Investments & Insurance
This document must be read in conjunction with
our Service Proposition and Engagement
Jay Financial is Authorised and Regulated by the
Financial Services Authority. The Financial Services Authority (FSA) regulates
the financial services industry in the UK and their address is 25 The North
Colonnade, Canary Wharf, London, E14 5HS. You can check this on the FSA’s
Register by visiting the FSA’s website
FSA No. 450655 or by contacting the FSA on 0845 606 1234.
Jay Financial is able to act on your behalf in
advising you on investments and non-investment insurance contracts. We offer
products and services as follows:
we offer an Independent advice service. We will
recommend investments based on a comprehensive and fair analysis of the market. We will place no restrictions on the
Investment Markets we will consider before providing investment
recommendations, unless you instruct us otherwise. We will however only make a recommendation
when we know it is suitable for you.
Non-investment protection contracts -
offer non investment protection products e.g. term assurance, income protection
and critical illness from a range of insurers.
We offer you an initial discussion (without charge)
at which we will describe our services more fully and explain the payment
options. If you decide to go ahead, we will:
Gather and analyse personal and financial
information about you and your aims and objectives;
Recommend and discuss any action we think you
should take and, with your agreement, arrange relevant solutions for you.
You should be aware that investments carry varying degrees of risk and,
as their underlying value can fall as well as rise, you may not get back the
full amount invested.
Your aims and objectives
Unless we notify you in writing to the contrary, we
will be treating you as a ‘retail client’ for investment business and a
‘consumer’ for insurance business. This means you are afforded the highest
level of protection under the regulatory system and have the right to take any complaint
to the Financial Ombudsman Service.
Any advice or recommendation we offer to you, will
only be given after we have assessed your needs and considered your financial
objectives and attitude to any risks that may be involved. We will also take
into account any restrictions that you wish to place on the type of products
you would be willing to consider.
With very few exceptions, we will confirm to you in
writing the basis of our recommendations along with details of any special
risks associated with the products recommended.
Full details of the products we recommend to you
including, for example, the minimum duration of the product, information on
your right to cancel or whether no right to cancel exists and any other early
termination rights and penalties will be covered in the relevant product
disclosure information you will receive before conclusion of any contract.
We will issue any documentation/recommendations and
any other communication to you in English (unless agreed otherwise).
We may also, on occasion, advise on other financial
products which are not regulated by the FSA under the Financial Services and
Markets Act 2000. The Financial Services Compensation Scheme does not apply to
any of these products, but we will confirm this to you in writing.
Under the terms of this agreement we may, if
appropriate, advise you on investments which are not readily realisable. We
would draw your attention to the risks associated with these investments as
there is a restricted market for them. In some circumstances it may therefore
not be possible to deal in the investment or obtain reliable information about
Our Ethical Policy
We are committed to providing the highest standard
of financial advice and service possible. The interest of our clients is
paramount to us and to achieve this we have designed our systems and procedures
to place you at the heart of our business. In doing so, we will:
be open, honest and transparent in the way we deal with you;
not place our interests above yours;
communicate clearly, promptly and without jargon;
Seek your views and perception of our dealings with you to ensure
it meets your expectations or to identify any improvements required.
Our Investment Services and Costs
consultation including an explanation of the costs of our services
We provide you with an initial consultation free
of charge. This helps us to understand your financial objectives and will
confirm how we can support you in working towards them. We will also discuss
the cost, and levels, of our services both initially and throughout our
relationship with you.
recognise that all our clients have different financial needs and objectives
and we will build an appropriate plan bespoke to your individual needs. We understand that you will only want to pay
for the products and services which are appropriate for you and for this reason
charge for our services by way of a fee. These
fees are on a fixed fee basis for your financial plan, policy arrangement and
implementation, and reviews. Fees are on
hourly rate for all other services.
