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DA-1.3.1

Further to the requirements under BC-2.4 relevant to retail clients, the licensees providing digital financial advice must agree in writing the terms of business with their clients and ensure that the following are stipulated:

a) the full scope of the digital financial advice;
b) the basis for providing digital financial advice including but not limited to methodologies used for the algorithm,
c) the fees, charges or commissions relevant to the advice being offered;
d) the specific conditions or triggers and the processes relating to suspension or discontinuation of the use of the digital financial advice client facing tool and possible use or replacement of human judgement;
e) changes to the algorithm, the key input parameter, assumptions underlying the digital financial advice client facing tool;
f) the dispute resolution processes are available to the clients if they wish to make a complaint; and
g) terms on how clients can withdraw from the arrangement and any associated costs.
Added: April 2019