New Release 5th November 2020 communication

Dear Client,

We are pleased to advise you of our latest software release which is planned for the evening of 5 November 2020.  This release includes:

Enhanced features:

1. The ability to set up/amend withdrawals for third party SIPP products.  The platform supports a number of SIPP third party products.  It was envisaged that with a limited number of  accounts in deaccumulation withdrawals would be supported through the raising of a Freshdesk ticket.  Now that higher volumes are being experienced, an Adviser through the Adviser portal can request a cash withdrawal as a one off or a regular contribution.  Note that monies will be paid to the account of the beneficiary as set up by the 3rd party SIPP administrator  

2. In line with the recent communications regarding Brexit and country of residency and taxation, we have enhanced this stage in the account onboarding process to allow the capture of dual residency

3. Partial transfers have been reinstated.  Within the Plan Transfer Authority Details page in the portal, the partial transfers box is once again available for selection.    Partial transfers can be cash or in-specie.  For in-specie it is essential that the holdings to be transferred are defined.  A holdings file (csv) of the instruments and quantities to be transferred will need to be submitted through Freshdesk.  A procedure guide explains the required process.  This file should be provided once the application has been completed.    For all partial transfers, cash or in-specie the transfer process will involve direct communication with the ceding party.  This will mitigate previous issues that gave rise to the complete policy being transferred due to a third party  electronic process not supporting partial requests. 

*Please see attached supporting documents*

New features:

1. There are a small number of instruments for which we do not receive regular valuations from our Data Provider. To ensure transparency of this, we have added a date under the last price shown, ONLY where that price is not for the last UK trading day 

2. In preparation for the upcoming Brexit changes, we have amended the client onboarding process to allow successful  completion for UK residents only. The first drop down box for the country of residence will only have GB, and an address needs to be a UK residency.  As per the earlier point regarding dual residency, it will be possible to add an additional address within the EEU 

Should you have any questions then please contact the Customer Services Team by raising a Freshdesk ticket, or by emailing us at Customer.Services@Hubwise.co.uk

Kind regards,

Douglas Boyce

Managing Director