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Personal Finance Society
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AF1 Personal tax and trust planning.

At the end of this unit, candidates should be able to:

Evaluate the needs of complex clients and recommend appropriate solutions based upon detailed understanding and analysis of the:

  • Basic structure of the tax system and self assessment;
  • Main personal taxes on income and capital that may be charged on individuals during life and on death, the self assessment system and how tax liabilities are computed;
  • Tax treatment of main social security benefits and interaction with other sources of income;
  • National Insurance, how it is calculated and applied;
  • Tax treatment of different kinds of investments;
  • Impact of residence and domicile on an individual's liability to UK tax;
  • Legal principles associated with the creation and management of a trust;
  • Main types and uses of trusts that are common in the UK and duties, powers and responsibilities of trustees;
  • Powers of Attorney including different types of power of attorney, the procedures for establishing a Power of Attorney and the implications of doing so;
  • Consequences of making a Will and dying intestate;
  • Bankruptcy; rules and the role of the trustee in bankruptcy;
  • Taxation considerations relevant to trusts.

AF2 Business financial planning

At the end of this unit, candidates should be able to:

Evaluate the needs of complex clients and recommend appropriate solutions based upon detailed understanding and analysis of the:the main legal forms of business;

  • Main legal forms of business and how they are set up and managed;
  • Consequences of bankruptcy or insolvency;
  • Business accounts and financial controls;
  • Taxation of business entities, its owners and employees;
  • Main legal responsibilities businesses have to employees, suppliers and customers;
  • Main principles of business protection insurance, including key person insurance, share protection insurance and partnership protection insurance;
  • Main uses of pensions for business planning.

AF3 Pension planning

At the end of this unit, candidates should be able to:

Evaluate the needs of complex clients and recommend appropriate solutions based upon detailed understanding and analysis of the:

  • HM Revenue & Customs tax regime for pensions;
  • Legal framework of pensions;
  • Features and risks of defined contributions and defined benefit pension schemes;
  • State retirement benefits;
  • Choices facing early leavers, transfer value analysis and transfer advice;
  • Various options for drawing income - their features, risks and tax treatment;
  • Different needs and solutions available to personal and corporate customers.

AF4 Investment planning

At the end of this unit, candidates should be able to:

Evaluate the needs of complex clients and recommend appropriate solutions based upon detailed understanding and analysis of the:

  • Economic environment and its impact on investment performance and investment decision making;
  • Main features, risks and returns of direct financial investments, collective investments and other investments;
  • Individual company performance and company accounts;
  • Measurement and management of risk and returns;
  • Main principles governing how to construct an investment portfolio;
  • Range of investment management services, how their performance is evaluated, and their regulatory environment.

AF5 Financial planning process

At the end of this unit, candidates will be able to apply the financial plan that demonstrates:

  • Understanding of the relationship and responsibilities between adviser and client and the need to establish the scope of the planning brief;
  • Evaluation of the different remuneration strategies available and how they might suit the different services required by clients;
  • Understanding and evaluation of the client's financial objectives, including the importance of prioritising those financial objectives;
  • Understanding of the assumptions underlying the financial plan;
  • Understanding of the client's financial status;
  • Understanding of what is meant by risk, the various risks faced by the client and the importance of the client risk profile in formulating a financial plan;
  • Evaluation of the different options available to the client with relevant evidence;
  • The ability to put forward an appropriate financial plan based upon analysis of client objectives, circumstances and options;
  • The ability to explain the meaning of any technical terms, the features of proposed products and the consequences of the proposed course of action;
  • Understanding of the importance of documenting any changes to the plan required by the client and how to document such changes;
  • Understanding of the review process and the different frequencies and methods available to review the plan.

AF6 Senior management and supervision

At the end of this unit, candidates will be able to:

  • Apply supervision principles and practice in a retail financial services business;
  • Evaluate supervision principles and practice;
  • Evaluate the competency requirements for senior executives and the governance of competence arrangements;
  • Evaluate the impact of leadership and culture in a regulated environment.

 

 

(AF7) Pension transfers

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • explain fundamental aspects of the pension transfer process;
  • explain the implications of transferring between different types of pensions; and

advise on pension transfers in a range of client specific circumstances and scenarios.

(AF8) Retirement income planning

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas: