Client Agreement and Service Proposition and Engagement for Investments & Insurances
M & M Financial Services Limited is Authorised and Regulated by the Financial Conduct Authority. The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check our authorisation and permitted activities 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.
M & M Financial Services Limited is able to act on your behalf in advising you on investments and non-investment insurance contracts. We offer products and services as follows:
- Investments - We offer a restricted advice service. We will recommend investments from the whole of the market but do not currently advise on specific types of investment i.e. unregulated collectives and structured products. You may ask us for a list of the types of products we advise on. We will only provide a recommendation to you when we know the product is suitable for your personal circumstances.
- Non-investment protection contracts – We are an intermediary and will act on your behalf when providing advice and making our personal recommendation(s) to you. We will do this based on a fair and personal analysis of insurers for term assurance, income protection, and critical illness.
You should be aware that investments carry varying degrees of risk and as their underlying value can fall as well as rise you may not get back the full amount invested.
Your aims and objectives
Unless we notify you in writing to the contrary, we will be treating you as a “retail client” for investment business. 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.
Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.
Our Ethical Policy
We are committed to providing the highest standard of financial advice and service possible. The interest of our clients is paramount to us and to achieve this we have designed our systems and procedures to place you at the heart of our business. In doing so, we will:
- be open, honest and transparent in the way we deal with you;
- not place our interests above yours;
- communicate clearly, promptly and without jargon;
- Seek your views and perception of our dealings with you to ensure it meets your expectations or to identify any improvements required.
Our Investment Services and Costs
We provide you with an initial consultation at our expense. This helps us to understand your financial objectives and will confirm how we can support you in working towards these. We will also discuss the cost, and levels, of our services both initially and throughout our relationship with you. We charge our services by way of a fee. These fees are based on a percentage of the amount you invest, subject to a minimum fee. The 2 steps of this process are explained here:
Financial Review and Recommendation
This can be a continuation from the initial discussion, where agreed, or a further appointment. This process covers the:
- gathering of information about your existing financial arrangements and full personal circumstances;
- understanding of your investment knowledge and attitude and tolerance towards investment risk;
- recommendation of an asset allocation model that matches your risk profile and the subsequent assessment and suitability of any existing holdings;
- preparations of our recommendations to you;
- Arranging a second appointment to explain and discuss our recommendations in detail.
Our charge for this service is a fixed fee of £750 payable on provision of the report containing our recommendations to you. This fee will be waived wholly or in part should you decide to implement any of our recommendations.
Policy Arrangement & Implementation – Lump Sum Investments or Transfers
Should you instruct us to proceed with any of our recommendations we will act for you in the following ways:
- Handle all fund and policy administration on your behalf;
- Provide regular updates to keep you informed of progress;
- Ensure all your documents are issued in line with your expectations;
- Provide confirmation all actions taken on your behalf in writing.
Our charge for this service is based on a percentage of the amount you invest and/or transfer. These charges are applied as follows but are subject to a minimum of £750
- The charge will be 3% of the amount invested or transferred.
This payment can either be facilitated by the product provider when they receive your funds or paid directly by you. Where we receive such a payment we will waive our ‘financial review and recommendation’ fee by the same amount.
Example 1; if we arrange an investment on your behalf for £10,000 our implementation fee would be £300. As this less than the ‘financial review and recommendation’ fee of £750 we would charge you an additional £450 as the balance.
Example 2; if we arrange investments on your behalf totalling £100,000 our implementation fee would be £3000. As this exceeds the ‘financial review and recommendation’ fee no other charges would be applied.
Policy Arrangement & Implementation – Regular Premium Savings or Investments
Our charge for implementing a regular premium savings or investment plan is a flat fee of £500.
You can pay this directly on commencement of the policy. On receipt of this payment we will waive our ‘financial review and recommendation’ fee.
Ongoing Reviews and Changes to Existing Investments
We will discuss the full range of our on-going services during our initial consultation. These services include, but are not limited to, providing you with:
- structured reviews to give you peace of mind;
- an assessment of your circumstances and any changes to your plans that are needed;
- regular updates and information regarding your holdings;
- a choice of differing levels of support depending on your needs;
- Ongoing support with correspondence and administration issues.
Details of these different levels of services are contained in our Service Proposition and Engagement document. We will agree separately the level of on-going services at the time of, or prior to, making our recommendation(s) to you. Our costs is 0.5% per annum and are based on the value of your investment(s) at each 12 month anniversary, and are paid pro-rata in arrears. Therefore, if the value of your investment(s) totalled £50,000 our yearly fees would be £250. The amount you pay will fluctuate with the value of your investment; if your investment increases in value the amount you pay us will also increase and if your investment falls in value the amount you pay us will reduce. Any change to the level of services throughout this agreement will result in pro-rata charge being applied.
The charges listed above can be deducted from your investments or paid directly by you. You should note that when paid though the investments it may reduce your personal tax thresholds and/or exemption levels. Where this happens we will discuss it with you and confirm it in your personal recommendation report.
