Terms & Conditions
Who are we?
Beaumont Financial Planners Limited is a firm of independent financial advisers, based in Oswestry, Chester and Shrewsbury. We have been providing financial planning solutions for our clients for over 15 years and have a loyal and dedicated client bank. We’re independent, which means we work for our clients’ interests, not those of a bank or insurance company.
Our team consists of qualified financial planners backed up by a dedicated and professional team of support staff. To find out more about us and meet the team go to www.beaumont-financial.co.uk.
What do we do?
We provide advice and planning services for people who want to make the most of their finances. Beaumont offer a comprehensive range of independent financial services to both individuals and businesses, from cash flow modelling, pensions, savings and investments to estate planning all with continuous on-going reviews. We also work in association with a professional will writing service which allows us to arrange wills, lasting powers of attorney and other estate planning arrangements on your behalf.
Established in 2000, many of our clients have been with us for over 10 years which is reflected in our retention rate of 97%. From our central Oswestry base, we cover the whole of Shropshire, Cheshire, North Wales and the Midlands looking after your financial needs. You can rest easy knowing your finances are in the safe hands of an adviser you trust
We can help you to choose the right investment to make your money work harder and help you plan for tomorrow, today. To provide peace of mind, we will advise you on the best ways to protect your family, your home and your lifestyle. We will communicate with you in person, by telephone, post and by email.
Are we fully independent?
We provide independent advice on packaged retail investment and insurance products (these include but are not limited to pensions, investment bonds, units, annuities, ISAs and savings plans), equity release and structured investment products only. Our recommendations in relation to these products will be based on an assessment of a range of relevant products that are sufficiently diversified in terms of type and provider to ensure your objectives can be suitably met. We can also offer advice on general insurance products (including but not limited to redundancy cover, personal accident, and accident sickness & unemployment insurance) where we give restricted advice on products from a selection of providers. We will always make clear to you up front which basis our advice is given on and you can be confident that in all cases we will ensure that the recommended product is suitable for your needs and objectives.
Are we regulated?
Yes. We are authorised and regulated by the Financial Conduct Authority (FCA) and as such, you are likely to be protected by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).
The Financial Conduct Authority (FCA) is the independent watchdog that regulates the financial services industry. Beaumont Financial Planners Ltd of 21 Salop Road, Oswestry, SY11 2NR is authorised and regulated by the Financial Conduct Authority. Our FCA Number is 772710. You can check this by going to the FCA Register at www.fca.org.uk/register or by contacting the FCA directly on 0800 111 6768.
We are authorised to provide advice on pensions and retirement planning, investments and portfolio planning, equity release, and personal and business protection. Please note that some of the products or services that we arrange for you or give advice on, may not be regulated by the FCA, but if this is the case, we will tell you beforehand. Please note that not all mortgages are regulated, for example most Buy to Let and commercial mortgages are not currently regulated, and will writing is also not regulated by the FCA.
We aim to act fairly and impartially at all times and to communicate with you in a jargon-free, easy to understand manner. We aim to provide you with top quality advice and to treat you fairly in all matters. We work in your best interests at all times.
We aim to be the number one choice for independent financial advice across all financial services. Investing our client funds with integrity, honesty and professionalism to maximise long term returns in the most tax efficient manner while delivering exceptional client service every step of the way.
Our service propositions
All potential new customers will receive a free one-hour consultation during which we will explain how we work and how we charge for our services. We will also assess your needs at a high level and then agree with you how to proceed.
Transaction Only Service
We can offer a standalone transaction only service, which will typically be for insurance-based products or perhaps where there is no requirement for us to see you regularly.
Ongoing Financial Reviews
For most customers, if we are to help you to achieve your financial goals, we believe that ongoing face-to-face advice is essential and offer reviews. If you choose this option, we will arrange to see you once a year when we will review your personal circumstances, update your records, re-appraise your financial objectives and provide updates on how your plans and policies have performed, we will confirm the overall fees and charges that you have incurred. This service could include all or some of the following depending on your needs and circumstances: the provision of policy valuations, a review and update of your personal circumstances, investment risk profile, asset allocation and tax position including inheritance, capital and income tax status. We will also make recommendations for any re-balancing or switching of funds or policies that may be relevant. If you have numerous pensions and investments, we will provide a consolidated portfolio valuation report.
Wealth Management Service (WMS)
As part of our review services, for customers with pension and investment funds, our WMS offering provides one of our investment strategies that meets your specific circumstances and requirements, and matches your tolerance for investment risk. When we meet with you we will then review your current needs and the performance of the portfolio, and ensure the approach remains in line with your tolerance for investment risk and your objectives. For example, if you have made good gains, you may want to protect some of those gains, or if you are nearing retirement, you may want to move funds into a lower risk environment. There is no additional charge for this service for customers who subscribe to annual reviews. More information on the different investment strategies can be found in sections 1-4 below.
