Microsoft Word - Client Agreement Comprehensive June 09 with ...
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
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.
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.
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 email@example.com.
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”).
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.
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
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
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.
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
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.
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
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
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
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
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
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
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
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.
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.
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
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.
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 01634-281145 or in writing at Buryfield Grange
Limited of Admirals Offices, Main Gate Road, The Historic Dockyard, Chatham, Kent ME4
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
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.
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.
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.
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
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
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.
Integrated Wealth Management Plan™
Background information –
o Ian Painter Dip PFS CeMap CeLTM CFP
Integrated Wealth Management Plan™
An Integrated Wealth Management Plan ™ typically contains:-
1. an introduction to the principles and practice of financial planning and wealth
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
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
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
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
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Background information about Ian Painter:
IAN SCOTT PAINTER Dip PFS, CeMap, CeLTM, AIFP CFP
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.
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