Money Minder UK

about our services and costs

  1. The Financial Conduct Authority (FCA)

    The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers considering buying certain financial products. You need to read this important document as it explains the services you are able to gain access to via our firm and how we get paid for providing them.

  2. Whose products do we offer and service we will provide?

    Investment

    Tick We offer products from the whole market.

    We will advise and make a recommendation for you after we have assessed your needs.

    TickWe offer a full financial planning service or alternatively can provide specific advice on:

    • protecting yourself and/or your loved ones in the event of death, serious illness or disability
    • retirement planning - before, at and after your chosen retirement age
    • investment planning and savings advice

    Insurance

    Tick We offer products from a range of insurers.

    tickWe will advise and make a recommendation for you after we have assessed your needs for life assurance, critical illness insurance, mortgage protection and/or income protection insurance.

  3. What will you have to pay us for our services?

    Initial consultation at our expense

    An initial meeting is at our expense and entitles new clients to a 1 hour consultation with a qualified financial adviser either at our head office or over the phone. This meeting allows you to tell us which areas of your financial planning you would like to discuss and gives both parties a chance to get to know each other without any further commitment. If you would then like us to provide you with further specific services, we will discuss how you would like us to be paid, (see below). Please be assured that you will never receive an invoice for work that you have not previously agreed to pay. Please note: No advice or recommendations will be given during an initial consultation.

    Investment Services Payment Options

    You will pay for our services by way of a fee or an Adviser Charge. We will discuss your payment options with you and answer any questions you may have. We will not charge you until we have agreed with you how we are to be paid.

    Paying by Fee

    Whether or not you purchase a financial product, you will pay us a fee for our advice and services, which will become payable on issue of our written reports, our recommendations and/or implementation of advice. If you pay a fee, we may also be entitled to receive an adviser charge from the product provider when you buy a financial product, we will discuss with you how any such charge will be treated. We may agree to pass on a proportion of, or the full value of, the adviser charge to you. For example, we could reduce our fee/s.

    Fixed Fee Financial Planning Reports and Reviews

    We are often able to offer our clients fixed fee financial planning reports as an alternative to engaging our services on an hourly rate basis. If you choose to deal with us in this way we will confirm what we will charge you before beginning work. As an example, we typically charge �375 for a Personal Financial Summary Report. We will tell you if you have to pay VAT.

    Implementation Fees - Lump Sum Investments & Pensions

    If you ask us to implement advice we have provided, we will typically charge an implementation fee based on the amount invested, (subject to a minimum charge of £375). Implementation fees are commonly paid for directly out of the amount you are investing or an adviser charge if applicable.

    At our discretion, we may decide to waive the cost of any 'fixed fee' financial planning report that we have previously prepared for you in recognition of you asking us to implement the advice we have provided.

    Should you prefer us to work for you on an hourly rate basis, our fees are as follows. We will tell you if you have to pay VAT.

    Our typical hourly rate charges are:

    Managing Director £180 Per hour
    Financial Adviser £150 Per hour
    Product Research and Illustrations £100 Per hour
    Administration £50 Per hour

    You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first. In many cases we are able to provide a fixed fee quote rather than hourly fees, (see above).

    Insurance Services Payment Options

    Tick A fee - For advising on & arranging a non-investment insurance contract, we will charge a minimum fee of £375. The actual fee payable will be dependent on the work involved but will be agreed before we start work.

    Tick No fee - instead, subject to a minimum initial commission payable of £375, you can elect for us to receive payment for our services via commission.

    If you buy a financial product, we may be entitled to receive commission on the sale of that product from the provider. Although you pay nothing to us up front, that does not mean our service is free. You would still be paying us for our services albeit indirectly via product charges. Product charges pay for the product provider�s own costs and any commission payable to us. Product charges normally reduce the amount left for investment or increase the annual costs you have to pay. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower.

    The amount of commission we receive will vary depending on the amount you invest, the type of product you purchase and (sometimes) how long you are investing for or your age.

    TickBy a combination of a fee and commission - if the amount of commission payable to us for advising on & arranging a non-investment insurance contract for you is less than our minimum implementation fee of �375, at our discretion, you may be asked to top up the commission payable to us to meet this minimum by way of an additional fee.

    You will receive a quotation which will tell you about any other fees relating to any particular insurance policy. If you elect to pay by a fee, you may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first. If you know that you want to put a specific type of non-investment insurance contract in place but do not want to engage our advice services, you may find our online services at www.money-minder.com using our 'Flat Fee' option more appropriate for your needs.

    Reviews - Applicable to Fee Based and Commission Based Clients

    We typically charge our investment clients an ongoing Adviser Charge of between 0.5% and 1% of the value of the total investments under our management per year. Subject to us receiving an Adviser Charge income of at least �375 in a year, investment clients (single or joint), are entitled to request at least one formal review in a 12 month period. This review is used to discuss and arrange any changes that may be needed to help them to meet their short and long term financial goals.

    For many clients, the annual amount of Adviser Charge income that we receive from the investment and/or pension portfolios that they have invested with us will often be enough to cover the cost of any portfolio rebalancing and/or fund switching recommendations that have been agreed as a result of a review. If this is not the case we will discuss and agree any additional fees that may be payable before we start work.

    Charges are commonly paid to us directly from your investment portfolio as part of an agreed on-going Adviser Charge. This income helps to fund our normal day to day business running costs in order for us to be able to provide our clients with ongoing and easily accessible information and services.

    If you do not have sufficient funds under management with us to cover the cost of a review but would like one, you can choose to pay for this service on an �as and when required� basis and at the time of delivery.

    Our minimum charge for a review of your financial affairs is £375. At our discretion, we may decide to reduce the cost of such a review by offsetting any Adviser Charge income that we receive from investments you own that are under our management.

  4. Who regulates us?

    Money Minder Financial Services (UK) Ltd, The Old Ale House, 41 Boston Road, Sleaford, Lincolnshire NG34 7ER is authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS. Our FCA Register number is 425451.

    Our permitted business activities are advising on and arranging:

    • Pensions, Savings and Investment Products & Non Investment Insurance Contracts
    • Advising on Pension Transfers and Opt Outs.

    You can check this on the FCA's Register by visiting the FCA's website www.fsa.gov.uk/Pages/register/

  5. What to do if you have a complaint

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

    In writing: The Compliance Officer Money Minder Financial Services (UK) Ltd, The Old Ale House, 41 Boston Road, Sleaford, Lincolnshire NG34 7ER.

    By phone: Telephone 01529 300300

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

  6. 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.

    Investment

    Most types of investment business are covered for up to a maximum limit of £50,000.

    Insurance

    Insurance advising and arranging is covered for 90% of the claim, without any upper limit or For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.


Money Minder Financial Services (UK) Ltd - updated 31st January 2014