Important Announcement

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MIGRATION TO CUT-OFF DATE FOR MEMBERSHIP FEES AND ADMINISTRATION OF NEW MEMBERSHIP, CERTIFICATION & EXAMINATION FEES Background At the FPAS AGM held on 29 February 08, the members gave FPAS the approval to proceed with the above. The new fees as follow: - (A) Membership/Certification Fees Fees Types Amount Remarks Student: $80 $17 increase AFP/AWP $120 $36 increase CFP $230 $20 increase (B) Examination Fees Mod 1 ~ 5 Exam $100 $16 increase Mod 6 Exam $230 $20 increase The common cut-off date for all membership/certification fees will be 31 December of each year. For purpose of this exercise the following 2 groups of membership are affected - Current members who are renewing their membership/certification New membership applications For both of the above types, the fees payable will be pro-rated to 31 December 08. Administration of Pro-rate Methodology There are 2 categories: Existing Members New Members Existing Members Renewal ( Monthly Basis) The next batch of notification for renewals will be applicable for members who expiry is from May 1 onwards. For these existing members who are renewing their membership, the amount to be paid will be divided over 12 months. In this case, his/he renewal fee will be computed from period in which he/she joins or renews his membership to 31 December 08. The following scenario will be applicable: - Date of Joining / Renewal No of Months to be pro-rated Computation Amount to be paid Yearly Membership Fee 4 May 08 8 months 8/12 x $80 $53.35 S80 (Student) 28 September 08 4 months 4/12 x $120 $40.00 S120 (AFP) For those who have already paid this year, say in March 08, at the cut-off date of 31 December 08, his/her renewal fees will also be pro-rated (10 months) to 31 December 09. The following scenario will be applicable: - Date of Renewal No of Months to be pro-rated Computation Amount to be paid Yearly Membership Fee 15 Mar 08 10 months 10/12 x $230 $191.60 S230 (CFP) New Members (Quarterly Basis) Under the quarterly method, the amount be paid will be divided over 4 quarters according to the below breakdown: - Quarter applicable Jan - March Apr - June Jul - Sep Oct - Dec Amount Payable $80.00 $60.00 $40.00 $20.00 In this case, when a new member apply as a student, his fee will be computed from quarter in which he/she joins to 31 December 08. The following scenario will be applicable: - Date of Joining / Renewal Quarter applicable No of Quarters to be pro-rated Computation Amount payable per Quarter Amount payable per Quarter 4 March 08 1st Quarter 4 Quarters 4 x $20.00 $80 $20.00 For new members, the above will apply with immediate effect. ADMINISTRATION OF NEW EXAMINATIONS FEES The new examination fees will be applicable immediately after final cut-off date of examination registration for the April 07 Intake. The new examinations fees will be applicable from 1 April 2008. CPD Reporting As CPD is based on a 2-years reporting period, FPAS will continue to administer in on an anniversary basis. Operationally, it would also be difficult to pro-rate CPD Hours, as quarterly CPD hours may be in fractions of 3.75 hours per quarter for an AFP and 7.5 hours for a CFP. Unlike membership a fee which is based annually, CPD reporting is on bi-annual basis. If you have further queries, click here to read the FAQ on Revised Fees (46kb PDF file format)

 

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