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Terms of Business 1. Our Regulator F H Manning are authorised
and regulated by the Financial Services Authority, 25 North Colonnade, We offer products from the
whole of the market. 2. Our
Relationship Unless we notify you in writing to the contrary, we
will be treating you as a Retail client.
This means that you are afforded the highest level of protection under
the regulatory system and should have the right to take any complaint to the
Financial Ombudsman Service. All our advice and recommendations will take account
of your personal circumstances, financial objectives, attitude to risk and
any restrictions that you wish to place on the type of products you would be
willing to consider. 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. We will confirm to you in writing :- A Our
understanding of your investment objectives B The
suitability of the products and the reasons why the products have been
selected C Details
of any risks associated with the products recommended Full details of the products we recommend, including
for example the minimum duration of the product, information on the right to
cancel or whether no right to cancel arises and any other early termination
rights or penalties, will be covered in the relevant product disclosure
information you will receive before any transaction is concluded. If we receive a commission or other form of benefit
from the issuer of the security or from another intermediary we will inform
you but we will not tell you the amount unless you ask us. There is no additional cost to you for dealing at a
distance and communications to all clients will be made in English. If you are a member of a Group Personal Pension
Scheme we will provide advice to you on either the scheme and/or your
personal finances. Any charges will be
borne by you personally. 3. Our remuneration methods We offer an initial
discussion (without charge) when we will describe our services more fully and
explain the payment options. In respect of
the initial advice we offer 3 payment options: A 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. We currently charge £90 + VAT per hour. B 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. Where a product entitled us to receive an
ongoing commission this is part of the initial commission and does not
automatically entitle you to any ongoing advice or service. For investments the initial
commission is usually charge 3% of the value of the investment and full
details of the commission will be provided to you before the transaction
takes place. C Paying by a combination of
commission and fee. All fees / charges will be fully
disclosed to you in writing with the advice report before we undertake any
work for you. 4. Your
protection We will arrange for all investments to be registered
in your name unless you instruct us otherwise in writing. All documents showing ownership of your
investment will be forwarded to you as soon as practical after we receive
them. Where there are a number of
documents relating to a series of transactions we will normally hold the
documents until the series is complete and then forward them to you. F H Manning Financial Services Ltd will retain files
for a minimum of 7 years. We maintain Professional Indemnity Cover. You should let us know immediately of any change in
your circumstances which may have a bearing on or affect the services and
advice we give you. 4a Best
Execution In executing and transmitting orders on your behalf
to third parties, we will take reasonable steps to ensure that we obtain the
best possible result for you. We agree
to process any instructions within 5 working days. 4b Conflicts
of Interest We will endeavour always to act in the best
interests of our clients. However, circumstances
can arise where we or one of our other customers may have some form of
interest in business being transacted for you. If this happens or we become aware that our
interests or those of our other customers 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. 4c Online
transactions Where business is submitted online a signature may
not be required. We will only utilise
a Company’s online submission service where they use high level
encryption to ensure that your personal data is confidential and protected
from abuse and tampering between our Browser and their server. If you do not wish us to use this type of
facility please let us know. 4d Risk
warnings Please be aware that investments can fall in value
as well as rise and that you may not always get back the sum invested. The price of investment which we recommend
may be subject to fluctuations in the financial markets which are outside our
control. Any reference to the past
performance is not necessarily a guide to future performance. Charges on any investment may change in the
future although you will be given reasonable notice of this. The taxation rules currently in place may
also change. Details of any risks
specific to your investment will be detailed in the suitability report
provided to you before any business is transacted. 4e Cancellation
rights After an investment
has been made in most cases you can exercise a right to cancel by withdrawing
from the contract recommended to you.
In general terms you will normally have a 30 day cancellation period
for a life, pure protection or pension policy and a 14 day period for all
other policies. The start of the
cancellation period will normally begin, for pure protection policies, when
you are informed that the contract has been concluded or, if later, when you
have received the contractual terms and conditions. In other cases, the
cancellation period will begin on the day the contract is concluded or, if
later, the day on which you receive the contractual terms and conditions.
Instructions for exercising the right to cancel, if applicable, will be
contained in the relevant product disclosure information which will be issued
to you. If you cancel a
single premium contract, we may require you to pay for any loss we might
reasonably incur in cancelling it which is caused by market movements. This means that, in certain circumstances,
you might not get back the full amount you invested if you cancel the policy 5. Our
dealings with you When we have arranged investments for you we do not
keep them under review or provide any regular advice unless you select one of
the ongoing services detailed at A or B below: A Comprehensive
Service This service provides ongoing advice in respect of
your portfolio which we keep under continuous review. Our aim is to provide you with timely
advice to deliver consistent returns measured against selected benchmarks
taking into account your investment objectives and attitude to risk. This service also provides: Continuous
access to your adviser to discuss any aspect of your affairs covered by the
service or to report any changes in you circumstances which may have a
bearing on our ongoing advice. Continuous
access to the Investment Director to discuss markets and economic issues Half
yearly valuations of your individual holdings and summary of the overall
value and a report which includes * details showing the performance of
the holdings and overall portfolio measured against various appropriate benchmarks * An analysis of the asset allocation * A review and commentary on
investment markets generally * Recommendations as they relate to
investments to include the utilisation of capital gains tax exemptions
and ISA allowances A check
to ensure investment objectives continue to the met and that the
pre-determined risk profile is being maintained. The offer
of a six monthly meeting with your adviser to discuss the report and
valuation Interim
advice on your portfolio if markets conditions change The charges are based on the
value of the portfolio as follows: Individual Savings Accounts
included in the portfolio are charged at 0.25% of their value each half year Each half year the charge is
0.50% of the value of the portfolio plus VAT on values up to £250,000 For portfolios valued in excess
of £250,000 the half yearly charge on the excess is 0.25% plus VAT For portfolios in excess of
£1,000,000 the charge on the excess is 0.125% plus VAT For example an ISA portfolio
valued at £50,000 will be charged £125.00 for six months. A portfolio, with no ISAs valued at £450,000 will be charged £1750.00 for six
months (£250,000 @ 0.5% and £200,000 @ 0.25%) F H Manning do
not retain initial commissions generated by investment changes made to
existing portfolios subject to the Comprehensive Service. Where such commission arise they are
rebated to the client in the following manner: They will first be used to reduce
any initial charges on the new investment Where possible any balance will
be used to increase the amount of the investment Any amount which cannot be dealt
with under 1 or 2 will be set off against the clients next half yearly fees B Review
Service This service provides an annual or bi-annual
historic review for those clients who do not require the ongoing and
continuous comprehensive service and advice.
