This document sets
out our terms and conditions of business and comes into force on the
date that you open an account with Pilling & Co. For ISAs,
JISA’s, CTF’s, SIPP’s, Nominee
and Managed products you should also read the terms and conditions
specific to that account in the relevant brochure or webpages.
If you are unsure
about anything contained in this document or have any questions
please contact your usual adviser at Pilling & Co or speak to
our Compliance Officer. If you require additional services
advice, Investment Management or Discretionary Management, you must
complete the relevant sections in the
This agreement is
governed by the laws of England and any disputes arising there from
shall be subject to the jurisdiction of the English Courts to which
both parties submit. All communications (including information,
instructions and orders) between you, the customer, and ourselves
must be conducted in the English language and only via the post,
e-mail or in person.
Pilling & Co is a member of the London Stock Exchange and is
authorised and regulated by the Financial Conduct Authority (FCA),
our firm reference number is 141242. Pilling & Co is also a
member of the Association of Private Client Investment Managers and
Stockbrokers (APCIMS). Our office and postal address is Henry
Pilling House, Booth Street, Manchester M2 4AF. Our telephone number
is 0161 832 6581, and our fax number is 0161 832 0815.
Our website address is http://www.pilling.co.uk. Each person
within the firm has an e-mail address but for general enquiries use
firstname.lastname@example.org or for compliance related queries
OUR CHARGES AND
NOTIFICATION OF TRANSACTION DETAILS
Our charges reflect
our published commission scales in effect at the time the charges
are incurred. A copy of these is available on request or
alternatively it can be read or downloaded at
In addition to our
charges you will also pay any applicable value added tax, Government
stamp duty and any other charges levied by exchanges, clearing
houses or other authorised bodies that may be relevant to your
Any charges due to
us (or agents used by us) plus any additional charges as described
above may be deducted, in some circumstances, from funds held by us
on your behalf without advanced notification (see section
“Default Remedies” and individual product brochures). Generally,
however, you will pay all charges in the manner and by the date
stated in a contract note or advice which you should receive no more
than two business days after the transaction is executed unless
delayed by events outside our control. YOU
ARE STRONGLY ADVISED TO CONTACT US IMMEDIATELY IF THE DETAILS OF THE
TRANSACTION(S) AND CHARGES DO NOT ACCORD WITH YOUR OWN RECORDS.
We may share dealing
commission with our associated companies or other third parties, or
receive remuneration from them in respect of transactions carried
out on your behalf. Details of any such remuneration or sharing
arrangements may not always be set out on the relevant contract note
or advice but will be available on request
Investment Management, Discretionary Management, ad-hoc advisory
(all subject to the completion of our Client Agreement) and
execution-only dealing services (together with related research,
valuation, safe custody, cash deposit facilities, ISAs,
CTF’s, SIPPs and Stakeholder Pension administration) in the
British and foreign companies
loan stock, bonds, notes, certificates of deposit, commercial
paper or other debt instruments, including Government, public
agency, municipal and corporate issues
receipts or other types of instrument relating to investments
falling within (a), (b) or (e)
OEICs, mutual funds, insurance bonds, pensions, life assurance
and similar schemes in the United Kingdom or elsewhere
(Securitised Derivatives), Warrants to subscribe for investment falling within
(a) or (b) above and Options on investments falling within (a) or (b) above or
in financial market indices (provided the related transaction has no contingent
to you completing an application form (available on request) to help us assess
whether complex products of this nature are appropriate for you.
download a copy of
our Stockbroking Services brochure
website at http://www.pilling.co.uk
for up to date details of all our services, products and charges, which we
retain the right to change from time to time without notice.
Any alterations to our charges will be notified to you at least 30
business days before the time of the change unless it is impractical
to do so.
Please note we do not advise on life policies and certain pension
products, any advice we give on investments in packaged products
such as unit trusts and OEICs will not be tied to any
particular product provider.
All clients and
potential clients are classified by us as retail clients.
This means that they receive the full regulatory protection.
notified in writing, we will assume that your investment objectives
and the level of risk you are prepared to accept are as set out by
you in the Investment Questionnaire section of the Client
Agreement. If any of your circumstances change you should inform us
in writing as soon as possible. (Please see our general investment
risk guide in our Client Agreement)
You are warned
that if you do not provide sufficient or updated information about
your personal circumstances and investment requirements we will not
be able to provide you with suitable investment advice.
