In preparation for submission of your FFC Application for 2017 using the online application, based on the Application Form Regulations, you need to be ready with the following:
- Trust Account/s balances for the previous four quarters ended (31/12/2015; 31/03/2016; 30/06/2016 and 30/09/2016) for the following accounts:
- Section 78(1) – to be reported individually for each s78(1) account held by the firm per financial institution
- Section 78(2)(a) – to be reported individually for each s78(2)(a) account held by the firm per financial institution
- Section 78(2A) – total balances to be reported per financial institution. It is compulsory to provide a breakdown of the reported balances i.e. what is the value of the conveyancing matters/ litigation matters/ commercial matters/ etc. This breakdown should tally to 100% of the reported balance.
- Estates – total balances to be reported per financial institution
- Properties (other entrusted assets) – total balances to be reported.
Please take care not to duplicate amounts reported in s78(2A) with pure investment, estates and property as this distorts the overall reported balances.
- Service charge formulae for the trust accounts as provided by the bank
- FICA registration number
- Financial Services Provider (FSP) number (if running an investment practice)
- Firm’s Registration number (for Incorporated Practices)
In addition to the above, please ensure the following:
- That your Law Society is in receipt of your unqualified audit report
- You have completed the Practice Management Training (PMT), (where applicable)
- You have paid over all interest as well as any other monies due to the Law Society
- If you are in a firm with more than one member, identify a firm’s representative who will capture the financial information of the firm on the online application. A member of the firm will be required to create that representative on the online application at member’s login.
Should you be applying for 2016, the same information as outlined above is required except the balances will be for the quarters ended (31/12/2014; 31/03/2015; 30/06/2015 and 30/09/2015).