What happens next​

  • The change is saved to the audit trail as INVESTMENT_SCHEME_UPDATED. The record shows the old status, the new status and the parties.
  • When the status is Open, the scheme appears on each member's Investments page, under "Open schemes".
  • For SCAFI, members who are already signed in can start to join. The Join button appears for them.
  • For SCAFI, the collection account appears to members under "How to contribute" once it is filled in. If it is blank, members are told to pay through their cooperative.
  • Staff can record contributions and register members in the scheme.

Closing a scheme​

The status Closed stops new joins, bank-evidence contributions and online payments. Use it only when the scheme must stop taking new money. Check with the PSA before closing a scheme, because the system does not say what happens to redemption requests on a closed scheme.

Common problems​

ProblemWhat to do
The "Save" button does not work or shows an errorCheck that all four party names have at least 2 characters. The four party fields are required.
The scheme is Open but no member can joinCheck that at least one cooperative is verified, for SCAFI. Check the member's view has not been limited by state scope.
A member says they cannot see the schemeCheck the status is Open, not Draft or Closed.
You are not sure what to type for SAIF's collection lineAsk the team to confirm the wording before you save. Do not guess.
You cannot see the Manage buttonYour role is not CSA or PA. Ask a PA or CSA to do this step.