TERMS OF BUSINESS & CLIENT AGREEMENT
Terms of Business
This agreement is issued on behalf of Independent Pension Specialists Ltd of Inspire House, 20 Tonbridge Road, Maidstone, Kent ME16 8RT. Independent Pension Specialists Ltd is authorised and regulated by the Financial Conduct Authority.
Our permitted business is advising on and arranging savings and investments products, pensions, mortgages and non-investment Insurance contracts.
As a client of Independent Pension Specialists Ltd we will classify you as a ‘retail client’ for investment and pension advice and as a ‘consumer’ for protection advice. This will provide you with the maximum regulatory protections available to you. Should your classification change in the future, we will advise you accordingly in writing and obtain your agreement before proceeding with any financial planning advice.
Communications with you may be in a number of different formats including written, oral and electronic. You as Client agree to read all such material as presented, either electronic or written and to inform us of any discrepancies accordingly. Presentation of advice and “suitability reports” may be in Email, PDF or written report format. We will always require certain original documentation with original signatures returned to us via the post. You as Client agree to return any and all such papers as soon as is practicable.
Scope of Agreement / Service: Independence
We are independent for Investments and pension business. This means that we will assess a sufficient range of relevant products available on the market which is diverse in terms of product type and provider to ensure that your investment objectives can be suitably met. We are not limited in the type of product or provider in terms of having any close links with any firms or any contractual relationship with a third party that may impair the independent basis of our advice to you.
We will offer you the opportunity of paying by fee directly yourself or via Adviser Charging through the product provider recommended (please refer to our KeyFacts about our services and costs document, for details of our charging structure).
Period of this Agreement
This Agreement shall commence on the date of issue 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 Independent Pension Specialists 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. Our services will continue to apply following a client’s death until the executors or administrators of the estate terminate the agreement.
Services to be provided
This will be agreed with you before any work commences on your behalf.
Unless advised to the contrary, we will assume that you wish to place no restrictions on the types of investment we may recommend and in which you may subsequently invest.
Advice and Instructions
Any advice given to you by us shall be in writing or electronic such as email or PDF. We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing.
We may, at our discretion, refuse to accept instructions although such discretion shall not be exercised unreasonably. We will record all transactions on our files which, along with copies of relevant documentation, will be retained by us for a period of not less than six years. You have a right to inspect copies of contract notes, vouchers and entries in our books or computerised records relating to your transactions. We reserve the right to withhold copies of these records if information to other parties would be disclosed.
Liaison with other advisers
Unless specifically instructed in writing to the contrary Independent Pension Specialists 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 Independent Pension Specialists shall be treated as confidential and disclosed to other advisers, banks, investment managers, insurance companies, product providers and/or other organisations with which Independent Pension Specialists negotiates on Client's behalf only to the extent that Independent Pension Specialists, in its absolute discretion, or it considers necessary or as required and allowed by law.
Paying for services
We will be paid for our work on your behalf. Please see the Independent Pension Specialists Keyfacts about our services and costs and Schedule of Administration fees for full details.
All work is carried out on a fee basis. Where commission for certain transactional business is available to us we will use this to cover fees due.
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. Following the initial consultation meeting or initial telephone conversation, we will confirm the next steps of our advice process and provide an estimate of the fees payable. We do not include custodian fees or provider charges.
When using our planning and administration services, part or all of our fee is payable in advance of any work being carried out and is non-refundable. The exact amount payable in advance will be agreed before we commence work. You will be required to settle the payment of all other fees within 14 days of completion of our work.
Fees will be payable immediately on receipt by Client of the relevant invoice ('the due date') and Client agrees to pay interest to Independent Pension Specialists 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 plc at the due date plus three percentage points.
Independent Pension Specialists reserves the right to charge for all time spent on work for or on behalf of clients.
The service that we provide is described as an ‘intermediation’ service. This means we provide advice with the intention of recommending a product solution. If we did not do this we would be liable for VAT on the fees charged. VAT is not applicable on the fees we charge for the intermediation services.
