WFSL Client Agreement (Mar 09) by jayjkayelle


                 CLIENT AGREEMENT                                                   FINANCIAL SOLUTIONS LIMITED

                                                                                    Authorised & Regulated by the
                                                                                    Financial Services Authority
Date of Issue:     X___________________________________
                                                                                    Retirement & Investment Planners
Whittaker Financial Solutions Limited is authorised and regulated by the            Mortgage & Protection Advisers
Financial Services Authority. FSA Number 409239
                                                                                    GLENFIELD PARK BUSINESS CENTRE
You can check this on the FSA’s Register by visiting the FSA’s website              BLACKBURN, BB1 5QH or by contacting the FSA on 0845 606 1234.
                                                                                    TEL:             0844 357 0753
Our Commitment to You
                                                                                    FAX:             0844 357 6857
Prior to providing you with any advice we will take time to understand              EMAIL: 
your current needs and objectives, circumstances and attitude to
investment risk. Any advice provided will be confirmed to you in writing.

Client Classification

Whittaker Financial Solutions Limited classifies all clients as ‘retail clients’ for investment business (which
includes pensions) and ‘consumers’ for non-investment insurance business. This means you are afforded all
protections under the rules of the Financial Services Authority (FSA). Should you wish to be classified
differently for investment business please discuss this with your Adviser. In relation to non-investment
insurance business, your adviser will inform you should your circumstances dictate that we would need to
classify you differently.

Methods of Communication

Unless you advise us otherwise, we will communicate with you via the following methods of communication:
Face-to-Face, E-mail, Telephone, Letter and Fax. We will assume that any numbers or addresses, which you
give us, are suitable for private communications unless you tell us differently.

Investment and Non-Investment Insurance Services

Whittaker Financial Solutions Limited is permitted to advise on and arrange (bring about) deals in
investments and non-investment insurance contracts.

With regard to investments and non-investment insurance contracts which we have arranged for you, these
will not be kept under review but we will advise you upon your request. However, we may contact you in the
future by means of an unsolicited promotion should we wish to discuss the relative merits of an investment or
non-investment insurance contract or service which we feel may be of interest to you.

Whittaker Financial Solutions Limited does not handle clients’ money. We never accept a cheque
made out to us (unless it is in settlement of charges or disbursements for which we have sent you an invoice)
or handle cash.

Scope of Advice

Investment:                                      We offer products from the whole market.

Non-investment Insurance:                        We offer products from a range of insurers on the basis of a
                                                 fair analysis of the market
Conflicts of Interest

Whittaker Financial Solutions Limited offers advice in accordance with this agreement. Occasions may arise
where we or one of our other clients have some form of interest in business being transacted for you. If this
happens or we become aware that our interests or those of one of our other clients conflict with your
interests, we will write to you and obtain your consent before we carry out your instructions - and detail the
steps we will take to ensure fair treatment.

                                                                                        Company Registered Address as above
                                                                                              Registered in England & Wales
                                                                                                    Company No: 05090793
Termination of Authority

You or we may terminate our authority to act on your behalf at any time, without penalty. Notice of this
termination must be given in writing and will take effect from the date of receipt. Termination is without
prejudice to any transactions already initiated, which will be completed according to this Client Agreement
unless otherwise agreed in writing. You will be liable to pay for any work undertaken or transactions made
prior to termination and any fees which may be outstanding.

Payment for Services

We want our clients to feel in control of their situation. That includes being able to agree how we get paid for
the work you ask us to undertake. You may pay for our services either by the payment of a fee, payment by
commission (product charges) or a combination of fees and commission. It has taken us many years to
acquire the skills and qualifications to give you advice. We pay for the costs of the FSA, Compensation
Schemes, Insurance and normal staff and office costs. Therefore, our advice cannot be free.

We will never try to “sell” you a product in order to get paid a commission. We would never recommend that
you use one product rather than another because one paid us more commission. Most products can be
arranged with and without commission, so the charges will vary in proportion. We can thus spread some or
all of the cost of our advice over the first years (typically 2-6 years) of a product, if our clients wish to pay us
that way. In the sections below we explain the options for payment. We normally have a combination of the
different options.

Investment and Non Investment Insurance

Option 1:        Paying a fee

Whether you buy a product or not, in this method you will pay us a fee for our advice and services. This will
become payable on completion of our work. If we also receive commission from the product provider when
you buy a product, we will pass on the full value of that commission to you in one or more ways. For
example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or
refund the commission to you (with ongoing pension plans a refund is not allowed).

