Terms of Business
This agreement is issued on behalf of Tom French & Associates of 7/8 Biddicks Court, St Austell, Cornwall, PL25 5EW Tel: 01726 72260.
Authorisation Statement: Tom French & Associates is Authorised and Regulated by the Financial Conduct Authority, FRN No 185513. You can check our details on the FCA’s Register: www.fsa.gov.uk/register
Client Categorisation: Unless otherwise told we will treat you as a retail client.
Services to be provided: You are our client and have the option of three service levels; Wealth, Financial Planning and Specific Advice, these will be explained by your adviser together with our agreed charge before any work is commenced and recorded on our Retail Client Agreement. We contact our clients as required to complete our work but may also use unsolicited promotions only where we feel it may be of interest to you. Our advice to you will be based upon your agreed aims, needs and objectives, it will take into account your attitude to risk, capacity for loss and appetite for loss. We will always put our recommendation in writing for you.
Client Assets: We do not handle clients’ money. The only money that should be payable to us is for work we have completed or disbursements, these will be supported by an invoice. All investments will be registered in your name.
Advice and Instructions: We work for you and all our advice will be supported in writing, we prefer our clients to confirm their instructions in writing, we will never amend your investments without prior written instruction or confirmation from you. We keep all our records for at least the minimum time period as required by our Regulator.
Material Interest: We will act honestly, fairly and professionally, in our ‘clients’ best interest’. Should we become aware of a conflict of interest between us, or any of our clients, then we will make you aware.
Right to Cancel: We will always inform you of any cancelation rights available and the impact this may have.
Data Protection: We are subject to and abide by the Data Protection Act 1998. We will only keep information on you that is relevant and required for us to carry out our work, this will only be shared with companies that need the information to carry out our work for you. You are entitled under the Act to copies of any information we retain on you; this may be subject to a fee.
Financial Crime: We comply with the Money Laundering Regulations and the Proceeds of Crime Act, we are required to verify the identity of all our clients and this may involve the use of electronic searches and credit reference agencies. Without verification we are unable to advise you.
Complaints and Commendations: If you wish to register a complaint or commendation then please write to us at 7/8 Biddicks Court, St Austell, Cornwall, PL25 5EW or telephone 01726 72260. You may be entitled in some circumstances to refer your complaint to the Financial Ombudsman Service: www.financial-ombudsman.org.uk
Compensation Scheme: We are covered by the Financial Services Compensation Scheme (FSCS) Further information about compensation scheme arrangements is available from their website: www.fscs.org.uk. 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. Mortgage and Home Purchase advising and arranging is covered up to a maximum limit of £50,000.
Buy to Let: Our advice to ‘Business Buy to Let’ clients is not covered by either the Financial Services Compensation Scheme or, in the event of a complaint, the Financial Ombudsman Service.
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: Tom French & Associates 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: Should you wish to no longer take our advice then we will accept your instruction without delay, if we have commenced work then there may be a charge payable for the work already completed
Know Your Client: Our advice to you is provided in good faith and based on the information you provide to us, where you retain by choice or otherwise, information which affects our advice then we cannot be held responsible.
Our Fees: Before we commence any work for you we will; agree the work involved, the service level required, the cost, and how you can pay us. Some of our work may require the addition of VAT; we will inform you if this is likely. The following are typical charges and methods of payment available to you:
|Chartered Financial Planner:||£175 per hour|
|Independent Financial Adviser:||£150 per hour|
|Administrator/Service Support:||£50 per hour|
% of Funds Invested – For initial advice and implementation
|Investments up to £250,000:||3%|
|Investments between £250,001 and £500,000:||2%|
|Investments between £500,001 and £1 million:||1.5%|
|Investments over £1 million:||1%|
One-off transactional advice – i.e. where you are not subscribing to an ongoing service
3% of any monies to be invested subject to a minimum charge of £750
Commission: Providers of protection products can pay us through commissions, where this is the case we will make you aware of the amount and what it is for, it may be possible to use this to offset your fees for other work.
Example charges for some of our work are:
|Research and provide a ‘Financial Plan’ with no specific product advice or recommendation:||£750 + VAT|
|Research, produce and analyse a pension transfer report:||£750|
|Research and advice on the possible amalgamation of personal pensions:||£1,000|
|Research and provide a full bespoke financial planning report:||£1,500 – £3,000|
|Specialist services (e.g. Portfolio analysis, Lifestyle modelling):||Price on application|
On-going service: Where we have agreed to provide an on-going service then you may retain us by fixed or hourly fee, or typically via a percentage of the investment. Payments may be facilitated by the product provider, taken from the product itself or preferably direct from you the client. Payment from the product may not always be in your best interests and may not be allowed. A typical charge is 1% of an investment for an on-going service arrangement. Below are some examples of the amount we would receive based on a total fund value:
|Fund value £50,000||Ongoing Fee of 1%||Payment to be received £500|
|Fund value £75,000||Ongoing Fee of 1%||Payment to be received £750|
|Fund value £100,000||Ongoing Fee of 1%||Payment to be received £1000|
Please Note: When we have finished our work you are not obliged to buy a product. However, there will be a charge for the work up to that point.