This document must be read in conjunction with our Client Service Agreement which will be provided once the services you require have been agreed.
Fyfe Financial Ltd 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 25 The North Colonnade, Canary Wharf, London, E14 5HS. We are authorised to advise on Retail Investment Products, including Collective Investments, Pensions and Insurance products. In addition, we are authorised to advise on Non-Investment Insurance and Occupational Pension Transfers. You can check this on the FCA’s Register by visiting the FCA’s website www.FCA.gov.uk/register FCA No. 590387 or by contacting the FCA on 0800 111 6768.
Our Ethical Policy
We are committed to providing the highest standard of financial advice and service possible. The interests of our clients are paramount to us and to achieve this we have designed our systems and procedures to place you at the heart of our business. In doing so, we will:
- Be open, honest and transparent in the way we deal with you;
- Not place our interests above yours;
- Communicate clearly, promptly and with as little jargon as possible jargon;
- Seek your views and perception of our dealings with you to ensure it meets your expectations or to identify any improvements required.
Please note that our policy on Treating Customers Fairly can be found on our website at www.fyfefinancial.co.uk and can also be provided in writing if requested.
How We Work
As an Independent Financial Adviser we will consider all areas of your finances (unless directed otherwise) and have the ability to deal in all products and with all providers across the whole market place to ensure any financial objectives are implemented successfully. Our permitted business is to advise on and arrange pensions, investments, savings and non-investment contracts. As part of our services, we offer an initial discussion in which we will describe our services more fully and explain the payment options available to you. If agreed, after this initial discussion we will review with you in more detail your financial requirements depending on the type of service you have requested.
In all instances we will:
- Gather all relevant personal information including details of your finances, your current financial objectives, your aspirations for the future and your attitude towards investment risk.
- Analyse the information gathered in detail against your stated objectives and research possible solutions.
- Provide a Financial Report detailing your current financial position and including our product recommendations.
- Work with you to ensure you fully understand the recommendations made.
- Liaise with you and any relevant product providers to ensure the recommendations are implemented correctly.
Please note that we accept no responsibility with regard to the potential impact of recommendations made as a result of non-disclosure on certain aspects of your financial affairs or through your direct instructions.
Should you choose to proceed with our services, the specific services we will provide will be confirmed to you in a personalised Client Service Agreement. The services we offer include those listed below:
- Investment and Pension Product Recommendation Service
- Protection Product Recommendation Service (Life Assurance, Critical Illness Cover, Income Protection)
- Annuity & Retirement Income Product Recommendation Service
- Financial Planning Service
- Retirement Forecasting Service
- Income Sustainability Forecasting Service
- Estate & Inheritance Tax Planning Service
- Investment and Pension Product Review Service
- Pensions Annual Allowance Calculations
- Pensions Lifetime Allowance Calculations
Please note that this list is not exhaustive.
Disclosure of our Fees & Charges
All charges/fees will be fully disclosed to you. These will be disclosed in summary form before we undertake any work for you via a personalised Client Service Agreement. The precise charges relating to any work or recommendations we make will be confirmed in your suitability report or relevant product disclosure information that is provided to you.
Fyfe Financial are not currently VAT registered and as such our fees are not currently liable for VAT. Our fees will generally be VAT exempt unless the work we provide for you only involves advice and/or preparing a report in which case they would currently be zero rated. Our VAT status will always be confirmed to you before we undertake any work for you. In regard to our on-going fees, any chance in our VAT status would be communicated to you as soon as possible.
Not all firms charge for advice in the same way and not all firms charge the same fees. We constantly aim to remain competitive against other Chartered Financial Planners offering the same service.
Following our initial discussion, should you decide to go ahead, there will be a cost for our services. We offer a variety of methods by which we can be remunerated, so that you can select the method which best suits your needs. We will be happy to discuss payment options with you and answer any questions you may have.
We will not charge you until we have agreed payment terms with you. We will also tell you if you have to pay VAT and if there are other costs that might arise in connection with the services we provide to you.
