Business Support and Processes Flashcards
What is the purpose of a W-8 Ben?
A W8-Ben allows the client to receive 85% of dividends from US companies instead of the 70% without. This is due to US Witholding taxes.
To change the bank details of a trust, what needs to happen?
A letter must be sent detailing the new account details signed by all trustees. This should be confirmed by PC over the phone.
What is a LFOA used for and at what stage is it sent to onboarding?
Lloyds form of appointment’ - sent to onbaording at the start of the process
What is the age range for opening a LISA?
18-39
Can a grandfather open a JISA?
No only parent or guardian
What does in-specie mean?
In-Specie’ is the latin term meaning ‘in the actual form’; meaning the actual shares, holdings, or securities, not cash
What documents do you send to PS when dematting a cert?
Certificate, OMT form, Crest Transfer Form
What must you do after speaking to a client on the phone?
Add ‘new phone call’ activity in CRM
A client moves residency to the US from the UK. What documents do we need?
Change of circumstance form, W9-BEN, Passport, address confirmation
Client data team?
Emma Gilson, Nicola Vinyard, Olivia Frost, and Kirstie Wilson
Who would need to complete a W8-BEN E?
Company accounts + trusts that hold US securities
Can a client subscribe to a cash ISA and also a Stocks & Shares ISA
They can, outside of Killik
When adding a POA for an existing client what 3 items must you provide?
Certified POA documents, account amendment form, ID and address verification for Attorney if not already on the system.
When a client holds cash, across how many pooled banks does PS deposit that cash with?
13
How long do you have to keep client data for? (FCA Regulation)
5 years
What is the reporting time requirement for a breach under the GDPR?
72 hours
Who is the data protection officer?
Hardeep Chana
Name two other people on the team of the person above?
Julie Steele, Damien Syrett
Who is the outsourcing oversight manager?
Keiron Smith
what do you need to setup copy contract notes?
Signed letter from client
