This agreement is issued on behalf of MLP Wealth Management Ltd of 17 Station Road, Belmont, Sutton SM2 6BX who can be contacted on 020 8296 1799.
The purpose of this agreement is to set out the basis on which we will act for you and to clarify our respective responsibilities. As it sets out the detailed terms of a legal contract between us, please do not hesitate to contact us if anything is unclear, or you would like further explanation of any of the terms used.
MLP Wealth Management Ltd is Authorised and Regulated by the Financial Conduct Authority. The Financial Conduct Authority regulates the financial services industry in the UK and their address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. You can check this on the FCA’s Register by visiting the FCA’s website www.FCA.gov.uk/register FCA No. 413308 or by contacting the FCA on 0800 111 6768.
Our permitted business is advising on and arranging Mortgages, Life Assurance, Pension products, Pension Transfer, Pension Opt Outs, Investments in authorised unit trusts, investment bonds, unregulated collective investment schemes, individual savings accounts, recognised offshore funds and other regulated schemes.
Each client with whom the firm does business is categorised to identify the level of regulatory protection to be applied. We believe in providing our clients with the highest level of regulatory protection available and unless we notify you in writing to the contrary we propose to classify you as a Retail Client for Investment purposes.
We will communicate with you in English both verbally and in writing for the sending and reception of orders. To avoid any doubt instructions should be issued in writing.
Services to be provided
Investments (not applicable to mortgage and protection only clients)
We will advise and make a recommendation to you after we have assessed your needs, objectives and attitude to risk, but we offer advice only on limited types of products and products from a limited number of companies
With regards to investments that we have arranged for you, these will not be kept under review (unless otherwise agreed) but we will advise you upon your request, subject to an agreed fee which will specify the amount. If there is an increase in the value of an investment charges will alter. However, we may contact you in the future by means of an unsolicited promotion 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.
Unless advised to the contrary, we will assume that you wish to place no further restrictions on the types of investment we may recommend and in which you may subsequently invest. We will assume that you wish to place no further restrictions on the markets in which transactions are to be executed.
Non-investment Protection Contracts and General Insurance
We offer non-investment protection contracts from e.g. term insurance, income protection insurance and critical illness insurance, from a range of Insurers. We will provide you with advice and arrange the contract on your behalf after assessment of your personal circumstances and needs.
We offer an independent mortgage service i.e a comprehensive range of insurance services from across the market and will not place restrictions on the mortgages to which we have access, but will not consider arrangements that can be obtained only by going direct to a lender. We will provide you with advice and arrange the mortgage product on your behalf after assessment of your personal circumstances and needs.
We do not normally charge our clients fees for arranging mortgages. If we intend to charge a fee we will agree the amount in advance. However, in the event of any client providing misinformation we reserve the right to make a quantum meruit administration charge if as a result the mortgage does not complete.
On issue of this letter any subsequent advice or recommendation offered to you will be based upon factfind information which you provide for us together with details of your stated mortgage requirements. We will issue you a suitability report to confirm our recommendation.
MLP Wealth Management Ltd does not handle clients’ money. We never handle cash or accept a cheque made out to us, unless the cheque is in settlement of charges or disbursements for which we have sent you an invoice.
We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. We will forward you all documents showing ownership of your investments as soon as practicable after we receive them, where a number of documents are due involving a series of transactions, we normally hold each document until the series is complete, then forward them to you.
Paying for our services
We will discuss your payment options with you and answer and deal with any questions you may have. We will not charge you anything until you have agreed how we are paid by signing a copy of the Client Service Proposition & Engagement letter which we will issue to you before providing any Advisory services. No chargeable work will be begun without your agreement to the specific cost.
We charge fees for our professional services which includes advice, implementation and review. We do not currently charge VAT on our fees. Our fees will be determined on the option you decide to use. This may be by either an agreed fixed project fee, hourly fee or alternatively a percentage of your investment, or a combination. No fee will be charged until we have your prior agreement.
Advice and Instructions
Any advice given to you by us shall be in writing. We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing. We may, at our discretion, refuse to accept instructions although such discretion shall not be exercised unreasonably. We will record all transactions on our files which, along with copies of relevant documentation, will be retained by us for a period of not less than six years. You have a right to inspect copies of contract notes, vouchers and entries in our books or computerised records relating to your transactions. We reserve the right to withhold copies of these records if information to other parties if needed to be disclosed.
Non UK Resident Clients
MLP cannot advise on taxation implications for non-UK resident clients who wish us to advise them.
We will act honestly, fairly and professionally. Occasionally situations may arise where we, or one of our other clients, have some form of interest in business transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interest, 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.
