Change at a glance

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Detail

Addition of new core template to accommodate Ex-Post and Ex-Ante costs and charges disclosure requirements.

Create a New Report → Select Type: Cost and Charges Illustration/Statement → Start Report → Costs and Charges Statement (Ex-Post) / Costs and Charges Illustration (Ex-Ante)

The new template provides a framework to assist firms meet the FCA’s Conduct of Business rules (specifically COBS 6.1ZA), which sets out the mandatory Costs & Charges disclosure requirements for firms covered by MiFID II.

Covering Letter now optional.

Getting Started → Report Details → Do you want to include a covering letter? Yes/No

Following feedback from our clients, users now have the flexibility to include or remove the covering letter prior to generation of their suitability reports.

Change at a glance

Location

Detail

Changes made to the Charges and Supplementary Documentation sections.

Report Builder → Investment/Retirement Advice → Section Builder → Charges

Output text will be presented in the report under the heading ‘Charges’.

Report Builder → Investment/Retirement Advice → Plan Builder → Supplementary Documentation.

Output text will be presented in the report under the heading ‘Supplementary Documentation’.

To accomodate the new Costs and Charges Illustration/Statement core template, two new suggested text options have been added to the Supplementary Documentation section and the ‘Table Notes’ section of the Charges tables. This provides users with the ability to reference the Cost and Charges Illustrations/Statements enclosed with the report.

Use of hyphenated text.

Report Builder → Investment Advice/Retirement Advice/Mortgage Advice/Protection Advice

The use of hyphenated text has been reviewed and revised to provide consistency across all areas.

Change made to covering letter preamble text.

Getting Started → Report Details → Do you want to include a covering letter? Yes → Covering Letter Information

Output text will be presented in the report as the first paragraph of your covering letter.

Following client feedback, the following wording has been removed from the covering letter preamble text ‘By its nature, I’m afraid the report is a bit formal…’.

Change made to ‘Wills’ section.

Report Builder → Planning Ahead → Your Will

Output text will be presented in the report under the heading ‘Your Will’.

Following client feedback, reference to ‘establish’ has been replaced with ‘execute’.

Change at a glance

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Detail

Changes made to the ‘Costs and Charges’ page of our Continued Suitability Review Letter.

Create a New Report → Select Type: Continued Suitability Review Letter → Start Report → Costs and Charges

Output text will be presented in the report under the heading ‘Costs and Charges’.

To accomodate the new Costs and Charges Illustration/Statement core template, the ‘Existing Charges’ tables have been removed from the Continued Suitability Review Letter and replaced with references to the new Costs and Charges Statement (Ex-Post).

Change at a glance

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Detail

Glossary and suggested text options provided throughout report updated in preparation for the 2019/20 tax year.

Report Builder → Retirement Advice/ Investment Advice & Glossary

Suggested text appropriately updated to accommodate for increases in the Lifetime Allowance, CGT Allowance and JISA limit among others.

Change at a glance

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Detail

New ‘Recommendation Reasons’ and ‘Potential Disadvantages’ text added to our Investment Advice area.

Report Builder → Investment Advice → Plan Builder → Recommendation Reasons & Potential Disadvantages

Output text will be presented in the report under the headings ‘Product recommendation’ and ‘Potential disadvantages’.

New reasons and disadvantages text has been added to cover the flexible nature of ISA’s, including the ability to withdraw cash and reinvest in the same tax year.

Change at a glance

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Detail

Existing Defined Benefit Scheme

Report Builder → Retirement Advice → Plan Builder → Existing Defined Benefit Scheme → Plan Details → Pension Projection

Output text will be presented in the report under the heading ‘Pension Projection’.

Following client feedback, the ‘Desired Retirement Age’ value field has been removed from the ‘Existing Scheme Details’ table and placed under the ‘Pension Projection’ section.

Change at a glance

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Detail

Changes made to ‘Current IHT Position’ table.

Report Builder → Introduction to Advice → Current IHT Position

Output text will be presented in the report under the heading ‘Current Inheritance Tax Position’.

For reports written on a single basis, users now have the option to draw through the NRB and RNRB band that would be inherited from a spouse/civil partner on death should they predecease the client, along with additional supporting text.

Glossary and text options updated in preparation for the 2019/20 tax year.

Report Builder → Introduction to Advice → Current IHT Position

Output text will be presented in the report under the heading ‘Current Inheritance Tax Position’ and ‘Glossary (Inheritance Tax Advice)’.

Reference to Residential Nil Rate Band of £125,000 has been updated to £150,000 and any reference to the 2018/19 tax year has been updated to 2019/20.