benjaminfabi

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benjaminfabi
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  • Hi Pippa, What are your numbers for the first part of the question? Second part, scheme specific protection was automatically given and only available to members who, on 5 April 2006, had lump sum rights of >25% of the value of accrued benefits…
  • I agree with Richard and you are right Aron. RNRB gets uplifted first, then tapered, That's how I've read it.
  • Andy_Schleider said: I know what this is - can I ask why you should avoid it on its own line? This is a good article to explain it, with links to further references about how to alter your use of word. It's old, so the practical methods are…
  • Clare_Weight said: Definitely set up and use styles, all based on normal so if normal changes, they all change accordingly Everything Clare said underneath this bullet point should be required learning for paraplanners. It's a great list!…
  • No, I've tried. There isn't one. Best I've got: When you invest money you pay charges. This reduces the amount that gets invested. Because the money isn't invested, it doesn't grow. The reduction in yield illustrates the true cost of the charges, b…
  • Thanks guys, these were my concerns. Whilst I want to be recommending a 'free' £720 to the client, if it comes at the cost of his time signing forms and the business' time filling them in, is it worth it?
  • I agree with positive comments on Volume. If I was setting up an advice business, I'd start with an intention to use that and see if anything could better it.
  • Guidance on the bases for Critical yields for Pension Fund Withdrawal were originally included in PIA Regulatory Update 55 (a timeless classic): http://www.fsa.gov.uk/pubs/additional/regup55.pdf As far as I am aware, there has never been a regulat…
  • You need to compound the charges, as per the example below, to arrive at the effect of those charges.The effect being the result of the compounding.  To determine the reduction in yield, the frequency of the charge deduction will dictate the minimu…
  • This is the quick and dirty ongoing adviser charge ex-ante RIY calculator I put together a few weeks ago. I haven't looked at since until just now, I'm not sure I like how it deals with initial costs as it shows them over one year. Plus it doesn't d…
  • I think Richard's data is great. Also, do a search for paraplanner/paraplanning on companies house and look at the incorporation dates by year. Loads of outsourced services in recent years. Plus, we have specific qualification tracks with the two…
  • Thanks Susan that's a great summary. So if I read it correctly the effective tax rate on the advice fee is at least: 13.8% (class 1a) + 20% (income tax) + Class 1 NICs (presumably at 12% if an owner/director)  This might be considerably more than…
  • Very tight definition on that tax break @arongunningham  https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim21803
  • It's likely to be a taxable benefit in kind and reportable as a P11d though.
  • @edevan5 ; The ex-post reporting requirement for an investment firm is (broadly) based on the anniversary on the commencement of the service to the client. @arongunningham ; I've thought about how I'd calculate the ex-post mone…
  • The attached screenshots (which are the wrong way round!) from the ESMA Q&A document show the highest level of aggregation required in a SR. This is covered on COBS, from COBS 6.1ZA.11 onwards (notably 6.1ZA.14 and within that 50(10)) I think …
  • That output is interesting @parawhat in that you don't get an RIY in the effect of charges table. I'm with you on client (un)friendliness too. 
  • That's a nice looking output. Hopefully in time they'll pull in transaction costs. Not sure about introducing another definition of 'critical yield' but that's easily overlooked.
  • Nice. Got it thanks 
  • Where is it @richallum ? I can't see it obviously labelled in Charts, Tables or Reports tab.
  • This is a really badly designed resource. An example from one screen that I'll just leave here (my emphasis): The savings for defined contributions and defined benefits plans are calculated differently, with defined benefits including investment gr…
  • StuartBFM said: Oh and the client needs to be able to email us back using the same encryption ideally.  I'm leaning towards just sending everything by post, although first I'll need to deliver by hand a wax sealed envelope containing a cipher…
  • Hi Hannah What a cracking first post! I'd say you have it pretty well sorted there. The FCA knows about the problems we all are having with this and expect to see a 'best endeavours' approach to compliance with what is a really horrible bit of MiFI…
  • I'm sure the decision wasn't a nice one to have to make. I expect the number of employers willing to put people through an advice apprenticeship vs the others weighed in.
  • It's a frustrating decision to choose apprenticeships for advisers when there is such a chronic shortage of paraplanners. The best financial advisers will often be those who have been administrators and paraplanners as they've studied. Also, estab…
  • I think technically if you certify a colour copy then you're in breach of that guidance and it's unlawful. Probably not much public interest in a prosecution though(!) but a provider is perfectly within their rights not to accept it. I haven't phot…
  • I completely agree with Richard on process efficiency. If you don't have a regular meeting to look specifically at operational efficiency, that's a great place to start - nothing to do with advising and a really good fit with a paraplanner's skill…
  • Cobs 9.4.4 non-mifid Cobs 9a.3.2 (2) mifid Note the subtle difference in the use of 'contract and 'transaction'. In non-mifid the contract is concluded when a life policy is on risk or a pension policy document is dated. I don't know what the mif…
  • Old mutual will bounce through a section 32 to a collective retirement account.