Letter of Authority

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The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

How It Works

 

STEP 1. Complete and send the Letter of Authority below – adding the date and the signature of the Pensionholder (using your mouse or digital pen.)


 

STEP 2. We will telephone you to gather the basic information needed to allow us to conduct your review in accordance with the current Financial Conduct Authority requirements.


 

STEP 3. We will then contact your Pension provider or providers and collect the information we need to analyse and review your current pensions.


 

STEP 4. We then arrange a telephone appointment with one of our professional Pensions Advisers who will make the necessary recommendations on how to maintain or improve your pension provision.


Letter of Authority

Complete this form and start your No Obligation Pension Review.

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Contact Details


I understand and accept that in order for a Pension Review to be completed, we may need to share my personal information with pension companies, financial advisers and related companies. I agree to such disclosure of my personal data.

 

Terms of Business - please scroll through the wording below
Terms of Business

Charles Derby, 6 Tollgate Business Park, Tollgate West, Stanway, Colchester, Essex, CO3 8AB

Charles Derby is a trading style of Charles Derby Financial Services Ltd which is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited who are authorised and regulated in the UK by the Financial Conduct Authority.

This document sets out the terms of business between our firm (as an Appointed Representative) and its clients

These ‘Terms of Business’ apply until further notice and must be read in conjunction with the ‘Guide to Our Service’. In case of any ambiguity between the documents, this ‘Terms of Business’ will take precedent

Either we or you can end these terms at any time, without penalty and this will not affect any outstanding transactions being carried out on your behalf

Contents

CONFIRMATION OF MY ADVICE AREAS

CONFIRMATION OF WHOSE PRODUCTS I OFFER

WHAT YOU WILL PAY FOR MY SERVICES

INVESTMENT FEES - STANDARD

ONGOING SERVICES & FEES

AD HOC / WHERE NO ONGOING SERVICE IN PLACE

MORTGAGE & PROTECTION - ONGOING SERVICES & FEES

OTHER IMPORTANT INFORMATION WE FEEL YOU OUGHT TO KNOW

CONFIRMATION OF MY ADVICE AREAS

Insurance

I will advise and make a recommendation for you after I have assessed your needs for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance.

Mortgages

I will advise and make a recommendation for you after I have assessed your needs.

Investment

Advice – I will advise and make a recommendation for you after I have assessed your needs.

Lifetime Mortgage and Home Reversion Schemes

I will advise and make a recommendation for you on lifetime mortgages and home reversion schemes after I have assessed your needs.

CONFIRMATION OF WHOSE PRODUCTS I OFFER

Insurance

We offer products from the whole of the market based on a fair and personal analysis of the market for Private Medical Insurance.

We offer products from a range of insurers based on a fair and personal analysis of the market for Life Assurance, Critical Illness, Income Protection and Whole of Life. Ask us for a list of insurers we offer insurance from.

We offer General insurance* products from Legal & General.

*If Legal & General cannot insure you for Buildings and Contents, we may use a range of other providers.

Mortgages

Residential

We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.

We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan we will refer you to a specialist broker.

Business Buy to Let & Consumer Buy to let

We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.

We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan we will refer you to a specialist broker.

Investment

Restricted advice – My recommendation will be limited to suitable investment and pension products from a panel of leading investment companies. I will be happy to provide you with a list of the companies on the panel at your request.

Lifetime Mortgage and Home Reversion Schemes

I offer lifetime mortgages and home reversion plans from the whole market.

Unregulated Mortgages

It is important to point out that not all mortgage loans and services are regulated by the Financial Conduct Authority. Some of the advice and services we provide may relate to loans which are either unregulated or have limited consumer protection.

We will confirm to you if any product we are recommending is not regulated by the FCA.

You should note that if we are arranging a “Buy-to-Let” mortgage for you, it is very important to understand that very few Buy-to-Let mortgages are regulated by the Financial Conduct Authority (FCA).

We will confirm to you if any product we are recommending is a Business Loan; a Business Buy-to-Let; or a Consumer Buy-to-let loan.

