Personal Protection CA

Customer Agreement
Personal Protection Services
comprising:
Initial advice and related transactions
Forwarding and monitoring
Bereavement support
Annual review
Fixed initial fee and ongoing fee
This proposition is suitable for customers requiring advice on planning for the financial
consequences of death or incapacity to their dependents.
It is not suitable for customers requiring limited advice or those not requiring an
ongoing service.
The proposition charge for initial services is based on an estimate of the total value of
the customer’s estate on death. Where this differs from the subsequent accurate
assessment, the proposition provides for the customer to withdraw from the agreement
without further charge.
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1. Reference
1.1. The following reference is assigned to this agreement and should be used in conjunction with
any communications regarding the services to be provided:
2. Parties to this agreement
2.1. This agreement is made between Leabold Financial Management Ltd (referred to variously
in this agreement as ‘the Company’, ‘we’, ‘us’, ‘our’) and the following (referred to in this
document as ‘the Client(s)’, ‘you’, ‘your’):
3. Primary Contact
3.1. The Company will deal with the following individual as the Primary Contact and classify its
dealings with the Client(s) in accordance with that individual’s understanding and experience
of relevant financial matters:
4. Designated Adviser
4.1. The Company has designated the following individual to act in this capacity:
4.2. FCA regulations require the Adviser to hold an approved qualification. The relevant
qualification held by the above individual are:
Qualification Awarding Body Date Awarded
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5. Client Classification
5.1. The Company will classify the Client(s) depending on the provision of the following services:
5.1.1. In the case of ‘investment mediation’, this will be a ‘retail customer’. This
means ‘a client who is not a professional client or an eligible counterparty’.
5.1.2. In the case of ‘insurance mediation, this will be a ‘consumer’. This means ‘any
natural person who is acting for purposes which are outside his trade or profession’.
5.2. As either a ‘retail customer’, or ‘consumer’, the Client(s) may have recourse to the
Financial Ombudsman Service in the event of a dispute with the Company reaching deadlock.
The Client(s) may also be eligible to receive protection from the Financial Services
Compensation Scheme should the Company be unable to cover losses arising from its own
negligent acts. A customer defined as either ‘professional’, or ‘commercial’, would not
receive these protections.
5.3. If the Client(s) believes they should not be classified as a ‘retail customer’, or ‘consumer’,
they will inform the Company immediately.
6. Company status
6.1. The Company is registered in England and Wales under Companies House number
05173817.
6.2. The Company is a wholly owned subsidiary of Leabold Financial Management Holdings
Limited, which is registered in England and Wales under Companies House number
08296996.
6.3. The Company is directly authorised by the United Kingdom financial services regulator,
the Financial Conduct Authority (FCA), to undertake activities regulated under the Financial
Services and Markets Act 2000. This means the Company holds authorisation directly with
the FCA as opposed to being an appointed representative of another directly authorised firm.
6.4. The relevant activities that the Company has been authorised to undertake by FCA include:
6.4.1. Advising on investments.
6.4.2. Advising on pension transfers and opt-outs.
6.4.3. Bringing about deals in investments.
6.4.4. Making arrangements with a view to transactions in investments.
6.4.5. Assisting in the administration and performance of a contract of insurance.
6.5. Details of the Company’s FCA authorisation can be found on https://register.fca.org.uk/
under the Firm Reference Number 402291.
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6.6. The Company provides ‘independent advice’. This means that, when advising customers, it
must ‘assess a sufficient range of relevant products available on the market which must be
sufficiently diverse with regard to their type; and issuers or product providers to ensure that
the client’s investment objectives can be suitably met; and not be limited to relevant products
issued or provided by the firm itself or by entities having close links with the firm; or other
entities with which the firm has such close legal or economic relationships, including
contractual relationships, as to present a risk of impairing the independent basis of the advice
provided.’
7. Commencement and termination of this agreement
7.1. This agreement is effective once signed by the Client(s) and a Director of the Company.
7.2. The Company may terminate this agreement at any time, and without penalty, subject to
giving written notice to the Client(s).
7.3. The Client(s) may terminate this agreement at any time, without penalty, subject to giving
written notice to the Company and payment of any outstanding fees.
7.4. The Company reserves the right to change the terms stated in this agreement at thirty days
written notice to the Client(s).
8. Instructing
8.1. At the Company’s discretion, it may accept verbal instructions from the Client(s). However,
the Company reserves the right to insist such instructions be provided in writing (which shall
include facsimile and internet transmission) to avoid possible disputes.
