CLIENT AGREEMENT DOCUMENT
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. Ongoing advice will be offered and provided if you agree to take these services. Ongoing services can be terminated at any time.
For any investment services provided we will be acting on your behalf unless otherwise stated.
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.
Independent advice – We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a sufficient range of retail investment products, financial instruments and structured deposits.
A ‘sufficient range’ means that the products that we will advise on and recommend will be sufficiently diverse with regards to their type and issuers or product providers to ensure that our clients investment objectives can be suitably met.
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 Financial Services Register number is 116391.
Our permitted business is advising on, arranging, and making arrangements with a view to investments.
You can check this on the Financial Services Register by visiting the FCA’s website – https://www.fca.org.uk/register or by contacting the FCA on Telephone No: 0800 1116768
Address: 25 The North Colonnade - Canary Wharf - London - E14 5HS .
For Retail Clients:
Unless you receive confirmation in writing to the contrary, in all our dealings on investment matters you will be treated 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 (FOS).
Where we have categorised you other than as 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.
Further information in respect of the Financial Ombudsman Service is available on their website at the address below:
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 will ordinarily be in English both in respect of oral and written communications.
We are required by our regulators (the FCA) to keep records of any telephone conversations or other electronic communications with our clients in relation to the arranging of transactions in investments that are categorised as financial instruments.
Please note that for telephone conversations the records will be obtained by taping calls.
The term ‘electronic communication’ covers many categories of communications and includes (amongst others) video conferencing, fax email, Bloomberg mail, SMS, business to business devices, chat, instant messaging and mobile devices applications.
A copy of our call recording policy is available upon request.
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.
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.
HOW WE CHARGE YOU FOR OUR SERVICES
The method of paying for our services will depend on the type / level of service(s) provided. We will discuss your payment options with you and answer any questions you may have.
For advised services, you will be charged an adviser charge. The actual amount will depend on the service(s) provided to you and the amount will be agreed with you before we carry out any work that we will charge you for:
Our ‘Fee Agreement’ that we will issue to you, will contain details of how much you will be charged and how payment is to be made.
Charges will be typically:
- £ 500 – Annual review (minimum)
- £ 1,500 for setting up a pension plan (Minimum) and upto a value of £ 50,000
- £ 1,500 for investment advice (Minimum) and up to £50,000 and 1% thereafter
If you invest a lump sum of £ 125,000 we would charge an ‘adviser charge’ of £ 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 = £ 1,500.00 plus £ 75,000.00 x 1% = £ 750.00 total charge £ 2,250.00).
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.
We will advise and make a recommendation for you after we have assessed your needs for all non-investment insurance products that we deal with, such as term assurance, critical illness, income protection and private medical insurance. Our recommendation will be based on a comprehensive and fair analysis of the market.
We offer an ‘advised’ sales service, which means we will provide advice and make a recommendation for you after we have assessed your specific needs and circumstances.
You will pay for our services on the basis of:
A fee of £ 250 for non-investment insurance contracts payable at the outset.
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.
You will pay for our services on the basis of:
A fee of 1% of the loan amount when you apply for a mortgage. For example, if the mortgage is £ 450,000, you will have to pay us a fee of £ 450,000 x 1% which equals a total of £ 4,500. Please note: 50% of this fee is payable on offer. A sourcing fee will be charged between £299 and £699 depending on the time spent on research.
Execution only service
We do not offer an execution only service.
Once you have paid our fees upon receipt of the offer and on completion, no refund will be made by us under any circumstance.
ACCOUNTING TO YOU
We will confirm to you in writing the basis of our service and the reasons for recommending any transactions transmitted or executed on your behalf. Where you agree to an ongoing advice we will provide regular reports to you regarding that service.
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.
NOMINEE & SAFE CUSTODY SERVICES
La Bourse Limited does not safeguard or administer client assets but we may arrange business through platforms, which will provide custody services for your assets. Where this is the case, the legal title of investments will be registered in the name of the third party’s nominee.
Transactions will be transmitted to the fund supermarket, investment wrap platform, or similar third party investment institution for them to execute. Money or transferred assets will be placed immediately with that third party for investment – we will never hold the assets for you. We will provide you with the relevant account opening details for the identified third party such as their Terms & Conditions, Nominee and Safe Custody Service, Best Execution Policy, Execution Venues and Conflicts of Interest Policy (or equivalent documents). The legal title of investments will be in the name of the third party’s nominee.
For non-platform business we will make arrangements for your investments to be registered in your name unless you first instruct us otherwise in writing.
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.
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 and / or services carried out prior to termination and any adviser charges or other fees which may be outstanding.
CONFLICTS OF INTEREST
La Bourse Limited offers services in accordance with that disclosed to you in our initial disclosure document. Occasions may arise where the firm, an employee, or other associates of the firm has competing professional or personal interests which may prevent these services being provided to clients in an independent or impartial manner.
La Bourse takes all the appropriate steps to prevent conflicts of interests from occurring in line with the firm’s conflicts of interest policy. However, there may be occasions where a conflict of interest cannot be prevented. Where this is the case, we will disclose to you the nature of the conflict and the steps that we will take to mitigate the risks that you will be treated unfairly as a result of any conflicts identified.
We will make you aware of any conflicts of interest before the provision of services to enable you to choose whether you still wish to proceed with services. A copy of the firms’ conflict of interest policy is available on request.
We may on occasion receive minor non-monetary benefits from third parties such as product providers e.g. food and drink provided at a provider training event. Where relevant, any minor non-monetary benefits received will not conflict with our duty to act in your best interests.
BEST EXECUTION POLICY
It is in the interests of our clients and La Bourse Limited 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 – e.g. shares. We are required under the Rules of the Financial Conduct Authority to take all sufficient 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 or shares 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.
WHAT TO DO IF YOU HAVE A COMPLAINT
If you wish to register a complaint, please contact us in writing:
Write to: Veronique Banse DipPFS
La Bourse Limited
15 Harley House – 28/32 Marylebone Road – Regents Park – London NW1 5HE
By email: firstname.lastname@example.org
By Telephone: 0207 487 4745
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
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.
Investment based insurance/Long term insurance, e.g. pensions and investment bonds
The maximum level of compensation for claims against firms declared in default on or after the 3rd July 2015 is 100% of the claim with no upper limit.
Mortgage advising and arranging is covered up to a maximum limit of £50,000.
Further information about compensation scheme arrangements is available from the FSCS.
DATA PROTECTION STATEMENT
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us (such companies include, for the avoidance of doubt, any member of its group and/or companies, persons or entities of any nature whatsoever with which it is associated or allied from time to time) processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the FCA or any other statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the commission or alleged commission of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
|( ) Please tick here to confirm your consent to us or any company associated with us processing any such sensitive personal data.|
|( ) If you are happy for us or asny company associated with us to contact you for marketing purposes by e-mail, telephone, post or SMS, please tick here.|
If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purposes. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
Subject to certain exceptions, you are entitled to have access to your personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
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.
Authorised & Regulated by the FCA (Financial Conduct Authority)
under registration number 116391
Member of the Personal Investment Management & Financial Advice Association (PIMFA)
European Financial Planning Association (FPA) Registered in England No: 1619124