Refreshingly Individual Financial Planning Since 1898 Terms & Conditions Wilfred T Fry (Executor & Trustee) Ltd
Our Services This document outlines the terms & conditions relating to the services of Wilfred T Fry (Executor & Trustee) Ltd (Fry E&T). It is important that you know what to expect in terms of the services we provide, and that you understand our commitment to you in the provision of those services. We intend to be professional, clear and fair in our dealings with you, and will always ensure that any service or advice provided is in your best interests. We will either meet with you in person, via a web meeting, telephone conference or correspond by post/email in order to capture important information about your current circumstances, your financial history, and your aspirations, priorities and objectives. Where you have existing arrangements with other companies within The Fry Group we may share this information to enable us to provide you with suitably tailored advice. Verification of Client Identity In line with current Anti Money Laundering Regulations, Fry E&T is required to verify a client's identity at the start of a business relationship and thereafter regularly, at intervals, in an ongoing relationship. We will run standard electronic verification checks using available electronic databases. If you do not wish us to do this please inform us immediately. Our specific requirements on the verification of your identity will be set out in our accompanying engagement letter to you. Records and Communications 1. Fry E&T requires its Clients to give instructions in writing, to avoid possible disputes. If this is not practicable, Fry E&T may, at its discretion, accept oral instructions, provided they are subsequently confirmed in writing. Alternatively we will take your instruction orally and confirm back to you what we believe you have said in writing. Unless you draw our attention to our discrepancies, our letter will be regarded as the record of the conversation. Instructions to acquire investments cannot be effected until Fry E&T has received the necessary funds, or, for disposals, any relevant registrations have taken place. 2. Fry E&T shall keep records of all work undertaken for a minimum period of ten years from the date of the conclusion of your matter. Fees and Commissions 3. Fry E&T shall be entitled to remuneration out of the estate of the funds subject to the trusts of the Will, settlement or funds administered under a Power of Attorney as the case may be, in accordance with its scale of fees in force for the time being or such amended or other scale as may be subsequently introduced after the date of death or commencement of the settlement, which remuneration shall be payable free of all Inheritance Tax or other taxes or duties and as a first charge upon the estate, trust fund or funds administered under a Power of Attorney and without liability to abatement and exclusive of all legal costs and disbursements and other expenses properly incurred and paid. 4. Subject to any express provision to the contrary in the Will, Codicil, or Trust instrument, Fry E&T reserves the right to determine the incidence of its remuneration as between different parts of an estate or trust or as between beneficiaries and every such determination shall be binding on all persons concerned. 5. Fry E&T may without being liable to account for any profit thereby made:- (a) Perform any service on behalf of the estate, trust, or client by whom a Power of Attorney is given, and make charges commensurate with the service rendered; (b) Retain for itself any remuneration including brokerage or commission or share of such received by it on the sale, purchase or transfer of investments, effecting or renewing insurance and otherwise and any remuneration received as a result of the appointment of a Nominee of Fry E&T as a Director or other officer of any other company whose shares, stocks or debentures are comprised in the estate or trust; Page 2
6. Fry E&T may from time-to-time open bank accounts on behalf of its clients. In relation to certain accounts, Cater Allen Private Bank currently pay 0.25% per annum commission to Fry E&T. This rate may change without notice to you. 7. All Stamp Duty, brokerage commission, currency conversion costs and other expenses (together with any taxes added thereto) shall be the responsibility of the trust, estate or client by whom a Power of Attorney is given, and may be paid by deduction from the account balances as and when they fall due. Client Money 8. All money belonging to Clients will be held in separate Client bank accounts which are identified as Trust Accounts. All Client Account money is segregated from the funds belonging to Fry E&T. 9. If Fry E&T decides it is able to distribute money to a person beneficially entitled, it will either forward the money to the client/beneficiary at the latest address it has for that client/beneficiary, by crossed cheque, or if Fry E&T has been given details of the client s/beneficiary s bank account, it may electronically transfer the money to the client s/beneficiary s account, at the client s/beneficiary s request. Alternatively, Fry E&T may hold the money as Bare Trustee. Documents of Title 10. When Fry E&T is acting as executor, administrator, trustee or Attorney jointly with another or others then, unless Fry E&T otherwise agrees:- (a) All monies, securities, Title Deeds and documents belonging or relating to the estate or trust shall be under the exclusive custody and control of Fry E&T, any other executor, administrator, trustee or Attorney having all reasonable facilities for verification or inspection. (b) The name of Fry E&T or the name of its nominees shall be placed first in the registers of all registered stocks, shares, securities, or property and all steps shall be taken for ensuring the payment to Fry E&T exclusively or to its nominees, of all dividends and interest due and to enable Fry E&T to exercise all voting and other rights. 