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Morfitt & Turnbull

Issue 15   

M&T means...
Every industry is guilty of using jargon and ours is no different and we have found that financial services are extremely fond of acronyms in particular. Well we are M&T after all!!!

So here are some that are common that get bandied about and what they stand for:
APR   Annual Percentage Rate
BOE   Bank of England
CPI   Consumer Price Index
DWP   Department of Work and Pensions
ETF   Exchange Traded Fund
FCA   Financial Conduct Authority
FTSE   Financial Times and (London) Stock Exchange
GBP   Great British Pound
GDP   Gross Domestic Product
HMRC   Her Majesty's Revenue and Customs
ISA   Individual Savings Account
LIBOR   London Interbank Offered Rate
NIC   National Insurance Contributions
OMO   Open Market Option
PPI   Payment Protection Insurance
RPI   Retail Price Index
SIPP   Self-Invested Personal Pension
SSAS   Small Self-Administered Scheme
USD   United States Dollar

Of course the most important one for you to remember is M&T!


Adam's Technical...   Who's got the power?
Due to our increasing lifespan a greater number of us are likely to become dependent upon others because of mental and/or physical incapacity and Adam explains about how to plan around this here...

A Lasting Power of Attorney (LPA) is a legal document that lets you give authority to another individual, usually a relative or close friend, to look after your finances and/or welfare.

To set-up a LPA you must be over 18 and have the mental capacity to make decisions. You appoint an attorney who also has to be over 18 and capable of making decisions on your behalf. Serious thought needs to be given to whom you will appoint and they need to agree. You can decide what authority you give to the attorney, e.g. only giving authority for specific duties and/or imposing restrictions.
             An attorney has to abide by the following rules: must act in your best interests, must consider your past and present wishes, cannot take advantage to benefit themselves, must keep your monies and theirs separate.

If you wish, more than one attorney can be appointed. The LPA has to be registered with the Office of the Public Guardian before it can be used.
There are a number of reasons for making a LPA, as follows:
  • Making a LPA ensures that the person you want to make decisions for you will be able to do so.
  • Having a LPA in place can avoid problems that may occur in the future. It can be expensive and time consuming for family or friends to try to gain similar powers in the future.
  • Setting up a LPA can help prompt discussions with your family about future wishes.
If a LPA is not in place and you become unable to make decisions for yourself, there may be a time when no one can do this for you, as no one will have the legal power to act on your behalf. In this situation someone may need to apply to the Court of Protection to become your deputy. This gives them similar powers to that of an attorney. The process of becoming a deputy is more time consuming and expensive than making a LPA.

A LPA can be set-up personally but we would recommend that you employ the services of a solicitor. If you wish to discuss this further please contact your usual Adviser.  

Gareth Says... 
Last chance ISA saloon!

It's that time of year again...

"Maximising ISA contributions is of great value from a tax perspective in respect of savings but also in planning for potential future income as we see more and more people using ISA income to supplement income in retirement.
The limit is £11,520 in total which includes any amount invested into a cash ISA.

Only 4 weeks left so use it or lose it!!! Next year’s allowance will be £11,880."

Staff Matters - favourite flicks!
A lengthy car journey that Gareth, Adam and myself had, worked its way to a discussion about films (you see it is true that we don't talk about work matters all of the time!) and what our choice would be should we be stranded on a desert island – so here are our answers, along with those from the rest of the office, which is timely also as Oscars night is this weekend too!
Gareth - Butch Cassidy and the Sundance Kid
Martyn - LA Confidential
Adam Grosse Point Blank
Stuart The Longest Day
Pauline All About Eve
Annie Return of the Pink Panther
Lisa Forrest Gump
Charlotte The Holiday
Bev Pretty Woman
Martin Jaws


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Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
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Registered Number 740613 England

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