WHAT YOU WILL PAY FOR MY SERVICES

Insurance

No fee for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance. We will be paid by commission from the company, that has already been included in the premium.

You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

Mortgages 

For residential mortgages: We charge arrangements fees of up to £2000.  We also receive commission from the lender.

Fees vary according to individual circumstances and we will agree our fees with you before we undertake any chargeable work. This fee is for advice, research, recommendation, implementation (e.g. application, administration of arranging the loan). We will also be paid by commission from the lender.

We typically charge 1-2% of the loan amount. For example, on a loan of £100,000 we would charge £1000. Our maximum fee is 2% (e.g. £2000 on a loan of £100,000; and our minimum fee is 1% (e.g. fee is 1% on a loan of £100,000).

Our fee is payable before we do any chargeable work/on application/on offer/on completion/ in stages: This will be agreed with you prior to starting any work

Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.

NB- The amount of commission will vary depending on individual circumstances; the lender and product.  The exact amount of the commission will be explained to you before you apply for a loan.

Or you could choose a fee only option where you will pay a fee of (enter amount or percentage) and we will pass on any commission paid by the lender to you.

For Consumer Buy to Let: We charge arrangement fees of up to £2,000. We also receive commission from the lender.

Fees vary according to individual circumstances and we will agree our fees with you before we undertake any chargeable work. This fee is for advice, research, recommendation, implementation (e.g. application, administration of arranging the loan).

We will also be paid by commission from the lender.

We typically charge 1-2% of the loan amount. For example, on a loan of £100,000 we would charge £1000. Our maximum fee is 2% (e.g. £2000 on a loan of £100,000). Our fee can be payable either before we do any chargeable work, on application, on offer, on completion or in stages. This will be agreed with you prior to starting any work.

Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you. NB- The amount of commission will vary depending on individual circumstances; the lender and product. The exact amount of the commission will be explained to you before you apply for a loan.

If you ask us to refer you to a specialist broker for 2nd charge lending, we will receive a payment from the broker if they arrange a loan for you. The amount of the payment will vary according to circumstances but will typically be up to 4% maximum of the loan amount subject to a minimum of £500 and a maximum of £2000.

You will receive a mortgage illustration when considering a particular mortgage, which will tell you about any fees relating to it.

Refund of mortgage fees

If we charge you a fee, and your mortgage does not go ahead, you will receive:

A full refund if the lender rejects your application, unless it is for reasons of non-disclosure of material facts.

A partial refund if your application falls through for reasons outside your control.

No refund if you decide not to proceed.

Investment

Standard fees – where you wish to take advantage of our full advice process, or our ongoing service options. These are shown by way of implementation and ongoing service fees, and it is likely that no VAT is due on these fees.

Ad hoc fees – where you do not wish to subscribe to an ongoing service, or where you want specific advice or project work. It is likely that VAT may be due on these fees.

Lifetime Mortgage and Home Reversion Schemes

No fee. I will be paid by commission from the lender

You will receive an illustration when considering a particular mortgage, which will tell you about any fees relating to it.

Refund of mortgage fees

If I charge you a fee, and your mortgage does not go to offer stage, you will receive:

A full refund if the lender rejects your application, unless it is for reasons of non-disclosure of material facts.

A partial refund if your application falls through for reasons outside your control.

No refund if you decide not to proceed.

Message from the Financial Conduct Authority

Think carefully about this information before deciding whether you want to go ahead.  If you are at all unsure about which equity release product is right for you, you should ask your adviser to make a recommendation.

INVESTMENT FEES - STANDARD

As your adviser I will be paid by you for the advice I give you both initially and ongoing.

You will not incur any fees until we have agreed what they will be.

The sections below set out the different ways in which I can calculate the correct level of fee for the initial advice. Only one of these will apply and once I have a better understanding of your situation I will confirm the appropriate fee structure and be able to give you the actual fee amount that will apply to you.

I am not able to receive or retain any other inducements from a product provider. Should I receive any additional fee, commission, monetary or non-monetary benefit as a result of a recommendation made to you I will return this to the product provider to transfer it to you (as appropriate) and attempt to stop further payments/inducements being received.

