benjaminfabi
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Hi Patrick I find it easier to start with the onshore bond, which is lower cost, and find reasons to use a more expensive offshore alternative. These include: Greater tax efficiency for nil and starting rate taxpayers Gross roll u…
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But if you're paying off a mortgage, then setting up the trust for the proceeds of the life policy has no value. In the very remote case where they die together, the probate process will settle the debt, and the asset that needs dealing with, throug…
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That was sort of my point. The evidence threshold for doing this in favour of single life policies would be very high in my book. As a retrofit trust for clients who come into the office with an existing contract, then fine (assuming it can be…
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Hi Neil I think it's great that there is diversity of solutions and you should definitely use what works best for you. I really don't see the cost of Microsoft as an issue and it would actually cost me a lot more not to use it. I pay £12 pm fo…
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Can I ask the obvious questions: What is the purpose of the protection? Why aren't you recommending two single life plans in individual trusts? "Whilst a policy in the Survivor’s Discretionary Trust will not usually form part of your estate f…
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I hold data from my 'dead' enquiries until end of the tax year following the tax year of the enquiry.
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Hi I think if you are recommending that the client cancels a pure protection policy, then it would be very sensible to document that advice and issue the justification to the client prior to the cancellation. But I don't see that it's a require…
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If you provide advice to a client that recommends they retain their DB rights, and you charge them for it, that is not an exempt supply. You haven't satisfied step 5 above, until you are able to: "contact the product provider(s) on their behalf a…
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Cheers John, glad you enjoyed it. Thanks for your valuable input throughout the day.
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TVC will be matched to the scheme pension and be like for like. APTA needn't include a spouse's pension if there isn't a spouse or if the spouse won't be reliant on the income. It doesn't need to include an annuity comparison at all in my opin…
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Hi Hazel Welcome to the forum. Lurk no more, get involved! I think the concensus among everyone I talk to about this is that it is going to be very fluid for a while. We were recently treated to 7IM plans for reporting mifid costs next ye…
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Hi Sean You're a directly authorised firm and you have an adviser who wants to keep reports minimal - WINNER!!! Compliance firm reports are always going to be word heavy. But they don't need to be. Here's a SR for an ISA switch for an existing…
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Jona, Challenge them! What you refer to as 'letter of the law' is nothing more than their interpretation of what needs to be included in the main body of a suitability report to meet the requirements of COBS 9.4.7, which is three sentences! …
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First off get rid of the bottom two bullet points! If you were at the Manchester howwow you'll have seen the example that Rory Percival went through. If it's good enough for him it's good enough for me (nothing Dodgy about it!) The other …
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_"50(5) The obligation to provide in good time a full ex-ante disclosure of information about the aggregated costs and charges related to the financial instrument and to the investment or ancillary service provided shall apply to investment firms in…
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Here is the one page protection report I wrote after last year's report writing howwow. As I said on Thursday, it was more an exercise in the possible than the practical. But it is definitely possible to extend the principles here to get you to a fo…
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"APTA could pretty much be described as "do proper financial planning"" Love this
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Hi Jenny, I've not read Rory's guide, so I don't know the context of that quote, but you certainly don't have to use cash flow tools for an APTA and I don't see an issue with continuing to use one if you do. In my opinion, if you've seen the kind…
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It will basically depend on whether the units being switched between are part of the same sub-fund. If they are, then there won't be a disposal. this is a conversion If they aren't, there will be a disposal. this is a switch Take a look at …
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Clare, just be aware of the requirement for period assessments on Mifid II business, which are slightly more detailed (but easy to comply with). My post here has a bit more detail.
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Hi Luis, I'm not sure I understand your final question: you will have to issue a periodic suitability assessment in line with COBS 9A.2.2 and COBS 9A.3.5. This could be more than annually. You must 'review,...the suitability of the recommendat…
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We are extremely busy and reading each others reports is not practical. Do you struggle with attention to detail in your team? I think you've identified your main problem. The first step to ensure quality is to accept that it cannot be achieved …
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Practice questions as often as you can. Write your own questions and answers (separately) and test yourself, get past papers and practice the questions. I'm convinced that the progressive increases in the marks I achieved in the written exams was do…
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Neither. Save your money, use a spreadsheet Seriously though, if you do a search on these names in the site search bar there are several existing threads with various aspects being discussed.
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For threshold income, employer contributions and DB PIAs are irrelevant (unless its a post 8/7/15 salary sacrifice). Threshold income, in your example is: * Total taxable income (not given), minus * gross member contributions (£20,000), equ…
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"Calculation of loss of benefits from opting out is, by their own admission, outwith their training and expertise." Two outcomes then * they need to trust the expertise of the PTS, accepting that there is no market for independent calculatio…
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I think you need to encourage a pragmatic approach with the compliance team on this. You are being asked to quantify the value of something that the client isn't going to have. In reality, the advice to opt out, or not, will be judged on its abil…
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Improved version...the monthly limitation was annoying me!! Note that it escalates contributions each compounding period, so a £300pm contribution increasing at 4% each year actually increases by 0.327% each month. This inflates the contribution …
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Here you go. works on monthly compounding periods only. only fill in the orange cells.
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@richallum said: Told you he'd know :-) *turns off email alerts for @mentions