| 1) |
Those who advise on life assurance, pensions, or unit trust products are EITHER Independent Advisers OR representatives of one company. Your adviser is independent and will act on your behalf in advising you on life assurance, pensions or unit trust products. As your adviser is independent he or she can advise on the products of different companies. |
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| 1) |
MRIB are Independent Financial Advisers and are authorised and regulated by the Financial Services Authority (the FSA) and are bound by the FSA’s Rules.
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| 2) |
We are not tied to one company’s products and, therefore, are able to be impartial when giving advice and on arranging life assurance, pensions, investments in authorised unit trusts ISA’s and other permitted activities.
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| 3) |
We are also able to advise on mortgages, some general insurance’s, and other products and services, which are not regulated by the FSA because they are outside the Financial Services and Markets 2000. There is no compensation scheme for such products and services. |
| 4) |
We offer independent financial advice, but occasions can arise where we, or one of our other customers, will have some form of interest in business that we are transacting for you. If this happens, or we become aware that our interests or those of one of our other customers conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions. |
| 5) |
We derive income from commission paid to us in respect of transactions in life assurance, pensions, ISA’s, unit trusts and other regulated collective investment schemes and in investment trust companies shares held in a ISA/PEP or regular savings scheme. We shall tell you the amount of commission payable to us on any such investment. |
| 6) |
We will tell you the amount of commission or any other form of benefit from the issuer of a security or from another intermediary. |
| 7) |
Where, on receipt of instructions from you, a financial report is prepared or additional work has to be undertaken that does not relate to investments on which commission is payable, or advice is given but no transaction is arranged on your behalf, fees will be costed on a time-spent basis at a rate agreed with you in writing. Where we propose to charge a fee we shall agree the rate with you prior to any work being carried out. |
| 8) |
If we arrange for you to take out a life policy we will not normally charge a fee for our services because we will receive commission from the life office.
IF YOU SUBSEQUENTLY CEASE TO PAY PREMIUMS ON THE POLICY and in consequence we are obliged to refund commission that has been paid to us, WE RESERVE THE RIGHT TO CHARGE YOU A FEE based on the number of hours spent in advising you and arranging the policy, BUT WE WILL NOT CHARGE A FEE IF YOU EXERCISE YOUR RIGHT TO CANCEL THE POLICY IN ACCORDANCE WITH THE CANCELLATION NOTICE SENT TO YOU BY THE LIFE OFFICE.
If we recommend to you any policy to which this paragraph applies, we will at the same time inform you in writing of the maximum amount of any such fee and of the latest time at which we would charge this. |
| 9) |
When we have arranged any investments for which you have given instructions, we will not give you any further advice unless you request it, but will be glad to advise you at any time you ask us to do so. |
| 10) |
We prefer instructions to be given to us in writing to avoid any possible disputes. If any instructions are given orally then they should be confirmed in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably. |
| 11) |
We keep records of all your investment transactions for at least six years. You, or your appointed agent, have the right to inspect the records at a mutually convenient time. As we treat all our clients’ records as confidential, we reserve the right to give you copies of your records where in certain circumstances to release the original would compromise other clients’ confidentiality. |
| 12) |
We will register all investments in your name unless otherwise agreed in writing. All contract notes and documents of title in respect of your investment will be forwarded to you, unless otherwise instructed in writing, as soon as practicable after being received by us. Where a number of documents relating to a series of transactions are involved, we will normally retain the documents until the series is complete and then we will forward them to you. |
| 13) |
We maintain professional indemnity insurance. |
| 14) |
If you make a valid claim against MRIB in respect of the investments we arranged for you and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of the first £30,000 and 90% of the next £20,000, so the maximum compensation. Further information is available from the Financial Services Authority and the Financial Services Compensation Scheme. |
| 15) |
If you should have any complaint about the advice you receive or a product you have bought, please write to the Compliance Officer at the above address. We will supply a copy of our formal complaints procedures upon request or upon receipt of a complaint. If we are unable to resolve a complaint to your satisfaction you may have a right to take your complaint to the Financial Ombudsman Service. |
| 16) |
You, or we, may terminate our authority to act on your behalf under these terms of business at any time, without penalty. Notice of this termination must be given in writing and will take effect immediately upon receipt of the notice. Termination will not prejudice the completion of transactions already initiated on your behalf or any rights or obligations already arising. |
| 17) |
WE DO NOT HANDLE CLIENTS’ MONEY.We never accept a cheque made out to us (unless it is a cheque in settlement of our charges or disbursements for which we have sent you a fee note) or handle cash. |
| 18) |
These terms of business exclude any rights, which may be conferred upon third parties by the Contracts (Third Party Rights) Act 1999. |
| 19) |
If you prefer, we are able to make information available to you by audiocassette (or in Braille). |
| 20) |
In order to advise you properly, we must obtain certain information from you about your financial and personal circumstances, to assess your suitability for particular products and services. |
| By signing these Terms and Conditions of Business: |
| 1. |
You agree that the information we hold about you can be held on computer and/or paper files. |
| 2. |
You agree that any information, which you give us may be disclosed to third parties (e.g. Credit reference agencies and product providers) for the purpose of processing your application or to another firm upon the sale of all or part of our business. |
| 3. |
You agree that we may use the information that we hold about you to contact you from time to time by post, fax, e-mail or telephone to bring to your attention additional products or services, which may be of benefit to you. |
| 4. |
We agree that any consent given by you under paragraph 3 above may be withdrawn by you at any time by contacting us in writing at Eagle House, 25 Amersham Hill, High Wycombe, Bucks., HP13 6NU. |
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These terms of business will come into effect when provided to you. Version 4 (effective 01/2004) |