CLIENT AGREEMENT FORM Discretionary Investment Management Private clients

Transcription

1 CLIENT AGREEMENT FORM Discretionary Investment Management Private clients VERSION DATE: FEB 2015 Please answer ALL the questions on this form (including the Appendix, if relevant) as comprehensively as possible and return as instructed on the reverse of the last page. We are required by our regulator to collect this information in order to ensure that the investments we select for you are suitable, and we will rely on your answers in managing your portfolio. Unless we receive a written change of instruction from you, we will comply with the instructions and restrictions set out in this Client Agreement Form. This Client Agreement Form, together with our Terms of Business, Fact Find, Guide to Charges and Investment Proposal, constitute our Agreement with you and are together referred to as 'this Agreement'. This Agreement is made between Sanlam Private Wealth ('SPW'), whose registered office is at 16 South Park Sevenoaks Kent TN13 1AN, and the person(s), company or other organisation named as the Client in section 19 below. If you require any assistance, please contact your IFA or our support team on Investor s personal details Title (eg Mr/Mrs/Miss/Ms) First applicant Second applicant (if joint) First name(s) Surname Permanent residential address If less than two years at this address, please provide previous address Telephone (in case of queries with your account) Day Eve address(es) (if you intend to correspond with us by , please provide your address for verification) Date of birth Highest income tax rate paid NI no Marital status SINGLE / MARRIED / DIVORCED / WIDOWED SINGLE / MARRIED / DIVORCED / WIDOWED 1

2 First applicant Second applicant (if joint) Are you employed by an FCA authorised firm? If 'yes', which firm? Are you a director of a public limited company? If 'yes', which company(ies)? 2 Nationality and taxation residency The following information is required to ensure we are complying with international tax laws. For your information, when answering these questions, the United Kingdom consists of England, Wales, Scotland and Northern Ireland only: First applicant Second applicant (if joint) Nationality Country of residence for tax purposes Country of birth For the purposes of US tax regulations, are you a US citizen or lawful (Green Card) permanent US resident? If the answer to any of the following questions is 'yes', please provide details on the form found in Appendix 1. A separate form must be completed for each individual who has answered 'yes'. Do you have a NON-UK property or correspondence address including 'care of', P O Box or 'holding' address? First applicant Second applicant (if joint) Do you have a NON-UK telephone number? Does anyone act for you as a Power of Attorney or signatory who has a NON-UK address? Do you have any standing instructions to transfer funds to an account maintained outside the UK? 2

3 3 Investment details Please indicate the approximate value of the investments you would like SPW to manage: Cash Existing investments (please see below) Total If an existing portfolio is to be transferred from another manager, please provide contact details below: Full name Firm name Address Telephone (day) Telephone (mobile) Client A/c no: If you are transferring investments held in your own name, please provide details in Appendix 2. 4 Source of funds Under the Money Laundering requirements we are obliged to establish the source of the funds in question. Please describe in broad terms how you originally acquired these funds (eg inheritance; sale of property/business; pension lump sum; personal savings). Source of wealth - please provide details of where you acquired your wealth: Source of funds - please provide details of where the funds for the investment are currently held: 5 Agreed investment strategy The investment strategy for your portfolio will be determined by a combination of your investment objectives (ie your requirement for income, or capital growth, or a balance between the two) and your desired approach to risk. Our understanding of both these factors, together with our recommended investment strategy, are set out in our investment proposal to you. Please enter the date and reference of the investment proposal to which you are agreeing: Date and ref Unless you inform us otherwise in writing, your portfolio will be managed in accordance with the investment strategy set out in the above proposal. (Note: If we have not yet supplied you with an investment proposal, please contact us urgently as we will not ordinarily be able to manage the portfolio without this.) Please note that all SPW portfolios contain investments which will fluctuate in value. The level of volatility will depend on the precise mix of assets in your portfolio. If you have any doubt about the most appropriate investment strategy for you, please consult your financial adviser or contact SPW. 3

4 6 Time horizon and likely future withdrawals Do you expect to make large or frequent withdrawals from these investments? If 'yes', please provide details, including the likely form of these withdrawals and their destination(s): Will you need to realise some or all of your investments on a particular date? If 'yes', please provide details, including the date and amount (if known): Please note that equities (or equity-based funds) should generally be regarded as long term investments only (ie five years plus). Please consult SPW or your financial adviser if in doubt. 7 Investment restrictions Please outline any specific investment restrictions or instructions with which you would like us to comply when managing your portfolio. Note: where managed funds are used in a portfolio, certain types of restriction (eg the exclusion of specific companies or sectors) may be impossible to apply in practice. If you do not specify any investment restrictions, we will manage your portfolio in accordance with the INVESTMENT UNIVERSE AND RESTRICTION section of our Terms of Business. 4