11. Fry E&T may decline to retain investments on which there is a liability and in particular partly paid shares or shares in companies with unlimited liability. Use of Nominees 12. Fry E&T may at its discretion vest any property of the estate or trust in any person or corporate body as its nominee. Sundry Provisions 13. Notwithstanding the power to charge for its services Fry E&T shall be entitled to employ such solicitors, accountants and other agents as it thinks fit and be repaid out of the estate or trust any expenses which may legally be retained or paid by a private executor, trustee or Attorney, including the costs of a solicitor or other agent. Fry E&T may, from time to time, require payments to be made on account by the beneficiary, settlor or client in respect of anticipated fees and third party disbursements. 14. Fry E&T may act in the exercise of any discretionary or other powers by its proper officers. 15. Unless otherwise provided in the Will, Codicil, or trust instrument, every appointment, whether under the statutory power or under any special power of a new trustee, during the period of trusteeship of Fry E&T, shall be subject to the consent in writing of Fry E&T. 16. Fry E&T shall have the right to collect all income. Page 3
17. Except where the Society of Trust and Estate Practitioners (STEP) provisions apply, if the estate, trust, or funds over which a Power of Attorney has been given includes a trade or business, Fry E&T will carry on the trade or business only with a view to realisation or distribution and on the terms that Fry E&T shall be indemnified against expenses and losses out of the Trust funds. Fry E&T and its Co-executors, Co-Attorneys, Co-administrators or Co-trustees (if any), shall have power without an order of the court to effect any disposition or transaction relating to any such trade or business which the court would have had jurisdiction to authorise under Section 57 of the Trustee Act 1925, save only where, under a Power of Attorney Fry E&T agrees to carry on the trade or business. Statements 18. For ongoing trusts and Power of Attorney matters, statements of monies received or paid out by the trustees together with a list of the trust's or Power of Attorney clients' assets will be issued by Fry E&T every six months, or as otherwise agreed, upon the anniversary, and the half year thereafter for each trust or Power of Attorney client, save only where agreed otherwise by the trustees or Attorney. For estates and terminating trusts a statement will be issued at the end of the estate/trust administration. Material Interests and Conflicts 19. Occasions can arise where Fry E&T or one or other of its clients will have a material interest in business which Fry E&T is transacting for a trust, estate or a Power of Attorney matter. If this happens, or Fry E&T becomes aware that its interests or those of one or other clients conflict with the interests of anyone for whom Fry E&T acts in a fiduciary capacity, it will inform all potential beneficiaries who are of age and competent and obtain their consent before it carries out a transaction. Where minor beneficiaries may receive trust or estate assets, Fry E&T may at its discretion proceed without their consent, provided that the consent of their parent or guardian is obtained. Complaints 20. If you should have any complaint about the services you receive from Fry E&T, you should write to the Managing Director at the Company's address set out below. Limitation of liability 21. Fry E&T will provide our services with reasonable care and skill. Our liability to you is limited to losses, damages, costs and expenses directly caused by our negligence or willful default. (i) (ii) Exclusion of liability for loss caused by others Fry E&T will not be liable if such losses, penalties, surcharges, interest or additional tax liabilities are caused by the acts or omissions of any other person or due to the provision to us of incomplete, misleading or false information or if they are caused by a failure to act on our advice or a failure to provide us with relevant information. Exclusion of liability in relation to circumstances beyond our control Fry E&T will not be liable to you for any delay or failure to perform our obligations under this engagement letter if the delay or failure is caused by circumstances outside our reasonable control. Page 4
Data Protection and Confidentiality 22. Information about you and your investments (personal data) you provide to us is subject to the Data Protection Act 1998 (Act). You consent to us or any company associated with us to process, both manually and by electronic means, your personal data for the purposes of providing services to you. We may also process information about other individuals (e.g. your spouse) which you provide to us. In providing such information on other individuals you agree that you have obtained those individuals consent to our processing information about them for the purposes of this Agreement. Processing includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers or any statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data both inside and outside the European Economic Area. We may also contact you (including by telephone) with details of products, promotions, services or for related marketing purposes in which we think you may be interested. Your personal data