You should be aware that we only review the portfolio on your review
date(s) and will only correspond with you shortly after those dates. The decision on the frequency and date of
the review is made by you with the assistance of your adviser. This service includes: An annual
or bi-annual valuation and report which includes * Performance of the overall
portfolio measured against a single benchmark. * A market summary A check
to ensure that investment objectives continue to be met and that the
predetermined risk profile is being maintained. Recommendations
as they relate to investments to include the utilisation of capital tax
exemptions and ISA allowances. This service provides either an
annual or bi annual review of the clients investment
and the cost is charged at our hourly rate of £90 plus VAT based on the time
spent conducting the review and providing advice. The minimum charge for this service is £180
plus VAT for each review. C A Valuation Service This is
also available which only provides a valuation of your portfolio on either
regularly at a pre determined date or at your request. No advice reports or recommendations are
included unless you request otherwise. Quarterly or half yearly valuation without any advice are charged at £50 plus VAT
per valuation. Any of these Services can be selected by signing the
end of this document where it is headed Ongoing Services We may on expiry of an investment contact you
concerning the re-investment but this is not automatic and you should not
rely upon us to make the initial contact. We may also contact you in the future by letter or
telephone otherwise than at your express invitation to inform you of or
discuss investments or services which we consider would be of benefit and
interest to you unless you indicate otherwise at the end of this document. 6. Safeguarding
and Administration of documents If you instruct us in writing we will retain your
investment documents in our fire proof safe and appropriate entries will be
made in the register maintained for the purposes of recording what documents
are held. A fee of £15.00 per annum
plus VAT will be charged for this service.
The fee will be payable in advance from the date of receiving your
written instructions and thereafter at the beginning of each calendar year. We undertake to send a statement to you every six
months detailing the documents held. Although we take reasonable care, we do
not accept responsibility for the loss of, or damage to, any such document
due to circumstances outside our control. Documents will only be passed to a third party on
receipt of your written instructions. We
are not responsible for the documents whilst they are in the hands of an
authorised third party. We may be
entitled to retain your documents or other assets until any charges due to us
in respect of the retention and administration or custody of those documents
has been paid in full. 7. Client
Money F H Manning are authorised to hold client
money. This is held in a separate
client account at Barclays Bank Plc and is a designated trust account. All client money is segregated from that of
F H Manning Financial Services Ltd. If
we receive money from you or a third party for you it will be held in our
client account until we make payment for the investments you have agreed to
buy or it is paid over to you. Payments to you will be by crossed cheque or if you
request the payment can be sent direct to your bank. If a telegraphic transfer is made any
charges incurred will be recoverable from you. NO INTEREST IS PAYABLE IN RESPECT OF MONIES
HELD IN THIS ACCOUNT. Money held on
your behalf and not earmarked or committed for immediate investment will be
held in a similar trust account with Bank of Ireland. ALL INTEREST EARNED ON MONEY HELD ON
DEPOSIT WITH BANK OF 8. Data
Protection Some services are provided to F H Manning Financial
Services Ltd by third parties such as processing business or obtaining
compliance or regulatory advice, which warrant the disclosure of more than
just your basic contact details. You
agree that personal information held by F H Manning Financial Services Ltd
may be disclosed on a confidential basis, and in accordance with the Data
Protection Act 1998, to any such third parties. You also agree that this information may be
transferred electronically, e.g. email and you agree that ourselves, or any
such third party, may contact you in future by any means of communication
which we consider appropriate at the time. Product Providers, Lenders and Investment Managers
may administer your policy, any existing policies you may have with them and
provide other services, from centres outside Europe (such as India and the
USA) that do not always have the same standard of data protection laws as the
UK. However, they are required to put
a contract in place to ensure that your information is adequately protected,
and they will remain bound by their obligations under the Data Protection Act
even when your personal information is processed outside 9. Complaints If you wish to register a complaint, please contact
us: If you cannot settle your complaint with us, you may
be entitled to refer it to the Financial Ombudsman Service. 10. Compensation 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. Deposits - Most types of business are
covered for 100% of the first £35,000 Investments - 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. 11. Termination 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 outstanding, if applicable. 12. 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 / I AM NOT happy to give F
H Manning Financial Services Ltd my express consent to contact me by
telephone to discuss advising on or arranging financial, mortgage or
insurance products in future.’ Ongoing Service Comprehensive* Annual Review* Bi Annual Review* Valuation
only * please state
frequency …………………... *delete as appropriate Customer Name(s) ……………………………………………………. Customer signature(s) ……………………………………………………. Date ……………………………………………………. |
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This Company is Authorised
& Regulated by the Financial Services Authority