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Terms of
Business Letter for INDEPENDENT SOLUTIONS ROSS ON WYE Ltd.
INDEPENDENT
SOLUTIONS Ross-on-Wye Limited is authorised to conduct investment
business under the Financial Services & Markets Act 2000 and is
authorised and regulated by the Financial Services Authority.
INDEPENDENT SOLUTIONS Ross-on-Wye Limited’s FSA Register number is:
- 430062.
You can check
the above details on the FSA Register by visiting the FSA website
www.fsa.gov.uk/register or by contacting FSA on 0845 606 1234.
INDEPENDENT
SOLUTIONS Ross-on-Wye Limited is an independent adviser and will act
on your behalf in advising you on products from the whole market.
INVESTMENT
SERVICES
INDEPENDENT
SOLUTIONS Ross-on-Wye Ltd is permitted to advise on and arrange
(bring about) deals in investments. The particular investment types
relate to life assurance, pensions, investments in authorised
collective investment schemes, Unit Trust PEPs and ISAs.
With regard 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.
INDEPENDENT
SOLUTIONS Ross-on-Wye Limited does not handle clients’ money.
We never accept a cheque made out to us (unless it is a cheque in
settlement of charges or disbursements for which we have sent you an
invoice) or handle cash.
MATERIAL
INTERESTS
INDEPENDENT
SOLUTIONS Ross-on-Wye Limited offers independent advice, but
occasions can arise where we or one of our other clients will have
some form of interest in business being transacted for you. If this
happens or we become aware that our interests or those of one of our
other clients conflict with your interests, 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.
TERMINATION OF
AUTHORITY
You or we, may
terminate our authority to act on your behalf at any time, without
penalty. Notice of this termination must be given in writing and
will take effect from the date of receipt.
Termination is
without prejudice to any transactions already initiated which will
be completed according to these terms of business unless otherwise
agreed in writing. You will be liable to pay for any transactions
made prior to termination and any fees which may be outstanding.
FINANCIAL
SERVICES COMPENSATION SCHEME
We are covered
by the Financial Services Compensation Scheme. You may be entitled
to compensation from the scheme if we cannot meet our obligations.
This depends 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, so the maximum
compensation is £48,000. Further information about the compensation
arrangements is available from the Financial Services Compensation
Scheme.
COMPLAINTS
If you should
have any complaint about the advice you receive or a product you
have bought please write to The Compliance Director at INDEPENDENT
SOLUTIONS Ross-on-Wye Limited telephone 01989 565577. If following
our subsequent investigation and response you are still not
satisfied you may contact the Financial Ombudsman Service. Full
details are contained within our internal complaints procedure,
which is available to you on request at any time.
RIGHT TO
WITHDRAW
In the case of
a non packaged product ISA or Pep recommended we will inform you in
writing of any right to withdraw or cancel you may have or, if it is
the case, we will inform you in writing that no such rights will
apply.
CLIENTS RISK
You are advised
that because investments can fall as well as rise, you may not get
back the full amount invested. Past performance is not necessarily a
guide to future performance.
DATA PROTECTION
STATEMENT
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 (such companies include, for the avoidance of
doubt, Bankhall Investment Associates Limited and any member of its
group and/or companies, persons or entities of any nature whatsoever
with which it is associated or allied from time to time) 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.
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Please
tick this box to confirm your consent to us or any company
associated with us
processing any such sensitive personal data. |
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If you
are happy for us or any company associated with us to
contact you for marketing purposes by email, telephone SMS,
please, tick this box. |
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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
01989 565577 or in writing at Independent Solutions Ross-on-Wye
Limited, Montague House, 4. St Mary’s St, Ross-on-Wye,
Herefordshire. HR9 5HT.
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 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.
PAYMENT FOR
SERVICES
We normally
derive our income from commission paid to us by life assurance
companies and the operators of collective investment schemes through
which investments are made. We shall tell you the amount of
commission payable to us on any such investment. If we receive a
commission or other form of benefit from the issuer of a security or
from another intermediary, we will inform you, but we will not tell
you its amount unless you ask us to do so.
Alternatively,
if you or we propose to operate on a fee basis, we will agree its
basis, frequency and method with you in writing before we carry out
any chargeable work. Should we receive commission from any third
party in relation to transactions arranged for you, we will offset
the amount received against any fees due.
ACCOUNTING TO
YOU
Unless in
exceptional circumstances, we will confirm to you in writing the
basis or our reason for recommending the transaction executed on
your behalf.
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 to you all documents showing ownership of your investments
as soon as 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.
INVESTMENT
OBJECTIVES & RESTRICTIONS
Following the
issue of this letter any subsequent advice or recommendation offered
to you will be based on 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.
