Terms and Conditions
- Introduction
- The Financial Services Authority (FSA)
- Products and Services
- Conficts of Interest
- Client Classification
- Client Instructions
- Remuneration
- Paying by commission (or product charges).
- Paying by fee
- Paying by a combination of commission and fee.
- Verification of Client Identity
- Investment and Policy Reviews
- Commencement / Termination
- Client Money
- Cancellation
- Policy Documents
- Data Protection
- Financial Services Compensation Scheme
- Complaints
- Legal Jurisdiction
Introduction
This document sets out our Terms and Conditions for business and includes a summary of the products and services that S.O.E. Consultants Ltd offers as well as how we charge for our services.
These Terms and Conditions of Business must be read in conjunction with any fee or service agreement issued to you by S.O.E. Consultants Ltd, and must also be read in conjunction with any financial planning report, Suitability Letter, product particulars and Key Features Document issued to you by S.O.E. Consultants Ltd.
The Financial Services Authority (FSA)
The FSA is the independent regulator of financial services. S.O.E. Consultants Ltd is appointed representative of Adams Financial Services which is authorised and regulated by the FSA for arranging and advising on mortgages, general insurance and investments and is bound by the FSA’s rules. The FSA’s address is: The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
Adams Financial Services are entered on the FSA’s register and the FSA registration number is 142058. This can be checked 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. S.O.E. Consulting Ltd is regulated in the United Kingdom.
Products and Services
We provide impartial and professional advice to both individual and corporate clients on a wide range of financial services areas. This is backed up with traditional values of quality service and client satisfaction. We also work with other professionals to create a comprehensive solution to our clients’ financial needs.
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 then recommend and discuss any action we think you should take and, with your agreement, arrange relevant investments for you.
We are independent which means we can advise you on the products and services of different companies from the whole of market. The types of products and services we advise on and arrange are life assurance and other protection policies, personal pensions, annuities, pension transfers, opting out of occupational schemes, income drawdown and phased retirement plans, investments in authorised unit trusts, individual savings accounts, investment bonds, recognised offshore funds, and other regulated schemes.
Our focus is on building long-term relationships with clients and providing the best possible level of service and advice.
Conflicts of Interest
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. Although this is unlikely, if we become aware that our interests or those of one of our other customers conflict with your interests, we will ensure that you receive fair treatment in accordance with the rules and guidance laid down by the Financial Services Authority.
Client Classification
S.O.E. Consultants Ltd classifies all clients as Retail Clients, and will endeavour to provide all clients with the level of service and advice that a Retail Client could reasonably expect. However, irrespective of S.O.E. Consultants Ltd’s classification, any client who would ordinarily be considered to be a Professional Client or Eligible Counterparty may not necessarily have rights under the Financial Ombudsman Service or the Compensation Scheme.
Client Instructions
We normally ask you to give instructions in writing. We may at our discretion accept oral, facsimile or electronic instructions on the condition that written confirmation of any such instruction is issued on the same or next working day as the oral, facsimile or electronic instruction. S.O.E. Consultants Ltd will issue all documentation and communications in English, and will only accept client communications and instructions in English.
Remuneration
S.O.E. Consultants Ltd is remunerated for its services and advice on either a commission basis; a fee basis or on a fee (off-set by commission) basis.
Paying by commission (or product charges)
If we sell you 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.
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 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.
Fees are calculated on the basis of the time spent on the work and the charging rate depends upon the complexity of the task and the seniority, qualifications, knowledge and experience of the individual advising or assisting you. Before commencing work you will be notified of the level of fees in your case. We will tell you if you have to pay VAT. At your request, we will provide an estimate of the likely fee in advance of carrying out any chargeable work.
| Our typical charges are: | |
| Directors and Senior Consultants | £400.00 per hour |
| Consultant | £130.00 per hour |
| Administration (Technical) | £130.00 per hour |
| Administration (basic) | £85.00 per hour |
Paying by a combination of commission and fee
In some circumstances, we also charge a fee on top of any commission we might receive. Fees may be abated to the extent of any commission which we receive from third parties in connection with any transactions arranged by us for you. We will endeavour to have any such commission reinvested on your behalf or waived where this is to your benefit. If we receive commission and the relevant policy or investment is surrendered, lapsed or altered by you, so that commission is then repayable by us to a third party, and we have used the commission to reduce our fee to you, or otherwise set it against our charges, you will be liable to pay S.O.E. Consultants Ltd the full amount of the shortfall. This will not arise if the amendment or cancellation is as a result of advice from S.O.E. Consultants Ltd.
