This agreement is issued on behalf of Independent Advice Ltd. of 15 Chorley New Road, Bolton, BL1 4QR. We can be contacted at howard@hjscott.co.uk or telephone 01204 559696.
This is our standard client agreement, often referred to as a Terms of Business and includes the attached details of our Managed Portfolio Service
This agreement explains and confirms
- the services you are being offered,
- the way we will carry out those services and
- an example of the cost of those services.
H.J.Scott & Co is the trading name of Independent Advice Ltd.
We are authorised and regulated by The Financial Conduct Authority (FCA) in the conduct of investment business. Our registration number is 524535, you can check our regulatory details by visiting the FCA Register.
Independent Advice Ltd. is incorporated in the UK. Our company registration number is 06759774, you can check our company details by visiting Companies House
The Financial Conduct Authority does not regulate Financial Planning Advice or Taxation Advice, if the advice contains no recommended investment element. Other areas of advice that are not covered by the Financial Services Act will be clearly identified and brought to your attention.
Do I need to take any action?
You should ask us to clarify anything that is not clear. If you are in agreement then we ask you to indicate your agreement at the end of this document. This agreement will stay in force until you or we end it, or until you or we ask to change it, giving seven days notice in writing to that effect. We will keep a copy of this document on file. You may also save the agreement as a pdf or print it out if you require a hard copy.
What comes next?
Unless otherwise agreed in writing, we will treat you as a Retail Client. As a retail client, the regulatory protections you receive are the highest available. You qualify for the Financial Services Compensation Scheme and the Financial Ombudsman Scheme for regulated products.
Can you describe your Financial Planning Service?
We operate independently and therefore provide investment advice and services from the whole market. Our permitted business includes advising on and arranging (bringing about): savings and investment products; pensions; life policies (including annuities). We also have a long term care fees planning specialist.
Before we offer you our services, we will review your current circumstances and your objectives. Where we make a recommendation we will provide appropriate risk warnings prior to providing the recommended products or services. Our advice will be based solely on the information provided by you. We will give you written details of any recommendations that are suitable and appropriate to meet any needs identified. You should let us know about any specific aims that you might have, such as simply utilising this year’s ISA allowance.
If we recommend an investment to you we will also provide you with our full Managed Portfolio Service.
Can you describe your Managed Portfolio Service?
We will act with full discretion, without reference to you, to enter into transactions for your account provided that they conform to your investment objectives.
We will make arrangements for all investments to be registered in your name, unless you first instruct us otherwise in writing. In certain circumstances products and/or investments may be registered in the name of a nominee company, for your ease of administration, although you will remain the beneficial owner.
Our Investment Management full terms and conditions are detailed in our Managed Portfolio Service
It is important you read both our client agreement and our managed portfolio service document.
How will you communicate with me?
- We prefer our communications to be via email. We endeavour to reply to client emails within 48 hours.
- We will communicate with you in writing only if it is strictly necessary.
- We will use only the English language, both verbally and in any written correspondence.
- This agreement is governed by English law.
- Our office and our telephone lines are open 8:30am until 4:30pm weekdays, except for Friday when we close the incoming lines at 2:00pm to allow our team to catch up on the current week and prepare for the following week.
Will you act in my best interest?
We will act honestly, fairly and professionally, known as conducting business in the “Client’s best interest”. If we become aware that our interests (or those of one of our other clients) conflict with your interests, we will inform you in writing and obtain your consent prior to proceeding with your instructions.
Is your service ongoing?
Yes. Both our Financial Planning Service and our Managed Portfolio Service is ongoing.
- We will contact you annually to suggest that we arrange a review meeting at our offices.
- You will receive a valuation of your investments quarterly.
- You will also be offered on-line access, which allows 24/7 valuations.
If however our advice does not include the recommendation of a financial product, or a financial product that does not include any investment element, there will be no ongoing client reviews and no ongoing fees.
How much might your services cost?
Not all firms charge for advice in the same way. We will answer any questions you have and we will not charge you anything until you have agreed how we are paid.
What is your hourly rate?
We do not charge by the hour; instead we will always agree how much our fee will be before beginning work.
Our Simple Fee Structure
What are your typical charges?
Nobody likes complex fee structures so ours is refreshingly simple.
First Meeting Fee
A first meeting is always free. We cover the cost of this meeting. We do tend to only meet with individuals referred to us by happy clients.
