This document sets out the basis on which we will conduct business with you and on your behalf. It is our standard client agreement and we intend to rely on it. It is an important document and, for your own benefit and protection, we would ask you to read it carefully before proceeding with our service. If you are unsure of any of its terms, please contact us for an explanation.
The terms of this Client Agreement come into force immediately you engage us to conduct business and services for you, and remains in force until further notice. This service is only for those who are UK Resident for tax purposes and not suitable for US Citizens.
SaidSo is a trading name of Chapters Financial Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority (FCA) regulates the financial services industry in the UK and their address is 12 Endeavour Square, London, E20 1JN. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk or by contacting the FCA on 0845 606 1234. Our FCA Register Number is 402899.
Our permitted business is advising on, distributing and arranging transactions in savings and investment products, pensions and protection contracts for both corporate and individual clients.
SCOPE OF SERVICE
SaidSo offers independent financial advice and therefore provides investment services and distributes products from the whole market and from a range of insurers for non-investment insurance (i.e. term assurance, critical illness cover, permanent health insurance, private medical insurance) on the basis of a comprehensive and fair analysis of the market.
We will advise and make a recommendation for you after we have assessed the background to your personal/financial circumstances, including your needs. Any advice or recommendation will be based upon your stated objectives, acceptable level of risk, and any restrictions you wish to place on the type of investments and insurance policies you are willing to consider. Details of your stated objectives will be included in the Financial Planning Report confirming the reasons for our recommendations.
We reserve the right to decline SaidSo applications for commercial reasons and to change or withdraw the terms and prices of the SaidSo offer at short notice. In using the SaidSo service, you agree that we may use external agencies to check identifications and addresses, where required, in electronic format.
Each client with whom the firm does business is categorised to identify the level of regulatory protection. We propose to classify you as a ‘Retail Client’ which affords you the highest level of regulatory protection available.
OUR SERVICE AND FEES
SaidSo’s corporate objective is to ensure that you receive high quality online independent financial advice, both at the outset and afterwards, giving you the opportunity to review your financial planning regularly.
SaidSo offers a three stage financial planning service online to allow you to access what you need for your financial planning. These are as follows:
|SAIDSO SERVICE POINTS||SERVICE FEE|
|Your individual SaidSo financial planning report||£299|
|Stage 2: Implementing your SaidSo recommendations when agreed||£159 (optional)|
|Stage 3: Review of your circumstances later on to keep you on track||£129 (optional)|
You will need to settle our fee in a single payment at the start of the process selected.
Our review service is only available to existing SaidSo customers who have already used our full advice and implementation services. We will only conduct a review on your specific request.
This review would normally include:
- Update of your personal details.
- Review of the impact on your financial planning strategy of any changes in your circumstances and those of market changes.
- Review of your existing portfolio of investments/ performance of the underlying assets.
- Update on any taxation, legislative or investment developments since the last review.
- Implementation of any agreed changes, such as fund switches or changes to pension contributions/ income payments.
We will normally communicate with you and expect to receive communications from you in English. If you wish to communicate with us in another language, please contact us.
In most cases, communications that you receive from us will be confirmed in writing and online. We will not meet with you face to face or normally communicate with you by telephone. The preferred communication method for this service is as an online service. We request that our clients give us instructions in writing to avoid possible disputes. Therefore, any verbal instruction you make should be confirmed in writing thereafter.
We will send you a welcome email at the start of your SaidSo financial planning process. After this, we may send you reminder emails. You can opt out of these by sending an unsubscribe email to advice@SaidSo.co.uk
We may, at our discretion, refuse to accept instructions although such discretion shall not be exercised unreasonably. We keep records of all business transactions for at least five years. You have the right to inspect copies of any papers or computer records relating to your transactions. We do, however, reserve the right not to provide you with copies of records, if information relating to other parties would be disclosed.
In the event of SaidSo assisting you in the completion of any investment application or policy proposal forms you will continue to bear full responsibility for the accuracy and completeness of the information entered on such forms. It is your responsibility to provide complete and accurate information to us and insurers when you commence your policy, throughout the life of your policy, and when you renew your insurance. It is important that you ensure that all statements you make on proposal forms, claim forms and other documents are full and accurate. We cannot be held responsible for incorrect data held in the event of non-disclosure.
If you fail to disclose any material information to us or your insurers, this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.
We must take all sufficient steps to obtain the best possible result on your behalf when placing or passing on your instructions to buy or sell an investment. This is referred to as ‘best execution’. We are required to put in place, provide a summary of and obtain your consent to our best execution policy. A summary is available as Appendix I and, by proceeding with our service, you are consenting to that policy.
