Various Bits Flashcards
Current NRB amount
£325,000
Lifetime mortgage
A loan secured on your home.
Various ways of doing it but usually it’s a sort of interest-only mortgage where the amount is repaid on sale of the house.
Deputy
Effectively an LPA/EPA where one isn’t available. Appointed by a court of protection for someone who lacks capacity.
Tenants in common
When each owner of a household owns their share separately. They can dispose of it as they wish and when they did it passes to their estate.
Commonhold
Alternative to leasehold for flat owners. Flat owners are called unit-owners. They own their flats in perpetuity and are members of a commonhold association. The association owns the common parts. Unit holders have a vote in the operation of the association.
Insurable interest
A rule for life policy applications where the person who benefits if there is a pay out must have some financial interest in the life assured. The interest must arise through a legal or equitable obligation.
Investment trust
Similar to an OEIC, however it is closed-ended so there is a set number of shares.
Client money reconciliation
Making sure the accounts add up properly when holding client assets (I guess to stop embezzlement etc).
5 CASS rules
- Must hold client money separate to own money in a client bank account
- The client bank account must be so designated and be with an approved bank
- The money must be paid to the client account by close of business the next working day
- Interest on client money belongs to the client unless agreed otherwise.
- Daily reconciliation
With-profits investment
I think it’s basically just a fund
FSAVC meaning
Free standing additional voluntary contribution (pension top up). Same rules as pension transfers.
Who does COCON apply to?
Apply to nearly all staff (except ancillary staff)
Who approves SM’s and SMF’s?
FCA approves each Senior Management Function to each Senior Manager, each function requiring it’s own approval. Controlled function allocation is the SM’s responsibility now.
Structured deposit
A savings account where the return is based on the performance of an index
Who is included in MiFID firms?
Any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis”
“Company who provides investment services”
