Single Investment (Non-pension)

Valleys Innovation Centre Tel: 01443 749 991 / 0845 872 6418
Navigation Park Fax: 01443 741 893 / 0845 872 6419
Abercynon
info@leabold.co.uk
CF45 4SN
www.leabold.co.uk
Customer Agreement for
‘Single Investment Services (non-pension)’
This agreement is suitable for customers requiring ongoing advice and oversight of a
single collective investment fund held within a single platform outside of a pension
plan.

1. Parties to this agreement
1.1. 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’):
2. Primary Contact
2.1. The Company will deal with the following individual as the Primary Contact and classify its
dealings with the Clients(s) in accordance with that individual’s understanding and previous
experience of relevant financial matters:
3. Designated Adviser
3.1. The Company has designated the following individual to act in this capacity:
3.2. FCA regulations require the Adviser to hold an approved qualification and statement of
professional standing.
3.2.1. The relevant qualifications held by the Adviser are:
Qualification Awarding Body Date Awarded
3.2.2. The most recent statement of professional standing for the adviser was issued by:
You may review the adviser’s qualifications and most recent statement of
professional standing on our website at https://www.leabold.co.uk/meet-the-team
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4. The Company’s status
4.1. The Company is registered in England and Wales under Companies House number
05173817.
4.2. 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.
4.3. 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.
4.4. The relevant activities that the Company has been authorised to undertake by FCA include:
4.4.1. Advising on investments.
4.4.2. Advising on pension transfers and opt-outs.
4.4.3. Bringing about deals in investments.
4.4.4. Making arrangements with a view to transactions in investments.
4.4.5. Assisting in the administration and performance of a contract of insurance
4.5. Details of the Company’s FCA authorisation can be found on https://register.fca.org.uk/
under the Firm Reference Number 402291.
4.6. 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.’
5. Commencement, alteration, and termination of this agreement
5.1. This agreement is effective once signed by the Client(s) and a Director of the Company.
5.2. The Company may terminate this agreement at any time, and without penalty, subject to
giving written notice to the Client(s).
5.3. The Client(s) may terminate this agreement at any time, without penalty, but subject to giving
written notice to the Company and payment of any outstanding fees.
5.4. The Company reserves the right to change the terms of this agreement on thirty days written
notice to the Client(s)
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6. Client money
6.1. The Company is not authorised by the FCA to hold or control client money. This means
that we cannot accept payments from the Client(s) where these are intended to be passed on
to third parties, or payments from third parties to be passed to the Client(s).
7. Client categorisation
7.1. The Company is required under FCA Handbook rule COBS 3.3.1A to categorise the Client(s)
according to the level of regulatory protection they will be entitled. The Company will
therefore categorise the Client(s) depending on the provision of the following services:
7.1.1. 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’.
7.1.2. 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’.
7.2. 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 for 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.
7.3. If the Client(s) believes they should not be classified as a ‘retail customer’, or ‘consumer’,
they will inform the Company immediately.
8. Conflicts of interest
8.1. 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.
Conflict Disclosure
8.2. Where the Client(s) has 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):
Name of Introducer
Percentage or amount
of fees to be ceded
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9. Communicating
9.1. In communicating with the Client(s), the Company will:
9.1.1. Provide and exchange documents using either the Company’s secure internet portal,
email, or post.
9.1.2. Take instructions either in written form, recorded phone call, or recorded video call.
9.1.3. Meet with the client via video call. At the Company’s discretion, it may agree to
meet in person.
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 third parties only when required
by law or 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 enable it to comply with FCA regulations, or as long as reasonably necessary
to 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 on the Client(s) in accordance with the requirements of the Data Protection Act 2018.
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
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egulations but reserves the right to levy a charge relative to the costs involved in preparing
and forwarding such information.
12. Services
12.1. The Company will use reasonable endeavours to provide the following to the Client(s):
12.1.1. Information collection:
12.1.1.1. The Company will obtain the following information from the Client(s) and
relevant third parties:
12.1.1.1.1. The nature and value of relevant investments, insurances and other
provisions established by or to which the Client(s) may have an entitlement.
12.1.1.1.2. The Client(s) relevant personal circumstances, including health and
medical history.
12.1.1.1.3. The Client(s) relevant financial affairs, including assets, liabilities,
income, and expenditure.
12.1.1.1.4. The Client(s) relevant ethical, philosophical political views, and
religious beliefs.
12.1.1.1.5. The Client(s) relevant future goals and objectives.
12.1.1.1.6. The Client(s) previous experience of relevant financial matters.
12.1.2. Research and assessment:
12.1.2.1. The Company will research and assess the following:
12.1.2.1.1. The Client(s) understanding of relevant financial matters.
12.1.2.1.2. The Client(s) psychological tolerance to investment risk.
12.1.2.1.3. The statistical mortality and morbidity of the Client(s).
12.1.2.1.4. The extent to which the Client(s) stated objectives are considered
prudent, realistic, and necessary.
