This objective is one of the triggers that ensures the correct content is included in the Appendix to cover the investment of an APS.
If you want to use your own wording for the objective, you should still use the Genovo objective and then edit the text when you add the accompanying KYC info – this ensures that the Appendix content is still triggered.
Also in the Introduction section, you might wish to record the client as vulnerable (on the basis they’ve probably been recently bereaved). You can do this by clicking on the edit client details link in the Client Circumstances step (or the Client Circumstances Update step if you’re using a Review Report 2.0). This will generate extra content in the report highlighting that you provided the client with an option to have a friend or family member in attendance at the meeting, whether they chose to do so, and if they did, the name(s) of those in attendance.
b) Review of Your Existing Investments
Within this section that you’re going to include details of the deceased’s ISA, as well as any existing ISA investments that the surviving spouse or civil partner already has.
A neat piece of Genovo functionality is that plans belonging to other individuals can be entered into a review section. This can be easily achieved by manually typing in something descriptive into the Ownership field when entering a plan.
The Recommended Action you’ll need for the deceased’s ISA is ‘encash and reinvest the proceeds of’ (don’t use ‘transfer’ as it will trigger the replacement business steps, which aren’t needed for this scenario).
If you’re recommending that the APS be invested in the surviving spouse or civil partner’s existing ISA, you should also enter this plan into the review section, and select a Recommended Action of ‘Top up’ for it (or one of the other ‘top-up’ Recommended Actions, if you’re also recommending a change to the investment strategy).
c) New Investment Recommendation
If your recommendation is to set up a brand-new plan for the APS investment, this should be dealt with in the New Investment Recommendation section.
The first thing to bear in mind is that an APS is an increased ISA allowance and not a ‘product’. However, because Genovo is built around recommendation of products, APS is referred to as an Additional Permitted Subscription for ISA in the New Investment Recommendation section in Genovo. This is another of the triggers that ensures the correct content relating to APS is included in the report’s Appendix.
d) Recommended Investment Strategy
If you’re using a Suitability Report, you’ll always need this section, if only to record the clients risk profile (ATR). Whereas, if you’re using a Review Report 2.0, you will already have reviewed the client’s ATR in the Introduction section. If you’ve recommended a new plan for the APS investment, or you’re recommending a top-up to an existing plan, but with a change to the investment strategy, you’ll also need to detail the new investment strategy here.
In fact, the only scenario where you won’t need to include the Recommended Investment Strategy section is if you are using the Review Report 2.0 and you are recommending the APS investment is used to top up an existing plan with the new investment using the same investment strategy as the existing plan.