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about our services and costs |
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Millstream Financial Services Ltd
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59 Oakwood Avenue, Beckenham, Kent BR3 6PT
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1. The Financial Services Authority (FSA) |
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The FSA is the independent watchdog that regulates financial services. This document has been designed by the FSA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it. |
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2. Whose products do we offer? |
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Investments |
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We offer products from the whole market. |
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We only offer products from a limited number of companies. |
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We only offer products from a single company. |
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Insurance |
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We offer products from a range of insurers for Term Assurance, Mortgage Protection Insurance, Critical Illness Insurance, Income Protection Insurance, Buildings Insurance, Contents Insurance, Accident Sickness and Unemployment Insurance. |
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We only offer products from a limited number of insurers. |
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We only offer products from a single insurer. |
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Mortgages |
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We offer mortgages from the whole market. |
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We only offer mortgages from a limited number of lenders. |
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We only offer mortgages from a single lender. |
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3. Which service will we provide you with? |
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Investments |
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We will advise and make a recommendation for you after we have assessed your needs. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
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We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:
· Conduct a full assessment of your needs;
· Offer advice on whether a non-stakeholder product may be more suitable
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Insurance |
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We will advise and make a recommendation for you after we have assessed your needs for Term Assurance, Mortgage Protection Insurance, Critical Illness Insurance, Income Protection Insurance, Buildings Insurance, Contents Insurance, Accident Sickness and Unemployment Insurance. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
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Mortgages |
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We will advise and make a recommendation for you on mortgages after we have assessed your needs. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of mortgages that we will provide details on. You will then need to make your own choice about how to proceed. |
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4. What will you have to pay us for our services? |
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Investments |
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Not all firms charge for advice 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 have listed below the options available to you.
Paying by fee. Whether you buy a product or not, on completion of our work, you will pay us a fee for our advice and services. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you.
We will confirm the rate we will charge in writing before beginning work and we will tell you if you have to pay VAT. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first
Our typical charges are:
Hourly Rate
Financial adviser £150 per hour
Administration £25 per hour
Reviews
We will confirm what we will charge you in writing before beginning work. Our typical charges are:
Initial review: £600
Annual review: £250
Paying by commission (through product charges). If you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges reduce the amount left for investment. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower. We will tell you how much the commission will be before you complete an investment, but you may ask for this information earlier. The amount of commission we receive will vary depending on the amount you invest and (sometimes) how long you invest, or your age.
For example:
§ If you invest a lump sum of £10,000 in an investment bonds we would receive commission of 4.5% of the amount invested (£450.00) and 0.5% of the value of the fund (approximately £50) every year.
§ If you pay £100.00 per month into a personal pension (with a term of 25 years) then we would receive 53.4% of the first 12 month's payments (£640.80) in the form of initial commission
§ If you pay £100 per month towards a whole of life policy then we would receive 135% of the first 12 month's payments (£1,620) in form of initial commission
The commission noted above includes payment for any ongoing service such as a periodic or ongoing review.
Paying by a combination of fee and commission (through product charges). In some circumstances, we may charge you a combination of fee and commission. The fee will not exceed the rates shown in this document. We will agree the rate we will charge before beginning work and we will tell you if you have to pay VAT. The fee will become payable on completion of our work. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first. We will tell you how much the commission will be before you complete an investment, but you may ask for this information earlier.
Where we charge a combination of fees and commission, our maximum rates are set out in the fee information and the commission sections above. In addition to the above we may charge a fee on a different basis for a specific transaction or project but we will agree this with you in advance.
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Insurance |
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A fee. |
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No fee for Term Assurance, Mortgage Protection Insurance, Critical Illness Insurance, Private Medical Insurance, Income Protection Insurance, Buildings Insurance, Contents Insurance, Accident Sickness and Unemployment Insurance. |
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You will receive a quotation which will tell you about any other fees relating to any particular insurance policy. |
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Mortgages |
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No fee. We will be paid by commission from the lender. |
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A fee of £250 payable at the outset and 0.6% of the loan amount payable on confirmation of the mortgage offer, for example, if you take out a loan of £100,000 you will need to pay £850. If you choose this option we will refund to you any commission we earn from the lender. |
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A fee of £250 payable at the outset and £150 payable when you apply for a mortgage. We will also be paid commission from the lender. |
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You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it. |
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Refund of fees
If we charge you a fee, and your mortgage does not go ahead, you will receive:
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A full refund if the lender rejects your application. |
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A refund of £250 if your application falls through |
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No refund if you decide not to proceed. |
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5. Who regulates us? |
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Millstream Financial Services Ltd is an appointed representative of Independent Financial Group Ltd, 9 Netherfield Road, Harpenden, Hertfordshire, AL5 2AF which is authorised and regulated by the Financial Services Authority. Their FSA Register number is 222973
Our permitted business is advising on and arranging Investments, Pensions, Non Investment Insurance and Mortgages.
