BEDALE FINANCIAL SERVICES
BANK HOUSE, AISKEW BANK, BEDALE, N YORKS, DL8 1AS
TEL NO 01677 424234
TERMS OF BUSINESS
Those who advise on life assurance, pensions or unit trust products are
EITHER independent advisers
OR restricted advisers.
Your adviser is independent and will act on your behalf in advising you on life assurance, pensions or unit trusts. Because your adviser is independent she can advise on the products of different companies.
Bedale Financial Services is bound by the Rules of and regulated by the Financial Conduct Authority (FCA) for investment business and is authorised to advise on and arrange life assurance, pensions and investments in authorised unit trusts, gilts, Individual Savings Accounts, and other investments. If you make a valid claim against us in respect of any of the listed investments that we arrange for you, and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme. Details of the cover provided by the scheme are given in a leaflet which we will send to you at your request. Further information is available from the Financial Conduct Authority and the Financial Services Compensation Scheme.
We offer you independent financial advice based solely on the information provided by you, and, as we are not tied to one Insurance Company, we are able to survey the whole market in order to find the most suitable product for you. 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 interests or those of one of our other customers conflict with your interests, we will inform you in writing, and obtain your consent, before we carry out your instructions.
OUR DEALINGS WITH YOU
We prefer our clients to give us instructions in writing, to avoid possible disputes. We will, however, accept oral instructions, provided that they are confirmed by letter or by completion of an application form. Any advice that we give you will normally be in writing, but if given orally, will be recorded on your file. Once we have acted upon your instructions, we will not normally give any further advice at that time. However, we may review our records of your investments and policies periodically and write to you to suggest that we arrange a review meeting. Our authority to act on your behalf may be terminated by you or us at any time, without penalty. Notice of this termination must be given in writing.
We derive our income from adviser charges and/or commissions:
· Adviser charges are paid directly to us by the client, but can sometimes be facilitated by a product provider..
· Commissions can be paid to us by Life Assurance Companies. You will receive information on the commission that we will receive from the product provider or from us. We shall tell you the amount of commission that our business will receive from the provider of any product that we arrange for you.
Full details of our adviser charges are in the Key Facts document and will be clearly explained to you before any action is taken on your behalf. Choosing whether to pay a adviser charge or allowing commissions to be taken will depend on the individual client’s circumstances. We will provide full information on the cost of the adviser charge and the alternative commission that would be payable to us.
If adviser charges are paid, the commission that would have been paid to us will be offset against our adviser charges. Unless we agree that different commission terms will apply. If the commission which is offset against adviser charges does not equal the adviser charges due, you will be invoiced for the difference. If the commission exceeds the adviser charges due, you will be credited with the difference which will be offset against future adviser charges. If commission is rebated into a policy or directly to the client this may result in a tax charge for the client; such a rebate will only occur in exceptional cases and will be agreed between us.
An adviser charge may be charged where no alternative commissions are available and/or you require financial advice but do not want us to arrange for any product to be provided to you. In this case, we will advise you of the amount, in writing, before we undertake the work for you.
The adviser charge will be calculated by the hour for all hours expended on behalf of the client, at the rate of £120 per hour. This includes time spent on meetings, research, planning and report writing. (Half hours may be charged if a full hour charge is inappropriate.) If you ask us to work on a adviser charge basis you will be provided with a timesheet showing hours worked on your behalf with each invoice. Changes to this hourly rate will be notified to you, in writing, from time to time.
Or an initial adviser charge will be agreed as a lump sum payment and ongoing advice charges will be based on a percentage of the value of funds invested.
If we have been paid for our work by a commission on a policy, either directly or as an offset against adviser charges, AND YOU SUBSEQUENTLY STOP PAYING THE PREMIUMS ON THAT POLICY AND WE ARE OBLIGED TO REFUND THE COMMISSION that has been paid to us, we reserve the right to charge you a adviser charge based on the number of hours spent on advising you and arranging the policy. This is because we have to repay commission if you stop paying premiums within the first two to four years, depending on the type of policy that you have taken out. We will tell you, in writing, the amount of time that must elapse before you can cancel your policy without any charges being made.
There are no penalties if you change your mind and wish to cancel your policy/investment WITHIN THE CANCELLATION PERIOD although you may not receive a full refund if you do cancel because costs will have been incurred. However, WHERE THE COMMISSION WAS BEING USED TO OFFSET A ADVISER CHARGE, WE RESERVE THE RIGHT TO CHARGE YOU AN ADVISER CHARGE based on the number of hours spent on advising you.
We maintain Professional Indemnity Insurance.
WE DO NOT HANDLE CLIENTS’ MONIES.
We never handle cash or accept a cheque made out to Bedale Financial Services, unless it in settlement of charges or disbursements for which we have sent you a bill.
OUR RECORD KEEPING
We will account to you for transactions effected on your behalf either by means of a contract note, or by providing documents of title or certificates evidencing title. You have the right to inspect copies of contract notes, vouchers and entries in our files or computerised records relating to your transactions. We keep records of our business transactions for at least 6 years. We treat all client records as confidential. We will register all investments in your name unless otherwise agreed in writing. All documents of title in respect of investments will be forwarded to you by post as soon as possible after we receive them. Where a number of documents relating to a series of transactions is involved, the documents will normally be retained until the series is complete.
THE DATA PROTECTION ACT
Personal information supplied by you will be used for the purpose of completing any transaction and in order to advise you on other products and services that we recommend.
The Data Protection Act 1998 gives you the right not to have your personal data processed for direct marketing purposes. If you do not wish to receive marketing material from us please tick this box Ο
Information of a sensitive nature about your physical or mental health or condition may be required for certain products, such as life assurance or permanent health insurance. This will have to be shared with third parties who will be providing insurance cover.
You have the right, amongst other things, to:
· be informed upon request of all the information held about you by a particular data controller;
· prevent the processing of your data for the purposes of direct marketing;
· compensation if you can show that you have been caused damage by any contravention of the Act;
· the removal or correction of any inaccurate data.
I acknowledge receipt of a copy of these Terms of Business and agree that they form the basis of my relationship with you.
Client signature ………………………………………… Date …………….
Name (please print) …………………………………