We’ll get in touch with you to notify you of this change if you have an active Fee Authority arrangement with a financial services company (i.e., where fees have been charged under Fee Authority in the past 18 months).
If you’d like to authorise the financial services company/s you’ve currently authorised with Fee authority to withdraw fees on your behalf under the new name: Financial Services Debit Authority, you’ll need to provide your consent by 8 November 2023.
If you provide your consent, no further action is required.
if we don’t receive your consent by 8 November 2023, the financial services company (i.e., your adviser) will still be able to view your accounts however they won’t be able to make payments under Financial Services Debit Authority when it replaces Fee Authority later this year.
How to provide your consent
If you have an email address with us, we’ll send you an email to notify you of these changes and you’ll be able to provide your consent electronically within the email we send you. We’ll send this email to all account holders who need to provide consent for your account.
If you don’t have an email address with us, we’ll send you a letter to notify you of these changes and include an enclosed form you can sign and send back to us. We’ll send this letter to the primary account holder of your account.
At anytime you can complete and send us a new Third Party Authority form to update the existing Third Party Authorities on your account/s.
Consent requirements
It’s important to note:
- For personal and joint accounts, all account holders must provide their consent.
- For company accounts, two directors, a director and a secretary, or a sole director must provide their consent. Please note that the directors/secretary who provide consent must be existing account signatories.
We’ve been in touch with the third party you’ve currently authorised with Fee authority about these changes and we encourage you to speak to them if you have any questions.