Claire Wivell Plater
As the start of the Future of Financial Advice (FoFA) reforms races towards us at headlong speed, there is an upswing in the number of advisers working on changes to their systems and processes to accommodate their new obligations, according to Claire Wivell Plater, Managing Director of The Fold.
“We’re seeing a real willingness to embrace the changes and get on with business,” said Ms Wivell Plater. “It’s very encouraging.”
That said, Ms Wivell Plater said advisers do need to be careful that what they are doing is technically accurate and therefore should not be relying on word of mouth interpretations of the new requirements.
“Unfortunately, while there is lots of information about the reforms out in the market place, there’s also a lot of non technical opinion and interpretation,” Ms Wivell Plater said. “Advisers need to be sure that the changes they are making actually comply with the letter of the law.
” To meet this need, The Fold has transformed its popular FoFA White Papers into online courses which cover off each component of the reforms. Each course carries continuing professional development (CPD) points and can be accessed via desktop computers and mobile devices such as iPad and iPhone.
“The courses are written in the engaging style for which The Fold is renowned and cover every element of the reform,” Ms Wivell Plater said. “They contain lots of real life scenarios and are liberally sprinkled with plenty of humour to help advisers understand how the reforms apply to their activities.”
Participants can also download a copy of the related Everything They Need to Know White Papers which succinctly summarise the requirements and provide an indispensable implementation guide.
First cab off the rank is Fee Disclosure, Opt In and Client Engagement. After completing this course, advisers and their staff will be able to properly:
- Explain what an ongoing fee arrangement is
- Understand to whom the Fee Disclosure and Opt-in requirements apply
- Know what must be included in a Fee Disclosure Statement
- Manage the timing and provision of Fee Disclosure Statements
- Understand the implications of not complying with the Fee Disclosure and Opt-in requirements
- Understand the importance of Engagement Letters and the role they play in helping you comply with the Fee Disclosure and Opt In requirements
The Fold will launch their online Conflicted Remuneration course and Best Interests Duty courses shortly.