Providus Financial Ltd is able to act on your behalf in advising you on investments and non-investment insurance contracts. We offer products and services as follows:
- Investments – we offer an independent advice service. We will recommend investments from the whole of the market.
- Non–investment protection contracts – we offer non-investment protection products e.g. term assurance, income protection and critical illness from the whole of the market.
- We offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
We offer you an initial discussion at our expense during which we will describe our services more fully and explain the payment options. If you decide to go ahead, we will:
- Gather and analyse personal financial information about you and your needs and objectives;
- Recommend and discuss any action we think you should take and, with your agreement, arrange relevant solutions for you.
Your aims and objectives
Unless we notify you in writing to the contrary, we will treat you as a “retail client”. This means that you are afforded the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Service.
Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.
With very few exceptions, we will confirm to you in writing the basis of our recommendations along with details of key risks associated with the products recommended. Full details of the products we recommend to you including, for example, the minimum duration of the product, information on your right to cancel or whether no right to cancel exists, and any other early termination rights and penalties, will be covered in the relevant product disclosure information you will receive before conclusion of any contract. We will issue any documentation/recommendations and any other communication to you in English (unless agreed otherwise).
In executing or transmitting applications on your behalf to third parties, we will take all reasonable steps to ensure that we obtain the best possible result for you in terms of best execution. We may also, on occasion, advise on other financial products which are not regulated by the FCA under the Financial Services and Markets Act 2000. The Financial Services Compensation Scheme does not apply to these products.
Under the terms of this agreement, we may, if appropriate, advise you on investments which are not readily realisable. We draw your attention to the risks associated with these investments as there is a restricted market for them. In some circumstances it may therefore not be possible to deal in the investment or obtain reliable information about its value.
Please note that any products we have arranged for you will only be kept under review as part of an agreed ongoing service for which you agree to pay. Any ongoing service will be agreed with you in writing in a fee and services agreement. We may contact you in the future by means of an unsolicited promotion (by telephone, email or post) should we wish to discuss the relative merits of a particular product or service which we feel may be of interest to you.
Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets and other economic factors outside our control. Past performance is not to be treated as a guide to future performance. Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in your suitability report.
Neither Providus Financial Ltd nor its employees are qualified to render legal or accounting advice or to prepare any legal or accounting documents. It is hereby understood and agreed that the onus is on you the client to refer to a solicitor or accountant any point of law or accountancy that may arise during the course of discussions with us.
We ask clients to give us written instructions to avoid possible disputes. We accept oral instructions if confirmed in writing. If you decline to give relevant information, we may not be able to act for you. You must give complete, accurate information to us and insurers when setting up your policy, throughout its life and when renewing your insurance. If you fail to disclose any material information to us or your insurers this could invalidate your insurance and could mean that part or all of a claim may not be paid. Our agreement comes into effect when you sign it and the Contracts (rights of Third Parties) Act 1999 shall not apply. This agreement shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
You or we may terminate this agreement 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 these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees outstanding, if applicable.
Any ongoing service we provide is optional and as above you can stop our ongoing charge and cancel the agreement by writing to us, at any time. Please refer to the appropriate agreement for full details of the service provided under each arrangement.
Providus Financial Ltd is not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.
We will register your investments in your name unless you instruct us otherwise in writing. In certain cases these may be registered under a nominee company although you remain the beneficial owner. All contract documents will be forwarded to you as soon as practicable after we receive them. If there are a number of documents relating to a series of transactions, we will normally hold each one until the series is complete and then forward them to you.
In most cases you can exercise a right to cancel by withdrawing from the contract. In general terms you will normally have a 30 day cancellation period for a life, pure protection, payment protection or pension policy and a 14 day cancellation period for all other policies.
For pure protection policies the start of the cancellation period will normally begin on the day when the contract has been concluded or, if later, when you have received the contractual terms and conditions. Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure information which will be issued to you.
If you cancel an investment contract you may have pay for any loss reasonably incurred in cancelling, which is caused by market movements. This means that in some circumstances you may not get back the full amount invested if you cancel the policy.
Providus Financial Ltd is authorised and regulated by the Financial Conduct Authority (‘FCA’), 25 The North Colonnade, Canary Wharf, London, E14 5HS. Our FCA Register number is 705852. Our permitted business is advising on and arranging pensions, savings and investment products, mortgages and non–investment insurance contracts. You can check this on the FCA’s Register by visiting the FCA’s website http://www.fca.org.uk/firms/systems-reporting/register/search/financial-services-firms or by contacting the FCA on 0800 111 6768.
In the event that you are dissatisfied with a recommendation we have made you may be entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us;-
In writing: Write to our Compliance Officer at 20 The Avenue, London E4 9LD
By phone: Telephone 0333 456 0 468
For your further protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’). Please be assured we treat complaints very seriously.
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;-
Investments – 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.
Mortgages – advising and arranging is covered up to a maximum of £50,000.
More information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk
Conflict of interest
We endeavour always to act in the best interests of our clients. However, circumstances can arise where we or one of our other clients may have some form of interest in business being transacted for you. If this happens or we become aware that our interests or those of another client conflicts with your interests, we will write to you and obtain your consent before we carry out your instructions, detailing steps we will take to ensure fair treatment.
Disclosure of charges/fees
All charges/fees will be fully disclosed to you. These will be agreed with you before we undertake any chargeable work for you. The precise charges relating to any work or recommendations we make will also be confirmed in your suitability report or relevant product disclosure information that is provided to you.
Following our initial discussion which is at our expense, should you decide to go ahead there is a cost for our services. We offer a variety of methods by which we can be remunerated so that you can select the method that best suits your needs. We will discuss your payment options with you and answer any questions you have.
We will not charge you until we have agreed with you how we are to be paid. We will tell you if you have to pay VAT.