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Microsoft Word - Client Agreement Comprehensive June 09 with ...

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  • 1. Buryfield Grange Limited Buryfield Grange Life Planning Limited Terms of Service As required by the Financial Services Authority Buryfield Grange provides a comprehensive financial planning service and act for Clients in most areas of their financial needs. This document confirms our commitment to the service that you will receive from us and your commitment to us. By providing a clear guide to our services we believe we can create the right environment to foster an effective long term working relationship and ensure true impartiality. We also believe in the concept of mutual profitability and to this end our fees are generally aligned to the value we add whilst aiming to create a reasonable profit for Buryfield Grange so that we can continue to provide our service to you long into the future. For this approach to work we need to be accountable for the service we provide whilst our Clients must also be accountable for their input into the success of their plan. We should also share our beliefs and philosophy so as to engender an effective working partnership. We firmly believe that in order to be truly independent it is important that our advice not be influenced by commissions or the need to sell financial products. Further, unlike many others involved in providing “financial advice”, our work also encompasses the fields of Life Planning, Coaching, Mentoring, Wills, Trusts, Accountancy, Legal work, Probate and Estate Planning Work, much of which is not regulated by The Financial Services Authority (FSA) or covered by The Financial Services and Markets Act 2000. This document, along with our Agreement to Terms of Service, Integrated Investment Philosophy™ and Integrated Service Matrix™ will form the basis upon which we agree to work together. Why we have separate businesses It is important that we clearly explain the relationships that you have with us; who is responsible for each type of activity and the protection that you are provided with. We separate out our work so that we maintain a clear division between activities that are regulated and those that are not. Regulated activity carries with it a high degree of financial protection for you as a Client. This protection is provided by both regulation and our Professional Indemnity Insurance. The same type and level protection does not apply to non regulated activity. By having a non regulated business we are able share certain cost savings with Clients by keeping our regulatory overheads to a minimum. Buryfield Grange Limited Buryfield Grange Limited is authorised and regulated by the Financial Service Authority and is therefore responsible for all of the financial advice given by us in accordance with the Financial Services and Markets Act 2000. In particular this includes the implementation of any financial products that you may choose to purchase through us. -1-
  • 2. The Contract for Services that you have with Buryfield Grange Limited covers the fees and / or commissions that are paid to Buryfield Grange Limited for all advice given by us in our capacity as fully authorised and regulated Independent Financial Advisers (IFAs). Buryfield Grange Life Planning Limited Buryfield Grange Life Planning Limited undertakes all non-regulated work. Separating regulated and non regulated activity in this way enables us to have a flexible approach to the services we provide to you and how these may be delivered. As well as the items already listed, non regulated activity may also encompass certain Initial, Discovery and Review meetings, the setting up and maintaining of Client records, consultancy, legal and general administration work. Regulated Activity This agreement is issued on behalf of Buryfield Grange Limited of Admirals Offices, Main Gate Road, The Historic Dockyard, Chatham, Kent ME4 4TZ whom can be contacted at 01634-281145 and enquiries@buryfieldgrange.co.uk. Authorisation Statement Buryfield Grange Limited 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. 231907 or by contacting the FSA on 0845 606 1234. Buryfield Grange has agreed to provide financial planning services and/or insurance, investment, and pension advice, some of which is regulated by the Financial Services and Markets Act 2000 (“The Act”). Permitted Business Our permitted business is advising on and arranging savings and investments products, pensions, mortgages and non-investment Insurance contracts. Buryfield Grange can also arrange and effect investments that are not regulated by the Act and/or the FSA. These include National Savings & Investments products. There is no compensation scheme for such investments. Client Classification Each client with whom the firm does business is categorised 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. Scope of Agreement / Service We operate independently and therefore provide investment services from the whole market. All or any business dealings between Client and Buryfield Grange that are regulated by The Act and/or the Rules, are deemed to be business dealings between Client and Buryfield Grange Ltd and subject to this Agreement. -2-