Verification of Client Identity
We are legally obliged to verify the identity and certain other information for all clients as well as recording the source of the funds being invested. We reserve the right, at our absolute discretion, not to proceed with a client’s instructions when we are not reasonably satisfied with the lawfulness of the transaction. We accept no responsibility or liability for the consequences, whether direct or indirect, of any delay or failure to invest funds when our client verification requirements have not been satisfied in full.
Investment and Policy Reviews
When we have arranged an investment or policy for which you have given us instructions, we will not undertake any regular or periodic review of that investment. You can request that we provide you with a regular or periodic review service, and such arrangement will be subject to a separate written Agreement.
Commencement / Termination
These Terms and Conditions of Business come into force with immediate effect upon delivery. You, or we, may terminate our authority to act on your behalf with immediate effect. This may be done at any time, without penalty, but notice must be given in writing. Termination will be without prejudice to the completion of transactions already initiated. Whenever possible, we will give 30 calendar days notice of any amendments to these Terms and Conditions of Business before transacting business with you, unless it is impractical to do so.
Client Money
S.O.E. Consultants Ltd Limited does not handle client money. We never accept a cheque made out to us (unless it is a cheque in settlement of fees, charges or disbursements for which we have sent you an invoice) or handle cash. Any such cheques received by us will immediately be returned to you by ordinary post to your last known address.
Cancellation
Cancellation or withdrawal rights may apply depending upon the type of contract and whether the contract was concluded following a face-to-face recommendation or exclusively by one or more means of distance communication. An appropriate notice will be issued to you by the product provider together with confirmation of the contract terms entered into.
Policy Documents
Policies, certificates or other documents showing ownership of your investments will normally be sent directly to you by the product providers concerned but if sent to us they will be forwarded to you as soon as is practical. 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 do not otherwise offer clients a safe custody service, and accept no liability for the default of any third party to whom you instruct us to forward documents.
Data Protection
Information provided by you may be held, processed, disclosed and used by ourselves, professional advisers and any associated companies in servicing our relationship with you. However, strict confidentiality will be maintained at all times. It is understood that, unless you notify us otherwise, you agree to the storage, use and disclosure of such information. This information may be disclosed to third party product providers in the course of providing our analysis and servicing of our relationship with you. No information will be passed to another party without your prior consent unless we are legally obliged to do so. You also agree that for the purposes described above your data may be transferred to countries outside the European Economic Area (EEA). We may use and analyse your data, including the nature of your transactions, to provide you with information by post, telephone fax or e-mail to service and update you, as well as informing you of new investment opportunities . If you would prefer to be excluded from these services, please write to us at S.O.E. Consultants Ltd, Ladywood, Watledge, Nailsworth, Stroud, Gloucestershire, GL6 0BB.
You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information.
Financial Services Compensation Scheme
S.O.E. Consultants Ltd is 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.
Most types of insurance business are covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit. Further information about compensation arrangements is available from the Financial Services Compensation Scheme.
Complaints
If you wish to register a complaint, please contact our compliance officer in writing at Adams Financial Services, 203 Cippenham Lane, Slough, Berkshire, SL1 5AG. or by telephone on 01753 534 921. We will acknowledge the issue and send you a copy of our internal complaints procedure. The matter will be investigated in line with our procedures and our findings reported to you.
If you remain unsatisfied following Adams Financial Services investigation of your complaint you may complain directly to the Financial Ombudsman Service, who can be contacted on: 0845 080 1800. Website: www.financial-ombudsman.org.uk
Legal Jurisdiction
These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Third Party Rights) Act 1999. These Terms of Business are governed by and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
