J.S.P. Financial Services Limited

INDEPENDENT FINANCIAL ADVICE SERVICE

9 Stratford Road, Shirley, Solihull, West Midlands, B90 3LU;  

Telephone: 0121 745 3211

E-mail: jspfs@tiscali.co.uk;  Website: www.jspfinancial.co.uk

Authorised and regulated by the Financial Conduct Authority

Registered in England No 2645833

        OUR TERMS OF BUSINESS DOCUMENT

Our Advice Service

Regulatory Status

J.S.P. Financial Services Limited is authorised and regulated by the Financial Conduct Authority.  Our FCA Register number is 149623. 

You can check this on the FCA's Register by visiting the FCA's website – www.fca.org.uk/register or by contacting the FCA on 0845 606 1234.

Investment Service

J.S.P. Financial Services Limited is permitted to advise on and arrange (bring about) deals in investments.

Our permitted business is:- 

• advising on and arranging investments such as authorised unit trusts, OEICs, insurance companies' life and pension funds, Individual Savings Accounts, Investment Trusts, structured investments, and other authorised investments.
• advising on and arranging pension plans.
• advising on and arranging non-investment insurance contracts such as life assurance, critical illness, private medical insurance and mortgage protection insurance.
• advising on group personal pensions 

Our Terms of Business

These business terms set out the conditions upon which JSP Financial Services Limited, being bound by the Rules of the Financial Conduct Authority and as part of our own belief in service, will abide.

These Terms of Business are effective from 1 October 2014 until further notice and commence before any business is transacted through JSP Financial Services Limited. It is a requirement of the Rules of the Financial Conduct Authority that you should have read these Terms before any business is transacted through JSP Financial Services Limited.

1) What Initial Documentation is Provided to You?

 We shall provide to you the following documents at our first meeting:-

• This Terms of Business
• Our Company Leaflet
• "Keyfacts about our services and costs" leaflet, an important document which the FCA requires us to give to you for you to decide if our services are right for you.
• A Data Protection Statement which sets out how we collect and use data about you.
• Our Code of Practice

2) Client Categorisation

In providing investment services to you, we will categorise you as a "retail client". The type of client category will determine the level of protections afforded to you under the regulatory system.  As a retail client the regulatory protections available to you are determined by this category and will be the highest available. 

Where we have categorised you other than as a 'retail client' (see above), you may request re-categorisation under a client category which benefits from a higher degree of protection.  However, we reserve the right to agree to such a re-categorisation on a case-by-case basis, and where we agree to do so it does not necessarily mean that you will have a right of access to the Financial Ombudsman Service. 

3) How We Conduct Business With You

Written instructions will normally be required before we will act for you but, at our discretion, verbal instructions will also be acceptable but must be confirmed in writing by you (for example by means of a signed application form).

(a) Investment Objectives and Restrictions

Following the issue of this document, any subsequent advice or recommendation offered to you will be based on your stated investment objectives, agreed level of risk you are prepared and/or able to take and any restrictions you wish to place on the type of investments or policies you are willing to consider. Details of your stated investment objectives will be identified during our discussions with you and confirmed within the suitability report that we will issue to you to confirm our recommendation(s). 

Unless confirmed in writing, to the contrary, we will assume that you do not wish to place any restrictions on the advice we give you. 

(b) Conflict of Interest

J.S.P. Financial Services Limited offers advice in accordance with that disclosed to you in our Initial Disclosure Document.  Occasions may arise where we or one of our other clients 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 conflicts 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. 

(c) Best Execution Policy

It is in the interests of our clients and J.S.P. Financial Services Limited that we obtain the best possible result when placing orders with other firms (e.g. third party brokers) for the execution of client orders or when transmitting orders on behalf of clients for particular investments – e.g. shares.  We are required under the Rules of the Financial Conduct Authority to take all reasonable steps to provide 'best execution' when carrying out such transactions.  

Where we place or transmit orders for such investments on behalf of our clients, we may utilise the services of a third party broker and base our decision to place or transmit an order on the price and cost of execution of the order.  For orders in collective investment schemes (e.g. unit trust), however, the price of units or shares in the scheme is normally set by the scheme operator or manager and as such we have little influence over the price available.  

(d) Accounting to You

We will confirm to you in writing the basis or our reason for recommending the transaction executed on your behalf. 

All investments and transactions executed by us on your behalf will be registered in your name unless otherwise agreed with you in writing. All contract notes and documents of title in respect of investments will be forwarded to you as soon as is reasonably practicable after receipt by us. Where a number of documents relating to a series of transactions is involved, the documents will normally be retained by us until the series is complete and then forwarded on to you. 

We shall supply on demand to you, or your appointed agent, copies of contract notes, vouchers, and copies of entries in our books or electronic recording media which relate solely to your investments, as long as to do so will not disclose confidential information about other clients. A charge may be made for this service and the amount will be notified to you in writing. We maintain such records in relation to each transaction for a minimum period of six years from the date of the transaction. 