Details of your stated investment objectives will be included in the
suitability letter we will issue to you to confirm our
recommendation. Unless confirmed in writing, to the contrary, we
will assume that you do not wish to place any restrictions on the
advice we give you.
CLIENTS 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 Terms of
Business will come into effect from the date of issue.
I confirm that
I have received a copy of Independent Solution’s I.D.D and Menu of
services.
(Version 1).
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Client
Name(s) |
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Client
signature(s) |
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Date of
issue
Date of
receipt |
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about our services
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Version 1. |
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Independent
Solutions
Ross-on-Wye
Limited |
Montague
House
4 St Mary’s
Street
Ross-on-Wye
Herefordshire
HR9 5HT |
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1.
The Financial Services
Authority (FSA) |
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The
FSA is the independent watchdog that regulates financial
services. It requires us to give you this document. Use this
information to decide if our services are right for you. |
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2.
Whose products do we offer? |
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Investment |
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We
offer products from the whole market. |
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We
only offer products from a limited number of companies. |
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We
only offer products from single company. |
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Insurance |
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We
offer products from a range of insurers for life, critical
illness and income replacement insurance. |
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We
only offer products from a limited number of insurers for
buildings, contents and Accident Sickness and Unemployment
insurance.
Ask us
for a list of the insurers we offer insurance from. |
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We
only offer products from a single insurer.
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3.
Which service will we provide you
with? |
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Investment |
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We
will advise and make a recommendation for you after we have
assessed your needs. |
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You
will not receive advice or a recommendation from us. We may
ask some questions to narrow down the selection of products
that we will provide details on. You will then need to make
your own choice about how to proceed. |
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We
will provide basic advice on a limited range of stakeholder
products and in order to do this we will ask some questions
about your income, savings and other circumstances but we
will not:
·
Conduct a full assessment
of your needs;
·
Offer advice on whether a
non-stakeholder product may be more suitable |
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Insurance |
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We
will advise and make a recommendation for you after we have
assessed your needs for Buildings, Contents, Sickness
Accident & Unemployment Cover, Life, Critical Illness and
income replacement insurance. |
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You
will not receive advice or a recommendation from us. |
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4.
What will you have to pay us for
our services? |
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Investment |
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Before
we provide you with advice, we will give you our keyfacts
guide 'about the cost of our services'. |
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We
will tell you how we get paid, and the amount, before we
carry out any business for you. |
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Insurance |
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A fee
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No fee
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You
will receive a quotation which will tell you about any other
fees relating to any particular insurance policy. |
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5.
Who regulates us? |
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Independent Solutions Ross-on-Wye Limited is authorised and
regulated by the Financial Services Authority. Our FSA
Register number is 430062. Our permitted business is
advising and arranging investments and insurance contracts.
You
can check this on the FSA’s Register by visiting the FSA’s
website
www.fsa.gov.uk/register or by contacting the FSA
on 0845 606 1234. |
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6.
What to do if you have a
complaint |
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If you
wish to register a complaint, please contact us:
In
writing: Write to the Compliance Director Independent
Solutions Ross-on-Wye, Montague House, 4 St Mary’s Street,
Ross-on-Wye, Herefordshire. HR9 5HT.
By
phone: Telephone 01989 565577, If you cannot settle your
complaint with us, you may be entitled to refer it to the
Financial Ombudsman Service. |
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7.
Are we covered by the Financial
Services Compensation Scheme (FSCS)? |
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We are
covered by the FSCS. You may be entitled to compensation
from the scheme if we cannot meet our obligations. This
depends on the type of business and the circumstances of the
claim. |
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Investment |
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Most
types of investment business are covered for 100% of the
first £30,000 and 90% of the next £20,000 so the maximum
compensation is £48,000. |
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Insurance |
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Insurance advising and arranging is covered for 100% of the
first £2,000 and 90% of the remainder of the claim, without
any upper limit. |
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about
the cost of our services
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Independent Solutions
Ross on
Wye Ltd. |
Montague House, 4 St Mary Street,
Ross on Wye, Herefordshire, HR9 5HT
Tel: 01989 565577 |
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1.
The Financial Services Authority
(FSA) |
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The
FSA is the independent regulator of financial services. It
requires us to give you this document when advising on some
savings and investments. You may use this information to
compare value for money, to shop around and to decide which
firm to use. |
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2.
Our services
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We
offer an initial discussion (without charge) when we will
describe our services more fully and explain the payment
options. If you decide to go ahead, we will:
gather and analyse
personal information about you, your finances, your needs
and objectives;
recommend and discuss any
action we think you should take and, with your agreement,
arrange relevant investments for you.
We offer varying levels of
after sales service to suit your personal requirements. |
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3.
What are your payment options?
