Customer Agreement (Pension Transfer Advice Service)
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Valleys Innovation Centre Tel: 01443 749 991 / 0845 872 6418<br />
Navigation Park Fax: 01443 741 893 / 0845 872 6419<br />
Abercynon<br />
info@leabold.co.uk<br />
CF45 4SN<br />
www.leabold.co.uk<br />
<strong>Customer</strong> <strong>Agreement</strong><br />
‘<strong>Pension</strong> <strong>Transfer</strong> <strong>Advice</strong> <strong>Service</strong>’<br />
Comprising:<br />
Initial advice and related transactions<br />
This proposition is suitable for customers who require advice on whether to retain or<br />
transfer the value of pension entitlements built up under an employer occupational<br />
pension scheme.<br />
It is not suitable for customers who require a transfer to be undertaken irrespective of<br />
the risks and consequences, who require limited advice. This includes any client<br />
expecting the Firm to facilitate a transfer against its specific recommendation.<br />
The charge for the service is payable regardless of whether advice is to retain or transfer<br />
benefits. The service is therefore not suitable for clients wholly depending on meeting<br />
such costs from the value of any transferred pension benefits.
1. Parties to this agreement<br />
1.1. This agreement is made between Leabold Financial Management Ltd (referred to variously<br />
in this agreement as ‘the Company,’ ‘we,’ ‘us,’ ‘our’) and the following (referred to in this<br />
document as ‘the Client,’ ‘you,’ ‘your’):<br />
2. Designated Adviser<br />
2.1. The Company has designated the following employee to act in this capacity:<br />
2.2. FCA regulations require the Adviser to hold an approved qualification and statement of<br />
professional standing.<br />
2.2.1. The relevant qualifications held by the above individual are:<br />
Qualification Awarding Body Date Awarded<br />
3. Designated <strong>Pension</strong> Specialist<br />
3.1. In addition to its usual systems of control, the Company is required under the rules of the<br />
FCA to arrange for the advice to the Client to be reviewed and approved by a <strong>Pension</strong>s<br />
Specialist. The Company has designated the following employee to act in this capacity:<br />
Benjamin Tansley<br />
3.2. FCA regulations require the <strong>Pension</strong> Specialist to hold a relevant specialist qualification.<br />
3.2.1. The specialist qualification held by the <strong>Pension</strong> Specialist are:<br />
Qualification Awarding Body Date Awarded<br />
Level 6 Award in Regulated <strong>Pension</strong><br />
<strong>Transfer</strong> <strong>Advice</strong><br />
Level 6 Advanced Diploma in Financial<br />
Planning<br />
Chartered Insurance<br />
Institute (CII)<br />
Chartered Insurance<br />
Institute (CII)<br />
December 2017<br />
January 2022<br />
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4. Client Classification<br />
4.1. The Company has classified the Client as a ‘retail customer.’ As defined under the Financial<br />
Conduct Authority (FCA) rules, this means ‘an individual who is acting for purposes that are<br />
outside his trade, business or profession,’ which requires the Company to maintain a higher<br />
duty of disclosure and protection to a retail customer than would be provided to a<br />
‘professional customer.’<br />
4.2. As a ‘retail customer,’ the Client may have recourse to the Financial Ombudsman <strong>Service</strong><br />
in the event of a dispute with the Company reaching deadlock. The Client may also be eligible<br />
for protection under the Financial <strong>Service</strong>s Compensation Scheme should the Company be<br />
unable to cover losses arising from its own negligence. A customer defined as ‘professional’<br />
would not receive these protections.<br />
4.3. If the Client believes they should not be classified as a ‘retail customer,’ they will inform<br />
the Company immediately.<br />
5. The Company’s status<br />
5.1. The Company is established as a limited company in England and Wales under Companies<br />
House number 05173817<br />
5.2. The Company is directly authorised by the United Kingdom financial services regulator, the<br />
Financial Conduct Authority (FCA), to undertake activities regulated under the Financial<br />
<strong>Service</strong>s and Markets Act 2000. The relevant activities that the Company is authorised to<br />
undertake include:<br />
6.1.1 Advising on investments.<br />
6.1.2 Advising on pension transfers and opt-outs.<br />
6.1.3 Bringing about deals in investments.<br />
6.1.4 Making arrangements with a view to transactions in investments<br />
