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Old 20-01-2010, 04:12 PM   #1
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RE-submit for FFP, damn!

Now could anyone help me a bit?

Basically I have problems with question 1d and 1e
1d, the comment says "explain licensing responsibilities, I don't know what it means exactly, the responsibilities of the adviser or of the license holder? I mentioned neither, since the question only asks to explain the relationship btw the two parties, which I did. I am so confused

1e. the question is about complaint resolution available to the client. I understand and explained in my article the internal and external procedures but the comment asks for "time-frame for each step". What is that and How do I respond to it please?

Also, I am rated incompetent on Q4b simply because I didn't provide a front cover attached to the SOA??!!
And, I provided the client's risk profile in the SOA but apparently this is not sufficient as I am asked to attach the very same risk profile to the Fact Finder given to the client?! So basically I am wondering with regard to the last two questions I raised: is that all I need to do is to print a front cover and attach the risk profile the the fact finder? Is it really this simple or am I missing something important?

Thanks guys!
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Old 20-01-2010, 08:09 PM   #2
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Quote:
Originally Posted by L'homme View Post
Now could anyone help me a bit?

Basically I have problems with question 1d and 1e
1d, the comment says "explain licensing responsibilities, I don't know what it means exactly, the responsibilities of the adviser or of the license holder? I mentioned neither, since the question only asks to explain the relationship btw the two parties, which I did. I am so confused
Read RG175 here Australian Securities and Investments Commission - Regulatory guides

Quote:
1e. the question is about complaint resolution available to the client. I understand and explained in my article the internal and external procedures but the comment asks for "time-frame for each step". What is that and How do I respond to it please?
There are time limits for each step, maybe they want you to list these time limits.

Quote:
Also, I am rated incompetent on Q4b simply because I didn't provide a front cover attached to the SOA??!!
Normally an SoA has a covering letter

Quote:
And, I provided the client's risk profile in the SOA but apparently this is not sufficient as I am asked to attach the very same risk profile to the Fact Finder given to the client?! So basically I am wondering with regard to the last two questions I raised: is that all I need to do is to print a front cover and attach the risk profile the the fact finder? Is it really this simple or am I missing something important?

Thanks guys!
I'm not sure what other organisations do but we give clients a Guide to Investment Risk and Return which is giving them education around their risk profile.

Cheers,

Dan
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Old 22-01-2010, 02:00 PM   #3
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Thanks AsxBroker!

I have another question with regard to what sorts of documents the client requires to bring prior to the first meeting. I am thinking utility bills, financial statements etc, Am I right? What would you ask your client to bring on your first meet?

I had a look at RG175. it's too detailed and I am running out of time. Could anyone give me a gist of what licensing responsibilities imposed on both the adviser and the licensee? Thanks very very much!!!
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