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Drummond Moores Plc is authorised and regulated by the Financial Services Authority (FSA)
and as such is bound by their rules. Our Register Number is 145826.
Drummond Moores Plc is authorised to advise on and arrange life assurance, pensions and
investments in authorised unit trusts, personal equity plans (PEPs), individual savings
accounts (ISAs) and other collective investments.
Drummond Moores Plc is also authorised to advise and arrange Mortgages and general
insurance products including those providing protection against the financial effect of
illnesses, accident and death. If these later product ranges meet your needs then our terms of
business for this part of our service will be given to you.
Service Given
We offer independent financial advice and will never knowingly give advice where there will
be any conflict with ourselves or with one of our other clients. In the unlikely event that there
is any form of conflict with your interests, we will inform you in writing and obtain your
consent before we carry out your instructions.
You will be treated as a private customer unless we agree with you that a different level is
more suitable.
We will warn you before you make an application if any of the products we recommend has a
right to withdraw after the contract has been put into force.
We will confirm to you our understanding of your investment objectives and any restrictions
you have of the types of investments to be used before you are committed to our
recommendations.
Investment Reviews
We will review the investments made on our advice or make fund switches only when
requested by the client. Such instructions should be made in writing. This is to avoid possible
disputes although we will accept verbal instructions provided either party subsequently
confirms them in writing. This does not constitute a discretionary authority.
Cancellation or amendment of these terms of business
You, or we, may cancel our authority to act on your behalf at any time without penalty.
Notice of this termination should be given in writing. You will still be liable for any
transactions made prior to such termination and any fees outstanding.
If we wish to amend this terms of business you will be given at least 10 days notice in writing.
Fees
We will offer clients the option for us to be paid either by a fee or by commission. Our fee
scales is set out in the Appendix to this agreement. These fees may be amended from time to
time and we will notify you of any changes in writing before any work is carried out. If you
wish, or if the work we do does not result in a commission earning product being taken out,
we will charge a fee. If you instruct us to give you advice but not arrange the sale or purchase
of any investment product for you we would charge a fee. We will notify you in writing
before we carry out any chargeable work, explaining how the fee will be calculated.
Where a fee has not been agreed for the full amount of work to be undertaken, we will derive
income from commission paid to us by life assurance companies and unit trust managers
whose products are used. You will receive from the life company or manager in question, and
from us, information about the commission we will receive.
We shall tell you the amount of the commission payable to us for arranging these products. If
we receive commission or any other form of benefit from the insurer of a security or from
another intermediary, we will inform you, but will not tell you the amount unless you ask us
to do so.
Your Money
DRUMMOND MOORES PLC DOES NOT HANDLE CLIENT MONEY. We never accept a
cheque made out to us (unless in settlement of charges or disbursements for which we have
sent you an invoice) or handle cash.
Your Documents
We will arrange 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 for your
investments as soon as practical after we receive them. Where a number of documents elating
to a series of transactions are involved, we will normally hold each document until the series
is complete and then forward them to you.
You have the right to inspect copies of contract notes, vouchers, entries in our book files, and
computerised records relating to your transactions. We keep records of our business
transactions for at least six years.
Complaints
If you should have any complaint about the advice you receive or a product you have bought,
please write to the Compliance Officer at Drummond Moores Plc, 77, Higher Drive, Purley,
Surrey, CR8 2HN. Copies of our complaints procedure are available on request.
We maintain professional indemnity insurance to enable us to meet any liability that may
arise on us in respect of our obligations to you for services performed on your behalf. If you
make a valid claim against Drummond Moores Plc in respect of the investments we arrange
for you and we are unable to meet our liabilities in full, you may be entitled to redress from
the Financial Services Compensation Scheme. Details of the cover provided by the scheme
are given in a leaflet we will send to you at your request. Further information is available
from the Financial Services Authority and The Financial Services Compensation Scheme.
