01283 761866

Client Agreement

Investments & Insurance

 

This document must be read in conjunction with our Service Proposition and Engagement

 

 

Authorisation Statement

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 www.fsa.gov.uk/register FSA No. 450655 or by contacting the FSA on 0845 606 1234.

 

Our services

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:

 

·         Investments - 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 - we 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 its value.

 

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

 

ü  Engagement:                Initial 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.

 

We 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 we 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

After your Engagement meeting either as a continuation 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:

 

 

ü  Discovery:                    Identifying planning needs and objectives

ü  Discovery:                    Analyse your budget, assets and liabilities

ü  Discovery:                    Determine and understand your investment knowledge and attitude and tolerance towards investment risk

ü  Research:                    We will provide you with a summary of your existing plans

ü  Research:                     Protection, Pension and Investment shortfall analysis

ü  Research:                     Estate planning and inheritance tax calculation

ü  Presentation:                We will 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 service.

 

Review of Existing Policies

If 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:

 

ü  A review of the charges, penalties, restrictions and features of the product

ü  Fund review, asset allocation and portfolio recommendation

ü  Death benefit nomination/ trust reviewed and if appropriate updated

ü  Personalised projection to retirement/ savings goals and shortfall analysis using growth assumptions which are relevant to your portfolio

ü  Drawdown only – income review, retirement options and critical yield

ü  Small Self Administered Scheme only (SSAS)– trustees meeting

 

The 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

We will discuss our recommendations with you.  Sho uld you instruct us to proceed with any of our recommendations we will act for you in the following ways:

 

ü  Implementation:          Select the product provider, investment funds and portfolio asset allocation

ü  Implementation           Handle all fund and policy administration on your behalf

ü  Implementation:          Liaise with your professional advisers if appropriate

ü  Implementation:          Confirm the advice in writing

ü  Implementation:          Provide regular updates to keep you informed of progress

ü  Completion:                  Check you are completely satisfied with the service, ensure all your documents are issued in line with your expectations

ü  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 & Engagement.

   

Policy Arrangement & Implementation – Lump Sum Investments or Transfers

The charges shown are in addition to the Personal Financial Plan. 

                                                                                                                                   

Investments (excluding pensions)                                                        £1,710.00         

Personal Pension                                                                                  £1,710.00         

Self Invested Personal Pension + property purchase – new plan         £2,710.00         

Small Self Administered Pension Plan (up to 2 members)                    £4,410.00         

                                        + each additional member                         £1,250.00         

Additional contributions to an existing plan                                          £710.00        

Pension Transfer (non defined benefit)                                                 £2,710.00            

Pension Transfer (defined benefit)                                                        £3,710.00            

Annuity Purchase         - 1st Pension                                                         £710.00           

                                    - each additional pension                                  £250.00             

Capped/ Flexible Drawdown                                                              £1,710.00            

 

We 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.

   

Policy Arrangement & Implementation – Regular Premium Savings or Investments

Our 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:

 

Option 1
You 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.


Option 2
You 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.

 

Example 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.

 

Example 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.

 

Should 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.

 

For 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:

 

ü  structured reviews to give you peace of mind;

ü  assessment of your circumstances and any changes to your plans that are needed;

ü  regular updates and information regarding your policies and plans;

ü  a choice of differing levels of support depending on your needs;

ü  ongoing support with correspondence and administration issues.

ü  quarterly newsletter covering topical issues

ü  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 subsequent review.

 

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.

 

Cancellation Rights

We will inform you of your statutory right to cancel. 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.

 

VAT

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.

 

Client money

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.

 

Documentation

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.  We will 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

 

Instructions

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. 

 

Material Interest

We 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.


Complaints

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.

 

Compensation Scheme

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.


Data Protection

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 information.

 

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 data.

 

Anti-money laundering

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 the beginning.

 

Law

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.

 

Force Majeure

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.

 

Termination

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

 

Please tick this box if you do not consent to us or any company associated with us processing any such sensitive data.

 

Please 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.

 

Please 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 these.

 

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 direct payment

 

 

 

Please tick one of the boxes above to confirm your preferred method of remuneration

 

Customer Name(s)

 

 

 

Customer signature(s)

 

 

 

Date(s) of Customer Signature

 

 

 

Date of Issue

 

 

  Issued by

Jackie Fancourt, On behalf of Jay Financial

 

Regulatory Statements

Jay Financial is authorised and regulated by the Financial Conduct Authority

FCA Firm Number: 450655

Telephone : 01283 761866

Partners (advising) : Jacqueline Fancourt

Partners (non-advising) : William Fancourt

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.

To visit the FCA consumer website - The Money Advice Service - please click here

To verify our status with the FCA, click here and key in our FCA number: 450655