June 2018 Update

June 2018 Update

June 2018 Update

Defined Benefit Transfer Templates & MiFID II Changes

 Monday, 18th June 2018

We have completed the latest upgrade to ATEB suitability on 17th June 2018.

Details of the enhancements can be found below, but some of the highlights are:

Defined Benefit Transfer Templates

To assist our users in producing pension transfer recommendations we have pre-populated the system with two new Defined Benefit Transfer Sample Templates:

  • Defined Benefit to Flexi-Access Drawdown (FAD)
  • Defined Benefit to Personal Pension

To access these templates, simply click on the ‘Templates’ page from the navigation bar of the homepage and select ‘Sample Templates’. 

We have created corresponding guidance documents for each of the templates, outlining the areas and sections we have pre-selected for you and how to modify these templates further. To access these guidance documents, click on the ‘Creating Personalised Templates Guide’ link within the ‘Sample Templates’ tab and scroll down to the bottom of the page.

Enhancement to 'Fund Performance' table

Following on from customer feedback, we have implemented changes to the Fund Performance table.

For users reviewing the performance of existing or newly recommended funds against separate benchmarks, you now have the flexibility to include a new benchmark for each fund added with a free text box at the end of the section to provide further annotation/commentary. In addition, the benchmark row has been moved to the bottom of the table in both the software and generated report to more closely mirror the layout of Fund Fact Sheets.

Split Deferral Period for Permanent Health Insurance (PHI) Recommendations

Enhancements have been made to the Plan Details tab of our Protection Advice area to accommodate split deferral periods for all PHI (Income Protection) recommendations. New fields have been added to capture both the duration and level of benefit payable over an initial and secondary deferral period.

'Regular Reviews' tab - MiFID II Changes

To assist firms in the operation of their ongoing service proposition following the new ‘Periodic assessment of suitability’ requirement as detailed in COBS 9A, changes have been made to the suggested text found within the drop-down options of our Regular Reviews tab.

Please note - on answering ‘Yes’ to the drop-down question ‘Will you provide a regular review?’, the existing suggested and free text functionality that appears on screen will be replaced entirely with this new periodic assessment of suitability wording. For those users who may have personalised text saved within this area as part of an existing template, both options will continue to be provided for a period of 30 days. During this time, we recommend you default to our new periodic assessment of suitability wording, or alternatively transfer your personalised text to the customisation drop-down option, which will remain unchanged.

Continued Suitability Letter Enhancements

Change at a glance

Location

Detail

Plan Owner relocated to the Existing Investment table.

Basic client details → Is this letter to be written on a Joint Basis? Yes → Review Details → Introduce your Existing Investments

Plan Owner moved from the Charges table to the Existing Investment table. New drop-down functionality provides users the ability to add Plan Owner on a Joint Basis.

Suitability Report Enhancements

Change at a glance

Location

Detail

Changes made to ‘Regular Reviews’ tab.

Report Builder → Important Information → Regular Reviews

 

Following the ‘Periodic assessment of suitability’ requirements under MiFID II, changes have been made to the drop-down options found within our Regular Reviews tab. A further option has also been added to accommodate those instances where an ongoing review has yet to be agreed.

Product Type - Protection

Change at a glance

Location

Detail

Split deferral period functionality added for Permanent Health Insurance (PHI) recommendations.

Report Builder → Protection Advice → Recommended Plan → Plan Builder → Plan Details → Select Product Type: PHI → Important Time Periods → Is there a split deferred period? Yes

It is now possible to split the deferral period and level of benefit payable over two separate time periods.

Product Type - Investment

Change at a glance

Location

Detail

Ability to add up to 8 lives assured for all Bond products.

Report Builder → Investment Advice → Recommended Plan → Plan Builder → Select Product Type: Bond → Plan Details → Life Basis: Joint Life First Death/Last Death

For Investment Bonds taken out on a joint-life basis, users now have the ability to add up to 8 lives assured.

Product Type - Retirement

Change at a glance

Location

Detail

Newly added Defined Benefit Transfer Templates.

Dashboard → Templates → Sample Templates

To streamline the process of creating your Defined Benefit Transfers reports, we have pre-populated the system with two new Defined Benefit to Personal Pension and Defined Benefit to Flexi-Access Drawdown Transfer Sample Templates.

Reviewed and revised suggested ‘Recommendation Reasons’ for ‘Take Scheme Benefits’ recommendations.

Report Builder → Retirement Advice → Recommended Plan → Plan Builder → Existing Defined Benefit Scheme → Plan Details → Action Applicable: Take Scheme Benefits → Recommendation Reasons

New suite of suggested text reasons for recommendations pertaining to taking scheme benefits from an Existing Defined Benefit Scheme.

Reviewed and revised suggested ‘Recommendation Reasons’ for ‘Income’, ‘PCLS’ and ‘UFPLS’ recommendations.

Report Builder → Retirement Advice → Recommended Plan → Plan Builder → Existing Defined Contribution Plan → Plan Details → Action Applicable: PCLS/Income/UFPLS → Recommendation Reasons

We have expanded the number of suggested text reasons for recommendations pertaining to flexibly accessing benefits from an Existing Defined Contribution Plan.

Product Type - Retirement & Investment

Change at a glance

Location

Detail

Enhancement to our Fund Performance tab.

Report Builder → Investment/Retirement Advice → Recommended Plan → Plan Builder → Fund Performance

Where the performance of each fund is being compared against a different benchmark, users now have the ability to include a new benchmark for each fund added. In addition, a free text box has been included at the end of section to provide further annotation/commentary.

Please also see our collection of 'how to' guides, articles and hints/tips via an FAQ which is available now on our Help & Support Portal.

Our support team are available 9am - 5pm / Mon - Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.

Many thanks

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