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About Us > Information > Regulators Statement
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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. Our Terms of Business have 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, will have some form of interest in
business which we are transacting 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authority to act for you may be withdrawn at any time in writing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 us to do so.
All investments will be registered in your name unless you first agree
otherwise in writing.
We derive income from commission paid to us in respect of transactions
in life assurance, unit trusts and other regulated collective
investment schemes and in investment trust companies'shares held in a
PEP, ISA or regular savings scheme. We shall tell you of the amount of
commission payable to us on any such investment. If we receive
commission or any other form of benefit from the issuer of a security
or from another intermediary, we will inform you, but we will not tell
you its amount unless you ask us to do so. A fee will be charged at the
rates set out overleaf as amended in writing and notified to you from
time to time, if the work we do for you does not relate to investments
on which commission is payable, or you give us instructions to give you
advice but not to arrange the sale or purchase of any investment
product for you. 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.
If you
cease to pay premiums on a life assurance, pension or friendly society contract arranged by us
we reserve the right to charge you a fee
if we are obliged to refund commission paid by the product provider.
The fee will be based upon the length of time taken to carry out your
instructions
but we will not charge any fee
if you exercise your right to cancel the policy in accordance with the
cancellation notice sent to you by the Life Assurance Company or
friendly society. When this paragraph will apply to any contract
recommended to you, a written notice of the maximum amount of any such
fee will be given to you which includes the latest time at which the
fee would be charged.
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 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 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, P.O. 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 held by yourself. If we need to obtain
the documents showing ownership of your investments for any business
which we are arranging for you, you will make the documents available
to us. 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 this address. 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 charges
due to us in respect of 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 let us have at least twenty-four hours
notice if you wish to exercise this right to enable us to recover all
information from our 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 the
address shown overleaf. 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 at your
request. Further information is available from the Financial Services
Authority and the Financial Services Compensation Scheme.
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