Trustee & Power Of Attorney As Client + Additional Wording Options

We have completed the latest upgrade to ATEB Suitability on 22nd May 2022. This update comes at no additional cost and provides firms with the ability to write suitability reports and letters to Trust/Trustee(s) and Power of Attorney(s) as client.

Full details of the enhancements can be found in the tables below, but some of the highlights are:

‘Trust/Trustee’ and ‘Power of Attorney’ as client

We have upgraded both the ‘Suitability Report’ and ‘Periodic Review’ templates to provide firms the ability to write reports/letters to Trust/Trustee(s) and Power of Attorney(s) as client. Users are now able to capture the name of a Trust or POA(s) upfront in the wizard, with some supporting ATEB standardised wording prompting the user to ‘set the scene’ and provide some explanatory wording on the context in which the report/letter has been written.

In addition, users also have the option to capture the ‘Trust’ as the owner of the plans they are reviewing/recommending within their reports/letters. We have also made adjustments to the ‘Client Declaration’ of the ‘Suitability Report’ template and the ‘Authority to Proceed’ form of the ‘Periodic Review’ template in order to capture the Trustee(s)/Power of Attorney(s) names and signatures.

Trust Registration Service update

For recommendations pertaining to the set-up of a trust, we have updated the ATEB standardised wording within the ‘Trust’ section of the ‘Planning Ahead’ page in order to split out the setting up of a trust and the registering of a trust as two distinct and separate items. Users now have the ability to confirm (a) whether the firm will or will not set the trust up, and (b) whether the firm will or will not act as agent for the purposes of the trust registration itself.

New ‘Company/Your Paragraph’ functionality

We have added a new ‘Company/Your Paragraph’ option to the ‘Advice Type’ section of the ‘Introduction to Advice’ page. The current ‘Full/Focused/Restricted’ advice wording contained within this section is aimed at investment advisers only. The addition of a new company/your paragraph will allow firms to capture and save centrally any necessary disclosures pertaining to mortgage/protection advice and products.

Suitability Report/Periodic Review

Change at a glance Location Detail
New ‘Trust/Trustee(s)’ as client functionality. Getting Started page ‘To whom are your providing advice?’ equals ‘Trust/Trustee(s)’ Following client feedback, firms are now able to write suitability reports to ‘Trust/Trustee(s)’ as client.
New ‘Power of Attorney(s)’ as client functionality. Getting Started page ‘To whom are your providing advice?’ equals ‘Power of Attorney(s)’ Following client feedback, firms are now able to write suitability reports to ‘Power of Attorney(s)’ as client.

Suitability Report

Change at a glance Location Detail
New trust set-up/registration wording. Planning Ahead page Trusts Where products are recommended to be written in trust, firms now have the ability to confirm whether they will be setting up the trust and/or registering the trust with the Trust Registration Service (TRS).
New ‘Company/Your Paragraph’. Introduction to Advice page About Your Firm Advice Type Firms can now capture and save centrally any necessary disclosures pertaining to their mortgage/protection advice services via a new ‘Company/Your Paragraph’ option.

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

Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.

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.

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About the Author

Doug has over 14 years experience in the financial services industry and works as a Product Consultant for ATEB Suitability. He provides training and support for our users and also looks after the content of our suitability report templates. He loves to catch up with customers and is always available for a friendly chat.

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