"Caring about You and Your Money"
tel: 01427 811777
We class you as a Private/Retail client. The type of client category will determine the level of protection afforded to you under the regulatory system.
This Agreement set out the terms under which Midas Independent Financial Planning Limited provides investment services under the requirements of the Financial Services & Markets Act 2000
This agreement will commence on ……/……/…… and will continue in force until terminated by either party in accordance with paragraph 1.26
This firm is an Independent Adviser, as such we can advise you on the products of difference companies.
This firm is regulated by the Financial Conduct Authority in its conduct of Investment Business and our FSA Number 428748.
Investment objectives – it is a requirement that our Terms of Business with you identify your investment objectives. This will be done by way of a Supplementary terms of Business each time we determine your objectives have changed.
Midas Independent Financial Planning Limited will assess your needs and will offer advice and make a recommendation which will endeavour to meet your stated objectives, taking into account personal information disclosed including your risk profile. Should your circumstances change you should notify us accordingly.
We assume that you place no restrictions on the type of designated investment we may recommend or the market on which the transaction is to be executed.
If you wish to place any restrictions on us these will be identified in the Supplementary Terms of Business letter.
Midas Independent Financial Planning Ltd can advise, arrange and effect a wide range of investments:
· Life Assurance
· Investments in authorised Unit and Investment Trusts
· Individual Savings Accounts (ISAs)
· Structured Products
· Open Ended Investment Contracts (OEICS)
· Regulated collective investment schemes
· Enterprise Investment Schemes
· Enterprise Zone Trusts
· Venture Capital Trusts
· Readily and Non Readily Realisable Securities
· Term Assurance
· Long Term Disability and Care Insurance
· Permanent Health Insurance
· Mortgage Protection
The particular service we are providing will be identified in the Supplementary Terms of Business. We will charge in one of three ways – these are set out clearly in our separate Key Facts document, but in summary in 1.9 to 1.11 below.
We may charge a fee for our services. Where this applies the basis of our fees will be agreed with you and set out in our Supplementary Terms of Business.
We may charge a combination of commission and a fee for our services. Where this applies the basis of our fees will be agreed with you and set out in our Supplementary Terms of Business.
Generally commissions are paid for this type of business by the Life Assurance offices or investment houses. For many contracts the full details will be made available to you by those entities in personalised Key Feature documents or illustrations prior to you signing the proposal form. In those cases where this does not happen the details of commission will be advised to you in writing before you enter into a transaction.
If the firm is asked to provide any additional services beyond the scope of this agreement then additional fees will be payable. Where the firm agrees to undertake additional work for a fee the basis of charge will be set out in a Supplementary terms of Business agreement.
This firm does not act as an Investment Manager. This firm does not handle clients’ investment business money i.e. we never accept a cheque for or from investments made out to us.
All investments will be registered in the name of the client unless otherwise agreed in writing. All Documents of Title in respect of investments will be forwarded to the client at the earliest opportunity after receipt and checking by the firm, or may be sent directly to you by the product providers concerned. Where a number of documents relating to a series of transactions are involved, the documents will normally be retained until the series is complete.
In the event that clients request the firm to register investments in the name of a third party, the firm will not be liable for any default by that third party.
When the firm has arranged any investments for which the client has given instructions as a consequence of the firm’s recommendations, then the firm will not provide further advice on those investments unless the client so requests. However, the firm will be pleased to further advise the client when requested to do so.
Rights to Withdraw: In the case of certain non-packaged products there may be a right to cancellation and withdrawal – or not. If these terms apply to a particular investment they will be drawn to your attention in the suitability letter.
Unsolicited Real-time Communication: To enable us to provide a proper service to you, there may be occasions when we will need to contact you without your express invitation. For example, it may be in your interest to buy a particular investment and we would wish to be able to inform you of that fact. We therefore may contact you in such circumstances. We would, however, do so only between 8am and 7pm on weekdays and 8am and 1pm on Saturdays. We shall of course comply with any other restrictions you may wish to impose which you notify to us in writing.
This firm does not act as a principal in investment transactions.
Although we offer independent advice, occasions may arise where we may have an interest in the business to be transacted for you. If this happens, we will write to you with details of our interest before we carry out your instructions. Similarly if we perceive any possible conflict of interest between you and any other existing client we will convey any relevant information to you before proceeding with the investment.
This firm does not act as a Broker Fund Adviser. This firm has no soft commission arrangements.
All investments carry some element of risk. Interest rates may rise or fall, fixed annuity rates will not reflect inflation, the capital value of your investment can go down as well as up.
There are risks attached to any investment and our recommendations do not give an express or implied warranty or guarantee to the financial return of the particular investment. The value of shares and units and the income from them can go down as well as up and consequently it is possible you may not get back all the funds invested. Past performance is not necessarily a guide to future performance. Whilst equity investments carry potential for greater returns over the longer term, the volatility on these returns can also be greater. Where funds are invested abroad, the value of your investment may rise and fall purely on account of movement in exchange rates.
Quality of service: As part of our ongoing commitment to providing a quality service, our files may be periodically subject to an independent quality review. Our reviewers are highly experienced and professional people and are, of course, bound by the same requirements of confidentiality as our principals and staff. If at any time you would like to discuss with us how our service to you could be improved or if you are dissatisfied with the service you are receiving please let us know by contacting our quality control director, Stephen Tait.
