#ARIAtrulycares is an initiative to reach out to the community at large to help fellow members share their expertise with the community on a non-commercial basis.

This community could include fellow financial advisors and finance professionals, as well as investor families that need help on various financial matters based on specific challenges that the environment may throw up at various points. COVID 19 has had a big impact on families and ARIA members will volunteer to help under the #ARIAtrulycares program.

For very many reasons, as outlined in the paper, the process of claims by successors of deceased financial consumers remains difficult to navigate, especially at a time when the family and those surviving the individual are coping with the loss of a loved one and still grieving.

Nominations facilities have provided a level of succor to the successors. However, these reflect a point-in-time view or status when the facilities were instituted and require being relooked at afresh and updated for the needs of the financial consumers and citizenry. Both the level of unclaimed funds or the tedious and time consuming legal process, and the current situation brought on by Covid-19 signal that a deeper review and recast is all too necessary.

The white paper proposes the expectations for updated, revised and revamped nomination facilities in terms of three policy objectives:

• Convenience to financial consumers and to their successors
• Due discharge for financial services providers upon providing access to and an ability to transact in the financial assets or transmission of the financial assets to the successors
• Eliminating or reducing references to an overburdened judiciary, where litigants face considerable costs and delays

The white paper reimagines the nomination facilities keeping the three policy objectives paramount and also uses the lens of providing ease and convenience harnessing the technological advancements and frameworks which are available today.

The paper outlines 15 measures for financial services providers, financial sector regulators and lawmakers to consider in respect of nomination facilities.