Please note that,
regardless of the information you provide to us, we will not advise
you about the suitability or merits of a particular transaction if
we reasonably believe that when you give the order for that
transaction you are not expecting such advice and are therefore
dealing on an execution-only basis.
Where a transaction
has been dealt “execution only” this service has been provided by
the firm without the benefit from the protection of the rules on
TYPES OF INVESTMENTS
non-execution only accounts)
If you wish to place
a restriction on the type of investment or market on which you want
the transaction to be executed you must inform us of your
requirements using the Client Investment Questionnaire
or state that there are no restrictions. If you do not
inform us of any investments or types of investments which you do
not wish us to recommend to you or purchase for you (or state that
there are no restrictions), we may recommend to you any investment
which we have reasonable grounds for believing are suitable for you.
In this respect your attention is drawn to
the requirement of the FCA that we obtain information about your
investment objectives, financial resource and personal background as
may be necessary to ensure the suitability and quality of our
We shall not
knowingly advise you to enter into a transaction which may result in
you having an uncovered short position in the investment concerned.
In the event that you do decide to take such a position we will not
be held responsible for advising you about the merits of the
transaction which will be carried out on an execution-only basis.
In the event that
you fail to deliver the investments when due, we reserve the right,
without further reference to you, to purchase the investment
concerned and receive from you any loss,
charges and expenses incurred as a result of the purchase.
The firm has a
conflicts of interest policy which is regularly reviewed by its
management. As a stockbroking firm with no links or ties to other
firms there are very few potential conflicts of interest.
Additionally the firm does not deal for itself and acts as agent to
attention is drawn to the fact that when we give you investment
advice our staff, or some other person connected with us, may have
an interest, relationship or arrangement that is material with
regard to the transaction or investment concerned.
Under the rules of
the FCA, the employee who makes the recommendation has to disclose
any such interest, relationship or arrangement of which he is aware
unless the recommendation is a reasonable one having regard to your
interests and the firm has received the employees written agreement
to comply with an independence policy obliging him/her to disregard
the interest, relationship or arrangement concerned. The following
are examples of the type of interest, relationship or arrangement
that could be involved:
Being the financial adviser to
the company whose securities you are buying or selling, or acting for that
company in a takeover bid by or for it.
Sponsoring or underwriting a new
issue involving the investment that you are buying or selling.
Having a holding or a dealing
position in the investment concerned.
Your attention is
also drawn to the fact that, when we recommend a transaction to you,
we could be:
your transaction with that of another client (including a
company or person connected with us) by acting on their
behalf as well as yours; or
Advising you to buy or sell
units in a collective investment scheme or broker fund where we are (or an
associated company is) the trustee and / or operator (or an adviser of the
trustee or operator) of the scheme. In this respect you are required to
acknowledge that you understand the nature of the firm’s dual role in our Client
we make will be based on our opinions and we may rely on information
from other sources for which we cannot guarantee accuracy or
completeness. Any investment recommendations are written objectively
and we are not influenced by any particular fund manager or parent
company. We are totally independent
from all other financial institutions
and there are no soft commission agreements in place that could
The firm may receive
trail commission from certain fund managers, however this factor is
not taken into consideration when we recommend or choose not to
recommend a fund to you.
policy is kept under regular review and any material changes to this
conflicts policy will be made known by our regular communication
methods we currently use.
UNDERSTANDING OF RISK
Before entering into
a contract to buy or sell an investment product you are advised to
consider carefully the risks that may attach to that particular
investment, as well as the risks inherent in investment business in
required to bring to your attention the fact that the
value of investments and the income arising from them may
decrease as well as increase. You are not certain to
make a profit every time you make an investment.
Indeed some companies do fare badly and you
may never get back the full amount of your investment or in
the worst case scenario you may lose all of your money.
