Signing FSS and verifying/authorising funds

[AngelaToler]

I have a question re the timing of signing the FSS.  I had anticipated that our internal firm process would be in 3 stages.

1.  Our practitioners would SIGN the FSS, as they are the ones handling the transaction and agreeing the Statement of Adjustments.

2. Having signed the FSS as correct, they would then email the relevant accounts administrator asking them to VERIFY that the funds are in the trust account. 

3. Once verification has taken place, they would then email the relevant authorised parties asking them to AUTHORISE the source funds transfer.

However on the PEXA site is says that verification and authorisation must be done before you sign the FSS.  Is that the case? 

Many thanks

Angela 

[Nicholsons1]

Hi @AngelaToler,

You would sign the FSS last, as signing it means you have checked/confirmed that all monies are correct and available. 

For example, if in the source funds section it states the 'available' funds at the top you should also check the tab to ensure the funds are actually ready. I had a settlement take place yesterday where the source funds was showing the amount, but when I clicked the tab it stated the the funds were not ready. So I had to wait for the other side to verify and authorise the funds. Once that was done I was able to confirm that all funds were correct, ready, and balancing, and therefore could sign the FSS as correct.

I hope that makes sense!