Streamlined commission disclosure and consent in Risk Researcher
To support Informed Commission Consent (ICC) requirements under the Delivering Better Financial Outcomes (DBFO) 2024 legislation, Risk Researcher is introducing updated fee reporting to handle differing commission payment structures across super and non-super products Super/Non-Super.
Pre-requisites
Minimum Xplan version: 26.8.494
User capabilities: Insurance Quotations (Risk Researcher), Insurance Researcher (Risk Researcher)
What’s Changing
- Super / Non-Super Fee Split: The Fee Disclosure Table (AU locale) now automatically separates Superannuation and Non-Superannuation components whenever payment frequencies differ.
- Automated SOA Output: Standard reports automatically pull the segmented Super/Non-Super commission data directly into generated Statements of Advice (SOAs).
- Updated SOA Xmerge Integration: The associated fee disclosure Xmerge fields are being updated so that newly separated commission data flows seamlessly into final Statements of Advice (SOAs).
- Reduced Manual Workarounds: Eliminates manual re-keying and workarounds for advisers managing hybrid portfolios, delivering a clear, compliant breakdown to the end client.
NOTE: TAL products that utilise a direct pricing feed from TAL are currently unable to accommodate this split commission update. TAL is aware of this limitation and will take steps to address it in a future release.
Fee disclosure screen:
Fee disclosure reporting:
What you need to know
Standard Reports
Standard reports update automatically—no action is required.
Customised SOA Reports
Updating your template is optional and only required if you want to display the new separated commission structure.
- If you DO NOT want to display the separated commission structure: Take no action. You can continue using your existing code without interruption.
- If you WANT to display the separated commission structure: Replace your Fee Disclosure Table template syntax with the updated code:
Support and questions
We are committed to developing tools that align with your workflow and highly value your insights.
Should you have any questions about this update, please don't hesitate to reach out to us. You can contact our Help Desk at 1300 1300 69, speak directly with your Relationship Manager, or contact us via Iress Connect.
