about our services and costs

Transcription

1 about our services and costs Midas Management Ltd This document provides information regarding our Financial Planning Services, which includes advice on pension and financial protection policies. Please refer to our website and/or contact your adviser for information about our separate investment management services. 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 Whose products do we offer? Please refer to section 3 of this document for information about our financial planning services provided in connection with pension policies, insurance bonds and whole of life policies. We offer products from a range of insurers We only offer products from a limited number of insurers. Ask us for a list of the insurers we offer insurance from. We only offer products from a single insurer

2 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 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. We offer advice on limited types of products from a limited number of companies. You may ask us for a list of the companies and products we offer advice on. 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, whole of life, critical illness and income protection contracts. 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. 4 What will you have to pay us for our services?

3 Advising on insurance bonds, pension contributions, pension switches and taking benefits from defined contribution pension schemes An initial charge of 1% of the initial premium, contribution or transfer value subject to a minimum fee of 500. This fee covers the cost of our initial advice and the implementation of our recommendations. For example, if we provide advice in connection with a pension contribution with a gross value of 25,000, our initial fee will be 2,500. Advising on whole of life policies We charge an initial fee of 0.1% of the sum assured, subject to a minimum fee of 500. For example, if we provide advice in connection with establishing a whole of life assurance policy where the sum assured is 750,000, our fees for establishing this policy will amount to 750. Whole of life policy reviews, when requested, are charged at our standard advisory hourly rate, which is currently 120. We will provide an estimate of our total costs prior to undertaking a review on our behalf. Ongoing investment and financial planning review services for pensions and insurance bonds, including income drawdown We charge 1.2% of the portfolio value per annum (charged quarterly in arrears) to provide an ongoing financial review and investment management service for pension policies and insurance bonds. This includes: Managing the investments under an advisory management agreement. An annual face to face meeting to discuss your circumstances and review the ongoing suitability of the policy and investment strategy. Ongoing communications regarding relevant changes in legislation. Telephone contact and additional meetings, as requested. For example, if we provide an annual review service in respect of an offshore bond policy with a value of 500,000, the annual fee will amount to 6,000. However, because fees are calculated quarterly, and are based on the value the bond, the actual fee paid for each quarter (and the year as a whole) will vary in line with the value of the bond. This means that if the value of the bond were to increase, the total fee payable would also increase by a proportionate amount.

4 Additional financial planning services and whole of life policy reviews Financial planning work undertaken outside the scope of the above areas, including the provision of a complete personal financial plan is subject to additional fees based on an hourly rate of 120 per hour. Where this applies, we will provide you with a written estimate of our fees, and seek your agreement to them, prior to the commencement of work. Timing of fees and method of payment Initial fees become due on completion of the transaction, or advice, to which they relate. Ongoing review fees are calculated and charged quarterly in arrears. In most cases, fees can either be paid directly to us, or via an agreed deduction from the relevant portfolio We will discuss these options with you. Where required, VAT will be added to all the above fees at the prevailing rate. A fee equivalent to 0.1% of the sum assured for arranging term assurance policies, subject to a minimum of 300 and a flat fee of 300 for arranging critical illness and income protection policies. Fees are payable to us one the policy is confirmed as being in force. For example, if we arrange a term assurance policy with a sum assured of 750,000, our total fee will amount to 750. No fee for arranging term assurance, critical illness and income protection policies. You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

5 5 Who regulates us? Midas Management Ltd, Arthur House, Chorlton Street, Manchester, M1 3FH is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is You can check this on the Financial Services Register by visiting the FCA s website or by contacting the FCA on What to do if you have a complaint If you wish to register a complaint, please contact us: in writing Write to the Compliance Officer, Midas Management, Arthur House, Manchester, M1 3FH by phone Telephone 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.

6 5 Who regulates us? Midas Management Ltd, Arthur House, Chorlton Street, Manchester, M1 3FH is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is You can check this on the Financial Services Register by visiting the FCA s website or by contacting the FCA on What to do if you have a complaint If you wish to register a complaint, please contact us: in writing Write to the Compliance Officer, Midas Management, Arthur House, Manchester, M1 3FH by phone Telephone 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.

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