5 8 Income requirements Please indicate whether you wish the income from your portfolio to be: Reinvested Paid out monthly } Balance Paid out quarterly Paid out six-monthly of revenue account / fixed amount (delete as appropriate) If fixed amount, what is the net annual amount required? (Please ensure that this level of income can be generated by the agreed investment strategy see our Investment Proposal for details.) Account into which payments should be made: Nominated bank account to which any electronic payments may be paid, even if you have not requested income from your portfolio at this time. Bank or B/Society Account no. Address Sort code Account holder B/Society ref. NB: Payments from SIPPs / Offshore Bonds will need to be authorised by the Provider and may have to be sent via the Provider s bank account. Where applicable, payments will be made via BACS on the last working day of the period selected. 9 Contract notes (not applicable to ISAs) and reporting frequency Valuation reports are normally provided half yearly. Reports can be provided quarterly on request. Full details of all purchases and sales we make on your behalf are provided as part of our regular valuation service. In addition, contract notes can be provided after every transaction at a cost of 12 per contract note. If you wish to receive this service, please ü To you To the adviser named in section 13 To accountant/solicitor Please provide details below Contract notes (if applicable) 10 Current year s ISA subscription First applicant Second applicant (if joint) Have you already subscribed to an ISA in the current tax year? If 'no', please ü if you would like us to reserve funds from your initial investment to invest in a SPW ISA. 5

6 11 Capital gains tax (for taxable portfolios only) In respect of assets outside of the portfolio(s) we will be managing for you, please provide details of any capital gains/ losses you have already realised (or are intending to realise) in the current tax year, and any losses carried forward into the current tax year which are available to offset against gains achieved within your portfolio(s) with SPW. Whilst CGT considerations will be taken into account when making disposals, there may be occasions where we consider it to be in your best interest to dispose of stock. This may take you over your annual CGT allowance, resulting in a tax liability. Please note that we can only consider the investment portfolio(s) we manage. 12 Other information Please add any comments or additional facts that you feel we should know about when managing your investments. 13 Introducer/adviser details If you have been introduced to SPW by your introducer/adviser, please enter his/her details below. Full name Firm name Address Telephone (day) Telephone (mobile) address 14 Introducer/adviser charges As agreed between you and your introducer/adviser: Initial charge (excl VAT) Annual charge (excl VAT) These adviser charges will be deducted from the assets in your portfolio and passed directly to your adviser. You authorise us to do so when you sign the Authorisation at the end of this form. 6

7 15 Reliance on your adviser We will rely on information provided by your financial adviser in connection with your portfolio where they are authorised and regulated by the FCA: Suitability We ask your financial adviser to confirm below that they have carried out an assessment of the suitability of our portfolio service and of the selected investment strategy. It is important that if you have any questions about the risks related to this service or are unsure whether you can afford this investment and are able to withstand the risks of loss of capital and the potential implications for income generated, you should contact your financial adviser for further discussion. Your financial adviser will be responsible for advising you on an ongoing basis as to the continued suitability of this service for you and we are then responsible for managing the portfolio in accordance with your selected investment strategy, Instructions We may also accept instructions from him/her in relation to the administration of your portfolio, such as amendments to your investment objectives and attitude to risk, but we may ask you to confirm certain instructions in writing. Should you wish us to send all correspondence to you only via your adviser, or to rely solely on your adviser's instructions, we will require you to sign a separate authority. Information Your adviser will have access to your portfolio information through our online valuation service and relevant copy correspondence, eg periodic report, relating to your portfolio. 16 Adviser declaration (if appropriate) THIS SECTION TO BE SIGNED BY THE ADVISER Is VAT to be added to the charges - section 14? I confirm that I have carried out a suitability assessment in accordance with the FCA rules, and I am satisfied that: the client understands the risks associated with this type of investment; and the client can afford this investment, and has the financial resources to bear the associated risk of loss; and SPW's portfolio service and selected investment strategy is suitable for the client in light of their investment objectives, time horizons and attitude to risk. Adviser signature Date 17 Data Protection Act We are registered under the Data Protection Act. Information which you provide in the course of dealing with us (including your name, address, bank and investment details) will be held in strict confidence by us (and our associated companies) and used to provide our investment services to you, as well as for business development and trend analysis purposes. We (or our associated companies) may also use this data to tell you about our products and services which we think may be of interest to you. Please tick the following boxes in order to consent to receiving such information: Post Phone call SMS We may give your personal data to agents or sub-contractors so that they can provide a service to us and on the basis that they will keep your data confidential. We will not provide or sell your personal data to third parties other than as set out above or unless permitted by law or for the purposes of effecting an investment transaction. We may also give your personal data to other financial services firms to the extent necessary to perform the services contemplated in this Agreement, which may include the transfer of such data outside of the European Economic Area (as defined by the Data Protection Act). Telephone calls may be recorded and monitored for quality control purposes. 7

