|Exam Name & Syllabus version
||Action Effective From/To
|Regulation & Compliance
|Page 124, firms’ FCA objective categories have changed to:
C1 Banking and insurance groups with a very large number of retail customers, and universal/investment banks with very large client assets and trading operations. They have a named supervisor and a high level of firm-specific supervision.
C2 Firms across all sectors with a substantial number of retail customers and/or large wholesale firms. They have a named supervisor and a high level of firm-specific supervision.
C3 Firms across all sectors with retail customers and/or a significant wholesale presence. They are supervised with a sector-based approach, with less frequent firm-specific engagement.
C4 Smaller firms, including almost all intermediaries. They are supervised with a sector-based approach, with less frequent firm-specific engagement.
Page 128, firms’ prudential supervision categories have changed to:
P1 Firms and groups are those whose failure could cause significant, lasting damage to the marketplace, consumers and client assets, due to their size and market impact.
P2 Firms and groups are those whose failure would have less impact than P1 firms, but would nevertheless damage markets or consumers and client assets.
P3 Firms and groups are those whose failure, even if disorderly, is unlikely to have a significant market impact. They have the lowest intensity of prudential supervision.
P4 Firms are those with special circumstances – for example, firms in administration – for which bespoke arrangements may be necessary.
|01/12/2015 - 21/06/2016
|Page 298 - final paragraph, change first sentence to: `The term ‘debenture’ is used when the lender is not provided with some specified security by the borrower.`
Page 360 - on the Macaulay Duration table, in column 3, bottom row, the second figure has been amended to £96.01
Page 414 - on the first line, the dividend has been changed from 15p to 20p.
Page 415 - on STAGE TWO of the table, the figure in row 1, column 5 has been changed to £0.20
Page 416 - paragraph 2: the first two sentences have been changed to read:
`In this instance, the convertible is providing income in the form of interest at a rate of £10 per annum. The dividend income on the ordinary shares into which the convertible security could be converted is paying £8 per annum (20p/£1.80) and is subject to an expected annual rate of growth of 5%.`
Page 458 - table, row 2, column 2: change text to `Sell put at low price and buy call at higher price`
Page 467 - table, bottom row, column 3: change figure to £3,083,945
Chapter 2, Section 3.1, paragraph 3 on page 129 has been amended to read:
Like the balance sheet, the format of the income statement is governed by the law and underpinned by the requirements of various accounting standards. The income statement of XYZ plc is shown below. In reality, comparative numbers for the previous year and explanatory notes would be provided as well.
|14/07/2015 - 02/12/2015
|Level 6 Certificate in Private Client Investment Advice and Management
|Further clarification has been provided to assist candidates in gaining an understanding of the equation shown in Chapter 7, Section 6.1.1, Page 230, where C is a withdrawal and negative figure.
One for you to have a go at! A portfolio was worth £25,000 at the start of the calendar year and £28,000 at the end of the calendar year. During the year no additional money had been invested, but £1,000 was withdrawn at the end of June. There were no income distributions. What is the MWR?
Money-weighted rate of return = D + V1 – V0 – C
V0 + (C x n/12)
D=0 no dividends
V1=28,000 value at end of year
V0=25,000 starting value
C= -1,000 addition to the fund in the year. N.B. it is negative because money was taken out
0 + 28,000 – 25,000 + 1,000 = 4,000
25,000 + (-1,000 x 6/12) 25,000 – 500
|17/06/2014 - 31/12/2015
|Portfolio Construction Theory
|The ASSESSMENT STRUCTURE for this exam, on page 525 of the workbook, should read:
This is a 3-hour examination of 100 marks comprising three sections:
SECTION A worth 20 marks
- candidates answer ALL parts of the multiple choice questions in this section.
SECTION B worth 40 marks
– candidates answer ALL parts of the short answer questions in this section.
SECTION C worth 40 marks
– candidates answer TWO questions from THREE, worth 20 marks each.
|27/06/2014 - ongoing
|Applied Wealth Management Syllabus v5.1
|An amendment has been made to the Applied Wealth Management Ed2 learning manual in Chapter 6, Section 1.5.3. In the second bullet point on page 206, ‘Easy-access savings account’ has been replaced by ‘NS&I Direct Saver’ and the bullet point now reads:
• NS&I Direct Saver - similar to a savings account from a bank or building society, these accounts are taxable but interest is paid gross. The interest rate is variable with a minimum £1 investment and maximum of £2 million per person. No notice is required to withdraw the investment and there is no penalty for doing so.
Additional information can be found below regarding NS&I:
The NS&I announced a number of changes in 2012, which included:
• new ways for investors to track their money: online and by phone;
• a penalty for cashing in early on some products;
• a minimum age of 16 for all investors.
The chancellor also announced a number of changes in the 2014 budget, including:
• launching a choice of market leading savings bonds for people aged over 65 in January 2015;
• increasing the Premium Bonds investment limit from £30,000 to £40,000 on 1 June 2014; and increasing it again to £50,000 during 2015-16;
• increasing the number of £1 million Premium Bonds prizes per month to two, starting with the August 2014 prize draw;
• announcing a net financing target for 2014-15 of £13 billion, within a range of £11 billion to £15 billion, to allow NS&I to undertake these measures.
NS&I products are directly linked to government spending and the Treasury and are therefore subject to change, from budget to budget, and from government to government. It is prudent to check the NS&I website for the latest products, terms and interest rates and monitor new budget announcements closely.
|24/04/2014 - 31/12/2015
|Diploma in Corporate Finance: Corporate Finance Strategy & Advice
|Corporate Finance Strategy & Advice
Please note the following change to the exam rubric for this paper applicable from the December 2013 sitting onwards.
The December exam will start at 13:00 and candidates will receive both the Information Booklet and the Question Paper. They will not receive the Answer Book.
At 13:55 Answer Books will be circulated, then from 14:00, once candidates have been instructed to do so, candidates may open their answer books and begin writing. They will then have 3 hours to complete the exam and will finish at 17:00.
This change will be reflected on the examination paper as follows:
Part 1: Time allowed: 1 Hour
Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of company or sector to which it refers. No additional merit will be accorded to those candidates displaying such knowledge.
Part 2: Time allowed: 3 Hours The Answer Book will be distributed at 1.55 pm and candidates should open and begin writing in the answer book when instructed at 2.00 pm.
The syllabus has now been updated for 2014.
|02/09/2013 - ongoing
|Diploma in Corporate Finance: Corporate Finance Techniques & Theory
|Corporate Finance Techniques & Theory
Please note the following change to the examination rubric for this paper applicable from the December 2013 sitting onwards.
There has been an adjustment to the number of question options between the June 2013 sitting and the December 2013 sitting. For the December 2013 Sitting paper onwards:
SECTION A – FIVE questions in this section are to be answered (Same as June 2013)
SECTION B – BOTH questions in this section are to be answered (rather than TWO out of THREE Questions)
The syllabus has now been updated for 2014.
|02/09/2013 - ongoing
|Advanced Operational Risk
|The AOR syllabus has been updated in 2015 for exam sittings in June 2015 onwards
||01/01/2015 - ongoing