JSP Financial Services Limited

Keyfacts about our services and costs

J.S.P. Financial Services Limited

1          The Financial Conduct Authority (FCA) 

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA 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. 

2          Which service will we provide you with? 

Yes    Independent advice – We will advise and make a recommendation for you after we have assessed your needs.  Our recommendation will be based on a comprehensive and fair analysis of the market. 

Yes     No advice – 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. 

3          What will you have to pay us for our services? 

You will pay for our services on the basis of an adviser charge or a fee or a commission or a combination of these. 

We will discuss your payment options with you and answer any questions you have.  We will not charge you until we have agreed with you how we are to be paid. 

All fee amounts quoted below are exclusive of VAT, expenses and disbursements; these will be added to the invoice if applicable.

Advised services  

For our advised services, you will pay us via an adviser charge. 

Initial advice service 

Our initial advice will be appropriate for you, 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 elect to receive ongoing services from us. 

Ongoing services 

In addition to our initial advice services, you could ask us to undertake further services on an ongoing basis.  Details of any ongoing services that we offer are detailed later within this document.  

Our typical adviser charges 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 adviser charges in writing within our separate 'Services & Payment Agreement' or 'Our Service Schedule' or by letter, before providing our services to you. 

If we do not agree a fixed adviser charge 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. 

The cost of our services 

Payment for initial advice services  

Before we provide any services to you, we will gather information about your circumstances and needs. 

We will not normally make a charge for this, although shall let you know beforehand should this be any different. 

After this we will charge you an amount dependant upon the type of service you wish us to provide. This could be for example: 

EITHER 

A fee or 'adviser charge' based on the amount of time spent, as per the hourly rates indicated: 

Example: Report and Advice: £750. This would include for example research, production of a report on your circumstances, general advice and administration and the recommendation of any suitable investment products.

The above rate is indicative only and will depend on the number of hours for each area of advice and service we provide, generally charged at £125 per hour. The hourly rate would vary from £125 only if we find it necessary to obtain specialist accounting or legal advice, and you will be notified if this is the case before such chargeable work is conducted.

Example:  

If the amount of time taken to advise and arrange a suitable product for you is 10 hours, then an average rate of £125 per hour will be charged, which would mean a total initial 'adviser charge' of £1,250 would be payable (10 hourse x £125).  

We will tell you how much the initial fee or 'adviser charge' will be before we begin any chargeable work ir before you complete an investment, but you may ask for this information earlier. The fee or adviser charge is payable within 28 business days after we have completed the chargeable work or once an investment has been completed by you if applicable.  

AND/OR 

        A one-off fixed 'adviser charge' 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 'adviser charge' amount will not change, except where your needs or circumstances differ from our initial expectations.

         £ 435  for setting up a pension plan (3 1/2 hours work typically).  

         £ 1,000  for transferring a pension plan (8-9 hours work typically).  

£ 875  for investment advice (7-8 hours work typically). 

We will tell you how much the initial 'adviser charge' will be before you complete an investment, but you may ask for this information earlier. The fee or adviser charge is payable within 28 business days after we have completed the chargeable work or once an investment has been completed by you if applicable. 

AND/OR 

A one-off 'adviser charge' as a percentage of the initial investment amount as follows:  

2% of the amount of the investment, subject to a minimum of £250 and a maximum of £1,000 

Example:  

If you invest a lump sum of £100,000 into a collective investment, we would charge an 'adviser charge' of 2% of the amount invested, which would mean an initial 'adviser charge' of £2,000 (£100,000 x 2% = £2,000), although in this case limited to £1,000 maximum. 

We will tell you how much the initial 'adviser charge' will be before you complete an investment, but you may ask for this information earlier.

The above are examples only and we shall discuss the appropriate percentage for your particular circumstances. 

If the adviser charges are a mixture of the above methods, we shall set out clearly in a separate letter or service schedule the precise charges before any chargeable work is started, so that you are clear on the overall charges to be incurred.

There are other examples of payments, for example: 

Term Assurance 

No initial fee. You will receive a quotation which will tell you about any other fees or commissions relating to any particular insurance policy. 

Equity Release Products 

A fee may be payable when you apply for an equity release product. You will receive a key facts illustration when considering a particular equity release product which will tell you about any fees relating to it. 

