benjaminfabi
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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
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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.