Transfer Authority Form (TAF) - Introduction
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 Equisoft (Altus) and Origo electronic transfer gateways. If the ceding scheme you are transferring-in from does not currently utilise Equisoft (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.
Please note the following for ALL Transfer Authority Forms:-
Do not send Transfer Authority Forms to SS&C Hubwise via post, email or Freshdesk unless an original / physical paper form is required by the ceding scheme (typically Banks).
Certain Discharge Forms may need to be posted to us.
Please check with the Ceding Scheme before progressing with this type of transfer.
Third Party SIPP providers will initiate transfers.
See the “Third Party Products available on Hubwise Platform” page and associated guides for further details. Helpdesk : Hubwise Customer Services
Select the attached Transfer Authority Form. (Note: this is currently a different style to the TAF which is ‘stitched-in to the ISA and GIA Application User Journey- this is going to be rectified, and the SIPP TAF will align with the ISA and GIA TAF in the coming weeks.)
Now arrange for a signature (electronic or actual) from the Investor.
Next upload the signed form to the Portal via your Investor's Document Archive tab, using the blue ‘Upload’ button as shown below.
Although this process is no longer mandatory for cash Origo enabled transfers, it remains best practice to obtain and upload a signed Transfer Authority Form wherever possible as a back-up in case the transfer is rejected by Origo or the ceding scheme for an unforeseen reason.
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 these products the Transfer Authority Form is produced as part of the Application PDF document.
This will therefore be populated with all the relevant Transfer information.
A signed Transfer Authority Form must always be uploaded to the Portal for any cases when the ceding party is not on Equisoft (Altus).
You must gain the Investor’s signature (electronic or actual or a photograph) and upload the signed form to the Portal via the Investor's Document Archive tab, categorising it ‘Transfer Authority Form’ and providing the correct Account Identifier from the drop-down menu. Select the blue ‘Upload’ button to begin as shown below.
Uploading the Transfer Authority Form to the Portal
It is VERY important to categorise the document as ‘Transfer Authority Form’ and select the correct Account Identifier from the dropdown menu as this will auto-generate an alert to the Transfers Team who will begin the transfer work. (If you upload a TAF with out categorising it as such, the Transfers Team will not be alerted, and delays will be inevitable.)
For Internal Use Only:
Business Owner Team: L&D Support
Business Owner Contact Details: L&DSupport@uk.sscinc.com/Keri.Binks@uk.sscinc.com
Note: All Knowledge Base updates are approved by the Business Owner.
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