Annual Fee for our services
Our management fee is levied monthly, charged at the rate of 1/12 of 1% per month based on the ongoing value of your managed portfolio. There are no further hidden fees for our clients. We are happy to give any amount of financial planning advice within our monthly charge.
One-Off Initial Fee
We typically charge 3% of the value invested. Our initial investment advice fee, is for both new clients and for clients investing more with our service. We cap our initial, and subsequent initial fees to no more than £15,000.
Estimated Fee Calculator
One-Off Non-Investment Advice Fee
We do not tend to offer one-off advice to individuals. We prefer to build long term relationships with our clients.
Our fee for new customers who simply require ad-hoc Financial Advice in connection with an existing plan, pension scheme or the purchase of an annuity, will be discussed and agreed at our meeting. This fee will be fixed at outset once we fully understand your requirements.
We reserve the right not to offer one-off non-investment advice.
Do I have to settle your fees by cheque or bank transfer?
No. All our annual fees, and some initial fees, can be deducted directly from your tax-wrappers (plans). However we usually request direct payment by cheque or bank transfer for our advice fees when a new non-pension investment is recommended. Your cheque should be made payable to “Independent Advice Ltd.” for our fees. Our bank details will be supplied upon request.
Will your fees be subject to VAT?
We are a supplier of an exempt intermediary service for VAT purposes. VAT legislation is complex and subject to change. We will inform you if VAT becomes chargeable.
Will my investment cheques and investment bank transfers be made payable to you?
No. Independent Advice Ltd. does not hold clients’ money. Our regulatory permissions state we “May control but not hold client money & assets”. We never 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. The same is true for any bank transfers. We do not accept or handle cash. All investment amounts will be paid directly to the investment provider by you.
Do you only advise on regulated products?
No. A further menu is available on request that details our charges for wills, trusts and lasting powers of attorney.
If I invest, can I change my mind?
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. However, there will be occasions where no statutory rights are granted. If this happens, it will be explained before any contract is concluded.
How do I take withdrawals or indeed all of my investment back?
You simply instruct us to return to your bank account any amount you wish. We always understand these are your life savings. We have never charged clients to take withdrawals, or their full investment balance back, and never will. Unfortunately this principle is remarkably rare in our profession.
Do you invest in an Ethical Manner?
More detail is given in our Monthly Portfolio Service Document. We understand our investment mandate is with you and you alone. We have a clear investment conscience, but understand we should prioritise maximising your returns. We have no obligation to put the needs of global pressure groups or governments first.
What do I do if I am unhappy?
You should contact us straight away. If you wish to register a complaint, please write to the compliance officer at Independent Advice Ltd. 15 Chorley New Road, Bolton, BL1 4QR or telephone (01204) 559696. If we cannot settle your complaint, you may be entitled to refer it to the Financial Ombudsman Service, whose details we will provide. If however you have a compliment to make, perhaps about a helpful member of the team we would be more than happy to hear from you.
What if you cannot compensate me?
We contribute to the funds of the Financial Services Compensation Scheme. You may be entitled to compensation from this scheme if Independent Advice Ltd. ceases to trade and, as a result of our advice, you have suffered a financial loss.
The amount of compensation depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of the first £85,000. Further information on this scheme is widely available. It can be provided on request, or directly from the FSCS at their website www.fscs.org.uk.
Will you look after my personal data?
Any personal data obtained in the course of providing our services to you will be held and processed by us in accordance with the relevant data protection legislation.
If you choose to submit personal information to us you are agreeing that it can be used in the following ways:
- To provide the services described;
- For the prevention of money laundering. We use automated online systems provided by a third party to help us carry out fraud and money laundering checks;
- Personal information will be given to third parties only so far as it is necessary to fulfill these objectives and in accordance with the GDPR. This may include distribution to a third party provider of support services outside of the EEA;
- You agree to the disclosure of personal information to any regulatory authority to which Independent Advice Ltd. is subject;
- Electronic communications between parties in the course of business may be monitored by us in accordance with the relevant legislation;
- We respect your privacy and will not share your personal information with anyone else unless you have given your permission for us to do so.
Although we take all reasonable steps to ensure the security of your personal information over the Internet, such as using available means of encryption and privacy protection, the internet is not an entirely secure environment and for this reason we cannot guarantee that information will not be intercepted read or copied by unauthorised parties. You accept these inherent security implications and will not hold us responsible for any breach of security unless we have been negligent.
Effective Date
This Client Agreement is effective and was last updated on March 8th 2023
Client Declaration
If you are happy with our terms and conditions could you please complete the short form here.