Fee Schedule and Terms of Business
Our fees are broken down into independent stages and follow the AIWM Client Journey:
Fixed Initial Planning Fee that encompasses:
• AIWM Discovery Process™
• Deep Data Harvest™
• Big Picture Analysis™
• The Reveal Process™
On Purpose Implementation™ – Usually a combination of Percentage and Fixed Fees
This fee will be dependent on the actions agreed and any financial products, legal, trust or other advice taken up. Any and all fees payable will be quoted for and agreed in advance of any action being taken.
Affinity Membership Services™ & Ongoing Investment Management
Usually a combination of percentage and fixed fees dependent on the level and type of services to be provided and the way in which any financial products, legal matters, trusts, financial planning and advisory matters are to be managed and provided on an ongoing basis.
All fees will be agreed with you before commencing any chargeable work on your behalf. Please see our website for full details of our current fee schedule, service levels and regulatory terms of business, all of which will change from time to time.
To read our full Client Agreement Fee Schedule and Terms of Business and Privacy Statement, please click here.
Terms of Business
This agreement is issued on behalf of Affinity Integrated Wealth Management Ltd “AIWM Ltd” which is an Appointed Representative of Buryfield Grange Ltd which is Authorised and Regulated by the Financial Conduct Authority of Inspire House, 20 Tonbridge Road, Maidstone, Kent ME16 8RT.
AIWM Ltd is bound by the Rules of the FCA and its FCA Register number is 842231. Clients can check this on the FCA’s Register by visiting the FCA’s website https://register.fca.org.uk
AIWM Ltd offers investment, pension and insurance advice, which is regulated by the Financial Services and Markets Act 2000. AIWM Ltd is regulated by the Financial Conduct Authority and is authorised to arrange deals for investors and to advise on any investment business for the time being regulated by the FCA, but cannot deal as principal with its clients; and when arranging a purchase or sale of readily realisable securities for a client, must arrange it through an FCA regulated firm with the appropriate permissions. Buryfield Grange Life Planning Ltd also offers True Comprehensive Lifestyle Financial Planning services which are not regulated by the FCA.
AIWM Ltd will exercise due care and diligence in conducting our business but will not be liable for any depreciation of investments arranged by us.
Our permitted business is advising on and arranging savings and investments products, pensions and noninvestment Insurance contracts.
AIWM Ltd can also arrange and effect investments that are not regulated by the Act and/or the FCA. These include National Savings deposit and investment products. There is no compensation scheme for such investments, and neither is there for Peer2Peer investments, even though these are regulated by the FCA.
OCCUPATIONAL PENSION TRANSFER ADVICE
We are not authorised to provide advice in relation to the transfer of any defined benefit occupational pension.
We will not actively review the suitability of any defined benefit pensions that you may have which you have accrued in previous or current employment, unless you specifically ask us to do so, in which case we will then recommend that you engage with a specialist third party company to obtain such advice.
We can work with and will liaise with other professional firms on such matters, but any and all liability for advice, fee disclosure, regulatory requirements, suitability report preparation and presentation by such thirdparty firms remains with them and not with AIWM Ltd.
We will include such benefits within any financial plan/cashflow analysis that we may do for you, but this will be based upon an estimate of the benefits you are likely to receive – we will not obtain up to date information from the scheme each time we update the financial plan/cashflow forecast.
Unless otherwise agreed in writing, you will be treated as a retail client for investment and pension advice and as a ‘consumer’ for protection advice when you transact business with us. This means that if something goes wrong you have the best protection available under the law.
All or any business dealings between Client and AIWM Ltd are subject to this Agreement.
SERVICES TO BE PROVIDED
This will be agreed with you before any work commences on your behalf.
PERIOD OF THIS AGREEMENT
This Agreement shall commence on the date of issue and shall continue in force until determined by either party giving immediate notice to the other in writing or until replaced by a later Agreement. Termination may be at any time, without penalty and without prejudice to the completion of transactions already initiated on behalf of the Client. After termination of this Agreement AIWM Ltd will not execute any further transactions for the Client or provide any further advice or services except at the Client’s specific request and subject to a new Client Agreement being entered into.
