About our services and costs

Transcription

1 About our services and costs P N DALES LTD Queens Head Chambers, 42 Kirk Gate, Newark, Nottinghamshire, NG24 1AB YOU SHOULD USE THE INFORMATION PROVIDED WITHIN THIS DOCUMENT TO DECIDE IF OUR SERVICES ARE RIGHT FOR YOU. NOTE: THIS KEY FACTS ONLY APPLIES TO OUR ONLINE SERVICE ONLY 1. The Financial Conduct Authority (FCA) The FCA is the independent watchdog that regulates financial services. This document has been 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. Whose products do we offer? Please refer to section 3 of this document We offer products from a range of insurers for Term Assurance (Life Assurance), Critical Illness, Income Protection, Mortgage Payment Protection, Accident Sickness, Unemployment, Buildings and Contents. We only offer products from a limited number of insurers for Buildings, Contents. We only offer products from a single insurer. We offer mortgages from the whole market but not deals that you can only obtain by going direct to a lender. We only offer mortgages from a limited number of lenders. We only offer mortgages from a single lender. 3. Which service will we provide you with? Independent advice We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be

2 based on a comprehensive and fair analysis of the market. Restricted advice We will advise and make a recommendation for you after we have assessed your needs, but we only offer products from one company or a limited number of companies. 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. We will advise and make a recommendation for you after we have assessed your needs for Term Assurance, Critical Illness, Income Protection, Buildings, Contents, Mortgage Payment Protection, Accident Sickness and Unemployment. 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. We will advise and make a recommendation for you on mortgages after we have assessed your needs. You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of mortgages that we will provide details on. You will then need to make your own choice about how to proceed. 4. What will you have to pay us for our services? We offer a range of services to help you meet your personal and financial objectives. The amount we charge and the basis of the payment will depend on the service you choose and your individual circumstances. We will discuss your payment options with you and answer any questions you have. Our fees will be agreed with you in writing before we carry out any chargeable work. We will tell you if you have to pay VAT on the cost of our service. It is possible that other costs, including taxes (e.g. stamp duty) related to the business we arrange, may arise. These costs will not be paid by our firm but borne by you. A description of our services, associated costs and payment terms, is provided below. Advised Services The cost of our services Our typical fees for advice and arranging investments on your behalf are set out in the table below.

3 There is an additional charge for any on-going work, such as periodic or on-going reviews, we carry out on your behalf. We will confirm the rate, frequency, and length of this on-going service before beginning any on-going servicing work for you. You can cancel our on-going services at any time. Service Initial Charge On-going charge for periodic reviews and servicing work Advice on using your pension funds to purchase an income at retirement (your retirement Income options) 1% - 5% of the amount used to purchase your retirement income if you go ahead with our recommendations. An additional minimum fee of 250 applies if your fund is below 100,000. For example; if the purchase price is 100,000 and we charge you 3%, your Adviser Charge would be 3,000(exc. VAT) Service available for 0.25% 0.5% of your Investment per year: service provided at least once per year For example; if your investment is worth 100,000 and we charge you 0.5%, your Adviser Charge would be 500 (exc. VAT) Advising on and arranging lump sum investments 3.5% - 5% of the amount invested if you go ahead with our recommendations. For example; if you invest 100,000 your Adviser Charge would be 3,500 (exc. VAT) Service available for 0.75% of your Investment per year: service provided at least once per year For example; if your investment is worth 100,000 your Adviser Charge would be 500 (exc. VAT) Advising on and arranging regular premium investments An amount equivalent to 25% of the first years premiums, if you go ahead with our recommendations For example; if you invest 100 per month ( 1,200 per annum) your Adviser Charge would be 300 (exc. VAT) Service available for 0.5% of your investment per year: service provided at least once per year For example; if your investment is worth 10,000 your Adviser Charge would be 50 (exc. VAT) We may agree to undertake some specialist work on an hourly fee basis. Our typical charges are: Financial Adviser 175 per hour Administration 85 per hour For example, if a Financial Adviser spent 4 hours providing services and an administrator spent 2 hours, the fee would be 870 (4 x x 85).

4 In the event that the time needed to complete the work exceeds our estimated figures then we will provide a written update on progress and an indication of any additional costs that are likely to arise. Your payment options: Settling your adviser charge in a single payment We accept direct payment by cheque or direct bank transfer. We do not accept cash, debit cards or credit cards. We will tell you if it is possible to pay your adviser charge through a deduction from your investment. Paying by instalments via other arrangements You can choose to pay your adviser charge through instalments collected from your bank account by standing order. For example an Adviser Charge of 300 paid over four months would mean four instalments of 75 will be collected from your bank account. Standing Orders are normally collected on or around the 15 th day of the month. Other benefits we may receive We advise on and arrange a range of products from a variety of firms; some of these firms provide us with training and access to software, which allows us to offer you a better service. Some of the costs of these benefits may be passed to you as part of the total charges you pay should you purchase a product provided by one of these firms. Further information regarding these arrangements is available on request. We will tell you if we are entitled to receive trail commission when taking over servicing rights on your existing investments, which have been arranged by another firm. We will use these payments to offset against our fees for on-going services. A fee. No fee for Term Assurance (Life Assurance), Mortgage Payment Protection, Critical Illness, Income Protection, Buildings, Contents, Accident Sickness and Unemployment as we receive commission from the provider. You will receive a quotation, which will tell you about any other fees relating to any particular insurance policy. No fee; we will be paid by commission from the lender. NB: This is only applicable to our non advised internet only sales. For our advised service please refer to our advised Key Facts Documents. A fee equivalent of up to 1.75% payable on completion (for example on a

5 loan of 100,000 the fee would be 1,750). If you choose this option we will refund to you any commission we earn from the lender. Please refer to your fee agreement, which is supplementary to this document. A fee equivalent of up to 1% of the loan amount, this is payable at the time of application for the mortgage. For Example on a 100,000 loan the fee could be up to We will also be paid commission by the lender. Please refer to your own fee agreement, which is supplementary to this document. You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it. Refund of fees If we charge you a fee, and your mortgage does not go ahead, you will receive: A full refund if the lender rejects your application. A refund if your application is either cancelled (by you), declined by the lender or the property falls though prior to an appropriate offer being issued, subject to an administration charge of 100. i.e. If we have agreed a fee of 350 for the advice and processing of the application and the vendor withdraws from the sale, but DALES has obtain the offer as required prior to this point, we are still able to charge the full fee. No refund 5. Who regulates us? PNDALES LTD is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is Our permitted business is advising on and arranging, Pensions, Non Investment, (including Equity Release). You can check this on the Financial Services Register by visiting the FCA s website or by contacting the FCA on (freephone) from 8am and 6pm, Monday to Friday (except public holidays) and 9am to 1pm, Saturdays. 6. What to do if you have a complaint If you wish to register a complaint, please contact us: IN WRITING at P N DALES Ltd, Queens Head Chambers, 42 Kirk Gate, Newark, NG24 1AB BY at ppd@pndales.co.uk BY PHONE on

6 If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. 7. 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 limit of 50,000 advising and arranging is covered for 90% of the claim, without any upper limit. Mortgage advising and arranging is covered for up to a maximum limit of 50,000. Further information about compensation scheme arrangements is available from the FSCS.