We will act as the intermediary between the product provider(s) and you with a view to arranging the purchase of the Retail Investment Products as we have agreed.

Unless otherwise explained the fees below will cover a full advice process: understanding your current situation, objectives, attitude to risk, research to identify suitable solutions, documenting our recommendations and implementing the agreed solutions.

Fees for the design, production and implementation of a financial strategy are calculated as follows: 

INITIAL FEES:

1. Percentage of amount invested

In Respect of Lump Sum Investments and Single Premium Pensions

The fee is calculated according to the size of the transaction, as set out below: -

Initial fees:

When our work involves investing a lump sum of money, our fees are:

  • 3 to 5% on first £150,000,
  • 2 to 3% on the next £100,000 and
  • 1 to 2% on any balance
Our typical charge is 5% of the sum invested, which for an investment of

  • £75,000 would be £3,750 and for
  • £100,000 would be £5,000
As there is a minimum amount of work involved with even relatively small sums to be invested, the percentage is typically higher for smaller investments, such as with an ISA.

Should you invest through regular contributions, our range of fees taken over 12 months are

  • Up to 50% of the first £400 of monthly contributions
  • Up to 30% of the next £500 of monthly contributions
  • and up to 10% over £900pm.
Our typical fee is 50% of the first year’s contributions

For regular contributions of £150 per month, this would equate to £900. (12 x £150 x 0.5)

For contributions above £400 per month our typical charge, spread over a 12-month period are cumulative based on rates.

For regular contributions of £500 per month this would equate to £2,760.

(12 x £400 x 0.5 plus 12 x £100 x 0.3)

The fees outlined above are raised when the investment is made and it is likely that no VAT is due on these fees.

If you ask us to stop work after agreeing to these fees you will be invoiced for the time spent on your case before we receive your instructions using the hourly rates detailed below

If detailed recommendations with illustrations have not been provided and discussed with you at this point; it is likely that VAT is due on these fees.

Defined Benefit Pension Schemes

Due to the complexities and time taken when dealing with defined benefit pension schemes there will typically be a minimum fee of £4000 per plan, regardless of the pension size.

2. Hourly Rate

Our fee may be based on the amount of time involved to undertake work at the following hourly rates:

  • Advice - Diploma up to £200
  • Advice - Chartered up to £400
  • Para planning support up to £75
  • Travel and Administration up to £50
Based on our experience and the anticipated complexity of your circumstances we will give you an estimate of the cost for pieces of work in advance of starting chargeable work and will not exceed this estimate without your clear agreement.

The typical time involved to complete the advice process in our offices by a diploma qualified adviser for a client with a single investment or to set up a pension arrangement will be;

Adviser – 6 hours at a cost of £1,200, Paraplanner – 5 hours at a cost of £375, A total of £1,575

For a Pension Transfer from two ceding schemes, in our offices, it will be;

Adviser – 3 hours at a cost of £600, Paraplanner – 8 hours at a cost of £600, A total of £1,200

For a Defined Benefit Pension Transfer from one ceding scheme, in our offices, it will be

DB Qualified Adviser – 8 hours at a cost of £400, Paraplanner – 10 hours at a cost of £75, Travel and Administration – 1 hour at a cost of £50

If you ask us to stop work after agreeing to these fees you will be invoiced for the time spent on your case before we receive your instructions.

If detailed recommendations with illustrations have not been provided and discussed with you at this point; it is likely that VAT is due on these fees.

3. Fixed Rates

We offer a range of advice services at fixed rates, set after an initial consultation. Full details of all fixed price services available will be provided on request but our typical fees for two levels of Financial Review are:

Full Financial Review £750 - £3000

A fully documented review of your assets and liabilities and net worth; current and projected income and expenses (e.g. projected into retirement); insurance policies, retirement provision and other investments, including an analysis of current product and fund features and estimated inheritance tax liabilities with generic recommendations to meet your broad financial objectives.

Basic Financial Review £500 - £1000

A simple documented review of current arrangements in relation to your objectives, orientated to meet a particular need (such as retirement income) with generic recommendations

If no further work is undertaken leading to an actual investment; it is likely that VAT is due on these fees.