Once the services that you require have been established we will provide a quote for the cost of providing the agreed services. These fees will be based on the complexity of the work involved with a minimum initial fee of £1,000. Examples of the typical fees we might charge are provided below:
Investment & Pension Recommendation Service
Clients looking to invest into an investment or pension plan would generally receive a product recommendation based around their long-term financial objectives and attitude to investment risk. We would then arrange the recommended financial products on our clients’ behalves should they accept our recommendation.
For this service we would charge a minimum fee of £1,000 but the charge could be higher in more complex cases.
Protection Product Recommendation Service
Clients in need of life assurance, critical illness cover or income protection would generally receive a product recommendation based around their protection requirements and any established shortfall in circumstances such as death and illness. We would then arrange the recommended financial products on our clients’ behalf should they accept our recommendation.
Our minimum fee for providing protection advice is £500. However, in relation to protection policies, we will usually be paid a commission by the product provider upon implementation of the contract which would generally be in excess of this minimum amount. Please refer the section entitled ‘Protection Business’ for further information.
Annuity & Retirement Income Recommendation Service
Clients looking to convert their pension holdings into a secure lifetime income would generally receive a product recommendation based around their retirement income requirements and attitude to investment risk. We would then arrange the recommended financial products on our clients’ behalves should they accept our recommendation.
For this service we would charge a minimum fee of £1,000 but the charge could be higher depending on the level of work involved.
Financial Planning Service
Clients requiring a review of their financial position and progress towards their financial objectives would generally receive a Lifetime Cash Flow Forecast together with a list of general recommendations in the form of a Financial Action Plan.
For this service we would charge a minimum fee of £1,500 but the charge could be higher in more complex cases.
Retirement Forecasting Service
Clients requiring a retirement forecast would generally receive an estimate of the value their pensions and investments might grow to by retirement age and the level of income that this might support in the subsequent years. We are also able to provide supplementary forecasts based on alternative monthly contributions and retirement ages.
For this service we would charge a minimum fee of £1,000 but the charge could be higher in more complex cases.
Income Sustainability Forecasting Service
Retired clients requiring a review of the level of income that might be sustainable from their pensions and investments would generally receive an Income Sustainability Forecast. This would include an assessment of the level of expenditure that might be sustainable throughout retirement, incorporating all their income streams and an assessment of how their expenditure might change over time.
For this service we would charge a minimum fee of £1,250 but the charge could be higher in more complex cases.
Estate & Inheritance Tax Planning Service
Clients requiring advice regarding Inheritance Tax (IHT) and Estate Planning would generally receive an assessment of the level of inheritance tax that might be liable on their estate and a recommendation of which of the options available to them might help them to achieve their estate planning objectives such as reducing IHT.
For this service we would charge a minimum fee of £1,000 but the charge could be higher in more complex cases.
Investment & Pension Review Service
Clients in need of a review of their investments and pensions would generally receive an assessment of the suitability of these plans and a recommendation based around their financial objectives and attitude to investment risk. We would then implement the recommendations should they be accepted by the clients.
Pensions Annual Allowance Calculations
Clients wanting to maximise their pension contributions without breaching their Annual Allowance would generally receive an assessment of the amount that has been contributed by all parties during the relevant tax years and a evaluation of the amount that could be invested at that time.
Pensions Lifetime Allowance Calculations
Clients wanting to ensure they do not breach their Pension Lifetime Allowance would generally receive an calculation of the value of the pension holdings that they have built up to date as well as an assessment of how their pensions might grow in relation to their lifetime allowance in the future.
We offer an on-going review service to compliment any of the initial services we offer. Once the on-going services that you require have been established we will provide a quote for the cost of providing the agreed services. These fees will be based on the complexity of the work involved with a minimum on-going fee of £1,200 per annum.
