Terms of Business
These Terms and Conditions of Business should be read in conjunction with any additional Fee Agreement that has been discussed and provided to you. Together they form the basis of the legal agreement between you as the Client and The Wealth Care Partnership Limited.
The Wealth Care Partnership Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). The FCA 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 FCA’s Register by visiting their website www.fsa.gov.uk/register/home.doFCA No. 610170 or by contacting the FCA on 0300 0500 0597.
Our permitted business is advising on and arranging savings and investment products, pensions, pension transfers and opt outs, immediate care fees plans, non-investment Insurance contracts, Lifetime Mortgages and Home Reversion Schemes.
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.
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 offer the following services:
- Independent advice – We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the market.
Other firms may offer you services that are Restricted, which means that they can only offer advice on limited types of products, or the products from one company or a limited number of companies or No advice where they will not offer a recommendation or advise you and you will be asked to make your own choice about how to proceed.
You will not be able to compare our services with theirs as we are providing a market wide review that is not restricted. Our advice will be what we believe are the best solutions to meet your financial objectives.
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. You can advise us that this is not required by contacting us in writing and confirming this is the case.
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 fees / 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 discretionary 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.
Services to be Provided – Insurance
Following the issue of this letter, any subsequent advice or recommendation offered to you will be based on your stated objectives, acceptable level of risk and any instructions you wish to make regarding the type of insurance policies you are willing to consider.
Unless advised to the contrary, we will assume that you wish to place no restrictions on the types of investment or insurances we may recommend and in which you may subsequently invest. We will assume that you wish to place no restrictions on the markets in which transactions are to be executed. A full listing of products is available from your adviser upon request.
Advice and Instructions
Any advice given to you by us shall be in writing. 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. 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 advise and make a recommendation for you on all products, including equity release, after we have assessed your needs.
We will act honestly, fairly and professionally. This is known as conducting business in ‘clients’ best interest’ by the Financial Conduct Authority. 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 Conduct 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.
Right 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.
If you wish to register a complaint, please write to Karen Rayner at The Wealth Care Partnership Limited, 7 Glasshouse Studios, Fryern Court Road, Fordingbridge, Hampshire, SP6 1QX. Tel: 0845 372 3404
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 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).
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 FCA 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.
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 (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 372 3404 or in writing at The Wealth Care Partnership Limited, 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.
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.
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.
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 Conduct Authority does not regulate certain aspects of advice and guidance on:-
- Care Fees Planning
- The Probate Service
- Trusts and other Deeds
- Cash Deposit advice
- Enduring/Lasting Powers of Attorney
These are our standard terms and conditions upon which we intend to rely. Your acceptance of the basis of our advice through the additional Fee Agreement will confirm your willingness to proceed and for your own benefit and protection you should read these terms carefully. If you do not understand any point please ask for further information. The terms of this agreement become operative when chargeable activity that has been agreed has been undertaken on your behalf.