INDEPENDENT FINANCIAL ADVICE
Moneywise Investments Plc (MIP) is the provider of Independent financial advice and, and in accordance with the Financial services legislation, we have pleasure in setting out our Terms of Business/ Agreement. The legislation highlights the importance of obtaining the type of sound impartial Financial Advice, which we have consistently sought to provide for our clients in the past, which we look forward to continuing to provide in the future.
Client Agreement
Definitions
- “We/Us/ Firm” means Moneywise Investments Plc.
- FSA means The Financial Services authority.
Regulation
We are Authorised and Regulated by the Financial Services Authority. The Financial Services Authority regulates the financial Services Industry in the UK and their address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Our FSA Number is 131366 you can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting FSA on 0845 606 1234
Permitted Business
Our Permitted business is advising on and arranging life Insurance, pensions, Investment Products, Savings , Mortgages ( Other then Pension Transfers and Opt-Outs) unit trusts, ISA’s , lifetime mortgages and General insurance.
Client Classification
Each Client with whom the firm does business is categorized as to identify the level of regulatory protection. We propose to classify you as ‘Retail Client’ for Investment Purposes.
Communications
We will Communicate with you in English both verbally and written for the sending and reception of orders.
Non -Investment services
Some of the services provided by Moneywise are not regulated by FSA since they are not included Within the Financial Services & Marketing Act.
Scope of Service
We operate independently and therefore Provide Investment Services from the whole market.
Clients Relations & Service to be provided
We are bound by the rules of FSA, and Professional Indemnity is maintained for the protection of Clients.
When you have instructed us or we have arrange a specific contract or any Investments no further advice will be given unless it is requested by yourself. We will however, be pleased to advice you at any time should you require further assistance.
The service provided did not include any review or any regular review of your investments. On issue of this letter any subsequent advice or recommendation offered to you will be based upon your stated priority, investment objective, acceptable level of risk and any restrictions you may wish to place on the type of investments or policies you are willing to consider.
We will issue our Suitability letter and or report to confirm our recommendation. Unless confirmed we will not place any restrictions on our recommendations.
We will register all investments in your name unless otherwise agreed in writing. All contract Notes and documents of title in respect of your investments will be forwarded to you as soon As possible after being received by us. Where a number of documents relating to a series of Transactions are involved they will normally be retained by us until the series is complete.
We will not accept any Liability whatsoever for any act, omission or insolvency of any Insurance or Investment company, broker or third party.
Calls
In addition to making calls at your express invitation, we may call on you or write to you to review your investment requirements. This will not affect your rights of cancellation under the financial services (Cancellation) rules 1989.
Client Monies
We do not handle clients Money. Unless it is for General Insurance Business Activity. We never accept a cheque made out to us (Unless it is a cheque in settlement of charges or disbursement for which we have requested payment or sent you a bill, OR any GENERAL INSURANCE PREMIUM DUE) or handle cash.
Paying for Services
Not all firms charge for advice the same way. We will discuss your payment options with you and answer any questions you may have. We will not charge you anything until you have agreed how we are paid.
We can be paid by a fee
Whether you buy a product or not, you will pay us a fee for our advice and services. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you. (Subject to any Tax charge if any)
If you choose to pay us a fee, we will charge either a flat –rate or an hourly – rate fee. We will agree this fee with you before we carry out any work that we charge you for
We can be paid by commission (or product charges)
If you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges reduce the amount left for investment. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower. We will tell you how much the commission will be before you complete an investment, but you may ask for this information earlier.
If we arrange regular premium insurance, Pension, and or Investment policy and you have agreed we should receive commission from the Insurers/ Product Providers, We reserve right to charge you a fee should you subsequently cease to pay premiums on the policy. This ‘fee is in lieu of commission’ will be equal to the amount of commission the Insurers reclaims from us within the period not exceeding four years from commencement of the Policy. No ‘fee in lieu of commission will be charged if you exercise your right to cancel in accordance with the cancellation notice sent to you by the Product provider at the start of the policy.
We can be paid by a combination of commission and fee
In some circumstances, we also charge a fee on top of any commission we might receive.
Our Fee option
If you choose the Fee only payment option, you agree to pay a fee for our advice and services whether you buy a product or not. We will agree the rate before beginning work. Our typical charges are:-
Principal Director/ Partner: £175 - £ 200 per hour.
Financial adviser: £125 - £150 per hour.
Administration: £ 35 per hour.
Our Commission Option
Amounts vary according to: the type of product, the amount you invest and (sometimes) how long you invest for, or your age when you start the product. We will confirm the actual amount with you before you buy a product. The table following demonstrates our normal commission however if it is proposed that the amount to be charged is greater than this amount written confirmation will be provided.
Example Based on Regular Premium of £100 per month
Savings and Investments
Collective Investments (e.g Unit Trusts, ISA) |
5% of the first 12 months payments = £60 initially |
Endowments |
30% of the first 12 month’s payments plus 2.5% of all payments = £360.00 initially plus £30.00 each year. |
Protection
Whole of life assurance |
90% of the first 12 month’s payments plus 2.5% of all payments from months 49= £1080.00 initially plus £30.00 each year |
Saving For Retirement
Personal & Stakeholder Pensions |
20% of the first 12 month’s payments plus 0.3% of all payments from month 12 = £240.00 plus £3.60 each year. |
Example Based on Regular Premium of £10000 Lump Sum
Savings and Investments
Collective Investments (e.g. Unit Trusts, ISA) |
4% of the amount you invest plus 0.25% of your fund value each year from year 1 = £400.00 plus £25.00 each year from year 1 (The actual amount in later years will vary in line with your fund value) |
Investment Bonds |
7% of the amount you invest = £700.00 |
Saving for Retirement
Personal and Stakeholder pensions |
0.5% of the amount you invest plus 0.5% of your fund value each year from year 1 = £50.00 each year from year 1 (The actual amount in later years will vary in line with your fund value) |
Annuities |
1.5% of the amount you invest = £150.00 |
Income Drawdown |
3.5% of the amount you invest = £350.00 |
Material Interest
We will act honestly, fairly and professionally known as conducting business in ‘Clients best Interest’ regulations. Occasionally situation may rise where we or one of our other clients have some form of interest in business transacted for you. If this happens or we become aware that our interest or those of one of our other clients conflict with your interest, we will write to you and obtain your consent before we carry out your Instructions, and detail the steps we will take to ensure fair treatment.
