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About Us > Information > Regulators Statement
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INVESTMENT BUSINESS - NOT GENERAL INSURANCE
Those who advise on life assurance, pensions or unit trust products are
EITHER - independent advisers
OR - representatives of one company.
Your adviser is independent and will act on your behalf in advising you on life assurance, pensions or unit trust products. Because your adviser is independent he or she can advise you on the products of different companies.
We are members of, and are regulated by, the Financial Services Authority and are bound by their rules. This Client Agreement has been drawn up in accordance with our understanding of those rules. Please note that Corrigans is authorised to advise, arrange or effect life assurance, pensions, collective investments and to handle your money.
We offer independent financial advice, but occasions can arise where we, or one of our other clients, may have some form of interest in business which is being transacted for you. If this happens, or we become aware that our interests or those of our other clients conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions.
Although instructions can be given to us verbally you will be required to sign a form relating to each transaction confirming your wishes. Our authority to act for you may be withdrawn at any time in writing without penalty, but you will be liable for any transaction effected or charges due before this final instruction is received.
When we have arranged any investments for which you have given instructions we will not give you any further advice unless you request it, but we will be glad to advise you at any time you ask. All investments will be registered in your name unless you first agree otherwise in writing.
We prefer to be paid by fees charged in accordance with the scale shown in the Key Facts about our services and costs, but there is an option for you to pay by means of a commission instead. If you decide to pay by commission an agreed amount of money will be taken from the insurer or investment house. When the maximum available commission is not enough to cover the cost of the work, a balancing fee will be charged. Where we propose to charge a fee, we will notify you in writing before we carry out any chargeable work, explaining how it will be calculated. You can ask for an upper limit on your fees and in those cases you will be asked to confirm whether work should continue if that limit is approached.
Any income derived from commission will be confirmed to you in writing and the amount payable will be expressed in cash terms. If any other form of benefit is received from the issuer of a security or from another intermediary you will also be informed in writing but you will not be told its value unless you ask us to do so.
If you cease to pay premiums on a life assurance, pension or friendly society contract under which commission has been taken in payment for services provided by us a fee will be charged to you if we are obliged to refund commission paid by the product provider. That fee will never be more than the commission disclosed to you in writing by the insurer or friendly society. This clause only applies during the time stated by the insurer or friendly society before renewal commission begins, but it is never longer than four years.
We are authorised to handle client's money and such money will be held in Trust, segregated from the firm's own monies, in a bank account designated "client account". Undertakings have been made between our bank and ourselves that such money belongs to our clients and that neither the bank nor this company have any rights over it. Money not committed to investment will be returned to you at the latest address on file by crossed cheque immediately unless there is a separate Client Agreement to the contrary in force. In those circumstances we will pay you interest on the balance standing to your credit on our client account in accordance with The Financial Services (Client Money) Regulations, which require us to calculate interest at a reasonable rate and pay it to you if it exceeds a specified minimum. Subject to any relevant tax legislation, interest will be paid after deduction of income tax. Money held by us on your behalf for more than ten days will be placed on deposit at call either with Barclays Bank Plc, PO Box 2, 25 High Street, Coventry CV1 5QZ or Close Brothers Ltd, 10 Crown Place, London, EC2A 4FT.
Advice may be given to you either orally or in writing. In response to specific requests, we will provide details of the basis on which we have made judgements leading to the advice that we have given to you during the preceding seven years.
You have told us, without any recommendation on our part, that you wish all the documents showing ownership of your investments and any other property belonging to you to be sent to you. If we need to obtain the original documents showing ownership of your investments for any business being arranged for you, you will make those documents available. Where a number of documents relating to a series of transactions is involved, we will normally hold each document until the series is complete and then forward them to you. If you instruct us in writing to retain any documents, we will deposit them for safe keeping in our safe deposit facility at Guildford House, 20 Queens Road, Coventry CV1 3EG. Due to the additional responsibilities that are placed upon us, a charge is levied for the retention of documents to meet administration costs. Statements of the assets held will be issued in May and November each year. We may be entitled to retain your investments or other assets until any amount due for charges relating to the administration or custody of your assets have been paid in full, but we will not exercise any right of retention, sale or lien for any other purpose. We will only borrow money on your behalf against the security of the investments if you have given your prior written instructions to do so. We have systems in place for keeping a record of your holding of investments and other assets, indicating whether they are subject to any charge.
Records of your transactions will be kept for seven years and you may inspect any of these. Please give at least twenty-four hours notice if you wish to exercise this right to enable us to recover all information from completed files.
If you have any complaint about the advice you receive or a product you have bought please write to the Compliance Officer, Corrigans at Guildford House, 20 Queens Road, Coventry CV1 3EG. If you make a valid claim against Corrigans in respect of the investments we arrange for you and we are unable to meet our liabilities in full, you may be entitled to compensation from the Financial Services Compensation Scheme. Details of the cover provided by that Scheme are given in a leaflet which we will send when addressing a complaint or at your request. Further information is available from the Financial Services Authority and the Financial Services Compensation Scheme.
Issued December 2010 FSA Number: 138941
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