SINGER FINANCIAL TRUST TERMS OF BUSINESS
1 Authorisation and Scope
1.1 Singer Financial Trust whose registered office is 32 Threadneedle Street, London EC2R 8AY (telephone 020 7763 6200) is authorised and regulated by the Financial Services Authority (FSA) for the purpose of conducting designated investment business and non-investment insurance business. Singer Financial Trust is bound by the rules of the FSA in the conduct of such business, its FSA registered number is 185530. This can be checked on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
1.2 Singer Financial Trust is authorised to advise on and arrange investment contracts (e.g. pensions, investments in authorised unit and investment trusts, personal equity plans, individual savings accounts and non-investment insurance contracts (e.g. critical illness insurance, life assurance, permanent health insurance and private medical insurance) on a Whole-of-Market basis; that is, after undertaking a Fair Market Analysis of a suitable range of different providers’ products.
1.3 The following terms apply for the purposes of regulated activities outlined in this Terms of Business and Singer Financial Trust directly addresses them to you as the Individual Customer.
1.4 Under the rules of the FSA, Singer Financial Trust will treat you under the classification of Retail Client (investment business) and Retail Customer (non-investment insurance business).
1.5 These ‘Terms of Business’ are designed to come into force upon receipt of an instruction or agreement from you for the provision of any service or advice or arranging of an investment or non-investment insurance
contract on your behalf.
1.6 The cancellation rights that apply to the contract. You will have a minimum of 14 days commencing at the conclusion of the contract in which to cancel but for the majority of contracts the cancellation period will be 30 days.
2. Your Investment Objectives, Insurance Needs and the Services Singer Financial Trust will provide
2.1 In addition to making calls at your express invitation, we may contact you at intervals to review your requirements. This may involve writing or telephoning you to outline possible changes in legislation or to advise you on services, investments or insurances that might be of particular interest. This contact and any subsequent transactions arranged will be deemed to be successive operations and no disclosure will take place, unless there has been a material change to these Terms of Business and subject to a maximum of 12 months since the previous contact.
3. Administration
3.1 Your instructions to Singer Financial Trust to act are normally required in writing to avoid possible disputes. Verbal instructions will be accepted at the discretion of Singer Financial Trust, and will be required to be confirmed in writing (this may take the form of letter, email or facsimile) as soon as reasonably possible thereafter.
3.2 Singer Financial Trust will not commit you to any investment or insurance beyond those requested by you.
3.3 All investments and insurances will be registered in your name unless otherwise agreed in writing. Documents of Title in respect of investments and insurances will be forwarded to you following receipt and checking by Singer Financial Trust, unless you request otherwise in writing. Where a number of documents relating to a series of transactions are involved, the documents will normally be retained until the series is complete. Singer Financial Trust do not hold Documents of Title in safe custody for clients.
3.4 Singer Financial Trust do not hold Documents of Title in safe custody for clients.
3.5 Singer Financial Trust do not obtain investments or insurances in the name of a third party.
3.6 When Singer Financial Trust has arranged any investments or insurances for which you have given instructions as a consequence of Singer Financial Trust’s recommendations, then Singer Financial Trust will not provide further advice on these unless you so request or unless Singer Financial Trust commits in writing, to you, an obligation to provide ongoing investment or insurance advice.
3.7 It is your responsibility to provide complete and accurate information to Singer Financial Trust and product providers when you effect your policy, throughout the life of your policy and when you renew your insurance. It is important that you ensure that all statements you make on proposal forms, claim forms and other documents are full and accurate. If you fail to disclose any material information to Singer Financial Trust and your product provider this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.
3.8 It is not our normal practice to make unsolicited attempts to promote financial instruments to you in “real time” scenarios (e.g. such as through an unsolicited telephone call). If we do contact you in this context our representative will make clear at the outset the purpose of the call, check that you wish to proceed, and respect your right to terminate the communication immediately upon your request.
