Transfer Authority Forms- for ISA, GIA and SIPP- signature capture- What you need to do 1/05/23

Our Account opening process is predominantly a digital first user journey.

One exception to this is the occasional requirement for signed (electronic or actual) Transfer Authority Forms (TAF’s). 

Currently, around 80% of transfers are electronic and operate as a straight through process.  However, there remains around 20% which require manual working from outset, and those that fall out of straight through process for varying reasons.  It is these that can take time to complete.

SS&C Hubwise is a registered electronic counterparty that is authorised to send and receive transfer requests to and from those ceding schemes who are also configured to utilise the Altus and Origo electronic transfer gateways.

If the ceding scheme you are transferring-in from does not currently utilise Altus or Origo then we need to proceed manually, and/or work with them to arrange the connection.

For a transfer to run smoothly it is vital that the IFA firm takes care to ensure that all information provided matches the ceding-scheme’s records.  Queries will cause delays as the transfer will then fall-out of the electronic, straight through process and the ceding scheme may request sight of a signed TAF.

We therefore recommend that IFA Firms always obtain a signed TAF where possible, and where other signatures are being captured anyway.  Then if the signed TAF is needed by the ceding scheme, it is readily available, without the need to return to the Investor.

Non-electronic Transfers

For any transfers falling outside of the electronic process detailed above, the signed TAF must always be uploaded to the Portal as part of the process. See below for the methods and functionality to support this requirement:

For SIPPs, please select the Transfer Authority Form from this Knowledge Base (SS&C Hubwise SIPP folder) and get this signed (electronic or actual) by the investor.

You must then upload the signed form to the Platform via your investor's Document area, using the blue “upload” button in the Investor Documents folder:

It is important to categorise the document "Transfer Authority Form" and select the correct Account Identifier from the dropdown menu.

The system will then auto generate an alert to the Transfers Team who will start the transfer work

For Cash- Origo enabled- transfers you must currently STILL complete this step, however, it is recommended that you do as a back up in case the transfer is rejected by Origo.

Please note- some Ceding Schemes also require their own Discharge Forms to be completed for In-Specie transfers.  If so, please upload these using the same method and categorisation

For ISAs and GIAs the Transfer Authority Form is produced as part of the Application PFD.  If you need a blank copy please find this attached here.

We no longer require sight of the signed TAF for transfers processed via Altus 

However, we will still require signed TAF to be uploaded in the Portal for cases when the ceding party isn't on Altus or the transfer has been rejected for some reason .You must gain your investors signature (electronic or actual or a photograph) and upload the signed form to the Platform via your investor's Document area, categorising it "Transfer Authority Form" and providing the correct account identifier from the drop-down menu.  

It is important to categorise the document "Transfer Authority Form" and select the correct Account Identifier from the drop-down menu.

The system will then auto generate an alert to the Transfers Team who will start the transfer work

DO NOT SEND TRANSFER AUTHORITY FORMS TO HUBWISE VIA THE POST OR VIA EMAIL OR VIA FRESHDESK UNLESS AN ORIGINAL / PHYSICAL PAPER FORM IS REQUIRED BY THE CEDING SCHEME (TYPICALLY BANKS).

CERTAIN DISHCHARGE FORMS MAY NEED TO BE POSTED TO US- CHECK WITH THE CEDING SCHEME BEFORE PROGRESSING WITH THIS TYPE OF TRANSFER.

THIRD PARTY SIPP PROVIDERS WILL INITIATE TRANSFERS- SEE “THIRD PARTY PRODUCTS AVAILABLE ON HUBWISE” FOLDER AND THE COMBINED PROCEDURE GUIDE FOR FURTHER DETAILS

https://hubwisecouk.freshdesk.com/helpdesk/attachments/42102807354

https://hubwisecouk.freshdesk.com/helpdesk/attachments/42100037332