Fees calculated using an hourly or fixed rate may be paid directly or be converted to a % of a subsequent investment, facilitated by the Product Provider.

Minimum Fees & VAT

The fees outlined above are raised when the investment is made, and it is likely that no VAT is due on these fees.

Any variation to this amount will be confirmed in writing to you before proceeding further. This may be for example for larger or more complex loans, or where your personal situation is more complex regarding income sources, taxation, residence and credit rating.

If you ask us to stop work after agreeing to these fees you will be invoiced for the time spent on your case before we receive your instructions using the hourly rates previously detailed.

If detailed recommendations with illustrations have not been provided and discussed with you at this point; it is likely that VAT is due on these fees.

Implementing Investment Solutions

As with most investments there is a risk of loss, especially in the short-term (over periods of less than five years). If you need access to your money in the very short-term, then holding it in a risk-free bank account could be the right course of action. We will discuss these options with you, as well as providing a detailed suitability report for you to read in your own time, before we implement our recommendations. This will help ensure you understand the advice you have been given. Of course, if you have any questions we will be happy to help.  You are not obliged to implement any of our recommendations. However, we may still charge a fee for our advice.

When we arrange an investment for you it will typically be made into a collective investment fund. These funds have a range of different investment strategies, so we will recommend one that aligns with your attitude to risk and the period of time you wish to invest for.

These funds will typically be bought via an investment platform that we recommend for you. Once we have completed the advice process the investment will made for you in a timely manner, and in accordance with our Best Execution Policy. For example, for the majority of collective investments, they will be bought or sold at the next Valuation Point (typically 12.00 Midday) the next business day, after the instruction has been received by the platform.

Once we have agreed on an appropriate solution we will provide you with full details of the investment fund, platform, and all associated costs.

ONGOING SERVICES & FEES

Set out below are the detailed elements for the indicative levels of ongoing service that we deliver to our clients. You can if you wish to, add or enhance levels of service with your adviser if you feel appropriate. Our fees for these services can be seen below

“High Touch” Service

(Assets under management £500k +) Where client’s portfolios grow in terms of value, and potentially complexity, these need to be managed and reviewed appropriately. Building on our annual review services, this offering has more frequent reviews and opportunities to ensure clients are kept informed of performance, and plans maintained in line with client’s circumstances and objectives. This may well include consultations with other specialist advisers.

“Standard Touch” Service

(Assets under management £200k to £500k) A comprehensive service aimed at initial analysis, recommendation and implementation in line with a client’s immediate needs. With ongoing review and recommendation, this is a service to adapt to a client’s changing needs and circumstances.

“Lighter Touch” Service

(Assets under management £0 to £200k) A straightforward advice service typically centered on immediate client issues and needs that require initial analysis and recommendations. With ongoing review delivered remotely and via advisory updates, this still brings client awareness and peace of mind.

At a review, we will cover:

  • Assessment of personal circumstances
  • Review of your goals & objectives
  • Reassessment of your attitude to investment risk/return & market sectors (asset allocation
  • Review of investment performance & holdings
  • Valuations & investment commentary
  • Where appropriate, recommendations in order to keep your new / existing* plans in line with your objectives
*Advice on new investments/savings will be subject to out ‘initial fees’ as shown under our ‘Investment Fees - Standard’ section earlier.

Service will include recommending changes to existing investments to help meet your goals at an acceptable level of investment risk, providing fund analysis and valuations and a wide range of associated ad hoc services.