9. Communicating
9.1. The Client(s) agree to receiving communications from the Company via the following:
Client to initial the relevant boxes:
I agree
I do not
agree
The Company may send postal communications to the following
address:
9.1.1.1.
I agree
I agree
I do not
agree
9.1.1.2. 9.1.1.3.
I do not
agree
9.1.1.4. 9.1.1.5.
The Company may send electronic communications to the following
email addresses:
The Company may make direct contact on the following telephone
numbers:
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9.2. The Client(s) prefer to receive formal communications from the Company via:
Client to initial the relevant boxes
I prefer
I do not
prefer
Receiving electronic communication via email
Receiving paper communication via post
10. Personal information
10.1. The Company is registered with the Information Commissioner’s Office (ICO) to hold
and process personal information. Details of the Company’s ICO registration can be found
on https://ico.org.uk/ESDWebPages/Entry/Z8721312 under reference Z8721312.
10.2. The Company will collect personal information from the Client(s) and relevant third
parties for the purposes of providing the services set out in this agreement.
10.3. Where the Company needs to obtain personal information from a third party, the
Company will obtain the Client(s) express consent before doing so.
10.4. The Company will not use the information for the purpose of unsolicited marketing
unless the Client(s) has expressly consented to this.
10.5. The Company will not release the information to any other source for the purposes of
unsolicited marketing.
10.6. The Company will share personal information with other financial product providers
only where necessary for the purposes of providing the services set out in this agreement.
10.7. The Company will make reasonable endeavours to keep up to date any personal
information it holds regarding the Client(s) during the period this agreement is in force.
10.8. The Company will continue to hold personal information after this agreement has
terminated to comply with FCA regulations or as long as necessary to reasonably indemnify
the Company against the risk of claims.
11. Access to records
11.1. The Client(s) may inspect copies of contract notes, vouchers and entries in our records
relating to transactions undertaken on their behalf, provided that reasonable notice is given,
and such access does not affect the confidentiality of other clients.
11.2. On request by the Client(s), the Company will provide details of any personal data it
holds regarding the Client(s) in accordance with the requirements of the Data Protection Act
2018.
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11.3. The Company will use reasonable endeavours to comply with requests from or on
behalf of the Client for copies of documents and information not covered under data
protection regulations. The Company reserves the right to levy a charge relative to the
costs involved in preparing and forwarding such information.
12. Registration of financial products
12.1. The Company will arrange and register financial products in the name of the Client(s).
12.2. The Company will forward to the Client(s) all title documents relating to financial
products as soon as practicable after receipt. Where a number of documents relating to a
series of transactions is involved, the Company will normally hold each document until the
series is complete and then forward them to the Client(s).
13. Conflicts of interest
13.1. Occasions can arise where the Company, or another client for whom it may be acting,
may have some form of interest in the business being transacted for the Client(s). If this
happens, or the Company become aware that its interests’ conflicts with those of the Client(s),
it will obtain written consent from the Client(s) before carrying out that transaction.
13.2. Where the Client(s) have been introduced to the Company by a third party with whom
the Company has an agreement to cede part of any fees payable by the Client(s), the Company
will disclose the name of the third party and the amount of any ceding that will be paid. In
relation to the Client(s), the current status is:
Name of Introducer
Percentage or amount
of fees to be ceded
14. Client money
14.1. The Company is not authorised by the FCA to hold or control client money. This
means that it cannot accept payment from the Client(s) where this is intended to be passed
on to a third party, or payments from a third party to be passed on to the Client(s).
15. Services
15.1. The Company will use reasonable endeavours to provide the following services to the
Client(s):
15.1.1. Information collection:
15.1.1.1. The Company will obtain the following information from the Client(s) and
relevant third parties:
15.1.1.1.1. The legal arrangements established by the Client(s) relating to the
distribution of the Client(s) estate on death or incapacity, including wills,
trusts and powers of attorney.
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15.1.1.1.2. The nature and value of relevant investments, insurances, entitlements,
and other provisions established by or to which the Client(s) beneficiaries may
have an entitlement.
15.1.1.2. The Client(s) relevant personal circumstances, including health and medical
history.
15.1.1.3. The Client(s) relevant financial affairs, including assets, liabilities, income,
and expenditure.
15.1.1.4. The Client(s) relevant ethical and philosophical views, religious beliefs, and
political affiliations.