We are also
required to inform you that Investment Trusts have the
and to invest in other Investment Trusts that have the
and as a result of this net asset values and share prices
could be subject to significant volatility. Additionally, a
security could be subject to fluctuations in value that are
disproportionate to the underlying investments.
always use our best endeavours to effect your transaction in
a timely manner, we shall not be held liable for any loss
you may incur arising from any delay or change in market
conditions before such transactions are executed.
not be responsible for the taxation consequences of any
nor will we
be liable for taxation charges arising for any reason.
it being deemed suitable we may recommend to you or
deal for you in circumstances in which the relevant
security is not traded on a recognised investment exchange
or regulated market. Your legal rights and consumer
protection may be limited, especially if the market is
it being deemed suitable we may recommend to you or enter
transactions on your behalf in non-readily realisable
(illiquid) investments. These are investments in
which the market is limited or could become so. They can be
difficult to deal in and sometimes it is difficult to assess
what would be a proper market price for them. If we hold a
position in such investments ourselves we will inform you
before transacting your order.
it being deemed suitable we may recommend to you or enter
transactions on your behalf in penny shares. There is
an extra risk of losing money when dealing in shares of
smaller companies. There is usually a big difference in the
buying price and selling price of these shares. If they have
to be sold immediately you may get back much less than you
paid for them.
completion of an application form to trade in
complex products (available on request) which helps us to
assess whether complex products of this nature are
appropriate for you we may deal for you in warrants and
derivatives or instruments that embed a derivative.
However, you should not deal in such products unless you
fully understand their nature and level of risk.
securities of this nature may only be dealt “execution only
completion of a client agreement we may recommend to you or
deal for you in investments that are, or may have been,
subject to the process of stabilisation.
Stabilisation enables the market price of a security to be
maintained artificially during the period when a new issue
of securities is sold to the public. Stabilisation may
affect not only the price of the new issue but also the
price of other securities relating to it. The FCA allows
stabilisation in order to help counter the fact that, when a
new issue comes onto the market for the first time, the
price can sometimes drop for a time before buyers are found.
Stabilisation is carried out by a “stabilisation manager”
(normally the firm chiefly responsible for bringing a new
issue to market). As long as the stabilising manager follows
a strict set of rules, he is entitled to buy back securities
that were previously sold to investors or allotted to
institutions which have decided not to keep them. The effect
of this may be to keep the price at a higher level than it
would otherwise be during the period of stabilisation. The
Stabilisation Rules limit the period when a stabilising
manager may stabilise a new issue; fix the price at which he
may stabilise in the case of shares and warrants but not
bonds; require him to disclose that he may be stabilising
but not that he is actually doing so. The fact that a new
issue or a related security is being stabilised therefore
should not be taken as any indication of the level of
interest from investors, nor of the price at which they are
prepared to buy the securities.
it being deemed suitable we may commit you to
underwriting or similar obligations in connection with a
new issue, rights issue, takeover or similar transaction in
which we and / or an associated company have been involved
as a sponsor, financial adviser, underwriter, lending bank
or some other capacity.
your written consent we may offer advice on investments
relating to units in unregulated
collective investment schemes.
ALLOCATION OF ORDERS
We may combine your
order with orders of other customers. By combining your order with
those of others we must reasonably believe that we will obtain a
more favourable price than if your order had been executed
separately However, on occasions
aggregation may result in you obtaining a less favourable price.
We will always
allocate orders which have been aggregated to our private clients
within one business day of completing the transaction, or as soon as
it is reasonably practical to do so. When deciding how to allocate
an aggregated order we will not give unfair preference to any
client or group of clients.
The firm has an
obligation to execute orders on behalf of its clients on terms that
are the most favourable at the time the order is executed. We take
into account execution factors such as price, costs, speed,
likelihood of execution and settlement, size, nature or any other
consideration relevant to the execution of an order.
The firm does not
act as principle to any trade. Therefore, when trades are negotiated
with other market participants, the firm is acting as agent.
The firm currently
uses two electronic dealing platforms, Pro-Quote and Thomson
Financial. Once the firm’s trader requests a quote price for a
particular stock the platforms choose from the current Retail
Service Providers (RSP) (member firms of the London Stock Exchange)
who offer quotes in that stock, the current best bid or offer price.
The trader can hold that price for 20 seconds. Once a quote has been
obtained the dealer will execute the order should that price be
acceptable to you unless he is instructed to re-quote. That quote,
if accepted is deemed to be the best possible price even if the
price changes within the 20 seconds before actual execution of the
trade. We assume that any price change within 20 seconds would not
make the original quote manifestly out of date.
