Terms & Conditions
Williams Farrall Woodward is permitted to advise on and arrange (bring about) deals in investments.
With regard to investments we have arranged for you, these may be kept under review if you agree to take advantage of our on-going intermediation advice and service. On-going services might be terminated at any time.
For any investment services provided we will be acting on your behalf unless otherwise stated.
Williams Farrall Woodward does not handle clients’ money. We never accept a cheque made payable to us or handle cash (unless it is payment in settlement of our fees or disbursements for which we have sent you an invoice). If you do send us money, this may delay your transaction as we may have to return this money to you.
Williams Farrall Woodward of Priority House, 2nd Floor, 8 Turret Lane, Ipswich, Suffolk IP4 1DL is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 175614.
Our permitted business is advising on, arranging, and making arrangements with a view to investments
You can check this on the FCA’s Register by visiting the FCA’s website – www.fca.gov.uk/register or by contacting the FCA on 0800 111 6768.
In providing investment services to you, we will categorise you as a retail client or professional client. The type of client category will determine the level of protections afforded to you under the current consumer protection legislation. As a retail client the statutory consumer protection available to you is determined by this category and will be the highest available and/or an intermediate level for a professional client.
Where we have not categorised you as a ‘retail client’ (see above), you may request re-categorisation under a client category which benefits from a higher degree of statutory protection. However, we reserve the right to agree to such a re-categorisation on a case-by-case basis, and where we agree to do so it does not necessarily mean that you will have a right of access to the Financial Ombudsman Service.
Further information in respect of the Financial Ombudsman Service is available on their website at the address below;
WHICH SERVICE WILL WE PROVIDE FOR YOU?
Independent Advice – Williams Farrall Woodward will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a sufficient range of retail investment products, financial instruments and structured deposits.
A ‘sufficient range’ means that the products that we will advise on and recommend will be sufficiently diverse with regards to their type and issuers or product providers to ensure that our clients investment objectives can be suitably met.
You are advised that because investments can fall as well as rise, you may not get back the full amount invested. Past performance is not a guide to future performance.
HOW WE CHARGE YOU FOR OUR SERVICES?
We have a pricing structure that varies with the type of work you want us to do. Please refer to our current pricing schedules for details. If we have agreed the work type with you, the relevant pricing schedule will be attached.
When you employ us to give you intermediation advice, we will charge you a fee or make an (adviser charge) facilitated by a product provider.
The method of paying for our services will depend on the type / level of service (s) provided.
Initial/Transactional Advice and Intermediation Services
There are three stages in the process. You may not need the second stage. These stages are:
- Discovery Meeting
- Initial and / or Transactional Services
- On-going Services
1. Discovery Meeting
Always at our expense
2. Initial / Transactional Advice Services
Our initial advice will be (as far as we can judge from information you gave us), based on your requirements and circumstances at that time. We will not ensure that any initial advice remains suitable for you at a later date, unless you select to receive on-going services from us.
Payment for Initial advice and intermediation Services
A one-off fixed fee based on your specific needs and circumstances. The following examples are calculated based on our time, the complexity of the advice and the potential added value to you. Once agreed, the fee amount will not change, except where your needs or circumstances differ from our initial expectations.
By the variable nature of what we do, and that all clients are unique we cannot specify exact fees for any particular class of work. But, we will always tell you how much the initial fee will be before you complete an investment.
A one-off total fixed fee split as follows:
- Researching the market to establish a suitable investment option.
- Recommend any suitable investment products.
- Act between you and the relevant product provider with the view of arranging the agreed investment product.
We will tell you how much the initial fee will be before you complete an investment, but of course you may ask for this information earlier, but this will only be an estimate.
A one-off fee as a percentage of the initial investment amount.
If you invest a lump sum of £100,000 into a personal pension plan, we might charge an fee of 2% of the amount invested, which would mean an initial fee of £2,000 (£100,000 x 2 % = £2,000).
We will tell you how much the initial fee will be before you complete an investment, but, you may ask for this information earlier.
A fee based on the amount of time spent, as per the hourly rates set out below.
Individual Hourly Rates:
Technician / Paraplanner £75
Partner / Senior Adviser £190
If the amount of time taken to advise and arrange a suitable product for you is say 12 hours; this could be made as follows; 8 hours advice @ £160 per hour – Adviser, plus 2 hours @ £75 – Paraplanner, plus 2 hours administration @ £35 per hour, a total Initial fee of £1,500 will be payable. (8hrs x £160 + 2 hrs x £75 + 2 hrs x £35 = £1,500)
The above rates are indicative, we will tell you how much the initial fee will be before you complete an investment, but you may ask for this information earlier.
