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’.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]