logging in or signing up How to make your FNA FAIS Compliant Noemie Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 308 Category: News & Reports.. License: All Rights Reserved Like it (0) Dislike it (0) Added: October 03, 2007 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript How to make your FNA FAIS compliant…: How to make your FNA FAIS compliant… Jane AppasamyHow 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 CodeSlide6: 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 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
How to make your FNA FAIS Compliant Noemie Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 308 Category: News & Reports.. License: All Rights Reserved Like it (0) Dislike it (0) Added: October 03, 2007 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript How to make your FNA FAIS compliant…: How to make your FNA FAIS compliant… Jane AppasamyHow 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 CodeSlide6: 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