Starting with this email, we will be sending out weekly tips to inform our users about some of the really useful features available to you on The BIS Platform.
This week we start with our CP116 solution which is available at no additional cost to our subscribers. We launched this back in March 2020 when the requirement to display your remuneration / charges on your website was introduced by the Central Bank.
BIS has entered the maximum commission terms for each product type for all the mainstream providers. However, there is the option to override the default terms with your particular commission terms, if required.
The commission summary document has also been updated several times in line with the various legislative changes such as the introduction of the SFDR.
Below is all the information you need to generate your own link to your CP116 page.
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Log in to The BIS Platform
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Navigate to the Features Menu
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Click User Preferences
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On the right of the page (in the Tasks / Actions panel) > Click CP116 SetUp
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At the top of this page you will see a link (e.g. https://www.bis-platform.com/ba/cp116_pdf.php?docref=cpxxxx) This will be your specific link - unique to your firm.
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This link should be forwarded to your website developer or to the person who has access to the content of your website. Note - it is the link that needs to be embedded, not the document.
- Once clicked, this link will open a pdf document with the respective terms from the product providers that you place business with.
- Please note that while we have pre-filled the document in respect of a large number of providers where details have been received, you can add additional providers and their respective terms. Equally, if there are providers that you place business with that aren't on our list, please let us know and we will add them to the providers list accordingly.
Amending the default Commission Terms
To manually input terms for a specific provider or to override the default terms yourself, complete the following steps:
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Log in to The BIS Platform
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Navigate to the Features Menu
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Click User Preferences
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On the right of the page (in the Tasks / Actions panel) > Click CP116 SetUp
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Scroll down and on the left of the page > click on the relevant Provider (e.g. Aviva)
- Enter your respective terms under the headings provided. We recommend using the percentage symbol (%) after the number and in the case of Trail Commission use p.a. after the percentage amount (e.g. 0.5% p.a.) to indicate a per annum payment.
- Click the "save commission data" button one the data has been entered for every provider.
Finally, on page 2 and 3 of the Summary Document, there are 5 areas that allow for specific text in relation to :
- Non-monetary benefits you receive from product producers in addition to commission.
- Preferred Provider Rates
- Fees received from product producers
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Any commission from products not listed by default (e.g. General Insurance); and
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Your regulatory line that will appear on the last page of your document.
This text can be entered at the top of the CP116 Set Up page and will carry into your summary document.
Once you have entered the relevant text > click the "save texts" button.
Adding your logo / branding to the CP116 document
Click here to watch a short video on how to add your logo to the CP116 document.