8 18 Account type Please ü the type of account you are opening with SPW: Private Individual (taxable portfolio) Please go to section 19a ISAs Please go to section 19a è Please also complete our separate ISA application forms (this is a requirement of the Inland Revenue). Self Invested Personal Pension (SIPP) Please go to section 19b Offshore Bond Please go to section 19c 19a Taxable portfolios and/or ISAs Correspondence Instructions Correspondence relating to your portfolio can be sent to you and/or your professional advisers as required. Please ü the appropriate boxes to indicate where you would prefer correspondence to be sent: To you To the adviser named in section 13 To accountant/solicitor Please provide details below Valuation reports Tax year end reports Please provide details of accountant/solicitor, if applicable: Full name Address Telephone (day) Telephone (mobile) Online valuations Please ü if you require online access to your valuations 8

9 19a Taxable portfolios and/or ISAs (continued) AUTHORISATION 1. Please read the following I/we hereby appoint SPW to manage my/our portfolio in accordance with the terms of this Agreement. I/we understand that, by signing this Client Agreement Form, this will constitute an agreement between us incorporating the information contained in the Client Agreement Form and the Terms of Business. I/we confirm that the information provided in this Client Agreement Form and in the Investment Proposal is correct and I/we undertake to notify SPW promptly of any changes to the information. I/we agree that representatives of SPW may call upon me/us in accordance with section 11 of the Terms of Business and that SPW may undertake a search with a credit reference agency in order to verify my/ our identity in accordance with section 25 of the Terms of Business. Where I/we provide an address, I/we agree to be provided with information through that option and where appropriate I/we agree to be provided with information through SPW website(s). I/we authorise SPW to pay the charges agreed in section 14 directly to my adviser. I/we are aware that in certain circumstances SPW will be obliged to share this information with the UK tax authorities, who pass it on to other tax authorities. Please ensure that you have read and understood the Terms of Business and the Investment Proposal before signing this authorisation, and consult your IFA or SPW if there is anything you do not understand. 2. Please sign below - in the case of joint accounts, both applicants must sign. First applicant Name Signature Date Second applicant Name Signature Date We will accept instructions but, for security reasons, we may in certain circumstances confirm these with you by telephone or letter. The effective date of this Agreement will be notified to you as part of the initial valuation. 3. Instructions for joint portfolios Instructions in respect of the portfolio must be given to us in writing. In the case of joint accounts, instructions must normally be signed by both parties. If you would prefer us to accept instructions from either party independently of the other, please provide your authority by signing below. We confirm that we wish you to accept instructions from either of us in respect of portfolios held in our names (including ISA portfolios). We DO NOT need you to obtain both signatures before taking action. First applicant Second applicant 4. Please refer to the checklist below for more detailed information on investment methods. Checklist If you are investing cash: Please enclose your cheque made payable to Sanlam Private Investments (UK) Ltd Client Capital a/c PIM. (Cheques should be drawn on a personal account if possible. If using a cheque drawn on a building society account, please arrange for the building society to certify the account holder s name on the cheque.) If you are transferring a portfolio from another manager: We will prepare a Letter of Authority for you to sign, authorising us to arrange the transfer with the departing manager. If you are transferring investments held in your own name: - Please provide details of your existing assets in the Appendix, or on a separate sheet, including dates and costs of acquisition if you have them. (We need this information to calculate your capital gains tax position.) - Please also attach the relevant share certificates, holding statements and/or unit trust statements. We will prepare the relevant transfer forms for you to sign, to transfer the assets into our nominee name. 9

