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HOW TRUSTS CAN PROTECT YOUR WEALTH IN TOUGH TIMES

TRUSTS

James Turner, Director at Company Formation Specialists, Turner Little

 

The future belongs to those who plan for it, and when it comes to wealth management, succession planning or safeguarding your assets against unforeseen circumstances, it’s never too early to start planning.

 

“Whether you want to set up a trust for charitable purposes, as a profit-sharing scheme for employees, or to protect your loved ones, we can help. Your reasons for setting up a trust will be highly personal and individual, which is why we take the time to discuss your priorities and concerns with you. We then work to design and implement a suitable structure that addresses your concerns,” says James Turner, Director at Company Formation Specialists, Turner Little.

 

“In times of uncertainty, trusts are typically set up for asset preservation, as trusts may help protect family wealth from events outside your control. It can provide for dependents by controlling the flow of income to beneficiaries, which is particularly useful with respect to minor children, children who don’t know how to manage money and where parents may be concerned about future divorce,” adds James.

 

“Whilst the beneficiaries’ needs are likely to change over time, the settlor can discuss and confirm these needs periodically with the trustee. In certain jurisdictions, the settlor will be able to retail a certain level of control, including the right to appoint and remove trustees, and manage the trust’s assets. Whilst this may not be appropriate, depending on your objective, the possibility means your trusts can be designed flexibly to ensure it can meet future needs,” he says.

 

Turner Little specialises in creating bespoke solutions for both individuals and businesses of all sizes. The knowledge and expertise of our specialists, ensures we are able to assist with any enquiries, no matter how complex. To find out more about how we can help you plan, get in touch with us today.

Top 10

BITCOIN TRADING – LEVERAGE

In the case of cryptocurrencies, there is volatility. Even for some more conservative traders, this may be overkill. Therefore, before you start trading such volatile instruments, make sure that they are right for you.

Keep in mind that market fluctuations of 10% or even 20% in virtual currency prices during the day are not atypical. Great news for speculative traders is that they will be able to use leverage when trading with cryptocurrencies account Admiral Markets.

Remember, however, that leveraged trading increases not only your profits but also your losses. Therefore, use leverage wisely, after weighing all possible risks. You are probably wondering why it is worth using trading with such a volatile trading instrument?

Using leverage provides capital that you can use to trade other instruments, currencies, stocks, indices, commodities, etc. Thus, you can diversify your portfolio of financial instruments, thereby reducing the risk to your capital. The same time, if you choose to trade with leverage, you can double your positions when trading bitcoins or other cryptocurrencies and try to get the maximum profit if you can correctly understand the price direction.

 

 Bitcoin Trading – Long and Short Positions

As mentioned earlier, when trading bitcoin using CFDs, you can benefit from price movement in both directions. At the same time, you will suffer losses if the worlds most significant becomes cheaper. On the other hand, if you think the current Bitcoin price is high and going down, you can go short and win when the price goes down. In this situation, you will lose if the price goes up. Taking short positions can also help those who have already purchased or mined bitcoins. By opening a short position for Bitcoin CFDs, they will be able to ensure their jobs against a fall in the Bitcoin price.

Start making money on both the highs and lows of Bitcoin using the best trading platform designed for trading various asset classes. Financial peak is best platform for bitcoin trading.

 

 Bitcoin Trading – High Liquidity and Security

Another benefit of trading cryptocurrencies with Admiral Markets has to do with liquidity. Unlike trading virtual currencies with any the broker that can survive a temporary liquidity crisis and even collapse due to a hack or cyber attack, trading cryptocurrencies with Admiral Markets guarantees constant liquidity.

This liquidity is guaranteed by several of the largest cryptocurrency exchanges in the world.

This much protect you from the negative scenarios described above if you are trading on a specific crypto exchange that can bring you significant financial losses.

 

 Trading Bitcoin with Admiral Markets – Fees

Before you start trading any instrument, it is recommended that you familiarize yourself with the associated transaction costs. Ignorance can lead to severe problems, especially in cryptocurrency trading, which can eat up a significant portion of your future profits.

The advantage of trading cryptocurrencies with Admiral Markets is that you do not pay commissions when trading them outside of the spread. You have no commissions for currency conversion, as well as commissions for transferring funds to and from your account if you are actively trading. Also, if you trade any other cryptocurrencies other than

Bitcoin, it will be converted to Bitcoin when you buy and sell the corresponding currency.

The only things you need to pay is the difference between the buy-sell price and the sell-sell price, that is the spread.

These flexible trading conditions are because the trader speculates on the price movement of the underlying asset Bitcoin or another the cryptocurrency that he trades instead of owning the asset.

However, it should be reiterated that when trading Bitcoins via CFDs, leverage can increase both profits and losses and therefore, an adequate risk management strategy should be implemented.

 

 Bitcoin Trading – Technical Analysis

It is the application of analytical methods to determine the future direction of an asset’s trading, based mainly on its past behaviour. Technical analysis methods are numerous and varied, allowing traders to choose the best ones for them based on trading style, trading goals and risk aversion.