Our core on-going service propositions include the following services:
- General Administration
- Electronic Data Storage & Record Keeping
- Direct access to your Financial Adviser throughout the year
- Quarterly Financial Focus Newsletter
- Annual Schedule and Valuation of your Pension and Investment Policies
- Annual Review Meeting to discuss changes to your financial position as well as on-going analysis of your Pension and Investment Policies
- Annual Written Review of your Pension and Investment Policies
- Liaison with product providers on your behalf throughout the year
- Liaison with other professional connections such as solicitors and accountants
Additional On-Going Services
Should any of our other initial services be required on an on-going basis they will be built into a personalised Client Service Agreement, the fees for which will be agreed with you in advance.
Payments for the above services can be made either by regular fee (paid by direct debit) or by deduction from your investment on a monthly, quarterly, six-monthly or annual basis. These reductions could reduce the amount left for investment and may, depending on your circumstances, have other consequences. If you select this option, we will discuss the implications of using this payment method with you prior to putting it in place. The service can be cancelled at any time by simply informing us in writing. Please note that we reserve the right to charge you for services provided prior to cancellation.
For clients with relatively simple requirements we offer our dedicated online service ‘Fyfe Online’. This will often be suitable for clients in their 30s and 40s who are starting to save for their future.
For our online services our minimum fee is set at the lower level of £500. Although our online fees could be higher in more complex cases, they are still likely to be much lower than would be charged for the comparable Fyfe Financial service.
In relation to non-investment pure protection contracts, we will be paid a commission by the product provider on implementation of the contract. We will disclose this commission to you prior to the implementation of the contract. This commission will usually cover the cost of advice and implementation but if it does not, we will quote you the additional fee prior to implementation of the contract.
Our minimum fee for providing protection advice is £500 which is payable irrespective of whether a policy is implemented or subsequently cancelled. As stated above, this fee will usually be covered by a commission paid by the product provider on implementation of the contract.
In respect of any regular premium protection policy which we have arranged for you, should you subsequently cease to pay premiums on the policy and in consequence we are obliged to refund the commission that has been paid to us, we reserve the right to charge you a fee representing the amount we have to repay, for a period of up to four years after commencement of the policy. We will confirm the exact amount that will need to be repaid by you and the timescale over which it will need to be repaid in the suitability report we will send you when a recommendation is made. We will not charge any such fee if you exercise your right to cancel in accordance with any cancellation notice sent to you by the life insurance company. However, our minimum fee for protection advice of £500 would still be due for advice provided prior to implementation.
For certain types of work, it may be possible to arrange for the cost of our services to be based on an hourly rate. Our hourly fees typically range from £50 per hour up to £250 per hour depending on the type of work involved. For more information regarding our hourly fees, please contact us on 0114 262 1943.
Paying For Our Services
We will discuss your payment options and agree with you how we will be paid.
You can pay our adviser charges by cheque or payments directly into our bank account. We do not accept payments by cash. Our charges will become payable on completion of our work and should be settled within 28 business days.
You may also pay our fees via adviser charges deducted from the financial product(s) that you might invest in, where the product / platform provider allows this. Please note that if you choose to pay by deduction from a financial product this will reduce the amount left for investment and may, depending on your circumstances, have other consequences. If you select this option we will discuss the implications of using this payment method with you prior to putting it in place.
If your investments are held on a platform you may choose to pay our fees out of the funds held with the platform cash account (where the platform provider offers this facility). If this method is selected it is important that sufficient funds are maintained in the account to cover our fees as and when they become payable. We will discuss the implications of using this payment option with you prior to putting it in place.
Please note that a minimum charge may be applied even if you choose not to invest in a product. We reserve the right to charge you for services provided prior to cancellation.
Unless we notify you in writing to the contrary, we will be treating you as a “retail client” for investment business and a “consumer” for general insurance business. This means that you are afforded the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Service.
Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.
With very few exceptions, we will confirm to you in writing the basis of our recommendations along with details of any special risks associated with the products recommended.
Full details of the products we recommend to you including, for example, the minimum duration of the product, information on your right to cancel or whether no right to cancel exists, and any other early termination rights and penalties, will be covered in the relevant product disclosure information you will receive before conclusion of any contract.