  • 3. Period of this Agreement This Agreement shall commence on the date first before written and shall continue in force until determined by either party giving immediate notice to the other in writing or until replaced by a later Agreement. Determination may be at any time, without penalty and without prejudice to the completion of transactions already initiated on behalf of the Client. After termination of this Agreement Buryfield Grange will not execute any further transactions for the Client or provide any further advice or services except at Client's specific request and subject to Client Agreement then current and a new agreement being entered into. Services to be provided With regards to investments which we have arranged for you, these will not be kept under review but we will advise you upon your request. However, we may contact you in the future by means of an unsolicited promotion should we wish to contact you 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 with a “suitability report” to confirm our recommendation. Unless confirmed in advance we will not place any restrictions on our recommendations. Buryfield Grange Limited does not handle Clients’ money or cash. We never 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. Client's responsibilities / Definition of objectives / Attitude to risk and loss Buryfield Grange cannot adequately perform its duties and responsibilities to Clients unless it receives the Client's full co-operation. Clients therefore agree to provide such information as we need to satisfy the provisions of The Act and the Rules of the FSA, to discuss objectives, needs and problems candidly with us and to keep us informed of relevant changes in your situation. Buryfield’s Grange’s analysis and recommendations will be based upon data and the brief provided by the Client. Client's investment objectives and attitude to risk and loss will be incorporated in a Risk Profile which shall be regarded as part of this Agreement. Client undertakes to advise us if amendments become necessary. Client agrees to read all documents provided by Buryfield Grange and accepts the responsibility of notifying us within 30 days of receipt in the event that the meaning of any document or any part of any document is not clear to Client. Liaison with other advisers Unless specifically instructed in writing to the contrary Buryfield Grange is authorised to liaise with Client's other professional advisers and shall not be required to verify any information provided by Client or Client's other professional advisers and is expressly authorised to rely upon such information. -3-
  • 4. Confidentiality All information furnished by Client to Buryfield Grange shall be treated as confidential and disclosed to other advisers, banks, investment managers, insurance companies, product providers and/or other organisations with which Buryfield Grange negotiates on Client's behalf only to the extent that Buryfield Grange, in its absolute discretion, considers necessary or as required by law. Client agrees that data held by Buryfield Grange can be disclosed to:  another adviser in the event of the sale of Buryfield’s Grange's business to such adviser.  Buryfield Grange’s associated businesses, and  Subcontractors / suppliers for the purposes of data back up. No data will be retained beyond that and for any longer than is necessary to ensure adequate and prudent disaster management as required by the rules of the FSA. Acceptance or rejection of recommendations Client may accept or reject completely or in part any recommendation from Buryfield Grange and Client has sole authority with regard to the implementation, acceptance or rejection of any counselling or advice from Buryfield Grange Information and Statements: Buryfield Grange obtains information from a wide variety of publicly available sources and has no sources, and does not claim to have sources, of inside or private information. The recommendations offered by Buryfield Grange are based upon the judgement of Buryfield Grange and its individual financial planners and Buryfield Grange cannot guarantee the results of any recommendations. Funds invested through Buryfield Grange Client warrants that any funds invested through Buryfield Grange are owned beneficially by Client and are free from encumbrances. Client agrees to pay for any transactions properly made or initiated by Buryfield Grange prior to the termination of this Agreement and the due proportion of any periodic payment for Buryfield Grange services. Level of discretion / review of investments and/or other arrangements or advice Client will retain absolute discretion over all investment and implementation decisions and Buryfield Grange will take no initiative in relation to Client's investments and/or financial planning arrangements except as hereinafter agreed although when asked by Client Buryfield will offer an opinion on the structure and/or balance of Client's investment portfolio. It is Buryfield's recommendation that Client should attend a planning meeting at not less than once a year so that investments and/or financial planning arrangements can be examined and discussed in detail. However, the responsibility for arranging such meetings rests with Client. Buryfield Grange will have no responsibility to provide ongoing advice on any of Client's arrangements or on any advice previously given by Buryfield Grange except during planning meetings referred to above -4-
