CLIENT AGREEMENT DOCUMENT

 

INVESTMENT SERVICES

 

La Bourse Limited is permitted to advise on and arrange (bring about) deals in investments.

 

With regard to investments 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 (i.e. where you had not expressly requested it) should we wish to contact you to discuss the relative merits of an investment or service which we feel may be of interest to you. 

 

La Bourse Limited does not handle clients’ money.  We never accept a cheque made payable to us or handle cash (unless it is payment in settlement of adviser charges or disbursements for which we have sent you an invoice).  If you do send us money, this may delay your transaction as we may have to return this money to you.

 

REGULATORY STATUS

 

La Bourse Limited – 15 Harley House – 28/32 Marylebone Road – Regents Park - London NW1 5HE is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 116391

 

You can check this on the FCA’s Register by visiting the FCA’s website – www.fca.org.uk/firms/systems-reporting/register - or by contacting the FCA on UK: 0800 111 6768 (free-phone) From abroad: +44 20 7066 1000 - Email: consumer.queries@fca.org.uk

 

The Financial Conduct Authority can be contacted at the following address:  25 The North Colonnade, Canary Wharf, London E14 5HS.

 

CLIENT CATEGORISATION

 

In providing investment services to you, we will categorise you as a retail client .As a retail client, the regulatory protections available to you are determined by this category and will be the highest available” as a retail client.

 

Where we have categorised you other than a “retail client” you may request re-categorisation under a client category which benefits from a higher degree of protection. However, we reserve the right to agree to such a re-categorisation on a case-by-case basis and where we agree to do so it does not necessarily mean that you will have a right of access to the Financial Ombudsman Service.  

 

Which service(s) will we provide you with?

 

Independent advice

We will advise and make a recommendation for you after we have assessed your needs.  Our recommendation will be based on a comprehensive and fair analysis of the market.

 

No advice

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on.  You will then need to make your own choice about how to proceed.

 

CONFLICTS OF INTEREST

 

La Bourse Limited offers advice in accordance with that described in this document.  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 conflicts 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.

 

As a consequence of such potential conflicts of interest arising, we have put arrangements in place to ensure our clients are treated fairly.  We have also implemented a conflicts of interest policy to help us to manage such risks, which you may access upon request.  

 

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 services already provided / transactions already initiated, which will be completed according to the Client Agreement unless otherwise agreed in writing.  You will be liable to pay for any transactions made or carried out prior to termination and any adviser charges or other fees which may be outstanding.

 

RIGHT TO WITHDRAW

 

In the case of many retail investment products – such as life assurance contracts, personal pension schemes, investment bonds, and collective investment arrangements (e.g. unit trusts), a right to withdraw or cancel the contract within a specified period is normally provided.  Details of such rights are ordinarily contained in the product literature (e.g. Key Features document) and/or we may provide details of such rights in a separate communication. 

 

In the case of any non-retail investment products e.g. an ISA wrapper, we will inform you in writing of any right to withdraw or cancel you may have or, if it is the case, we will inform you in writing that no such rights will apply.

 

CLIENTS RISK

 

You are advised that because investments can fall as well as rise, you may not get back the full amount invested.  Past performance is not a guide to future performance.

 

WHAT WILL YOU HAVE TO PAY US FOR OUR SERVICES?

 

You will pay for our services on the basis of an adviser charge, a fee or a combination

 

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.

 

All fee amounts quoted below are exclusive of VAT, expenses and disbursements; these will be added to the invoice if applicable.      

 

What will you have to pay us for our services?

 

You will pay for our services on the basis of an adviser charge/a fee/or a combination of.

 

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 discuss with you the basis of our charges, based on the types of work we are asked to undertake for you.

 

We will discuss with you when you will have to pay our fees, both initial and ongoing.

 

All fee amounts quoted below are exclusive of VAT, expenses and disbursements; these will be added to the invoice if applicable.

 

Advised services

 

For our advised services, you will pay us via an adviser charge.

 

Initial advice service

Our initial advice will be appropriate for you, based on your requirements and circumstances at that time.  We will not ensure that any initial advice remains suitable for you at a later date, unless you select to receive ongoing services from us.

