What responsibilities do you have as an adviser? Find out if you’re compliant with the regulatory requirements using our handy checklist.
What you'll need in place to work with us
I buy and sell Exchange Traded Instruments (ETIs)
I know transactions will be blocked if:
- I want to trade in ETIs using discretionary permissions but my firm does not have a Legal Entity Identifier (LEI)
- My legal entity clients (i.e trusts, charities and corporates) don’t have Legal Entity Identifiers (LEIs)
- I don’t have my individual clients’ national identifiers (e.g. NiNo)
- I want to trade in ETIs using discretionary permissions but don’t have the details for the ‘decision maker’ to enter
I’m an adviser with discretionary permissions (for some or all of my clients)
I’ve checked the updated Ascentric ‘Adviser Agreement’ which includes putting a ‘transmission agreement’ in place. This means Ascentric can carry out transaction reporting in ETIs on my behalf.
I know who the ‘decision maker’ is (and their national identifier), so I can enter their details for transactions in ETIs.
I know that more individual client data is required for reporting (such as national identifiers). I’ve provided Ascentric with client data where they have requested it and so my clients can trade in ETIs if they wish.
I’ve got clients who are legal entities (i.e trusts, charities and corporates)
I’ve got clients who have trading access
I’m aware that my clients choosing to directly buy and sell Complex Assets will have to complete an online Appropriateness Questionnaire every time they buy or sell. This will assess their ability to trade in these assets and, if they don’t appear to have the right knowledge or experience, will prompt them to take financial advice.
My clients need Costs & Charges disclosure
I’ll be ready to provide my clients with pre-sales illustrations of all the Costs & Charges they would be expected to pay (manufacturers’ charges + platform fees + adviser charges) and the aggregate figure. I’ll be using Ascentric’s enhanced Wrap Charges Calculator to do this.
Post sales, I know that Ascentric will be providing my clients with an Annual Summary of Charges showing an aggregate figure for all the costs and charges they have actually paid.
I need to check that my clients match the Target Market for assets
I know that manufacturers will need to define the Target Market for each of their assets (‘Positive Target Market’ and if appropriate, ‘Negative Target Market’). I will be using the target market information when I am assessing assets and my clients to make sure they match. If I make sales outside the ‘Positive Target Market’ or inside the ‘Negative Target Market’, I know these will be reported to the manufacturers.
I have Model Portfolios
I’ll be setting up new models as either ‘Advisory’ or ‘Discretionary’ entirely separately for accurate reporting.
I’ve split my existing single model portfolios that are a mix of advised clients and those where I have discretionary permissions, so they are ‘Advisory’ or ‘Discretionary’ only. Ascentric has a model cloning functionality to help with this.
I will know who the ‘decision maker’ will be to enter their details (name and national identifier) for my discretionary models when required.
I’ve provided the client data that Ascentric has requested, because if it’s missing those clients will be excluded from model rebalances where that includes any transactions in ETIs.
My model portfolios under discretionary management will be monitored for depreciations of 10% (or more) since the last periodic statement. I must report these depreciations to my client on the working day the fall is identified. Ascentric has a mechanism in place to assist me with reporting and they will notify me of falls of 10% or more, so I can investigate these.