We will communicate with you in English both verbally and in writing for the sending and receipt of orders. To avoid any doubt instructions should be issued in writing.
We may also, on occasion, advise on other financial products which are not regulated by the FCA under the Financial Services Act 2012. The Financial Services Compensation Scheme does not apply to any of these products.
Under the terms of this agreement, we may, if appropriate, advise you on investments which are not readily realisable. We would 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.
In most cases you can exercise a right to cancel by withdrawing from the contract. In general terms you will normally have a 30 day cancellation period for a life, pure protection, payment protection or pension policy and a 14 day cancellation period for all other policies.
For pure protection policies the start of the cancellation period will normally begin when you are informed that the contract has been concluded or, if later, when you have received the contractual terms and conditions. In other cases, the cancellation period will begin on the day the contract is concluded or, if later, the day on which you receive the contractual terms and conditions. Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure information which will be issued to you.
If you cancel a single premium contract, you may be required to pay for any loss you might reasonably incur in cancelling it which is caused by market movements. This means that, in certain circumstances, you might not get back the full amount you invested if you cancel the policy.
Risks & Investment Strategies
Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested. The price of investments we recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance. Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in our written recommendations.
In executing or transmitting applications on your behalf to third parties, we will take all reasonable steps to ensure that we obtain the best possible result for you. This is referred to as ‘best execution’. Further details of our best execution arrangements are available on request.
Our services may also include advice on investments relating to or executing transactions in units in unregulated collective investment schemes. Accordingly, you should carefully consider whether such investments are suitable for you in light of your personal circumstances and the financial resources available to you.
Value Added Tax (VAT)
Our fees are exempt from VAT where we undertake some activity in the arrangement of a transaction in an exempt financial product. It is our understanding therefore that our services to you are exempt where intermediation exists and/or where you purchase an on-going service at the point of sale which is ancillary to the exempt supply.
General advisory services are not VAT exempt however you should note that we are not presently VAT registered and therefore there is no VAT included in this fee. If our VAT status changes in the future we reserve the right to charge the statutory rate at that time. Naturally we will inform you in writing should this become the case.
Fyfe Financial Ltd does not handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.
We will endeavour to make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. All policy documents will be forwarded to you as soon as practicable after we receive them. If there are a number of documents relating to a series of transactions, we will normally hold each document until the series is complete and then forward them to you.
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. However, in certain circumstances, we may be able to accept email or oral instructions.
We will act honestly, fairly and professionally known as conducting business in ‘Client’s best interest’ 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.
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.
From time to time we may attend training events funded and/or delivered by product providers, fund managers and platforms. These events are designed to enhance our knowledge and ultimately therefore enhance the quality of service we provide to our clients. This does not mean that we are any more likely to make a recommendation using these specific providers, fund managers or platforms and we continue to maintain our independence at all times.
Professional Indemnity Insurance
For our clients’ protection, please note that Fyfe Financial Ltd maintains Professional Indemnity Insurance.
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, whereas Insurance business is covered for 90% of the claim, without any upper limit.
Further information about this compensation scheme arrangement is available from the FSCS.
We pride ourselves on our level of customer service. However, in the event that you are dissatisfied with a recommendation we have made, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us:
In writing: The Compliance Officer, Fyfe Financial Ltd, 119 Ecclesall Road South, Sheffield, S11 9PJ
By phone: 0114 262 1943
By e- mail: firstname.lastname@example.org
For your further protection, if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’), details of which are provided below:
|Address:||The Financial Ombudsman ServiceExchange Tower|
We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning.
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. Any person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
Any basic tax advice is based on a UK Residency status unless otherwise agreed in writing. We do not provide tax advice unless directly connected to the agreed financial planning services for each individual. We only provide advice to clients in the UK.
Circumstances Beyond Our Control
Fyfe Financial 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.
The authority to act on your behalf may be terminated at any time without penalty by either party giving 28 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.