With RRSP season just around the corner, we are anticipating an increase in the number of documents sent for imaging and processing, and as such we would like to provide you with important reminders and information about document transmission.
Imaging documents without barcodes – Reminder
When sending non-bar-coded documents for imaging, more specifically void cheques, please ensure that you always clearly add the client’s ID on the document/cheque. This will ensure that the document is quickly and properly indexed under the right client file. For more detailed information about the imaging process, please refer to Administrative Procedure # 15 – Imaging.
Transmission of back-up documents to fund companies – Upcoming penalties
Since the launch of the Electronic Processing Agreement (“EPA”) in June 2023, if a transaction is carried out electronically, you no longer need to send the back-up document to the fund company. On that point, some fund companies have let us know that are still receiving a significant number of back-up documents they should not be receiving from Investia Representatives, i.e., for transactions that are carried out electronically.
Note that if a back-up document is sent to the fund company when it should not be, it will be considered a manual transaction, which will reduce the overall targeted automation rate. In 2024 and going forward, Fundserv will start issuing penalties to distributors like Investia that do not meet their automation targets, which in turn will be charged to Representatives who fail to comply with the rules.
To know which transactions require supporting documentation and ensure you do not send documents you do not need to send to fund companies, please take a minute to read or re-read the EPA FAQ previously shared in the June 8, 2023 issue of The 360 Newsletter.
Should you have any questions or require additional information, please contact our Client Services Department, by email at investia@investia.ca, by phone at 1-888-684-5548 or use the chatbot feature available on the Advisor Centre.