Terms of business

OUR OBLIGATIONS
OUR RECOMMENDATIONS

• Before providing advice, we will assess your needs, consider your financial objectives, and assess your attitude to any risks
  that may be involved. If you do not want to discuss a particular area of financial planning and that area should not form part
  of the advice given, we can exclude it, if you instruct us to do so. This might of course have a bearing on the advice that might
  have been given.
• Before making any recommendations, we will carry out a suitability assessment so that we are able to act in your best
  interests.
• We will confirm any recommendations we make in writing (our suitability report) along with details of any special risks that
  maybe associated with the products or investment strategies we’ve recommended.
• Our recommendations will generally be valid for a period of 3 months from the date of your Financial Planning Report.
  Beyond this stage, if you wish to implement some of our recommendations, further analysis may be required which might
  incur an additional fee.
• Where we agree to provide you with a service that includes an ongoing review of the suitability of the investments we have
  recommended, we will carry out this review at least annually. To do this we will need to contact you to assess whether the
  information we hold about you remains accurate and up to date. We will issue you with a report setting out the results of our
  assessment and, if relevant, any updated recommendations. We will let you know if this service is included within your
  ongoing service package.
• 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, or other economic factors, which
  are outside our control. Past performance is not necessarily a guide to future performance.
• Specific warnings relevant to the investments, investment strategies or other products we arrange are provided in the
  relevant product literature provided.
• Where we recommend investment in a platform, we will discuss with you how you wish to pay for the cost of advice and
  that certain other deductions will be made from the investment portfolio on the platform. We will also discuss and agree with
  you a disinvestment strategy for each product wrapper. This allows the platform to automatically sell funds to cover your
  charges due if there isn’t enough cash on the platform to pay for these. By signing the Declaration at the end of this Client
  Agreement you consent to the platform implementing the disinvestment strategies as and when required.
• We may, where appropriate, recommend holding some, or all, of your investments with a discretionary fund manager
  (DFM), a professional investment manager appointed to monitor your portfolio and make investment decisions on your
  behalf. In such cases we will explain the respective responsibilities of ourselves and the DFM in relation to your investments.
• In some circumstances we may need to act as your ‘agent’ in relation to the part of your portfolio held with a DFM. This
  means that you won’t have a direct contractual relationship with the DFM and the DFM will instead treat our firm as its client.
  Before setting up this type of arrangement, we will explain the implications to you.
• We may occasionally recommend investments that cannot be readily encashed. We will only do this where appropriate but,
  if we do, we will draw your attention to the risks associated with the investments in our suitability report. There is a restricted
  market for such investments, and in some circumstances, it may not be possible to deal in the investment or obtain reliable
  information about its value.

FINANCIAL CRIME

• We are obliged to put in place controls to prevent our business from being used for money laundering and other forms of
  financial crime.
• We will verify your identity before undertaking any business with you. To do this we may use electronic identity verification
  systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. The
  check may leave a ‘footprint’ on your credit file, but it will not affect your credit rating.

BEST EXECUTION

• Where we send investment applications on your behalf to third parties (e.g. to put an investment into force), we will take
  all sufficient steps to ensure that we obtain the best possible result for you. This is referred to as ‘best execution’.
• We have a best execution policy. If you want to see a copy, please ask us.

CONFLICTS OF INTEREST

• Although we will always try to act in your best interests, there may be situations where we or one of our other clients has
  some form of interest in the business being transacted for you. If this happens or we become aware that our interests or
  those of one of our other clients’ conflicts with your own interests, we will write to you and ask for your consent to proceed
  before we carry out any business for you. We will also let you know the steps we will take to make sure you are treated fairly.
• We have a conflicts of interest policy. If you want to see a copy, please ask us.

COMMUNICATING WITH YOU

• Our normal ways of communicating with you are by telephone, post, email and in person. Our communications will be in
  English.
• We may ask you to confirm your instructions to us in writing as this helps to avoid any future misunderstandings.

YOUR OBLIGATIONS

This section sets out your obligations in agreeing to receive our services.

PROVIDING INFORMATION ABOUT YOUR CIRCUMSTANCES

• Our advice will be based on the information that you give, so it’s important that you provide us with accurate and up to
  date information when we request details about your circumstances and objectives. This will allow us to provide you with
  suitable advice. If the information you provide is inaccurate or if you limit the information provided this could affect the
  suitability of the advice we give.