Each clause and sub-clause of these Terms of Business shall be independently interpreted and enforceable. If any clause or sub-clause of the Terms of Business is declared void, illegal or otherwise unenforceable, the remainder shall survive unaffected.
CLIENTS RESPONSIBILITIES / DEFINITION OF OBJECTIVES / ATTITUDES TO RISK AND LOSS
AIWM Ltd cannot adequately perform its duties and responsibilities to Clients unless it receives Client’s full co-operation. Clients therefore agree to provide such information as AIWM Ltd needs to satisfy the provisions of The Act and the Rules, to discuss objectives, needs and problems candidly with AIWM Ltd and to keep AIWM Ltd informed of relevant changes in Clients situation. AIWM Ltd’s analysis and recommendations will be based upon data and the brief provided by Clients (this brief will include a clear statement of a Client’s investment and other objectives and attitude to risk and loss).
Where appropriate AIWM Ltd will prepare written statements of its understanding of Client’s objectives, attitude to risk and loss, and capacity for loss. These statements shall be regarded as part of this Agreement and copies will be given to Clients. Clients undertake to advise AIWM Ltd if amendments are necessary.
Clients have not imposed any restrictions on the types of investments in which investments may be made or the markets in which transactions are to be executed but will notify AIWM Ltd if any such restrictions are to apply in the future.
Clients agree to read all documents provided by AIWM Ltd and accepts the responsibility of notifying AIWM Ltd within 30 days of receipt in the event that the meaning of any document or any part of any document is not clear to them.
All investments carry a degree of financial risk which will tend to increase in proportion to the potential rate of return on the investments. Any product which is directly or indirectly invested in assets which may fall in value (for example equities) may itself fall in value along with any decrease in value of those assets. Before entering into any investment agreement, you must ensure that you understand the risk associated with the product and are content to accept that level of risk.
Investments can go down in value as well as up and you could get back less than you invest. The past is not a guide to future performance.
Whilst we may provide certain reminders and follow up communications, it will remain the Clients reasonability to arrange any and all Discovery, Reveal, Progress, Ad Hoc or other meetings.
CONTINUITY OF SERVICE ON DEATH
In the event of your death, our advisory & planning service will continue for the benefit of the survivor and/or your executors. This will include obtaining valuations for Confirmation/Probate, where possible (and if appropriate) raise funds from your investments to cover Inheritance Tax prior to the issue of Confirmation/Grant of Probate and assisting in the disposal of transfer of assets. Since any investments which we have arranged for you will continue to be managed and reviewed, the firm will continue to receive the agreed adviser charges, until the executors of the estate advise us otherwise.
Any additional work required by the survivor and/or your executors will be chargeable.
In order to provide efficient, consistent and high levels of service, it is AIWM Ltd policy to undertake a team approach when dealing with all Client matters. This means that work may be undertaken on behalf of a Client by any one of several team members who will liaise with the Client and Third parties as appropriate, whilst being under the supervision of the AIWM Ltd Directors accordingly. Any and all Regulated advice will be provided by a suitably qualified and experienced Registered Individual (Financial Planner), whilst administration tasks will be dealt with by the Client Services Team.
We reserve the right to allocate specific Clients to different team members, including different Financial Planners within the team. Reveal, Progress and Ad hoc meetings may not be with the original team member allocated to the Client at outset.
MERGER OR ACQUISITION
If we transfer all or substantially all of our business to another firm (“Successor Entity”), our Engagement with you shall not automatically terminate by reason of such transfer. You agree that the Successor Entity is automatically appointed by you so that continuity of service can be provided to you. Both the Successor Entity and you may rely on these Terms of Business as setting out the continuing terms of the Engagement. If such transfer requires some formal action by you then you will take such steps as are necessary to enable continuity of our services.
Subject to the above paragraph, you will not have the right to assign or transfer the benefit or burden of the Engagement without our written consent.