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Not
all firms charge for advice in the same way. We will discuss
your payment options with you and answer any questions you
have. We will not charge you anything until you have agreed
how we are to be paid. We have ticked the payment
options we offer.
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Paying by fee.
Whether you buy a product or not, you will pay us a fee for
our advice and services. If we also receive commission from
the product provider when you buy a product, we will 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.
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Paying by commission (or product
charges). If you buy a
financial product, we will normally receive commission on
the sale from the product provider. Although you pay nothing
up front, that does not mean our service is free. You still
pay us indirectly through product charges. Product charges
pay for the product provider’s 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. |
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Paying by a combination of commission
and fee. In some
circumstances we also charge a fee on top of any commission
we might receive. |
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4.
How much might our services cost?
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If you choose the fee option
We
will agree the rate we will charge before beginning work. We
will tell you if you have to pay VAT. Our typical charges
are:
(We
provide number of options as follows)
Option 1.
Financial review
- gathering and analysing personal information, identifying
finances, needs and objectives
=
£300.
Financial advice
- research, collation of information, production of
suitability letter and report £175 to £250 per hour.*
Option 2.
Flat
fee – For undertaking a financial review, research,
presentation and report. =
£1,000.
Option 3.
% fee.
– A % of the amount of
funds
invested
= Max of 5 %
Option 4.
–Retainer fees (ongoing
advice & service).
Gold.
- Bi- Annual factfind,
review of contract/funds, file updates, valuations
and
report.
= £50.00 Per month
Silver.
– Annual factfind. Review of contracts/funds, file updates.
Valuations
and
report.
= £40.00 per month.
Bronze.
– Annual review of Contract/funds, file update
valuations. = £20.00
per month.
*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.
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If you choose the combination of
commission and fee option
We
will charge you a combination of fees and commission. The
actual amounts will depend on the service provided to you,
but will not exceed the total of the maximum fees set out
above and the maximum commission set out in the tables
below.
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If you choose the commission option
Tables
1 and 2 show examples of the amounts of commission we could
receive (or the equivalent we earn through product charges)
and compare those amounts with the market average (see notes
1 & 2 at the end of this section 4).
The
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. |
Table 1 - Commission if you invest
monthly |
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Products |
Example term or age |
Comparison of costs |
Example based on £100 per month |
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Our
maximum |
Market
average |
This
shows the maximum costs of our sales and advice for a
monthly investment or premium of £100, ignoring any changes
in fund value |
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Savings
and investments |
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Collective investments (eg unit trusts) |
Any |
24%
of first 12
months payments plus 2.5% of all payments from month 60 |
22.8%
of first 12
months payments plus 2.5% of all payments from month 60 |
£288
plus £30 each year after 5 years |
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Endowments |
10 year term |
40%
of each of the first 12 months payments plus 2.5%
of all payments from month 24 |
31.2%
of each of the
first 12 month’s payments plus
2.5%
of all payments
from month 24 |
£480.00 spread
evenly over the first 12 months plus
£30.00 each year from month 24 |
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Protection |
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Whole of life assurance |
Age 40 |
135%
of each of the first 12 months plus 2.5% of
all payments from month 49 |
101.6%
of each of the first 12 months plus 2.5% of
all payments from month 49 |
Initial
£1629.60 plus £30.00 each year from month 24 |
Saving
for retirement |
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Personal and Stakeholder pensions |
25 year term |
66%
of each of the first 12 months payments plus 0.75% of
your fund value each year from year 1 |
0.7%
of your fund each year from year 1 |
Initial
£792.00 plus £9 in year 1,
£18.00
in year 2 and so on (The actual amount in later years will
vary in line with your fund value) |
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10 year term |
31.5%
of each of the first 12 months payments plus 0.75%
of your fund value each year from year 1 |
9.8%
of each of the first 12 months payments plus
0..75% of your fund value each year from year 1 |
Initial
£380.00 plus £9 in year 1 and so on, (The
actual amount in later years will vary in line with your
fund value) |
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Table 2 - Commission if you invest a
lump sum |
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Products |
Example
term or age |
Comparison of costs |
Example
based on £10 000 lump sum |
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Our
maximum |
Market
average |
This
shows the maximum costs of our sales and advice for a lump
sum investment of £10 000, ignoring any changes in fund
value |
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Savings
and investments |
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Collective investments (eg unit trusts) |
Any |
6.3%
of the amount you invest |
3.7%
of the amount you invest |
Initial
£630.00 |
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Investment bonds |
Any |
7.5%
of the amount you invest |
4.9%
of the amount you invest |
Initial
£750.00 |
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Saving
for retirement |
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Personal
and Stakeholder pensions |
Any |
6.4%
of the amount you invest.
+ 1%
fund value from year 1. |
0.6%
of the amount you invest |
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