Terms of Business/Retail Client Agreement (RCA)
Those who advise on life assurance, pensions, unit trust products and pure protection products may be:
Either Independent Advisers
Or Representatives of one Company
Or Multi tied agents of various Companies
Your adviser is independent and will act on your behalf in advising you on life assurance, pensions unit trust products and pure protection products. Because your adviser is independent, he or she can advise you on the products of different companies.
Parkway Insurance Services is authorised and regulated by the Financial Services Authority and bound by their rules. They are authorised to advise on and arrange life assurance, pensions, collective investment schemes, investment trust savings schemes and pure protection products as an independent adviser.
Should Parkway Insurance Services, or any customer of theirs, have a material interest in any business it transacts on your behalf, it will disclose that interest to you in writing at the time recommendations are made and obtain your consent to proceed with the transaction.
Normally, clients are asked to give instructions in writing but oral instructions can be accepted provided that they are followed up in writing. If at any time you wish to terminate our business relationship, this must be by written instruction but will not affect the completion of any transaction already initiated on your behalf.
We derive income from commission paid to us in respect of transactions in life assurance, ISAs, unit trusts and other regulated collective investment schemes and in investment trust companies shares held in a PEP or regular savings scheme. We shall confirm to you the amount of commission payable to us on any such investment and you will also be advised of the amount if a commission or other benefit is received from the issuer of a security or from another intermediary.
If advice only is required, or if commission is not payable, fees will be charged at an hourly rate to be advised prior to the commencement of any chargeable work. Where all or part of our fees are waived in lieu of commission(s) and policies are subsequently lapsed in the first four years, causing a claw back of commission from ourselves, we reserve the right to invoice you for a pro rata amount which will not exceed the commission total shown on your quotation.
Parkway Insurance Services does not handle clients' money. We never accept cheques made out to us or handle cash (unless it is in settlement of charges which have been invoiced, or on behalf of Halifax plc or General Insurance clients).
All policy documents are registered in the name of the clients and are forwarded as soon as is practicable after they are received. 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. Further advice will not be given unless requested but we will be glad to advise you at any time should you ask. Records are kept and maintained of every transaction made on your behalf for at least six years and are available for your (or your Agent's) inspection.
As a sole trader, if Parkway Insurance Services was unable to conduct business through absence, death or incapacity for more than fourteen days, your interest could suffer. Arrangements have therefore been made with Alan Thompson Financial Services of 40 Peacock Close, Killamarsh, Sheffield, S21 1BF, who will accept responsibility for the supervision of client affairs thereafter.
You should be aware that the price of and income from investments can go down as well as up and you may not get back the full amount invested. Also, past performance is not necessarily a guide to the future.
Parkway Insurance Services maintains professional indemnity insurance.
If you make a valid claim against Parkway Insurance Services in respect of the investments we arrange for you and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme. Details of the cover provided by the Scheme are given in a leaflet, which we will send you at your request. Further information is available from the Financial Services Authority and the Financial Services Compensation Scheme.
Should you have any complaint about advice received or products you have bought, please write to The Compliance Officer, Parkway Insurance Services, 699 Staniforth Road, Sheffield, S9 4RE. Alternatively you may complain direct to:-Financial Ombudsman Service,183 Marsh Wall, LondonE14 9SR.
We will ask you to sign a copy of this document at the commencement of any transaction in acknowledgement of receipt of a copy of this Terms of Business letter. This is our standard client agreement upon which we 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.
Tob 28/01/2010