Terms and Conditions

1 Investment business

1.1 Although we are not authorised by the Financial Services Authority to conduct Investment Business, we are licensed by the ICAEW to provide certain limited investment services where these are complementary to, or arise out of, the professional services we are providing to you.

1.2 In particular, we may:

(a) advise you on investments generally, but not recommend a particular investment or type of investment;
(b) refer you to an Authorised Third Party (ATP) (an independent firm authorised by the FSA), assist you and the authorised third party during the course of any advice given by that party and comment on, or explain, the advice received (but not make alternative recommendations). The ATP will issue you with his own terms and conditions letter, will be remunerated separately for his services and will take full responsibility for compliance with the requirements of the Financial Services and Markets Act 2000. The firm may receive commission from such an introduction, in which case you will be fully informed of the expected size and nature of such commission at the time of the introduction.
(c) assist you in making arrangements for transactions in investments in certain circumstances;
(d) advise and assist you in transactions concerning shares or other securities not quoted on a recognised exchange; and
(e) manage investments or act as trustee where decisions to invest are taken on the advice of an authorised person.

1.3 FKCA Limited (“FKCA”) has a 48% share holding in FK Financial Limited (“FKF”) which is an ATP. FKCA does not receive commissions for introducing business to FKF. However, depending on the financial performance of this company, dividends may be paid out of FKF to FKCA.

1.4 If you are dissatisfied in any way about our services described in this section, you should follow the procedures set out in section 7 ‘Help us to give you the right service’ below and, if in the unlikely event that we cannot meet our liabilities to you, you may be able to claim compensation under the Chartered Accountants/Certified Accountants Compensation Scheme.

2 Client monies

2.1 We may, from time to time, hold money on your behalf. Such money will be held in trust in a client bank account, which is segregated from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Clients’ Money Regulations of the Institute of Chartered Accountants in England and Wales.

2.2 In order to avoid an excessive amount of administration, interest will only be paid to you where the amount of interest that would be earned on the balances held on your behalf in any calendar year exceeds £25. Any such interest would be calculated using the prevailing rate applied by National Westminster Bank Plc for small deposits subject to the minimum period of notice for withdrawals. Subject to any tax legislation, interest will be paid gross.

2.3 If the total sum of money held on your behalf exceeds £10,000 for a period of more than 30 days, or such sum is likely to be held for more than 30 days, then the money will be placed in a separate interest-bearing client bank account designated to you. All interest earned on such money will be paid to you. Subject to any tax legislation, interest will be paid gross.

3 Fees

3.1 Our fees are computed on the basis of time spent on your affairs by the principals and our staff, and on the levels of skill and responsibility involved.

3.2 For ongoing services, clients are required to pay a proportion of their fee on a monthly direct debit commencing six months before the year end. These direct debits will be applied to fees arising from work agreed in the letter of engagement for the current and ensuing years.

3.3 For single defined projects, if the services provided are likely to extend beyond 3 months in duration, we will agree an interim fee schedule with you. If we have not agreed an interim fee schedule and, for whatever reason, the services provided extend beyond 3 months, we will raise an interim fee on account for the time and costs incurred up to the date of the interim fee.

3.4 Our terms relating to payment of amounts invoiced and not covered by direct debits, where appropriate, are strictly 30 days net. Interest will be charged on all overdue debts at the rate applicable under the Late Payment of Commercial Debts (Interest) Act 1998.

4 Limitation of liability

4.1 For certain professional services provided we will discuss and agree the extent of our liability to you. The limitation of liability will be set out in our terms of engagement letter on a case by case basis.

4.2 We acknowledge that the limit in respect of our total aggregate liability will not apply to any acts, omissions or representations that are in any way criminal, dishonest or fraudulent on the part of the firm, its principals or employees.

5 Retention of and access to records

5.1 Whilst certain documents may legally belong to you, we intend to destroy correspondence and other papers that we store which are more than seven years old, other than documents which we consider to be of continuing significance. If you require retention of any document you must notify us of that fact in writing.

6 Quality control

6.1 As part of our ongoing commitment to providing a quality service, our files are periodically subject to an independent quality review. Our reviewers are highly experienced and professional people and are, of course, bound by the same requirements of confidentiality as our principals and staff.

7 Help us to give you the right service

7.1 If at any time you would like to discuss with us how our service to you could be improved, or if you are dissatisfied with the service you are receiving, please let us know, by telephoning Darren Fletcher or Chris Howe.

7.2 We undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you. If you feel that we have given you a less than satisfactory service, we undertake to do everything reasonable to address your concerns. If you are still not satisfied, you may of course take up matters with the Institute of Chartered Accountants in England and Wales.

8 Applicable law

8.1 This engagement letter is governed by, and construed in accordance with, English law. The Courts of England will have exclusive jurisdiction in relation to any claim, dispute or difference concerning this engagement letter and any matter arising from it. Each party irrevocably waives any right it may have 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.

9 Electronic communication

9.1 Internet communications are capable of data corruption and therefore we do not accept any responsibility for changes made to such communications after their despatch. It may therefore be inappropriate to rely on advice contained in an e-mail without obtaining written confirmation of it. We do not accept responsibility for any errors or problems that may arise through the use of internet communication and all risks connected with sending commercially sensitive information relating to your business are borne by you. If you do not agree to accept this risk, you should notify us in writing that e-mail/internet filing is not an acceptable means of communication.

9.2 It is the responsibility of the recipient to carry out a virus check on any attachments received.

10 Data Protection Act 1998

10.1 We may obtain, use, process and disclose personal data about you in order that we may discharge the services agreed under this engagement letter, and for other related purposes including updating and enhancing client records, analysis for management purposes and statutory returns, crime prevention and legal and regulatory compliance. You have a right of access, under data protection legislation, to the personal data that we hold about you. For the purposes of the Data Protection Act 1998, the Data Controller in relation to personal data supplied about you is Duane Litchfield.

11 Contracts (Rights of Third Parties) Act 1999

11.1 Persons who are not party to this agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.