Important update - Change to Employer one off lump sums for Hubwise/Hartley SIPPs

Dear Client 

As you are aware, employer regular direct debits are now being collected into the Hubwise bank account for Hartley SIPPs with investment 3 days after the initial collection.  This now reflects a similar approach for investor contributions.  

Regarding lump sum payments from employers for the Hartley SIPPs, we currently support both cheques and electronic transfers, and these have been collected by Hartley.  This is now changing with payment to be made to Hubwise.  

We have reviewed the frequency of employer cheque payments and have noted that none have been received in the last 8 months.  We will therefore withdraw this method.  Cheque payments do introduce delay in the investment cycle, so it is preferable to use electronic transfer.    

For electronic transfers, payment should be arranged directly through to the Hubwise bank account.  The amended contribution journey will be updated as part of the portal release on 25 February, with the bank details both confirmed on the web page but also in the associated document.  

AML checks may be required, although in most instances the employer details would have been validated previously.  If there are no employer details present for the investor, then an error message will be presented in the amend contribution journey and a Freshdesk ticket will be required to request that employer details be added.  This will be an uncommon occurrence as the employer details would normally be captured when setting up a regular Direct Debit.

This change should enable investments to be undertaken a few days earlier and provide consistency in the handling of all contributions for these SIPP products.  

Should you have any questions then please contact the Customer Services Team via your Freshdesk Account or by email at customer.services@hubwise.co.uk

Kind regards

Douglas Boyce

Managing Director