about our services and costs

Paul Byles Wealth Management Ltd

The Magdalen Centre

Oxford Science Park

Oxford

OX4 4GA

01865 784408

1. The Financial Services Authority (FSA)

The FSA is the independent watchdog that regulates financial services. This document is designed by the FSA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2.Whose products do we offer?
Investment

We offer products from the whole market.

We only offer products from a limited number of companies. These include our own products but our recommendation will be made following an analysis of our entire range of products.

Ask us for a list of the companies and products we offer.

We only offer products from a single group of companies.

We offer products from the whole market for pension annuities and whole of life protection.

Insurance

We offer products from a range of insurers for life, critical illness and income protection plans.

We only offer products from a limited number of insurers for buildings and contents insurance; accident, sickness and unemployment insurance and private medical insurance.

Ask us for a list of the insurers we offer insurance from.

We only offer products from a single insurer.

3. Which service will we provide you with?
Investment

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

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.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but will not:

  • conduct a full assessment of your needs.
  • offer advice on whether a non-stakeholder product may be more suitable.

Insurance

We will advise and make a recommendation for you after we have assessed your needs for life, critical illness and income protection insurance;buildings and contents insurance;accident, sickness and unemployment insurance and private medical insurance.

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.

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

You will pay for our services on the basis of a combination of both fee and commission. 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.

Paying by a combination of fee and commission (through product charges)

We will charge you a combination of fee and commission to cover the cost of our remuneration and administration services. The fee will not exceed the rates shown in this document. We will agree the rate we will charge before beginning work and we will tell you if you have to pay VAT. We will tell you when the fee becomes payable.

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. We will tell you how much the commission will be before you complete an investment, but you may ask for this information earlier.

We will charge a maximum fee of £3,000 for preparing a detailed financial strategy report.

In addition to the above fees, the charges on the products we recommend are partly used to provide us with direct remuneration and administration services. The value of this remuneration and services varies depending on the type of investment you make. For example:

  • If you make a single investment the value is up to 5.0% of the amount invested and up to 0.5% of the value of the fund every year.
  • If you make a regular investment:
  • For a retirement plan the value is up to 25.2% of the first year’s investment, 1.5% of your annual investment from the sixth year and up to 0.25% of the value of the fund every year.
  • For an International Regular Investment Bond, the value is up to 9.1% of the first year’s investment, 3.0% of your annual investments from months 13 to 36, and up to 0.5% of the value of the fund every year.
  • For an ISA the value is up to 15.1% of the first year’s investment, 1.5% of your annual investment from the fourth year and up to 0.5% of the value of the fund every year.
  • For a unit trust the value is up to 5% of each year’s investment and up to 0.5% of the value of the fund every year.
  • If you take out a whole of life protection plan, then the value is up to 207% of the first year’s contributions and 2.5% of contributions from the fifth year onwards.

The precise amounts will depend on the actual investment you make and the type of investment wrapper it is placed in. For regular premium plans the value of this remuneration may be lower depending on your age at investment or the term of the plan. We will provide details of how much we receive before you complete an investment. The remuneration we receive includes payment for providing ongoing servicing throughout the term of the plan arranged.

Insurance

A fee.

No fee.

You will receive a quotation which will tell you about any fees relating to any particular insurance policy.

5. Who regulates us?

Paul Byles Wealth Management Ltd is an appointed representative of St. James’s Place Wealth Management plc, St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP which is authorised and regulated by the Financial Services Authority. St. James’s Place Wealth Management plc’s FSA Register Number is 195351.

St. James’s Place Wealth Management plc’s permitted business is advising on and arranging investments, mortgages and insurance contracts.

You can check this on the FSA's Register by visiting the FSA’s website or by contacting the FSA on 0845 606 1234.

6. Loans and ownership

St. James's Place / Bank of Scotland, members of the Lloyds Banking Group plc, provide the St.James's Place Partnership with loan facilities for working capital and other purposes.

Last updated 23/04/12

Terms of Business

St. James’s Place Guarantee

St. James’s Place guarantees the suitability of the advice given by members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from companies in the Group.

What to do if you have a complaint

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

…in writingWrite to: Client Liaison, St. James’s Place, St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP

…by phoneTelephone 01285 640302

…by

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.

Investment business

Most types of investment business are covered for 100% of the first £50,000, so the maximum compensation is £50,000.

You should note that St. James's Place Investment Bonds and Pension Plans are long term insurance contracts, which are covered for 90% of the claim without any upper limit.