You can check this on the FSA’s Register by visiting the FSA’s Website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. |
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6. What to do if you have a complaint |
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If you wish to register a complaint, please contact us:
….in writing Millstream Financial Services Ltd, 59 Oakwood Avenue, Beckenham, Kent BR3 6PT
….by phone 0208 663 0069
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
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7. Are we covered by the Financial Services Compensation Scheme (FSCS)? |
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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. |
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Investments |
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Most types of investment business are covered up to a maximum limit of £50,000 |
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Insurance |
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Insurance advising and arranging is covered for 90% of the claim, without any upper limit. |
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Mortgages |
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Mortgage advising and arranging is covered up to a maximum limit of £50,000 |
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Further information about compensation scheme arrangements is available from the FSCS. |
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Our Client Agreement for Investments, Mortgages and Insurance
This agreement is issued on behalf of Millstream Financial Services Ltd of 59 Oakwood Avenue, Beckenham, Kent BR3 6PT who can be contacted at 0208 663 0069.
Authorisation Statement
Millstream Financial Services Ltd is an appointed representative of the Independent Financial Group Ltd which is Authorised and Regulated by the Financial Services Authority. The Financial Services Authority 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 FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register FSA No. 222973 or by contacting the FSA on 0845 606 1234.
Client Categorisation
Each client with whom the firm does business is categorised to identify the level of regulatory protection to be applied. We believe in providing our clients with full regulatory protection and we propose to classify you as ‘Retail Client' for Investment purposes, ‘Customer’ for Mortgage business, and classify you as a ‘Consumer’ for Insurance business.
Communications
We will communicate with you in English both verbally and in writing for the sending and reception of orders. To avoid any doubt instructions should be issued in writing.
Services to be provided
With regards to investments that we have arranged for you, these will not be kept under review but we will advise you upon your request. However, we may contact you in the future by means of an unsolicited promotion should we wish to contact you to discuss the relative merits of an investment or service which we feel may be of interest to you.
On issue of this letter any subsequent advice or recommendation offered to you will be based upon your stated investment objectives, acceptable level of risk and any restrictions you wish to place on the type of investments or policies you are willing to consider. We will issue you a suitability report to confirm our recommendation. Unless confirmed we will not place any restrictions on our recommendations.
Millstream Financial Services Ltd 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.
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.
Mortgage and Insurance Objectives
Following the issue of this letter, any subsequent advice or recommendation offered to you will be based on your stated objectives, acceptable level of risk and any instructions you wish to make regarding the type of mortgage or insurance policies you are willing to consider. Details of your stated objectives will be included in the Suitability or Needs and Demands Letter we issue to you confirming the reasons for our recommendations.
Restrictions
Unless advised to the contrary, we will assume that you wish to place no restrictions on the types of investment we may recommend and in which you may subsequently invest. We will assume that you wish to place no restrictions on the markets in which transactions are to be executed. A full listing of products is available from your adviser upon request.
Advice and Instructions
Any advice given to you by us shall be in writing. 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.
Material Interest
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 Services 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.
Data Protection
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the Financial Services Authority or any other statutory, governmental or regulatory body for legitimate 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.
In order to provide services to you we may be required to pass your personal information to parties located outside of the European Economic Area (EEA) in countries that do not have Data Protection Laws equivalent to those in the UK. Where this is the case we will take responsible steps to ensure the privacy of your information.
We may also contact you or pass your details to other companies associated with us to contact you (including by telephone) with details of any other similar products, promotions, or for related marketing purposes in which we think you may be interested.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the committing or alleged committing of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
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 0208 663 0069 or in writing at 59 Oakwood Avenue, Beckenham, Kent, BR3 6PT.
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 purpose. 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.
Law
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.
Force Majeure
Millstream Financial Services 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.
Termination
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.
Declaration
Client consent
This is our standard client agreement upon which we intend to rely. For your own benefit and protection you should read these terms carefully before signing them. If you do not understand any point please ask for further information
Please tick this box if you do not consent to us or any company associated with us processing any such sensitive data.
Please tick this box if you do not wish for us or any company associated with us to contact you for marketing purposes by e-mail, telephone, post or SMS.
I have chosen for the firm to be remunerated by;
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Payment of a fee. |
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Payment by commission (or product charges). |
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Payment by a combination of commission and fee. |
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Customer Name(s)
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Customer signature(s)
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Date of Issue |
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Issued by |
On behalf of Millstream Financial
Services Ltd |
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Please retain a copy of this document on file
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