Terms of Business 

PAS FINANCIAL PLANNING
119 High Street, Farnborough, Kent, BR6 7AZ
Tel: 01689 880205   Fax: 01689 880206
www.pasfinance.co.uk 

1.         Introduction 

The Financial Service and Markets Act 2000, which has replaced the Financial Services Act 1986, require that we explain the main aspects of the way we operate, and how this affects you, the client.  This Terms of Business Letter will be effective from the date of receipt but may be amended by us following any initial interview intended to ascertain your current financial situation, objectives, and attitude to financial risk.  Any such amended Terms of Business Letter will be sent to you within 10 working days of that interview.  However, irrespective of any amendments arising from such interviews, we reserve the right to amend the terms of this letter without your consent but we will give at least 10 business days notice before conducting relevant business, unless we consider it impracticable to do so under the circumstances existent at that time. 

2.      Our Status 

PAS Financial Planning are Independent Financial Advisers.  We are authorised and regulated by the Financial Services Authority (FSA) and bound by its rules.  All individuals employed by or contracted to PAS Financial Planning to provide investment advice are approved by the FSA under the firm’s authorisation. Our status can be checked either by logging on to the FSA website: www.fsa.gov.uk/register.  Our FSA Register number is 177865.  (By clicking on the FSA Register icon and following the instructions you will be able to confirm our details) or by telephoning the consumer helpline: 0845 606 1234.

REGULATOR'S STATEMENT

Those who advise on life assurance, pensions, unit trust or mortgage products are EITHER independent financial advisers OR representatives of one company

Your adviser is independent and will act on your behalf in advising you on life assurance, pensions, unit trust or mortgage products.  Because your adviser is independent, he or she can advise you on the products of different companies. 

3.          Services 

We are authorised to provide investment advice and arrange and affect a wide range of financial services and these are broadly summarised as Collective Investments (e.g. Unit Trusts, Investment Trusts and OEICs), ISAs, PEPs, Life Assurance, Pensions, Mortgages, General Insurance, Bank and Building Society Investments and TESSAS.   

4.         Investment Objectives 

When making a detailed investment recommendation, we will confirm your investment objectives and any restrictions on the types of investment in which you wish to invest, and ensure that recommendations are suitable for your individual circumstances in our suitability letter or report.  Equity based investment products all carry some risk whereby their value and any income derived from them can go down as well as up and that the Client may not get back the money invested.  No guarantees are given by PAS either expressly or by implication as to the future performance of any investment, product or scheme and past performance should not be taken as any indication of future capital growth or income yield. 

5.         Records

 We will, if required by the client or his agent, supply copies of contract notes, vouchers and copies of entries in books, records and computerised records relating to the client.  We undertake to maintain such records for a period of at least six years from the date of each transaction for the client.  In the event of the Firm’s Advisers or Appointed Representatives assisting the Client in the completion of any investment application or policy proposal forms, the Client will in any event continue to bear full responsibility for the accuracy and completeness of the information entered on such forms.  Please note that, from time to time, telephone calls will be recorded for compliance purposes. 

6.        Personal Interests 

We undertake not to transact for the client, business in which we or one of our other customers or any director/partner/employee has a known interest, or we become aware that these interests conflict with yours, unless that interest is first disclosed in writing and your consent obtained. 

7.        Instructions

Normally, we ask clients to give instructions in writing by completing the relevant application form and signing the appropriate declaration.  Our authority to act on a client’s behalf in accordance with these Terms of Business can be terminated at any time by either side in writing, without prior notice and without penalty.  This will be effective from the date the notification is received.  However, if transactions already initiated remain outstanding, the notification will only be effected once these have been completed.

For business transacted on an "Execution Only" basis i.e. where you instruct us to arrange a specific product from a particular life assurance company or unit trust manager, without requiring any advice from us, we will offer you reductions in the cost of purchasing such products by reinvesting or rebating part or all of our initial commission.  Please refer to section 8. 

8.        Investments

 As intermediaries, we never own the investments you buy or transact through us.  All investments will be registered in the name(s) of the client(s) unless otherwise agreed in writing.  We will forward to you all documents showing ownership of your investments as soon as it is practical after we receive them.  Where a number of documents relating to a series of transactions are involved, we may retain each document until the series is completed and then forward them to you.  In some cases the documentation will be sent to you direct from the product provider.   

Where we provide advice on a non-packaged product, such as an Enterprise Investment Scheme (EIS) or Venture Capital Trust (VCT), you will not have post sale cancellation rights.  However, you will have a period of at least seven days from the date you sign the application to withdraw from the agreement. 

9.         Commissions 

On some (but not all) business, we receive commission in line with standard industry practice.  This is retained to cover administrative and general operating expenses.  In accordance with FSA guidelines all commission payable to us, on life and pension investments and other products where commission disclosure is mandatory, will be disclosed prior to the making of the investment.  Upon request, we will disclose commission on other products as applicable.  There are many products where no commission is earned.  If we receive commission or other form of benefit from the issuer of a security, i.e. a stockbroker or from another intermediary, we will inform you.  However, we will not tell you its amount unless you ask us to do so. 

