benjaminfabi
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- benjaminfabi
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Basically, everything in COBS 9A applies if you are providing 'investment advice', which is defined as: "the provision of personal recommendations to a client, either upon the client’s request or at the initiative of the firm, in respect of one o…
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Thanks @Jamie_Barnes
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@richardgough said: It's extremely useful; been using it for a few years. Did you know that you can also transfer portfolio data from a Transact client into FE either at wrapper level or at all fund level? (I've no idea if this can be done with o…
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Hi, I'd use 'secure income products', which would include compulsory and purchase life annuities, and fixed return structured deposits (ie capital guaranteed). Then a description of the target market that it will/won't suit. I'd shamelessly st…
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Hi @Mattclegg The offshore bond is an insurance-based investment product and therefore subject to IDD. As I understand it, you have no reporting requirements under MiFID II for this investment, regardless of the underlying investments. However…
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I thought we were in agreement? Also agree with everything in Dan's PS - I'd be making a comment in the report asking how he is building up state pension.
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Hi @luisamato All* pensions are out of scope for MiFID II and, as I understand it, IDD. (*there are some that are in-scope but don't worry about those.) For MiFID, this is principally because under the scheme rules of any pension, the member …
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OMW is good. Standard Life also. I've used both. But nothing beats a goal seek spreadsheet
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This looks like a good avenue for enquiries,great links Dan!
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Hi, How the scheme calculates the pension entitlement at the opening and closing of the PIP is determined by the scheme rules. They can base accrual on any salary basis they want, from any time period and at any date, as long as it is in the rule…
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Hi Colin Fixed Protection has been lost. HMRC is correct. Relevant Accrual has occurred Responsibility The member is responsible for testing for benefit accrual because they have made a signed the declaration to this effect when they applied …
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Hi Sean, I'm also a bit confused. If he is becoming a new client then I'd treat him as such, and one of his assets is an inherited pension. If he wants money from it now, or the wrapper isn't suitable/portfolio needs changing, or whatever it is y…
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I bet the client is more anti-tax than anti-bond @parawhat GIA in a discretionary loan trust is a nightmare for everyone except the taxman
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here you go
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Agree with Aron, you don't need a critical yield for drawdown, but it is still best practice if you think that the client might buy an annuity in the future. You should be explaining why unsecured income routes are more suitable for the client's nee…
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That example isn't helpful in explaining that the charges of 2.74% are constantly applied to a fluctuating fund value, hence 2.36 effect. Parmenion has opted to disclose only monetary figures for the effect of charges element of the calculation, …
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I'm thinking the same as you there Aron. It's a much easier way to comply. @richallum those are some chunky service charges on that example!
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Hi Tony First off, I would advise against phasing. You're basically just trying to time the market, with all the unknowns of it. The only reason I'd expect to see used to justify it in the first place is in response to a client concern/desire tha…
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Hi Tony, Simple answer is no. I don't use any software for switching comparisons. The retirement modeller, which I did like when I used it, was the bit that made the O&M switching tool the preferred option when I was using software for that p…
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I've also found a good question asked elsewhere: https://www.taxation.co.uk/Articles/2017/02/21/336053/readers-forum-who-pays I'm now off to have a word with myself about how to use google effectively *adds to CPD development plan!
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Thanks guys. Apportionment of the NRB makes sense. Will do some more looking
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If they've used up all the annual allowance and then saved enough on top to still have a tax charge so large that they can't settle outright, then what are they spending it all on!
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The test is BCE4 and is based on the value of the assets used to purchase the annuity. The test will be done prior to the annuity purchase and the scheme administrator and member are jointly liable. In reality, the scheme pays the charge before the …
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Cobs 19.1.6G (3) A firm should only consider a transfer, conversion or opt-out to be suitable if it can clearly demonstrate, on contemporary evidence, that the transfer, conversion or opt-out is in the retail client’s best interests. (4) To de…
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Peer review of reports, graded on errors in words and figures. Eg, if a report is proof read and requires no changes it is green, if minor errors are found (typos, bad formatting) it's amber, if major errors are found (eg charges not totalled correc…
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No and if you're still studying why would you? But I've done all those exams and this seems to be a very effective way of satisfying a large amount of my annual CPD across the entire level 4 syllabus. At the moment I take regular online p…
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yeah but you can get them all wrong and still pass!
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I disagree. COBS 19.1 Annex 4B references normal retirement age under the rules of the scheme. If you enter the NRA into selectapension, and the desired age as earlier, it will produce a single TVC in the report.
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I work with one firm where we use two standard 'alternative market scenarios' * A risk profile weighted crash, with a recovery over three years, that takes place immediately before PCLS and income begin. * A 1.5% reduction to the risk profile …
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_ it's 33% of the increase in adjusted income _ This is correct. My previous expansion wasn't worded well!! TAA is a horrible thing! Here's a full example. Client has £150,000 adjusted income, with no existing pension contributions and n…