PAYMENT FOR SERVICES

• By signing your Adviser Charging Agreement (ACA), you are agreeing to pay the charges for our services.
• As we act on your behalf as an intermediary with a view to arrangement of a transaction, our fees are presently exempt
  from VAT which means we do not usually have to make an additional charge for VAT. If we do have to charge you for a
  service which is subject to VAT, we will inform you in advance.
• BHP Financial Planning do not handle client money, except in respect of settlement for agreed fees. In all other
  circumstances, cheques and direct payments should be made payable to the product provider only and we do not accept
  cash payments.
• Any products we have arranged for you will only be kept under review as part of an ongoing service for which you have
  agreed to pay. Our ongoing services are optional, but if you agree to purchase an ongoing service, unless otherwise
  agreed, the ongoing service will be provided as a follow up to the initial service.
• Our charges for ongoing services will start on the inception of any recommended pension or investment contract.
• Ongoing services can be cancelled at any time by informing us in writing (see section 3 – Cancellation and amendments)
  but please note that we do reserve the right to charge you for services we have provided before cancellation.
• Where our charges are based on a percentage of your investments, the amount of our ongoing charges may increase as
  the size of your fund grows.

CANCELLATION & AMENDMENTS
ENDING THIS AGREEMENT

• You or we may terminate this agreement at any time, without penalty.
• Notice of termination must be given in writing and will take effect 30 days from the date of receipt.
• Any transactions already initiated will be completed according to this agreement unless otherwise agreed in writing.
• You will be liable to pay for any services we have provided before cancellation and any outstanding fees, if applicable.

AMENDMENTS

• From time to time, it may be necessary to amend the terms set out in this agreement where it is not necessary to issue a
  new agreement. If this is the case, we will write to you with details of the changes at least 28 days in advance.

PRODUCT CANCELLATION RIGHTS

• Full details of any financial products we recommend to you will be provided in the relevant product information you will
  receive. This will include information about any product cancellation rights.

USEFUL INFORMATION ABOUT OUR SERVICES
WHO AUTHORISES US TO ADVISE YOU?

• We are authorised and regulated by the Financial Conduct Authority (FCA), 12 Endeavour Square, London E20 1JN.
  www.fca.org.uk. Our firm reference number is 191336.
• Our permitted business is advising on and arranging pensions, savings and investment products and non-investment
  insurance contracts.
• You can check our details on the Financial Services Register by visiting the FCA’s website. www.fca.org.uk/firms/
  systems-reporting/register or by contacting the FCA on 0800 111 6768.
• Unless we tell you otherwise, we will treat you as a retail client for investment business. This means that you are given the
  highest level of protection available under the UK’s regulatory system.
• We are not qualified to provide legal or accounting documents. This means that the onus is on you to refer any point of
  law or accountancy that may arise during your discussions with us, to a Solicitor or Accountant.

WHAT IF THINGS GO WRONG?

• If you are unhappy with our advice or any aspect of our services, we encourage you to contact us as soon as possible.
  We will do our best to resolve your concerns.
• Telephone: 0114 2667171
• In writing: Joy Clegg, BHP Financial Planning Limited, 2 Rutland Park, Sheffield, S10 2PD.
• We have a complaints procedure, and we can provide further details on request. If you do have a complaint, and you are
  not happy with our response, the Financial Ombudsman Service (FOS) may be able to help. The FOS settles disputes
  between financial services businesses and their clients. Full details are available at www.financialombudsman.org.uk.

ADDITIONAL PEACE OF MIND

• The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation fund for customers of
  authorised financial services firms who are unable to pay claims against them, usually because they have gone out of
  business.
• You may be able to claim compensation from the FSCS if we can’t meet our obligations. The amount of compensation
  available will depend on the type of business and the circumstances of the claim. We can provide more specific
  information on request, but as a guide:
  Investments – eligible claims for most types of investment business are covered for up to a maximum of £85,000.
  Insurance – in most cases, eligible claims about the advising and arranging of protection products are covered for 100%
  of the claim, without any upper limit.
• Further information is available from the FSCS at www.fscs.org.uk.

BENEFITS WE MAY RECEIVE

• Under the rules of our regulator, the FCA, as a firm providing independent advice, we are unable to accept or retain
  payments or benefits from other firms (e.g. product providers) as this would conflict with our independent status.
• From time to time, we may attend training events funded and/or delivered by product providers, fund managers and
  investment platforms. These events are designed to enhance our knowledge and enhance the quality of service we
  provide to our clients. As such this doesn’t affect our obligation to act in your best interests. Please ask us if you want
  further details.