The amount of contact that we provide to you is dependent on the Membership Service level that you agree to. We are not obliged to contact you over and above the agreed service level.
Please make sure you are aware of and comfortable with the amount of contact you will receive, and you are aware of the limitations of the service level chosen by yourself. You need to be confident that the service level selected meets your long-term needs.
LIASON WITH CLIENTS BANKERS AND OTHER ADVISERS
Unless specifically instructed in writing to the contrary AIWM Ltd is authorised to liaise with Client’s bankers and other professional advisers and shall not be required to verify any information provided by Client or Client’s other professional advisers and is expressly authorised to rely upon such information.
We cannot accept responsibility for taxation advice. Clients must be responsible for their own taxation position and we strongly recommend that Clients take advice on taxation matters from a suitable qualified accountant.
Any and all advice provided by AIWM Ltd in relation to Pension and Investments matters will be based on our current understanding of HMRC rules and practice and current tax rates, all of which are subject to change without notice. Similarly, the existing tax treatment of investment products cannot be guaranteed to remain the same in the future.
When investments are made into portfolios that include any form of regular rebalancing or fund changes, no account will be taken of individual Capital Gain Tax liabilities for such rebalancing exercises. Meeting the portfolio objectives and maintaining portfolio integrity and structure will override individual tax considerations.
FOREIGN TAX INVESTMENT AND ADVICE MATTERS
AIWM Ltd provides advice based on UK regulation and law but does carry “Passporting” permission that enables us to work with non-UK Residents. Whilst we are happy to provide Financial Planning advice to nonUK Residents, we cannot and do not provide any tax, investment, pension or other financial product advice in relation to the Client’s country of residence. All such non-UK Resident Clients should therefore also appoint a specialist tax / investment adviser that is familiar with the relevant rules, regulations and suitable products in the country in question. Where appropriate we may be able to make a referral to such a specialist within The Genus Professional Network™.
Any advice provided to non-UK Residents will not be regulated by the Financial Conduct Authority and neither will it be covered by the Financial Services Compensation Scheme.
The responsibility and liability for any and all advice provided by a third-party specialist company will remain with that company and not with AIWM Ltd.
FOREIGN ACCOUNT TAX COMPLIANCE ACT (FACTA)
The Foreign Account Tax Compliance Act (FATCA) requires US persons holding an interest in any specified foreign financial assets with an aggregate value exceeding $50,000 to report related information to the IRS.
It is your responsibility to inform us if you:
➢ Have a US residence address or US correspondence address (including a US PO box).
➢ Standing instructions to transfer funds to an account maintained in the United States or directions
regularly received from a US address.
➢ Have an ‘in care of’ address or a ‘hold mail’ address that is the sole address with respect to the client;
➢ Have a power of attorney or signatory authority granted to a person with a US address
Please note that we are not responsible in any way for any reporting obligations that you may have in relation to FATCA. We may also share your FATCA status with other Financial Institutions, HMRC and/or the IRS if requested.
LEGAL AND ACCOUNTING SERVICES
Neither AIWM Ltd nor its employees are qualified to render legal or accounting advice or prepare any legal or accounting documents. We can work with and will liaise with other professional firms within The Genus Professional Network™ on such matters, but any and all liability for advice and documentation prepared and provided by such third-party firms remains with them and not with AIWM Ltd.
Legal and accountancy matters are not regulated by the Financial Conduct Authority.
LASTING POWERS OF ATTORNEY, WILLS & TRUSTS
We recommend that all Clients have up to date Lasting Powers of Attorney, valid Wills and where appropriate, suitable Trust arrangements in place. Whilst we can provide advice and assist with the production of such documentation via The Genus Professional Network™, the responsibility for dealing with and the execution of such documents remains with the Client. Any and all liability for advice and documentation prepared and provided by such third-party firms remains with them and not with AIWM Ltd. Such legal work is not regulated by the Financial Conduct Authority.
BASIS OF ADVICE
Statement of demands and needs: FCA Rules require AIWM Ltd to provide Clients with a statement of a Client’s demands and needs if AIWM Ltd makes a personal recommendation of a life policy to Client.
