iFAST Financial Pte Ltd has attained the CPFIS registered Investment Administrator status. From 1 March 2005, FSM Global (formerly known as Fundsupermart.com/ FSMOne), the online division of iFAST Financial Pte Ltd will be the first online unit trust distributor in Singapore to offer this service. As a CPFIS registered Investment Administrator, FSM Global will now be able to draw a consolidated amount directly from your CPF agent bank for all your CPF investments. What this means is that you enjoy huge savings in agent bank charges when you invest your CPF monies. See graphical representation of the new IA Buy Process.

Previously, whenever you purchase a fund, FSM Global will send instructions to the fund house, who will draw monies from your CPF agent bank account to make payment for the purchase. If you purchase funds from different fund houses, each of them will individually draw from your CPF agent bank account. Each time this happens, you incur CPF agent bank charges.

Summary of Agent Bank Charges

Type of transaction	Before 1 March 2005	From 1 March 2005 (Excluding GST)
Per buy transaction	*$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	$2.50 regardless of number of units and number of funds
Per sell transaction	*$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	$2.50 regardless of number of units and number of funds Note: the flat charge is applicable to sell transactions with the same completion/settlement date. The agent bank charges are determined by the frequency of in-flow money credited into agent bank account.
Per fund switch (This involves a sell transaction followed by a buy transaction)	Sell: *$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund   + Buy: *$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	No agent bank charges incurred whatsoever
Quarterly service charge	*$2.00 per fund	$2.00 regardless of number of funds (Please check with your respective agent bank for any minimum charge imposed)

*Based on the average agent bank charges

Summary of Cost Savings

 

	Transaction	"Non-IA" Status Funds that have been purchased before 1 March 2005	"IA" Status Funds that have been purchased from 1 March 2005 onwards (Excluding GST)	Cost Savings
BUY	I invest $10,000 each into 5 funds. Each fund is priced at $1.	I will be paying $25 on every fund. Total cost for 5 funds at point of transaction: $125 Quarterly charge: $40 per year TOTAL COST THAT YEAR: $165	Total cost for 5 funds at point of transaction: $2.50 Quarterly charge: $8 flat per year TOTAL COST THAT YEAR: $10.50	98% savings   80% savings   TOTAL SAVINGS THAT YEAR: 94%
SELL	I sell 5 funds each worth $10,000. Each fund is priced at $1.	I will be paying $25 on every fund. Total cost for 5 funds at point of transaction: $125 TOTAL COST THAT YEAR: $125	Total cost for 5 funds at point of transaction: $2.50 TOTAL COST THAT YEAR: $2.50 #please see remarks below	98% savings      TOTAL SAVINGS THAT YEAR: 98%
SWITCHING - Involves a sell transaction followed by a buy transaction	I switch $10,000 of 1 fund into another. Each fund is priced at $1.	Sell: I will be paying $25. Buy: I will be paying $25. TOTAL COST: $50	No agent bank charges incurred whatsoever.	TOTAL SAVINGS THAT YEAR:100%
RSP	A Regular Savings Plan (RSP) transaction of $1,000 into 5 fund every month for 1 year. Fund price is at $1.	I will be paying $12.50 every month. TOTAL COST OF RSP TRANSACTION THAT YEAR: $150	I will be paying $2.50 a month.TOTAL COST OF RSP TRASACTION THAT YEAR: $30	TOTAL SAVINGS THAT YEAR: 80%

Remarks (sell - IA Status):
1. The agent bank charges are determined by the frequency of in-flow money credited into agent bank account. If the sell orders are completed on different settlement date, the agent bank charges will be incurred each time when the money is credited into the account.

Faster completion time for CPF transactions. Completion of a CPF transaction is cut down by 50%. Now, it will take Transaction Date (T) + 4 business days for your CPF transaction under "IA" to be completed instead of Transaction Date (T) +10 business days. This means that you are less exposed to market risk, because with faster completion, it means that you can sell faster if you need to.

If you do a switch (which is essentially a sell and a buy), we will sell your holdings under "Non-IA", and purchase them again under "IA". However, do note that the 'sell' part of your switch will incur full agent bank charges, but the 'buy' part of it will enjoy the new low rate.

If you sell your "Non-IA" holdings, and you buy at a later time, the new purchases will be under the "IA" status.

This fund will appear twice in your monthly statement and "View Holdings" and indicated "Non-IA" and "IA" respectively. The "Non-IA" units will continue to incur "Non-IA" agent bank charges until you do a switch (which involves a sell transaction followed by a buy transaction), or a sell.

You will not be able to purchase units as the fund cannot take in further subscriptions until further notice. This fund will continue to exist under "Non-IA".

Such CPF holdings are under "Non-IA" status when we process the transfer request. However, when the transfer process has completed, we will convert the holdings into "IA" status as follows: upon the successful transfer-in, iFAST will sell the above funds and buy back the exact units at a later date. Clients' unit holdings will not be affected by this exercise. All charges will be borne by iFAST Financial Pte Ltd.

iFAST Financial is the dealer and investment administrator and maintains the client register of unit trust holdings.

Charges are based on per dealing day before 3pm. A dealing day is between after 3pm on a business day (or 11am on the eve of national public holiday where applicable) and before 3pm on the next business day. Any buy order put through after 3pm will incur another $2.50 + GST. Regardless of the number of buy orders you put in, as long as they are within the dealing day of 3pm to 3pm, you will only incur 1 charge.

iFAST Financial will pay the sell/redemption proceeds when the sell order has been completed/ settled (on the redemption completion date) respectively to your CPF agent bank (for CPFIS-OA trades), CPF Account (for CPFIS-SA trades) or SRS account (for SRS trades). 

The final credited amount may be subjected to any applicable agent bank charges and GST. For a detailed breakdown of these charges, please check with your CPF agent bank.