REGISTRATION OF INVESTMENTS
Where we arrange a life policy, pension or investment for you, the provider will produce documentation as evidence of the transaction. All investments will be registered in your name, unless you first instruct us otherwise in writing.
We will forward to you all documents showing ownership of your investments as soon as practicable after we receive them. Where a number of documents relating to a series of transactions are involved, we will normally hold each document until the series is complete and then forward them to you. We cannot retain such title documents for whatever reason including holding them as security.
Unless advised to the contrary, we will assume that you wish to place no restrictions on the markets in which transactions are to be executed or on the types of investment or insurances we may recommend and in which you may subsequently invest.
For your additional security SaidSo does not handle clients’ money and we never own the investments that you buy through us. We never handle cash or accept a cheque made out to us, unless the cheque is in settlement of charges or costs for which we have sent you an invoice.
We will be required to verify your identity in accordance with the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007. We reserve the right to approach third parties and to delay any applications until adequate verification of identity has been obtained.
YOUR UNDERSTANDING OF INVESTMENT RISK
Because the value of investments can go down as well as up, you may not get back the full amount invested. Levels of income from investments may also fluctuate and/or affect the capital value of the investment. Past performance should not be seen as an indication of future performance.
For insurance products, your insurance policy may lapse if you do not keep up to date with regular premium payments, and you may not be covered if a claim is made.
We offer Independent Financial Advice, but occasions arise where we or another customer will have some form of interest in business which we are transacting for you. Conflicts of Interest are impossible to remove entirely but we identify, monitor and manage real or potential conflicts in order to safeguard our clients’ interests.
Conflicts of Interest
The following actual or potential conflicts of interest have been identified:-
- Access to confidential information
- Outside business interests or personal relationships
- Inducements and non-monetary benefits
We rely on a policy of independence to manage any conflicts of interest between Chapters Financial and our clients or between one client and another. This means that it is possible that there may be material interest or conflicts of interest relating to the service given to clients but we are required to disregard that material interest or conflict of interest when advising clients.
We monitor where conflicts of interest may exist such as having a material interest in relation to a transaction or recommendation, and if we believe we are unable to manage a specific conflict of interest using this policy of independence we will disclose the conflict to clients by writing to you with full details and the steps we will take to ensure fair treatment, and obtain your consent before we carry out your instructions. Ultimately, if we believe that disclosure would also not manage the conflict fairly, we must decline to act for the client.
Minor non-monetary benefits
The investment platforms and product providers we use/recommend make available a variety of technical product and legislative information as well as online tools enabling us to map the performance of clients’ portfolios and gather other data to help with our communications to clients. This may be in the form of information that is generally available to all financial advisers such as guides on how to complete application forms, projections of future benefits, and confirmation of why their products may be suitable for specific individuals/circumstances. We also have access by telephone and email to technical help desks which we use to discuss possible solutions to particularly complex client situations and to request tax calculations.
These are facilities that platforms and providers make available to all financial advisers with the sole aim of enhancing the quality of the service to clients.
Platform and product providers and fund managers may also provide us with training presentations in the form of webinars, and occasionally roadshows, to explain legislative or regulatory changes and developments or to describe new products or funds.
You can receive more detailed, specific information on request.
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 whereas the cancellation period for a unit trust or ISA is normally 14 days. In general terms you will have a 30 day cancellation period for a pure protection policy. However there will be occasions where no statutory rights are granted. Should this situation arise we will notify you of the facts before any contract is concluded.
It is our intention to always provide the highest quality level of advice and service. If however you become dissatisfied with our provision of, or our failure to provide, a financial service, and you wish to register a complaint please contact Keith G Churchouse FPFS, at SaidSo, Hadleigh House, 232 High Street, Guildford, Surrey, GU1 3JF, telephone (01483) 578800.
Your complaint will be investigated in accordance with the firm’s complaints handling procedure, a copy of which will be supplied to you. If you are not happy with the way we have carried out our investigation or the result, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Further information about the FOS is available from their website www.financial-ombudsman.co.uk.
SaidSo is covered by the Financial Services Compensation Scheme (FSCS) through Chapters Financial Limited 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 by the FSCS 100% up to a maximum of £85,000 whereas the distribution of pure protection insurance is covered for 100% of the claim, without any upper limit.
Further information about this compensation scheme arrangement is available from the FSCS at www.fscs.org.uk.
PROTECTION OF PERSONAL DATA
These Terms of Business exclude any rights, which may be conferred upon third parties by the Contracts (Third Party Rights) Act 1999.
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.
SaidSo 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.
For your own benefit and protection you should read these terms carefully before proceeding with our service. If you do not understand any point please ask for further information.
These are our standard Terms of Business on which we intend to rely.