 

Ongoing services

In addition to our initial advice services, you could ask us to undertake further services on an ongoing basis.  Details of any ongoing services that we offer are detailed later within this document. 

 

You may at any time cancel an Ongoing Service by serving your notification of cancellation to us in writing. Upon receipt of your cancellation notice for an Ongoing Advice Service we will arrange for any future payment of any associated charge to cease.

 

Our typical adviser charges are noted below.  The exact amount may be more or less than this, but will be specifically agreed with you based on the work you ask us to do for you. 

 

We will confirm the actual adviser charge in writing within our separate “Services & Payment Agreement”, before providing our services to you.

 

If we do not agree a fixed adviser charge with you at outset, you may ask us for an estimate of how much in total we might charge for any service(s) provided.  You may also ask us not to exceed a given amount without checking with you first.

                                                                                             

The cost of our services

 

Payment for initial advice services

 

We will charge you an initial ‘adviser charge’ of £ 250 for gathering information about your

Circumstances and needs.

 

After this we will charge you:

 

A one-off ‘adviser charge’ as a percentage of the initial investment amount as follows:

 

£ 1 - £ 50,000             3% - subject to a minimum of £ 1,500

£ 50,001 and above - 1% - of the amount invested

 

Example:

 

If you invest a lump sum of £ 125,000 into a personal pension plan, we would charge an ‘adviser charge’ of 3% of the first £ 50,000.00 = £ 1,500.00 minimum fee plus 1% of any monies in excess of this amount, which would mean an initial ‘adviser charge’ of £ 2,250 (£ 50,000.00 x 3% = £ 1,500.00 plus £ 75,000.00 x 1% = £ 750.00 total charge £ 2,250.00) we will offset the initial fee of £ 250.00 against our charge. 

 

We will tell you how much the total initial ‘adviser charge’ will be before you complete an investment, but you may ask for this information earlier.

 

Independent advice service

 

Settling your adviser charge by a single payment:

 

Whether you buy a product or not you, will pay us an adviser charge for our advice and services which will become payable on completion of our work.

 

You will be required to settle the payment of your adviser charge on completion of our work within [28] business days.  We accept cheques.  We do not accept payment by cash.  You will be provided with a receipt upon payment.   

 

A one-off fixed ‘adviser charge’ based on your specific needs and circumstances. The following examples are calculated based on our time, the complexity of the advice and the potential added value to you. Once agreed, the ‘adviser charge’ amount will not change, except where your needs or circumstances differ from our initial expectations.

Charges will be typically:

 

  • £500 – Annual review (minimum)
  • £ 1500 for setting up a pension plan (Minimum)
  • £ 1500 for investment advice (or Pension transfer) up to £50,000 and 1% thereafter for every £50,000
  • 1% of the loan amount for mortgage, buy to let or commercial loans (of which 50% of the fee is payable on offer). Sourcing fee be charged between £299 and £699 depending on the time spent on research

 

These fees will cover

 

  • Researching the market to establish a suitable investment option:       
  • Recommend any suitable investment products:                                     
  • Act between you and the relevant product provider with the view of arranging the

agreed investment product  

 

An ‘adviser charge based on the amount of time spent, as per the following hourly rates:

 

Advice:             £ 150.00

Administration: £ 125.00

Research:        £ 125.00

 

Example:

 

If the amount of time taken to advise on and arrange a suitable product for you in 6 hours advice, 2 hours administration and 2 hours research, this would mean a total initial ‘adviser charge’ of £ 1,400.00 would be payable. Example (6 hours of advice x £ 150.00 + 2 hours administration x £ 125.00 + 2 hours research x £ 125.00 = total charge £ 1,400.00).

 

We will tell you how much the total initial ‘adviser charge’ will be before you complete an investment, but you may ask for this information earlier.

 

Payment for ongoing services

 

There will be an additional charge for any on-going work, such as periodic or on-going reviews we carry out on your behalf.  We will confirm the rate, frequency and length of any on-going service(s) before commencing that on-going service.