Insurance business

Insurance advising and arranging is covered for 90% of the claim, without any upper limit.

Further information about compensation scheme arrangements is available from the FSCS.

Best Execution Policy

The expression best execution, refers to an obligation on firms to execute orders on terms most favourable to the client. The investment products available through St. James’s Place Wealth Management plc are available to us directly from the selected product providers. Therefore, there is one execution venue available in each case and the price paid or received will be that prevailing on the day the order is executed by the applicable product provider. This process will be reviewed annually to ensure it continues to represent best execution for our clients.

Communications

St. James’s Place may contact you by various means from time to time unless we hear from you to the contrary.

Acting in your interests

If any material conflict of interest will or could arise in relation to business that we are arranging for you, we will inform you in writing and obtain your consent before we carry out your instructions.

Client categorisation and your rights

We will categorise you as a retail client in accordance with the FSA’s rules, which means that you have rights under the Financial Services Compensation Scheme (FSCS) and certain other protections available to retail clients.

Scope of Authority

Members of the St. James’s Place Partnership are authorised to represent only the St. James’s Place Group for the purpose of advising solely on the wealth management products and services available from companies in the Group, more details of which are set out on the Group’s website at The St. James’s Place Partnership and the title “Partner” are marketing terms used to describe St. James’s Place representatives. Your Partner may ask you to sign our ‘Investing with St. James’s Place’ client registration form, to minimise the documentation you have to sign at the time you invest. The information we use to establish any new plan, including any provided through your Partner, will be set out in the plan schedule which we will send you when the plan is issued. You should always ensure that this is complete and accurate and inform us of any inaccuracies without delay.

Data Protection Act 1998

The St. James’s Place Group and your Partner each have a legal obligation to comply with the Data Protection Act in relation to personal data which we hold about you.

• Purposes for which your data may be used

Your Partner will use your data to provide you with financial advice and information about products and services offered by St. James’s Place and/or by your Partner, and any other providers of products or services with whom St. James’s Place or your Partner has an introducer relationship. Your Partner may share your data, including ‘sensitive’ data (such as information about your health) with St. James’s Place and/or these other organisations. Your data may also be passed to another member of the St.James’s Place Partnership in the interests of providing you with a comprehensive and continuous service. St. James’s Place will use your data for administration, risk assessment, fraud prevention and regulatory purposes. St. James’s Place may receive information about you from your employer or any trustee or administrator of a scheme which includes your plan (if applicable), your Partner, or providers of products or services with whom St. James’s Place has an introducer relationship and may also share your data with them.

If necessary, to administer plans purchased by you, St. James’s Place may share information about you with underwriters, medical practitioners and reinsurers. We will also share information with regulatory and fraud prevention agencies and with third parties who process information on our behalf. (This information may be processed outside the UK, with appropriate controls in place).

• Confidentiality

St. James’s Place and your Partner adhere to a confidentiality policy which requires us to treat all information about you in the strictest confidence.

• Marketing

Your Partner and St. James’s Place may use your data for marketing purposes, to keep you informed about the products and services offered by your Partner and/or St. James’s Place and other providers of products or services with whom we have an introducer relationship. You have a right to request us not to use your data for direct marketing purposes. If you do not wish to receive direct marketing from your Partner, please write to your Partner at their usual contact address. If you do not wish to receive direct marketing from St. James’s Place, please write to us at the address below. Unless you tell us otherwise, we may contact you by mail and/or by telephone. We will only contact you by fax or e-mail if you have agreed that we may do so. St. James’s Place does not pass personal data to mailing list suppliers.

• Your rights

You have the right to apply to your Partner and/or to St. James’s Place for a copy of the data which your Partner, or St. James’s Place, holds about you (for which a fee of up to £10 may be charged) and to have any inaccuracies corrected. Please notify your Partner, or St. James’s Place, as appropriate if your personal details change or are incorrect.

• How to contact us

If you wish to contact your Partner about a Data Protection issue please write to him or her at their usual contact address. If you wish to contact St. James’s Place please write to The Data Protection Officer, St. James’s Place, St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP.

Client Identification

Please note that St. James’s Place is required to establish the identity of all applicants and beneficiaries. We may verify your identity electronically against public records through an independent agency. Your credit file will show that an identification check has been carried out, but this information will not affect your credit rating. If we cannot verify your identity electronically then we may request further information from you.

Last updated 23/04/12