Discretionary Fund Management
Depending on your personal circumstances and objectives, we may recommend investment in a Discretionary Fund Manager (DFM) portfolio, which allows changes to be made to the funds held within your portfolio as and when required, without your prior consent. This allows changes to be made in a prompter manner when market and economic factors indicate that this may be appropriate. By signing up to this service, you should be aware that you are authorising the DFM to make investment decisions on your behalf and for these to be carried out without the need for your approval.
Financial Advice/On Demand
For some customers, perhaps with a relatively small investment, WMS may not be required. For such customers, we offer a solution whereby we select investment funds that are ‘managed’ by an investment company. This means that the manager will re-balance the fund over time so that it continues to meet its objective and remains invested in broadly the same spread of investment types (normally referred to as asset classes). While generally a cheaper option, managed funds don’t provide access to the wider range of funds available through WMS. More information on this option can be found in section 4 below.
Correspondence Only Services
If you subscribe to this free service, we may write to you periodically to keep you informed of important developments in the marketplace. From time to time, we may offer you services or products that may be of interest, for example investing annually to make use of your ISA allowance. Rest assured however, we will not bombard you with meaningless promotions.
Customers can request ‘ad-hoc’ services at any time, such as additional meetings, telephone query handling, additional documentation, valuation reports, or simply to ask us to process a transaction on your behalf. Some ad-hoc services, such as initial set up of flexible drawdown or completing transfer analysis reports for transfer of final salary pension to personal pension, will incur an extra fee as outlined below.
How much do our service propositions cost
|Financial Advice/On Demand||Wealth Management Service|
|Minimum Portfolio Value||£25,000||£50,000|
|Attitude to risk||✔||✔|
|Annual Review meetings||✔|
|Standard Initial charge||4%*||3%*|
|Ongoing charge pa (taken monthly)||0%||1%|
|*lower portfolio values will be considered, however a minimum initial fee of £500 will apply for new clients
|Example of ongoing cost for Wealth Management Service:|
|Total value of all funds(pension & investment)||Percentage charge pa||Example|
|£250,000||1%||Funds valued at £250,000: Ongoing monthly charge of £208.33 (£2,500 per annum)|
|Discounts for initial chargeDiscounts for initial charge as detailed above will be applied, the percentage charged varies depending on the fund value, as follows:|
|Total value of all funds(pension & investment)||Percentage discount||Examples of Initial Charges (based on Wealth Management Service)|
|Up to £250,000||0% discount||Funds valued at £100,000 would incur initial charge of £3,000 (3% initial charge as no discount)|
|£250,000 to £500,000||1% discount||Funds valued at £250,000 would incur initial charge of £5,000 (2% initial charge after 1 % discount)|
|£500,000 to £750,000||1.5% discount||Funds valued at £500,000 would incur initial charge of £7,500 (1.5% initial charge after 1.5% discount)|
|£750,000 +||2% discount||Funds valued at £750,000 would incur initial charge of £7,500 (1% initial charge after 2% discount)|
|Existing Clients||2% discount||Funds valued at £300,000 would incur initial charge of £3,000 (1% initial charge after 2% discount)|
The majority of our work will be charged on the basis of the fee structure explained above. Under certain circumstances and depending on your requirements however, it may be appropriate to charge a fee commensurate with the time taken to complete the work.
We charge additional fees for ad-hoc services, examples of ad-hoc fees are as follows:
- Ad-hoc fee – £500.00 e.g. initial set up of flexible drawdown.
- Establish new personal pension with only regular contributions where no ongoing service required – £500.00 ad-hoc fee.
- Setting up new lifetime annuity plan – £1,000.00 ad-hoc fee, unless transfer from an existing policy is required, in which case this will be charged as per the basis detailed above.
- Setting up new immediate needs annuity plan for long term care – 2% of purchase fund, subject to a minimum charge of £1,500.00.
All ad-hoc fees will be agreed in advance.
Protection Business and General Insurance
We are paid for our advised protection and general insurance services by commission, we will tell you the amount before we carry out any business for you.
Estate Planning Services
Where we arrange wills, lasting powers of attorney or other estate planning arrangements through the professional will writing service, you will be required to pay the associated charges directly to them. We will tell you the amount before we arrange these services for you, together with the amount of any charge that will be passed to us for arranging this service on your behalf.
Payment for services
Details of the services we provide and how we work with clients are contained in the Information about our Costs and Services document. When we have agreed a fee for any work or service that we will provide on your behalf, we will require you to sign a Fee Agreement to confirm the services that will be provided and the fees that will apply, together with details of how those fees will be paid and what cancellation rights you have.