AIWM Ltd obtains information from a wide variety of publicly available sources and has no sources, and does not claim to have sources, of inside or private information. The recommendations offered by AIWM Ltd are based upon the judgement of AIWM Ltd and its individual financial planners and AIWM Ltd cannot guarantee the results of any recommendations.
AIWM Ltd usually, but not exclusively, works with an independent investment research house and discretionary fund manager and follows the practice of recommending investment funds that match a Client’s agreed objectives, attitude to risk and capacity for loss. The agreed mandate with the discretionary manager will cover the types, classes, liquidity and other due diligence aspects on funds that may be suitable for a Client to hold within their portfolio.
It must be remembered that past performance is not a reliable guide to future performance and values may fall as well as rise.
It is AIWM Ltd’s policy to transact a Client’s business in order to achieve the best possible results in terms of the size, nature and price of the products selected, transaction charges, cost of advice, administration charges, speed and service excellence and effectiveness of the Platform/Provider/Services Provider.
NOT READILY REALISABLE ASSETS
AIWM Ltd may on occasions, and if appropriate, advise you on investments which are not readily realisable. Where this is the case, we will draw your attention to the risks associated with these investments as there is a restricted market for them. In some circumstances, it may therefore not be possible to deal in the investment or obtain reliable information about its value.
UNREGULATED INVESTMENT PRODUCTS
Our services may also include advice on investments relating to or executing transactions in units in unregulated collective investment schemes. Where we recommend an unregulated investment/ product then we will confirm to you that the FCA does not regulate the investment/product and therefore you may not be afforded the protections from the Financial Ombudsman Scheme or the Financial Services Compensation Scheme.
Acquisition costs, currency conversion costs and associated tax charges are Clients responsibility.
ADVICE AND INSTRUCTIONS
Any advice given to you by us shall be in writing or electronic such as email, PDF or electronic recording. 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 and / or are recorded electronically.
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.
NON-ADVISED AND EXECUTION ONLY
We do not undertake non-advised or execution only work and do not accept these instructions.
There may be occasions where the Client wishes to take a different course of action from the one AIWM Ltd recommends and would like AIWM Ltd to facilitate the transaction against the AIWM Ltd advice. When a client does this, they are commonly referred to as an Insistent Client.
In such circumstances you as Client acknowledge that you understand that you are therefore proceeding against our original advice and that any resulting transaction will therefore be undertaken on an “Insistent Client” basis. AIWM Ltd will therefore be acting, executing and facilitating any such transaction on your behalf as an “Insistent Client” basis. You understand that some of the actions taken may not therefore be in your “best interests”. This may in turn limit your ability to subsequently make a claim against AIWM Ltd for any advice provided and also may reduce the amount of protection afforded to you under FOS, FCA and FSCS rules.
AIWM Ltd reserve the right to refuse to act for any Client, even on an Insistent Client basis.
FUNDS INVESTED THROUGH AIWM LTD
Client warrants that any funds invested through AIWM Ltd are owned beneficially by Client and are free from encumbrances.
AIWM Ltd is not authorised to handle Client’s money. Crossed cheques for premiums or investment monies can only be made payable directly to the product provider. No premiums or investment monies of any kind should be paid or made payable to anyone else.
The only monies AIWM Ltd can accept directly are in relation to our professional fees & disbursements for which an invoice/receipt will be issued according.
SECURITY OF PRODUCT PROVIDERS AND PLATFORMS
Insurance companies and Platforms trade under the supervision of the FCA and/or other Government departments. AIWM Ltd takes account of information about insurance and platform companies in the public domain, including reports of financial strength, but if such a company is permitted by the relevant Government department(s) to trade, AIWM Ltd assumes there should be no reason to doubt its solvency.