12.1.2.1.5. The extent to which the Client(s) can afford to make adequate provision
to fund their objectives.
12.1.2.1.6. The amount of capital the Client(s) should commit to fund their
objectives.
12.1.2.1.7. The arrangements to be made for the Client(s) chosen beneficiaries to
receive the proceeds of financial products in the event of the Client(s) death.
12.1.2.1.8. The level of return to be targeted by the Client(s) investment to meet
the required objective.
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12.1.3. Advice
12.1.2.1.9. The class of financial product in which the Client(s) should make and
hold underlying investments to achieve their objectives.
12.1.2.1.10. The appropriate provider with whom products or service should be
arranged, taking account of:
12.1.2.1.10.1. The specific options and features to be utilised within the
product.
12.1.2.1.10.2. The cost of the product or service relative to that being charged
by other providers offering similar products or services.
12.1.2.1.10.3. The performance of the product or service provider relative to
that achieved by other providers offering similar products or services.
12.1.2.1.10.4. The financial strength of the product provider.
12.1.2.1.10.5. The service standards of the product or service provider.
12.1.3.1. Where the Company provides advice to the Client, it will do so in the form of
a written report.
12.1.3.2. The Company will use its best endeavours to provide the report to the Client
prior to inviting the Client to provide instructions for financial instructions, except
in circumstances where the Company has reasonable grounds to believe that the
delay involved in preparing a report would risk damaging the Client(s) interests.
12.1.3.3. The report issued to the Client(s) will cover:
12.1.3.3.1. The Company’s professional recommendations.
12.1.3.3.2. The rationale on which the Company’s recommendation is based.
12.1.3.3.3. The initial and estimated future costs arising from the Company’s
recommendations.
12.1.3.3.4. The risks to which the Client(s) may be exposed through following, or
not following the Company’s recommendations.
12.1.4. Periodic review
12.1.4.1. The Company will undertake annual reviews of the original advice covering
relevant changes in the following:
12.1.4.1.1. The Client(s) objectives.
12.1.4.1.2. The Client(s) personal circumstances and financial situation.
12.1.4.1.3. The suitability of previous advice provided to the Client(s) including
financial product and service types held by the Client(s)
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12.1.4.1.4. The continued suitability of product providers with whom financial
product types have been established by the Client(s).
12.1.4.1.5. Relevant legislation and taxation matters.
12.1.4.1.6. The extent to which the collective fund in which the investment is held
is considered appropriate and adequately diversified in meeting expectations
of growth and risk.
12.1.4.1.7. The extent to which levels of charging are considered fair and justified
in relation to activity levels and other relevant considerations.
12.1.4.1.8. The extent to which returns and volatility levels compare with the
targets recommended by the Company as necessary to meet the Client(s)
objectives.
12.1.4.1.9. The extent to which cashflows in an out of the investment give rise to
risk.
12.1.5. Reporting
12.1.5.1. Where the Company provides advice to the Client, it will do so in the form of
a written report.
12.1.5.2. The Company will use its best endeavours to provide the report to the Client
prior to inviting the Client to provide instructions for transactions, except in
circumstances where the Company has reasonable grounds to believe that any delay
in executing those instructions would damaging the Client(s) best interests.
12.1.5.3. The report issued to the Client(s) will set out:
12.1.5.3.1. The purpose of the report and any action that the Client(s) is expected
to take in relation to its content.
12.1.5.3.2. The Company’s understanding of the Client(s) objectives.
12.1.5.3.3. The critical information on which the Company’s recommendations
have been made, including any information where the Company has placed
reliance on the Client(s) as having equal or greater expertise or knowledge
than the Company.
12.1.5.3.4. Where initial advice is being provided, the report will set out the
Company’s professional recommendations and rationale on which those
recommendations are based.
12.1.5.3.5. Where a review of initial advice is being provided, the report will set
out those product types, providers, and other aspects of previous advice on
which the Client(s) are recommended to approach the Company for further
advice.
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12.1.5.3.6. The risks to which the Client(s) may be exposed through following, or
not following the Company’s recommendations.
12.1.6. Taking instructions
12.1.6.1. Following provision of advice to the Client(s), the Company will:
12.1.6.1.1. Meet with the Client(s) to consider the Company’s professional
recommendations and assist the Client in reaching an informed and objective
decision on how to proceed.
12.1.6.1.2. Determine the Client(s) instructions regarding arranging any necessary
transactions.
12.1.6.2. In providing instructions to the Company, the Client(s) will not be under any
obligation to follow the Company’s advice and may modify or decline to follow
specific recommendations. In such circumstances:
12.1.6.2.1. The Company reserves the right to decline to assist with or arrange any
transaction that it reasonably believes may expose the Client(s) to significant
and unwarranted risk.