All service levels include a review, it is simply the style and frequency that alters as shown in the table overleaf:

On Going Service Offering

Keeping you informed with pertinent and relevant information

High Touch: = YES, Standard Touch: = YES, Lighter Touch: = YES

Annual valuation of plans invested via ourselves

High Touch: = YES, Standard Touch: = YES, Lighter Touch: = YES

Telephone and e mail access to your adviser included

High Touch: = YES, Standard Touch: = YES, Lighter Touch: = YES

Option of an annual telephone review of your plans

High Touch: = YES, Standard Touch: = YES, Lighter Touch: = YES

Annual Face-to-Face review meeting

High Touch: = YES, Standard Touch: = YES, Lighter Touch: = NO

Half Yearly Face-to-Face review meeting

High Touch: = YES, Standard Touch: = NO, Lighter Touch: = NO

Liaising with your other professional advisers i.e. legal, accountancy without extra charge

High Touch: = YES, Standard Touch: = NO, Lighter Touch: = NO                                  

Annual Service Fee

High Touch: = 0.5%, Standard Touch: = 0.75%, Lighter Touch: = 1.0%

Please note that as the fee is based the investment value, the actual amount we received will increase (or decrease) in proportion to any increase (or decrease) in the value of your portfolio.

Examples of Ongoing Fees

If we look after you via our “High Touch” service (as detailed above) & your investments are valued at £500,000, our fee is 0.5%. Therefore, the annual payment to us will be £2,500.

If we look after you via our “Standard Touch” service (as detailed above) & your investments are valued at £250,000, our fee is 0.75%. Therefore, the annual payment to us will be £1,875.

If we look after you via our “Lighter Touch” service (as detailed above) & your investments are valued at £50,000, our fee is 1%. Therefore, the annual payment to us will be £500.

The elements that make up your ongoing servicing package are subject to alteration, I will notify you in advance and in writing if any of these aspects change.

Impacts of Fees

When you make an investment, there will be costs involved which will impact on your investment returns. These costs will typically comprise of the platform charge, the fund managers charge and our advice fee. As a typical example these charges may amount to 2.5% a year, so your investment return will be reduced by this amount each year. Your personalised illustration will clearly show the actual costs that will apply to your investment.

AD HOC / WHERE NO ONGOING SERVICE IN PLACE

If you do not wish to subscribe to an on-going service, we provide many services on an ‘ad-hoc’ basis. Should you require any services as noted below, or bespoke work to be carried out, we will be able to tailor a specific service. Please note that implementation fees are in addition to the examples shown below.

An additional fee may be required, typically calculated in accordance with our hourly rates, as shown at the bottom of the table below.

Prior to any work being agreed and carried out we will give an indication of the approximate amount of time that these tasks might take. These additional fees might be paid by single payment (e.g. by cheque), charged from your investment plan(s) or via regular monthly retainer payments (e.g. standing order).

Fees will depend on individual circumstances, but are typically:

Face to face meeting to review your financial planning, confirm your existing provisions, and & identify areas of need and/or concern £750

Advice and recommendation to address an agreed area of need / concern (e.g. retirement planning, estate planning, investment solution) £750

Additional research fee per existing pension scheme £250

Advice on withdrawing money from your retirement funds £500

Regulatory & taxation updates £49 p.a.

Annual valuation £152

Annual risk profile questionnaire £252

Annual telephone advisory update £403

Additional reviews per session from £400

Quarterly E-Newsletter facility £30 p.a.

Pure time related rate work per hour £152

Implementation fees or Standard fees

e.g. A client wishes to invest £100,000 and does not wish to be part of our ongoing advice services. The fees from the table that would typically apply are:

‘Face to face meeting’ to review your financial planning, confirm your existing provisions, and & identify areas of need and/or concern = £750 plus ‘Advice and recommendation’ to address an agreed area of need / concern (e.g. retirement planning, estate planning, investment solution) = £750 plus

Implementation fees will also apply as per the standard fees (e.g. 3% of £100,000) = £3000

Total fee = £750 + £750 + £3,000 = £4,500

Please note that these services on their own are likely to attract Valued Added Tax (VAT), in accordance with current HMRC (Her Majesty’s Revenue and Customs) guidelines.

Where any of the above services are included in an ongoing service option, you will not be charged separately for these services.

MORTGAGE & PROTECTION - ONGOING SERVICES & FEES

Set out below are the details for the ongoing service that we deliver to our clients.

You can if you wish to, add or enhance levels of service with your adviser if you feel appropriate (usually for an agreed fee).