3.9 Singer Financial Trust’s normal practice is to request that premiums, investment monies or other settlements are paid direct to the product provider.
4. Records
Singer Financial Trust maintains records of all its business transactions for a period of six years. However, any records we hold relating to pension transfers, pension opt-outs or Free Standing AVC’s will be retained by us indefinitely. You have a right to inspect certain records relating to your personal data, which are held by Singer Financial Trust (whether kept manually or electronically). Should you wish to make such an inspection you should initially forward your request to the Compliance Manager at the address in Section 7 of these Terms of Business. Singer Financial Trust reserves the right to make a reasonable charge in relation to the costs of arranging this inspection.
5. Conflicts of Interest
Occasions can arise where Singer Financial Trust, or one of Singer Financial Trust’s customers, will have some form of interest in business being transacted by Singer Financial Trust for you. If this happens, or Singer Financial Trust become aware that its interests or those of one of its customers conflicts with your interests, Singer Financial Trust will inform you in writing and obtain your consent before carrying out your instructions.
6. Remuneration – Commission/Fees
6.1 Please refer to the Key Facts about our Services.
7. Complaints
7.1 If you have any complaint about the advice or service which you have received or a product, which you have bought, then write in the first instance to The Compliance Manager at the following address: The Compliance Manager, Singer Financial Trust Consultants Limited, 32Threadneedle Street, London, EC2R 8AY or Telephone: 020 7763 6200.
7.2 If your complaint is not ultimately handled to your satisfaction after being dealt with according to our internal complaint handling procedures then you may subsequently refer your complaint to the Financial Ombudsman Service. A copy of our internal procedures is available upon request, but will be provided to you in any event should you make a complaint.
7.3 Singer Financial Trust maintain and regularly review Professional Indemnity Insurance for the protection of its clients against loss as a result of negligence by any of Singer Financial Trust’s staff or Principal. However, in the event of you having a valid claim against Singer Financial Trust in respect of any investments or insurances that Singer Financial Trust has arranged for you, and Singer Financial Trust being unable to meet its responsibilities to you in full, you may be entitled to redress from the Financial Services Compensation Scheme (FSCS). This depends on the type of business and the circumstances of the claim. Most types of investment business are covered up to a maximum of £50,000. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information about compensation arrangements is available from the Financial Services Compensation Scheme.
8. Data Protection Act 1998
8.1 Singer Financial Trust will process personal data supplied by you for the purpose of completing any transaction and, in accordance with its notification under the Act, will comply with the eight principles of good practice.
8.2 All personal information about you will be treated as private and confidential.
8.3 Singer Financial Trust will, where necessary, process your personal data and sensitive personal data (e.g. medical information) for the purposes of arranging and completing transactions for you, and providing advice to you, in relation to the services described in Section 2 of these Terms of Business and detailed in the Services and Costs Disclosure Document. We may disclose your personal data to the FSA as part of their system of regulation.
Information may also be disclosed to others with a view to preventing fraud or improper claims. Your express consent for us to use your data in this way will be deemed to have been given by you when these Terms of
Business come into force in accordance with Section 1 of these Terms of Business.
8.4 Singer Financial Trust is registered under the Data Protection Act 1998. Under this Act you have the right to see personal information about you that we hold in our records as explained in Section 4 of these Terms of Business. If you have any queries in this respect then please write to the Compliance Manager at the address in Section 7 of these Terms of Business.
8.5 Singer Financial Trust would, on occasions like, to keep you informed of products and services, which we consider may be of interest to you. If you do not wish to receive marketing information from us please tick the box below.
9. Termination
9.1 You, or Singer Financial Trust, may terminate the authority of Singer Financial Trust to act on your behalf at any time. Notice of such termination must be given in writing and will be effective immediately upon receipt of the written notice.
9.2 Such termination will be without prejudice to the completion of any transactions already initiated on your behalf.