5.3. Full details of the Company’s regulated status can be found on the FCA website at<br />
https://register.fca.org.uk/ under the ‘Firm Reference Number 402291’.<br />
5.4. The Company provides ‘independent advice.’ This means ‘a personal recommendation to<br />
a retail client in relation to a retail investment product based on a comprehensive and fair<br />
analysis of the relevant market, and which is unbiased and unrestricted.’<br />
6. Variation and termination of this agreement<br />
6.1. The Company may terminate this agreement at any time, without penalty, subject to giving<br />
written notice to the Client.<br />
6.2. The Company reserves the right to change the terms stated in this agreement at thirty days<br />
written notice to the Client.<br />
6.3. The Client may terminate this agreement at any time, without penalty, subject to giving<br />
written notice to the Company and payment of any outstanding fees.<br />
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7. Instructing<br />
7.1. At the Company’s discretion, it may accept verbal instructions from the Client. However, the<br />
Company reserves the right to request and insist such instructions be provided in writing<br />
(which shall include facsimile and internet transmission) to avoid possible disputes.<br />
8. Communicating<br />
8.1. The services the Company has agreed to provide require it to communicate with the Client.<br />
The following options are provided for the Client to receive these communications:<br />
Client to initial the relevant boxes<br />
I agree<br />
I do not<br />
agree<br />
The Company may send postal communications to the following<br />
address:<br />
I agree<br />
I do not<br />
agree<br />
The Company may send electronic communications to the following<br />
email addresses:<br />
I agree<br />
I do not<br />
agree<br />
The Company may make direct contact on the following telephone<br />
numbers:<br />
8.2. The Client prefers to receive formal communications from the Company via:<br />
Client to initial the relevant boxes<br />
I prefer<br />
I do not<br />
prefer<br />
Electronic communication via email or secure portal.<br />
Paper communication via post<br />
9. Personal information<br />
9.1. The Company is registered with the Information Commissioner’s Office (ICO) to hold and<br />
process personal information. Details of the Company’s ICO registration can be found on<br />
https://ico.org.uk/ESDWebPages/Entry/Z8721312 under reference Z8721312.<br />
9.2. The Company will collect personal information from the Client(s) and relevant third parties<br />
for the purposes of providing the services set out in this agreement.<br />
9.3. Where the Company needs to obtain personal information from a third party, the Company<br />
will obtain the Client(s) express consent before doing so.<br />
9.4. The Company will not use the information for the purpose of unsolicited marketing unless<br />
the Client(s) has expressly consented to this.<br />
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9.5. The Company will not release the information to any other source for the purposes of<br />
unsolicited marketing.<br />
9.6. The Company will share personal information with other financial product providers only<br />
where necessary for the purposes of providing the services set out in this agreement.<br />
9.7. The Company will make reasonable endeavours to keep up to date any personal information<br />
it holds regarding the Client(s) during the period this agreement is in force.<br />
9.8. The Company will continue to hold personal information after this agreement has terminated<br />
to comply with FCA regulations or as long as necessary to reasonably indemnify the<br />
Company against the risk of legal claims.<br />
10. Access to records<br />
10.1. The Client may inspect copies of contract notes, vouchers and entries in the<br />
Company’s records relating to transactions undertaken on the Client’s behalf, provided<br />
reasonable notice is given and such access does not affect the confidentiality of other clients.<br />
10.2. On request by the Client, the Company will provide details of personal data it holds<br />
on the Client in accordance with the requirements of the Data Protection Act 2018.<br />
10.3. The Company will use reasonable endeavours to comply with requests from or on<br />
behalf of the Client for copies of documents and information not covered under data<br />
protection regulations.<br />
Please note - The Company reserves the right to levy a charge relative to the costs<br />
involved in preparing and forwarding such information.<br />