There is no fee for the following level of service, as we will have been paid commission from the mortgage lender or insurance provider at inception of your mortgage or protection plans.

  1. Communication - In order to provide you with a high-quality service we may want to contact you regarding items we consider are of interest to you, or to make you aware of new opportunities. If this happens, we would like to contact you
  2. Protection - It is important to ensure your current protection plans and provisions remain in line with your requirements, which may change over time.
  3. Mortgages - If we do not review your borrowing, you may end up paying more than you need to for your loans. We aim to contact you before any special terms of your mortgage expire. Ideally this will be 6 months beforehand. We encourage you to contact us should your financial circumstances change in the meantime.
We will make reasonable endeavours to contact you. Please be aware that should we not be able to review your mortgage before the end of any special term, this may result in you paying considerably more for your loan.

OTHER IMPORTANT INFORMATION WE FEEL YOU OUGHT TO KNOW

If You Are Not Happy With Our Service

If you have a complaint about your Adviser or any financial advice you have received from your Adviser, please contact us:

In writing: Intrinsic Complaints Department, Riverside House, The Waterfront, Newcastle upon Tyne, NE15 8NY, Email: complaints@intrinsicfs.com, Tel: 0191 241 0700

We will be happy to provide you with a summary of the internal procedures for handling complaints, this is available without charge upon request.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (e.g. if we arranged insurance or a regulated mortgage product).

The Financial Ombudsman Service can be contacted as follows: The Financial Ombudsman Service, Exchange Tower. London E14 9SR, Telephone: 0800 023 4567, Email: complaint.info@financial-ombudsman.org.uk, www.financial-ombudsman.org.uk

You should note that if your Buy-to-Let Mortgage is not regulated by the FCA, you will NOT be entitled to refer the complaint to the Financial Ombudsman Service.

This is the current process. Should it change we will notify you the next time we meet by issuing you with an updated version of this document. If however, you want to have the updated version sooner you can request them at any time and I will provide you with the updated compensation process. Our Regulator - The Financial Conduct Authority

We are an appointed representative of Intrinsic Financial Planning Limited (FCA Register number is 440703) and Intrinsic Mortgage Planning Limited (FCA Register number 440718), Wiltshire Court, Farnsby Street, Swindon. SN1 5AH which is authorised and regulated by the Financial Conduct Authority.

The permitted business of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited is advising on and arranging pensions, investments, mortgages, life assurance and general insurance.

You can check this on the FCA’s Register by visiting the FCA’s website www.FCA.org.uk/register or by contacting the FCA on 0300 500 8082. The FCA address is: 12 Endeavour Square, London. E20 1JN

Client Classification Levels For Your Protection

The FCA has rules which affect the rights you have as a customer. In our dealings with you we will be representing you as the customer, rather than acting on behalf of an insurer.

We classify all our individual customers as ‘retail’ customers.   The range of financial products and investments we recommend are tailored to meet the needs of retail customers.   You will have rights under the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).  These rights will apply to the provision of the advice we provide.

In most cases these rights will also apply to the products we recommend.  However, there are some exemptions for specialist products such as Enterprise Investment Schemes and Venture Capital Trusts.   Your adviser will let you know if the product recommended will not have rights under the FOS or FSCS.

There are other classifications of customer that don’t have these rights. These are “professional” customers and “eligible counterparties”.

You have the right to be classified as a professional client. Should you feel you have the skills knowledge and experience to be a Professional client and don't wish to have the same protection afforded to retail clients, please let me know and we will complete the forms necessary to reclassify you.

If you have any questions regarding your classification (e.g. if you are a large company), please write to Intrinsic Financial Services Ltd Compliance Department, Intrinsic Financial Services Limited, Wiltshire Court, Farnsby Street, Swindon. SN1 5AH or to the Financial Ombudsman Service and FSCS.

Client Money Peace of Mind

We do not handle Client Money.  We never handle cash and will only accept a cheque made out to us in settlement of Advice and Service fees. Our preferred method of payment is via bank transfer.

Your Duty of Disclosure

Any financial advice we provide will be based on your personal financial circumstances and objectives. It is important that the information you give us is both accurate and a true reflection of your current circumstances.

