The Wealth Care Partnership Terms of Business
Section 1 – Compliance
Authorisation Statement
The Wealth Care Partnership LLP is Authorised and Regulated by the Financial Services Authority (FSA). The 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 information on the FSA’s Register by visiting their website www.fsa.gov.uk/register FSA No.466518 or by contacting the FSA on 0845 606 1234.
Permitted Business
Our permitted business is advising on and arranging savings and investment products, pensions, and non-investment Insurance contracts, Lifetime Mortgages and Home Reversion Schemes.
Client Classification
Each client with whom the firm does business is categorised as to identify the level of regulatory protection. We propose to classify you as ‘Retail Client’ for Investment purposes and as a “consumer” for insurance business.
Communications
We will communicate with you in English, both verbally and written, in all correspondence. To avoid any doubt instructions should be issued in writing.
Scope of Service
We operate independently and therefore provide investment services from the whole market from a range of insurers for non-investment insurance. We offer equity release products from the whole market.
Section 2 – Services & Charges
Services to be provided
With regards to investments which we have arranged for you, the service provided by The Wealth Care Partnership will depend on the service you choose under Section 3 of this agreement.
We may contact you in the future by means of an unsolicited promotion should we wish to contact you to discuss the relative merits of an investment, or service, which we feel may be of interest to you.
On issue of this agreement, any subsequent advice or recommendation offered to you will be based upon your stated investment objectives, acceptable level of risk and any restrictions you wish to place on the type of investments or policies you are willing to consider. We will issue you a suitability report to confirm our recommendation. Unless confirmed we will not place any restrictions on our recommendations.
The Wealth Care Partnership does not handle clients’ money. We never accept cheques made out to us, unless the cheque is in settlement of charges or disbursements for which we have sent you an invoice. We will never accept cash.
We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing or you have appointed a third party investment manager. We will forward you all documents showing ownership of your investments as soon as practicable after we receive them, where a number of documents are due involving a series of transactions, we normally hold each document until the series is complete, then forward them to you.
We will advise and make a recommendation for you on all products, including equity release, after we have assessed your needs.
Paying for services
Not all firms charge for advice in the same way. We will discuss your payment options with you and answer any questions you may have. We will not charge you anything until you have agreed how we are paid.
Whether you buy a product or not, you will pay us a fee for our advice and services. Settlement of all accounts will be expected within 14 days of receipt. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you.
How much might our services cost?
We will agree the rate we will charge before beginning work. We will tell you if you have to pay VAT.
Our typical charges are detailed below.
Part A, B, C, D and/or E will apply regardless of client categorisation, Part E or F will depend on the type of categorisation selected, see section 3.
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A - PRE-IMPLEMENTATION CHARGES |
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Initial exploratory meeting |
£197 |
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Research & Anti-Money Laundering |
£97 up to £587 |
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The Personal Wealth Care Financial Plan and Suitability Report |
£587 up to £5,000 |
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B - WEALTH CARE PLANNING FOR CARE FEES |
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Plan Set-Up Fee |
Up to £227 |
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Arrangement of an Immediate Care Plan |
3.5% of the premium |
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C - WEALTH CARE INVESTMENTS |
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Arrangements of Investments |
3.5% of the first £500,000, 3% thereafter |
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Annual Management Fee |
Up to 0.75% of the value of the fund |
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Setting up of trusts and other Deeds |
£157 |
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Arrangement of Insurance Products |
£557 up to £15,000 |
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D - WEALTH CARE PENSIONS |
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Arrangement of pensions |
3.5% of each contribution |
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Annual Management Fee |
Up to 0.75% of the value of the fund |
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Pension Transfer Analysis Report |
£147 |
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Setting up of trusts and other Deeds |
£157 |
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Arrangement of Insurance Products |
£557 up to £15,000 |
| E - WEALTH CARE EQUITY RELEASE | |
| Consultation Fee: Personal Meeting | £587 plus VAT |
| Telephone Consultation | £387 plus VAT |
| Arrangement of Equity Release | 2.5% of advance * |
| * We will refund the commission we receive from the provider | |
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F - WEALTH CARE PROBATE SERVICE |
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Carrying out necessary work to obtain probate |
£997 up to £5,000 |
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Non-exempt estates |
additional £997 |
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G - WEALTH CARE RETAINER/REVIEWS |
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12 month Retainer/Annual Financial Review |
£457 per portfolio |
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Portfolio/Pension Fund Reviews |
£457 per scheme |
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Trust Reviews |
£457 up to £15,000 per trust |
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Periodic Evaluations (including withdrawals) |
£97 up to £227 |
There may be other fees associated with the implementation of recommendations by The Wealth Care Partnership LLP. We will always advise you of these and agree them with you prior to the work commencing.