The charge made for an Ongoing Service is also VAT free provided it is in respect of this intermediation service. Should you ever need to pay VAT we will notify you before conducting any additional work.
We will act honestly, fairly and professionally known as conducting business in ‘Clients best interest’ and “Treating Customers Fairly” 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.
Should you require further information in relation to our conflicts of interest policy then please contact us at the address shown at the bottom of this document.
General Data Protection Regulation (GDPR)
In order to provide you with financial advice and retirement planning services we will collect and hold personal data about you. With effect from 25th May 2018, we are required to comply with the General Data Protection Regulation (Regulation (EU) 2016/679 (the “GDPR)) and as such hereby set out details as to how we process your data and your rights. Please refer to the Client Privacy Statement document for further details.
Where investment or mortgage business services are provided to Independent Pension Specialists by third parties then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions you agree that personal information held by Independent Pension Specialists may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to such third parties. You agree that this information may be provided to them on paper or electronically.
Personal information provided by clients will be retained on computer records and or on paper and will not be disclosed to other parties except to our auditors, lawyers or compliance consultants and any other organisation requiring access under the regulations or exercising their legal entitlement to such access or in accordance with requirements to disclose. We agree that the data we hold shall be fairly and lawfully processed, processed for limited purposes, adequate relevant and not excessive, accurate, not kept longer than necessary but also as required by our regulator, processed in accordance with your rights, secure and will not transfer it outside the EEA without adequate protection. You or your appointed agent may inspect copies of contract notes, vouchers and entries in our books (manual and electronic) which relate solely to your investments on payment of the appropriate fee.
We are obliged to conform to anti 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.
We have a written policy for handling complaints and how we ensure we deal with each complaint promptly and fairly. You can obtain a summary from us should you so request. Should you have cause to complain for any reason a copy of our policy for handling of complaints will be automatically sent to you. Please direct your complaint to Matt Hazledine at the company address at the bottom of this document.
Clients should be aware that if they are unhappy with any response to a complaint received from the company, they may complain directly to the Financial Ombudsman Service who will then assess whether they have an eligible complaint before proceeding with an investigation. You can contact FOS via www.financial-ombudsman.org.uk or telephone:0800 023 4567
If you are an eligible claimant under the rules of the Financial Conduct Authority, you will also be protected by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. Compensation for investment advice is provided at £85,000 per claimant per defaulting firm. Non-Investment Protection cover for compulsory insurance is 100% of the claim with no upper limit and for other non-compulsory insurances, the cover is 90% of the claim with no upper limit.
Further information about compensation arrangements is available from the Financial Services Compensation Scheme. The Financial Services Compensation Scheme may also provide awards if any third-party institution we may use is declared in default or insolvent.
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. Our services will continue to apply following a client’s death until the executors or administrators of the estate terminate the agreement.
Third Parties rights
A person who is not a party to this Agreement will have no right under the Contracts (Rights of Third Parties) Act 1999 (“the RTP”) to enforce any term of this Agreement. This does not affect any right or remedy of such a third party, which is available apart from the RTP.
Declaration and Client consent
1. I/we agree to engage Independent Pension Specialists Ltd and have received, read and understood this Terms of Business & Client Agreement document.
2. I/we agree that fees will be charged in line with the Independent Pension Specialists Ltd Keyfacts about our services and costs and the Schedule of Administration Fees and that I/we are responsible for any and all such fees.
3. I/we 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.
4. I/we agree that where Independent Pension Specialists provides services to my spouse/partner as named below, my/our information can be disclosed to my/our spouse/partner.
5. I/we agree that my spouse/partner as named below may provide instructions on my/our behalf.
Signed ……………………………………......................................... Date………………………………..
Print Name ………………………………………………………………………………………………………………………..
Print Name ……………………………………………………………………………………...............................
One copy to be retained by the Client/Customer(s). One signed copy to be retained by Independent Pension Specialists Ltd. Inspire House, 20 Tonbridge Road. Maidstone. Kent. ME16 8RT. Tel: 01622 238000. Email: Info@ipsl.uk.com
Log No. IPSL2019230C 2.4.2019