LEARN MORE ABOUT FIAMS
Ian Hawkins of Oculus Wealth Management Ltd explains what a FIAMS is, what they are needed, how they are undertaken and what happens after the FIAM.
The idea behind the pension information assessment meeting (PIAM) being discussed at the Brewin Dolphin annual family law conference in September 2020.
After much debate PIAMS have become FIAMS, the financial information assessment meeting. The concept that solicitors, barristers and mediators can refer parties to a single financial expert (called a financial neutral) who will work with both parties to help them to understand their finances together.
With this information the parties can proceed to negotiate a settlement, obtain a pension expert's report if needed and enter into the terms of a financial consent order to be approved by the court.
This change in practice by solicitors and mediators should give the couple more confidence to make decisions regarding the division of finances during the divorce or dissolution process.
FIAMS IN MORE DETAIL
Mena Ruparel further develops the FIAMs concept during a webinar hosted by Class Legal this explains what a FIAM's is, who can carry them out and the benefits they bring to all parties.
AS A MEDIATOR - WHY WORRY ABOUT YOUR CLIENTS PENSIONS
Jo O'Sullivan from O'Sullivan Family Law talks about the importance of financial information for parties going through mediation, in this instance specifically pensions. Pensions are often one of the most valuable assets accrued within a marriage and often overlooked.
Engaging with a financial neutral to carry out a FIAMs can support the mediation and assess whether an experts report is required or not.
The benefits of having a financial neutral carry out a FIAMs
Mena Ruparel (family solicitor and arbitrator) and Mark Penston (Financial Neutral and Financial Planner) discuss the benefits of including a Financial Neutral, how the FIAMs works, when to introduce the neutral and how to find a neutral.