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’.
Pension Transfers – considering a workplace pension
Alistair MacDougall Compliance Defined Benefit, FCA, Pension, Pension Transfer, PI, Switch, transfer
We recently reviewed a pension transfer report where the client was recommended to transfer out of the defined benefit scheme into the client’s pre-existing SIPP. We considered that the recommendation to transfer appeared to be appropriate. However, the client had what the FCA calls an ‘available qualifying scheme’, more commonly referred to as a […]