(e) Right to Withdraw

In the case of many retail investment products such as life assurance contracts, personal pension schemes, investment bonds, and collective investment arrangements (e.g. unit trusts), a right to withdraw or cancel the contract within a specified period is normally provided.  Details of such rights are ordinarily contained in the product literature (e.g. Key Features document) and/or we may provide details of such rights in a separate communication.  

In the case of any non-retail investment products we will inform you in writing of any right to withdraw or cancel you may have or, if it is the case, we will inform you in writing that no such rights will apply. 

(f) Client Risk

You are advised that because most transactions arranged for you will be medium to long term investments, it should be noted that the value of investments and the income from them can fall in value as well as rise, and you may not get back the full amount invested. Past performance is not a guide to future performance. The returns on with profits investments depend on the profits to be made by the life office and on its policy of bonus distribution whether on early encashment or in adverse market conditions or other circumstances, and future bonus rates vary. 

(g) Reviewing your Investments

With regard to investments which we have arranged for you, these will not be kept under review unless we agree a review process with you. We will however advise you upon your request.  However, we may contact you in the future by means of an unsolicited promotion (i.e. where you had not expressly requested it) 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.  

Where we have agreed a review process with you, we may charge a fee for this service. 

(h) Security

Suitable security is required for mortgages including lifetime mortgages, and your house could be at risk if you fail to keep up your mortgage payments. You should ensure that any mortgage or lifetime mortgage is right for you and if you are unsure at all you should ask your adviser for further details. 

(i) Clients' Money

J.S.P. Financial Services Limited does not handle clients' money.  We never accept a cheque made payable to us or handle cash (unless it is payment in settlement of adviser charges or disbursements for which we have sent you an invoice).  If you do send us money, this may delay your transaction as we may have to return this money to you. 

(j) Arrangments Not Regulated by The Financial Conduct Authority

Certain arrangements may not be conducted by the Financial Conduct Authority and we shall inform you of these before any business is transacted. 

4) How we Charge you for Our Service

The method of paying for our services will depend on the type and level of services provided.  We will discuss your payment options with you and answer any questions you may have. 

Advised services 

For advised services, you will be charged an adviser charge.  The actual amount will depend on the service(s) provided to you and the amount will be agreed with you before we carry out any work that we will charge you for. 

Our "Key Facts about our services and costs" and "Our Service Schedule" that we will issue to you will contain details of how much you will be charged and how payment is to be made.  

Non-advised services 

For non-advised services, if commission is available to us, you can choose to pay us by allowing us to keep the commission, or by paying us an adviser charge instead.  

If you choose to pay via commission, we will tell you how much the commission is before the transaction is completed. 

If you choose to pay an adviser charge, we will agree its basis, frequency and method with you in writing before we carry out any work that you will be charged for. 

Examples of the costs of our services are included within the "Key Facts about our services and costs". 

We will not charge you anything until you have agreed on how much we are to be paid and we shall tell you how we get paid and the amount before we carry on any business for you. 

We will inform you if you have to pay VAT. 

If we receive a commission or other form of benefit from the issuer of a security or from another intermediary, we shall inform you of the fact and will quantify it. 

5) Mode of Communication

We will enter into communication with you through whatever means are convenient to you and us, including face-to-face, telephone, e-mail and other acceptable electronic communication methods. Any meetings will be arranged at a date and time convenient to both parties, and we shall not make any unsolicited visits to you without having made these arrangements. 

Locum Agreement

JSP Financial Services Limited has one director who is engaged in the day-to-day conduct of investment business. To ensure your interests do not suffer in any way by his absence (say through illness or death) for a period exceeding fourteen days, we have made a formal arrangement with Mr Philip Morgan of 23 Shottery Grove, Sutton Coldfield, West Midlands, B76 2QB, to carry out our investment business obligations.

Professional Indemnity Insurance

JSP Financial Services Limited hold Professional Indemnity Insurance cover. 

Complaints

If you have any complaint about the advice or service you receive please contact us either in writing to John Perry, Director, JSP Financial Services Limited at the address shown at the head of these Terms of Business, or by telephoning him on 0121 745 3211. We shall then deal with the complaint in accordance with our Internal Complaints Procedure, a copy of which is available on request. If the complaint is not settled to your satisfaction, you may refer it to the Financial Ombudsman Service and we shall provide details of how to make a complaint to this Service at that time. 

If you make a valid claim against JSP Financial Services Limited in respect of any investments, pensions, insurance or mortgage 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 (FSCS); 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 Conduct Authority and the Financial Services Compensation Scheme. 

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 services already provided or transactions already initiated, which will be completed according to the Terms of Business unless otherwise agreed in writing.  You will be liable to pay for any transactions made and / or services carried out prior to termination and any adviser charges or other fees which may be outstanding. If we wish to amend the Terms of Business, we shall give you ten business days' notice of the revised Terms before conducting further investment business with you. 

Reliance on These Terms

This is our standard Terms of Business upon which we intend to rely. For your own benefit and protection you should read the terms carefully. If there are any terms within this agreement that you do not understand, please ask for further information.