Compliance - FOFA: Managing your FOFA Clients - Updating FOFA Data

Compliance - FOFA: Managing your FOFA Clients - Updating FOFA Data

Updating FOFA Data Overview

FOFA Details

  1. Opt-in Renewal Details
    Learn how to use the Renewal tab of the Opt-in area of Client Focus.
    1. To view the IRESS Insights Video, please view the following link here . (Created by Anthony Derriscott on Feb 28, 2018)

  2. Disclosure Statement Tab
    Learn how to set the Disclosure Statement dates in the Opt-in area of Client Focus.
    1. To view the IRESS Insights Video, please view the following link here . (Created by Anthony Derriscott on Feb 28, 2018)

How to update your clients’ FDS data 

The client’s Disclosure Statement Required field is blank

To ensure your clients are disclosed correctly on Xplan FOFA reporting, the Disclosure Statement Required field should not be left blank. If this field is blank, #N/A is displayed for the client in the Your Practice’s FDS Obligations worksheet.

To update the client’s FDS data:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. In the Opt-in Details panel, select the Disclosure Statement tab.
  5. From the Disclosure Statement Required dropdown list, select Yes or No (as applicable).
    1. This field should not be left blank to ensure that the client will be disclosed correctly on FOFA reporting.
  6. If you are obligated to provide the client with an FDS (i.e. you have selected Yes in Step 5), enter the Next Disclosure Statement Date (FDS due date).
    1. Best Practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested that you set your clients’ FDS and Opt-in Renewal due dates for the 1st of the month. For example, if the client accepted and signed the new ongoing advice service arrangement on 15 October 2017, it is suggested their Next Disclosure Statement Date be set at 1 October 2018 (one (1) year from the client’s service arrangement start date).
    2. Clicking the Set Next Disclosure Statement Date button will automatically set the Next Disclosure Statement Date to one (1) year from today’s date. This date can be manually edited if required.

      Screen_Shot_2018-07-09_at_9.17.00_AM.png

  7. Click Save 

An FDS was issued to the client but the Next Disclosure Statement Date was not updated

As part of the process of merging your client’s FDS, their Next Disclosure Statement Date (FDS due date) should be updated for the next period.
To update the client’s Next Disclosure Statement Date:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. In the Opt-in Details panel, select the Disclosure Statement tab.
  5. Ensure Yes is selected for Disclosure Statement Required.
    1. This field should not be left blank to ensure that the client will be disclosed correctly on FOFA reporting.
  6. Update the Next Disclosure Statement Date (FDS due date).
    1. This date should be one (1) year from the previous FDS due date. For example, if their previous FDS due date was 1 October 2017, the Next Disclosure Statement Date should be 1 October 2018.
    2. Clicking the Set Next Disclosure Statement Date button will automatically set the Next Disclosure Statement Date to one (1) year from today’s date. This date can be manually edited if required.

      Screen_Shot_2018-07-09_at_9.28.30_AM.png
  7. Click Save 

How to Update your Clients' Opt-in Data

The client's Opt-in Required field is blank

To ensure your clients are disclosed correctly on Xplan FOFA reporting, the Opt-in Required field should not be left blank. If this field is blank, #N/A is displayed for the client in the Your Practice’s Opt-in Obligations worksheet.

To update the client’s Opt-in data:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. If you have an obligation to provide an Opt-in Renewal Notice to the client, in the Opt-in Details panel select the Details tab and enter/select the following:
    1. Opt-in Required: Yes
    2. Opt-in Status: Opt-In
    3. Next Opt-in Date.
      1. Best Practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested that you set your clients’ FDS and Opt-in Renewal due dates for the 1st of the month. For example, if the client accepted and signed the new ongoing advice service arrangement on 15 October 2017, it is suggested their Next Opt-in Date be set at 1 October 2019 (two (2) years from the client’s OASA start date).
      2. Clicking the Set the Next Opt-in Date button will automatically set the Next Opt-in Date to two (2) years from today’s date. This date can be manually edited if required.
    4. Opt-in Subject to Grandfathering: No

      Screen_Shot_2018-07-09_at_10.06.15_AM.png

    5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), enter the Ongoing Advice Service Arrangement Start Date

      Screen_Shot_2018-07-09_at_10.06.24_AM.png

  5. If you do not have an obligation to provide an Opt-in Renewal Notice to the client, in the Opt-in Details panel select the Details tab and enter/select the following:
    1. Opt-in Required: No
    2. Opt-in Status: Leave blank
    3. Next Opt-in Date: Leave blank
    4. Opt-in Subject to Grandfathering:
      1. For Pre 1 July 2013 clients, select Yes
      2. For Post 1 July 2013 clients, select No.

        Screen_Shot_2018-07-09_at_10.07.45_AM.png

    5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), ensure the Ongoing Advice Service Arrangement Start Date is blank:

      Screen_Shot_2018-07-09_at_10.07.55_AM.png

    6. Click Save 

An OASA was issued to the client but the Next Opt-in Date was not updated

When an existing client renews their ongoing advice service arrangement (i.e. accepts the OASA), you will need to record the date they signed their acknowledgment to opt-in and update their service arrangement dates for the next period.

