We have now moved into the new tax year and this provides the opportunity to use your new tax allowances where appropriate, such as your ISA allowance (new limit of £11,280 maximum Stocks & Shares ISA or £5,340 into a cash ISA), Capital Gains Tax allowance (£10,600) and gift allowances for inheritance tax savings, amongst others, such as pension allowances.
As a point of interest, it was reported at the end of February 2012 by the Office of National Statistics (ONS) that contribution input to ISAs (Individual Savings Accounts) outstripped contributions to pensions in the tax year 2010/2011 (the last tax year) for the first time. With around £15.8bn going into ISAs and (only) £14.2bn going into pensions (excluding stakeholder plans) the margin was quite significant at this crossover point.
If you would like to review your annual tax allowances for this new tax year, in conjunction with your financial planning, then please contact us at the office by telephone on 01483 578800 or by email.
No individual advice has been provided in the text of this blog and you should seek individual independent financial advice for your own circumstances.
Chapters Financial Limited is Authorised and Regulated by the Financial Services Authority. Number 402899
Friday 13 April 2012
Thursday 12 April 2012
All change in the delivery of UK Financial Services
The delivery of UK retail financial services will change at the end of this year, with the implementation of the Financial Services Authority’s (FSA) Retail Distribution Review, or RDR for short from the start of 2013.
There are also many changes planned for the FSA itself, including parts of its structure changing to the Financial Conduct Authority (FCA), with control being maintained by the Bank of England.
I am now writing on the additional important changes for this subject in this blog because the final details have now been firmly set.
The changes
The highlights of the changes are detailed as follows:
• As before, the Financial Adviser will agree the remuneration for their services (both initial work and on-going advice) with you in advance. However, services will be paid for on a fee basis, either via an initial fee or by a deduction from the plan being established (or a combination).
• Future financial advice will be offered on an Independent, Restricted or Simplified basis. For independent advice, an Adviser must consider all relevant options for you and do so free from any restrictions or product/provider bias. This makes sure that the advice offered to you is truly independent.
• That the consumer will receive advice from qualified, competent, trained professionals who subscribe to a code of ethics (renewed each year) ensuring they act with integrity and treat their customers fairly.
How will Chapters Financial Limited meet these new requirements?
Having moved to a comparable financial advice system to the one detailed above to achieve these outcomes in May 2007, we hope that you have seen the benefit of using our service over the last five years. As we approach the end of this year, and the full implementation of these new requirements, we are delighted that we have the appropriate systems in place to be able to continue to offer independent financial advice into 2013 and beyond.
Powerful proposition
We also believe that maintaining our independent status will make our financial planning proposition even more powerful, with the numbers of other independent advice providers expected to reduce because of the new requirements being made.
We have seen the number of new enquirers and referrals from existing clients rise in recent years (as Chapters Financial Limited and formerly Churchouse Financial Planning Limited) because of the standards in financial planning that we have set and maintained and this is evidenced by the recent industry awards we have detailed in our last newsletters.
Referrals are always very welcome and we thank you, our clients and Blog visitors, for your continued support.
If you would like to consider your future financial planning further then please contact Chapters Financial Limited through this website or by telephone on 01483 578800.
No individual advice has been provided in the text of this blog and you should seek individual independent financial advice for your own circumstances.
Chapters Financial Limited is Authorised and Regulated by the Financial Services Authority. Number 402899
There are also many changes planned for the FSA itself, including parts of its structure changing to the Financial Conduct Authority (FCA), with control being maintained by the Bank of England.
I am now writing on the additional important changes for this subject in this blog because the final details have now been firmly set.
The changes
The highlights of the changes are detailed as follows:
• As before, the Financial Adviser will agree the remuneration for their services (both initial work and on-going advice) with you in advance. However, services will be paid for on a fee basis, either via an initial fee or by a deduction from the plan being established (or a combination).
• Future financial advice will be offered on an Independent, Restricted or Simplified basis. For independent advice, an Adviser must consider all relevant options for you and do so free from any restrictions or product/provider bias. This makes sure that the advice offered to you is truly independent.
• That the consumer will receive advice from qualified, competent, trained professionals who subscribe to a code of ethics (renewed each year) ensuring they act with integrity and treat their customers fairly.
How will Chapters Financial Limited meet these new requirements?
Having moved to a comparable financial advice system to the one detailed above to achieve these outcomes in May 2007, we hope that you have seen the benefit of using our service over the last five years. As we approach the end of this year, and the full implementation of these new requirements, we are delighted that we have the appropriate systems in place to be able to continue to offer independent financial advice into 2013 and beyond.
Powerful proposition
We also believe that maintaining our independent status will make our financial planning proposition even more powerful, with the numbers of other independent advice providers expected to reduce because of the new requirements being made.
We have seen the number of new enquirers and referrals from existing clients rise in recent years (as Chapters Financial Limited and formerly Churchouse Financial Planning Limited) because of the standards in financial planning that we have set and maintained and this is evidenced by the recent industry awards we have detailed in our last newsletters.
Referrals are always very welcome and we thank you, our clients and Blog visitors, for your continued support.
If you would like to consider your future financial planning further then please contact Chapters Financial Limited through this website or by telephone on 01483 578800.
No individual advice has been provided in the text of this blog and you should seek individual independent financial advice for your own circumstances.
Chapters Financial Limited is Authorised and Regulated by the Financial Services Authority. Number 402899
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