There may be occasions when AIWM recommends clients to arrange a product for a company with offices registered outside the United Kingdom. Attractive terms or specialist investment vehicles are sometimes available from such companies, but their policyholders/investors are not protected by the Financial Services and Markets Act 2000 in the event that the companies are unable to meet their liabilities. If a Client is recommended by AIWM Ltd to arrange any such offshore product, the risks pertaining to the particular recommendation will normally be included in the documentation provided. If a Client is worried about this apparent lack of protection it is agreed that the Client will mention this concern to AIWM Ltd so that a letter of comfort can be requested from the relevant product provider explaining why, in its view, there is no cause for concern.
ACCEPTANCE OR REJECTION OF RECOMMENDATIONS
Client may accept or reject completely or in part any recommendation from AIWM Ltd and Client has sole authority with regard to the implementation, acceptance or rejection of any counselling or advice from AIWM Ltd.
FUTURE ADVICE MATTERS
Based on Client’s individual objectives and priorities, some advice and recommendations to be provided by AIWM Ltd may be conditional or deferred to a future date and as such may be subject to change. Clients warrant that they will follow up on any future based recommendations with AIWM Ltd. AIWM Ltd will take no responsibility or liability in relation to advice not yet provided or not yet acted upon by the Client.
Whilst AIWM Ltd will make every reasonable effort to provide advisory and planning services to meet with any agreed deadline, it will remain the Client’s responsibility to ensure that adequate time is allowed ahead of any such deadline and that the Client themselves provide any and all such information and documentation as may be required within a reasonable period of time ahead of any deadline. For these purposes a reasonable period would be 14 working days.
NOMINEE AND SAFE CUSTODY SERVICES
AIWM Ltd does not safeguard or administer Client assets but we may arrange business through platforms which will provide custody services for your assets. Where this is the case, the legal title of investments will be registered in the name of the third party’s nominee.
Transactions will be transmitted to the fund supermarket, investment wrap platform, or similar third-party investment institution for them to execute. Money or transferred assets will be placed immediately with that third party for investment – AIWM Ltd will never hold the assets for you. We will provide you with the relevant account opening details for the identified third party, such as their Terms & Conditions, Nominee and Safe Custody Service, Best Execution Policy, Execution Venues and Conflicts of Interest Policy (or equivalent documents). The legal title of investments will be in the name of the third party’s nominee.
For non-platform business AIWM Ltd will make arrangements for your investments to be registered in your name unless you first instruct us otherwise in writing.
RIGHT TO WITHDRAW
In the case of many retail investment products – such as life assurance contracts, personal pension schemes, investment bonds and collective investment arrangements (e. g. unit trusts), a right to withdraw or cancel the contract within a specified period is normally provided. Details of such rights are ordinarily contained in the product literature (e. g. Key Features document) and/or AIWM Ltd may provide details of such rights in a separate communication.
In the case of any non-retail investment products, AIWM Ltd will inform you in writing of any right to withdraw or cancel you may have or, if it is the case, we will inform you in writing that no such rights will apply.
All investments purchased on Client’s instructions will be registered in Client’s name or in accordance with Client’s instructions. All contract notes and documents of title in respect of Client’s investments will normally be forwarded to the Client by the provider within 14 days of the transaction and usually in electronic format. Where a number of documents relating to a series of transactions are involved the documents may be retained until the series is complete.
Details of transactions carried out by AIWM Ltd on behalf of the Client will be retained by AIWM Ltd for a minimum of six years (and indefinitely thereafter in the case of defined benefit pensions transactions) after the date of each transaction. Clients will have a right to inspect such records during normal business hours having given reasonable notice to AIWM Ltd of a wish to do so.
AIWM Ltd shall not be liable for a default by any third party who is the nominal holder of a Client’s registered investments or who has in his possession or custody on behalf of Client documents of title or certificates evidencing title to any of Client’s investments.
Investment valuations produced on AIWM Ltd’s computers and via any Client portal are normally based upon fund prices provided by a variety of sources and data feeds. On any computer system it is possible for errors or omissions to occur and valuations should not be relied upon unless the relevant fund manager provides them. There may be periods, especially when a portfolio rebalance or fund merger is taking place, when valuations do not accurately reflect the true underlying holdings whilst trades are awaiting completion.
