FINANCE ACRONYMS & JARGON It’s enough to drive you totally batty but the financial services industry is riddled with hundreds of acronyms for their products, services and trade bodies. You could virtually have a conversation in total jargon and people would be right in thinking you’ve lost the plot. For example, I’m an IFA with a qualification from the CII, each year I need my SPS certificate following lots of CPD’s or I can’t act for you. We’re overseen by the FCA and BoE and HMRC, we also deal with FSCS, pay our ICO fees for GDPR, comply with FSMR and MIFID 1&2 PROD & PRIP. Yes exactly who or what is this I hear you ask? Just to be sure for all of this we have comprehensive PII cover. My best clients are HNW and some even SHNW they invariably need advice on IHT & CGT then sometimes SPV’s, along with VCT’s & EIS’s. We review their CIA’s & GIA’s CIB’S & CRA regularly. The HNW clients have taken our FUM over 50M so this year our EBITDA looks good and that’s not a film. We have a client seeking an IPO soon he’s involved in a JV and several who need TVAS reports or AVR. A client rang last week to say he thought he had a FSAVC but it turned out to be a FURB and as he’s going to live in France wanted to know if he could transfer it into a QROP’s.
You’ll definitely know about PPI as many of you were compensated for bad advice but did you claim on your LCE or your IO mortgage? I bet you’re glad you’ve got an IFA to deal with all of this for you? Thank god it’s POETS day, TTFN. Philip Vaughan is a Director at Abacus Assurance Financial Services Ltd, Porthcawl 01656 772222 PHILIP VAUGHAN Director at Abacus Assurance Financial Services Ltd Porthcawl 01656 772222
Deadline date for the April issue is: Monday 15th March 40 | seaside news