 

On-going services offered:

 

•           On-going meetings

•           Reporting

•           Investment Management

•           Contact

•           Administration

•           Professional services

 

More details on the services we offer will be provided separately.

 

Example:

 

Type of service: Twice yearly reviews

 

How much our on-going charges might cost if based on a percentage of fund value:

 

  • Based on a fund value of £ 100,000.00 an on-going charge of 1% of this amount would mean that it would cost £ 1,000.00 per annum to provide an on-going service (£ 100,000.00 x 1%= £ 1,000.00). If the fund value increases over time, the on-going charge then increases accordingly.

 

 We will agree what will be charged before any service(s) provided and the amount will be confirmed within our ‘Service & Payment Agreement’.

 

The cost of our services

 

We will tell you how we get paid and the amount before we carry out any business for you.

 

Any outstanding amounts, as at the date of cancelling the recommended product / transferring to another firm or adviser, will be due to be paid in full within 28 business days of the termination / transfer date.  An invoice will be raised for the full outstanding amount.

 

Information about other costs and associated charges

 

There may be other costs, including taxes, that are payable through other parties (such as the product provider) that we may not be party to. Such charges are normally disclosed in relevant third party documentation, for example a Key Features Document.

 

ACCOUNTING TO YOU

 

We will confirm to you in writing the basis or our reason for recommending the transaction executed on your behalf.

 

We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. 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.

 

INVESTMENT OBJECTIVES & RESTRICTIONS

 

Following the issue of this document, any subsequent advice or recommendation offered to you will be based on your stated investment objectives, agreed level of risk you are prepared  / able to take and any restrictions you wish to place on the type of investments or policies you are willing to consider. Details of your stated investment objectives will be identified during our discussions with you and confirmed within the suitability report that we will issue to you to confirm our recommendation(s). Unless confirmed in writing, to the contrary, we will assume that you do not wish to place any restrictions on the advice we give you.

 

BEST EXECUTION POLICY

 

It is in the interests of our clients and La Bourse Ltd that we obtain the best possible result when placing orders with other firms (e.g. third party brokers) for the execution of client orders or when transmitting orders on behalf of clients for particular investments.  We are required under the Rules of the Financial Conduct Authority to take all reasonable steps to provide ‘best execution’ when carrying out such transactions. 

 

Where we place or transmit orders for such investments on behalf of our clients, we may utilise the services of a third party broker and base our decision to place or transmit an order on the price and cost of execution of the order.  For orders in collective investment schemes (e.g. unit trust), however, the price of units in the scheme is normally set by the scheme operator or manager and as such we have little influence over the price available. 

 

Full details of our best execution arrangements are provided in our Best Execution Policy, a copy of which can be provided on request.

 

MODE OF COMMUNICATION

 

We will enter into communication with you through whatever means are convenient to you and us, including face-to-face, telephone, e-mail and other acceptable electronic communication methods.

 

Our communications with clients will ordinarily be in English, both in respect of oral and written communications.

 

What to do if you have a complaint

 

If you wish to register a complaint, please contact us:

  • In writing: Write to La Bourse Limited – 15 Harley House – 28/32 Marylebone Road – Regents Park – London NW1 5HE
  • By phone: Telephone 0207.487.4745.

 

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

 

The website address for the Ombudsman is: www.financial-ombudsman.org.uk

 

Are we covered by the Financial Services Compensation Scheme (FSCS)?

 

We are covered by the 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 up to a maximum of £50,000.  Further information about compensation scheme arrangements is available from the FSCS

 

DATA PROTECTION

 

Please refer to the separate Data Protection Statement that we have issued to you that sets out how we collect and use data about you.  

 

CLIENTS CONSENT

 

This is our standard client agreement upon which we intend to rely. For your own benefit and protection you should read the terms carefully before signing, as by signing you consent to the terms contained within. If there are any terms within this agreement that you do not understand, please ask for further information. The Client Agreement will come into effect from the date of acceptance of this agreement, which will be confirmed by the date provided in the ‘date of signature’ box below, unless otherwise stated. 

 

La Bourse Ltd registration number 116391, Authorised and Regulated by the Financial Conduct Authority (FCA)