Web release targeted for 22/10/2024

Following the bank validation release on Wednesday 9th October, there are a number of additional enhancements which are being targeted for a release on the evening of Tuesday 22nd October.  Below is a summary of the main enhancements.   

Bank Validation enhancements  

• All bank accounts will be available for selection within the portal. 
• The wording “referred bank” will be displayed on the maintain bank screen for primary and secondary accounts. 
• Ability to add a new bank account for a Trust Investor. 
• Confirming the correct file formats for bank referral evidence - jpg, png or pdf. 
• A series of cosmetic enhancements to improve the user experience.   

We hope these enhancements will improve your user journey when adding and amending bank account information.    

In addition to these changes, it is worth highlighting a number of points in relation to our bank validation process. 

1. Existing bank accounts 

A bulk exercise to validate all existing bank accounts will be undertaken by SS&C Hubwise (date to be confirmed).  Until this point, all existing bank accounts will display the status “To be validated” on the maintain bank screen.  No action needs to be taken at this stage and it will have no impact on withdrawals/ contribution for these clients. 

2. Verification evidence 

We are pleased to confirm we do not require certified copies of bank statements for UK low risk clients.  For high risk clients we would ask for a certified copy as part of the Enhanced Due Diligence process. SS&C Hubwise also reserve the right to ask for a certified copy of any bank statement if we feel it is necessary to prevent and detect fraud. As a reminder, here is a list of the evidence we can accept to verify a referred bank account.  One of the following:- 

• A void cheque 
• An original bank statement detailing the client’s address.  
• Online bank statement – This should include, as a minimum, the full bank name, account number, sort code and client's full name. 
• A Giro or paying in slip. 
• An original letter from the bank confirming the client’s bank details. 

You should create a clear, colour copy of the physical ID and make sure it is dated within the last three months. You should then upload the documentation via the bank maintenance screen on the SS&C Hubwise portal (please do not send upload evidence via investor documents). 

3. Bank referrals report 

The new Bank Referrals report is now available in the Company reports section of the SS&C Hubwise portal.  The “HUB_Bank_Referrals” csv report can be found using the drop down Company Reports> Regulatory Reporting> Financial Crime Reporting.  This will only appear if you have any referred bank accounts. 

4. Notification reminder 

As part of the bank verification enhancements, investors and advisers will receive automated notifications.   

For clarity, an investor will receive a notification when:- 

1. A bank account is added.  
2. A bank account is removed.

Advisers will receive a notification when:- 

1. A bank account is verified successfully.  
2. A referral notification – with request to upload evidence.
3. Chaser notification 14 days after the referral where evidence has yet to be uploaded.

5. Third party products 

SS&C Hubwise offers a wide range of 3rd party products on the platform.  These operate differently in that all money in and out is processed via the third party’s bank account.  These accounts will be automatically validated as long the details exactly match those of the 3rd party.   

6. User permissions – bank maintenance 

Those users with “IFA read only” portal permissions will not be able to update this screen.  

Further details on the new bank account management processes can be found in the Knowledge Base - Training Guides : Knowledgebase Hubwise  

Additional items included in this release 

We are pleased to confirm the addition of the following enhancements in this release:- 

• Addition of fee type on the weekly fee report. 
• Changes to Ongoing Adviser Charges can now take effect on any day of month for all Ongoing Adviser Charge types.  
• Automated notifications to advisers when new SIPP documents are made available. 
• VAT now showing on all fees on Pension illustrations. 
• Investor account search function to include trusts, overseas investors and accounts with a referred bank account. 
• Platform charges correctly displaying on the Account Summary screen. 
• Addition of “Transfer Out” transaction type on Account Summary screen. 

Following this October release, SS&C Hubwise are working on the next release due in late November which will be focused on Anti-Money Laundering enhancements.  A further communication detailing these changes will be sent to you soon.  

Kind regards,

Anil Dala

Deputy Managing Director