15.1.1.5. The Client(s) relevant future goals and objectives.
15.1.1.6. The Client(s) previous experience of relevant financial matters.
15.1.2. Research and assessment
15.1.2.1. The Company will research and assess the following:
15.1.2.1.1. The Client(s) understanding of relevant financial matters.
15.1.2.1.2. The extent to which the Client(s) can afford to make provision for
insurance.
15.1.2.1.3. The statistical mortality and morbidity of the Client(s).
15.1.2.1.4. The ‘insurable interest’ of the Client(s) and any other relevant
individual.
15.1.2.1.5. The amount of any insurance cover required by the Client(s) initially,
and extent to which this may change in future.
15.1.2.1.6. The term over which insurance cover is likely to be required by the
Client(s).
15.1.2.1.7. The range of eventualities for which cover is required, ie death,
incapacity, health.
15.1.2.1.8. The appropriate type of financial product through which the Client(s)
should provide necessary cover.
NB – consideration of financial products will exclude medical expenses and
accident and sickness insurance products.
15.1.2.1.9. The appropriate arrangement of lives assured on relevant financial
products.
15.1.2.1.10. The appropriate options and features the Client(s) should select on any
recommended financial product.
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15.1.3. Advice
15.1.2.1.11. The appropriate legal arrangements the Client(s) should make
regarding the ownership of relevant financial products and ultimate payments
to chosen beneficiaries.
15.1.2.1.12. An estimate of the potential exposure to inheritance tax charges on the
Client(s) estate and recommendations for appropriate plan for mitigation.
15.1.2.1.13. The appropriate product provider with whom relevant financial
products insurance cover should be arranged, taking account of:
15.1.2.1.13.1. The options and features required by the Client(s).
15.1.2.1.13.2. The cost of the product relative to the wider market for similar
products.
15.1.2.1.13.3. The financial strength of the product provider.
15.1.2.1.13.4. The servicing standards of the product provider.
15.1.3.1. The Company will:
15.1.3.1.1. prepare and issue a written report to the Client(s) setting out:
15.1.3.1.1.1. The Company’s professional recommendations.
15.1.3.1.1.2. The rationale on which the Company’s recommendation is
based.
15.1.3.1.1.3. The initial cost and future costs arising from the Company’s
recommendations.
15.1.3.1.1.4. The risks to which the Client(s) may be exposed through
following, or not following the Company’s recommendations.
15.1.3.2. Following receipt and consideration by the Client(s) of the report, the
Company will:
15.1.3.2.1. Meet with the Client(s) or make such other arrangements as are
reasonable to allow the Client(s) to consider the Company’s professional
recommendations and reach an informed and objective decision on how to
proceed.
15.1.3.2.2. Determine the Client(s) instructions regarding the arrangement of any
necessary transactions.
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15.1.4. Transactions
15.1.4.1. Where the Client(s) wish to proceed with the Company’s recommendations, or
any reasonable modification, the Company will arrange for the relevant
transactions to be carried out.
Please note - The Company reserves the right to decline to undertake any
transaction which it reasonably believes may expose the Client(s) to significant
and unwarranted risk.
15.1.5. Forwarding and monitoring
15.1.5.1. The Company will forward to the Client(s) all important communications
received from product providers in relation to relevant financial products
established by the Client(s).
15.1.5.2. The Company will monitor changes in relevant legislation and notify the
Client(s) in circumstances where these may affect the aims, objectives, attitude to
risk, or personal circumstances of the Client(s).
15.1.6. Periodic review
15.1.6.1. The Company will undertake annual reviews of the original advice covering
relevant changes in the following:
15.1.6.1.1. The Client(s) goals, objectives and needs.
15.1.6.1.2. The Client(s) personal circumstances.
15.1.6.1.3. The Client(s) financial situation.
15.1.6.1.4. The continued suitability of relevant strategies, financial product types,
and product providers, previously recommended to the Client(s) by the
Company.
15.1.6.1.5. Relevant legislation and taxation matters.
15.1.6.2. Following the review, the Company will prepare and issue a report to the
Client(s) setting out recommendations for:
15.1.6.2.1. Those relevant areas of previous advice that should be updated.
15.1.6.2.2. The rationale on which the Company’s recommendation is based.
15.1.6.2.3. The charges paid by the Client(s) to the Company and product provider
over the previous twelve months.
15.1.6.2.4. The risks to which the Client(s) may be exposed through following, or
not following the Company’s recommendations.
