H1 Extravaganza

Basics

100

H1 process was created by SLGI to tighten up banking info security. True or false?

False. It was created by Federal regulators with the aim to protect consumers 

200

All financial institutions in Canada need to follow H1 rules. True or false?

True

300

H1 is based around giving consumers more information about their PACs in the form of disclaimers on forms. True or false?

True

Forms

100

Free form LODs are acceptable under H1 for certain scenarios. True or false?

False. No free form LODs permitted for ANY scenarios as they miss disclaimers

200

To make PAC changes on both SUN and GIF, we need to receive form 5258. True or false?

False. For GIF, we need to obtain the order ticker 4610

300

To make a SWP change on SUN, we need to obtain 5258 with a void cheque. True or false?

False. SWPs, redeems and RIF/LIF payments are not part of H1. H1 is only for scenarios of money coming to SLGI, not money leaving SLGI

400

We can accept FISI form e252 because it now has some H1 disclaimers. True or false?

False. Currently we can only accept SLGI forms

Phoned In Requests

100

Under H1, phoned-in requests are not accepted for anything PAC related. True or false?

False. A few request types are accepted by phone

200

For phoned-in requests, there is a special script with disclaimers that the agent must use. True or false?

False. There are no mandatory disclaimers to be mentioned on the phone call

300

Can PAC frequency change request be accepted over the phone?

No

400

Can a PAC amount decrease be accepted over the phone?

No. Neither increase or decrease

500

Which 2 PAC request types can be taken over the phone under H1?

1. PAC cancellation (complete PAC stop)

2. PAC suspension with a specific restart date within the next 12 months

Processes

100

SLGI forms must be always signed by the client for *all* PAC scenarios, even with LTA on file. True or false?

False. Some H1 scenarios allow the use of LTA

200

Restarting a PAC after 2 consecutive NSFs can be done over the phone. True or false?

False. This is considered a brand new PAC start and requires a client-signed SLGI form

300

What do you do when IFDS rejects a PAC Stop item created by a CSR?

Invalid-NIGO back to IFDS. Phone requests are permitted for PAC Cancellations and PAC Suspensions with a specific Restart date within the next 12 months

LTA Needed?

100

LTA is accepted for a banking change - client does not need to sign the SLGI Form if LTA is on file. True or false?

False. LTA not accepted  - client must sign

200

LTA is accepted for an I/I change - client does not need to sign the SLGI Form if LTA is on file. True or false?

True. Pls keep in mind FISI reps have an implied LTA on both SUN & GIF

300

LTA is accepted for a frequency change and amount change - client does not need to sign the SLGI Form if LTA is on file. True or false?

True, for both. LTA is accepted for both the amount and frequency change (increase and decrease). FISI Advisors have an implied LTA on both SUN and GIF

400

LTA is accepted for a PAC stop - client does not need to sign the SLGI Form if LTA is on file. True or false?

True. Keep in mind FISI advisors have an implied LTA on both SUN and GIF

500

LTA is accepted for a PAC restart no matter what the circumstance - client does not need to sign the SLGI Form if LTA is on file. True or false?

False. Client must sign for any restarts regardless of the circumstance. Pls keep in mind that for PAC suspension with a specific restart date, phone request is allowed.