Financial Institution Must Maintain
Website Under BICE

In order to meet BICE requirements, the financial institution is required to maintain a Web Site, freely accessible by the public which must be set forth the following:

  1. A discussion of its IRA business model(s) along with a discussion of the inherent material conflicts of interest, if any.
  2. A schedule of typical fees and service charges.
  3. A copy of a model contract along with required disclosures. Such must be reviewed quarterly and if applicable, updated within 30 days. It is also possible to set forth a notice describing the contractual terms rather than the contract.
  4. A written description of the financial institution's policies and procedures relating to conflict mitigation and incentive practices so an IRA owner is able to determine how seriously the financial institution is to guard against conflicts of interest.
  5. A list of third parties with whom the financial institution has business arrangements that result in third party payments being made to the financial institution or its advisers for recommending investments to the IRA owner. In addition, the financial institution must furnish a statement setting forth what it furnishes the third party in exchange for the third party payments.
  6. An explanation of the financial institutions policies for paying compensation and other incentive arrangements to its advisers for: (i) recommending the investments being sold by a specific third parry, (ii) recommending specific investments of a specific third party or for an Adviser to move from another financial institution to the financial institution or for an Adviser to stay with the financial institution and full and fair description of any payout of compensation grids. There is no requirement to set forth information for any individual adviser.