You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first.
Section 3 - Client Categorisation
The Wealth Care Partnership LLP provides bespoke financial planning service for our clients. It is important that the services provided meets with client expectation and for this reason we offer the following levels of service:-
Wealth Care Customer
We will provide advice and guidance on a specific financial planning requirements and charge fees according to the scale provided under Section 2.
Following implementation, no further advice or service will be provided, unless you contact us.
Under this agreement, no further fees are charged, with the exception of the annual management fee of up to 0.75% of the value of your funds, per annum, as detailed in Section 2.
Wealth Care Client
This service is for those who wish to retain a personal financial adviser on an ongoing basis, to deal with all aspects of their wealth protection, creation and maintenance, including tax planning, such as inheritance, capital gains and income taxes.
The personal adviser will be available to discuss any matter relating to the individual’s needs throughout the year and carry out any necessary changes to the original financial plan. Annual reviews, at the client’s home or at our office, will be carried out.
Under this service the fees included under Section 2, Part F will be charged. These are charged annually in advance.
Up to 0.75% of the value of the funds, per annum, will be paid to The Wealth Care Partnership LLP.
Wealth Care Family
This service is for those extended families who wish to retain a personal financial adviser on an ongoing basis, to deal with all aspects of their wealth protection, creation and maintenance, including tax planning, such as inheritance, capital gains and income taxes
The total family portfolio will be taken into account for fees charged under Section 2 and reduced annual management charges may be made across the family assets.
The personal adviser will be available to discuss any matter relating to each of the individual family’s needs throughout the year and carry out any necessary changes to the original financial plans. Annual reviews at each family member’s home or at our offices will be carried out.
Under this agreement the fees included under Section 2 part F will be charged. These are charged annually in advance (or by monthly standing order). The fees for each family member will be reduced by 10% for each additional family under The Wealth Care Family Agreement (up to a maximum of 5).
As detailed in Section 2 up to 0.75% of the value of the funds, per annum, will be paid to The Wealth Care Partnership LLP.
Wealth Care Trustee Client
This service provides ongoing investment and taxation advice to trustees on assets held within a trust. Initial consultation will take place with advice on any changes necessary to meet the trustees’ obligations to the beneficiaries and to ensure tax efficiency.
Annual reviews of the assets are carried out. A report is produced on each anniversary of the agreement, giving the trustees up to date valuations and advice on any changes necessary to continue to meet their obligations.
In addition to the fees detailed in Section 2 part A, the annual reviews will be charged as detailed in part F, which are payable annual in advance (or by monthly standing order). As detailed in Section 2 up to 0.75% of the value of the funds, per annum, will be paid to The Wealth Care Partnership LLP.
Wealth Care Probate Client
Private Executors can use the Wealth Care Probate Service to carry out all the necessary paperwork and administration in order to obtain Grant of Probate. The Wealth Care Partnership will act as personal representatives for the Executors. See Section 2 part E, for the fees for this service. This service ceases on Grant of Probate.
Section 4 – Further Information
Material Interest
We will act honestly, fairly and professionally. This is known as conducting business in ‘clients’ best interest’ by the FSA. 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 partners of The Wealth Care Partnership 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.
Rights to Cancel
We will inform you of your statutory right to cancel. The Distance Marketing Directive normally grants you 30 days in which you may cancel a life or pension contract. However there will be occasions where no statutory rights are granted, however this will be explained before any contract is concluded.
In general terms you will have a 30 day cancellation period for a pure protection policy and a 14 day cancellation period for a general insurance policy.
Complaints
If you wish to register a complaint, please write to Karen Rayner at The Wealth Care Partnership LLP, 7 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hampshire, SP6 1QX. Tel: 0845 3723404
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 arranging, including long-term insurance, is covered for 90% of the claim, without any upper limit.
Equity Release advising and arranging if a firm is found in default after 1 January 2010 the cover is up to a maximum of £50,000 per person per firm.
Further information about this compensation scheme arrangement is available from the Financial Services Compensation Scheme (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, government 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.
We may also 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.
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 0845 3723404 or in writing at The Wealth Care Partnership LLP, 7 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hampshire, SP6 1QX.
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.
Law
These Terms of Business are 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
The Wealth Care Partnership 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.
Please Note:
The Financial Services Authority do not regulate certain advice and guidance on:
- Care Fees Planning
- The Probate Service
- Trusts and other Deeds
- Cash Deposit advice