The firm uses two
electronic trading platforms to assist with business continuation,
however it is possible there maybe a very slight price difference
between the RSP’s quoting on the two platforms, which ever platform
the dealer uses will be deemed to be in line with the firm’s best
trading facilities do not exist the firm will telephone the RSP’s
who are making the best quote in the chosen financial instrument to
place the order at the best price possible taking into consideration
the size of the order and the speed of execution.
Currently the firm
executes trades on regulated markets such as the London Stock
Exchange (LSE) and Multilateral Trading Facilities (MTF) such as Aim
or Plus Markets. Before we would be able to execute a trade outside
of these markets we require your prior consent on a bargain by
bargain basis, outside these markets could be over the counter (OTC)
or agency cross by crossing your order with that of an opposing
Unit trust deals are
or directly with the individual managers at a fixed price on any
given dealing day, these prices are usually available in financial
sections of newspapers or on the managers own websites.
When dealing in a
financial instrument we will exercise our discretion in assessing
the criteria we need to take into account to ensure we provide best
execution, this criteria for instance may be safe custody charges,
execution venue fees or clearing and settlement fees. However our
aim is to deliver the best possible result in line with this
Orders will normally
be executed in the same order as they are received except where
there are special conditions such as price limits or limited
Please note that any
specific dealing instruction from you may prevent us from taking the
steps within this policy to obtain the best possible result for you.
We will monitor the effectiveness of this policy and should a
material change occur we will post an updated version of this
document on our website at http://www.pilling.co.uk.
This policy came into force November 1st
2007, with a minor amendment made in August 2012, clients dealing
through us on or after that date will have been deemed to have
accepted our policy.
YOUR RIGHTS TO
CANCEL OR WITHDRAW
Generally, when we
execute a transaction on your behalf, regardless of whether it is on
a discretionary, investment managed, advisory or execution only
basis, you will not have the right to
cancel the transaction after it has been dealt.
However, FCA rules
do provide a right to cancel (post-contract) certain types of
insurance contracts and pension schemes and, where advice has been
given, you may also be allowed a short period in which to withdraw
from a contract to invest in a packaged product and ISA saving
scheme. You may not always get back the full amount invested when
cancelling due to market valuation and bid/offer spreads. If any of
these rights apply to your transactions you will be told the details
at the time.
We can only deal
with your money in accordance with the client money regulations of
the FCA which, amongst other things, require us to ensure that your
funds are clearly segregated from our own in special trust status
accounts at banks which are approved by the FCA and subject to an
annual risk assessment by us.
Your money however
will be held by the approved bank(s) in a pooled account with other
clients’ money and will not therefore be separately designated with
your name. In the unlikely event of the failure of the
approved bank resulting in an irreconcilable
shortfall, clients may share in that shortfall in proportion to
their share of the cash in the pool.
The above paragraphs
also apply to overseas banks or branches of approved banks situated
outside the United Kingdom. You should be aware that client money
held in such banks may not be protected as effectively as if held in
banks in the UK. The legal and regulatory regime applying to
banks in overseas jurisdictions will be different from that
operating in the UK. In the event of failure of a bank overseas your
money may be treated in a different manner from that which would
apply in the UK.
If you purchase non
UK company shares that cannot be held by a UK custodian any
dividends or interest paid from the company maybe first held in a
bank account outside of the UK.
We may cease to
treat your money as client money and therefore release it form our
client bank accounts in the event that we are unable to contact you.
We would only do this if there has been no movement on your balance
for a period of at least six years (notwithstanding any payments or
receipts of charges, interest or similar items), also we will take
all reasonable steps to trace you to return the balance. We
undertake to make good any valid claims against any released
Any cash held in
your account(s) will be returned to you upon receipt of your
instructions, our preferred method of payment is via the Bankers'
Automated Clearing Services (BACS) system to your nominated bank
account. Alternatively we will send cheque(s) to you but we reserve
the right to make an administration charge.
Money that is not
due for settlement of an investment transaction and which we are
holding for you at an approved bank (sometimes referred to as “free
money”) shall accrue gross interest at a rate determined by
interest properly due will be credited to your account with us on a
quarterly basis. Please note we do not credit interest amounts of
less than £1.00. Our current rates are always available on request.