If you wish to pay directly you can spread the payment over a 12 month period we can arrange for a standing order to be set up on a monthly basis at 1/12 of the fee agreed.
Should you decide to cancel our agreement to provide on-going services you must provide written confirmation of your decision and we will cease payments for these services within 7 business days and after collection of any due proportion of any period charges.
Under current legislation our services are not subject to VAT but should this change in future, and where VAT becomes due, we will notify you before conducting any further work.
In most cases you can exercise a right to cancel by withdrawing from the contract. In general terms you will normally have a 30 day cancellation period for a life, pure protection, payment protection or pension policy and a 14 day cancellation period for all other policies. For investments this will typically start when the funds are invested and for pure protection policies this will normally begin when you are informed that the contract has been concluded or, if later, when you have received that contractual terms and conditions. Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product information issued to you.
If you cancel a single premium contract, you may incur a loss due to market movements. This means that, in certain circumstances, you might not get back the full amount you invested if you cancel the policy.
M & M Financial Services Limited is not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.
We will endeavour to make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. All policy documents will be forwarded to you immediately after we receive them. If there are a number of documents relating to a series of transactions, we will normally hold each document until the series is complete and then forward them to you. We will issue all communications in English, unless agreed otherwise.
We only accept instructions in writing (paper or electronic means) to aid clarification and avoid future misunderstandings. Please note we will not act on oral instructions to avoid any possible misunderstandings.
We will act honestly, fairly and professionally known as conducting business in ‘Client’s best interest’ regulations. Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interest, 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. Where this cannot be achieved, we will not conduct the business.
If you wish to register a complaint, please write to M & M Financial Services Limited, Maple House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP or telephone 0208 9070956.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.
If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme. For investment business you will be covered up to a maximum of £85,000.
Further information about these amounts and limits for all other product types are available from the FSCS at
We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose 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.
This client agreement is governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
M & M Financial Services Limited shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
The authority to act on your behalf may be terminated at any time without penalty by either party giving seven days notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.
Our Mortgage & Insurance Services and Costs
The Financial Conduct Authority (FCA)
M&M Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulated financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 431048.
For Mortgages we are independent mortgage advisers and we will recommend a mortgage product that is suitable for you following an assessment of your personal needs and circumstances. This will include a detailed assessment of affordability.
We will consider all products and lenders that we have access to. This means we will not consider those lenders that are only available by you going direct to them.
Where you are increasing your borrowing we will consider the merits of both a new first charge mortgage and securing this by an additional mortgage on a second charge basis. You may have the option of a further advance from your existing lender, however, we will only consider this where we are able to deal directly with the lender on your behalf. It may be in your best interests to explore this option and look at the further alternative of an unsecured loan, as these may be more appropriate for you.
For protection and insurance contracts we are an intermediary and will act on your behalf when providing advice and making our personal recommendation(s) to you. We do this based on a fair and personal analysis of insurers for term assurance, income protection, critical illness, building and contents, private medical insurance, accident sickness and unemployment.
The Cost of our Services
Typically we do not charge a fee for providing advice and submitting your mortgage application, however we reserve the right to charge a fee depending on the complexity of the advice required. Any fee will be disclosed and agreed with you prior to any work being started.
We will receive and retain any commission paid by the lender when your mortgage completed. This amount will be confirmed by the lender in their disclosure document.
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
Non-Investment Protection and General Insurance Contracts
We do not charge a fee as we will receive commission from the provider/insurer after the policy has been placed on risk.
Our Ethical Policy
We are committed to providing the highest standard of advice and service possible. The interest of our customers is paramount to us and to achieve this we have designed our systems and procedures to place you at the heart or our business. In doing so, we will:
- Be open, honest and transparent in the way we deal with you;
- Not place our interests above yours;
- Communicate clearly, promptly and without jargon;
- Seek your views and perception of our dealings with you to ensure it meets our expectations or to identify any improvements required.
Certain protection and insurance contracts allow you the right to cancel after a contract has been put in force. Prior to you entering into a contract of protection or insurance we will provide you with specific details should this apply to include: its duration; condition, practical instructions and any costs for exercising it, together with the consequences of not exercising it.
What to do if you have a complaint
If you wish to register a complaint, please contact us:
....in writing M&M Financial Services Limited, Maple House, 382 Kenton Road, Harrow, Middlesex HA3 8DP ....by phone 020 8907 0956
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will however accept oral instructions provided they are confirmed in writing.
If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme.
Further information about the limits applicable to the different product types is available from the FSCS at:
We may be required to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose 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.
This agreement is governed and shall be construed in accordance with the Law of England and the parties shall submit to the exclusive jurisdiction of the English Courts.
M&M Financial Services Limited shall not be in breach of this agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
The authority to act on your behalf may be terminated at any time without penalty by either party giving 7 days’ notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.