HND 金融GU2

投资学优先股优于普通股Adam’swidowedmotherleftpropertythatiscurrentlyunderofferatP170,000andisexpectedtofetchabout20%abovethisoifferprice.So议价is170,000+170,000*20%=204,000.Sohecanusethismoneytoinvest.AsanIndependentFinancialAdvisor,Icansuggestmanykindsoffinancialproducts.Preferencesharehasaparvalueandafixedamountofdividendsasapercentageofnominalvaluethatmustbepaidbeforedividendscanbepaidontheordinaryshare.DividendsofPreferencesharesarecumulativewhichmeansunpaiddividendscumulateandmustbepaidinfulllater.Onliquidation,thepreferencesharecanbepaidbeforeordinaryshareandwillreceiveonlythenominalvalue.SoifthecompanyAdaminvestedcollapses,hecanreceivenominalvalueatleastotherthanlosinghisentireinvestment.Thereisnoopportunityfordividendgrowthunlessaparticipatingshare.whenprofitsreachacertainlevel,aparticipatingsharehasarighttotakeashareofthoseprofitsasopposedtojustreceivingafixedreturn.Preferenceshareholdersusuallyhavenovotingrights,butsometimestheymayhaverestrictedvotingright.比较股票与国债的风险(PetersuggestedSylviathatAdamcanbuyintomarketswithouttheriskassociatedwithshares.Andithasafixedinterestandmaybesometaxadvantages.SoasaIndependentFinancialAdvisor,IthinkthisproductisUKgilts)Havingtheheiredmoney,AdamcanalsoinvestinGilts.Giltsarelow-riskinvestments.ItisissuedbyUKgovernmentandisguaranteedbyUKgovernment,sothereisnocreditriskanddefaultrisk.Thegovernmentisunlikelytofailedtopaythedebt.Whenredeemabledateiscoming,governmentwillissuenewgiltstopaybackolderdebtwhichisbeingredeemed.Sothereisnoworryaboutthatthegovernmenthasnomoneytopaybackthedebt.Adamhadlosthisentireinvestmentwhenheinvestedinacompany.SothiskindofguaranteewouldmakeAdamnotworryaboutloss.Comparingwithgilts,theriskofstocksisconsideredtobemediumtohigh.Eventhosecompanieswithgoodfinancialsituationandoperatingwell,theriskoftheirstocksstaysthemediumlevel.Andstockshavenoexpiredateandonlyonliquidationprincipalcanbepaidtoinvestorswhichinvisiblyincreasestheriskofstocks.SoinvestinginGiltsisbetterforthefamilywithacomingbaby.TheyalsohaveamortgageofP220,000topay,sothemoresecuritythebetter.Howeverhighrisksmeanshighreturn.Adamcanusethemoneyheheiredtodoainvestmentportfoliotogetmaximumbenefit.计算海外投资和动产投资的优缺点thecouple要投资海外Investingoverseascanwidetherangeofinvestment,whichgivesthecoupletheopportunitytodiversifytheirrisk.Theremaybemorechancesforthecoupletochoosemoreprofitableinvestmentsoverseasdespitetheirhighrisks.Ifthecoupleinvestoverseas,theymaygetadditionalcurrencygainwhenthecurrencytheyinvestedisinappreciate.Therearealsomanydisadvantagesofoverseasinvestmentforthecouple.1.individualinvestors,suchasSylviaandAdam,maynothaveenoughexpertiseknowledgetochooseandmanageoverseasinvestments.Andit’smoredifficultforthecoupletoacquireinformationaboutoverseasinvestments.2.accountingpoliciesandreportmeasuresdifferfromcountrytocountry.Sobeforeinvestingacrossborders,thecoupleshouldconsideraboutthemonitoringfees.3.differentstockexchangeshavedifferentsettlementperiodsandsomeexchangesonlydealin‘boardlots’whichmakeforengnsharesmoreexpensive.4.somecountrieshaveforeignexchangecontrolwhichalsoincreasetheriskofoverseasinvestment.5.theremaybecurrencylossforthecouplewhenthecurrencytheyinvestedisindepreciation.6.less-developedcountriesmaycomparativelylikelynottopaythecapitalthatinvestorshaveinvested.Sopoliticalriskisalsoconcernedwhenchoosinginvestmentproducts.7.ifthecountrythecoupleinvestedhasnotaxagreementwithUK,theyprobablyhavetofacetaxproblems.MaybetheyhavetopaytaxesbothtoUKandthecountrytheyinvestedin.Tosumup,theriskofoverseasinvestmentissohigh.BecausetheirmortgageofP220,000maturesin14yearsandtheirbabyisontheway,sosafetyisthefirstproblemtheyshoulfdconcern.AsanIndependentFinancialAdvisor,Idon’trecommendoverseasinvestmentforthem.TheymayinvestinUKgiltswhichhaslowerrisks.国债的购买方式TherearemanychannelsforAdamtobuyGilts.1.newissuemarketBefore1998,investorscanbuygiltsfromtheBankofEngland.ButafterApril1998,theDebtManagementOffice(DMO)isinchargeofissuingGilts.Beforeissuinggilts,theDMOwillissueaprospectusfirst.Thecouplecanaccesstheseinformationthroughadvertisement,DMOwebsiteandTV.TheRegister’sDepartmentofDMOorBankofEnglandarebothavailabletoapplication.AndthecouplecanbidatleastP1000.Intheend,thefinalpriceofnewissuinggiltsistheaveragepriceofcompetingbidders.2.thesecondarymarketThesecondarymarketplaceistheGiltEdgedMarketMakers(GEMMs).TheGEMMisavailableforbuyingorsellingtheGilts.UsuallyinstitutionalinvestorswilldealwithaGEMMdirectly.PersonalinvestorslikeAdamandSyliviaoftenbuyGiltsthroughbanksoragents.IfthecouplebuyGiltsthroughabank,thebankwillactonbehalfofthemtobuygiltsfromtheGEMM.IfthecouplebuyGiltsthroughanagent,eachpartywillsignapaperworkfirstandtheagentwillrepresentthemtochooseacompetitivepriceindealingstransactions.Inreturntheagentwillgetcommission.Eventhoughthecouplehavetopaycommissiontothebanksoragnets,theyarelikelytobuymoreprofitableGiltsunderthedirectionofbanksoragents.3.thecouplecanalsobuygiltsusingtheBankofEnglandBrokerageServicebypostofficeorthewebsiteofBankofEngland.Inthisway,thecostsofbuyingandsellinggiltsislowerthanthatofbanksoragents.Butonestockhasitsmaximumlimitsontheamountperdayforinvestors.Andnotallgiltscanbeboughtthroughthisway.保险什么是定期寿险它有哪些品种哪种最适合termassurancecanberoughlydescribedas‘temporary’insuranceTermassuranceisacomparativelycheapformamongthevarioustypesofinsurances.Thecouple’searningsisnotlow,buttheyhaveaP220,000mortgagetorepayandababyisontheway.Sothecheapformisabestchoice.特点Alltypesoftermassurancecanbetakenoutinjoinnames.Thisisverysuitableforthecouple.Becausetheycanprotectagainstthedeathofeitherpartyiftheybuytermassuranceinjointnames.Andifoneofthemdead,termassurancewillprovidelumpsumoranuitytotheotherparty.选termassurance的原因ThecharacteristicsofTermassuranceissuitableforthefamily’ssituation.Duringthecontractualperiodoftime,thetermassurancewillprotectagainstdeathofeitherparty.Thetermassurancewillalsoprotectagainstlossofeitherincome.Soifoneofthemisdeadorlosseshis/herincome,theassurancewillguaranteethecomingbaby’slifeandtherepaymentoftheirmortgage.Termassuranceincludesincreasing,decreasing,convertible,renewable,level,familyincomebenefitandmortgagepretectiontermassuranceandsoon.Amongthosevariouskindoftermassurance,Ireallyrecommendthefamilyincomebenefitforthecouple.