Where we provide Clients with an ongoing fee arrangement, we will now need to provide:
Originally this was every two years and did not include clients that we onboarded prior to 1/7/2013. This has now been changed to include all clients and for an annual opt in.
While we have been providing these statements for our existing clients, there have been a few amendments. The statement must now include:
Written consent from the client is now required to enable a fee recipient to deduct ongoing fees from a clients account. Fee recipients could include ourselves if we were debiting ongoing fees and/or other institutions such as Macquarie Wrap and BT Panorama.
We understand that there are institutions who are proposing a universal client consent form but this is still a continued discussion. At this stage we will need to use the institutions own forms in addition to ours to obtain consent.
We have combined all of these into the one statement that the client will now need to sign. These statements will be sent to clients on the anniversary of their Ongoing Service Agreement and they will have 120 days to sign and return the form otherwise we will need to cease fees and services.
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