arongunningham
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Does anyone have a good example of ex-post 'effect of costs' tables?
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Average of 1 a week for new business/new client.
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No. It's the adviser's responsibility to provide the information to the client, not the providers (I think). So at the very least, it would be prudent to copy those provider tables into your report.
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I don't know the answers, but I saw a report of their finances which shows their profits being higher than what normal advisers would even charge as an ongoing fee.
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Answer: Yes
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Weird one: Are you allowed to round charges to the nearest £1 per MIFID?
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Here's the Dynamic Planner Review Report (work in progress): https://www.dropbox.com/s/orty4avc2ypt07e/Review and suitability assessment.pdf?dl=0
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I'm doing exactly the same thing. Currently looking at Dynamic Planner's new review service. I don't have anything to add at this point (our current review letters leave a lot to be desired) but I do have the Dynamic Planner demo document - which…
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Yep, in that short space of time we've decided we can only know what's happened from 5/4/2017!
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What confuses matters is that questionnaires tend to ask the client what they think their CFL is.
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What about if that pension with NHS had been in payment???
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Yeah I think that's right too. But he's specifically pointing out the situation has arisen because it's an ACC unit. I think it's more to do with non-reporting and reporting. (unless you can only have non-reporting funds as ACC). Either way…
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... P.s. the units are held offshore. I don't know if that matters?
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I think this shows it's not beneficial until the penalty has expired.
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So long as the NHS DB membership covered the years in question, you'll be fine. Being deferred doesn't change matters for Carry Forward.
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Oh yeah, that's cool then. No need to report and I'm not sure if Trusts are notified to send another return (like personal Self-Assessment), but if they do: https://www.gov.uk/check-if-you-need-tax-return This wizard tells you what to do.
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Are they being asked by HMRC to complete one?
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We have no set timeline for this. Almost all our client's will join us with a vision of retirement (or we'll coax one out of them). Then, gradually, as the year's go by, this will become further and further defined.
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Have you considered becoming directly authorised?
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I don't know. I just go with what threesixty say! I'm also not sure what the differences actually are between a Suitability Letter and a Top Up Letter with MIFID charges. Possibly a moot point?!
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Per threesixty: We are receiving a number of queries relating to the suitability report exemption for top ups, found in COBS 9 of the FCA Handbook. The rule includes the following provisions: The obligation to provide a suitability report d…
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nevermind - it's calculated in a much easier way for the USS Salary Threshold / 75 x 19 + DC contributions Begs the question why their literature is setup the old-fashioned way.
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if they don'e have a phone number on their website, don't give them your business. That's a rule i stick too!
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The only thing you're not going to be able to get are the actual OCFs. Generally, even when you are looking at a MIFID-applicable product/investment, you're going to struggle with that. Best endeavours and all that ---- just use the FE Analyt…
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Personal Pensions with insured funds in them aren't included. My understanding, however, is that SIPPs with OEICS are. We cover everything in the same way, as best we can, to avoid needing to know what should/shouldn't be inlcuded.
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cool, thanks.
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yeah, bummer. Doing the honest thing seems like it's cost him.
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EDIT: Changed my mind. I now think it depends what it says on his tax-return. How do HMRC know that he temporarily broke the rules? EDIT2: You're right **not ** to assume the accountant knows what he's talking about.
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No, you have to satisfy both tests (the £110k and the £150k ones) to trigger a taper. EDIT: and only one of them includes employer conts.
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oh yeah! I somehow read it as as tax-free cash and therefore implying that 25% would be tax-free, which wouldn't have been correct and why I was confused.