The client is someone with sufficient experience and understanding of relevant investments that he places no reliance on the judgment or advice of the firm concerned. He approaches the firm or intermediary with his mind made up and asks for the transaction to be carried out on his behalf. Execution only clients forgo the cancellation rights under the Conduct of Business Rules (COB 6.7).
Tag: RAW
Executive pension plan (EPP)
A money purchase discretionary occupational pension scheme principally used for directors and senior executives. An EPP can supplement any occupational scheme, but the IR maximum retirement benefit of two-thirds of pensionable earnings still applies.
Executives All Risks Insurance Policy
A personal package policy designed for executives and/or businessman. Policy covers (I) Laptop/portable computer due to any unforeseen loss or damage due to any cause whilst anywhere in the world, subject to an excess. (II) Cellular Phone: Loss and/or damage including theft, burglary, malicious or accidental damage (III) Loss of Cash: Loss of cash due to accident or misfortune when the insured is on official duty or on outstation tour subject to a maximum per event limit (IV) Baggage Insurance: Loss or damage to baggage due to accident or misfortune whilst on journey anywhere in the world (V) All Risks for Jewellery and Valuables (VI) Personal Accident (VII) Health Insurance (VIII) Personal Liability.
Executor
Person named in a will to carry out the provisions and directions of the will after the death of the testator (person who makes a will).
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The person appointed by the court to carry into effect, or execute, the provisions of a will. The court usually appoints the person named in the will for that purpose, if one is named.
Executor’s Deed
A deed given by an executor.
Executrix
A female executor.
Exemplary Damages
See: “Damages, Exemplary.”
Exemplary damages/punitive damages
See: DAMAGES.
Exempt approved scheme
Occupational pension scheme granted exempt approval by the Inland Revenue to allow benefits up to the maximum levels as set out in the Inland Revenue practice notes (IR12). The privileges arise from ICTA 1988, s.592, and give greater flexibility than schemes approved under s.590. To qualify as exempt approved schemes they must: be established under an irrevocable trust; have a UK resident administrator; involve contributions from the employer to the scheme; and comply with the Practice Notes (IR12). Compare with Approved Scheme.
Exempt employees
Certain class of employees who are not subject to overtime wages and time limits for work under the Federal Labor Standards Act.
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People who are not employees for the purpose of the Employers’ Liability (Compulsory Insurance) Act 1969. They are: independent contractors; ‘domestic’ employees; people whose employer is related to them (husband, wife, father, mother, grandfather, grandmother, stepfather, son, daughter, grandson, etc); people who are not ordinarily resident in Great Britain and who are working in Great Britain for fewer than 14 days. In the case of offshore installations, people not ordinarily resident in the UK who work on an installation for more than 7 days are not exempt employees.