December 2017 Update

We have completed the latest upgrade to ATEB suitability on 15th December 2017.

Details of the enhancements can be found below, but some of the highlights are:

New MiFID II ‘Confirmation of Continued Suitability’ Process

Following the new ‘Periodic assessment of suitability’ requirements under MiFID II, users can now create a shortened ‘Confirmation of Continued Suitability’ Letter. This provides the ability to confirm in writing, that existing investments remain suitable to the client’s investment objectives and attitude to risk alongside a summary of the reasons why the investments continue to meet those objectives or alternatively, a statement referring the client back to the suitability report for details on the original rationale.

In addition, users will also have the option to include an appendix with details of any ongoing charges associated with the investments.

New ‘Help to Buy’ and ‘Second Charge’ Recommendations for Mortgages

We have included new fields within the Mortgage Details tab to accommodate ‘Help to Buy – Equity Loan’ and ‘Help to Buy – Shared Ownership’ recommendations with supporting Reasons, Disadvantages, and Risk Warning text.

‘Second Charge’ has also been added as a product type for clients who wish to seek an alternative way of raising funds instead of re-mortgaging.

Major Application Enhancements

Change at a glance

Location

Detail

Addition of new core template to accommodate a simplified, end to end ‘Confirmation of Continued Suitability’ process.

Dashboard → Create a New Report → Select Type: Continued Suitability Letter → Start Report

In addition to the existing report writing functionality users now have the ability to confirm, in writing the continued suitability of clients existing investments as part of their periodic assessment of suitability requirements under MiFID II.

‘New’ or ‘Existing’ product select options improved.

Selected from:

Report Builder → Investment Advice/Retirement Advice → Plan Builder

To avoid confusion, new or existing questions options are now always visible on screen without having to click drop down list.

Product Type – Mortgages

Change at a glance

Location

Detail

‘Help to Buy – Equity Loan’ and ‘Help to Buy – Shared Ownership’ fields added to the ‘Mortgage Details’ tab.

Selected from:

Report Builder → Mortgage Advice → Plan Builder → Mortgage Details

 

Output text is presented in the report under the heading Mortgage Advice → Mortgage Recommendation.

We continue to enhance the Mortgage products available and this includes our recent Help to Buy additions. Available for selection under the Mortgage Details tab with supporting suggested text found under the Product Recommendations Reasons, Potential Disadvantages and Risk Warning tabs.

‘Second Charge’ added as new product to ‘Mortgage Type’ drop down.

Selected from:

Report Builder → Mortgage Advice → Plan Builder → Mortgage Details → Select Product Type

 

Output text is presented in the report under the heading Mortgage Advice → Mortgage Recommendation.

Available for selection under the Mortgage Details tab with further suggested recommendation text found under the Product Recommendation Reasons tab.

Stamp Duty Land Tax and Land & Building Transaction Tax Glossary terminology updated

Selected from:

Report Builder → Glossary

 

Output text presented as an appendix to the final report under the heading Glossary.

Glossary updated to cater for the changes to Stamp Duty Land Tax (SDLT) and Land & Building Transaction Tax (LBTT) for first time buyers.

Product Type – Investment & Retirement

Change at a glance

Location

Detail

Revised ‘Financial Experience and Knowledge Discussion’ section within the Attitude to Investment Risk tab.

Selected from:

Report Builder → Introduction to Advice/Investment Advice/Retirement Advice → Attitude to Investment Risk

Output text will be presented in the report under the heading Attitude to Investment Risk.

The addition of a free text box provides increased flexibility and personalisation for the user to introduce and document the financial experience and knowledge of the client. To ensure relevant points aren’t missed a ‘compliance tip’ has been added outlining the new COBS 9A requirements in this area.

Money Purchase Annual Allowance (MPAA) Glossary terminology and warning text updated.

Selected from:

(1) Report Builder → Glossary

(2) Report Builder → Retirement Advice → New or Existing Plan → Actions Applicable to this plan → Income or Withdrawal/UFPLS

 

Output text will be presented as an appendix to the final report under the heading Glossary or within the report itself under New or Existing Retirement Advice.

Intention is now clear that a reduction to £4,000 has been applied retrospectively – reference to a MPAA of £10,000 has been removed accordingly.

Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via an FAQ which is available now on our Help & Support Portal.

Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have Contact Details Here.

Many thanks for your continued use of ATEB suitability.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

About the Author

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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