11. Registration of financial products<br />
11.1. The Company will register any financial products arranged for the Client in the name<br />
of the Client.<br />
11.2. The Company will forward to the Client all title documents relating to ownership of<br />
the Client’s financial products as soon as practicable after receipt. Where several documents<br />
relating to a series of transactions is involved, the Company will normally hold each<br />
document until the series is complete and then forward them to the Client.<br />
12. Conflicts of interest<br />
12.1. Occasions can arise where the Company, or another client for whom it may be acting,<br />
may have some form of interest in the business being transacted for the Client(s). If this<br />
happens, or the Company become aware that its interest conflicts with those of the Client(s),<br />
it will obtain written consent from the Client(s) before carrying out that transaction.<br />
Conflict Disclosure<br />
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12.2. Where the Client(s) have been introduced to the Company by a third party with whom<br />
the Company has an agreement to cede part of any fees payable by the Client(s), the Company<br />
will disclose the name of the third party and the amount of any ceding that will be paid. In<br />
relation to the Client(s), the position is:<br />
Name of Introducer<br />
Percentage or amount<br />
of fees to be ceded<br />
13. Client money<br />
13.1. The Company is not authorised by the FCA to hold or control client money. This<br />
means the Company cannot accept payments from the Client where these are intended to be<br />
passed on to third parties or payments from third parties to be passed to the Client.<br />
15. <strong>Service</strong>s<br />
15.1. The Company will use reasonable endeavours to provide the following services to the<br />
Client:<br />
15.1.1. Information collection<br />
15.1.1.1. The Company will obtain the following information from the Client and other<br />
relevant sources:<br />
15.1.1.1.1. The Client’s personal circumstances including wills, health, medical<br />
record, and marital status.<br />
15.1.1.1.2. The Client’s financial affairs, including assets, liabilities, income, and<br />
outgoings.<br />
15.1.1.1.3. The Client’s personal circumstances, financial affairs, and relevant<br />
provisions of any dependents of the Client.<br />
15.1.1.1.4. The Client’s relevant ethical, philosophical, political views, and<br />
religious beliefs.<br />
15.1.1.1.5. The Client’s future goals and objectives.<br />
15.1.1.1.6. The Client’s previous experience of relevant financial matters.<br />
15.1.1.1.7. The personal circumstances and financial affairs of any dependents of<br />
the Client<br />
15.1.1.1.8. The nature and value of the Client’s entitlement to occupational<br />
pension benefits.<br />
15.1.1.1.9. The nature and value of the Client’s existing financial provisions.<br />
Page 6 of 10 <strong>Pension</strong> <strong>Transfer</strong> <strong>Customer</strong> <strong>Agreement</strong> 6/9/2022
15.1.1.1.10. The nature and value of the existing occupational pension benefits,<br />
contract-based pensions, and other relevant financial provisions of any<br />
dependents of the Client.<br />
15.1.2. Research and assessment<br />
15.1.2.1. The Company will research and assess the following:<br />
15.1.2.1.1. The Client’s understanding of relevant financial matters.<br />
15.1.2.1.2. The Client’s capability and comfort in understanding and managing<br />
relevant financial decisions<br />
15.1.2.1.3. The Client’s psychological tolerance to investment risk.<br />
15.1.2.1.4. The Client’s financial capacity for investment loss.<br />
15.1.2.1.5. The Client’s statistical mortality and morbidity.<br />
15.1.2.1.6. The Client’s need for income in retirement.<br />
15.1.2.1.7. The earliest point at which the Client could consider retirement.<br />
15.1.2.1.8. The appropriate level of future contributions the Client should commit<br />
to fund the required retirement income.<br />
15.1.2.1.9. The level of return to be targeted by the Client’s investments to meet<br />
the Client’s prospective retirement income needs.<br />
15.1.2.1.10. The level of return to be targeted by the Client’s investments to sustain<br />
the Client’s retirement income needs when in payment.<br />
15.1.2.1.11. The extent to which a transfer of pension entitlement would be prudent<br />
and necessary, taking account of the client’s goals and objectives.<br />
15.1.2.1.12. The appropriate arrangement of asset types to provide the potential<br />