Client portal and AIWM Ltd valuations are provided for information only and should not be used for the completion of tax returns or other tax planning matters. Only proper annual tax statements as provided by the fund manager or platform should be used for tax purposes.
AIWM Ltd shall not be held liable for any inaccuracies in valuations or live data feeds provided to us via third parties.
Most consultations between Clients and AIWM Ltd will be by prearranged appointment but Client expressly authorises AIWM Ltd to make calls upon Client for the purpose of providing AIWM Ltd Services, other than at Client’s invitation. Clients may cancel this authorisation at any time, with immediate effect, by notifying AIWM Ltd in writing.
DELAY IN PROCESSING
AIWM Ltd will not be held responsible for any delay beyond its control, or as a result of a failure by any party (including the Client) to complete all the necessary steps to process a transaction.
AIWM Ltd 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.
RESPONSIBILITIES: CUSTODY, ADVISORY & DISCRETIONARY MANAGEMENT
There are a number of different companies involved in the operation of and ongoing maintenance of any investment and pension arrangement(s). It is therefore important that you have an understanding of where certain responsibilities lay. The following table highlights some of these key aspects and is for information only.
DISCRETIONARY FUND MANAGEMENT & INVESTMENT RESEARCH
AIWM has a contractual and professional relationship with a third-party discretionary fund manager, Purple Strategic Capital Ltd and a specialist investment research team, Independent Strategic Research Ltd. Both these companies act in a professional capacity as AIWM’s agent, NOT as an agent of the Client. You as Client have no contractual relationship at all with these companies and cannot therefore make any claim under The Financial Ombudsman Service “FOS” for any services they may provide to AIWM. Any complaint in relation to the services provided by either of these firms should therefore in the first instance be directed to AIWM and not the companies concerned.
Communications with you may be in a number of different formats including written, oral and electronic. You as Client agree to read all such material as presented, either electronic or written and to inform us of any discrepancies accordingly. Presentation of advice and “suitability reports” may be in Email, PDF or written report format. We will always require certain original documentation with original signatures returned to us via the post and / or electronically. You as Client agree to return any and all such papers as soon as is practicable.
We may also communicate with you via Skype, Go To Meeting or other similar video conferencing facilities. Any such video conferencing may be recorded both in video and sound formats.
Where you as Client request paper copies of documentation when it would be standard practice to use electronic versions, AIWM reserve the right to make an additional charge to cover time, printing and postage costs. All communications will be in English.
RECORDED CALLS & MEETINGS
We may record telephone calls and meetings for reference, compliance, quality and training purposes. By calling us, attending a meeting or accepting our calls, you consent to such recording. When appropriate we may accept your instructions via a recorded telephone call.
VULNERABLE CLIENT POLICY
The FCA define a vulnerable client as “someone due to their personal circumstances is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
We have a vulnerable client policy which is available on request. This policy sets out how we recognise and treat those people with an appropriate level of care to ensure that we are acting in their best interests at all times.
If we are concerned about a Client losing capacity, we will suggest that they appoint a trusted friend or family member to help them. We may also contact a close family member or trusted adviser to make them aware of our concerns so that the appropriate support can be put in place. We will not discuss any other personal or financial information with them.
PAYING FOR SERVICES
All work is carried out on a fee basis. Where commission for certain transactional business is available to us we will use this to cover fees due. 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. Fees will be payable immediately on receipt by Client of the relevant invoice (‘the due date’) and Client agrees to pay interest to AIWM on any sums not paid within thirty days of a due date; such interest to be at a rate equal to the base rate charged by Bank of Scotland pIc at the due date plus three percentage points.
OTHER BENEFITS WE MAY RECEIVE
We deal with a range of products from a variety of product providers; we may receive certain non-monetary benefits from these providers, which are used to enhance the quality of service we provide to Clients. Each year our team may receive training from some or all of these providers. Some of the cost of this training may be passed to Clients as part of the total charges you pay, should you choose a product provided by one of these providers. Other benefits we may receive include access to technical services, information technology support or the supply of product literature.
