IFS DipFA Exam (date 14/02/13)

Some pointers…

The Fact Find presents us with a scenario for a Mr Teague.  As usual, the IFS Exam Fact Find details a client scenario that stretches the imagination…the client is 28 years old with a child to provide for and yet has somehow managed to accumulate some £129,000 in liquid assets in his own name!

However, the scenario is of course not necessarily meant to be representative of real life, it is actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.  So, as usual, let’s not get hung up over how realistic or not the scenario is.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

• In this scenario, the client has exposure to income tax and national insurance as both an employee and as a self employed freelancer.  A solid understanding of the rules relating to Income Tax and National Insurance is essential

Anyone not fully clued up on these basics for both employed and self employed clients should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.

Additionally, in preparation for one of our courses, some specific areas to consider for further study are;

• Investments including Investment (Stocks & Shares) ISA accounts see Investment Topics 12.1 for ISAs; and 10.2 for Unit Trusts as well as 11.2 for With Profits Investments
• Student Loan repayments and liabilities
• Enterprise Investment Schemes see Investments 12.5
• Warrants see Investment Topic 5.1

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.

Further support can be found by booking attendance at one of Futuretrend’s DipFA Factfind Course, or on the remote support option.

Paul Davis, Dip. PFS, Futuretrend Tutor.

IFS DipFA Exam (date 17/01/13)

Some pointers…

The Fact Find presents us with a scenario for a Mr & Mrs Barlow.  As usual, the IFS Exam Fact Find details a client scenario most practising advisers would find hard to recognise…a young family with significant equity, decent liquid assets, and a high income to boot!  Most advisers can only dream of having working clients able to afford to pay regular premiums of £1,000 per month gross into their personal pension (Mr Barlow)!

However, the scenario is of course not necessarily meant to be representative of real life, it is actually there to test your knowledge, and crucially, the application of that knowledge to the client’s circumstances and the suitability of your advice.  So, as usual, let’s not get hung up over how realistic or not the scenario is.

This blog summarises some of the key issues students will need to consider for this exam, and some pointers about specific parts of the IFS DipFA Study Folders that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.

In this scenario, students of course need to understand the basics around taxation – Income Tax, National Insurance, and Capital Gains Tax.  Anyone not fully clued up on these basics for both employed and self employed clients should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up Topic 2 and Topic 3 in the Taxation folder.

Additionally, in preparation for one of our courses, some specific areas to consider for further study are;

• Defined Benefit (final salary) schemes, in Retirement Topic 5.3.2
• Tax efficient saving and investing, in Investments Topic 12
• Interest Only Mortgages, can be found in Section 10 of the CEMAP Module 2 Revision Notes (available from the IFS website under your log in)
• Protection Planning, in Protection Topic 9
• Clients attitude to Risk, in Investments Topic 14.2.1
• Retirement Planning Topic 7

This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam.  The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.  Students would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.

Further support can be found by booking attendance at one of Futuretrend’s DipFA Factfind courses, or on the remote support option.

Paul Davis, Dip. PFS, Futuretrend Tutor.