Hourly rate for partner/ adviser £125.00
Hourly rate for administrator £40.00
Your Personalised Financial Plan
your Engagement meeting either as a
from the initial discussion, where agreed, or a further appointment we will
gather information about your existing financial arrangements and full personal
circumstances. This process covers:
planning needs and objectives
Analyse your budget,
assets and liabilities
Discovery: Determine and understand
your investment knowledge and attitude and tolerance towards
will provide you with a summary of your existing plans
Pension and Investment shortfall analysis
planning and inheritance tax calculation
arrange a second appointment to explain and
discuss our recommendations in detail. This will be documented in your Personalised Financial Plan
Our charge for this service is a fixed fee of
£540. £270 is payable at the Discovery
meeting. The balance of £270 is payable
on provision of the report containing our recommendations. This fee will be
waived wholly or in part should you decide to engage in an On-going Review
Review of Existing Policies
you have existing pensions and investments the review service will check the
quality and cost of the product and investments funds to check it is suitable
for your needs. This process covers:
review of the charges, penalties, restrictions and features of the product
review, asset allocation and portfolio recommendation
benefit nomination/ trust reviewed and if appropriate updated
projection to retirement/ savings goals and shortfall analysis using growth assumptions which are relevant to your portfolio
only – income review, retirement options and critical yield
Self Administered Scheme only (SSAS)– trustees meeting
charge for this service is a fixed fee of £275 per investment. For SSAS and Self Invested Personal Pension (SIPP)
syndicates where there is more than 1 member the fixed fee is per member. This fee will be waived wholly or in part
should you decide to engage in an On-going Review service. For example if you agree to purchase a
Personalised Financial Plan (£540) and a review of your pension (£275), which
equates to £815 then subsequently decide you would want to elect an ongoing annual
review service which costs £60 per month then the monthly charge would not
commence until the first anniversary of the agreement.
Policy Arrangement & Implementation
will discuss our recommendations with you.
uld you instruct us to proceed with any of our recommendations
we will act for you in the following ways:
the product provider, investment funds and portfolio asset allocation
Implementation Handle all fund and policy
administration on your behalf
Implementation: Liaise with your professional advisers
Implementation: Confirm the advice in writing
Implementation: Provide regular updates to keep you
informed of progress
you are completely satisfied with the service, ensure all your documents
are issued in line with your expectations
Completion: Agree future contact and ongoing
financial review service if not already agreed
Details of the On-going financial review service
and On-Call Pay as you go services are explained in our Service Proposition
Policy Arrangement & Implementation – Lump Sum Investments or
charges shown are in addition to the Personal Financial Plan.
(excluding pensions) £1,710.00
Invested Personal Pension + property purchase – new plan £2,710.00
Self Administered Pension Plan (up to 2 members) £4,410.00
additional member £1,250.00
contributions to an existing plan £710.00
Transfer (non defined benefit) £2,710.00
Transfer (defined benefit) £3,710.00
Purchase - 1st Pension £710.00
additional pension £250.00
Flexible Drawdown £1,710.00
will issue an invoice within 7 days of your investment plan going live, which
can either be paid directly by you or deducted from your investment. We must
receive full payment of the invoice amount within 30 days of issue unless you
have elected for our fee to be deducted from your investment.
Arrangement & Implementation – Regular Premium Savings or Investments
charge for implementing a regular premium savings or investment plan is the
same as for lump sum investments or transfers as above, and we will issue an
invoice within 7 days of your investment plan going live. You can pay this
under either of the two options listed below:
can pay this directly on receipt of the invoice. If you choose this option,
payment must be made in full within 30 days of issue.
can pay the implementation fee through your policy. The payment will be
deducted proportionally from each monthly contribution and it normally needs to
be paid in full within the first 12 months of your plan. The deductions are
limited to a maximum of 50% of each monthly contribution and any balance due at
the end of the first year will be payable by the same monthly instalments until
settled in full.
1; Assuming an implementation fee of £1,710, if your monthly contribution is
£200 our implementation fee will be collected by deducting £100 from each
monthly contribution for the first 12 months. The total fee paid during this
time will be £1,200. As this is less than the implementation fee of £1,710, at
the end of the first year the balance of £510 will be collected by the same
monthly deductions until settled in full.
2; Assuming an implementation fee of £1,710, if your monthly contribution is £400,
the fee will be collected by deducting £142.50 from each monthly contribution
for the first 12 months. The full implementation fee of £1,710 will have been
paid and therefore no further charges will be applied.
you decide to pay this charge through your policy and payments to the policy
subsequently cease, we will calculate the total payments received to date and
charge you the balance.
example, if you invest £400 per month, we will deduct £142.50 from each monthly
contribution for the first 12 months. Should payments cease after month 6 (and
£855 has been collected) the difference between this and the implementation fee
of £1,710 would be charged i.e. £855.