TRANSACTIONS AND AMOUNTS DUE
agreed, you are required to settle all your accounts with us in
accordance with the prevailing Stock Exchange Rolling Settlement
standard terms. These currently require that each transaction is
settled individually within 3 business days of dealing. Netting off
purchases against sales is not therefore permitted unless the stock
has been delivered in good order and is for the same settlement
settlement date will be notified to you on a Contract Note
(see “Our Charges and Notification of Transaction Details” section)
which you should receive a few days after the transaction. No other
demand or advice of payment will be issued to you. Statements of
account will be available for information purposes only. The
settlement date stated on the contract note is the day on which we
as your agent are required to transfer cleared funds or share
certificates to the exchange or clearing system processing your
transaction. You must therefore ensure that cleared funds and
certificates reach us well before this date to enable us to comply
with the delivery deadlines. Failure to meet your obligations
will entitle us to pass on to you any fines or additional costs
imposed on us and claim any of your assets held or controlled by us
on your behalf in satisfaction of amounts due (see “Default
The rules of the
Stock Exchange allow us to arrange special non-standard settlement
terms. Such arrangements are negotiable on a deal by deal basis and
the terms will be notified to you on a contract note.
In the event of your
failure to make any payment or to deliver any securities due to us
(or to agents used by us) we reserve the right to retain any funds,
securities or other assets due to you and to offset the liability
If you have more
than one account with us, we reserve the right to set off the debit
on one account against the investments on another, likewise debits
on connected accounts (e.g. between spouses, children or partners or
third party instructions have been accepted) may be offset against
available investments in the connected account.
Please take note
that we reserve the following rights to retain or make deductions
from amounts which we owe you or are holding for you:
Please take note
that we reserve the right to sell or realise any investment which we
are holding (or entitled to receive) on your behalf in order to meet
any liabilities you may have incurred to us.
our right to sell any such
investment will arise immediately upon default by you in making payment of any
amount due to us and in that event we are entitled to sell or dispose of all or
any part of such investment (whether these be investments in respect of which
the default arises or any other investments for the time being held by us or
which we are entitled to receive on your behalf) after the expiry of any
statutory notice period.
we shall not be liable to you in
respect of any loss arising nor in respect of any choice made by us in selecting
the investments to be sold. We will apply the proceeds of sale (net of costs) in
or towards discharge of your liabilities to us and will account to you for the
the event that such proceeds are insufficient to cover the whole of your
liabilities to us, you remain liable for the balance.
shall be entitled, without further reference to you, to buy any investment in
the market to close any short position created by you and then, subject to
any statutory notice period, sell or dispose of any other investments held
by us or which we are entitled to receive on your behalf to satisfy in whole or
in part the sums due on settlement of any such purchase and its associated
shall not be responsible for advising you about the investment merits of any
transactions effected by us pursuant to this section which in all cases will be
treated as execution only deals.
Please take note
that if you fail to pay us in full any amount in pounds sterling (£)
when due to us you will be charged interest on the day-to-day
balance outstanding as follows:
will be charged if we do not receive cleared funds on or before
settlement day to cover the net cost of any security you have bought, including
commission and charges but less the proceeds of sales made for settlement the
interest will be
charged if you fail to deliver certificates for securities you
have sold on or before settlement day and we are required, under
the rules of any exchange or clearing house, ourselves to
purchase the same securities to deliver to the market.
also be charged if you sell securities in order to cover the
cost of purchases for settlement on the same day but fail to
deliver the certificates for the sales in time for us to obtain
the proceeds from the market to pay for the purchases.
the rate of
interest applied will be the HSBC bank’s base rate plus 15% per
annum or 20% per annum whichever is the greater.
will be debited to your account and compounded daily commencing
from the close of business on the date the amount was due until
cleared funds are received by us.
will be shown on the statement of account sent to you at the end
of each calendar month.
CUSTODY OF YOUR
will be registered
in the name of our nominee company, St. Anns
Square Nominees Limited (SASNL). You may also request that any
financial product purchased through us be registered in your own
name. Please note some stocks can only be held electronically and
therefore cannot be registered in an individual’s name.
Stock held in (SASNL)
will be held in certificated form at our offices or with an
overseas nominee / custodian approved by us (and subject to an
annual risk assessment in accordance with FCA rules) or held to our
order within CREST, the Stock Exchange’s paperless settlement
system. If you would like to make use of our nominee company
please provide your consent to these arrangements
completing the appropriate application form.
