The agenda for the day
9.30-12.30: Your ‘framework’ for your report
1. APPETITE for risk: NOT just attitude for investment risk
Appetite for risk was used 20 times in the CP17/16 – do you know what it means and how to use it?
2. Sustainable income: a 3-ways robust test of income sustainability
The FCA has said: ‘’needs before objectives’’: COBS 19.1.17 ”the extent to which benefits may fall short of replicating those in the defined benefit pension scheme
3. Suitability is ”specific, detailed and personal”
This is the area which probably needs most work: reasons why the advice is suitable for this client.
COBS 19.1.6: ”A firm should only then consider a transfer, conversion or opt-out to be suitable if it can clearly demonstrate, on contemporary evidence, that the transfer, conversion or opt-out is in the clients best interests.
4. How do you actually FOS proof your SR?
Chris Wells will walk you through how the FOS will tackle a complaint, when it comes (not if).
5. How do you (and FOS) know that your client understood what just happened?
Trevor Williamson will challenge your perceptions of ”understanding” and explain how you might be able to prove your clients understood what they were doing? Are you asking the right questions?
1.30-4.30: Putting it into practice by applying the rules of the framework
Using real case studies supplied (redacted) from the audience before the workshop, we will apply the principles covered in the morning into a number of actual real cases (supplied by the audience) to highlight the key learns in real case work. These cases will have been reviewed in-depth by John, Chris and Trevor.
1. Case 1
2. Case 2
3. Case 3
4. Case 4
Review and summary: would your advice stack up?