FEE COMPLIANCE MODULE

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Aditi Khanna
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To access the New Compliance Module, we can select the Client and Compliance will be listed as a Separate Module

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Please click on Service Fee Disclosure

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On the next screen that comes up we will have to add the Application and Disclosure Dates, If the dates are already added in the Fact Finder>FOFA Compliance Section they will auto-populate to this section, if not we will have the option to put in the dates here in this section as well.

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If we wish to change the dates it can be done by clicking on the Pencil sign next to the Application Date.

Please Note: - Changing the Application Date will change the other related dates as well in accordance with the Compliance Rules.

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Any change made will be recorded in the File Notes as well for Compliance Reasons.

 

Relevance of the Dates: -

To ensure these obligations are met in a timely manner, specific dates now must be adhered to.

Start Date of Ongoing Fee Arrangement Period

The date the Ongoing Fee Arrangement Period commences

End Date of Ongoing Fee Arrangement Period

The date the Ongoing Fee Arrangement Period ends

Anniversary Date

End of the Ongoing Fee Arrangement Period + 1 day.

Enhanced FDS Due Date

This is the latest date the enhanced FDS must be sent.
(Anniversary Date + 60 days)

Ongoing Fee Arrangement - Renewal Date 

This is the latest date the Enhanced FDS must be signed by the client
(Anniversary Date + 120 days)

Consent Termination Date 

This is the date the consent for the current Ongoing Fee Arrangement expires 
(Anniversary Date + 150 days)

Consent Notification to Provider for Termination 

This is the latest date the adviser can notify the Provider to terminate the current consent. 

The adviser has 10 business days to notify the provider upon receiving confirmation from the client that they no longer wish to continue the Ongoing Fee Agreement.

 

The Service Fee Statement will help us record the Services the Client is entitled to, have received and the actual fees paid for it.mceclip6.png

We also have the option to record the Services and Fees for the next year

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POINTS TO BE NOTED: -

  • This Compliance Section will replace the existing FOFA Compliance Section. Once this has been released the FOFA Compliance Section will be in a Read-Only State.
  • This has been prepared considering the July’21 Compliance Rules
  • In case you wish to request your own FDS Documents you can contact the Support Team

 

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