Termination of your agreement with us
The information contained in this and other disclosure documents including the fee agreement remain in force until cancelled by you or us, or until superseded by a later version. Please refer to our fee agreement for information about your cancellation rights. Legal Governance of any Agreement is governed by and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
Are you protected?
The firm maintains an internal written complaints procedure. A hand-out summarising this process is available on request.
So, what happens if you are dissatisfied with us?
Hopefully, this won’t be the case, but should you be dissatisfied with the advice we have given you or with the service provided, you should firstly register a formal complaint with us, by either writing to the Compliance Manager at the company address or by telephoning us and speaking with the Compliance Manager or a Director. We will then provide you with details of the complaint investigation process and investigate your complaint thoroughly. Finally, we will write to you to explain our findings.
Furthermore, individuals and small businesses are protected by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).
We promise to deal with your complaint in a fair and objective manner, if you are dissatisfied with the way that we have dealt with your complaint or with our findings, you may refer the matter to the FOS, an independent arbitrator.
Should you be entitled to compensation and we are unable to pay the compensation due, you may be entitled to a payment from the FSCS. Broadly speaking, most types of investment business and equity release plans are covered up to a maximum limit of £85,000, while insurance arranging and advising is covered for 90% of the claim without upper limit. The compensation limits are complicated so if you are concerned in any way, please ask us for more information. Alternatively, you can contact the FSCS directly.
Please note that if you are not an individual, you may not have a right to refer your case to FOS and FSCS. Again, the rules are complicated and depend on factors such as your turnover, the number of employees you have and the value of your business. If in doubt, you should seek more information from us, the FOS www.financial-ombudsman.org.uk or the FSCS www.fscs.org.uk/consumer
It is a requirement of the Financial Conduct Authority that all clients are categorised into one of three categories (Retail, Professional or Eligible Counterparty). We have categorised you as a ‘Retail Client’. This affords you the maximum protection under current legislation. You have the right to request a different categorisation but if you do so, you must be aware that ‘Professional Clients’ and ‘Eligible Counterparties’ may receive a lower level of consumer protection.
Financial Objectives (Demands & Needs)
Following the issue of these terms and conditions and subject to your signing our fee agreement, any subsequent advice or recommendation offered to you will be based on your stated objectives, your agreed attitude to investment risk and any restrictions you wish to place on the scope of advice. Details of your stated objectives will be included in either the suitability report or demands & needs statement that will explain and confirm the basis of our recommendation and point out any key risks and disadvantages.
There may be exceptions to this, for example business transacted on a non-advised or execution only basis (directly on your instructions whereby you will not have requested nor received any advice, or where pre-prepared questions are used to determine the product and provider) or on a limited advice basis (the firm’s recommendations were limited by the fact that not all relevant information was made available or because you requested that we limit our advice to a particular are of financial planning). If these situations exist, we will make it clear to you in any subsequent correspondence; however, you should appreciate that our responsibility to you will be limited accordingly.
Services and products not regulated by the FCA
Some of the products and services we provide are not currently regulated by the FCA and include, but are not limited to, arranging and advising on some offshore schemes and investments. Because advice given on these products is not regulated by the FCA you may not have any rights to financial redress under the Financial Ombudsman Service or Financial Services Compensation Scheme with regard to any future disputes. We will make you aware if our recommendation includes such products or services.
If you want to restrict the type of investment or service covered by this agreement, please let us know in writing as soon as possible, otherwise we shall assume that no restrictions apply.
Registration of investment/retention of policy documents
Where we arrange an investment, we will register these in your name unless otherwise agreed in writing. All contract notes and documents of title in respect of your investment will be forwarded to you, unless otherwise instructed in writing, as soon as practicable after being received by us. Where a number of documents relating to a series of transactions are involved, we will normally retain the documents until the series is complete and then forward them to you all together.
We prefer that any instructions be given in writing. If any advice or instructions are given orally, then they must be confirmed in writing to avoid possible disputes. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably. When we have arranged any transactions on your behalf, we will not give you any further advice or service unless you have specifically agreed to an ongoing service for which we will be remunerated as detailed in our fee agreement.
Conflict of interest & material interest
Occasions can arise where we, or one of our other clients, may have some form of interest in business which we are transacting for you. If we become aware that our interests or those of one of our other clients conflicts with your interests, we will inform you and obtain your consent to proceed. Our conflicts of interest policy is available for inspection upon request.
