Changes to Procuration Fee details at DIP stage
We are writing to give you advance notice that we are introducing changes when completing a DIP for your clients so that all procuration fee information is captured within the KFI that you present to your customer.
This change will take effect from 9am tomorrow.
Until now, the procuration fee had been formulated in the background. With the changes we are implementing you will now be required to select the appropriate procuration fee information at DIP stage for both the route you are submitting business and the product being recommended. The changes are as follows:
There is an amendment to one existing question:
- To provide more clarity, the existing question ‘Enter broker fee’ has been changed to: ‘Amount of any fee payable to the Broker from the Applicant(s)'. In this box you will need to enter the amount of any fee you are taking from the customer for providing your services.
There are three new questions which will now also appear:
- Is the application being submitted via a Club or Network? if answered yes, a dropdown list of Clubs and Networks will appear to be selected. This question will automatically default to no unless you click ‘yes’.
- Is the application being submitted via an Introducer? this question will automatically default to no and as a broker, there is no need to change this option.
- Please select the Intermediary / Introducer Procuration Rate: this is a mandatory question and will ask you to select from a dropdown list of different rates with an explanation of what they relate to.
A screen shot of the changes can be seen below:
If you have any queries or require further information our team remains available via phone and email, details of which can be found here.
Thank you for your continued support.