Before we start
Is our advice service right for you?
This advice service is for people seeking effective and low cost investment management of their disposable income and/or capital. This service does not offer a holistic assessment of your financial situation or take into account any existing investments that you may hold.
This service offers investment through General Investment Accounts (GIAs) and Individual Savings Accounts (ISAs). If you are employed, your employer will offer a workplace pension. This could be a better way to save for many people. Pensions and ISAs have different advantages depending on your circumstances. If you wish to apply for a regulated pension product, you cannot do so via this service and should contact us.
Unless an Ethical Investment Solution has been selected, our investment managers have the flexibility to invest in a wide range of potential investments which are unconstrained by ethical criteria. If this concerns you, please contact us.
This service does not consider suitability with any existing investments you may already have. If you are unsure or if you would like existing investments taken into account, please contact us.
Before committing to any investment you should be happy that your priority needs have been met. This means you should ensure that:
- You have adequate access to liquid cash - typically a minimum of 3 months' essential expenditure.
- You have adequate and appropriate financial protection for you and your family. This may include ensuring that any mortgage is repaid on death or serious illness, or that you have replacement income should you be unable to work.
- You do not have existing debts that would be better repaid or reduced - we typically suggest that debts are repaid before you invest.
If you have any doubt whether your priority needs have been met, please contact us.
The return you hope to achieve from your investment is, to a large extent, determined by the risk that you choose to take. Risk is an unavoidable component of investing in stock market linked investments. Before proceeding you should accept and agree that your investment may go down as well as up.
We encourage you to answer as accurately as possible to get the best from the final investment recommendation.
Key facts about our service, costs and terms of business
Online investments service
Terms of Business, Service & Fees
TERMS OF BUSINESS – INTERACT ONLINE INVESTMENTS SERVICE
These terms explain the scope of the service we provide through the Parmenion Interact service. It does not include details of the other services we provide. They can be found on our
Website and are set out in our standard terms of business.
PARMENION INTERACT INVESTMENT SERVICE
We provide a range of one-off services designed to help you with specific issues. Details of the full range of our services and fees are here. One of our one-off services is to recommend or set up an investment plan for you. This service may be provided through the Parmenion Interact service and includes the following:
• We will recommend a new investment plan to you, including how much you should pay in, how often and how the money should be invested.
• Our recommendation will be in writing and will be produced automatically. It will include reasons for everything we suggest as well as a summary of the risks involved
• We will help you with the process of applying for the investment plan, including generating application forms where needed, and making sure they are properly completed.
• This service includes a Regulated Personal Recommendation.
You should read all documents sent to you by us or Parmenion about this service, and ask us any questions before you make any decisions. We will offer to go through our advice with you together by phone or video chat, so we can discuss our recommendations, identify obstacles or concerns and help you decide what to do
next. As part of this discussion we may decide to think about alternatives to the advice originally suggested. If that’s the case, we will revisit our advice and send you a revised written report, or we will ask you to change your inputs to the automated investment tool to better reflect your needs.
Our ongoing services are optional and can be requested on an ad hoc basis as required. Full details are set out in our standard terms of business. When you make an investment through the Parmenion Interact service we will charge a monthly fee. This fee pays for access to the Parmenion Interact service and ongoing administrative maintenance of your portfolio. We have negotiated the provision of technology to deliver our advice along with administration services from Parmenion on terms that we consider to be cost-efficient and beneficial to you. Please let us know if you require further details. Our monthly fee does not pay for a review of its ongoing suitability. You are able to conduct an automated assessment of ongoing suitability yourself using the website tools, which is typically related to the timescale of the investment and your attitude to investment risk. If you would like us to review a Financial Product, that can be requested as a one-off service chargeable based on our fee menu at that time.
PAYING FOR OUR SERVICES
The majority of our fees are calculated based on the type of service being chosen. They are always expressed in pounds and pence via examples. If we arrange a new investment for you through the Parmenion Interact service, we will charge an ongoing fee of 0.5% a year of the value of that investment, which is payable from the investment itself, and taken in monthly instalments. For example, our ongoing charge for an investment of £10,000 would be £5 a month or £60 a year. The charge will become payable upon completion of the transaction after any relevant paperwork is signed.
How to pay our fees
Our fees are paid through the Parmenion Interact service and taken directly from your investment accounts. Our ongoing fees for your investment through the Parmenion Interact service will be charged directly to each of your investment accounts held with them and taken on a monthly basis.
Our fees are currently exempt from VAT. If that changes in the future, we will let you know
at least one month in advance of any change.
Depending on the services we provide, there may be costs and charges (including taxes), not charged by us, but related to the Financial Products we arrange for you. These charges may be one-off or payable on an ongoing basis. For example:
• Service costs: Parmenion will make a charge for their services.
