Private Clients Terms of Business
Modern Money Financial Services Limited, is
authorised and
regulated by the Financial Services Authority (FSA) to advise
on and arrange transactions in non-investment protection contracts e.g.
life assurance, personal and group pensions, pension transfer business, unit
trusts, investment trusts, personal equity plans (PEP’s), Individual Savings
Accounts (ISAs), open ended investment companies (OEIC’s) and mortgages. We may also provide advice on or arrange
transactions in units in unregulated collective investment schemes. Modern
Money Financial Services Limited is entered on the FSA register and our
registration number is 150571
As
Independent Financial Advisers who are regulated by the FSA
we are obliged to give you our Private Customer Terms of Business and would ask
you to sign below and return a copy of the same to our office as confirmation
of receipt.
We
offer you independent financial advice and undertake not to transact any
business on your behalf in which we, or one of our customers, have a material
interest without first informing you in writing and obtaining your consent.
When
we have arranged any investments for which you have given us instructions, we
will not give you any further advice unless you request it but will be pleased
to advise you at any time you ask us to do so.
Under the terms of this agreement, we may if appropriate
advise you on investments which are not readily realisable. We would draw your
attention to the risks associated with these designated investments as there is
a restricted market for them. In some circumstances it may therefore not be
possible to deal in the designated investment or obtain reliable information
about its value.
We
will obtain certain facts about your personal and financial circumstances
including investment objectives and attitude to risk ensuring that any
recommendations meet with your requirements.
Should you decline to provide full facts regarding your circumstances we
will only advise you in accordance with the information that you have supplied
or requested.
We
require our clients to give us instructions in writing to avoid any possible
disputes. We will however accept
verbal instructions provided they are subsequently confirmed in writing
Authority
to act on your behalf may be terminated at any time with immediate effect by
either party giving notice in writing to the other. This shall not prejudice
the completion of any transactions initiated prior to the receipt of such written
notice.
We derive income from commission paid to us by life
assurance companies and unit trust managers with whom investments are made. The
amount of commission will be disclosed to you.
On rare
occasions we may receive a type of benefit from the introduction of business to
a product provider or other firm. We
will not transact business or make a recommendation which is likely to result
in an indirect benefit being received without disclosing this fact to you.
We
reserve the right to share commission with others at our discretion. Should we
receive commission from another intermediary or the issuer of a security, we
will inform you of payment but will only undertake to provide particulars of
commission payable on request.
If we
propose to charge a fee we will agree the amount with you in writing before we
carry out any chargeable work.
Fees
may become payable in the following circumstances (inter alia): - where the
work we do for you does not relate to investments, which attract commission;
where you instruct us to advise upon but not arrange the purchase of any
investment product; where we arrange a loan on your behalf, domestic or
commercial, a fee will be charged based on either an agreed hourly rate or a
percentage of the loan advanced. Any commission received as a result of
arranging an ancillary product will be offset against the fee; the arrangement
of loans is not regulated under the Financial Services Act and THERE IS NO
COMPENSATION SCHEME FOR THIS BUSINESS.
IF
YOU SUBSEQUENTLY CEASE TO PAY PREMIUMS ON A POLICY and in consequence we are
obliged to refund commission that has been paid to us, WE RESERVE THE RIGHT TO
CHARGE YOU A FEE based upon the number of hours spent advising you and
arranging the policy. If we recommend to you any policy to which this paragraph
applies, we will at the same time inform you in writing of the maximum amount
of any such fee and the last time we would charge it.
WE
ARE NOT AUTHORISED TO HANDLE CLIENTS’ MONEY. We do not accept cash or a cheque
made out to us unless it is in relation to a fee or disbursement for which you
have received an invoice.
All
investments will be registered in your name unless otherwise agreed in writing.
We will forward all contract notes and documents of title to you as soon as is
practicable after we receive them; where a number of documents relating to a
series of transactions is involved, we will normally hold each document until
the series is complete and then forward them to you.
We
undertake to maintain records for at least six years and would like to inform
you that you have the right to inspect copies of contract notes, vouchers or
entries in our books and files relating to your transactions or any
computerised records of the same.
