Service Fee Agreement
This agreement is issued on behalf of TQ Invest, which is a trading name of Capital Professional Limited of 45 Church Street, Birmingham, B3 2RT whom can be contacted at 0800 294 7221.
Capital Professional Ltd is Authorised and Regulated by the Financial Conduct Authority. The Financial Conduct Authority (FCA) 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 FCA’s Register by visiting the FCA’s website http://www.fca.org.uk/ FCA No. 578614 or by contacting the FCA on 0800 111 6768.
Our permitted business is advising on and arranging Investments, Pensions, Non Investment Insurance and Mortgages.
Each client with whom the firm does business is categorised to identify the level of regulatory protection to be applied. We propose to classify you as ‘Retail Client’ for Investment purposes.
We will communicate with you in English both verbally and written for the sending and reception of orders. To avoid any doubt instructions should be issued in writing.
Scope of Service
We operate independently and therefore provide investment services from the whole market. We provide access to Investment Funds (Unit Trusts and Open Ended Investment Companies) from across the whole of market. We also promote specific tax-advantaged ‘wrappers’ in which these funds can be held e.g. Individual Savings Accounts (ISAs) and Self Invested Personal Pensions (SIPPs). For annuities we offer products from the whole of the annuity market.
Services to be provided
You will not receive advice or a recommendation from us. We operate an Execution Only service. If you are in any doubt regarding the suitability of an investment you should ask to be referred to our independent financial planning team, who are authorised to provide investment advice. Transactions taken out on an execution only basis via TQ Invest will be carried out without advice on their merit or suitability. When buying a contract under these terms, you will not benefit from some of the regulatory protection provided when authorised advice is given and you have no right to redress should the contract turn out to be unsuitable.
To help guide our clients we provide web-based tools and issue product information, independent investment research, market commentary and example portfolios. In providing these we are not giving you personalised advice.
It is important that you read the Product Provider’s Key Features Document carefully and we would particularly draw your attention to the section on Cancellation and Withdrawal Rights. Please note that as you are investing as an Execution Only client your cancellation and withdrawal rights may be affected.
TQ Invest does not handle clients’ money. We never handle cash or accept a cheque made out to us, unless the cheque is in settlement of charges or disbursements for which we have sent you an invoice.
TQ Invest is a trading name of Capital Professional Ltd, which is authorised and regulated by the Financial Conduct Authority.
TQ Invest may, from time to time, receive fees from product providers for advertisements in the company brochure, bulletins, website or other material. The existence of an advertisement should not be taken as an endorsement of any particular product by TQ Invest.
We reserve the right to monitor and record telephone calls for regulatory and training purposes as well as having an accurate record of your instructions.
When we have arranged any investments or policies for which you have given us instructions we will not give you any fur-ther information unless specifically agreed.
We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. We will forward you all documents showing ownership of your investments as soon as practicable after we receive them, where a number of documents are due involving a series of transactions, we normally hold each document until the series is complete, then forward them to you.
Advice and Instructions
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing. We may, at our discretion, refuse to accept instructions although such discretion shall not be exercised unreasonably. We will record all transactions on our files which, along with copies of relevant documentation, will be retained by us for a period of not less than six years. You have a right to inspect copies of contract notes, vouchers and entries in our books or computerised records relating to your transactions. We reserve the right to withhold copies of these records if information to other parties would be disclosed.
Paying for services
Not all firms charge for services in the same way. We will discuss your payment options with you and answer any questions you have. We will not charge you anything until you have agreed how we are to be paid.
We do not charge an initial fee. There is a Service Charge which is determined by the value of the funds on which the service is required. The fee is shown below:
Standard Service Charge:
0.5% per annum Service Charge calculated and paid monthly using the value of the fund.
Examples of the Standard Service Charge:
Value of funds £20,000 the fee is £8.33 per month / £100 per annum
Premier Club Service Charge:
The Premier Club is available to clients who have a portfolio of ISAs and Unit Trusts valued at £30,000 or more and held on the FundsNetwork or Cofunds platforms.
0.25% per annum Service Charge calculated and paid monthly using the value of the fund.
Examples of the Service Charge:
Value of funds £30,000 the fee is £6.25 per month / £75 per annum
Paying via the product & product provider: The client agrees that the Firm can receive the Service Charge from the Product Provider for the full amount determined above. The amount payable will reduce or increase in line with the value of the fund. The client may be required to complete a provider instruction should the client wish to pay fees in this way.
By agreeing to this method of paying the fee, you authorise FundsNetwork to sell units/shares from the fund and pay TQ Invest to satisfy the Service Charge.
Paying by fee only: The fee is calculated every twelve months using the value of the fund at the start of each twelve month period and is payable by twelve equal monthly installments. The amount payable during the year remains the same and is not affected by any reductions or increase in market movements. A mid-year pro-rata adjustment will be made if new funds are added to the existing funds under influence. Invoices for the fees will be issued direct to the client by TQ Invest and will be payable monthly in arrears.
At the point the firm receives written confirmation that the Client no longer requires the services of TQ Invest, the Firm will ensure that the Service Charge ceases.
The purpose of the Service Charge is intermediation whereby the Firm acts on behalf of the Client with the provider. This may include but is not limited to: – provide web-based tools and issue product information, independent investment research, market commentary and example portfolios.
For ‘non collective’ investments i.e. bonds and pensions we will not receive initial or ongoing commission from the provider. We will charge you a fee of £75 plus VAT in respect of purchasing these products and for any subsequent additional lump sum payments, which are processed by TQ Invest. Payment will be due upon application. This fee is non refundable in all circumstances including where you have cancelled the product within the statutory cancellation period.
We will act honestly, fairly and professionally known as conducting business in ‘client’s best interest’ regulations. Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interest, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment. In accordance with the rules of our regulator, The Financial Conduct Authority, we are prohibited from accepting any payment (commission or other non-monetary benefits) which is likely to conflict with the duty of the firm to its clients.
Right 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.
If you wish to register a complaint, please write to The Compliance Manager, Bellpenny, 45 Church Street, Birmingham, B3 2RT or telephone 0121 2125700. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
We are covered by the Financial Services Compensation scheme (FSCS) if we cannot meet our obligations. This is dependent upon the type of business and the circumstances of the claim. Most types of investment business are covered up to a maxi-mum limit of £50,000. For non-advised investment services an investor may not have access to FSCS through TO Invest, however, they would have access via the product provider, should the product provider default. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information about this compensation scheme arrangement is available from the FSCS.
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you con-sent to us or any company associated with us for processing, both manually and by electronic means, your personal data for the purposes of providing administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the Financial Conduct Authority or any other statutory, governmental or regulatory body for legiti-mate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.
We may also contact you or pass your details to other companies associated with us to contact you (including by telephone and email) with details of any other similar products, promotions, or for related marketing purposes in which we think you may be interested.
If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 0121 2125700 or in writing at 45 Church Street, Birmingham, B3 2RT.
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purposes. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
Subject to certain exceptions, you are entitled to have access to your personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
This client agreement is governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
Capital Professional Ltd shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
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.