Terms and Conditions
Authorisation Statement
AYP Financial Planning Limited is Authorised and Regulated by the Financial Services Authority. The Financial Services Authority regulates the financial services industry in the UK and their address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register FSA No. 438709 or by contacting the FSA on 0845 606 1234.
Permitted Business
Our permitted business is advising on and arranging savings and investments products, pensions, mortgages and non-investment Insurance contracts.
Client Classification
Each client with whom the firm does business is categorised as to identify the level of regulatory protection.
Communications
We will communicate with you in English both verbally and written for the sending and reception of orders.
Scope of Service
We operate independently and therefore provide investment services from the whole market.
Services to be provided
With regards to investments which we have arranged for you, these will not be kept under review but we will advise you upon your request.
Offers to you will be based upon your stated investment objectives. Unless confirmed we will not place any restrictions on our recommendations.
AYP Financial Planning Limited does not handle clients’ money.
Paying for services
Not all firms charge for advice the same way. We will discuss your payment options with you and answer any questions you may have. We will not charge you anything until you have agreed how we are paid.
We can be paid by a fee
Whether you buy a product or not, you will pay us a fee for our advice and services. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you.
We can be paid by commission (or product charges).
If you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges reduce the amount left for investment. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower. We will tell you how much the commission will be before you complete an investment, but you may ask for this information earlier.
We can be paid by a combination of commission and fee.
In some circumstances, we also charge a fee on top of any commission we might receive.
Our fee option
We will agree the rate we will charge before beginning work. We will tell you if you have to pay VAT. Our typical charges are:
Financial adviser £125 per hour
Administration £25 per hour
Mortgage Fee £295
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. More detail about our fees for specific services and reports are available 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. However there will be occasions where no statutory rights are granted, however this will be explained before any contract is concluded.
Complaints
If you wish to register a complaint, please write to AYP Financial Planning Limited, 2b Tanners Yard, Hexham, Northumberland NE46 3NL or telephone 01434 607808.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Compensation Scheme
We are covered by the Financial Services Compensation scheme (FSCS) if we cannot meet out our obligations. This is dependent upon the type of business and the circumstances of the claim. Most types of investment business are covered by 100% of the first £30000 and 90% of the next £20000 so the maximum compensation is £48000. Further information about this compensation scheme arrangement is available from the FSCS.
Data Protection
The information you provide us with is subject to the Data Protection Act 1998 (the “Act”).
You may be assured that we will treat all personal data as confidential and will not process it other than for a legitimate purpose. We have safeguards in place to protect client information against unauthorised or unlawful processing, accidental loss or destruction or damage to the data.
Law
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.
Termination
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.