necessary to meet the targeted level of return.<br />
15.1.2.1.13. The appropriate types of financial product in which the Client(s) should<br />
make and hold underlying investments.<br />
15.1.2.1.14. The appropriate options and features the Client should select on any<br />
recommended financial product.<br />
15.1.2.1.15. The appropriate product provider with whom relevant financial<br />
product(s) should be arranged, taking account of:<br />
15.1.2.1.15.1. The options and features required by the Client(s).<br />
15.1.2.1.15.2. The cost of the product relative to that being charged by other<br />
providers offering similar products.<br />
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15.1.3. <strong>Advice</strong><br />
15.1.2.1.15.3. The investment performance of the product relative to that<br />
achieved by other providers offering similar products.<br />
15.1.2.1.15.4. The financial strength of the product provider.<br />
15.1.2.1.15.5. The servicing standards of the product provider.<br />
15.1.3.1. The Company will:<br />
15.1.3.1.1. Prepare a written report setting out:<br />
15.1.3.1.1.1. The Company’s professional recommendations.<br />
15.1.3.1.1.2. The rationale on which the Company’s recommendation is<br />
based.<br />
15.1.3.1.1.3. The initial cost and future charges arising from the Company’s<br />
recommendations.<br />
15.1.3.1.1.4. The risks to which the Client may be exposed through<br />
following, or not following the Company’s recommendations.<br />
15.1.3.1.2. Meet with the Client to present the written report.<br />
15.1.3.1.3. Answer any queries from Client.<br />
15.1.3.1.4. Resolve any material inaccuracy subsequently identified in its advice.<br />
15.1.4. Transactions<br />
15.1.4.1. The Company will only arrange a transfer of an occupational pension<br />
entitlement where it is satisfied this would be prudent and necessary for the Client.<br />
15.1.4.2. Where the Company has recommended a transfer, and the Client wishes to<br />
proceed with that advice, the Company will:<br />
15.1.4.2.1. Arrange for the transfer of the relevant occupational pension<br />
entitlement.<br />
15.1.4.2.2. Arrange the establishment of the receiving pension arrangement.<br />
15.1.4.2.3. Arrange for the investment of the transfer value with the receiving<br />
pension arrangement.<br />
15.1.4.2.4. Where required, arrange the payment of tax-free cash entitlement from<br />
the receiving pension arrangement.<br />
15.1.4.2.5. Where required, arrange for the purchase of an annuity, or regular<br />
capital withdrawals from the receiving pension arrangement.<br />
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14. Charges<br />
14.1. Where the Company does not recommend a transfer, or if the Client does not wish to<br />
proceed with the Company’s recommendation, the fee will be invoiced directly to the Client<br />
for payment within 30 days.<br />
Please note: service charges remain the same regardless of whether the Client is<br />
recommended to transfer or remain within the occupational arrangement.<br />
14.2. The services will be charged at the following tariff:<br />
<strong>Transfer</strong>red pension fund<br />
Amount<br />
£0 - £249,999 £2,400.00<br />
£250,000 - £499,999 £2,900.00<br />
£500,000 - £749,999 £3,400.00<br />
£750,000 - £999,999 £3,900.00<br />
£1,000,000 - By arrangement<br />
16. Payment of charges<br />
16.1. Where the Company has recommended a transfer, it will provide the Client(s) with the<br />
option to pay charges directly or, where facilitated by the product provider, by deduction<br />
from the Client(s) investments.<br />
16.2. Where the Company has not recommended a transfer, it will invoice the Client directly<br />
for payment of charges following the provision of advice, with payment being due within 30<br />
days.<br />
15. Special <strong>Agreement</strong>s<br />
Special arrangements and modifications to our usual terms<br />
16. Estimate of actual personal costs<br />
The cost of services based on a transfer value of £[ ] will be: £<br />
Page 9 of 10 <strong>Pension</strong> <strong>Transfer</strong> <strong>Customer</strong> <strong>Agreement</strong> 6/9/2022
17. <strong>Agreement</strong> to proceed<br />
17.1. The terms of this agreement will be binding once signed by the Client(s) and on behalf<br />
of the Company by one of its directors:<br />
Name of Client:<br />
Signature:<br />
Date:<br />
On behalf of Leabold Financial Management Limited:<br />
Name of Director:<br />
Signature:<br />
Page 10 of 10 <strong>Pension</strong> <strong>Transfer</strong> <strong>Customer</strong> <strong>Agreement</strong> 6/9/2022