10 19b Self Invested Personal Pensions (SIPPS) PROVIDER DETAILS Firm name Please give details of the SIPP Provider / Pension Trustee / Insurer ('the Client') Address Telephone SIPP Reference Number Investor signature(s) I/we, as the Investor(s), confirm that the information provided on this Client Agreement Form is an accurate record of my/our investment requirement and, if applicable, I/we authorise SPW to pay the charges agreed in section 14 directly to my adviser. In the case of Family or Group SIPPs, all investors must sign (continue on a separate sheet if necessary). We will arrange for your SIPP Provider/Pension Trustee/Insurer to sign below as our Client. (TO BE COMPLETED BY THE SIPP PROVIDER/PENSION TRUSTEE/INSURER) CORRESPONDENCE INSTRUCTIONS Correspondence relating to the portfolio can be sent to the SIPP Provider, the Investor and/or the Investor s professional advisers as required. Please ü the appropriate boxes to indicate where correspondence is to be sent: To the SIPP provider/ pension trustee/insurer To the investor To the adviser named in section 13 Valuation reports Tax year endreports Contract notes (if applicable) Month end as at which Annual Reports are to be compiled AUTHORISATION We, for and on behalf of the Client, hereby appoint Sanlam Private Wealth ('SPW') to manage the portfolio in accordance with the terms of this Agreement. We understand that, by signing this Client Agreement Form, this will constitute an agreement between us incorporating the information contained in the Client Agreement Form and the Terms of Business. We confirm that we have read and understood the Investment Proposal and the Terms of Business. We confirm that the information provided in this Client Agreement Form and in the Investment Proposal is correct and we undertake to notify SPW promptly of any changes to the information. We agree that representatives of SPW may call upon us in accordance with section 11 of the Terms of Business. To be signed by the SIPP provider/pension trustee/insurer as our Client: Name To be signed on behalf of the SIPP provider/pension trustee/insurer as Client, in accordance with the signing authorities attached. Instructions in respect of the portfolio must be given to us in writing and be signed in accordance with the signing authorities. Please attach a list of signing authorities to this Agreement. Signature Position Date Please make cheques payable to Sanlam Private Investments (UK) Ltd Client Capital a/c PIM'. The effective date of this Agreement will be notified to you as part of the Initial Valuation. 10

11 19c Offshore Bonds Please give details of the Offshore Bond Provider Firm name ('the Client') Address Telephone Policy name Bond holder identification (eg bond number) POLICYHOLDER SIGNATURE(S) I/we, as the policyholder(s), confirm that the information provided on this Client Agreement Form is an accurate record of my/our investment requirements and, if applicable, I/we authorise SPW to pay the charges agreed in section 14 directly to my adviser. We will arrange for your Offshore Bond Provider to sign below as our Client. (TO BE COMPLETED BY THE OFFSHORE BOND PROVIDER) CORRESPONDENCE INSTRUCTIONS Correspondence relating to the portfolio will be sent to the Offshore Bond Provider, the Investor and/or the Investor s professional advisers as required. Please ü the appropriate boxes to indicate where correspondence is to be sent: To the Offshore Bond Provider To the investor To the adviser named in section 13 Valuation reports Contract notes (if applicable) AUTHORISATION We, for and on behalf of the Client, hereby appoint SPW to manage the portfolio in accordance with the terms of this Agreement. We understand that, by signing this Client Agreement Form, this will constitute an agreement between us incorporating the information contained in the Client Agreement Form and the Terms of Business. We confirm that we have read and understood the Investment Proposal and the Terms of Business. We confirm that the information provided in this Client Agreement Form and in the Investment Proposal is correct and we undertake to notify SPW promptly of any changes to the information. We agree that representatives of SPW may call upon us in accordance with section 11 of the Terms of Business. To be signed by the Offshore Bond Provider as our Client: Name Signature Position Date To be signed on behalf of the Offshore Bond Provider as Client, in accordance with the signing authorities attached. Instructions in respect of the portfolio must be given to us in writing and be signed in accordance with the signing authorities. Please attach a list of signing authorities to this Agreement. Please make cheques payable to Sanlam Private Investments (UK) Client Capital a/c PIM. The effective date of this Agreement will be notified to you as part of the Initial Valuation. 11

12 Appendix 1 The following information is required to ensure we are complying with international tax laws. For your information, when answering these questions the United Kingdom consists of England, Wales, Scotland and Northern Ireland only: Please indicate in what capacity you are completing this form: first applicant second applicant Tax ID No Please provide details of any NON-UK property or correspondence address including 'care of', P O Box or 'holding' address. Please provide any NON-UK telephone number. Please provide the name and address of anyone who acts for you as a Power of Attorney or signatory who has a NON-UK address. Please provide details of any standing instructions to transfer money to an account maintained outside the UK, including the destination country. 12

13 Appendix 2 This Appendix must be completed if you are transferring existing assets held in your own name Please list below, or on a separate sheet if necessary, any existing investments you wish to transfer into your SPW portfolio. For taxable portfolios, we will require dates of acquisition and original cost values, if known, in order to calculate the capital gains tax position. If you do not have acquisition details, please say so. a) Directly held shares, government stocks and bonds, etc Stock description Current value ( ) Acquisition date (if not known, please say so) Acquisition cost ( ) (if not known, please say so) b) ISAs (including former PEPs) Stock/fund description Current value ( ) c) Unit trusts and OEICs (non ISA) Fund description Current value ( ) Acquisition date (if not known, please say so) Acquisition cost ( ) (if not known, please say so) PLEASE RETURN THIS FORM TO YOUR FINANCIAL ADVISER, IF YOU HAVE ONE, OR DIRECTLY TO SANLAM PRIVATE WEALTH. For office use only Effective date: E enquiries@privatewealth.sanlam.co.uk Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales Registered office: 16 South Park, Sevenoaks, Kent TN13 1AN. 13