may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the committing or alleged committing of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union. If you do not consent to us processing any such sensitive data and/or to contact you concerning marketing, either by email, telephone, post or SMS, please contact us on wilfred@thefrygroup.co.uk or speak to your usual Fry executive. If you do not consent to us processing your sensitive personal data this may affect the quality and suitability of advice that we can give to you. Any sensitive personal data will only be used for the purposes of applying for and administering certain products, and will only be disclosed to third parties (usually the product provider) where necessary for those purposes. Sensitive personal data will not be used for marketing purposes. If at any time you wish us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact the Compliance Officer on 01903 231545 or in writing at The Fry Group, Crescent House, Crescent Road, Worthing, West Sussex BN11 1RN. You may be assured that we will treat all personal data and sensitive personal data as confidential and will not process it other than for legitimate purposes. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data. Subject to certain exceptions, you are entitled to have access to your personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data. Electronic and other communication 23. Unless you instruct us otherwise members of The Fry Group may, where appropriate, communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachments. With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. The Fry Group uses virus-scanning software to reduce the risk of viruses and similar damaging items being transmitted through emails or electronic storage devices. However electronic communication is not totally secure and the group cannot be held responsible for damage or loss caused by viruses nor for communications which are corrupted or altered after dispatch. Nor can the group accept any liability for Page 5
problems or accidental errors relating to this means of communication especially in relation to commercially sensitive material. The group may monitor emails to investigate or detect unauthorised use of our email system, or for any other purpose permitted by law. As a result, we may collect personal data about the people sending and/or receiving the email, or which is contained in the email. If you do not wish to accept these risks please let us know and we will communicate by paper mail, other than where electronic submission is mandatory. Communications on a mobile phone are not secure and can be intercepted. If you do not want us to communicate with you by mobile phone, please tell us. By instructing us to act you agree that TFG will not be liable to you for any loss or damage which you may suffer or incur as a result of our proper use of such communication channels. This Agreement 24. This Agreement constitutes the entire Agreement between us in relation to the matters referred to herein. Termination 25. The termination of this Agreement will be considered as follows:- (a) (b) (c) When Fry E&T is appointed as a trustee, it will give careful consideration to any request for Fry E&T to retire, subject to suitable new trustees being appointed and the appropriate indemnities given. Fry E&T will generally accede to such requests unless it believes that the interests of the beneficiaries may be adversely affected. Where Fry E&T is appointed as an Attorney the client has the right to revoke that appointment unless they have lost their mental capacity to do so. When Fry E&T acts in the administration of an estate, Fry E&T will be unable to cease to act once it has intermeddled with the estate, except at the direction of the High Court of Justice. Applicable Law 26. These terms and conditions will be governed by the laws of England & Wales. Each party agrees that the courts of England and Wales will have exclusive jurisdiction in relation to any claim, dispute or differences concerning these terms and conditions or any matter arising from them. Each party irrevocably waives any right to object to any action being brought in those Courts, to claim that the action has been brought in an inappropriate forum, or to claim that those courts do not have jurisdiction. Client Declaration 27. This document represents our standard Terms of Engagement, upon which we intend to rely. For your own benefit and protection you should read these terms carefully before signing and returning the engagement letter. If you do not understand any point please ask your adviser for further information. Should you feel the need to do so, you should seek advice in respect of your own specific requirements to ensure the validity of this Agreement. Page 6
For more information For more information or a confidential discussion of your individual circumstances please contact us. UK Offices Worthing (Head Office) Crescent House, Crescent Road, Worthing, West Sussex BN11 1RN Tel: +44 (0)1903 231545 Email: worthing@thefrygroup.co.uk Cheltenham Pure Offices, Cheltenham Office Park, Hatherley Lane, Cheltenham, Gloucestershire, GL51 6SH Tel: +44 (0) 1242 802886 Email: cheltenham@thefrygroup.co.uk Exeter Broadwalk House, Southernhay West, Exeter, Devon EX1 1WF Tel: +44 (0)1392 278494 Email: exeter@thefrygroup.co.uk London 14 Buckingham Gate, London, SW1E 6LB Tel: +44 (0) 207 592 1330 Email: london@thefrygroup.co.uk York The Hawk Creative Business Park, Hawkhills Estate, Easingwold, York, North Yorkshire, YO61 3FE Tel: +44 (0) 1347 825277 Email: york@thefrygroup.co.uk The Fry Group also has offices in Belgium, Spain, Hong Kong and Singapore. www.thefrygroup.co.uk Page 7