7 - Client objectives and advice Flashcards
What is the key feature of an interest in possession trust?
The beneficiary of the income differs from the beneficiary of the assets
Who creates a trust?
A settlor
In order to register lasting power of attorney, with whom should a party register?
The Office of Public Guardian
What is the definition of a High Net Worth Investor (HNWI)?
Annual income over 100k or net investable assets over 250k
In which type of trust is the role of the trustee to act as nominee only for the beneficiaries?
Bare trust
To qualify for the full single-tier state pension how many years of National Insurance contributions are required?
35
What requirement relating to suitability was not contained in the original MiFID directive, but has been imposed by MiFID II?
The need to consider the client’s whole portfolio
Under the Financial Promotions Order, what is exempt from the financial promotions rules?
Generic promotions, such as image advertising
What must a firm do if a client requests a lower level of protection in ‘elective’ status?
First assess the client and then, if necessary, warn them of the additional risks
What is a Special (two way) proxy vote?
A proxy giving specific instructions as to how the proxy should vote
Up to what age is an individual entitled to tax relief on contributions to a registered pension scheme?
75 years
A retail client has the right to cancel the purchase of a life policy how many days after purchase?
30 days
Where a firm provides a recommendation to a retail client to purchase OEIC shares, what document must it provide?
Key Features document
Who would a member who wishes to appoint another person to vote as they think fit on their behalf at a company meeting appoint?
General proxy
