Generating OFA Consent Form Xplan

New Ongoing Fee Arrangements

Integrated Into The SOA Wizard

Given OFA Consents can only be entered into when a financial adviser gives personal advice to a retail client, we have integrated the new OFA Consent template into the existing Ongoing Fee Agreement section of the SOA Wizard.

The new OFA Consent will be generated as part of your SOA document.

Entering the Reference Date

Once you select to ‘Include an OASA’, you will be prompted to enter the Reference Date.

The Reference Date is the date that you have agreed to renew the agreement with your client. If you have not agreed on a Reference Date with your client, simply enter the 12-month anniversary date of the agreement.

The Reference Date Field

To allow you to keep track of your client data, we have used the existing ‘Next Disclosure Statement Date’ field as the Reference Date. If you transitioned your business to the ‘Next Opt-In Date’ field, we can configure this in your Xplan site.

We have not created a separate field for the Reference Date.

This means that all your new clients Reference Dates, will be stored in the same field as your existing client’s Anniversary Dates.

This will also assist with the transition of your existing ongoing agreement renewals.

Renewing Existing Ongoing Agreements

The existing Enhanced FDS Wizard will be reconfigured to the new Fee Consent Wizard.

Transition Period:

Under the new legislation, when renewing an existing Ongoing Fee Arrangement during the transition period, you will need to:

• Provide your client with a Fee Disclosure Statement (FDS)

• Renew the Ongoing Fee Arrangement; and

• Obtain a signed Fee Deduction Consent Form

From the FDS Letter Type option, select ‘FDS & Fee Consent Renewal’ to generate the required documents. Selecting this option will allow you to pick the FDS Fees and services for the Last 12 months, in addition to the fees and services for the Next 12 months.

Renewing New OFA’s (entered into after 10th January 2024)
When renewing a new OFA, that has been entered into after 10th January 2024, you can select ‘Fee Consent Renewal Only’.

Using this option will only generate the Fee Consent Renewal. The FDS and new OFA are not required.

Consult Your Compliance Professional

Please consult with your AFSL’s Compliance Professional on the suitability of these templates.

If you need any template customisations, please reach out.

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