Commission Rebate Summary Reports now available (JAN- MAR 2024)

Commission Rebate Summary Reports for the period 1 January - 31 March 2024 (inclusive) have been saved in the “REBATES” folder located in your relevant file sharing platform. If there is no file in your folder that means there are no rebates payable to your clients this quarter.

IMPORTANT

Issues that need resolution are highlighted in the reports as follows:

• ORANGE - bank details are missing

  • If you are expecting a commission to be clawed back from the fund manager or product provider within the next 3 months and would like a payment held pending that clawback, please make a comment to that effect in the ‘Pay comment’ column and do not enter bank details into Revex, otherwise;

  • You must obtain bank details from your client and enter them into Revex by the due date noted below

• BLUE – client’s email address not entered or your email address is entered

  • You must enter your client’s email address into Revex, or

  • If they don’t have an email address you must enter yours and you will receive the rebate activity statement and you can post it to them

• RED – a clawback has been charged

  • If you are aware of a special circumstance regarding the clawback, such as it was charged in error by the provider or a commission will be paid within the next month to offset the amount in full please make a comment to that effect for consideration in the ‘Pay comment’ column. We will check your report before we finalise the rebates.

  • If there is no special consideration the amount will be included as a deduction on your RCTI in the January RCTI issued early February and you should contact your client directly to obtain reimbursement if required.

• GREEN – message for your information and/or action from IFA-Aust.

For more details please refer to Understanding the Rebate Process in the Adviser Portal on the Compliance/Procedures page or click HERE.

Rebates will be paid on 30th April 2024 so all changes and/or updates need to be entered into Revex by COB 29th April. It is important to note that any payments that reject in the pay run will be carried forward to the following quarter so please take care when reviewing the details.

OTHER IMPORTANT INFORMATION

1. You must have a Client Service Agreement in place for any client receiving a rebate, even if that is the only financial service you are providing to them.

2. Commissions cannot be retained to offset advice fees unless:

   1. There is a Client Service Agreement outlining the service to be delivered and how much it will cost, and

   2. There is no relationship whatever between the commission and the price of the service

3. Rebates may not be paid to a client’s SMSF or other super fund, regardless of whether the super fund is capable of accepting the payment. For more information on this policy please click HERE.