  • 5. Valuations lnvestment valuations produced on Buryfield Grange’s computers are normally based upon fund prices provided by FIN Express (a Financial Times company). On any computer system it is possible for errors or omissions to occur and valuations should not be relied upon unless the relevant fund manager provides them. Buryfield Grange is not a fund Manager. Paying for services We will be paid for our work on your behalf. Please see the Buryfield Grange Rate Card for details of our fees. As a professional firm, we charge fees for our services, the amount of which we will agree before we proceed. However, certain of the transactions which we arrange for our clients result in our being paid commissions and we will discuss and agree with our clients how these should be treated. We may keep this commission or we may 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. Commissions may sometimes be paid at the outset of a transaction and may sometimes take the form of on-going payments. For convenience we may accrue such on-going payments, but in all cases we will account to our clients for all sums received. 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. Fees will be payable immediately on receipt by Client of the relevant invoice ('the due date') and Client agrees to pay interest to Buryfield Grange on any sums not paid within thirty days of a due date; such interest to be at a rate equal to the base rate charged by Bank of Scotland pIc at the due date plus three percentage points. Buryfield Grange reserves the right to charge for all time spent on work for or on behalf of clients. Written Instructions We will normally require you to give written instructions in order for us to carry out certain actions on your behalf. However, in cases of emergency, we will act upon verbal instructions subject to confirmation in writing. The drafting of Wills, Lasting Powers of Attorney, Trust and other Legal documentation, after we have taken your instructions, is carried out by third party documentation specialists. The liability for these documents lies with the third party organisation and not Buryfield Grange. Material Interest We will act honestly, fairly and professionally known as conducting business in ‘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. -5-
  • 6. In accordance with the rules of our regulator, The Financial Services Authority, we are prohibited from accepting any payment (commission or other non-monetary benefits) which is likely to conflict with the duty of the firm to its Clients. The principals of Buryfield Grange Limited have a minority shareholding in Capital Reward Ltd. Capital Reward Ltd is a subsidiary of our compliance support company and generates its income from the placement of business with certain product providers. The business placed is intended to add value to the shares in that company and the long term aim is for the shares to be sold, thereby providing a deferred cash benefit to the shareholders. The existence of the shareholding and any potential benefit will in no way influence our recommendation in relation to the most suitable product or provider. On request we will be pleased to provide you with a list of the providers from whom such benefits may be earned. We can also confirm that the provision of the shares and their potential benefits do not affect your product terms. 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 Buryfield Grange Limited of Admirals Offices, Main Gate Road, The Historic Dockyard, Chatham, Kent ME4 4TZ. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. Compensation Scheme Buryfield Grange Limited is covered by the Financial Services Compensation scheme (FSCS) if we cannot meet 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 £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000. 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. -6-
  • 7. 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 01634-281145 or in writing at Buryfield Grange Limited of Admirals Offices, Main Gate Road, The Historic Dockyard, Chatham, Kent ME4 4TZ. 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. Professional Indemnity Insurance We maintain professional indemnity insurance to the value required by the Financial Services Authority. Money Laundering We are obliged to conform with UK Money Laundering Regulations which require us to confirm identity and place of residence of each investor. This may require sight of certain documentation, checking with credit reference agencies, the electoral role or directory enquiries in order to verify your details. A credit agency may record the search. Where we are required to verify your identity in accordance with the Criminal Justice Act 1993 and Money Laundering Regulations, we take no responsibility for any delay in investing funds. 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. 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. General Terms Unless agreed otherwise in advance all invoices are payable in full immediately on issue. We may request an initial deposit payment, or stage payments on account to cover ongoing costs. -7-
