Permanent Interest-Bearing Shares (PIBS) are issued by:
A) Insurance companies
B) Building societies
C) Local authorities
D) HM Treasury
correct answer at base.
T&C – CPD exemption during Corona
On 27 May 2020, the FCA said that it is allowing firms to defer individuals' uncompleted continuing professional development (CPD) hours to the next CPD year in the light of the COVID-19 pandemic. So to bag your 36 hours, you can carry over into 2020-2021 year.
Firms must still demonstrate that relevant individuals remain competent to carry out their work and that effective and consistent CPD is an essential part of this. Most of us can continue completing CPD while working from home or on furlough, through e-learning reading IFAC member updates and other means. Accredited bodies and professional qualifications providers also help by providing material.
FCA expects firms to support furloughed staff with materials to complete their CPD - and this feature of furlough is embedded in the scheme, that individuals can continue to train. The FCA states that the following circumstances can count as exceptional and thus qualify:
The FCA requires firms to take certain factors into account, including the individual's role and responsibilities and their knowledge and skill development. Firms should also record their decision and the reasons for it, but do not need to report this to the FCA.
see FCA statement here
Any queries, please let me know John.firstname.lastname@example.org
MORTGAGE Fraud prevention and the URL
TIP ONE - check the bank statements are genuine
As we all know, copies of bank statements are a tricky thing.
Can you say that you have seen the original?
IFAC say download the bank statement and make sure you include the URL address on the PDF download to prove the validity.
IFAC have signed up to partner with Xero online for accounts. IFA / MGI practices should all have XERO too.
This past month has been my single busiest time of the year. It is the time of Gabriel returns for all firms with a year end date of 31st March – and surprise surprise, this is the most popular month end date, closely followed by 31st December. Gabriel has be submitted within 6 weeks of the year end. It’s a relief to be able to do this from home without so many distractions in the office.
IFAC struggle with the accountants who support IFA / MGI practices- to be frank, we are not generally impressed by the speed of response, or the accuracy of information, and all IFAs and MGI firms should have some accountancy package in order to speedily access their balance sheet position. This is a core FCA requirement embedded in IPRU INV 13.1.4 and MIPRU 4.2.1.
IFA / MGI firms have some unique features, mainly that they don’t need to invoice in the conventional sense, because providers and lenders generally pay what is requested in the application, rather than by separate invoice, and the credit risk is very low – almost no bad debt. IFAC help a number of firms in the consumer credit sector – many plumbers for instance, who almost without exception are able to provide the relevant numbers on demand, mainly due to the use of accountancy packages. IFAs / MGI firms need to sign up to Xero. If interested, please ask Izabela.email@example.com our resident accountant.