And this is partly because the fundamental analysis is practically not applicable to trading and investing in Bitcoin.

 

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Banking

HOW DOES PCI DSS IMPACT BANKING AND BANKING APPLICATIONS?

– Narendra Sahoo is a director of VISTA InfoSec

 

Over a million people across the globe become victims of cybercrime daily.  What is more alarming about the situations is that, despite taking numerous precautionary measures, hackers manage to evolve and use advanced techniques to break into systems and illegally access critical data.  Having said that, you have every reason to worry about the confidentiality of your business-critical/customer data. Over the years research reports on cybercrimes suggest most of the data breach that occurs is related to debit and credit cards. This is why the PCI SSC Council was incorporated and the PCI DSS standards were set in 2006 to strengthen information security and secure customer data.

 

About PCI DSS

Payment Card Industry Data Security Standard is a set information security standard that is administered by the PCI Security Standards Council.  The set Standard was established by American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. to safeguard debit and credit card data. The scope of PCI DSS Standard covers organizations implementing data security management, security policies and procedures, network architecture, and software design in place for better information/data security. This will ensure that organizations that accept, process, store, or transmit payment card information maintain secure environments to protect consumers and merchants. Put simply, the PCI DSS standards apply to any organization that holds, processes, or passes cardholder information from any card branded with the logo of any of the card brands. However, PCI DSS compliance is not a legal requirement but an established form of self-regulation. The organizations that process card payments are expected to contractually agree with the payment card brands to comply with PCI requirements.

 

Implication of PCI DSS on Banking and Financial Industry

Banks that issue Visa, Mastercard, American Express, and Discover cards are contractually expected to comply with the Payment Card Industry Data Security Standard (PCS DSS). Entities that handle card data from one of the five major card brands, namely Visa, Mastercard, Discover, American Express, and JCB International, are required to comply with PCI DSS requirements. As per the PCI DSS compliance, it required that the entities that are contractually obliged to comply are expected to govern and secure payment card data of consumers by all means.

Financial institutions, including issuing banks (banks that offer credit cards to consumers), acquiring banks, ( financial institutions that hold merchants’ bank accounts, receive payments through the card processors, and deposit funds on behalf of the merchants) merchants and service providers who process transactions and enter into contracts with the five-card brands should ensure protection and safety of cardholder data.  For that matter, even if an organization processes just four card transactions a month are also expected to be PCI compliant. Moreover, a company that uses a third-party payment processor is also expected to comply with PCI standards. The PCI DSS offers clear guidelines to banking and other financial institutions on ways to detect fraud and prevent data theft/loss and ways to deal with an event of a data breach.

 

Fines and penalty for Merchants and Banks on non-Compliance 

In case of an event of a data breach, the card brands will investigate a merchant’s level of PCI DSS compliance and also assess the bank’s PCI DSS compliance enforcement. Based on the findings the fines are accordingly distributed between the bank and the merchant. Fines typically vary anywhere between $5,000 to $100,000 per month depending on the size of the merchant’s business and the degree of noncompliance. It is however important to note that the fines that bank incurs can be passed to the merchant via high transaction fees or service charges. In case of a repeat violation, additional fines may be levied depending on the merchant’s acquiring bank. Fines levied may also be revised over time and further increase until the merchant is deemed compliant. If the merchant is still not compliant, its power to take credit cards may eventually be revoked.

 

PCI DSS Requirements of security tests for banks

PCI DSS has set stringent norms that banks are expected to follow diligently to stay compliant. As per the set Standards, banks are required to perform adequate security tests and implement required measures to ensure cardholder data is secure. Below given is a list of security test that banks are expected to conduct-

  • Banks are expected to run controlled data breach attempts against the bank network on to ensure the network, end-point and web application are secure
  • Perform various security tests to identify known vulnerabilities like SQL injection, OS command injection, Cross-site scripting, broken authentication to name a few.
  • Banks need to quarterly conduct tests on authorized and unauthorized wireless access points.
  • Perform Penetration testing on networks and applications at least once a year or after a signification change has been made to the application. The aim of running a Pen Test is to identify all possible threats and vulnerabilities and try to exploit them to gain more access to systems both at the application and network level.

 

Conclusion 

Most financial organizations find it challenging to meet the security testing requirements of PCI DSS. However, from the security point of view, the majority of Indian banks and the payments industry have been complying with the PCI DSS Standard policies and requirements and set the Security Standard as a priority. They have embraced the Compliance Standard in a big way by diligently establishing service provider compliance, merchant compliance, and setting frameworks for risk assessment, and security testing for both network and application layer. Moreover, failure to comply with the set standards will have severe consequences in terms of loss of trust and credibility and, not to mention even bear a hefty penalty.

 

Author Bio: Narendra Sahoo is a director of VISTA InfoSec, One of the foremost companies in InfoSec Compliance, Assessments and Consulting services providing vendor neutral services in areas such as PCI DSS Consulting & Certification, PCI PIN, SOC2, GDPR, HIPAA, MAS TRM, PDPA, PDPB, VA/PT,Web/Mobile Appsec, Red Team Assessment, etc.

 

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