Terms of Business
OUR STATUS AS ADVISERS
We
recommend that you print this document for your records.
People
who advise members of the general public on life assurance, pensions and other
financial products may be:
Independent Advisers;
Advisers
restricted to the packaged products of one product provider or marketing group;
Advisers
restricted to the packaged products of one product provider or marketing group
but able to advise on packaged products
adopted by that product provider or
marketing group; or firms authorised to manage a portfolio with discretion.
We are independent financial advisers and therefore act on
your behalf by giving advice on the products of any product provider and
transacting that business for you. We are not authorised to manage a portfolio
with discretion.
1. COMMENCEMENT DATE
This Terms of Business comes into effect on the date you
receive it from us.
2. OUR FIRM
R.J. Nash Consultancy Ltd
(referred to as we or us in this document)
We are an Appointed Representative of Sesame Ltd (the
Network) whose registered office is at:
Burleigh House
Chapel Oak
Salford Priors
Worcestershire
WR11 8SP
Sesame Ltd is authorised and regulated by the Financial
Services Authority (FSA)150427. The network is part of the Sesame Group and this
means that we have the backing of a national network.
If our firm has only one individual who carries out
investment business and, for any reason, he is unable to conduct investment
business for more than 14 days, in order to safeguard your interests; a formal
arrangement has been made with another independent financial adviser to carry
out our investment business obligations. Details of the locum are available
either from us or from Sesame Ltd.
3. OUR SERVICES TO YOU
We offer you independent financial advice based solely on the
information provided by you, and as we are not tied to any insurance company, we
are able to survey the whole market in order to find the most suitable product
for you and can advise you on the products of different companies.
We will only ever recommend a course of action if we believe
it to be suitable for you. If you want to restrict the area of advice, you can
confirm this at the first interview or at any time.
Otherwise, we can advise on the following investment services
as regulated by the FSA:
Life Assurance; Pensions; OEICS; Unit Trusts; Investment
Trusts; ISAs products. We do not provide advice in relation to individual share and gilt
holdings.
The FSA does not regulate the advice on all the products and
services we provide. These include products to cover long term sickness and/or
disability, healthcare products, National Savings.
These services may include advice on investments related to,
or executing transactions in, units in unregulated collective investment
schemes. Where this is the case, the advice will be specifically geared to your
personal requirements.
4. HOW WE ACT FOR YOU
We prefer our clients to give us instructions in writing to
avoid possible disputes. We will, however, accept oral instructions providing
they are subsequently confirmed in writing.
Any advice we give you will normally be in writing, but if
given orally will be recorded on your file. Where any recommendation we make,
or transaction we undertake for you, results in a right to cancel the policy
under certain conditions, we will advise you of these rights. We will also tell
you if you do not have a right to cancel the arrangement.
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 and obtain
your consent before we carry out your instructions.
When we arrange investments for you we will register these in
your name unless otherwise agreed in writing. Additionally, we will ensure you
receive either a contract note, documents or title, or certificates evidencing
title. All such paperwork 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 completed.
5. INVESTMENT RISK
All investments carry a degree of financial risk which will
tend to increase in proportion to the potential rate of return on the
investments. Any product which is directly or indirectly invested in assets
which may fall in value (for example equities) may itself fall in value along
with any decrease in value of those assets. Before entering into any investment
agreement, you must ensure that you understand the risk associated with the
product and are content to accept that level of risk.
6. WE DO NOT HANDLE CLIENT MONIES
Crossed cheques for premiums or investment monies can only be
made payable directly to the product provider. No premiums or investment monies
of any kind should be paid or made payable to anyone else.
You should therefore decline to give any money to, or write
cheques payable to Sesame Ltd Appointed Representatives or Sesame Ltd Registered
Individuals. Appointed Representatives and Registered Individuals are not to
handle client money, any receipt by them of such a payment from you will not be
regarded by Sesame Ltd as being a transaction for which Sesame Ltd will have any
responsibility.
7. PAYMENT FOR OUR SERVICES
Commission
We derive our income from commission paid to us by life
assurance companies, unit trust managers, stockbrokers and other intermediaries
with whom investments/products are made. You will receive details from the
operator in question, or from us, about commission we receive. We shall tell
you the amount of commission payable to us on any investment/product we have
arranged for you. We reserve the right to act as an agent for third parties and
to share commission received with them.
