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Background Information  | Directions| Standard Terms of Business | Testimonials Terms of BusinessPAS FINANCIAL PLANNING 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
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
4. Investment Objectives
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 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 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 subject 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 Colin Major, 34 Chantry Avenue, Hartley, Lingfield, Kent, DA3 8DD. .
Tel: 01474 707822 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. |
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