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.
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