Beware of interpretation and opinion

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Advisers are working hard to implement the right changes to their systems and processes, in order to meet new obligations under FoFA.

While the willingness to change is positive, advisers might be relying on the wrong information, according to Claire Wivell Plater, managing director of The Fold.

“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,” Wivell Plater said. “Advisers need to be sure that the changes they are making actually comply with the letter of the law.”

Fee Disclosure Statements are one of the main issues, and she says The Fold is trying to help advisers to understand:

  • To whom the FDS and Opt-in requirements apply
  • What must be included in an FDS
  • How to manage the timing and provision of FDS
  • The implications of not complying with FDS obligations

To do this, The Fold has transformed its 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.

“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,” says Wivell Plater.