It is your responsibility to provide complete and accurate information to a provider (a provider being for example, an organisation that provides insurance, mortgage, or investment related plans).

It is important that all statements made on any proposal form, or on any additional documentation are full and accurate.

Please be aware that if you fail to disclose any relevant information, or any change of circumstances to a provider, then the terms of your desired plan may be invalidated (e.g. an insurance claim may not be paid).  We strongly recommend that the information you provide is checked thoroughly prior to submission.

Investment Advice and Recommendations Scope

Any investment advice your adviser provides will be based on your personal financial circumstances and objectives. We will confirm these and the reasons for any recommendation in a Suitability Advice Report. 

If you have asked for any restrictions on the types of investment or the markets you wish to invest in, these will be confirmed in the Suitability Advice Report. We will always make it clear when products are not within the ‘regulated’ scope, and advise you of your rights.

Paying For Advised Services

Where payments are facilitated through a product, this will impact the actual amount remaining invested. Payment of the initial Advice and Ongoing Service fees facilitated by the relevant Product Providers or Platform administrators will be as a percentage of contributions invested or of the value of the plan’s value/funds under management as at the anniversary of the initial investment. As such, the cash equivalent amount will vary depending on the value at the time.

Providers/Platform administrators will detail the specific process they operate to facilitate a fee in their literature. If you opt to pay the Adviser Charge directly (not through a product) an invoice will also be provided, which must be settled within 14 days of issue (we reserve the right to charge interest on late payments at a rate of 3% above Bank base rate).

Full details of the final Advice will be provided in the Suitability Advice Report. Full details of the any future Service fee will be provided either in the Suitability Advice Report or ‘Authority to Proceed’ document prepared for you by your Adviser. You may also be asked to sign and return a copy of the Authority to Proceed document to confirm your understanding and acceptance of the arrangements.

Cancellation / Termination of Authority

The Ongoing Service fee or our authority to act on your behalf can be cancelled at any time without any penalty by email or post using contact details provided. These methods ensure we have an audit trail for your instruction. You will be responsible for cancelling any instructions from your bank. If the fee is being taken from your investments we will endeavour to instruct the Provider, Platform or DFM to stop the fee within 5 working days of receiving your instructions and refund any over payment if we are unable to meet this commitment.

You may ask us for an updated estimate of your advice fee at any time and you may ask us not to exceed a given amount without checking with you first.

Investment Advice Refunds

Our standard policy is that in circumstances where this agreement is terminated, a recommendation is not followed through to implementation, or a product arranged is cancelled at any time, no refunds will be given, and all work undertaken will be billable and due. Please note that this does not affect your statutory rights or ability to complain.

If you cancel your investment(s) in the cooling off period or stop regular contribution payments the fee will no longer be due unless a minimum fee is stated in this Terms of Business and your Adviser Charging Agreement/Authority to Proceed.

Language

Unless agreed by us at outset all communication will be completed in English. We will communicate in a manner that is convenient to you, this could include Face-to-Face meetings, Post, E-mail and by telephone.

Overseas permissions

Financial Planning: All advice will be conducted in the UK. We do not have permissions to give advice when either you or I are located in any overseas location regardless of whether that location is in the European Economic Area (EEA) or not.

Mortgage Advice:  All advice will be conducted in the UK. We do not have permissions to give advice when either you or I are located in any overseas location regardless of whether that location is in the European Economic Area (EEA) or not

Timing of Reports

Financial Planning: I will send you a Suitability Advice Report setting out the reasons for my recommendation at the time of my recommendation and where applicable before implementing any advice that I have recommended.

Mortgage Advice: I will send you a Suitability Advice Report setting out the reasons for my recommendation within 15 days of making that recommendation.

Protection Advice: I will send you a Demands and Needs statement setting out the reasons for my recommendation, before the policy starts. If I am advising you by telephone, and the policy starts on the same day the Demands and Needs statement will be sent by the end of the next working day.

If you would like this in an alternative format e.g. Braille, Moon, Clear and Large Print, Audio documents (Cassette, CD, MP3 or Wav) or any other languages please let me know.