We shall discuss all initial advice service payments with you before commencing any work.

Payment for ongoing services 

There will be an additional charge for any ongoing work, such as periodic or ongoing reviews we carry out on your behalf.  We will confirm the rate, frequency and length of any ongoing service(s) before commencing that ongoing service. The ongoing reviews are instigated by ourselves at intervals agreed with you, although you may wish us to conduct an ad hoc review at any time.

Ongoing services offered may include: ongoing meetings, reporting, research, investment management, contact, administration, advice and professional services.  

         More details on the services we offer will be provided separately and  agreed with

you. 

Example:  

Type of service:    Twice yearly reviews  

How much our ongoing charges might cost is based on a percentage of fund

value.

Based on a fund value of £100,000, an ongoing charge of 0.5% pa of this amount would mean that it would cost £500 per annum to provide an ongoing service (£100,000 x 0.5% = £500).  If the fund value increases over time, the ongoing charge then increases accordingly in £ terms. For example, if the fund grows to £150,000, the ongoing charge would increase to £750 per year (£150,000 x 0.5% = £750). 

The frequency of the ongoing charge will depend on the service(s) you choose and is usually made by an adviser charge deduction from your investment (ie paid for from your investment) or you can pay direct to us by quarterly invoice.  

We will agree what will be charged before any service(s) provided and the amount will be confirmed within our 'Service & Payment Agreement' or 'Our Service Schedule'.

OR 

We have a range of ongoing services we can provide to ensure that your personal recommendation is reviewed frequently and remains relevant to your changing circumstances.  The frequency of the charge will depend on the service you choose and is usually made by payment by you following invoice annually. Ask your adviser for more details. 

OR

We offer an ongoing service where we review your account every 6 months and inform you of new recommendations or changes that may be relevant to your circumstances.  This service is provided at a charge of £750 per annum and can be either deducted from your investment or paid on production of invoice by ourselves.

These ongoing services can be cancelled at any time on confirmation by yourself by telephone, email or letter.  Please ask your adviser for more details. 

Your payment options 

Independent advice service 

      Settling your adviser charge in a single payment:

Whether you buy a product or not, you will pay us an adviser charge for our advice and services which will become payable on completion of our work. 

You will be required to settle the payment of your adviser charge on completion of our work within 28 business days.  We accept cheques.  We do not accept payment by cash.  You will be provided with a receipt upon payment.  

If you buy a financial product, you can choose to have your adviser charge deducted from the product.  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 the adviser charge.  These deductions could reduce the amount left for investment. 

Ongoing Adviser Charge: 

The costs of our ongoing services will normally be met through an adviser ongoing charge deducted from the product as explained above, or you can choose to pay this charge directly and we shall provide details of the methods available. 

'Non advised' services 

The cost of our services 

We will tell you how we get paid and the amount before we carry out any business for you.  

Information about other costs and associated charges 

There may be other costs, including taxes, that are payable through other parties (such as the product provider) that we may not be party to.  Such charges are normally disclosed in relevant third party documentation, for example a Key Features Document.

Clarity Of Our Charges

 The information included in this document is intended to provide an indication of charges that may be applied and is therefore of a general nature. We shall provide specific details and charges that are specific to your circumstances before we commence any chargeable work for you, and we shall discuss these charges with you. We are happy to discuss any aspect with you.

Agreement

We shall record your agreement to our charges by confirmation in a letter to you or by inclusion in a report or in our advice confirmation letter. We shall also ask that you sign to agree to the fees or adviser charges at the application stage (as a separate adviser fee agreement or as part of the application).   

4          Who regulates us?  

J.S.P. Financial Services Limited, 9 Stratford Road, Shirley, Solihull, B90 3LU is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 149623.

Our permitted business is advising on and arranging 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 0845 606 1234.

5          What to do if you have a complaint  

If you wish to register a complaint, please contact us: 

.... in writing:    Write to John Perry at J.S.P. Financial Services Limited, 9 Stratford Road, Shirley, Solihull, West Midlands. B90 3LU.

.... by phone:              Telephone 0121 745 3211  

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.  

6          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 £85,000.

Further information about compensation scheme arrangements is available from the FSCS.