Disclosure of Client’s Personal Data
Where investment business services are provided to Drummond Moores Plc by third parties,
then circumstances may arise which warrant the disclosure of more than just your basic
contact details. On these occasions, such as processing business and obtaining compliance and
regulatory advice or in the course of monitoring by a regulator, you agree that the personal
information held by Drummond Moores Plc may be disclosed on a confidential basis, and in
accordance with the Data Protection Act 1998, to such third parties. You agree that this
information may be transmitted electronically, by E-mail, for example. You also agree that
any such company or ourselves may contact you in future by any means of communication
which we consider appropriate at the time.
Limit of advice
Neither Drummond Moores nor its employees are qualified to render any legal or accounting
advice or prepare any legal or accounting documents. Drummond Moores will refer maters to
the client’s lawyers and accountants where appropriate and after obtaining the client’s
permission. Those advisers will be solely responsible to the client for work done by them or
advice given by them.
Law and Language
These terms of business including any appendices are to be governed by and construed
according to the law of England
All Communication will be in English.
Commencement
These terms of business commence as soon as Drummond Moores receive a copy signed by
you the client.
Contacting the FSA
The FSA register can be accessed through www.fsa.gov.uk/register or 0845 6061234
Contacting us
You can contact us in any of the following ways:
By post:
Drummond Moores Plc
77 Higher Drive
Purley
Surrey
SM2 6BZ
By telephone:
+44 (0)20 8660 8989
By fax:
+44 (0)20 8763 2505
By email:
ifa@drummondmoores.com
Other Information
Our website address is www.drummondmoores.com
Registered office: 381-383, City Road, London. EC1V 1NW
Registered No 1948801 in England
Client Consent & Acknowledgment
Drummond Moores Plc and the other parties described in the “Disclosure of Client’s
Personal Data” paragraph may need to contact you in the future with relation to the
services provided. This contact may be by any means of communication deemed
appropriate at the time, including telephone, fax, letter, and e-mail. We will assume
that you consent to receiving such communication unless you inform us otherwise.
Appendix to Terms of Business
FEES
- Drummond Moores Plc charge fees for providing advice and arranging contracts on
behalf of a client. These may be waived if the client prefers us to receive commission
form the Product providers. The basis of the fees charged will be agreed with you before
the work to which they relate is started. All fees will be payable on the receipt of the
invoice (the due date). Invoices will be issued at intervals not exceeding 18 months based
at the rates in force when the work was done. The rates are normally based on the time
taken and the level of expertise required. VAT will be payable if the circumstances
require it. At a client’s request Drummond Moores will provide an estimate of the likely
fee before work commences. Drummond Moores may be willing to undertake work for a
pre-agreed fee.
- The client agrees to pay interest to Drummond Moores on any sums not paid within 30
days of the due date. Such interest will be at the rate equivalent to the base rate charged
by HSBC Bank Plc at the due date plus 3%.
- Where a client requires ongoing advice, Drummond Moores reserves the right to charge a
monthly or annual fee as a contribution towards the basic cost of providing and
maintaining suitably qualified staff, computers and other facilities necessary to ensure an
adequate level of service and administration for clients. This also will be agreed with you
in advance before any liability is incurred.
- If both parties agree, any commission or other income received and earned by Drummond
Moores will be taken as part or full payment of the fees due.
Commission may not necessarily be earned when it is received. If a contract does not stay
in force for a given period, part of the commission paid in respect of the contract may be
recovered by the Life Assurer and any balance would be due from you, the client.
For the purpose of this clause Drummond Moores includes Drummond Moores Plc and
any company or business contracted directly by the Directors of Drummond Moores Plc.
Credit balances arising from commission received by Drummond Moores will be carried
forward from one calendar year to the next only at Drummond Moores’ Discretion.
- Drummond Moores will advise without charge any client under the age of 21. Drummond
Moores will make no charge in respect of the first meeting with a client (maximum one
hour).
- Currently our hourly charges range from £45 an hour for administration to £200 an hour
for advice.
A printable PDF version of our terms is available by clicking here.
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