It is
your responsibility to keep Modern Money Financial Services Limited fully
informed of your postal address and contact number/s. Also of any change of
address or contact telephone number/s.
Valuation of Policies
We will,
on request from you in writing, produce a comprehensive valuation of your
investments. This will not include pensions, although a pension valuation can
be requested separately if required. Obviously, only investments that we are
aware of will be included in the valuation. There will be no charge made for
this service unless more than 4 valuations are requested each calendar year.
Conflicts of Interest
We offer
independent financial advice, but occasions can arise where we, or one of our
other customers, will have some form of interest in business, which we are
transacting for you. If this happens or we become aware that our interest or
those of one of our customers conflict with your interests, we will inform you
and obtain your consent before we carry out your instructions.
Complaints Procedure
Modern Money
Financial Services Limited is covered by the Financial Ombudsman Service, which has
been set up by law to provide consumers with a free (to the client) independent
service for resolving disputes with financial firms.
It is a
requirement of Modern Money Financial Services Limited that we ensure an
employee of sufficient competence, who is not directly involved with the matter
of complaint deals with your complaint. Therefore, if you have a complaint
about our services, you should first refer it to our Compliance Officer, who
will try to resolve it. As well as this
copy of the Complaints Procedure they will supply you with a copy of a leaflet
entitled ‘Your complaint and the Ombudsman’.
Modern Money Financial Services Limited must send you a written acknowledgement of
your complaint within 5 days of its receipt, giving you the name and job title
of the person handling the complaint within the firm.
Within
four weeks of receiving your complaint you will be sent either
1.
A
final response; or
2.
A
holding response, which explains why we are not yet in a position to resolve
the complaint and indicates when we will make further contact (this must be at
least within eight weeks of the complaint).
By the
end of eight weeks after the receipt of your complaint, we must have sent you
either
1.
A
final response; or
2.
A
response that the we are still not in a position to make a final response,
giving reasons for the further delay and indicating when we expect to be able
to provide a final response; and
3.
Informing
you that you may refer your complaint to the Financial Ombudsman Service if you
are dissatisfied with the delay and enclosing a copy of the Financial Ombudsman
Service’s explanatory leaflet.
Should
you wish to complain to the ombudsman upon receipt of the final response you
will need to do so within 6 months of receiving that final response.
We will
endeavour on all occasions to deal with your complaint within the timescales
shown above. The only time we foresee any delays will be when we require
information from a third party; in these circumstances we will keep you
informed at all times as to what is happening and when we feel we will be in a
position to respond to you in full. This does not affect your right to take the
complaint to the Financial Services Ombudsman after the eight week deadline
should you not feel satisfied with our reason for delay.
In the
event that we receive a complaint that is not about us, or our services, and
assuming that we can identify the firm to whom the complaint should be
addressed, we will carry out the following action:
Ø
We
will write to the firm concerned, explaining that we believe the complaint to
be theirs, and suggesting that they contact you the client directly.
Ø
We
will enclose a copy of the original complaint letter.
Ø
We
will write to you the client, giving contact details of the firm, and invite
you to get in touch. We will also enclose a copy of the letter we send to the
firm.
Ø
We
will copy the new firm in on this letter as well.
Professional Indemnity Insurance
We are covered by the Financial Services
Compensation Scheme. You may be entitled to compensation from the scheme if we are unable to meet our obligations. This will depend 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, making
the maximum compensation £48,000. Further information is available from the
Financial Services Compensation Scheme.
We also
advise on other financial products which are not regulated by the FSA under the
Financial Services and Markets Act 2000. The
Financial Services Compensation Scheme does not apply to any of these products.
Modern
Money Financial Services Limited does carry Professional Indemnity Insurance as
required by the FSA.
Your Consent
I have read the above terms and fully consent to the
terms imposed and I authorise the transfer of information, on a confidential
basis when warranted between any such third parties. I acknowledge that the
Terms of Business Letter will come into effect from the date of issue. I also confirm that I am happy to give
Modern Money Financial Services Limited my express consent to contact me by
telephone or other means to discuss my financial affairs in future.
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