On-going Reviews and Changes to Existing Investments
We will discuss the full range of our on-going
services during our initial consultation. These services include, but are not
limited to, providing you with:
structured reviews to give you peace of mind;
assessment of your circumstances and any changes to your plans that are
regular updates and information regarding your policies and plans;
a choice of differing levels of support depending on your needs;
ongoing support with correspondence and administration issues.
quarterly newsletter covering topical issues
will writing and update service (additional fees may apply)
Details of these different levels of services are
contained in our Service Proposition & Engagement. We will agree separately
the level of ongoing services at the time of, or prior to, making our
recommendation(s) to you. Typically our costs range from £18 to £45 per month
for your financial planning reviews, and from £6 to £75 per month for each
investment. The costs depend upon the type
of investments you have and the service level you choose.
The fee is payable monthly by standing order if you
wish to pay directly. Alternatively if
the product allows the monthly fee can be deducted from your investment either
monthly or annually in advance.
In some circumstances existing investment policies
may continue to pay commission. Any
commission received from existing investments will be used to offset the
fees. Where commission amounts fluctuate
the calculation will be as at the date the fees are agreed. For example if you want to pay monthly by
standing order and an existing policy pays commission of 0.5% of the value of
the fund each year, then if the fund value is £75,000 then 1/12 of £375 will be
used to offset the monthly fees. If the
monthly fee equates to £60.00 and the commission calculation equates to £31.25
then the additional monthly fee is £28.75.
The actual commission received will vary with the value of the
fund. The fee will be revised at each
Should you decide to cancel our agreement to
provide ongoing services you must provide written confirmation of your decision
and we will cease payments for these services within 7 business days and after
collection of any due proportion of period charges.
Our Protection Services and Costs
Similar to our investment services above, we will
provide you with a personal and financial review prior to making our
recommendation(s) to you. Should you accept our recommendation(s) we will
arrange the implementation of this/these for you. The reasons for our
recommendations will also be provided to you in a written report.
We do not charge a fee for our Protection services
as we will normally receive commission from the policy provider. You will not
be subject to VAT for this service.
We will inform you of your statutory right to
In most cases you can exercise a right to cancel
by withdrawing from the contract. In general terms you will normally have a 30
day cancellation period for a life, pure protection, payment protection or pension policy and a 14 day cancellation
period for all other policies.
For pure protection policies the
start of the cancellation period will normally begin 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,
you may be required to pay for any loss you 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.
Under current legislation our services are not
subject to VAT but should this change in future, and where VAT becomes due, we
will notify you before conducting any further work.
Jay Financial is not permitted to handle client money and we cannot accept a
cheque made out to us (unless it is in respect of an item for which we have
sent you an invoice) or handle cash.
We will record all transactions on our files which,
along with copies of relevant documentation, will be retained by us for a
period of not less than six years. You
have a right to inspect copies of contract notes, vouchers and entries in our
books or computerised records relating to your transactions. We reserve the right to withhold copies of
these records if information to other parties would be disclosed.
endeavour to make arrangements for all your investments to be registered in
your name unless you first instruct us otherwise in writing. All policy
documents will be forwarded to you as soon as practicable after we receive
them. If there are a number of documents relating to a series of transactions,
we will normally hold each document until the series is complete and then
forward them to you.
We prefer our clients to give us instructions in
writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions
provided they are confirmed in writing.
We may, at our discretion, refuse to accept instructions although such
discretion shall not be exercised unreasonably.
will act honestly, fairly and professionally known as conducting business in
‘Client’s best interest’ regulations. Occasionally situations may arise where
we or one of our other clients have some form of interest in business
transacted for you. If this happens or we become aware that our interests or
those of one of our other clients conflict with your interest, 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. In
accordance with the rules of our regulator, The Financial Services Authority,
we are prohibited from accepting any payment (commission or other non-monetary
benefits) which is likely to conflict with the duty of the firm to its clients.
The principals of Jay Financial have a minority
shareholding in Capital Reward Ltd.
Capital Reward Ltd is a subsidiary of our compliance support company and
generates its income from the placement of business with certain product
providers. The business placed is intended
to add value to the shares in that company and the long term aim is for the
shares to be sold, thereby providing a deferred cash benefit to the
shareholders. The existence of the
shareholding and any potential benefit will in no way influence our recommendation
in relation to the most suitable product or provider.
On request we will be pleased to provide you with
a list of the providers from whom such benefits may be earned. We can also confirm that the provision of the
shares and their potential benefits do
not affect your product terms.