Moneywise Investments plc owns 25% of the share capital of Moneywise Estates Ltd.
Right to Cancel
We will inform you of your statutory right to cancel. The distance marketing directive normally grants you 30 days in which you may cancel a Life or Pension Contract. However there will be occasions where no statutory rights are granted, however this will be explained before any contract is concluded.
Complaints
We are dedicated to providing a prompt, efficient and professional service in all our dealings with you. Maintaining the highest standards of customer service is of key importance to us, and your comments help us identify areas for improvement in our service. In the unlikely event that you have a complaint, In the first Instance please contact /Write to : Compliance & Client Services – Moneywise Investments Plc, 440/442 Romford Road, Forest Gate, London E7 8DF : Tel : 020 8552 5521
If we cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Compensation Scheme
We are covered by the Financial Services Compensation scheme (FSCS) if we cannot meet our obligation. This is dependent upon the type of business and the circumstances of the claim. Most types of Investment business are covered by 100% of the first £30,000 and 90% of the next £20,000 so that the maximum compensation is £48,000. Further information about this compensation scheme arrangement is available from FSCS.
Locum Arrangements
Moneywise has only one Director who is engaged in the day-to-day conduct of Investment Business. If he were unable to conduct business (say through illness) Moneywise would not want your interests to suffer. We have therefore made formal arrangements with Zigma Financial Services Ltd of 110 Maple Road, Penge , London SE20 8JB to carry out our investment business obligations if we were un-able to conduct investment business for more than (fourteen) 14 days.
Money Laundering / Proceeds of Crime Act
UK money laundering regulations require us to obtain evidence of the identity of clients for whom we act at the start of business relationship. For companies (other then listed ones) evidence of identity will usually comprise a copy of certificate of incorporation, a list of directors, a list of shareholders and registered address. We are obligated to report to the National Crime Intelligence service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.
Date Protection & Confidentiality
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us for processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the FSA or any other companies associated with us, product providers, the FSA or any other statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.
We may also contact you or pass to other companies associated with us to contact you (including by telephone) with details of any other similar products, promotions, or for related marketing purposes in which we think you may be interested.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the commission or alleged commission of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
If at any time you wish us or any company associated with us cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 0208 552 5521 or in writing at 442 Romford Road, London E7 8DF
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purposes. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
By signing this document you consent to us or any company associated with us for processing, both manually and by electronic means, your personal data for the purpose of providing advice, administration and Management. Subject to certain exceptions, you are entitled to have access to your
Personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
Termination
The authority to act on your behalf may be terminated at any time without penalty by either Party giving seven days notice in writing to that effect to the other, but without prejudice to the Completion of transaction already initiated. Any transaction effected before termination and a Due proportion of any period charges for services shall be settled to that date. New instructions could be executed following the completion of new Terms of Business.
Should it prove necessary to enforce any part of this agreement, we reserve the right to claim interest and charge reasonable debt recovery costs from you.
Law
These Terms of Business are governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
Declaration & Client Consent
I understand and consent to the above terms and hereby authorise the transfer of information, as described above on a confidential basis when warranted between such third parties. I agree that the Terms of Business will come into effect from the date of issue.
Please tick this box if you do not consent to any company or us associated with us processing any such sensitive data.
Please tick this box if you do not wish for any company or us associated with us to contact you for marketing purposes by e-mail, telephone, post or SMS.
I have read and understood the terms laid out in this agreement and have chosen for the firms to be remunerated by;
Paying by fees.
Payment by commission (or product charges).
Payment by a combination of commission and fees.
I/We confirm having been given or completed Documents/ Information as per detail below ticked in the Box.
- Completed Fact Find/ Financial Update/ Mortgage / General Insurance/ Forms
- Product Particulars/ Illustrations/ & Key Feature Documents etc.
- Remuneration/ Fees & or Commission disclosed & discussed
- Money Laundering forms & ID
- Demands & Needs ( Suitability) Statement for General Insurance
- Existing Customer
- Other __________________________________________________
The Information provided or will be provided on the Fact Find will be treated in the strictest confidence and used to make recommendation in relation to your financial goals. The Information we hold on your files or our computer records, we may need to contact you to offer other services for future marketing purposes by e-mail, telephone, post or SMS etc. If you do not want us to contact you in the future about other products or the services we offer, please tick the Box Additional Information, in the form of identification documents, may be required to allow the Financial Adviser or Moneywise Investments Plc to comply with current regulations.
I/we understand that the recommendations will be based solely on the information given in this meeting / review and any supplementary questionnaire(s) and those we have received copy of the Adviser’s Business card. I / we confirm that I / we have disclosed all materials facts, which this Investment / Mortgage / Insurance policy has been based upon.
Signed (client): _____________________________
Name: ______________________________
Signed (client): ______________________________
Name: ____________________________
Date: ______________________
Signed by: ___________________________________________
Authorised IFA: Pankaj Adatia, CertPFS, Cert CII (MP), ACol
For and on behalf of Moneywise Investments Plc.
TOB/Pma/11/07
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