CWT | FDS & Consent Thread

Overview

The FDS and Consent Thread is designed to help you manage and automate the process behind your legal obligations for FDS and Consent. The Thread can work in two ways, either via Alerts which will automatically trigger the thread or the thread can be manually added to the clients

The FDS and Consent thread follows four paths:

  • Straight through processing
  • Provider accepts our form
  • Provider does not accept our form
  • Client portal versus email/hard copy

Pre-Setup

  • Check client has a Service Benchmark attached
  • Set the Base Setting in Compliance → FDS Consent Fixed Term → Fee Consent → Edit Base Settings
  • Check that all Accounts that have fees deducted are set up in Compliance → FDS Consent Fixed Term → Fee Consent → Accounts

 

 

Thread Process

Task 1

Prepare and send Annual Opt-in

Choose the renewal & consent option that your practice will be using to deliver the FDS and Consent

·       Face to face meeting

·       Mail

·       Email

·       Client Portal.

 

Actions

1.     Complete the FDS and Consent Wizard

2.     Proof the document and save into filing with Type: Client Correspondence, Sub-Type FDS and Consent.  If you are using the

email method, this file note will automatically generate if you use the FDS and Consent email template.

Completing this task will automatically update the following fields in the client profile:

·       Set Opt-in Status field and Client fee consent status field to Pending Client Decision

·       Set the Opt-in sent date and Consent dent date to the date you complete this task.

 

When you complete this task, you will select the chosen option and subsequent tasks will be based on the chosen delivery method.

Face to Face, email or mail selections will all follow the same path of the thread. 

Selecting the email option will take you to an email template to email the FDS and Consent to the client.

This will advance the thread to task 3.

Using the Client Portal or Digital Signature option will follow the Portal path.

This will advance the thread to task 2.

During the Transition year, the date you generate the FDS will become the new FDS (Anniversary) Date.

Ensure you record this date in CWT.

 

 

 

Task 2

Follow up consent from client - Portal/Digital Signature method

This task is used when you have issued the FDS and Consent via the client Portal.

Actions
1. Follow up response from client.
2. If client is Opting In, MANUALLY UPDATE the 'Next Opt-in Date' fields (forward 12 months)

Completing this task will AUTOMATICALLY update fields in the client profile according to the selection that is made.

This will advance the thread to task 4 if the client is opting in and task 6 if they are not opting in or do not respond.

Opting In:

Opt-in response date = the date you complete this task

Opt-in Status = Opt-In, Client fee consent status – Consented

Opting out:

Opt-in response date = the date you complete this task

Opt-in Status = Opt-Out, Client fee consent status – Decline

No response:

Opt-in Status = Opt-Out - No Client Response

Client fee consent status = Declined - No Client Response

 

 

 

Task 3

Follow up Consent from client - non portal method
This task is used when you have issued the FDS to the client via email, post or face to face and are not using the Client Portal or Digital Signatures.

ACTIONS

1.      Follow up response from client.

2.      Update consent response date field MANUALLY

If client is Opting In, MANUALLY UPDATE the 'Next Opt-in Date' fields (forward 12 months)

Completing this task will AUTOMATICALLY update fields in the client profile according to the selection that is made.

Opting In


Completion of task with this option will advance the thread to task 4.

Opt-in response date = the date you complete this task - Opt-in Status = Opt-In and the Client fee consent status – Consented.

Opting out

Completion of task with this option will advance the thread to task 6.

Opt-in response date = the date you complete this task - Opt-in Status = Opt-Out and the Client fee consent status – Declined

No response

Completion of task with this option will advance the thread to task 6.

Opt-in Status = Opt-Out - No Client Response and the Client fee consent status - Declined - No Client Response

 

 

 




 

 

 

 

 

Task 4

Upload Disclosure Statement

ACTION

1.      Upload signed FDS and Consent to CWT

 

Non-Block Chain submission to provider.

Upload the signed FDS and consent to client and partner Filing in CWT. This may have already be done if using digital signatures.

Completing this step as Non-Block Chain will advance the thread to task 4.1.

Block Chain submission to provider.

Link the digitally signed form to the consent for submission.

Upon completion of this task you will be automatically taken to the Opt-in & fee consent page to attach the signed FDS and consent to the "Disclosure statement" section in the Opt-in tab.

Click on Edit on the top right → Click on Paperclip symbol → Select the file note with the attached signed FDS PDF Document → OK (repeat for partner) → Save on the top right.

Click submit.

Completing this step as Block Chain submission to provider will advance the thread to task 5.

Task 4.1

Send Consent to providers

 

ACTIONS

1.      Provide consent to product provider

2.      Update Consent fields

 

Provider accepts our form - If the Provider accepts our form, you will need to manually provide the signed form to the provider via mail or email.

Provider does not accept our form - If the Provider does not accept our form for consent, please follow the instructions as per the vendor.

Update Consent fields

On completion of this task you will be taken to the FDS Fixed Tern Consent page, navigate to Fee Consent → Edit Base Settings and change the Provider Status to Submitted and update the Sent to Provider Date to the date the signed Consent form was forwarded to the provider. 

These entries will flow to the Accounts that need consent.

 

 

 

 

 

 

Task 5

Check consent with providers

 

ACTIONS

1.      Follow up with providers that they have received and processed the consent.

2.      Once the provider has confirmed they have processed the consent.

MANUAL UPDATE: In Base Settings change the "Provider status" to "Approved" and enter the "Processed by provider date" this will then flow to underlying platforms.

Completion of this task will terminate the thread and you will be taken to the FDS Fixed Term Consent page to check you have set the Opt-in date forward 12 months.

 

 

 

 

 

Task 6

Terminate Ongoing service

ACTIONS

Ensure all fees are turned off. You must notify product providers that consent has been withdrawn with 10 days of being notified. Enter Fee Termination date in the Opt-in Field

End the Service Benchmark by adding an end date of the date the client ceased the agreement OR 120 days from the anniversary date. Do not delete the Service Benchmark.

Complete any Incomplete or scheduled Reviews in the manage review section.

Ensure all consent and Opt in fields are set correctly. e.g. client and partner are now Opt Out and consent required fields for each provider changed to no.

 

To make sure the client has been archived correctly ie changing the Category to Closed and Entity Status to Archived, it is recommended to use the Archived/ Offboarding Client Wizard via CWT Wizards

 

Notify the client in writing (email/post) that the arrangement has added. Completing this task will give you 2 options for your communication with the client:

Email – will take you to a confirmation of service ending template.

Post - will take you to the Merge Report page where you select *CWT – Review Letters then the Confirmation of Service ending template.