Generally, all CREST
eligible stocks dealt through us will be held within the CREST
system in a form that enables identical stocks, although registered
in the name of SASNL, to be identified as being attributable to
individual clients. However, there may be occasions when identical
stocks are pooled together within CREST, or at another custodian, as
one block under the title of SASNL only. These cannot then be
attributable to any individual client. The only evidence of
beneficial ownership will therefore be an electronic bookkeeping
at Pilling & Co. In these
circumstances you are warned that, in the event of an
shortfall after the
failure of a custodian, clients may share in that shortfall in
proportion to their original share of the assets in the pool.
Bearer or other
non-registered investments are normally held as Pilling & Co
“A/c Client” by one or more third parties such as banks, clearance
systems and overseas agents.
We will issue to you at least
once in any 12 month period details of all investments held on your behalf by us
or any other third party.
and entitlements in respect of own name stock held in safe
custody will be sent to you by the relevant company at the
address on their register.
In the case of investments held
in nominees, we will account to you promptly for all dividends, interest
payments and other rights and benefits accruing to you (unless otherwise
directed by you in writing).
If stock is in
your own name we will not be responsible for taking up any
rights, exercising any conversion or subscription rights,
dealing with takeovers or other offers or capital
re-organisations, exercising voting rights, exercising options,
claiming or distributing shareholder perks, company reports or
other shareholder communications.
investments are held in the name of SASNL we will use our best
endeavours to ascertain and execute your requirements regarding
the above only if practical to do so but in any event we cannot
be held liable for any loss or inconvenience if your response is
too late for us to meet any deadlines. Where investments are
pooled, entitlements are allocated on a “pro rata” basis and are
rounded down to the nearest whole unit.
If you wish to have
purchases registered in your own name and certificates sent to you,
please provide registration details in the client agreement.
However, please note that you will be responsible for notifying the
relevant company of any changes to these details (e.g. If you
move house). You should be aware that our ability to comply with
your request may be restricted by, for example, Inland Revenue rules
governing ISA, JISA, SIPP and CTF investments, and we may not be
able to effect sales on your behalf at short notice if we do not
have the certificates and signed transfer documents already in our
note that custodians located outside UK regulatory jurisdiction
may not provide the same level of protection as UK based firms.
Overseas jurisdictions will have different
settlement, legal and regulatory requirements and there may also
be different practices for the separate identification of safe
You should also
be aware that dividends on stock held overseas will initially be
paid into the bank account of the custodian concerned before
onward transmission to us. Please take
note of the warning in the “Your Money” section regarding the
effect of different legal and regulatory regimes applying to
banks in overseas jurisdictions.
parties or any other persons holding your investments in their
own name or for the account of Pilling & Co (A/C Client)
are not connected with us, we do not accept responsibility for
their safe custody obligations.
SASNL is not
separately authorised by the FCA but is subject to its regulation
via Pilling & Co. and thereby within the jurisdiction of the
statutory complaints and compensation schemes set up under the
Financial Services and Markets Act (see Complaints Procedure and
Compensation Section). We recommend that you read the Nominee
Services section of our Stockbroking Services brochure for more
details on the contractual relationship between Pilling & Co
and SASNL and the additional independent insurance arrangements we
maintain to protect your assets.
otherwise in writing, we will act on any instructions we reasonably
believe came from you to enter transactions or deal with your
assets, regardless of the circumstances. and method of
If you wish another person (friend or relative) or another firm
(solicitor, accountant, financial adviser) to deal with us as your
agent you must notify us in writing. Please use the appropriate
section in the client agreement or a third party authority form
(available on our web-site) to identify your representative and tell
us of any restrictions concerning their authority to act on your
behalf. We will not be liable for any loss
or inconvenience suffered by you if we act on any instruction,
consent or information given to us by your agent within the limits
specified by you.
CLIENT WEB ACCESS
The firm makes available to clients access to
information about their accounts via the internet. The firm
encourages clients who use this facility to read and understand the
terms surrounding client web access.
ANTI - MONEY LAUNDERING REGULATIONS
We are required by
Government regulations to establish and maintain specific policies
and procedures to guard against our business and financial systems
being used for the purpose of money laundering.