• Investment costs: These are the costs relating to the manufacturing and managing of your investments – for example, fees charged by the investment fund manager, costs relating to investment transactions.
We will always disclose any third-party costs as part of making our recommendations.
Parmenion Capital Partners LLP is part of Aberdeen Standard Investments, the asset management business of Standard Life Aberdeen plc and one of the world's largest investment companies. Entities within the group operate, manage and promote funds that may be eligible for your portfolio. Where these Funds are held within your portfolio, then any such fees then Aberdeen Standard will additionally be entitled to the relevant fund Annual Management Charge or other fees and charges disclosed in the relevant of Aberdeen Standard Fund prospectus. These fees and charges will form part of the fund Ongoing Charge Figure payable on your account. Parmenion’s fund selection criteria remain whole of market and this does not promote, nor exclude, the use of of Aberdeen Standard Funds in your portfolio.
Aggregated costs and charges
Where we are providing you with a Regulated Personal Recommendation, we will add together all the costs and charges payable from all parties, so that you are able to understand the overall costs of our services and recommendations. This is referred to as aggregated costs and charges information.
REGULATED FINANCIAL PRODUCTS
Where we are recommending you use the investment products and services from Parmenion Capital Partners LLP, our advice will be offered on a simplified basis. This means we will advise and make a recommendation for you after we have assessed your needs in line with the nature and extent of the service provided. When we direct you to use the Parmenion Interact service, you will only be offered products and services from Parmenion Capital Partners LLP.
OUR REGULATORY STATUS
Ellis Bates Wealth Management Limited is Authorised and Regulated by the Financial Conduct Authority (FCA).
The FCA regulates the financial services industry in the UK and their address is 12 Endeavour Square, London, E20 1JN. You can check our authorisation using our FCA reference number 631117 on the FCA’s Register by visiting their website www.fca.org.uk or by contacting the FCA on 0800 111 6768.
If you wish to register a complaint, please write to: The Compliance Officer, Ellis Bates Wealth Management Limited, Adam House, Ripon Way, Harrogate, HG1 2AU. Telephone: 01423 520 052
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. You can do this by visiting www.financialombudsman.org.uk or by contacting them on 0800 023 4567.
We are covered by the Financial Services Compensation scheme (FSCS) if we cannot meet our obligations. This is dependent upon the type of business and the circumstances of the claim.
The maximums are:
• Long-term insurance (Insured pensions, bonds, life assurance) 100% of the claim, without any upper limit.
• Investments (Including investments with a SIPPs): Most types are covered up to a maximum of £85,000.
Further information about the compensation scheme is available from the FSCS: www.fscs.org.uk
For your protection, we do not handle clients’ money nor do we handle cash. We never accept a cheque made out to us unless the cheque is in settlement of our fees for which we have sent you an invoice.
Any investments we arrange for you are held in your name. We are your agent and handle administrative and technical issues relating to your investments. We may recommend to you that you invest in portfolios provided by a third-party discretionary investment manager. If you accept that recommendation, you provide us with your explicit authority to act as your agent only for the purpose of procuring and entering into an agreement with the recommended discretionary investment manager to provide the portfolios. We will provide you with a Suitability Report or letter to confirm any recommendations we make.
RIGHTS TO CANCEL
You will be informed of your statutory right to cancel.
We will act with reasonable skill and care whilst conducting business for you, on the basis of our ‘Client’s best interest’. If we become aware that our interests or those of one of our other client’s conflict with your interest, we will write to you and obtain your consent before we carry out your instructions.
Each client with whom we do business is categorised to identify the level of regulatory protection. We propose to classify you as a ‘Retail Client’ for Investment purposes, which means you have the highest level of consumer protection.
UK MONEY LAUNDERING REGULATIONS
We are obliged to verify the identity of each investor. Please note that we may use electronic verification checks to confirm the identity and address of our clients. We will request that you inform us how any monies being invested were accumulated. We cannot process applications or send money to third parties until these requirements have been met. In circumstances where verification is not received applications and any monies may be returned to you un-invested.
DATA PROTECTION (GDPR)
Any information you provide is subject to the General Data Protection Regulation (GDPR – Regulation (EU) 2016/679). We process your personal data both manually and by electronic means for the purposes of providing advice, administration and management under one or more legal basis. Please see a
copy of our Privacy Statement for more details which is available in written format, by request from our registered office and electronically from our website. https://www.ellisbatesgroup.com/privacy-policy.html
LAW AND JURISDICTION
This agreement is governed in accordance with English Law and you and we shall submit to the exclusive jurisdiction of the English Courts.
The agreement may be ended by you or us at any time by giving 30 days notice in writing. Termination shall be without prejudice to the completion of investment transactions already initiated or to any prior legal rights and obligations