This document explains the service you are being offered and how you will pay for it.
1. THE FINANCIAL CONDUCT AUTHORITY (FCA)
The FCA is the independent watchdog that regulates financial services.
2. WHOSE PRODUCTS DO WE OFFER?
Investments – including Pensions, ISAs, Onshore and Offshore Bonds & General Investments
Please refer to section 3 of this document.
Insurance
We offer products from a range of insurers for Term Assurance, Mortgage Protection, Critical Illness, Income Protection & Private Medical Insurance.
Lifetime Mortgages, Mortgages & Equity Release Products
We offer equity release products from the whole market.
We do not offer regulated mortgages, lifetime mortgages and home reversion plans.
3. WHICH SERVICES WILL WE PROVIDE YOU WITH?
Investments - including Pensions, ISAs, Onshore and Offshore Bonds & General Investments
Independent advice - we will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based upon a comprehensive and fair analysis of the market.
Insurance -
Independent advice. We will advise and make a recommendation for you after we have assessed your needs for Term Assurance (including Relevant Life, Key Person and Shareholder Protection insurance), Mortgage Protection, Critical Illness, Income Protection & Private Medical Insurance. Our recommendation will be based upon a comprehensive and fair analysis of the market.
Home Finance Products -
Independent advice. We will advise and make recommendations for you on equity release products on a whole of market basis after we have assessed your needs
4. WHAT WILL YOU HAVE TO PAY US FOR OUR SERVICES?
Investments
You will pay for our services on the basis of the summary provided below. We will discuss payment options with you and answer any questions you have. We will not charge you until we have agreed with you how we are to be paid.
Non-Advised Services
Where you retain our services to handle a specific transaction on your behalf, but without the requirement for advice, we will charge you a single fixed fee for such a service, which will be disclosed in our Client Agreement. Your signature of that Agreement is our authorisation to proceed with that transaction.
Advised Services
The charge for our services is partly related to the expertise of the adviser, and partly to the nature of the service that you require from us. A fuller explanation is contained within our Client Agreement, and we will in any case tailor our service (and charge) to the needs and circumstances of each client as follows:
Investment research, solution recommendation & implementation, including annual review service – charged at 1.00% of sum invested;
Plus
Ongoing service including periodic review, annual meetings and changes to existing policies (including top-ups or withdrawals) – charged at 0.70% of the value annually for our ongoing service. For example, to research, recommend and implement an investment of £100,000, our initial one off fee would be £1,000, and our ongoing service fee would be £700 p.a.
We offer a range of payment options including:
Settling your adviser charge through a single payment: Invoice plus payment by client within 30 days of receipt on completion of work. Whether you buy a product or not, you will pay us an adviser charge for our advice and services, which will become payable upon completion of our work.
Settling your adviser charge by instalments: Where no ongoing service is being provided, and only where regular premium products are recommended, we offer the facility to pay by instalments through your recommended product.
If you buy a financial product, you can choose to have your adviser charge deducted from the product through instalments. Although you pay nothing to us up front, that does not mean that our service is free. You still pay us indirectly through deductions from the amount you pay into the product. These deductions will pay towards settling the adviser charge. These charges could reduce the amount left for investment. If you select this method of payment, we will detail the terms in our Client Agreement.
Paying through other arrangements: An agreed charge to be taken from the product, and paid to ourselves by the product-provider, rather than you writing us a cheque.
Insurance
No fee for advice and implementation in relation to the types of products and services listed under point 3. You will receive a
quotation that will confirm the commission payable as well as any other fees or commissions relating to any particular insurance policy.
Home Finance Products (Equity Release)
No fee for advice and implementation in relation to the types of products and services listed under point 3. We will be paid a fee/commission by the lender or company that buys your home. You will receive a key facts illustration when considering a particular lifetime mortgage, regulated mortgage, home reversion plan or equity release product which will tell you about fees relating to it.
5. WHO REGULATES US?
CDP Wealth Management is a trading name of Moneywise Financial Services Limited which is an appointed representative of
ValidPath Limited, The Maltings, East Tyndal Street, Cardiff, CF24 5EA, which is authorised and regulated by the Financial
Conduct Authority under Firm Reference Number 197107. ValidPath Limited’s permitted business is investment, protection, pensions and mortgage intermediation. CDP Wealth Management is regulated in the United Kingdom. You can check this on the FCA’s Register by visiting the FCA’s website
www.FCA.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768 (freephone) or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad. They are open Monday to Friday, 8am-6pm, and Saturday 9am-1pm
6. WHAT TO DO IF YOU HAVE A COMPLAINT
If you wish to register a complaint, please contact us:
In writing Write to ValidPath Limited, Complaints Department, Maltings, East Tyndal Street, Cardiff, CF24 5EA
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
7. ARE WE COVERED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Here are some typical examples:
Investment - Most types of investment business are covered up to a maximum limit of £85,000 if the firm failed after
01/04/2019. If the firm failed between 01/01/2010 and 31/03/2019, the maximum limit is £50,000.
Deposits - £85,000 per person per firm (for claims against firms declared in default from 1st January 2017). For joint accounts, up to £170,000 is covered.
Insurance - Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.
Equity Release Products - Mortgage and equity release advising and arranging is covered up to a maximum limit of £85,000 if the firm failed after 01/04/2019. If the firm failed between 01/01/2010 and 31/03/2019, then the maximum limit is £50,000 per eligible person, per firm.
Further information about compensation scheme arrangements is available from the FSCS.
CDP Wealth Management (a trading name of Moneywise Financial Services Limited) is an appointed representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 197107.