In accordance with the rules of our regulator, The Financial Conduct Authority, we are prohibited from accepting any payment of commission or other non-monetary benefits from a product provider, for investment business.
Right to Cancel
We will inform you of your statutory right to cancel. The Distance Marketing Directive normally grants you 30 days in which you may cancel a life or pension contract, or 14 days for an investment. However there will be occasions where no statutory rights are granted, however this will be explained before any contract is concluded. Note that in some instances where pensions are transferred, the ceding schemes may not accept a transfer back regardless.
Product Provider Security
We use all reasonable skill and care to protect your interests and monitor the security of the product providers with whom we transact business using information available in the public domain. However, we can give no guarantee of the financial stability of a product provider and we accept no liability for any financial loss or increased costs suffered by you arising from their financial instability.
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the Financial Conduct Authority or any other statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.
In order to provide services to you we may be required to pass your personal information to parties located outside of the European Economic Area (EEA) in countries that do not have Data Protection Laws equivalent to those in the UK. Where this is the case we will take responsible steps to ensure the privacy of your information.
We may also contact you or pass your details to other companies associated with us to contact you (including by telephone) with details of any other similar products, promotions, or for related marketing purposes in which we think you may be interested.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the committing or alleged committing of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 020 8296 1799 or in writing at MLP Wealth Management Ltd, 17 Station Road, Belmont, Sutton, Surrey SM2 6BX.
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purpose. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
Subject to certain exceptions, you are entitled to have access to your personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
In common with all financial businesses, we are required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 to:
- Maintain identification procedures for clients and beneficial owners of clients
- Maintain records of identification evidence and the work undertaken for the client; and
- Report, in accordance with the relevant legislation and regulations
We have a duty under section 330 of the Proceeds of Crime Act 2002 to report to the National Crime Agency if we know, or have reasonable cause to suspect, that another person is involved in money laundering. Failure on our part to make a report where we have knowledge or reasonable grounds for suspicion would constitute a criminal offence.
The offence of money laundering is defined by section 340(11) of the Proceeds of Crime Act 2002 and includes concealing, converting, using or possessing the benefit of any activity that constitutes a criminal offence in the UK.
It also includes involvement in any arrangement that facilitates the acquisition, retention, use or control of such a benefit.
We are obliged by law to report any instances of money laundering to the National Crime Agency without your knowledge or consent. In consequence, the firm’s directors or staff will not enter into any correspondence or discussions with you regarding such matters.
We are not required to undertake work for the sole purpose of identifying suspicions of money laundering. We shall fulfil our obligations under the Proceeds of Crime Act 2002 in accordance with the principles, rules and guidance published by the Financial Conduct Authority.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request.
For your further protection, if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service whose website is www.financial-ombudsman.org.uk.
We are covered by the Financial Services Compensation scheme (FSCS) if we cannot meet our obligations. This is dependent upon the type of business and the circumstances of the claim. Most types of investment business are covered up to a maximum limit of £50,000, whereas Insurance business is covered for 90% of the claim, without any upper limit. Further information about this compensation scheme arrangement is available from the FSCS.
The Cost of Our Services
This section is included to give you only an example of how we can get paid. Full details of our costs to you and the services that you will receive in return, we will forward to you when we have agreed what services are required, which encompasses the details of this document. We do not charge for an initial consultation which is designed to help us understand your financial circumstances, objectives and priorities and to establish if and how we can help you. We will not charge you until we have agreed with you how we are to be paid.
Investments: For advising on and arranging lump sum investments or transfers we charge either between 5% of the sum involved or a prearranged agreed fixed fee. For arranging regular contribution products we charge between 3% and 5% of the first years contribution or a prearranged agreed fixed fee. For ongoing services we charge between 0.5% and 1% of the value of the fund invested. Further information is available in our Client Service Proposition.
Mortgages: etc. (proc.fee / fee) We shall disclose all fees in advance. These will normally be received from the lender. If we intend in addition to request a fee from you we shall agree this in advance. In some instances there are advance fees requested by lenders which may not be refundable, regardless whether a mortgage may complete, cancelled or not proceeded with (NPR). We will advise you of any such fees.
This Client Agreement is governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts. Any person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
MLP Wealth Management Ltd shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
The authority to act on your behalf may be terminated at any time without penalty by either party giving seven days notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.
Declaration / Client consent
This is our standard client agreement upon which we intend to 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
Please tick this box if you do not wish any company associated with us to contact you for marketing purposes by e-mail, telephone, post or SMS.