VAT

The service we provide is described as an ’intermediation’ service.  This means we provide advice with the intention of acting between you and a product provider to arrange a financial product or service. If we did not do this, we would be liable for VAT on the fees charged. VAT is not applicable on the fees we charge for intermediation services. In arranging the sale of retail financial products an adviser fee made for advice, even if you decide not to proceed with the purchase of the recommended product, will remain VAT free where the adviser has provided you with full advice services up to that point, including all relevant documentation.

The adviser fee made for an ongoing service is also VAT free provided it is in respect of an intermediation service. This means activities such as topping up an investment or utilising available investment tax allowances, such as the ISA allowance. In the event that the advice services we provide become ancillary to our intermediation services, VAT may become chargeable (e.g. we review your entire financial circumstances but make no or limited recommendations).

Should this change in the future, and where VAT becomes due, we will notify you before conducting any further work. In any case, where VAT is payable on our services it will be charged in addition to the agreed fee.

However, where a Discretionary Fund Manager (DFM) forms part of a solution, then VAT may become chargeable.

Declaration of Other Interests

Intrinsic has a number of payment arrangements with various product providers to facilitate adviser learning and enhance the outcomes for our customers. Further details are available on request.

To ensure that customer interests are always put first, we operate a robust Conflict of Interest and Inducements Policy. If a potential conflict of interest does arise it will be actively managed, and we have arrangements in place to ensure that all our clients are treated fairly. If we feel that our interests conflict with yours, you will be contacted, and we will obtain your consent to proceed. Our conflict of interest policy is available on request.

Our Loans and Ownership

Intrinsic Financial Services Limited owns 100% of the share capital of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited. Old Mutual Wealth Holdings Limited owns 100% of the share capital of Intrinsic Financial Services Limited.

Old Mutual Wealth Holdings Limited is part of the Quilter Group. The Quilter Group of companies offers a range of pension, protection and investment solutions through both a UK and International platform.  This may give rise to a potential conflict of interest where a company within Quilter Group has a suitable solution for your needs. If such a situation occurs I will ensure that my recommendation is the best execution of your needs.  I will also highlight the potential conflict of interest at the time of making the recommendation.

Addressing Financial Crime

All transactions relating to the services provided by us are covered by The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.  The FCA also requires that we have appropriate measures in place to prevent the furtherance of financial crime.

Our responsibilities include but are not limited to verifying the identity and address of our clients and any third party making payments on their behalf. If required, you must supply proof of your identity in accordance of the above Regulations. Identity verification checks may include electronic searches of the electoral roll and the use of credit reference agencies, which will result in a soft ‘foot-print’ on your credit records.

This foot-print is not visible to other financial service providers and does not affect your credit rating in anyway. In accordance with the Data Protection Act 2018 acceptance of these terms and conditions represents your permission for us to access this information.

Financial Services Compensation Scheme (FSCS) Current limits

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. i.e. it differs for investments, insurance, mortgages and bank accounts.

  • Insurance: Insurance advising, and arranging is covered without any upper limit.
  • Mortgages: Mortgage advising, and arranging is covered up to a limit of £50,000.
  • Structured Deposits: Structured deposit advising, and arranging is covered up to £85,000
  • General Insurance: General insurance advising, and arranging is covered up to 90% of the claim with no upper limit. Compulsory Insurance is covered without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS.

The Law that we operate under

All of our agreements provided are governed and construed in accordance with the laws of England and Wales. In relation to any dispute, for your protection you agree to submit to the non-exclusive jurisdiction of the English courts.

The Data Protection Act 2018

The personal information you provide will assist your financial adviser in offering you the best advice as required by the Financial Services and Markets Act 2000. The personal data you provide will be used and stored in accordance with the Data Protection Act 2018 which incorporates the requirements of the General Data Protection Regulation (GDPR) into UK legislation. Before collecting any data from you, you will be issued with a Privacy Notice Document and will be asked to agree to the collecting, storing and use of your Special Category Data.

MUST BE signed by Policyholder.