15.1.6.3. Following receipt and consideration by the Client(s) of the report, the
Company will:
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15.1.6.3.1. Meet with the Client(s) or make such other arrangements as are
reasonable to allow the Client(s) to consider the Company’s professional
recommendations and reach an informed and objective decision on how to
proceed.
15.1.6.3.2. Determine the Client(s) instructions regarding arranging any necessary
transactions.
15.2. Bereavement support
15.2.1. In the event of the death of the Client(s), the Company will offer the following services
to the executor and/or survivor of the deceased Client(s):
15.2.1.1. Immediate direction on what necessary steps to take directly after the death.
15.2.1.2. Advice on obtaining the death certificate, where to register the death, and the
timescale needed to avoid incurring statutory penalties.
15.2.1.3. Where required, recommending, and arranging introductions, to local funeral
directors.
15.2.1.4. Where required, support and direction on how to locate the deceased Client(s)
will via the National Will Register and other relevant sources.
15.2.1.5. Where required, support and direction in notifying relevant Government
Departments, including the Office of the Public Guardian where the deceased has
been subject to a ‘power or attorney’.
15.2.1.6. Where required, assisting with notifying claims to relevant life insurance,
pension, or investment product providers.
15.2.1.7. Where required, assisting with notifying banks, building societies and other
deposit takers.
15.2.1.8. Where required, recommending and arranging introductions to local solicitors
for support with obtaining probate and distribution of the estate.
15.2.1.9. Where required, assisting with registering the deceased Client(s) details with
the ‘Deceased Preference Service’ to stop unwanted mail.
15.2.1.10. Where required, recommending and arranging introductions to local venues
able to host post funeral gatherings
15.2.1.11. Where required, recommending and arranging introductions to local house
clearance services and charitable institutions to whom clothes and other minor
chattels can be gifted.
15.2.1.12. Where required, assisting with obtaining valuations of investments for the
purposes of establishing the value of the Deceased’s estate.
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16. Charges
15.2.1.13. Where required, recommending and arrange introductions to bereavement
counsellors.
15.2.1.14. Where required, recommending and arranging introductions to local estate
agents for the purposes of the sale or valuation of property.
15.2.1.15. Advising on the investment of the proceeds of the deceased Client(s) estate to
meet the income and other financial needs of survivors and dependents.
15.2.1.16. Advising on opportunities available to the Executor and beneficiaries of the
deceased Client(s) estate to reduce exposure inheritance tax liability.
15.2.1.17. Advising dependents of the deceased Client(s) on opportunities to transfer ISA
and other tax allowances from the deceased Client(s) to beneficiaries of the estate.
15.2.1.18. Preparing a formal record of relevant information and documents relating to
the arrangements made to settle the deceased Client(s) affairs.
16.1. Initial services
16.1.1. This will include
16.1.1.1. ‘Information collection’,
16.1.1.2. ‘Research’,
16.1.1.3. ‘Advice’,
16.1.1.4. ‘Transactions’,
16.1.1.5. ‘Forwarding and monitoring’ for the first 12 months following the date of this
agreement.
16.1.1.6. ‘Periodic review’ for the first 12 months following the date of this agreement.
16.1.2. The charge for the services will be assessed at outset of this agreement based on an
estimate of the value of the Client(s) estate on death.
16.1.3. Where further information gathered during the ‘Research and Assessment’ service
indicates that the initial estimate of charges is materially incorrect, the Company reserves
the right to withdraw from this agreement and offer the Client(s) amended terms. If the
Client(s) then decline to take up those amended terms, no further charge will be payable.
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16.1.4. The ‘initial services’ will be charged at the following tariff:
Value of Client(s) estate in the event of death
Charge Rate
£1 - £499.999 £750
£500,000 - £999,999 £1,500
£1,000,000 - £2,999,999 £2,500
£3,000.000 - £4,999,999 £3,500
£5,00,0000 – By arrangement
16.2. Ongoing services
16.2.1. This will include:
16.2.1.1. ‘Forwarding and monitoring’.
16.2.1.2. ‘Periodic review’.
16.2.1.3. ‘Bereavement support’.
16.2.2. The charge will be assessed at outset of this agreement based on an estimate of the
value of the Client(s) estate on death.
16.2.3. Where further information gathered during the ‘Research and Assessment’ service
indicates that the initial estimate of charges is materially incorrect, the Company reserves
the right to withdraw from this agreement and offer the Client(s) amended terms. If the
Client(s) then decline to take up those amended terms, no further charge will be payable.