Verification of identity
As part of our regulatory duties, we are obliged to verify as a minimum, the identity, place of residence, source of funds and source of wealth of each client. This process may require sight of certain documentation. We are unable to forward any applications or money to third parties/product providers until our verification requirements have been met. We take no responsibility for any delay in investing where Identity Verification is outstanding. In circumstances where sufficient verification is not received in a timely manner after we have received completed applications, the application(s) and any monies may be returned to you un-invested. Please note that verification may include the interrogation of online resources such as the electoral roll and Her Majesty’s Treasury’s financial sanctions lists.
Beaumont Financial Planners Ltd does not handle client monies. We never handle cash or accept a cheque made payable to us unless it is a cheque in settlement of our fees in accordance with a signed fee agreement. Crossed cheques for investments should only be made payable directly to the investment company and to the relevant third party for various ancillary fees (for example mortgage lender, surveyor, and solicitor). You should decline to give money to, or write cheques payable personally to an individual adviser, and any receipt by them personally of such a payment from you will not be regarded by us as being a transaction for which we will have any responsibility.
Our client’s financial instruments or funds may be held by a third party on behalf of Beaumont Financial Planners Ltd. These financial instruments or funds may be held in an omnibus account by a third party. We will inform you of this fact and will provide a prominent warning of the resulting risks. In certain circumstances, it may not be possible for these financial instruments to be separately identifiable from the proprietary financial instruments of that third party or of Beaumont Financial Planners Ltd. Again, we will inform you of this fact and will provide a prominent warning of the resulting risks. Your rights relating to those financial instruments or funds may differ accordingly.
We will inform you about the existence and the terms of any security interest or lien which it has or may have over your financial instruments or funds, or any right of set-off it holds in relation to those instruments or funds. Where applicable, it will inform you of the fact that a depository may have a security interest or lien over, or right of set-off in relation to those instruments or funds.
You are advised that because investments can fall as well as rise in value, you may not get back the full amount invested. Past performance is not a guide to future performance. Other key risks will be included within our suitability report and in product provider literature. Please ensure that you fully understand all such risks – ask us if you need more information or clarification. A comprehensive guide to the risks of investing is available on our website and is also available upon request.
Fees resulting from third party introductions
There will be occasions when clients are introduced to us from third parties, for example accountants or solicitors. Under such circumstances, we may rebate part of the fee that we charge you to the introducer as payment for making the introduction, and we will disclose to you what this payment will be prior to conducting the business
Most financial products will carry a right to cancel for a short period, typically 14 days, after the product has been put in place. Please refer to the specific product literature for more information. We allow a 5 day cooling off period before submitting application forms, which can be waived in certain circumstances. This includes both weekdays and weekends and is in addition to any cancellation period offered by the provider.
Additional information requirements: distance communications
1.Where you are likely to do business with us at a distance whereby we communicate exclusively by telephone, email, post or fax, then it is very important that you read the following points in addition to those above.
2.The firm will provide you with a service as detailed in these terms and conditions, the information about our services document, the key facts about our services and costs document (mortgage and insurance business only) and fee agreement.
3.The total price that we charge for our services is set out in our fee agreement which you must sign prior to our undertaking any service on your behalf. Please ask us if you are unsure as to any aspect of our pricing. There will be other charges and expenses imposed by the providers of insurance, mortgage and investment products which will be detailed separately.
4.Please note there is the possibility that other taxes or costs may exist that are not paid through the firm or imposed by it.
5.There are no specific additional costs imposed by the firm for dealing exclusively at a distance.
6.You should note that some of our recommendations may involve investments that can fluctuate in value, for example depending on financial markets. These fluctuations will be outside of our control and you should therefore consider carefully potential fluctuations before entering into this type of contract. Our recommendations may also involve mortgages where the interest rate can fluctuate, for example depending on the bank interest rate. Please take care to read the warnings issued in this document and any provider literature. If you are unsure then please ask us to explain in more detail.
7.The firm does not place any specific limitations on the period for which the information provided remains valid. If you are unsure if something still remains valid then please ask and we will clarify.
8.The provisions of any contractual agreement to provide an ancillary advisory service and the relationship created by it shall be governed by English Law and subject to the exclusive jurisdiction of the English courts.
9.Any such contract is supplied in English Language and will be communicated in English Language.
10.Where it applies and relating specifically to any contractual agreement with the firm to provide an ancillary advisory service to you there will be a right to cancel our fee. This right to cancel will be detailed in the fee agreement. In the event of any dispute, unless there is clear written evidence to the contrary, we will treat the date cited for cancellation as being the date when notice was given, posted or otherwise sent. If you do not exercise your right to cancel then the fee we charge cannot be returned at some later date. For the avoidance of doubt, please note that you do not have a right to cancel a regulated mortgage contract concluded with a lender. Also, any cancellation provisions relating to a particular investment or insurance product are integral to the provider’s product and where they apply will be detailed separately in the provider’s literature.