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Life Policies, Compliance & New Business Processing

Compliance and new business processing is handled via the “Awaiting” field, which appears at the top right of the first “flat view” screen of all Life, Pension & Investment policies. Click the “=” button to activate the “Compliance Dates for…” dialogue, shown below

On the “Compliance Dates for…” dialogue…

  • All fields have a “N/A” (or “not applicable”) option allowing you to skip them (e.g. for old business, where you have no record of certain dates)
  • Some fields are preceded by a “=” button, which if clicked will automatically enter today’s date, indicating when this aspect of compliance was completed. You may enter the date manually instead, or edit the automatically generated one
  • Your user-name (e.g. “FAY”) is automatically linked to each such compliance action, and appears in the “Highlighted date entered by” field at the bottom left, so subsequently you’ll know who confirmed each aspect
  • Five fields are preceded by a “>” button, which must be clicked in order for you to complete their details in ensuing pop-up dialogues, as discussed below…
  • 1. Fact Find Date

    When you click the “>” button next to “Fact find date” you’ll see the “Fact Find Checklist” dialogue above, on which you should…

    o Optionally start with the entire checklist un-ticked by clicking the “Clear all” button at the top right

    o Read all the compliance requirements. If you have not completed any of them simply close this dialogue and do not proceed until you have done so

    o Use the “Other comments” box to write any notes applicable to this policy’s compliance, or leave it blank

    o When done, type your name at the bottom left to state your confirmation

    o Click “Close”, and you’ll see a “Date When Compliant” dialogue, like that below, on which you can choose to…

    o set the date, which confirms this aspect of compliance was completed then

    o clear the date, which confirms this aspect of compliance is not complete yet

    o leave unchanged (e.g. use this when you’re just checking old information, and don’t want to change anything)

    2. Money Laundering Checked

    When you click the “>” button next to “Money laundering checked” you’ll see the “Money Laundering…” dialogue below, on which you should…

    o Enter the type of verification (e.g. “Driving Licence”) then click the “Add to list” button so that in future you can select it from the drop-down

    o Enter some kind of reference for that particular type of verification (e.g. the driving licence number)

    o Repeat for further types of verification, as required

    o Click the “=” button next to “Verified on” to get today’s date, or enter it manually

    o Click the “OK” button

    3. Essential Disclosure

    When you click the “>” button next to “Essential disclosure” you’ll see the “Essential Disclosure Documents…” dialogue above, on which you should…

    o Edit or add to the list of “Required documents” as required, always giving them a number from 1 to 10 and keeping them in sequence

    o For each required document enter the ref or version no, if applicable, and the date when issued (n.b. click the “=” button for today’s date)

    o Enter notes, if required, for each required document, preceding each note with the number of the relevant document

    o Use the “Chase Up” button, if required, to create a reminder in the diary, as described in “Policies, Notes and Chase-ups

    o Click “Close”, and you’ll see a “Set Compliance Date” dialogue, below, similar to the Fact Find one discussed above, except it sets the date by default to the most recent one

    4. Suitability Letter

    The “Suitability Letter” checklist, shown below, is similar to the Fact Find dialogue, described above. After you have checked all aspects are complete, type in your name and click “Close”.

    5. Compliance Checks (by Compliance Officer)

    Compliance checks should only be undertaken by your compliance officer. To control this, set the two “Life&Inv Compliance” access rights accordingly in your user-name set-ups (see “Set-up, Users”). When your compliance officer clicks the “>” button next to “Compliance checks” he’ll see the “Compliance Checks for…” dialogue below, on which he should…

    o Edit or add to the list of “Checks Undertaken” as required, always giving them a number from 1 to 10 and keeping them in sequence

    o Against each check enter the date, or click the “=” button for today’s date

    o Either manually…

  • enter notes in the “Outstanding” section, preceding each with the number of the relevant check (see first illustration below)
  • or automatically…

  • click the “Show unticked checklist items…” button, which will generate the notes automatically (see second and third illustrations below)
  • o Use the “Chase Up” button, if required, to create a reminder in the diary, as described in “Policies, Notes and Chase-ups

    o Click “Close”

    The two illustrations below show how two failed items in “Fact Find Checklist” (i.e. with ticks cleared) automatically appear in the Compliance Checks “Outstanding” box when the “Show unticked checklist items…” button is clicked.

     

    Progressing the Compliance Checks to Completion

    On returning to the flat view of the policy you’ll notice that the “Awaiting” field shows the next outstanding action (e.g. to be “Acknowledged by insurer”, “Accepted by insurer”, etc). After you enter a date against the final “Compliance checks” item the “Awaiting” field will state “Nothing (failed initial compliance)”. This is because nothing more is required except the completion of the “Outstanding” compliance issues, as described above. When the policy is fully compliant the compliance officer should additionally click the “New business compliant” tick-box at the bottom left of the “Compliance Dates…” dialogue, shown below, after which the “Awaiting” field will say “Nothing”, and the process will be complete.

    Overview of Policy Compliance

    The compliance officer will want to see all the policies he needs to check, while the admin staff will want to see the policies they need to progress towards full compliance, both of which can be done by re-ordering the scrolling view of policies by their “Awaiting” status. To do so, starting from the scrolling view of all policies…

    You’ll then be able to check, chase-up or update all the policies at that compliance or “Awaiting” status, as illustrated below.

    Note that in the illustration above, all policies at business stage “Pending” (regardless of “Awaiting” status) are shown in yellow, while all policies at stage “Active” are shown in grey (see “Set-up, Policy Stages”).

    Compliance Report

    To get a report of your new business, by insurer, adviser, etc, starting from the Main Menu…

    On the “Compliance Daybook” dialogue…