We will act honestly, fairly and professionally known as conducting business in ‘Clients best interest’ and “Treating Customers Fairly” regulations. 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.
Disclosure of connections with other financial services companies
The majority shareholder of Affinity Integrated Wealth Management Ltd is a controller of and a shareholder in Independent Pension Specialists Ltd and Buryfield Grange Ltd, both of which are authorised by the Financial Conduct Authority (FRN 670043 and 231907). The existence of the shareholding and any potential benefit does not alter our regulatory responsibility to remain impartial and will in no way influence our recommendations in relation to the most suitable service, product or provider for you and your circumstances.
ANTI MONEY LAUNDERING
We are obliged to conform to anti money laundering regulations which require us to confirm identity and place of residence of each investor. This may require sight of certain documentation, checking with credit reference agencies, the electoral role or directory enquiries in order to verify your details.
As a result of this, we reserve the right to conduct an electronic money laundering check on each client both at outset and at regular intervals thereafter. However, you should be aware that as a result of this, it will leave a ‘soft footprint’. This means that there will be no impact on an individual’s credit file and would not be seen by any company conducting a credit check on you. You must advise us if you do not wish this check to take place’.
Where we are required to verify your identity in accordance with the Criminal Justice Act 1993 and Money Laundering Regulations, we take no responsibility for any delay in investing funds.
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.
THIRD PARTIES RIGHTS
A person who is not a party to this Agreement will have no right under the Contracts (Rights of Third Parties) Act 1999 (“the RTP”) to enforce any term of this Agreement. This does not affect any right or remedy of such a third party, which is available apart from the RTP.
If Client has any complaint about advice received or investment products purchased through AIWM the complaint should be made to the Compliance Officer, Buryfield Grange Limited, Inspire House, 20 Tonbridge Road, Maidstone, Kent ME16 8RT. A complaint may be made in writing or orally. AIWM Ltd undertakes that, unless thought to be contrary to Client’s interests, any complaint made by a Client will be investigated by AIWM Ltd director and/or an external compliance consultancy firm.
A copy of AIWM Ltd’s full Complaints Procedure is available on request.
If AIWM Ltd is unable to resolve a complaint to a Client’s satisfaction, the Client may refer the matter to the Financial Ombudsman Service, details of which are available on request.
If a Client makes a valid claim against AIWM Ltd in respect of investment business regulated by the FCA and AIWM Ltd is unable to meet its liabilities in full a Client may be entitled to redress from the Financial Services Compensation Scheme and details of the cover provided by the scheme are available on request. Further information is available from the FCA and the Financial Services Compensation Scheme.
In the event of any dispute or difference of any kind whatsoever which arises or occurs between the parties in relation to anything or matter arising out of or in connection with this Agreement (where no other complaints resolution process is required by the Rules) it shall be referred to arbitration under the Arbitration Rules of The Chartered Institute of Arbitrators. If Client is a consumer within the definition set out in Section 3 of the Consumer Arbitration Agreements Act 1988, or any subsequent legislation, such reference to arbitration shall only be by consent of the consumer after the dispute has arisen.
We have professional indemnity insurance in place via our principle regulated firm Buryfield Grange Ltd. In the event of any claim against the firm arising in respect of regulated professional services provided by the firm that is covered by the policy, and where you have incurred losses, our liability to you is limited to the maximum cover provided by any such indemnity insurance policy. This is currently £1,250,000 in respect of any single claim and £1,850,000 in aggregate.
Professional Indemnity Policies may exclude cover for certain activities and Clients, for example Occupational Pension Transfers, Insistent Clients and those Clients living outside the UK. In such circumstances you may therefore not have the protection afforded by such a policy.
If a Client makes a valid claim against AIWM Ltd in respect of investment business regulated by the FCA any compensation will be limited to that provided by any relevant professional indemnity insurance and within the prevailing Financial Ombudsman limits.
If AIWM Ltd is unable to meet its liabilities in full, a Client 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 £85,000, so the maximum compensation is £85,000 per person. Further information about the compensation arrangements is available from the Financial Services Compensation Scheme. See www.fscs.org.uk or call 08006781100.