Fee Alternative
We do not normally charge a fee, but if we do, we will give
you a separate agreement setting out our fee rates amended in writing and
notified to you from time to time, in the following circumstances.
i)
if the work we do for you does not relate to investments/products on which
commission is payable.
ii)
if you instruct us to give you advice, but not to arrange the sale or purchase
of any investment/product for you; or
iii)
if it is agreed that the work is carried out on a fee basis, with any commission
that would have been payable being reinvested to enhance the investment/products
arranged, or being used to offset the fee otherwise payable;
As we are independent we can provide you with a
fee only option should you prefer, for investments and mortgage business.
Where we propose to charge a fee, we will notify you in
writing before we carry out any chargeable work, explaining how it will be
calculated.
Other payments to us
If we receive any other form of benefit from the issuer of an
investment or from another intermediary, we will inform you, and will also tell
you the amount should you request it.
8. DATA PROTECTION AND RECORDS
Collection of Data
We collect your data during our fact-find into your
circumstances. With your consent we may collect your data from Institutions
with whom you currently have contracts and insurance policies, from your
employer and professional advisers. We may obtain data from credit reference
agencies.
Use of Data
Your information will be held on computer-based databases and
in paper files. We use the data primarily to provide you with financial
services advice and complete transactions on your behalf. We analyse and assess
your data to maintain and develop our relationships with you. Use of your data
includes financial risk assessment, money laundering checks, compliance and
regulatory reporting and fraud prevention. We use your data to help us prepare
proposals for you to enter into transactions and insurance proposals and, in
some circumstances, members of your family and others connected with these
transactions, insurance proposals and claims. We like to keep you informed of
our products and services and we use your data to enable us to recommend them to
you (if you do not want us to do this, please contact us or use the opt-out box
provided in the copy of this document issued to you when an enquiry is made to
us). Your data will be kept for a minimum of six years in compliance with our
financial services responsibilities.
Transfer of Your Data
As we are an Appointed Representative of Sesame Ltd (the
Network) we pass your data to the Network, because it has regulatory
responsibility for the financial services business we transact with you. We
will also pass your data to institutions (with the aim of entering into and
servicing transactions), our regulators and auditors plus our, and Sesame Ltd's,
professional advisers and sister companies. We may recommend other financial
advisers to approach you with their products and services offerings (if you do
not want us to do this, please contact us or use the opt-out box provided in the
copy of this document issued to you when an enquiry is made to us). Sesame Ltd
may transfer your data outside the European Economic Area. If Sesame Ltd does
so, it will take appropriate steps to ensure the same level of protection for
your personal data as would be available in the European Economic Area.
Access to your records
You have the right upon payment of a fee to obtain a copy of
the personal data that we hold. If you believe that any information is
incorrect or incomplete you should contact us and, if the data is incomplete or
incorrect, we will correct it promptly.
Entering into these terms of business signifies your consent
to the processing of your data by us except to the extent that you opt-out of
receiving additional marketing literature from us and third parties.
9. CONTACT
Once we have acted upon your instructions we will not
normally give you further advice. However, we may review our record of your
investments and policies periodically and contact you to suggest that we arrange
a review meeting. We will, however, be pleased to advise you at any time should
you require further assistance.
We like to keep our customers informed of products and
services we offer which may be of interest to them, therefore, from time to time
we may forward marketing material to you, or contact you by telephone.
10. TERMINATION OF THIS AGREEMENT
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 by first class post. It will be deemed to be received 2 business days
after being posted.
Any business currently being completed will be completed
unless we receive your instructions to the contrary.
Any fees outstanding at the date of termination will be due
within four weeks of the termination date.
11. COMPLAINTS AND COMPENSATION
If you have any complaints about the advice you have
received, please write to the Complaints Desk at:
Sesame Limited
Oasis Park
Stanton Harcourt Road
Eynsham
Oxfordshire
OX29 4AE
In the event you are not satisfied with their treatment of
your complaint, you can complain to the Financial Ombudsman Service. Details of
the procedure and the Ombudsmans address will be supplied to you at that time,
or if you request them.
We maintain Professional Indemnity Insurance for your
protection. If you make a valid claim against us in respect of any of the
listed investments we arrange for you, and we are unable to meet our liabilities
in full, you may be entitled to redress through the Financial Services
Compensation Scheme (FSCS). 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 FSA and the FSCS.
12. LAW
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.
I/We acknowledge receipt of a copy of the Terms of Business
letter and confirm that its content has been explained to me. I/We accept that
these Terms of Business become effective from the date I/We receive/sign this
document
I do
not wish to receive information about other products and services provided by
you
YES/NO
I do not wish to receive information about the products or services of other
carefully selected third parties.
YES/NO
Clients Name
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Signature
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Date
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Clients Name
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Signature
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Date
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One
signed copy to be retained by the client(s). One signed copy to be retained by
member.
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R.J.
Nash
Consultancy Ltd