Should you be dissatisfied with the manner in which a complaint has been handled then you may take your complaint to the Financial Ombudsman Service. There is a leaflet available on request which explains this service, or you may write to the Ombudsman at South Quay Plaza, 183 Marsh Wall London E14 9SR
Midas Independent Financial Planning Limited maintains professional indemnity insurance for the protection of clients.
Compensation: If you make a valid claim against this firm in respect of investments we arranged for you, you may be entitled to redress. In the unlikely event that we cannot meet our liabilities to you, you may be able to claim compensation under the Financial Services Compensation Scheme.
The scale depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100 per cent of the first £50,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme.
Termination: Either of us may terminate this engagement letter by written notice at any time.
Termination will not in any event affect accrued rights, existing commitments or any contractual provision intended to survive termination and will be without penalty or other additional payment save that you will pay:
i. Our fees pro rata to the date of termination
ii. Any additional expenses necessarily incurred by us in terminating this engagement letter.
iii. Any losses necessarily realised in settling or concluding outstanding obligations.
English Law will govern the provisions of the services covered by this letter and the English Courts will have exclusive jurisdiction over any dispute.
Electronic communication: Internet communications are capable of data corruption and therefore we do not accept any responsibility for changes made to such communications after their dispatch. It may therefore be inappropriate to rely on advice contained in an email without obtaining written confirmation of it. We do not accept responsibility for any errors or problems that may arise through the use of internet communication and all risks connected with sending commercially sensitive information relating to your business are borne by you. If you do not agree to accept this risk, you should notify us in writing that email is not an acceptable means of communication.
It is the responsibility of the recipient to carry out a virus check on any attachments received.
Data Protection Act 1998: We may obtain, use, process and disclose personal data about you in order that we may discharge the services agreed under this engagement letter, and for other related purposes including updating and enhancing client records, analysis for management purposes and statutory returns, crime prevention and legal and regulatory compliance. You have a right of access, under data protection legislation to the personal data that we hold about you. We confirm that when processing data on your behalf we will comply with the provisions of the Data Protection Act 1998. For the purposes of the Data Protection Act 1998, the Data controller in relation to personal data supplied about you is Stephen Tait.
Contracts (Right of Third party) Act 1999: Persons who are not party to this agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
The advice that we give to you is for your sole use and does not constitute advice to any third party to whom you may communicate it. We accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.
Proceeds of Crime Act 2002 and Money Laundering Regulations 2007
In common with all financial advisers, Midas Independent Financial Planning Limited is required by the proceeds of Crime Act and Money Laundering Regulations 2007 to:-
· Maintain identification procedures for all new clients
· Maintain records of identification evidence
· To perform ongoing monitoring and due diligence on our clients
We have a duty under section 330 of the Proceeds of Crime Act 2002 to report to the Serious Organized Crime Agency (SOCA) if we know, or have reasonable cause to suspect, that you, or anyone connected with your business, are or have been involved in money laundering. Failure on our part to make a report where we have knowledge or reasonable grounds for suspicion would constitute a criminal offence.
The offence of money laundering is defined by section 340 (1) of the Proceeds of Crime Act and includes concealing, converting, using or possession the benefits of any activity that constitutes a criminal offence in the UK. It also includes involvement in any arrangement that facilitates the acquisition, retention, use or control of such a benefit.
This definition is very wide and would include such crimes as:-
· Deliberate tax evasion;
· Deliberate failure to inform the tax authorities of known underpayments or excessive repayments;
· Fraudulent claiming of benefits or grants; or
· Obtaining a contract through bribery.
Clearly this list is by no means exhaustive
We are obliged by law to report and instances of money laundering to SOCA without your knowledge or consent. In fact, we may commit the criminal offence of tipping off under section 333 of the Proceeds of Crime Act if we were to inform you that a report had been made. In consequence, neither the firms’ principals nor staff may enter into any correspondence or discussions with you regarding such matters.
We are not required to undertake work for the sole purpose of identifying suspicions of money laundering. We shall fulfill our obligations under the Proceeds of Crime Act 2002 in accordance with the guidance published by the Joint Money Laundering Steering Group (JMLSG)
Limitation of liability
We will provide our professional services with reasonable care and skill. However, we will not be held responsible for any losses arising from the supply by you or others or incorrect or incomplete information, or your or others’ failure to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or other relevant authorities
You agree to hold harmless and indemnify us against any misrepresentation, whether intentional or unintentional, supplied to us orally or in writing in connection with this agreement. You have agreed that you will not bring any claim in connection with services provided to you by the firm against any of our employees on a personal basis.
Treating Customers Fairly
· Fair treatment of our clients is a key part of our corporate culture.
· The products, services and funds we advise on have been selected to meet our clients’ needs
· Our clients will receive clear information and will be kept suitably informed before, during and after the point of sale
· Our clients will receive suitable advice that takes into account their needs and personal circumstances
· Our clients will receive the service they have been led to expect and it will be of an acceptable level.
· Our clients will not face unreasonable post sale barriers if they wish to change a product, switch shares or provider, submit a claim or make a complaint.