选familyincomebenefit原因Itisakindofdecreasingtermassurancewhosecoverreducesoverthetermofthepolicy.Andintheeventofdeath,thesumassuredispaidininstalmentsuntilthetermisfinished.2.Theirbabyisdueinfourmonthstime,soSylviahasdecidedtotakethemaximumtimeoffwork..thecouplealsohaveacapitalrepaymentmortgageofP220,000outstanding.IfAdamhasnoincome,thefamilywillhavenoincomeatall.SoAdam,astheonlysourceofincome,healsohastobuyaPHIexceptthetermassurance.Whenheisunabletoworkforalongperiodbecauseofillnessorincapacity,thePermanentHealthInsurance(PHI)willprovidethelossofhisincome.为什么买呢reasonsforbuyingthePHIpremiumsarebasedonoccupationandlifestyleratherthanageandhealth.Adamisafreelancejournalistwhichisnotahigh-riskjob.Sothepremiummaybeatalowposition.menoftenreceivecheaperquotesthanwomenduetohistoricallyhigherclaimsfromwomen.paysincometopolicyholderfollowingagreedwaitingtimeuntilpolicyholderreturnstowork,retiresordies.SoifAdamisillorincapabletowork,hewillstillreceiveincometocoverday-to-expensesandthemortgage.waitingperiodcouldbefromfourweeksto52weeksandthecostdecreasesaswaitingperiodincrease什么意思policiesaresetforafixedterm,canbewrittenonshortterms,sayforfiveyears,butusuallyrunstoretirement.ThisitemgivesAdammorechoicestochoosethemostfavourableterm.insurercannotcancelthecoverduringtheperiodofcover.SothereisnoneedforAdamtoworryaboutsuddenterminationfromtheinsurer.policyclaimperiodcanbelimitedto,say,twoyears.possibletobuildinincreasingbenefitcovertocountereffectofinflationandwagerises.IfAdamiswillingtobuildinthiskind,themoneyhewillreceivecanagainstinflationandrisingwages.somepoliciesprovidepureprotectionwhilesomeareunitlinked.SoAdamhastherighttochooseonetypetohisadvantage.benefitsarenottaxed.SoAdamcangetcomparativelymoremoney.养老金AdamFromthecase,IknowthatAdamisafreelancejournalistandhissalaryfluctuatesfromP45,000toP85,000.BecauseAdamisnotemployed,sohegotnoOPSandhasmadenoprovisionforhisfutureretirement.OnlyhavingSBP,thepensionhewillgetprobablycannotcoverthefamily’sday-to-dayexpenses.SoasanIndependentFinancialAdvisor,IthinkheisbettertobuildupaPPS.PuttingmoneyinaPPScanbetreatedasaninvestment.Andthefundgrowsbutitistaxexempt.ContributionspaidintothePPSaretreatedasnetcontributionandthereisrepaybackoftaxreliefatthebasicrate.whenAdamretires,amountoftax-freecashcanbetaken.2.calculationofhismaximumcontributionattractingtaxreliefInordertogettaxrelief,themaximumcontributionofPPSshouldnotlargerthanAdam’sNetRelevantEarning(NRE).ThecontributionpaidtothePPScanbetreatedasanetcontributionwhichhadpaid20%tax,soinordertoencouragepeopletobuildupPPS,thepensionschemewillnormallyorganiserepayinganytaxreliefthatwaspaiddirectlyintopeople’sPPSaccount.AndAdamearnsanaverageofP60,000perannum.ThechangeinworkingpatternwillreducehisincomebyaroundP10,000perannum.SohissalarywillbeP50,000.Thebasicrateof08/09is20%.IfthecontributiontoPPSisnotlargerthanhisNRE,Themaximumtax-reliefis50,000*100÷80-50,000=12,500Soatlasttherewillbe50,000+12,500=62,500inAdam’sPPS.IfthecontributiontoPPSexceedshisNRE,theexcessmoneywillnotgettaxrelief.AndifthecontributionevenexceedstheAnnualAllowance,thereisnotonlynotaxrelief,butalsolevy40%taxoftheexcesspart.Theannualallowanceof08/09isP235,000WeassumeAdampays300,000peryeartohisPPS.So50,000hastaxrelief,andthereisnotaxrelieffor:300,000-50,000=250,000.Butthemoneyexceedstheannualallowancewilllevytaxof40%.Sothemanhastopayextrataxof:(300,000-235,000)*40%=26,000SylviaInthiscase,Sylviaisamagazinephotographerandisemployedonafulltimebasis.HerearningsfromthisemploymentisP58,000perannum.1.她加的是什么养老金计划特点Shealreadyhasanon-contributorypensionscheme.Andthisschemeoffersdefinedbenefitsof1/60thoffinalsalary.Theschemehasanormalretirementageof60years.Fromtheseinformation,Iknowthepensionschemeisa‘definedbenefit’ofOPS特点HeremployerpaysintotheschemeonSylvia’sbehalf.Whensheretires,thereisacertainlevelofpensioninrelationtoherfinalsalary.Sotheemployerbearsmostoftheriskwhensavingforretirement.2.算retirementincome题目会给出她的finalsalaryTheformularforthecalculationofretirementincomeis:Finalsalary*1/60th*membershipyearsHerfinalsalaryis假设120,000/year.ShehasbeenamemberofOPSfor10years.Sylviais35yearsoldandshehastowork25yearsbeforeshereachesherretirementage.Sothemembershipyearsshouldbe35years.Soherfinalsalaryis120,000*1/60th*35=3.tax-freecash免税现金是什么+是多少（算）Tax-reliefcashisaUKgovernmentpreferencepolicythatatax-freelumpsumofmoneycanbedrawnfromretirementincomeof‘definedbenefits’.Afterdrawingthetax-freecash,thepensionwillbeareduced-amountpensionscheme.缺Thetax-freecashcanbefinalsalary*3/80=金融框架 规范 编程规范下载gsp规范下载钢格栅规范下载警徽规范下载建设厅规范下载 FSA’sroleandresponsibilityAdamhasinvestedP20,000inaAfricancompanythatlatercollapsed.WecanseethatAdamhaslittleknowledgeaboutthecompanyandhedidn’tlookforprofessionaladvices.DesignedProfessionalBodies(DPB)oftheLawSociety,theinstituteofCharteredAccountantsandtheActuariesproviderelevantprofessionalknowledgeforAdam.FSAisasupervisorofauthorisedfirmstoensurethatthesefirmscomplywithregulatoryrequirements.TheFinancialServicesAuthority(FSA)isanindependentnon-governmentalbody,givenstatutorypowersbytheFinancialServicesandMarketsAct2000.FSAhastheresponsibilitytomaintianconfidenceinfinancialmarketsexchangesandregulatedactivities.FSAprovidesappropriateinformationandadviceoninvestmentsanditalsopromotesinvestmentrisksandbenefitsindealingdifferentinvestments.Withtheconsciousofrisksandbenefits,Adamwillbemorecarefulinthelaterinvestments.Countryriskissometimesunavoidable.Newgovernmentpolicyandregulationmayincreaserisks.FSAgivesprotectionofcustomersandtakingaccountofdifferentdegreesofrisksforprivatecustomers,intermediatecustomersandmarketcounterparties.Adamhaslittleknowledgeorexperienceoffinnacialmattersandhelosthisentireinvestmentafewyearsago.SoheisaprivatecustomerundertheprotectionofFSA.FSAwillgivesAdamawarenessofriskandtellhimtotakeappropriatemeasurestominimumfinancialcrimes.2.ombudsman作用TheinvestmentsthatAdaminvestedbelongstobuying,selling,subscribingfororunderwritinginvestmentswhichareunderthecontrolofFSA.AndtheFinancialServicesOmbudsmanSchemecoversallmainareasofthefinancialservicesindustry.SothereisnoneedforAdamtowaryandconcern.AdamcansetuphisowninvestmentportfoliowiththeprotectionoftheFinancialOmbudsmanScheme.AnOmbudsmanisanindependentandimpartialpersonhavingtheabilitytoresolvedisagreementsbetweenthefirmandconsumers.InvestorslikeAdamcansurelysuetothecourtiftherearedisagreements，butitistime-consumingandcostly.Onthecontrary,theprocedureofOmbudsmanindealingwithdisagreementismuchcheaperandquickerthanthecourt.TheOmbudsmaniscompletelyindependentanddealwithdisputesfairlyandimpartially.TheexistingOmbudsmanSchemesandArbitrationSchemesarePensionsOmbudsman,OccupationalPensionsAdvisoryService,OfficefortheSupervisionofSolicitors,OmbudsmanforEstateAgentsandMortgageCodeArbitrationScheme.TheseschemesisindependentoftheFSAinresolvingcomplaints.howtomakecomplaintTheOmbudsmanSchemeisavailabletoprivateindividuals,charitiesandsomesmallbusinesses.ButifAdamdoesn'tknowwhotocomplaintoatthebusiness,orheisunsureaboutanything,calloremailtheFSCS.theywillcontacttherightpersonforAdam,tellingthepersonthatyouhaveacomplainttheyneedtolookinto.IfAdamisnothappywithhowthebusinessdealswithhiscomplaint,theFSCSmaybeabletohelp.Butacomplaintformshoudbefilled.HecanfilltheformhimselforbythestaffofFSCSonthephone.Adam’shandwrittensignatureisimportanttoshowhisagreementtothedeclarationattheendoftheform.Hewillprobablyhavetoprovideotherdocumentsrelatingtocomplaints.3.howtomakecompensationInthecase,Adamlosthisentireinvestmentinthedealbecausethecompanyheinvestedcolapsed.HecanclaimcompensationtotheFinancialServicesCompensationScheme(FSCS).TheFSCSprovidesasafetynetforclaimantswhenfirmscollapseforthepurposeofprotectingindividualinvestors.Compensationlimitsdependonthetypeofinvestmetnbusinessandthemaximumlevelsofcompensationare:Deposits:£50,000perperson(forclaimsagainstfirmsdeclaredindefaultfrom 7October2008).100%ofthefirst£50,000.*Investments:£48,000perperson.100%ofthefirst£30,000and90%ofthenext£20,000.HomeFinance(e.g.mortgage)adviceandarranging:£48,000perperson(forbusinessconductedonorafter31October2004).100%ofthefirst£30,000and90%ofthenext£20,000.Long-terminsurance(e.g.pensionsandlifeassurance):unlimited.100%ofthefirst£2,000plus90%oftheremainderoftheclaim.Generalinsurance:unlimited.Compulsoryinsurance(e.g.thirdpartymotor):100%oftheclaim.Non-compulsoryinsurance(e.g.homeandgeneral):100%ofthefirst£2,000plus90%oftheremainderoftheclaim.Generalinsuranceadviceandarranging:unlimited(forbusinessconductedonorafter14January2005).100%ofthefirst£2,000plus90%oftheremainderoftheclaim.Compulsoryinsuranceisprotectedinfull.Adaminvestedacompany.BecausethefirstP30,000iscompensated100%.HehadinvestedP20,000.soifheclaimstotheFSCS,hewillgetrepaymentofP20,000.7