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1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires
us to give you this document. Use this information to decide if our services are right
for you.
2. Whose products do we offer?
We offer products from the whole market
3. Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs
4. What will you have to pay us for our services?
Before we provide you with advice, we will give you our keyfacts guide ‘about the cost of
our services’
5. Who regulates us?
- Somerville Financial Services Ltd, Buzzards Hall, Friars Street, Sudbury,
Suffolk, CO10 2AA is authorised and regulated by the Financial
Services Authority. Our FSA Register number is 145264
- Our permitted business is advising and arranging life insurance, pensions and unit trust business
- 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
6. Loans and ownership
Somerville Broking Ltd owns 100% of our share capital
7. What to do if you have a complaint
- If you wish to register a complaint, please contact us:
In writing: P D Gough, Managing Director, Somerville Financial Services Ltd,
Buzzards Hall, Friars Street, Sudbury, Suffolk, CO10 2AA
By phone: 01787 464451
- If you cannot settle your complaint with us, you may be entitled to refer it to the
Financial Ombudsman Service
8. 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 for 100% of the first £30,000
and 90% of the next £20,000 – so the maximum compensation is £48,000.
- Further information about compensation scheme arrangements is available from
the FSCS.
Terms of Business Letter
Somerville Financial Services Limited is authorised and regulated by the Financial Services Authority (FSA)
as an Independent Financial Adviser under the Financial Services & Markets Act 2000. Our FSA registration
number is 145264. You can check these details on the FSA Register by visiting their website
www.fsa.gov.uk/register or by contacting FSA on 0845 606 1234.
The provision of these Terms of Business will take effect immediately they are provided to you.
INVESTMENT OBJECTIVES
In normal circumstances, we will set out your overall investment objectives in the ‘Suitability Letter’, which
will be sent detailing our recommendations. We would ask that you spend time reading the suitability letter
and contact us immediately should any part be unclear or not reflect your objectives.
OUR SERVICES
Somerville Financial Services Limited is an independent adviser and will act on your behalf in advising you
on products from the whole market. We can advise you on Life Assurance, Pensions, Investments, Pure
Protection and Private Medical contracts from a wide range of insurers and investment companies. In some
circumstances we may also recommend an unregulated contract such as an unregulated collective
investment scheme, separate terms apply for such business.
There are no restrictions relating to the advice we may provide you with, in relation to the types of investment
or markets in which you may invest. However, upon request we may focus on a specific area that is
particularly important to your needs and circumstances. Somerville Financial Services Limited will classify
you as a Private Customer, unless otherwise agreed.
We normally ask our clients to give written instructions before we can act for them but at our discretion, oral
instructions will also be acceptable, provided they are confirmed in writing. Any advice we give you will
normally be in writing, but if given orally, will be recorded in writing in your file.
We will be glad to advise you at any time but, unless specifically requested to do so, we will not carry out a
review of any of the investments that you have already taken out or that we have arranged on your behalf.
However, at our discretion and unless we hear from you to the contrary we may telephone you from time to
time between the hours of 9am to 9pm without your further prior consent to such contact.
Somerville Financial Services Limited does not handle clients’ money. We never accept a cheque
made out to us (unless it is a cheque in settlement of agreed fees, charges or disbursements for which we
have sent you an invoice) or handle cash.
PAYMENT FOR SERVICES
In most circumstances we will provide you with a document to explain the ‘cost of our services’; this is known
as our menu. Where appropriate we will also discuss the payment of fees and should this service be
required, we will ask you to sign a fee agreement before we commence any chargeable work. We shall tell
you the amount of commission payable to us on any investment contract arranged. Additional costs, such as
imposed taxes, may also be payable. Such costs will normally be required to be settled with the relevant
body directly.
DISCOUNTS
If we receive a Commission or discount from a third party to a transaction who is an issuer of a security or an
intermediary or if we, acting as principle, apply to mark-up or mark-down, we will inform you, but need not
quantify the amount involved.
MATERIAL INTERESTS
Somerville Financial Services Limited offers independent advice, but occasions can arise where we or one of
our other clients will have some form of interest in business being transacted for you. If this happens or we
become aware that our interests or those of one of our other clients conflict with your interests, 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.
RIGHT TO WITHDRAW
In the case of a non-packaged product ISA or PEP recommended we will inform you, in writing, of any right
to withdraw or cancel you may have, otherwise, we will inform you in writing that no such rights will apply.
DATA PROTECTION STATEMENT
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). You consent to us
or any company associated with us for processing, both manually and by electronic means, your personal
data for the purposes of providing advice, administration and management. Personal information provided
may be maintained on computer records for at least six years, and will not be disclosed to other parties
except other businesses within the same group, representatives of our compliance advisers, our auditors,
and any organisation requiring access to such information for regulatory purposes only, or any person having
a legal entitlement to access.
You have the right to inspect copies of any papers or computer records relating to your transactions. We do,
however, reserve the right not to provide you with copies of records if information relating to other parties
would be disclosed. To assist us in providing you with a comprehensive service and to keep our records as
up-to-date as possible, please notify us of any changes to your personal circumstances, e.g. name change,
change of address, etc., as soon as possible. Somerville Financial Services Limited 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. If you do not wish your information
to be used in this way please advise us.’
LAW
English law will be the basis of this contract and the language in which this contract will be interpreted. All
communications conducted will be English.
CLIENTS RISK
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 necessarily a guide to future performance.
YOUR INVESTMENTS
All your investments will 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.
All letters, cheques, documents of title, etc. will normally be sent by post to your last known address and
shall be sent at your own risk. We will not normally use the Recorded Delivery service.
COMPLAINTS
If you should have any complaint about the advice you receive or a product you have bought, please write to
the Managing Director, Mr P D Gough, at Somerville Financial Services Limited, Buzzards Hall, Friars Street,
Sudbury, Suffolk CO10 2AA, direct line telephone: 01787 464451.
CLIENT PROTECTION
We maintain Professional Indemnity Insurance for the protection of clients.
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 transactions already initiated that will be completed according to these Terms of Business
unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination
and any fees that may be outstanding. Other than as stated in this paragraph, there are no cancellation
rights that apply to these Terms of Business.
Version: 30/01/2006 |
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