To update the client’s service arrangement dates:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. In the Opt-in Details panel, select the Details tab and enter/select the following:
    1. Opt-in Required: Yes
    2. Opt-in Status: Opt-In
    3. Update the Next Opt-in Date.
      1. best practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested that you set your clients’ FDS and Opt-in Renewal due dates for the 1st of the month. For example, if the client accepted and signed the new ongoing advice service arrangement on 15 October 2017, it is suggested their Next Opt-in Date be set at 1 October 2019 (two (2) years from the client’s OASA start date).
      2. Clicking the Set Next Opt-in Date button will automatically set the Next Opt-in Date to two (2) years from today’s date. This date can be manually edited if required.
    4. Opt-in Subject to Grandfathering: No

      Screen_Shot_2018-07-09_at_10.31.03_AM.png

    5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), update the Ongoing Advice Service Arrangement Start Date:

      Screen_Shot_2018-07-09_at_10.31.14_AM.png

    6. Click Save 

A Renewal Notice was issued to the client but the Next Opt-in Date was not updated

When an existing client has been issued with a Renewal Notice, they have 30 days to confirm that they would like to continue with your ongoing advice service arrangement. If the client renews their ongoing advice service agreement (i.e. accepts) within the 30-day period, you will need to record the date they signed their acknowledgment to opt-in and update their service arrangement dates for the next period.

To update the client’s service arrangement dates:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. In the Opt-in Details panel, select the Details tab and enter/select the following:
    1. Opt-in Required: Yes
    2. Opt-in Status: Opt-In
    3. Update the Next Opt-in Date.
      1. best practice policy guidelines in place for managing your clients’ FOFA obligations. Generally, it is suggested that you set your clients’ FDS and Opt-in Renewal due dates for the 1st of the month. For example, if the client accepted and signed the new ongoing advice service arrangement on 15 October 2017, it is suggested their Next Opt-in Date be set at 1 October 2019 (two (2) years from the client’s OASA start date).
      2. Clicking the Set Next Opt-in Date button will automatically set the Next Opt-in Date to two (2) years from today’s date. This date can be manually edited if required.
    4. Opt-in Subject to Grandfathering: No

      Screen_Shot_2018-07-09_at_10.50.39_AM.png

  5. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), update the Ongoing Advice Service Arrangement Start Date:

    Screen_Shot_2018-07-09_at_10.50.57_AM.png

  6. In the Opt-in Details panel, ensure the following dates have been entered or updated in the Renewal tab:
    1. Renewal Notice Sent Date
    2. Renewal Response Date

      Screen_Shot_2018-07-09_at_10.51.05_AM.png

  7. Click Save.

The client has opted out or failed to return a completed Renewal Notice within 30 days

When an existing client has been issued with a Renewal Notice, they have 30 days to confirm that they would like to continue with your ongoing advice service arrangement.

If a client has deliberately opted-out (i.e. declines), you will need to inactivate their service arrangement. Their fees must also be switched off immediately on receiving the notification and the fee termination date recorded.

For clients that have failed to give a completed notice by the end of the 30-day period, their service arrangement will need to be inactivated. Their fees must also be turned off within the next 30 days, i.e. by the end of the 60-day period after the client was issued with the Renewal Notice. The fee termination date should also be recorded.

To update the client’s Opt-in data:
  1. Search for and select the master client’s (or entity’s) record.
  2. Go to FOFA (FDS & Opt-in) > FOFA Data.
  3. Click Edit.
  4. In the Opt-in Details panel, select the Details tab and enter/select the following:
    1. Opt-in Status: Opt-out
      1. This field should not be left blank to ensure that the client will be disclosed correctly on FOFA reporting.
    2. Clear the Next Opt-in Date field.
    3. Enter the Fee Termination Date
  5. When you have completed Step 4, change Opt-in Required to No.
    1. This field should not be left blank to ensure that the client will be disclosed correctly on FOFA reporting.

      Screen_Shot_2018-07-09_at_11.23.38_AM.png
  6. In the Ongoing Service Arrangement Start Date panel (below the Opt-in Details panel), clear the Ongoing Advice Service Arrangement Start Date:

    Screen_Shot_2018-07-09_at_11.23.44_AM.png
  7. In the Opt-in Details panel, select the Disclosure Statement tab and enter/select the following:
    1. Clear the Next Disclosure Statement Date field.
    2. Change Disclosure Statement Required to No.
      1. This field should not be left blank to ensure that the client will be disclosed correctly on FOFA reporting.

        Screen_Shot_2018-07-09_at_11.23.49_AM.png
  8. Click Save.

Reminder

  • Terminating a client’s service arrangement in XPLAN (by changing the Opt-in Required status to No) and recording a Fee Termination Date will not turn off their fees. If the client’s fees are to be turned off, you will also need to notify the product provider 

  • If a client has deliberately declined their Renewal Notice or has failed to give completed noticed by the end of the 30-day period, you may also need to issue the with an OASA Cancellation letter. For further information, please speak to your Wealth Axis Practice Manager or consult your Licensee’s policy.

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