16.2.4. The ‘ongoing services’ will be charged at the following tariff:
Value of the Client(s) estate in the event of death
Charge rate
£1 - £499.999 £250pa
£500,000 - £999,999 £750pa
£1,000,000 - £2,999,999 £1,250pa
£3,000.000 - £4,999,999 £1,750pa
£5,000,0000 – By arrangement
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17. Payment of charges
17.1. Where available, the Company will provide the Client(s) with the option to pay
charges by either:
17.1.1. Collection via the product provider:
17.1.1.1. Charges will be deducted from the Client(s) financial products by the product
provider and passed on to the Company.
17.1.1.2. In the case of ‘initial services’, payment will be made by the product provider
after completion of any related transactions. If there are no related transactions
arising from the Company’s advice, or if the amount of payment from the product
provider is insufficient to cover the agreed cost of services, the Company will then
invoice the Client(s) directly.
17.1.1.3. In the case of ‘ongoing services’ payment will be made by the product provider
in arrear over the period determined by the product provider’s terms for payment
of adviser charges. Where the amount of payment from the product provider is
insufficient to cover the agreed cost of services, the Company will then invoice the
Client(s) directly.
17.1.2. Direct payment:
17.1.2.1. Charges will be invoiced for payment by the Client(s) within thirty days.
17.1.2.2. In the case of ‘initial services’ the invoice will be issued following the
provision of advice or, where related transactions are to be arranged by the
Company, following completion of those transactions.
17.1.2.3. In the case of ‘ongoing services, the invoice will be issued annually in
advance on those services being provided.
17.1.2.4. In the event the Client(s) decline to pay charges for ‘ongoing services’, the
Company will not issue further invitations for annual review.
NB - where charges are paid directly, this will reduce the ongoing cost of related
financial products.
17.1.3. Offset by commission
17.1.3.1. The Company will account to the Client(s) for any relevant commission
received by the Company over the period during which commission is payable
17.1.3.2. Where the amount of initial commission received exceeds the cost of the
‘initial services’, the balance will be held and applied against the cost of ‘ongoing
services’.
17.1.3.3. The Company will continue to provide ‘ongoing services’ to the Client(s) until
the balance of any commission received has been utilised.
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17.1.3.4. If the Client(s) decline to take up the invitation for review, the ‘ongoing
service’ charge will continue to be offset from the balance of any commission
received.
17.1.3.5. At such point as the balance of commission no longer covers the cost of
‘ongoing services’, the Company will invite the Client(s) to pay charges directly.
17.1.3.6. If the Client(s) decline to pay charges for ‘ongoing services’, the Company
will cease providing further ongoing services’ and will not issue further invitations
for annual review.
17.1.3.7. Where cancelling of financial product results in the product provider
reclaiming a commission payment, the Company will invoice the Client(s) for the
reclaim less any remaining balance due to be offset against ‘ongoing services’.
17.1.3.8. The balance of any commission remaining at the cancellation of ongoing
services will not be transferred or refunded.
18. Cancellation of ongoing services
18.1. The future provision of ongoing services may be cancelled by the Client(s) at any time
subject to payment of any outstanding charges.
19. Special Agreements
Special arrangements and modifications to our usual terms
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20. Estimate of actual personal costs
If you are a new customer:
The cost of initial services based on an estate value of £[ ] will be: £
The cost of future ongoing services will depend on changes in the value of
the estate. At the current tariff rate:
If the estate value remained level, the cost would remain at:
Where the value increased above £1,000,000, the cost would increase to:
Where the estate value reduced below £500,000, the cost would reduce to:
£
£
£
If you are an existing customer who has previously received advice and now requires ongoing
services:
The cost of initial services based on an estate value of £[ ] will be: £
The cost of future ongoing services will depend on changes in the value of
the estate. At the current tariff rate:
If the estate value remained level, the cost would remain at:
Where the value increased above £1,000,000, the cost would increase to:
Where the estate value reduced below £500,000, the cost would reduce to:
£
£
£
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21. Agreement to proceed
21.1. The Company will consider the terms of this agreement as binding once signed by the
Client(s) and on behalf of the Company by one of its directors:
Name of Client(s):
Date
Signature(s):
On behalf of Leabold Financial Management Limited:
Director
Page 16 of 16 Customer Agreement Protection Services 22/1/2022