12.1.6.2.2. Where the Company agrees to assist with or arrange a transaction
against its advice, the Client(s) agree not to hold the Company liable for any
consequent loss or damages.
12.1.7. Transactions
12.1.7.1. Where the Client(s) instruct the Company either to carry out a transaction that
has either been specifically recommended by the Company, or, where the Company
has specifically agreed to carry out that transaction, the Company will:
12.1.7.1.1. Pass on the Client(s) instructions to relevant parties and make
appropriate arrangements for the transaction to be executed.
12.1.7.1.2. Monitor the transaction and liaise between the relevant parties with a
view to the transaction being completed within the terms and timescales that
have been indicated to the Client(s).
12.1.7.1.3. On completion of the transaction, to pass on confirmation to the
Client(s) and provide evidence of the terms of which the transaction was
completed.
12.1.7.1.4. Arrange for any title documents to be passed on to the Client(s).
12.1.8. Forwarding and monitoring
12.1.8.1. 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).
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13. Charges
12.1.8.2. The Company will monitor changes in relevant legislation and notify the
Client(s) in circumstances where it believes such changes may materially affect the
objectives, attitude to risk, personal circumstances, or financial situation of the
Client(s).
13.1. Initial advice
13.1.1. These will apply on each occasion that the Client(s) request the Company to a new
portfolio of investments and will comprise:
13.1.1.1. ‘Information collection’ - as described under clause 13.1.1.
13.1.1.2. ‘Research and assessment’ – as described under clause 13.1.2.
13.1.1.3. ‘Advice’ – as described under clause 13.1.3.
13.1.1.4. ‘Reporting’ – as described under clause 13.1.5.
13.1.1.5. ‘Taking instructions’ - as described under clause 13.1.6.
13.1.1.6. ‘Transactions’ – as described under clause 13.1.7.
13.1.2. The charge for ‘initial advice’ will be assessed based on the value of those investments
the Client(s) require to be overseen by the Company in accordance with the following
tariff:
Value of the Client(s) investments
Charge rate
£1 - £50,000 £600
£50,001 - £100,000 £831
13.2. Additional investment advice
13.2.1. This will apply on each occasion where the Client(s) wishes to make an additional
capital payment to an investment portfolio that has previously been established by the
Company and will include the same services as the ‘initial advice described in clause
14.1.1.
13.2.2. The charge for additional investment advice will be based on the value of the
additional capital payment in accordance with the following tariff:
Per amount of additional investment
Charge rate
£50,000 £400
13.3. Ongoing services
13.3.1. This applies following the provision of ‘initial advice’ and will include:
13.3.1.1. ‘Forwarding and monitoring’ – as described under clause 13.1.8.
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13.3.1.2. ‘Periodic review’ – as described under clause 13.1.4.
13.3.1.3. Assistance with annual HMRC reporting on relevant taxation matters,
13.3.1.4. In addition. the firm will provide the same services as ‘initial advice’ in relation
to the following:
13.3.1.4.1. Where the Client(s) wishes to make an ad-hoc partial withdrawal of
capital.
13.3.1.4.2. Where the Client(s) wishes to commence taking or change levels of
regular withdrawals of capital
13.3.1.4.3. Where the Client(s) wishes to change their exposure to investment risk
or increase the potential for return.
13.3.1.4.4. Where it becomes necessary or desirable to replace an existing product
or provider with one offering better terms.
13.3.1.4.5. Where it becomes necessary or desirable to utilise tax allowances
available under an ISA, insurance investment, or pension arrangement.
13.3.2. The charge for ‘ongoing services’ will be based on the total value of the investment
overseen by the Company and in accordance with the following tariff:
Value of the Client(s) investments
Charge Rate
Minimum charge
Charge rate
0.5%pa of investment value
£300pa
14. Payment of charges
14.1. Where available, the Company will provide the Client(s) with the option to pay
charges by either:
14.1.1. Collection via the product or service provider:
14.1.1.1. Charges will be deducted from the Client(s) investments by the product
provider and passed on to the Company.
14.1.1.2. 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.
14.1.1.3. 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.
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14.1.2. Direct payment:
14.1.2.1. Charges will be invoiced for payment by the Client(s) within thirty days.
14.1.2.2. 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.
14.1.2.3. In the case of ‘ongoing services, the invoice will be issued annually in
advance on those services being provided.
15. Cancellation of ongoing services
15.1. The future provision of ongoing services may be cancelled by the Client(s) at any time
subject to payment of any outstanding charges.
16. Special Agreements
Special arrangements and modifications to our usual terms
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17. Agreement to proceed
17.1. The terms of this agreement will be binding once signed by the Client(s) and on behalf
of the Company by one of its directors:
Name of Client:
Signature:
Date:
On behalf of Leabold Financial Management Limited:
Name of Director:
Signature:
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