We will agree the rates we will charge before beginning work. Our typical charges will be based on the
a) Hourly Rate:
                             Director or Technical Specialist            £200 per hour
                             Financial Planner                            £150 per hour
                             Administrator                                £ 50 per hour

You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a
given amount without checking with you first.
b) Lump Sum
We will agree what we will charge you before beginning work. Our typical charges are:

        Individual financial review and report           £800 - £1,500

Your adviser will tell you if you have to pay VAT.

Option 2:        Percentage of funds under advice

We will agree what we will charge you before beginning work. Our typical charges are:

        0.25 – 1.0% of the money value of those funds, where we are available to give advice.

A detailed fee agreement will be provided and explained and your agreement sought before proceeding with
any work on your behalf. We will tell you if you have to pay VAT.
Option 3:       Paying by commission

If you buy a financial product we may receive commission on the sale from the product provider.

Although you may pay nothing to us up front that does not mean our service is free. You will still pay us
indirectly through product charges. Product charges pay for the product provider’s own costs and any
commission. These charges reduce the amount left for investment. If you buy direct, the product charges
could be the same as when buying through an adviser - or they could be higher or lower.

The amount of commission we receive will vary depending on the amount you invest and (sometimes) how
long you invest or your age.

For Example:-

If you invest £100 per month into a unit trust we could receive commission of 4% of all payments plus 0.5%
of the fund value, this would be approximately £48 per annum plus £6 in year one and £12 thereafter (the
actual amount in later years will vary in line with the fund value).

If you paid £100 per month into a personal pension with a term of 25 years then we could receive commission
of 50% of the first 12 months payments plus 0.5% for the fund value, this would be approximately £600
initially and £6 in year one and £12 thereafter (the actual amount in later years will vary in line with the fund

If you invest £10,000 into an investment bond we could receive 7.5% of the initial investment, this would be
approximately £750 as an initial payment.

If you invest £10,000 into a unit trust we could receive commission of 4% of the initial investment and 0.5%
of the fund invested thereafter, this could amount to £400 initially and £50 from year 1 dependent on the
value of your investment (the actual amount in later years will vary in line with the fund value).

If you invest £10,000 into a pension we could receive 5% of the initial investment and 0.5 of the fund value
thereafter, this could amount to £500 initially and £50 from year 1 dependent on the value of your investment
(the actual amount in later years will vary in line with the fund value).

We will tell you how much the commission will be before you complete an investment but you may ask for
this information earlier.

Where regular reviews are provided, the cost of this service may be covered by the annual payment received
from the contract. We will let you know, if this is the case.

Option 4:       Paying by a Combination of Fee and Commission (through product charges)

We could charge you a combination of fees and commission. The actual amounts will depend on the service
provided to you but will be in line with the arrangements set out in the section headed ‘Paying by fee’ and
‘paying by commission (thorough product charges).

Please note that there is a possibility that other costs, including taxes, could be incurred related to
transactions in connection with investment business that are not paid via the firm or imposed by it.

For certain transactions that we recommend to you, Whittaker Financial Solutions Limited will accrue a
notional entitlement under a Discretionary settlement. The value of this entitlement does not impact on the
overall charges applied to your investment and the actual cost to you will be disclosed as required by the
Financial Services Authority.

In addition to the above, for certain transactions that we recommend to you, we will also receive a royalty
payment from the provider as part of the annual management charge. This payment will be made on an
annual basis and again will not affect the charges applied to your contract as disclosed to you at the point of
application. We will be happy to provide you with details of the payments as they relate to your investment
should you request these.

If you wish to register a complaint, you can contact us in writing at the above address or telephone us (local
rate) on 0844 357 0753.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman

Compensation Arrangements

We are covered by the Financial Services Compensation Scheme (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 for 100% of the first £30,000 and 90% of the next £20,000 so
the maximum compensation is £48,000.

Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the
claim, without any upper limit.

Further information about cover and scheme arrangements for other areas of business and the amounts of
compensation in different circumstances is available from the FSCS

Accounting to You

We will forward to you all documents showing ownership of your investments as soon as practicable after we
receive them; where a number of documents relating to a series of transactions is involved, we will normally
hold each document until the series is complete and then forward them to you.

Best Execution

It is our policy to transact your business in order to achieve the best possible results in terms of the nature
and price of the products selected, transaction charges, administration and service excellence. Further details
of our policy regarding this will be provided to you separately.

Clients Consent

This is our standard client agreement upon which we intend to rely. For your own benefit and protection you
should read these terms carefully before signing to agree to them.

The signature to confirm consent and agreement is made on the File copy of “Document and Data Protection
Confirmation”, which we retain for our records as confirmation of the basis of our relationship.

**** If you do not understand any point please ask for further information ****

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