November 2016 updates

Transcription

1 November 2016 updates Dear Financial Assess Administrator Here is the latest news from Financial Assess along with details of November s content updates. In November s Financial Assess round up... - With the appointment of a new CEO, the FCA reviews its objectives for the year ahead... - We take a look at how the fall in fixed-interest yields following the Brexit vote is taking a turn for the better... - The decision is in on the employment status of Uber drivers... For all this and more, see the Financial Assess round up section of Find Learning on the homepage and in Content Manager for system administrators to allocate to staff. November updates to the technical and specialist learning modules At the end of every month a new update is released which contains the following: Updated technical and specialist learning module content and corresponding questions. Question updates may affect tests you have created. An edition of Financial Assess round up containing a round-up of relevant news stories from the last month. This is available in push format, allowing users to choose to have the articles delivered in a daily . It is also printable. Editions are available via Content Manager and (for end users) under Find Learning on the homepage. 10 multiple choice questions to accompany the latest Financial Assess round up. Please note: these questions are not reviewed or updated following publication. Due to this, we recommend you do not include them in tests that you re-use throughout the year. (Be aware that if you use the search box to find questions when creating a test, search results will include these questions if they match the search criteria.)

2 Key market statistics The following table shows key market statistics for this month. The statistics are intended to cover a wide range of metrics useful to different advisers and are provided here for your reference. All data is collected on the 20th of each month, or the next possible day where that falls on a non-working day. November 2016 Year-on-year change (%) FTSE All-Share FTSE Nikkei S&P Dow Jones Industrial NASDAQ Composite FTSE World Asia Pacific ex Japan /$ exchange rate / exchange rate / exchange rate RPI CPI Long-term gilt yield 1.95% Unsecured income gilt yield 1.75% Base rate 0.25% Halifax mortgage rate 3.74% Best 10,000 instant access rate 1.01% Nationwide average house price 205,

3 Changes this month The following tables detail the main areas that have been amended this month. 1 Financial services, regulations and ethics UK financial services structure Addition of 'basic' to the list of types of financial advice Obligations towards consumers and their perception of financial services Explanation of the annual percentage rate of charge (APRC) Retirement Explanation of the money purchase annual allowance (MPAA) and some new content on Help-to-Buy ISA The Financial Ombudsman Service (FOS) Update to FOS rules regarding complaints 2 Investment principles and risk changes to data/statistics and illustrations only 3 Personal taxation nothing significant has been changed this month 4 Pensions and retirement planning Pensions regulations Restructured ebriefing Pension protection schemes Restructured ebriefing Pension scams New ebriefing, content has been moved from and edited significantly Pensions and divorce New ebriefing with significant edits to content taken Employment law relevant to pensions New ebriefing with significant edits to content taken Other European legislation New ebriefing with significant edits to content taken Bankruptcy law and pension assets Roles of trustees and other parties, and scheme reporting Factors to consider and benefits on leaving, early and normal retirement Transfer issues and considerations Legal bases for schemes and main impacts Transfer issues and considerations New ebriefing with significant edits to content taken Restructuring and editing to content, some has been moved Moderate changes made based on post April 2016 escalation position Some changes throughout section Restructure and content edits to this section FCA latest updates and new content Secured pensions FCA findings of thematic review of non-advised annuity sales practices new content and latest HMT updates Alternative to pensions for retirement planning In-specie contributions Latest HMRC updates 5 Financial protection Range and limitations of State benefits ISA section reworked and new content on Lifetime ISA Government green paper into SSP and GP fit notes 3

4 Family and personal protection Update to content on wills their location and safety 6 Financial planning practice nothing significant has been changed this month Specialist technical modules These modules are reviewed and updated quarterly following initial publication. The update cycle is linked to the module s release date which means only certain modules will be updated in any given month. The modules detailed below have been updated this month. 8 Specialist investment products General characteristics and market background [of VCTs] Updated HMRC statistics on investment into VCTs Investment aspects [of VCTs] Updated statistics on VCT sectors Exit options: the VCT secondary market General characteristics and market background [of EISs] General characteristics and market background [of SEISs] Updated statistics on VCT performance Updated HMRC statistics on investment into EISs Updated HMRC statistics on investment into SEISs Investment aspects [of SEISs] Updated figures on AIM constituents and graph on AIM market General Anti-Abuse Rule and HMRC stance on avoidance Background [to hedge funds] Updated graph on AUM Absolute return targets and flexibility of investment strategy Update on Finance Act 2016 and on Government proposal papers resulting from the Panama Papers scandal Updated graph on Credit Suisse Hedge Index performance Hedge fund strategies Updated graph on hedge fund strategies Funds of hedge funds Updated graph on hedge fund of funds Risk and return Updated graph on hedge fund performance and added table comparing indices Industry outlook Update on first hedge fund ETF and on futures contracts The key participants in the market Update on new lending for UK commercial property and new graph Economic and property cycles Update on Central London new office space under development Commercial property returns past and present Comparison with other UK asset classes Updated graph on returns Updated graph on returns from commercial property versus equities and bonds Property issues Update on lease length and break options 14 Discretionary investment management and its theoretical basis no updates 15 Tax and investment planning for individuals and trusts minor updates only 17 Equity release Types of equity and principles of equity release Update on interest-only mortgages 4

5 Specialist technical modules These modules are reviewed and updated quarterly following initial publication. The update cycle is linked to the module s release date which means only certain modules will be updated in any given month. The modules detailed below have been updated this month Final considerations Update on SDLT and LBTT Means tested: income support and tax credits More details on income support and CTC Non means tested Update on the simplified bereavement system Part means tested More details on ESA Reform of the regulatory system More details on FCA/PRA Equity Release Council Update on latest Equity Release Market Report Other considerations Update on foreign currency mortgages 20 Expatriate and offshore issues no updates Contact for queries Please do not respond to this , if you have a query regarding any aspect of this update please contact the Financial Assess Helpdesk on or by to helpdesk@unicorntraining.com. We d also appreciate any feedback or ideas you have about the site or its content. Kind regards Assess Administration Team 5