Money on deposit is covered up to £85,000 per authorised firm. The FSCS will provide a £1m protection limit for temporary high balances held with your bank, building society or credit union if it fails. A temporary high balance would apply when payment have been received in respect of specified life events, details of which can be obtained from FSCS.
Protection, non-Investment Insurance Mediation
Protection is at 100%, where:
1) The claim is in respect of a liability subject to compulsory insurance
2) The claim is in respect of:
a. A relevant omission; and
b. A professional indemnity insurance contract, or would be in respect of a professional
indemnity insurance contract if the insurance contract had been effected:
3) The claim is:
a. In respect of a relevant omission;
b. In respect of a relevant general insurance contract or would be in respect of a relevant
general insurance contract if the insurance contract had been effected; and
c. Arises from the death or incapacity of the policyholder owing to injury, sickness or
4) The claim is in respect of:
a. A relevant omission; and
b. A pure protection contract, or would be in respect of a pure protection contract if the
insurance contract had been effected
5) In all other cases: 90% of claim
Please see our separate Client Privacy Notice for full details.
You or your appointed agent may inspect contract notes, vouchers and entries in our books (manual and electronic) which relate solely to your investments. We reserve the right to provide copies only if to do otherwise would allow you access to information relating to other clients. All our transaction records will be retained for at least six years.
Where investment or mortgage business services are provided to AIWM Ltd by third parties then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions you agree that personal information held by AIWM Ltd may be disclosed on a confidential basis, and in accordance with the Data Protection Act 2018, to such third parties. You agree that this information may be provided to them on paper or electronically.
Personal information provided by Clients will be retained on computer records and or on paper and will not be disclosed to other parties except to our auditors, lawyers or compliance consultants and any other organisation requiring access under the regulations or exercising their legal entitlement to such access or in accordance with requirements to disclose. We agree that the data we hold shall be fairly and lawfully processed, processed for limited purposes, adequate relevant and not excessive, accurate, not kept longer than necessary but also as required by our regulator, processed in accordance with your rights, secure and will not transfer it outside the EEA without adequate protection. You have the right to a copy of the personal data we hold.
All information furnished by Clients to AIWM Ltd shall be treated as confidential and disclosed to other advisers, banks, investment managers, insurance companies, product providers and/or other organisations with which AIWM Ltd negotiates on Client’s behalf only to the extent that AIWM Ltd, in its absolute discretion, or it considers necessary or as required and allowed by law.
Client agrees that data held by AIWM Ltd and associated companies can be disclosed to:
a. either or both firms within Affinity Integrated Wealth Management if client is a client of both
b. another adviser firm in the event of the proposed sale or disposal of AIWM Ltd or Buryfield
Grange Limited’s business or assets.
c. AIWM Ltd and Buryfield Grange Limited’s software providers in the event that a problem
arises in relation to the software with which Client’s data is managed. No data will be
retained by such companies once error is fixed.
REFERRALS TO THIRD PARTIES
There may be occasions whereby we would refer you to a specialist for specific advice such as tax advice or occupational (defined benefit) pension transfer advice. Should you pursue our suggestion to use the thirdparty introduced to you, you should note that we are not responsible for the advice that they give you. You will be subject to their terms and conditions. They will agree their charges for their advice direct with you.
CHANGES TO THESE STANDARD TERMS.
These standard terms of business, our schedule of fees and the type and description of services provided are
subject to change from time to time.
All of us have things that we would like to achieve in our lives, whether two, five or ten years down the line, or perhaps we may want to leave a legacy of some kind. But in order to realise these dreams, we need to be both focused and financially organised.
Our team of experts will provide you with a high-level professional service, taking a holistic approach in co-ordinating all areas of financial management, planning and investment advice, to ensure your wealth is always working for you.
At Affinity Integrated Wealth Management we always encourage feedback from our clients as their opinions on our work are of paramount importance to us. Please take a look at our testimonials page to read some of the comments that we have received.