Changes to non-UK residents policy

Dear client

SS&C Hubwise is making a change to its non-UK residents policy. 

The high-level policy position is set-out below:

• We will not accept any new non-UK resident investors - this is a continuation of our current policy.
• We will not accept any US residents or citizens, whether new or existing – this is also a continuation of our current policy.
• The change to the current policy is: If an existing UK resident on the platform moves abroad, they can now retain their account on the platform with certain restrictions. These restrictions are:
  • No new monies can be added to the platform (except to cover fees). This will include all transfers such as, transfers-in, product transfers and asset transfers which will not be allowed.
  • No new products can be opened (for example, if a client has a GIA only, they cannot then open an ISA after they have moved overseas).

The account will continue to rebalance. The client can sell down and withdraw monies (including drawdown). Internal transfers between existing products already on the platform will be allowed.

The exception to this is where the client moves to a high-risk jurisdiction, as listed on Gov.uk or the USA – in this case, the account will be closed and the client transferred off the platform. 

We do have a small number of existing non-UK residents on the platform – these accounts are now subject to the new restrictions. 

In the event that your client moves to a non-UK country,  the portal must be updated immediately as stated in the attached:

Kind regards