3. On-going Services
In addition to our initial advice services we will agree in writing with you to undertake further services on an on-going basis. Details of any on-going services that we offer are details later within this document.
Our typical fees are noted below. The exact amount may be more or less than this, but will be specifically agreed with you based on the work you ask us to do for you.
We will confirm the actual fees in writing with our separate ‘Service and Payment Agreement’, before providing our services to you.
If we do not agree a fixed fee with you at outset, you may ask us for an estimate of how much in total we might charge for any service (s) provided. You may also ask us not to exceed a given amount without checking with you first.
Payment for On-going Services
There will be an additional charge for any on-going work, such as periodic or on-going reviews we carry out on your behalf. We will confirm the rate, frequency and length of any on-going services before commencing that on-going service.
On-going services include:
- On-going meetings
- Investment intermediation and recommendations
- Contact – ad hoc and planned.
- Professional services
More details on the services we offer will be provided separately.
The cost of on-going charges might be based on a percentage of fund value:
Based on a fund value of £100,000, an on-going fee of 0.9% of this amount would mean that it would cost £900 per annum to provide an on-going service (£100,000 x 0.9% = £900). If the fund value increases over time, the on-going charge then increases accordingly.
The frequency of the on-going fee will depend on the service(s) you choose and is usually made by direct debit / standing order on the 1st of every month.
We will agree what will be charged before any service(s) provided and the amount will be confirmed within our ‘Service Agreement’.
YOUR PAYMENT OPTIONS
Settling your adviser charge in a single payment
Whether you buy a product or not, you will pay us a fee for our advice and services which will become payable on completion of our work.
You will be required to settle the payment of your fee on completion of our work within 14 business days. We accept cheques. You will be provided with a receipt upon payment.
And / Or
Settling your adviser charge by instalments
The option to pay by instalments is only available for the payment of the fee on regular premium products. Payment by instalments does not relate to any on-going charges payment which we may charge for providing an on-going service.
Paying by instalments through your recommended product
If you buy a financial product, you can choose to have our fee deducted from the product through instalments. Although you pay nothing to us up front, that does not mean that our service is free. You still pay us indirectly through deductions from the amount you pay into your product. These deductions will pay towards settling our fees. These deductions will reduce the amount left for investment.
How your payment plan works:
Total monthly premium payable £250
Total cost of advice £600
Monthly payment for advice £50
Length of repayment period 12 months
£50 per premium
Period: 12 months
|-> Advice £50
-> Invested: £200
If you choose to pay for the advice you receive through instalments, these instalments will be deducted from the premium you pay each month and allocated towards settling our fees. For example, the total cost of advice is £600. You have been recommended a regular premium product of which £250 will be paid each month. £50 will be taken from this amount to pay off our fee over 12 months. The remaining £200 will be invested during this time. At the end of this period our fee would have been settled in full. From month 13 the full £250 will be invested.
Keeping up with your payments
If you choose to pay for the advice you receive via instalments, the full amount of our fee will need to be paid irrespective of whether:
- The recommended product(s) is /are cancelled before the full amount is paid; and/or
- You subsequently decide to transfer your business to another firm / financial adviser.
Any outstanding amounts, as at the date of cancelling the recommended product / transferring to another firm or adviser, will be due to be paid in full within 14 business days of the termination / transfer date. An invoice will be raised for the full outstanding amount.
Conflicts of Interest
Williams Farrall Woodward offer services in accordance with that disclosed to you in this document. Occasions may arise where the firm, an employee, or other associates of the firm has competing professional or personal interests which may prevent these services being provided to clients in an independent or impartial manner.
Williams Farrall Woodward takes all the appropriate steps to prevent conflicts of interest from occurring in line with the firm’s conflict of interest policy. However, there may be occasions where a conflict of interest cannot be prevented.
Where this is the case, we will disclose to you the nature of the conflict and the steps that we will take to mitigate the risks that you will be unfairly treated as a result of any conflicts identified.
We will make you aware of any conflicts of interest before the provision of services to enable you to choose whether you still wish to proceed with services. A copy of the firm’s conflict of interest policy is available on request.
We may on occasion receive minor non-monetary benefits from third parties such as product providers e.g. food and drink provided at a provider training event. Where relevant, any minor non-monetary benefits received will not conflict with our duty to act in your best interests.
