Further to the Budget 2016 announcement and recent Mortgage Credit Directive implementation please note the following changes to ATEB suitability for your records.
Effective from midnight 21st March 2016
– APR replaced with APRC for Mortgages;
– APRC definition added to Mortgage Glossary of Terms.
Effective from midnight 1st April 2016
– Update to Stamp Duty Land Tax definition in Glossary of Terms;
– Update to Land & Building Transaction Tax definition in Glossary of Terms.
Effective from midnight 6th April 2016
Updated CGT rates in Investment Advice ‘Potential Disadvantages’.
Updated Death Benefit statements in Retirement Advice.
Revised definitions for the following Glossary of Terms:
Investment Advice
– Capital Gains Tax (CGT);
– Junior ISA;
– New Individual Savings Accounts (NISA).
Retirement Advice
– Annual Allowance (Limits and Charge);
– Capital Protection (or Value Protection) Option;
– Capped Drawdown Pension;
– Flexi-access Drawdown;
– Flexible Drawdown Pension;
– Guaranteed Minimum Pension (GMP);
– Lifetime Allowance;
– Money Purchase Annual Allowance (MPAA);
– State Pension;
– ‘Trivial Commutation’ or ‘Trivial Lump Sum’.
Consumer Duty – FCA information and help
Shirley McKenzie Compliance FCA, PI, Update
The FCA has added to its published information relating to Consumer Duty to help firms with implementation. The most recent addition to the Consumer Duty webpages is an information for firms page to help firms implement the Duty. This explains more on the areas of the Duty that firms have been raising queries […]