  • 8. All fees received for the provision of services in accordance with these terms are non- refundable and remain the property of Buryfield Grange. In the event that this agreement is terminated by either party the fees paid by you and accrued as at the date of any such termination remain the property of Buryfield Grange Limited. Initial Fees cover only the specific items as agreed. They do not cover the cost of any additional or future work that may be required as a result of changes in legislation, changes in circumstances, amendments to your Integrated Wealth Management Plan™, the purchase of any additional financial products or any Legal and Accountancy advice, Wills or Trust arrangements, Consultancy, Coaching or other Planning work. Implementation of your Integrated Wealth Management Plan™, which may include acquiring financial products, is entirely by your own choice. -8-
  • 9. Appendices:  Integrated Wealth Management Plan™  Background information – o Ian Painter Dip PFS CeMap CeLTM CFP -9-
  • 10. Integrated Wealth Management Plan™ An Integrated Wealth Management Plan ™ typically contains:- 1. an introduction to the principles and practice of financial planning and wealth management, 2. a detailed list of Clients' capital assets and liabilities, 3. a Net Worth statement, 4. an analysis of their capital, broken down into the various asset classes and risk categories, 5. an analysis of their cash outflows as between different categories of expenditure, 6. an Income Tax computation with a calculation of net spendable income per year, per month and per week, 7. recommendations for legal tax avoidance, 8. lifelong cash flow forecasts to determine on stated assumptions to what extent there is a danger of running out of money (and when) or, if there is no such danger, the extent to which it should be possible to increase personal expenditure and/or gifts to family members, 9. recommendations for switches between investment funds, usually at nil cost and without triggering tax liabilities, 10. guidance on what to do when property or investment values increase or fall significantly, 11. an analysis of potential Inheritance Tax liabilities, with recommendations for tax minimization and estate planning, 12. details of existing investments, life assurance and pension plans, 13. details of Clients' professional advisers, wills, powers of attorney and similar data which is helpful not only to clients but also (potentially) to their executors and trustees, and 14. details of the recommendations and actions related to the planned achievement of objectives. Integrated Wealth Management Plans are tailored to Clients' individual circumstances and can be a significant aid to self organisation and financial planning. Many clients comment positively on the helpful discipline of Buryfield Grange’s Integrated Ongoing Services™ and review processes. - 10 -
  • 11. Background information about Ian Painter: IAN SCOTT PAINTER Dip PFS, CeMap, CeLTM, AIFP CFP Curriculum Vitae: Ian has been practicing as a Financial Planner for more than 20 years and offers a comprehensive service to his Clients. Ian is Chairman and Managing Director of Buryfield Grange Limited and Buryfield Grange Life Planning Limited. He is also an equity partner in Buryfield Grange Accountants & Business Consultants LLP. The underlying theme to his approach to financial planning is to help Clients decide how they want to spend the rest of their lives, to agree planning assumptions related to the likely cost of that lifestyle and then to help them prepare a plan which, when implemented, will make the best use of their resources towards the achievement of their objective. Typically, this involves helping them with investment planning, tax minimisation pension arrangements and risk management. He is happy to work in conjunction with his Clients' other professional advisers. Ian is a Certified Financial Planner (CFP), holds the Advanced Financial Planning Certificate (AFPC), the Financial Planning Certificate (FPC), both the Pension and Investment papers for the Institute of Financial Services (IFS) Professional Investment Certificate (PIC), and the Certificate in Lifetime Mortgages. He holds K10 (Retirement Options), CF9 (Pensions Simplification), CF8 (Long Term Care), G10 (Taxation & Trusts), as well as having exemptions in G60 (Pensions), and G20 Personal Investment Planning. Ian is also a certified Master Practitioner in Neurolinguistic Programming, Advanced Neurological Repatternining, Ericksonian Hypnosis and is a Christopher Howard Certified Master Results Coach and Performance Consultant. He is a member of the Personal Finance Society, The Institute of Financial Planning, The Institute of Directors and is a Top of the Table qualifying member of the international financial services organisation Million Dollar Round Table (MDRT). Ian is asked regularly to comment on industry issues and is a member of the IFA Panel for Professional Adviser Magazine Ian is past chairman of City of Rochester Round Table and enjoys many sports activities such as golf, game angling, tennis and martial arts. - 11 -

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