The FOFA capabilities within AdviceOS have been developed to provide advisers with a simple and robust solution to manage their obligations under the FOFA legislation.

 

clientcalc2Midwinter’s FOFA manager features

  • Head office monitoring of adviser compliance with FOFA regulations
  • Renewal notice generation and opt-in monitoring
  • Fee Disclosure Statement (FDS) generation with links to a number of commission data providers (including Easy Dealer ™ and Revex)
  • Client segmentation management
  • File notes and document storage

 

fofa1Fee disclosure statements

Our FDS module allows advisers to generate a client’s annual FDS, manage important disclosure dates and record the fee disclosure delivery.  The FDS is created by drawing on client specific information from the commission management system, client segments and client records within AdviceOS.

Automatic reminders and task opt-in. This will notify the adviser of pending disclosure date for a client.

A key component of our FDS module is the client segmentation functionality. This allows the adviser to set the services that should be provided to each client during the year.

Each FDS generated will include the below information:

  • statement fees for the previous 12 months
  • services offered
  • services provided and any exceptions

After generation, the FDS can be delivered to the client by email or via the Client Portal.

 

fofa2Opt-in management

Under the FOFA legislation each new client that has an ongoing fee arrangement with an adviser must opt-in every 2 years. In AdviceOS an adviser can easily manage clients that are subject to opt-in provisions.

AdviceOS has the ability to track the relevant opt-in date for each client, monitor the generation and receipt of opt-in notices. Advisers will also be reminded of pending client opt-in dates as they approach.

The key features of the AdviceOS opt-in module include:

  • Renewal notice generation, delivery and management at an individual and group level,
  • Electronic opt-in functionality through the client portal,
  • Track the receipt of opt-in renewal notices,
  • Bulk opt-in management for client groups,
  • Time stamped file notes automatically created recording opt-in events for auditing purposes,
  • Automatic reminders and task opt-in. This will notify the adviser of  pending client opt-in as well keep track of any opt-in request.

In addition, Status Lights are displayed in both the client home page and the compliance tab to prompt the user of any compliance items that need to be addressed. This will cover FDS and Opt-in status’ and other compliance items such as AML/CTF id provisions and FSG requirements.

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