Terms of Business

1. Introduction
The Financial Service and Markets Act 2000 requires that we explain the main aspects of the way we operate, and how this affects you, the client. This Terms of Business letter will be effective from the date of receipt but may be amended by us following any initial interview intended to ascertain your current financial situation, objectives, and attitude to financial risk. Any such amended Terms of Business letter will be sent to you within 10 working days of that interview. However, irrespective of any amendments arising from such interviews, we reserve the right to amend the terms of this letter without your consent but we will give at least 10 business days notice before conducting relevant business, unless we consider it to be impracticable to do so under the circumstances existent at that time.

2. Our Status
Newell Palmer and Associates Limited are Independent Financial Advisers. We are appointed representatives of Newell Palmer Limited who are authorised and regulated by the Financial Services Authority (FSA) and bound by its rules. All individuals employed by or contracted to Newell Palmer and Associates Limited to provide investment advice are approved by the FSA under the firm’s authorisation.

3. Records
We will, if required by the client or his agent, supply copies of contract notes, vouchers and copies of entries in books, records and computerised records relating to the client. As we treat all our clients’ records as confidential, we reserve the right not to give you copies of your records if to do otherwise would be to allow access to files containing records about other clients. We undertake to maintain such records for a period of at least six years from the date of each transaction for the client.

4. Personal Interests
We undertake not to transact for the client, business in which we or one of our other customers or any director/partner/employee has a known interest, or we become aware that these interests conflict with yours, unless that interest is first disclosed in writing and your written consent obtained.

5. Instructions
Normally, we ask clients to give instructions in writing by completing the relevant application form and signing the appropriate declaration and our authority to act on a client’s behalf is encapsulated within these Terms of Business. 

6. Investments
As intermediaries we never own the investments you buy or transact through us. All investments will be registered in the name(s) of the client(s) unless otherwise agreed in writing. We will forward to you all documents showing ownership of your investments as soon as it is practical after we receive them. Where a number of documents relating to a series of transactions are involved, we may retain each document until the series is completed and then forward them to you. In some cases the documentation will be sent to you direct from the product provider. 

7. Commissions
Where a policy is cancelled and this results in a loss of commission, we reserve the right to invoice you for the amount of commission that has been clawed back by the life or pension company.

8. Remuneration
The methods by which we are paid are described on the following pages and if the Fee or Combination option is selected then the procedure will be as follows. We will issue invoices on an interim basis, and must be paid within 30 days of the date of issue. We reserve the right to charge interest on overdue amounts at a rate of 8% per annum for late payment. The hourly rate will increase by the National Average Earnings Index in January each year. VAT may be payable in addition.

9. Termination
Our authority to act on a client’s behalf in accordance with these Terms of Business can be terminated at any time by either side in writing, without prior notice and without penalty. This will be effective from the date the notification is received. It is sometimes necessary and desirable for us to continue to act for you for some time after you indicate that this agreement is terminated, for example where transition to new advisers may take time and urgent work needs to be undertaken in the interim. We will endeavour to keep any such work to the minimum necessary, but it will be charged on a time cost basis, irrespective of the basis of remuneration in force at the date of termination.

10. Review
When we have arranged any investments for which you have given instructions, these will not normally be kept under review but we will do so upon your request. 

11. UK Anti-Money Laundering Regulations
We are obliged to conform to the UK Money Regulations 1993 and also adhere to the guidance notes from the Joint Money Laundering Steering Group which require financial institutions to verify the identity and place of residence of each investor. We will also request that you inform us how any monies being invested were obtained / accumulated. This process may require sight of certain documentation. If you provide false or inaccurate information and we suspect fraud or money laundering we will record this. We will not forward any applications or money to third parties/product providers until our verification requirements have been met. We take no responsibility for any delay in investing where anti-money laundering verification is outstanding. In circumstances where sufficient verification is not received in a timely manner after we have received completed applications, the application(s) and any monies may be returned to you un-invested.

12. Data Protection
Information provided by you may be held, processed, disclosed and used by ourselves, professional advisers and any associated companies in servicing our relationship with you. However, strict confidentiality will be maintained at all times. It is understood that, unless you notify us otherwise, you agree to the storage, use and disclosure of such information. This information may be disclosed to third party product providers in the course of providing our analysis and servicing of our relationship with you. No information will be passed to another party without your prior consent unless we are legally obliged to do so. You also agree that for the purposes described above your data may be transferred to countries outside the European Economic Area (EEA). We may use and analyse your data, including the nature of your transactions, to provide you with information by post, telephone fax or e-mail to service and update you, as well as informing you of new investment opportunities. If you would prefer to be excluded from these services, please write to us at Cleveland Court, Cleveland Street, Wolverhampton, West Midlands, WV1 3HR. Newell Palmer and Associates Limited is registered under the Data Protection Act.

13. Client Money
WE DO NOT HANDLE CLIENTS’ MONEY. We never accept a cheque made out to us (unless it is settlement of charges for which we have sent you an invoice) or handle cash.

14. Safeguards 
For your protection, Newell Palmer and Associates Limited is licensed by the Office of Fair Trading under the Consumer Credit Act. In addition to the Financial Services Compensation Scheme (to which we are party through our FSA authorisation) we are also insured for negligence, by any member of staff. We maintain professional indemnity insurance to enable us to meet any liability that may arise in respect of our obligations to you for services performed on your behalf.

15. Client’s Risk
All investments carry a degree of financial risk, which will tend to increase in proportion to the potential rate of return. You are advised that because investments can fall as well as rise, you may not get back the full amount invested. Past performance is not necessarily a guide to future performance. Before entering into any investment agreement you must ensure you understand, and are happy to accept, the attached level of investment risk.

16. Miscellaneous

• Newell Palmer and Associates Limited reserve the right to correct any errors/omission in the agreement.
• Newell Palmer and Associates Limited may indeed wish to change the services agreed to be provided to the client where this is necessary to comply with statutory requirements, provided these changes do not materially affect the nature or quality of service.
• Newell Palmer and Associates Limited will not be liable to the client for any loss, damage, costs, expenses or other claims for compensation arising from any information or instructions supplied by the client which are incomplete, inaccurate, illegible, out of sequence or in the wrong form, or arising from their late arrival or non arrival, or any other fault of the client.
• Newell Palmer and Associates Limited shall not be liable to the client or be deemed to be in breach of this agreement by reason of any delay performing or any failure to perform any of Newell Palmer and Associates Limited's obligations in relation to the services, if the delay or failure was due to any cause beyond Newell Palmer and Associates Limited's reasonable control.
• These Terms of Business constitute the entire agreement between the parties, and supersede any previous agreement. All other terms express or implied by statute or otherwise are excluded to the full extent permitted by the law.
• If any provision of these Terms is held by any Court or other competent authority to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms and the remainder of the provision in question shall not be affected.
• English Law shall apply to the agreement and the parties agree to submit to the non-exclusive jurisdiction of the English Courts.