benjaminfabi
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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
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What Aron said. Both criteria in COBS 19.1.2a need to be met for a TVAS not to be required. In this case, the client doesn't intend to retire immediately, even if you wait until post-NRD in a couple of months. Is the adviser a PTS? This partic…
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Hi, Obviously I've no idea of the risk profile, age etc and I'm assuming GARS is a guaranteed pension of some kind and that it is inflation linked. That said: I'd put less into the GIA. You could put £300k into the GIA into dividend paying …
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Hi Dan, I've attached my annotated calculation sheet. If I mirror your inputs I get a different set of outputs for the RIY figure, notably so when I add a withdrawal.
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You'd actually reduce the effective tax charge by 20% (or 50%, depending how you view it!) Assuming £100,000 over the LTA. If LTA applies: BCE5c attracts LTA charge of 25% ie £25,000 Income tax at 20% on residual £75,000 = £15,000 Total t…
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Not for drawdown. It came from PIA regulatory update 55, 20 years ago. Before freedoms it was commonly accepted as a best practice. But if the client isn't ever going to be buying an annuity then it has never served a purpose and has never bee…
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I agree with Dan and Aron. Every time as per COBS 9.4.1(3). I don't take the position that critical yield A automatically applies though. It's never been a regulatory requirement and if the client isn't going to buy an annuity it doesn't add an…
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Thanks Jona, Techlink is a good shout, I'm also registering for a trial with Bloomsbury Professional and Tolley Guidance as a possible alternative to a hard copy resource (although probably gonna cost me more. In the meantime, I remembered that t…
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Investment research: FE Analytics. Comprehensive exportable data, great portfolio building tools and nice charts. Replacement business, unless you absolutely need the product selection element: a spreadsheet. I really don't see any value in payin…
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Aren't most platform charges calculated daily but simply deducted less frequently (like bank overdraft charges? This is all academic anyway. However you calculate the monetary amount you can add a line that says "actual figures may differ from …
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@DanAtkinsonUK aren't they compounding daily because fund charges are typically taken daily? Look at the TISA briefing document on mifid ii. It's got a link to the example spreadsheet they produced for their members which looks very useful. Edi…
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Cobs 13 annex 4 part 3 @richallum.
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Paying more for more service is looking at it in the wrong way IMO. You are changing how you deliver the existing portfolio management because it will be less expensive than continuing to do it on an advisory basis. Or it won't. But either way,…
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"We are exploring the possibility of moving to a Discretionary proposition, primarily for business efficiency reasons." If this is the main driver, and client costs are increasing because of it, I would challenge how it can be suitable for any cl…
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Second John Reynolds. Worth every penny.
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@richallum To answer your original question, albeit in a way that isn't really helpful: I'm deselecting the TVC option in the TVAS so it doesn't come into the report! It's too confusing and until 1 October it isn't required. I expect the exist…
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I think that will depend on who the FSCS claim was settled against. If it was the adviser then I would expect the SIPP provider is within its rights to keep charging the client for the SIPP for the administration of those assets. What was the val…
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Hi Charlotte, In my experience of working in teams, pooling the work is always the best approach. * doesn't tie any one to a 'difficult' partner (adviser or paraplanner) * keeps experience available where it is needed and allows for structu…
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Hi, Who wants the SLAs and why?
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I couldn't either, thanks. Maximise tax-efficient extraction of capital from business basically. Plus mopping up several old (pre '95) S226s and PPPs as he plans to retire in a few years and needs to get his ducks in order. IHT improvement as …