GDPR Principles – PLAAIDS
- Purpose limitation
- Lawfulness, fairness and transparency
- Accuracy
- Accountability
- Integrity and confidentiality
- Data minimization
- Storage limitation
What is the clue for GDPR Principles?
PLAAIDS
What should be considered when assessing protection products? (SPF QITCC)
- Suitability
- Price
- Features
- Quality of service
- Investment choice and performance
- Tax implications
- Charges
- Cancellation rights
What is the clue for assessing protection products?
SPF QITCC
FTOC 6 consumer outcomes
- Fair treatment of customers
- Products/services meet needs
- Consumers are appropriately informed
- Suitable advice
- Products/services of acceptable standard
- No unreasonable post-sale barriers
What are the FCA guidance on vulnerable clients? (ASSUM)
- Act with appropriate levels of care
- Skills and capabilities of staff
- Service design, customer service and communications
- Understanding vulnerability
- Monitoring and evaluation (ICS)
What is the clue for FCA guidance on vulnerable clients?
ASSUM
What does a philanthropist need to consider regarding impact investing / social investing? (REBBELL)
- Reputation
- Experience in mission activities
- Bureaucracy
- Benefit of potential financial return
- Expertise in products available
- Longevity
- Less control
What is the clue to consider for impact investing/social investing?
REBBELL
What are the different Fiduciary Duties? (MAD CCLM)
- Duty to manage conflicts of interest
- Duty to avoid unauthorised transactions
- Duty to disclose information
- Duty of care
- Duty of confidentiality
- Duty of loyalty
- Duty to monitor and review
What is the clue for the different Fiduciary Duties?
MAD CCLM
What other considerations should be made in suitability reports? (HITCHHAB)
- How client dis/advantaged
- Importance of review process and cost of advice
- Tailored to customer
- Costs and charges
- Highlight risks
- Highlight objectives omitted
- Attitude to risk and capacity for loss
- Balanced view
What is the clue for other considerations in suitability reports?
HITCHHAB
What are the different purposes of a trust? (SPECTICS)
- Someone too young to handle affairs
- Pass on assets (in lifetime or on death)
- Employee incentive schemes (pensions)
- Control and protection of family assets
- Tax planning
- Investment vehicle (unit trusts)
- Confidentiality
- Someone loses mental capacity
What is the clue for different purposes of a trust?
SPECTICS
What are the six high level principles set by TPR? (WEDGUC)
- Well administrated/comprehensive records
- Effective governance and monitoring
- Deliver good outcomes
- Good communication to memebers
- Understand duties
- Comprehensive governance framework
What is the clue for the six high level principles set by The Pension Regulator (TPR)?
WEDGUC
Which offences are in the Market Conduct Sourcebook (MAR)? (MIDMIM)
- Manipulating transaction
- Insider dealing
- Dissemination
- Manipulating devices
- Improper Disclosure
- Misleading behaviour and distortion
What is the clue for the different offences in the Market Conduct Sourcebook (MAR)?
MIDMIM
What does the Charities Act define as a ‘charitable purpose’? (PARACHARAE)
- Promotion of human rights
- Advancement of education
- Relief of poverty
- Amateur sport
- Conflict resolution
- Health
- Animal welfare
- Religion
- Arts and heritage
- Environmental protection
What is the clue for the different ‘charitabl purposes’ defined by the Charities Act?
PARACHARAE
What is the role of the investment policy statement (IPS)? (ALASTTIIRR)
- Asset allocation
- Liquidity requirements
- Any other factors
- Selected benchmark
- Time horizon
- Tax position
- Investment strategy
- Investment objectives
- Risk profile
- Restrictions
What is the clue for the role of the investment policy statement?
ALASTTIIRR
What are the duties of trustees? (PACCK)
- Provide information to beneficiaries when requested
- Act impartially between beneficiaries
- Comply with terms of trust
- Control trust property
- Keep accounts
