Fee Clawback

Modified on Mon, 17 Nov at 9:13 AM

Initial Fee Overpayment - Return of Funds

Use this guidance when a client has paid money into their account and an initial adviser fee was deducted incorrectly (for example, the wrong percentage or amount was entered on the portal).

Please submit a new Freshdesk ticket with the following details:

Account ID
Account name
Date the incorrect fee was taken
Fee amount that was taken
Correct amount that should have been taken
Brief explanation of why the fee was incorrect (e.g. wrong percentage, duplicate instruction)

If the money has not yet been sent

If the funds have not yet arrived, you can amend the expectation directly on the portal:

Manage the movement via All account actions
Delete the incorrect expectation
Enter a new expectation with the correct fee applied

This prevents the incorrect fee being taken when the funds arrive.

For guidance on how to manage movements and expectations in the portal, please refer to the following Knowledge Base article: How to Amend Expectations / Manage Movements in the Portal

https://hubwisecouk.freshdesk.com/support/solutions/articles/76000064241-how-to-amend-expectations-manage-movements-in-the-portal

What happens next

Once we receive your ticket, Hubwise will:

Calculate the total overpayment
Confirm the amount that needs to be returned
Provide the bank details for sending the repayment
Ask you to use the Freshdesk ticket number as the payment reference
Apply the repayment to the client’s account once received