He explored the tax implications of using different types of trusts - Bare Trusts, Interest in Possession and Discretionary Trusts and how planners could guide clients through this complex area of planning. David will be presenting again on 10 November.

Chris Bate of AVD Wealth Limited followed with a useful session designed to help planners advise on unregulated Collective Investment Schemes. Chris gave a short introduction and a useful summary on how to be compliant in this area. This was followed by a lively discussion. A key issue he highlighted was the availability of professional indemnity cover when advising on UCIS. It seemed that some PI insurers did not cover advisers and therefore this might have future consequences for independence post RDR.

Nick French of Russell Investments will present ‘Seven habits of highly ineffective advisers – the sequel’ at the next meeting, on 22 September.