benjaminfabi
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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 …
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Paraphrased response from my mortgage broker: Most lenders only want to know about guaranteed income. He had done a case where the drawdown pension was in payment and the lender he went to wanted to see a history of regular credits into the bank…
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The only thing that is really bugging me in terms of the review requirements is the ex post calculation of fund charges paid. Basically because it's impossible, or at least completely impractical and the cost of doing it far outweighs the value to t…
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I've been using it for about 6 months. Takes some initial work to tell it what the 'untagged' transactions are, and a few minutes each month, but it remembers what you tell it. I like it.
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Nested IFs the way to go. they aren't too complex. Here's my go to spreadsheet for the simple charging structures. @arongunningham take the data from the provider's illustration or contract an IT company to build you something.
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What would it take to get you to move? Quite a lot. If you're highly qualified, experienced and happy, why would you even be looking? I left my last job because the business was bought by a consolidator. That's one reason: massive change in th…
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No. You should check with the annuity provider. It isn't a given that they'll be set up like that. But why would you recommend a short term annuity for a client who still had enough earned income to contribute more than the mpaa? I can't think …
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Hi Sian If you have a look at COBS 9.2, it specifically refers to risk profile. At 9.2.2 (2) "The information regarding the investment objectives of a client must include, where relevant, information on the length of time for which he wishes t…
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@Suse1969 How often are you giving tax advice that isn't supplementary to the advice to invest in a retail investment product (or the servicing of such a product)? Have you got an example? I'd have thought that any 'pure' tax advice would be h…
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@parawhat Perhaps you could suggest that your compliance team take a pay cut equal to the cost increases that result from special delivery on everything? I agree with Jona. https://www.legislation.gov.uk/ukpga/2000/26/part/V/crossheading/o…
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How does GDPR change the current DPA requirements for the security of hard copy data?
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@Nathan have you got a link to that prudential webinar?