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Regulators Statement - Those who
advise on life assurance, pensions, unit trust, products. either Independent
Advisors or Representatives of one company. Credenda is independent, and
will act on your behalf in advising you on life assurance, pensions ,
and unit trust products.
Credenda
are Independent Financial Advisers and are regulated by the Financial
Services Authority (FSA) and are bound by the FSA`s rules
Credenda Ltd is an appointed representative of Credenda. IFA Direct is
a trading name of Credenda Ltd.
We are not tied to one companies products, and are able to be impartial
when advising on arranging and selling life insurance, pensions, (both
individual and group), unit trusts, investment trusts, VCT`s, EIS`s, EZT`s,
PEP`s, ISA’s, and other plans.
We are also able to advise on mortgages, some general insurances and other products and services which are not regulated by the FSA because they are outside the Financial Services Act 1986. There is no compensation scheme for such products and services.
We offer independent financial advice, but occasions can arise where we, or one of our other customers, might have some form of interest in the business which we are transacting for you. If this happens, or we become aware that our interest or those of our other customers conflict with your interests, we will inform you or obtain your consent before carrying out your instructions.
We
normally ask our clients to give us instructions in writing to avoid possible
disputes. However, we will accept oral instructions provided they are
followed up in writing. There will be occasions when you have sought advice
on the best provider of a particular product (product advice), on these
occasions, we will need a brief from you specifying the advice you require,
and the information you are providing, and a specific statement to the
effect that you do not wish to offer any further information about yourself,
as would be required in a traditional financial services “fact find”
for a full financial planning service. Where we receive no such written
statement, we will put our own statement in writing to you, and it will
be your responsibility to challenge it if you feel it is incorrect. When
we have arranged any investments for which you have given us instruction,
either in response to our recommendations, or on your execution only instructions,
we will not automatically give you any further advice unless requested
to do so. We will be glad to advise on existing or proposed investments
at any time.
Credenda Ltd are registered with the Office of Fair Trading and hold a
Consumer Credit Licence.
In offering you our advice, we take into consideration our knowledge of the companies and products available to us, the information systems we subscribe to, and the service and administration of the companies we use.
While
we have several people working for us in various roles, Credenda., has
only one individual registered as a principal with the PIA. If he were
unable to conduct business (say through illness) your interests might
suffer. We have therefore made a formal arrangement with Business Locum.com
Ltd, 5 Riverview , Walnut Tree Close, Guildford, GU1 4UX TEL: 0800 1381819
to carry out our investment business if we are unable to conduct investment
business for more than fourteen days.
If you have any complaints about the advice that you receive, or product
that you have bought, please write to the compliance officer , Alastair
Lyon, at the above address. Should you make a valid claim against us in
respect of the investments we arrange, and we are unable to meet our liabilities
in full, you may be entitled to redress from the Investors Compensation
Scheme, the details of which are contained in a leaflet which is available
on request. Further information is available from the Financial Services
Authority and the Investors Compensation Scheme. We maintain Professional
Indemnity Insurance.
You may instruct us in writing to stop acting as your agent at any time without penalty, and we will advise you in writing if we are unable to continue to act on your behalf.
Most of Credenda’s income is derived from commission paid to us by the companies with whom we deal. Details of commission and charges will be shown in key features documents or we will give you this information ourselves. There will be occasions when we charge fees, the basis of which we will agree in advance of any commitment by you. When making recommendations, we do take into account the benefits to you and deductions, which include any commission that is payable to us. The effect of these deductions will be shown in the key features document. If you are willing to pay an initial fee it may be possible to reduce the deductions and improve the benefits. We reserve the right to act as an agent for third parties, and to share commission with them. Where we receive commission or other form of benefit from the issuer of a security or another intermediary, we are bound to advise you of that fact, but not of the amount unless you ask us to do so.
Where we have arranged a life assurance or pensions contract for you on commission terms in good faith, and you subsequently cancel the contract and in consequence we are obliged to refund commission that has been paid to us; we reserve the right to invoice you for the outstanding commission that may be due assuming the contract had lasted for at least the initial earnings period. If we recommend any policy to you to which this paragraph applies, we will at the same time inform you in writing of the maximum amount of any such fee and of the latest time at which we would charge it. If you cancel the contract in accordance with your rights in the Life Insurance or Friendly Societies cooling off notice, we will not charge a fee as above
If advice on provision of that product has been sought by you we will retain the right to charge a fee for that advice based on the number of hours spent on that work, and subject to a minimum charge of £150.00, AND if it has been an investment contract, and the repayment to you has included reinvested commission, we will invoice you for the refund of that commission. All commission receipts are due to Credenda, any commission refund or credit offered by us whether linked to a separate fee payment, or other arrangement, is offered at our discretion and we retain the right to withdraw such facilities at any time.
Credenda is not authorised to handle clients’ money. This means that we may never accept a cheque made out to this company for onward transmission to a third party. We may not handle cash, nor do we wish to do so. We act as your agent in advising and arranging investments, we never own the investments you buy through us, all investments will be registered in your name unless you have first instructed us otherwise in writing. All investment documents showing ownership of your investments will be forwarded to you for safe-keeping as soon as practicable after we receive them. Where a series of transactions is involved we will normally hold each document until the series is complete, and then forward them to you.
We keep records of all our business transactions for at least six years. You (or your agent) have the right to inspect the records at a mutually convenient time. We treat all clients records as confidential, so we reserve the right to give you copies of your particular records rather than allow access to files containing records about other clients. It may be necessary for external professional advisers, or regulators to inspect our records. . These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Third Party rights) Act 1999. We will not pass information relating to you to a third party without your prior consent unless we are legally obliged to do so.
Information about "your Data" (including "sensitive data" as defined in the data protection etc 1998) will be put into our database and held, processed, disclosed and be used by us, our associated companies and third party product providers in servicing our/their relationships with you, including identity verification and money laundering checks. Credenda Ltd are registered under the Data Protection Act. By signing these terms and conditions of business you agree that: 1) The information we hold about you can be held on computer and/or paper files, and 2) any information which you give us may be disclosed to third parties (e.g. credit reference agencies and product providers) for the purpose of processing your application, and 3) we may use the information that we hold about you to contact you from time to time by post, fax, e- mail or telephone to bring to your attention additional products or services which may be of benefit to you. We agree that any consent given under 3 above may be withdrawn by you on written instruction to the above address.
Credenda Ltd are registered with the Office of Fair Trading and hold a Consumer Credit Licence.
Money Laundering - The new regulations are effective from 1/4/94. They impose a requirement on us as your Independent Financial Advisor to verify your identity and address, and report investment transactions if we are not able to satisfy ourselves properly as to your identity, the source, or the use of the money that you are either investing or encashing. From that date, we are required to have a record of proof of identity of all new clients. We are required to pay particular attention to client identity and the source of the funds where a transaction, or series of transactions exceeds Eu15,000 (say £8,000), or where annual premiums exceed Eu1,000 (say £550) or where an “unusual” transaction, or series of transactions occur.
Signed
for the company ………………………………………
Alastair Lyon, Credenda Ltd
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