IOOF releases FOFA Q&As
IOOF has moved to help prepare its planners for the new Future of Financial Advice regime with the release of a Fee Disclosure Statement Questions and Answers pack.
The new pack, released this week, is intended to help IOOF's advisers ensure they are FOFA compliant and is part of the company's Reform website specifically established to help advisers.
Commenting on the release of the Q&As, IOOF's general manager distribution, Renato Mota, said they were based on an analysis of advisers' needs.
"After noticing a pattern in the type of questions advisers were asking us about fee disclosure requirements, IOOF has collated the most popular questions and released the answers on its reforms website," he said.
Mota said the most common questions included:
- Who needs to receive a Fee Disclosure Statement (FDS)?
- What should be in the FDS?
- How to deliver the FDS to clients?
- What to do when acquiring an ongoing fee arrangement?
- What happens when an ongoing fee arrangement is terminated?
He said that with the FOFA start date fast approaching, FDS-readiness was the key to an adviser successfully navigating their way through the FOFA transition period.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
