How to make your FNA FAIS Compliant

Information about How to make your FNA FAIS Compliant

Published on October 3, 2007

Author: Noemie

Source: authorstream.com

Content

How to make your FNA FAIS compliant…:  How to make your FNA FAIS compliant… Jane Appasamy How to make your FNA FAIS compliant…:  Richard Branson on the financial services industry La Vatte determination by the FAIS Ombud The “1,2,3” of a compliant FNA How Spotlight acts as an enabler to this process What goes into an electronic FNA How to make your FNA FAIS compliant… Richard Branson on the financial services industry…:  “Instinctively, I felt the world of financial services was shrouded in mystery and that there must be room for Virgin to offer a jargon free alternative, with no hidden catches” (on starting up Virgin Direct) Richard Branson on the financial services industry… FAIS Ombud determination: La Vatte :  Findings: Analysis prepared “some 8 months after recommendation” “Data capture form contains no evidence that this evidence was ever sought or extracted from the complainant” FAIS Ombud - “It is difficult for me to escape the conclusion that these shortfalls are baseless” FAIS Ombud determination: La Vatte FURNISHING OF ADVICE part VII of the General Code:  “take steps to seek appropriate & available information” about: Client’s financial situation Financial product experience Objectives FURNISHING OF ADVICE part VII of the General Code Slide6:  The “1,2,3” of a compliant FNA 1. Ask Client Gather authentic information from client Agree on Rates & Assumptions together 2. Analyse info 3. Explain solution Taking into consideration all the relevant variables: unpack analysis determine solution Take client through logic of analysis process which results in recommendation CLIENT DATABASE WITH UPDATED INFORMATION RECORDS TO BE KEPT 5 YEARS AFTER TERMINATION 1. ASK CLIENT …:  GENERAL CODE Gather authentic information from client (GIGO) Agreeing on rates and assumptions with client SPOTLIGHT Client’s personal and financial information Client’s objectives 1. ASK CLIENT … 2. ANALYSE INFO …:  2. ANALYSE INFO … GENERAL CODE Conduct an analysis on the information obtained Identify solution appropriate to client’s needs SPOTLIGHT Objectives Financial Needs Analysis screens 3. EXPLAIN SOLUTION…:  3. EXPLAIN SOLUTION… GENERAL CODE Ensure client “understands advice” “Is in a position to make an informed decision” SPOTLIGHT Death, Disability & Retirement Screens Tabs with breakdown of components of FNA Cash flow worksheets KEEP RECORDS …:  KEEP RECORDS … GENERAL CODE Appropriate procedures & systems to: Record communication Store & retrieve records Safe from destruction May be in electronic format SPOTLIGHT CRM component allows you to keep updated client information. Activities & Workflows keeps records of internal communications & contact with client Regular offsite storage of back ups KEEP RECORDS …:  KEEP RECORDS … GENERAL CODE “Records must reflect the basis on which the advice was given” SPOTLIGHT Allows you to save a compliance FNA Variety of reports to reflect: Where client is NOW Where client would like to be on DDR How client can achieve this INPUTS IN AN ELECTRONIC FNA…the GIGO principle:  INPUTS IN AN ELECTRONIC FNA…the GIGO principle CLIENT INFO: Authentic ADVISOR INPUT: Factually, legally correct GLOBAL RATES & ASSUMPTIONS Updated / Current

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