We therefore request
that you assist our due compliance with these regulations by
promptly providing all identification documents and any other
explanations that our staff may ask for before opening a
new account or instructing any qualifying transactions on an
existing account. Therefore, there
may be occasions when we cannot deal for you immediately and we may
be obliged to report the circumstances to the appropriate
PROCEDURE AND COMPENSATION
If at any time you
become dissatisfied with some aspect of the services and operations
of Pilling & Co you are recommended to contact any manager at
Henry Pilling House, Booth Street, Manchester M2 4AF and request a
copy of our internal complaints handling procedure leaflet.
contains the FCA definition of a complaint and the senior member of
our staff nominated to receive and deal with complaints. This person
is obliged to investigate and report on any eligible complaint in
accordance with a strict timetable.
Pilling & Co
is also subject to the jurisdiction of the Financial Ombudsman
Service (FOS). This is a Government sponsored service that
provides consumers with a free and independent channel for resolving
disputes with financial firms. A booklet describing the operation of
FOS and how to contact them is also available on request from any
member of staff.
In order to protect
our clients, we maintain at our own choice and expense extensive
financial risks cover and in addition to this, we subscribe to the
Financial Services Compensation Scheme (FSCS). This is a
Government backed “last resort” scheme that can provide up to
£50,000 to cover certain non-trading losses suffered by eligible
complainants following the financial failure of a regulated firm.
Further information about the FSCS and contact details are available
from us on request.
Exclusion of Liability
- subject to the
rules of the FCA, neither we nor our employees, agents and delegates, and SASNL
shall be liable for any loss suffered by you under this agreement unless such
loss arises from our or their proven negligence, wilful default or fraud.
Our Right to
Decline your Business
- we shall not
be required to do any act or refrain from doing any act which
would, in our opinion, infringe any applicable laws or
regulations, including the rules and customs of any exchange on
which your transactions are effected. At all times we reserve
the right to refuse to execute transactions for you or provide
any of the services listed in our Stockbroking Services brochure
for any reason and without explanation.
- subject to the rules of the FCA, you will
indemnify us, our employees, agents, delegates and SASNL against
any cost, loss, liability or expense whatsoever which may be
suffered or incurred by us or them directly or indirectly in
connection with or as a result of any service performed or
action permitted under this Agreement, including without
limitation, any expense or loss we or they may incur in
connection with or as a result of any claims or proceedings
which you make or bring against us or them and which are
withdrawn, discontinued, compromised or dismissed, except to the
extent that such costs, liability or expenses are due to our or
their proven negligence, wilful default or fraud.
- we shall not, except as permitted by this Agreement or as
required by law, the rules of the FCA and the rules and
regulations of any exchange on which an investment is dealt,
disclose any confidential information relating to you or your
Terms and Charges
- at all times we reserve the right to add new terms or delete
or modify existing terms in this Agreement or change any of our
charges without prior notice or consultation with you. We will
however always use our “best endeavours” to contact you at least
10 business days in advance of any alterations and in any event
you will remain bound by existing terms and charges until you
know about, or ought to reasonably be aware of, the changes,
except in the case of statutory or regulatory changes which are
- in the case of a joint account, the rights and obligations
under this Agreement shall be joint and several.
Key Investor Information Documents KIID / Key
Features Document -
we fully comply with the FCA requirement to make
available a KIID or “Key Features Document” where required for
each of the packaged products you buy or sell. These documents
are marketing tools containing important information about the
fund and we are required to check you have read before we
purchase units in a packaged product.
firm is registered under the data Protection Act as a controller
of information, telephone calls to our office are recorded to
help clear any disputes that may arise or to assist regulatory
bodies who monitor share dealing or for staff training.
You may terminate
this Agreement (but not a Supplementary Agreement - see the client
agreement) at any time by sending us written notice which will take
effect from the date it is received by us.
We may terminate
this Agreement by sending you written notice which will specify the
date on which termination will take place.
No penalty will become due from
either you or us in respect of the termination of this agreement, however
not effect completion of any outstanding order or transaction
permitted under this Agreement which may have arisen prior to
the effective date of termination.
We will be
entitled to receive from you all commissions, fees, costs,
charges and expenses accrued or incurred up to the date of
termination, including any additional expenses or losses
necessarily incurred in the termination process. This may
include any charges incurred in arranging for the transfer of
your investments either to you or to your new investment