Where “Execution Only” transactions are carried out by PAS Financial Planning on a client’s behalf, PAS Financial Planning will not give any advice or exercise any judgement as to the transaction’s merit or suitability for circumstances.

All future trail and servicing commissions are due to PAS Financial Planning.  Where all of our initial commission is rebated to you or reinvested into the product to reduce charges, we will normally charge a flat fee for handling the investment on your behalf.  The amount we will charge will be notified to you in writing prior to the investment taking place.

PAS reserves the right (subject to the FSA Rules) to share any part of its remuneration with professional connections and Introducers, as applicable.

10.      Fees

When no commission is earned, fees may be charged after prior consultation with the client.  Full details will be given in advance, including the amount, how it is to be paid and collected.  This will be subjt to a separate agreement, by way of a letter of confirmation.

If the Client ceases to pay premiums or instalments due on the policy or investment arranged by PAS on their behalf and in consequence, PAS Financial Planning is obliged to refund to the Product Provider all or part of the commission it has been paid, PAS reserves the right to charge the Client a fee based on the sum of the commission refunded and the number of hours spent advising the Client on and arranging the relevant investment.  Similarly should the Client abort the completion of a transaction pursuant to Clause 7, PAS Financial Planning reserves the right to charge the Client a fee based on the time spent in respect of the aborted transaction.

11.        Review

When we have arranged any investments for which you have given instructions we will not give you any further advice unless you request it, but will be glad to advise you at any time you ask us to.  

12.      UK Money Laundering Regulations 

We are obliged to conform to the UK Money Regulations 1993 and adhere to the guidance notes from the Joint Money Laundering Steering Group, which require financial institutions to verify the identity and place of residence of each investor.  We will also request that you inform us how any monies being invested were obtained/accumulated.  This process may require sight of certain documentation.  If you provide false or inaccurate information and we suspect fraud or money laundering, we will record this.  We will not forward any applications or money to third parties/product providers until our verification requirements have been met.  We take no responsibility for any delay in investing where money laundering verification is outstanding.  In circumstances where sufficient verification is not received in a timely manner after we have received completed applications, the application(s) and any monies may be returned to you uninvested.

13.      Data Protection

Information provided by you may be held, processed, disclosed and used by ourselves, professional advisers and any associated companies in servicing our relationship with you.  However, strict confidentiality will be maintained at all times.  It is understood that, unless you notify us otherwise, you agree to the storage, use and disclosure of such information.   This information may be disclosed to third party product providers in the course of providing our analysis and servicing of our relationship with you.  No information will be passed to another party without your prior consent unless we are legally obliged to do so.  You also agree that for the purposes described above your data may be transferred to countries outside the European Economic Area (EEA).  We may use and analyse your data, including the nature of your transactions, to provide you with information by post, telephone fax or e-mail to service and update you, as well as informing you of new investment opportunities .  If you would prefer to be excluded from these services, please write to Andrew Glanvile at PAS Financial Planning, 119 High Street, Farnborough, Kent, BR6 7AZ

14.      Complaints

We take every care to provide the highest standards of service.  However, in the event of a complaint, you should contact Andrew Glanvile who will acknowledge the issue and send you a copy of our internal complaints procedure.  The matter will be investigated in line with our procedures and our findings reported to you.  If you are still not happy with the outcome, you then have the right to forward any eligible complaint to the Financial Ombudsman Service and the details on how to do so will be sent to you.

15.      Client Money

WE DO NOT HANDLE CLIENTS’ MONEY.  We never accept a cheque made out to us (unless it is settlement of charges for which we have sent you a bill) nor handle cash.

16.     Safeguards

For your protection, PAS Financial Planning/Andrew Glanvile is licensed by the Office of Fair Trading under the Consumer Credit Act, registered under the Data Protection Act, and authorised and regulated by the Financial Services Authority.  We are regulated by the Mortgage Code Compliance Board for mortgage business and a member of the General Insurance Standards Council for general insurance business.

If you make a valid claim in respect of these investments that we have arranged and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme.  Details of the cover will be provided upon request.  Further information is available from the FSA and the Financial Services Compensation Scheme Limited.

We are covered by the Financial Services Compensation Scheme (FSCS).  You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.  Most types of investment business are covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.  Further information about compensation scheme arrangements is available from the FSCS.

We have only one director/partner engaged in the conduct of investment business.  In the event that he is unable to carry out your instructions, due to illness or absence lasting more than 14 days, we have made arrangements with Mr David Hedge, Hedgelands, Abbotskerswell, Newton Abbot TQ12 5PW.  Tele: 01626 360654 to ensure that your interests do not suffer.

17.   Professional Indemnity

In addition to the Financial Services Compensation Scheme (to which we are party through our FSA authorisation), we are also insured for negligence, by any member of staff.