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Planning Tools Client AgreementThis agreement is issued on behalf of Henwood Court Financial Planning Limited at Vigo Place, Aldridge, Walsall, WS9 8UG whom can be contacted on 0845 055 1970. Authorisation Statement Henwood Court is 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. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register FSA No. 417707 or by contacting the FSA on 0845 606 1234. Permitted Business Our permitted business is advising on and arranging saving and investment products, pensions, mortgages and non-investment Insurance contracts. Client Classification Each client with whom the firm does business is categorised 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 receipt of orders. Scope of Service We operate independently and therefore provide investment services from the whole market. Services to be provided We recognise that clients have variable financial needs and requirements. We have therefore carefully crafted together a range of services to suit client specific requirements. 1. Wealth Management Service We offer a comprehensive wealth management service with a view to organising your finances and helping to furnish a comfortable future for both you and your family. At outset we will analyse your existing financial position, including a thorough discussion about your goals and aspirations, and collate data with regard to your existing financial position. A cash flow forecast and 'GAP' analysis will then follow with the creation of your financial plan that incorporates a carefully considered strategy that constitutes the most efficient way of fulfilling your financial ambitions. 2. Transactional Advice Service We recognise that you may require advice relating to just one or two particular areas. We will therefore work with you in gathering sufficient information from you and maybe your financial product providers to allow us to make appropriate recommendations within a comprehensive financial report. 3. Proactive Review Service We believe that successful financial planning involves a long-term programme of amalgamating professional advice with review, analysis and action to help continued guidance towards the pursuit of your goals, together with taking great pride in the creation of enduring relationships that prove advantageous and rewarding for our clients. During the annual review we will consider matters detailed within our 12 Point Financial Health Check the details of which are available on request. However, we do not automatically review investments or pensions that we have arranged for you. This is subject to a monthly retainer fee outlined below. Clients who do not elect to join the Proactive Review Service may receive reviews on request subject to the time based fees detailed below. We may contact you in the future by means of an unsolicited promotion should we wish to discuss the relative merits of an investment or service which we feel may be of interest to you. On issue of this letter any subsequent advice or recommendation offered to you will be based upon your stated investment objectives, acceptable level of risk and any restrictions you wish to place on the type of investments or policies you are willing to consider. We will issue you a suitability letter to confirm our recommendation. Unless confirmed we will not place any restrictions on our recommendations. Henwood Court does not handle clients’ money. We never handle cash or accept a cheque made out to us unless the cheque is in settlement of charges or disbursements for which we have sent you an invoice. We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. We will forward you all documents showing ownership of your investments as soon as practicable after we receive them. Where a number of documents are due involving a series of transactions, we normally hold each document until the series is complete, then forward them to you. Paying for services We believe in complete transparency, which is why we tell you about everything we do. This includes how we are remunerated. Unlike some banks, financial advisers or stockbrokers we don’t levy high upfront commissions. You simply pay a fee to receive a financial planning report, and we take a fee or commission payment on implementation of the advice which is typically 1-3% of an amount invested (amount depends upon investment amount). To put this into perspective, typical High Street commission on an investment of £200,000 could be as high as £14,000 (7%). 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 and signed a remuneration agreement. Our fees are separated into the advice process (Report & Research), the implementation process, and the ongoing advice fee. Report & Research Fee Should you wish to engage Henwood Court to provide you with advice an initial upfront fee is payable to cover the cost of the time spent gathering information from you and maybe your financial product providers, to review and research appropriate financial products and make written recommendations within a financial plan. The amount will vary depending upon the complex nature of the advice to be provided (this excludes Occupational Pension Transfer reviews which is costed separately). This will be confirmed within your fee agreement. For simple transactions (protection contracts) this may be waived if you implement our recommendations. Implementation The cost associated with buying products purchased on your behalf may be met by either fees or commissions. Our fee option We will agree the rate we will charge before beginning work. These are subject to minimum amounts and will be confirmed to you within a separate fee agreement. We will tell you if you have to pay VAT. Our typical charges are: Director £175 per hour You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first. On investment or lump sum pension recommendations we may agree a fee based on a percentage of the amount invested that will range from 1-3%. Our commission option If you buy a financial product, we will normally receive commission on the sale from the product provider. Product charges pay for the product providers’ 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. 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 to you before you buy a product. The table following demonstrates our normal rates of commission however if it is proposed that the amount to be charged is greater than this amount written confirmation will be provided.
Ongoing Advice The cost of the annual review starts from £40 per month. The exact amount will be confirmed within a remuneration agreement. We may receive trail commission from your product providers that will contribute towards the material cost of keeping your file open, allow for on-line access to your portfolio (restrictions do apply) and fund any future telephone or e-mail queries relating to policies you may hold within our agency. It may also be used to offset any time based fees charged for face to face reviews if you are not fully participating in our Proactive Review Service. Material Interest We will act honestly, fairly and professionally known as conducting business in line with ‘Clients best interest’ regulations. Occasionally situations may arise 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 interests 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. Rights 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 If you wish to register a complaint, please write to Henwood Court Financial Planning Limited, Vigo Place, Aldridge, Walsall, WS9 8UG or telephone 01922 456726. If you 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 out our obligations. 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 £30000 and 90% of the next £20000 so the maximum compensation is £48000. Further information about this compensation scheme arrangement is available from the FSCS. Data Protection 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 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 your details 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 to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 0845 055 1970 or in writing at Vigo Place, Aldridge, Walsall, WS9 8UG. 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. 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. 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 Scottish / Northern Ireland Courts. 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 transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.
Client Agreement Declaration - PLEASE PRINT OUT AND COMPLETE
CLIENT CONSENT
I understand and consent to the above terms and I hereby authorise the transfer of information, as described above on a confidential basis when warranted between such third parties. I agree that the Client Agreement will come into effect from the date of issue.
Please tick this box if you do not consent to us or any company associated with us Please tick this box if you do not wish for us or any company associated with us to contact you
PLEASE CONFIRM WHICH SERVICE YOU REQUIRE FROM HENWOOD COURT
I understand that as I have not selected the Proactive Review Service I will not receive any ongoing advice. (delete if not appropriate)
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