If you wish to register a complaint, please write
to Jay Financial, 2 Greenfields, Waterfallows Lane, Linton, DE12 6PF or
telephone 01283 761866. A summary of our
internal complaints handling procedures for the reasonable and prompt handling
of complaints is available on request. If
you cannot settle your complaint with us, you may be entitled to refer it to
the Financial Ombudsman Service.
We are covered by the Financial Services
Compensation scheme (FSCS) if we cannot meet our obligations. This is dependent
upon the type of business and the circumstances of the claim. Most types of
investment business are covered up to a maximum limit of £50,000.
Insurance advising and arranging is covered for 90%
of the claim, without any upper limit.
Further information about this compensation scheme
arrangement is available from the FSCS.
The information you have provided is subject to the
Data Protection Act 1998 (the “Act”). By signing this document you consent to
us or any company associated with us for processing, both manually and by
electronic means, your personal data for the purposes of providing advice, administration and
management. “Processing” includes obtaining, recording or holding
information or data, transferring it to other companies associated with us,
product providers, the FSA or any other statutory, governmental or regulatory
body for legitimate purposes including, where relevant, to solicitors and/or
other debt collection agencies for debt collection purposes and carrying out
operations on the information or data.
In order to provide services to you we may be
required to pass your personal information to parties located outside of the
European Economic Area (EEA) in countries that do not have Data Protection Laws
equivalent to those in the UK. Where
this is the case we will take reasonable steps to ensure the privacy of your
We may also contact you or pass your details to
other companies associated with us to contact you (including by telephone) with
details of any other similar products, promotions, or for related marketing
purposes in which we think you may be interested.
The information provided may also contain sensitive
personal data for the purposes of the Act, being information as to your
physical or mental health or condition; the committing or alleged committing of
any offence by you; any proceedings for an offence committed or alleged to have
been committed by you, including the outcome or sentence in such proceedings;
your political opinions, religious or similar beliefs, sexual life; or your
membership of a Trade Union.
If at any time you wish us or any company
associated with us to cease processing your personal data or sensitive personal
data, or contacting you for marketing purposes, please contact The Data
Protection Officer on 01283 761866 or in writing at Jay Financial, 2
Greenfields, Waterfallows Lane, Linton, DE12 6PF.
You may be assured that we and any company
associated with us will treat all personal data and sensitive personal data as
confidential and will not process it other than for a legitimate purposes.
Steps will be taken to ensure that the information is accurate, kept up to date
and not kept for longer than is necessary. Measures will also be taken to
safeguard against unauthorised or unlawful processing and accidental loss or
destruction or damage to the data.
Subject to certain exceptions, you are entitled to
have access to your personal and sensitive personal data held by us. You may be
charged a fee (subject to the statutory maximum) for supplying you with such
We are required by the anti-money
laundering regulations to verify the identity of our clients, to obtain
information as to the purpose and nature of the business which we conduct on
their behalf, and to ensure that the information we hold is up-to-date. For
this purpose we may use electronic identity verification systems and we may
conduct these checks from time to time throughout our relationship, not just at
This client agreement is governed and shall be
construed in accordance with English Law and the parties shall submit to the
exclusive jurisdiction of the English Courts.
Jay Financial shall not be in breach of this
Agreement and shall not incur any liability to you if there is any failure to
perform its duties due to any circumstances reasonably beyond its control.
The authority to act on your behalf may be
terminated at any time without penalty by either party giving seven days notice
in writing to that effect to the other, but without prejudice to the completion
of transactions already initiated. Any
transactions effected before termination and a due proportion of any period
charges for services shall be settled to that date.
Declaration and Client consent
This is our standard client agreement upon which we intend to rely. For your own benefit and protection you
should read these terms carefully before signing them. If you do not understand any point please ask
for further information
tick this box if you do not consent to us or any company associated with us
processing any such sensitive data.
tick this box if you do not wish any company associated with us to contact you
for marketing purposes by e-mail, telephone, post or SMS.
tick this box if you do not wish Jay Financial to contact you for marketing
purposes by e-mail, telephone, post or SMS.
I/We are aware of the costs of the
Financial Review and Recommendation(s), and where appropriate, the Policy
Arrangement and Implementation services and agree to the method and timing of
I/We confirm that we agree to the
adviser being remunerated on the basis selected below;
By deduction from the policy
By direct payment
By a combination from the policy and
Please tick one of the boxes above to confirm your preferred
method of remuneration
Date(s) of Customer
Date of Issue
Jackie Fancourt, On behalf of Jay Financial