Termination of Authority
You or we may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any services already provided / transactions already initiated, which will be completed according to the Client Agreement unless otherwise agreed in writing. You will be liable to pay for any transactions made or carried out prior to termination and any of our fees or other fees which may be outstanding.
Right to Withdraw
In the case of many retail investment products – such as life assurance contracts, personal pension schemes, investment bonds, and collective investment arrangements (e.g. unit trusts), a right to withdraw or cancel the contract within a specified period is normally provided. Details of such rights are ordinarily contained in the product literature (e.g. Key Features document) and/or we may provide details of such rights in a separate communication.
In the case of any non-retail investment products e.g. an ISA wrapper, we will inform you in writing of any right to withdraw or cancel you may have or, if it is the case, we will inform you in writing that no such rights will apply.
Accounting to you
We will confirm to you in writing the basis of our service and the reasons for recommending any transactions transmitted or executed on your behalf. Where you agree to an on-going service advice we will provide regular reports to you regarding that service.
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 to you all documents showing ownership of your investments as soon as practicable after we receive them: where a number of documents relating to a series of transactions is involved, we will normally hold each document until the series is complete and then forward them to you.
Nominee & Safe Custody Services
Williams Farrall Woodward does not safeguard or administer client assets but we may arrange business through platforms, which will provide custody services for your assets. Where this is the case, the legal title of investments will be registered in the name of the third party’s nominee.
Transactions will be transmitted to the fund supermarket, investment wrap platform, or similar third party investment institution for them to execute. Money or transferred assets will be placed immediately with that third party for investment – we will never hold the assets for you. We will provide you with the relevant account opening details for the identified third party such as their Terms & Conditions, Nominee and Safe Custody Service, Best Execution Policy, Execution Venues and Conflicts of Interest Policy (or equivalent documents). The legal title of investments will be in the name of the third party’s nominee.
For non-platform business we will make arrangements for your investments to be registered in your name unless you first instruct us otherwise in writing.
Investment Objectives and Restrictions
Following the issue of this document, any subsequent advice or recommendation offered to you will be based on your stated investment objectives, agreed level of risk you are prepared / able to take and any restrictions you wish to place on the type of investments or policies you are willing to consider. Details of your stated investment objectives will be identified during our discussions with you and confirmed in writing together with our recommendations. Unless confirmed in writing, to the contrary, we will assume that you do not wish to place any restrictions on the advice we give you.
It is in the interests of our clients and Williams Farrall Woodward that we obtain the best possible result when placing orders with other firms (e.g. third party brokers) for the execution of client orders or when transmitting orders on behalf of clients for particular investments – e.g. shares. We, of course, will take all reasonable steps to provide ‘best execution’ when carrying out such transactions.
Where we place or transmit orders for such investments on behalf of our clients, we may utilise the services of a third party broker and base our decision to place or transmit an order on the price and cost of execution of the order. For orders in collective investment schemes (e.g. unit trust), however, the price of units or shares in the scheme is normally set by the scheme operator or manager and as such we have little influence over the price available.
Full details of our best execution arrangements are provided in our Best Execution Policy, a copy of which can be provided on request.
Mode of Communication
We will enter into communication with you through whatever means are convenient to you and us, including face-to-face, telephone, email and other acceptable electronic communication methods.
Our communications will ordinarily be in English, both in respect of oral and written communications.
We are required by our regulators (the FCA) to keep records of any telephone conversations or other electronic communications with our clients in relation to the arranging of transactions in investments that are categorised as financial instruments.
The term ‘electronic communication’ covers many categories of communications and includes (amongst others) video conferencing, fax, email, Bloomberg mail, SMS, business to business devices, chat, instant messaging and mobile device applications.
WHAT TO DO IF YOU HAVE A COMPLAINT
If you wish to register a complaint, please contact us:
- In writing: Write to Williams Farrall Woodward, Priority House, 2nd Floor, 8 Turret lane, Ipswich, Suffolk IP4 1DL
- By phone: Telephone 01473 231644.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
ARE WE COVERED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Most types of investment business are covered up to a maximum of £86,000.
Investment based insurance/ Long term insurance, e.g. pension and investment bonds
The maximum level of compensation for claims against firms declared in default on or after the 3rd July 2015 is 100% of the claim with no upper limit.
Further information about compensation scheme arrangements is available from the FSCS
DATA PROTECTION STATEMENT
Please refer to the separate Data Protection Notice that we have issued to you that sets out how we collect and use data about you.