PROTECTING YOUR PERSONAL INFORMATION

• To provide our services properly, we will need to collect information about your personal and financial circumstances. We
  take your privacy seriously and will only use your personal information to deliver our services.
• Processing of your personal data is necessary for the performance of our contract for services with you. Generally, this
  is the lawful basis on which we intend to rely for the processing of your data. (Please see the reference to special
  categories of data below). Our policy is to gather and process only that personal data, which is necessary for us to conduct
  our services appropriately with you.
• We adopt a transparent approach to the processing of your personal data. Sometimes, we may need to pass your
  personal information to other organisations. If you apply to take out a financial product or service, we will need to pass
  certain personal details to the product or service provider.
• We may engage the services of third-party providers of professional services to enhance the service we provide to you.
  These parties may also need to process your personal data in the performance of their contract with us. Your personal
  information may be transferred electronically (e.g. by email or over the Internet) and we, or any relevant third party, may
  contact you in future by what we believe to be the most appropriate means of communication at the time (e.g.
  telephone/email/letter, etc.). If you wish to know the names of these third parties, please contact us for further information.
• The organisations to whom we may pass your details also have their own obligations to deal with your personal
  information appropriately. Sometimes, a product or service may be administered from a country outside Europe. If this
  is the case, the firm must put a contract in place to ensure that your information is adequately protected.
• Our Privacy Notice is available on request. This is a separate document which provides more information about the
  nature of our personal data processing activities, and includes details of our retention and deletion policies as well as
  your rights of access to the personal information that we hold on you.
• As part of this agreement, we will ask you to consent to the transfer of personal information in accordance with the
  protections outlined above.
• Special categories of personal data: there are certain categories of personal data that are sensitive by nature. The
  categories include data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union
  membership and data concerning health. Depending on the nature of the products and services that you engage us
  for, we may need to obtain your sensitive personal data, particularly in relation to health. Our policy is that should we
  require any special category of personal data, we will only gather this with your explicit consent.
• If you are concerned about any aspect of our privacy arrangements, please speak to us.

FINANCIAL FORECASTING – what you need to know

BHP Financial Planning Ltd uses cashflow modelling when preparing lifetime financial forecasts for clients. Whilst we
endeavour to produce a forecast that reflects your circumstances and objectives, there are inevitably some limitations
which you should bear in mind when reading this report.

• This model has been prepared using the information that you have supplied and on which we are relying. You should
  check its accuracy and let us know if you spot an error or feel something is missing. Any change to your personal or
  financial circumstances is likely to have an effect upon the model and the assumptions we make. In such
  circumstances, we strongly recommend that you tell us, and you request that we run the model again so that we can
  discuss the effect of the changes and any implications that arise.
• This model has been run using assumptions on the rate of inflation, investment return, increases in earnings and
  income, tax allowances and exemptions as well as dates of events in the future. Any of these assumptions are at best
  approximations and are likely to be more or less than the amounts used. Tax and financial regulations can change in
  the future, and any changes are likely to affect your financial forecast. This is why we always recommend you update
  your financial forecast at least annually and certainly whenever your circumstances change so that it remains relevant.
• The data in this report is for your information only and any recommended course of action will be confirmed in
  writing separately. If the model suggests any action such as investing, saving, spending, gifting, insurance, or anything
  else which results in a recommendation for a regulated financial product, then that recommendation will be confirmed
  in a separate report.
• This model may suggest certain courses of action which need to be implemented by you. Failure to implement will
  impact on your financial forecast.
• This model looks into the future using known current facts and projected assumptions. It is not a prediction but an
  indication of what might happen. When an aeroplane takes off from Heathrow with the intention of landing in JFK, New
  York, the pilot has to constantly adjust to changing circumstances in order to get there. The plane may fly on autopilot
  for some of the time, but the pilot must be prepared to make decisions, take advice from ground control and take
  action. Your financial plan is no different. Without your constant intervention and decisive action, you are not only likely
  to have a bumpy ride, but it’s also possible that you might not end up in New York!
• You are free at any time to take this financial model to another adviser of your choice who may or may not choose
  to use this report to advise you in connection with a regulated financial product. If this report is so used, then the
  suitability of any recommended financial product is the responsibility of that adviser. You and your adviser need to
  decide whether or not this report is helpful in connection with that advice. BHP Financial Planning Ltd will not be
  responsible for any damages or losses arising from the use of this report independently of any recommendations made
  by us.
• Financial modelling is not regulated by the Financial Conduct Authority or any other regulator. This means that in the
  event of a complaint that has not been resolved to your satisfaction, you may not be able to refer your complaint to the
  Financial Ombudsman Service (FOS).