Terms and Conditions Summary
The purpose of our terms of business document is to outline a set of rules and criteria which we will both abide by for the time you have an account with TAM. The document should be read in full before you agree to open an account. We do however understand that this is a lot of information to take in and therefore feel it would be helpful to provide you with this summary which should guide you to key points of our relationship. You can also use the full terms and conditions as a reference guide if ever you have a query regarding your account or how we are operating it in the future.
We are discretionary investment managers which simply means we will make decisions on your behalf as to how your money should be invested. You will not need be involved in the process and we are not required to refer decisions to you before they can be put into action. This helps streamline the process and means we can react faster to market conditions. We do not provide financial or investment advice. We will follow the guidelines set down by you and your adviser when you select a portfolio risk profile. It is important that you understand this point. We are guided by you and your adviser in respect of, amongst other things, the level of risk you are willing to take with your assets. If you are concerned about this you should discuss it with your adviser.
We will not be liable for any errors in defining the level of risk that you are prepared to take with your investments. That is a matter for you and your adviser. As to which see below.
Your and your adviser’s role
Where you have been introduced to TAM through a financial adviser they will have taken you through a financial review and have a full understanding of your financial circumstances and goals. It is their job to determine your investment goals and together you decide what level of risk you are willing to take. The suitability assessment of any of our services is determined by your adviser (see part 4 general terms & part 5 of the specific terms). They are also responsible for ensuring that your current and future financial needs are able to absorb any risks that your chosen portfolio may be subject to. We can only rely on the information given to us by you and your adviser and therefore we request that any changes which may affect how we invest for you are notified to your adviser and TAM, as mentioned in point 2.5 of our general terms.
Your adviser will have conducted a full Know Your Client (KYC) survey and be fully aware of all your personal circumstances before recommending the use of TAM as a Discretionary Asset Manager. During this stage of the process you and your Financial Adviser will confirm to TAM all the relevant facts in respect of the amount you wish to invest, the time span of your investment and the use of a specific financial product, such as a Life Bond, Pension, ISA etc, where appropriate.
Once these facts have been established your Financial Adviser will notify TAM of these facts and indicate which TAM service is appropriate for your requirements taking into account the Risk Level, and the choice between the different TAM services of Focus, Premier, Ethical, Sharia or Centum. TAM will then produce an appropriate Investment Report that clearly defines the role TAM has in the investment process. The Investment Report describes the process by which TAM will make investments on your behalf, the security behind your investment portfolio and how the choice of investments is made by TAM.
At this point you and your Financial Adviser will review the Investment Report in conjunction with TAM’s Terms of Business and the Client Application Form contained within the report. If you and your Financial Adviser agree with the content of the Investment Report, which clearly sets out your Investment Risk Profile (as determined by you and your adviser), the fees and charges that will be applied to your portfolio and the protection available in support of your investments then the completion of the process is simple.
By signing the relevant page of the Investment report both you and your Financial Adviser confirm that you have agreed that this is how TAM will manage your investment portfolio on a fully discretionary basis and the Terms under which the process will proceed. This means that all investment decisions and transactions will be carried out by TAM on your behalf without the requirement for further documentation.
You Financial Adviser now needs to send the duly signed pages of the Investment Report, along with your Anti-Money Laundering certification or documentation to TAM. Your Financial Adviser will also ensure that your assets are transferred to TAM so that your portfolio can be formally constructed.
Where you have come to us directly without using an adviser then you alone have made your own decisions in relation to the risks you are willing to take. By signing the application and agreeing to these terms of business you are instructing TAM to invest under a certain portfolio choice and you take full responsibility for the decision making process that lead to you opening an account and investing along with all information you have provided.
TAM are also a regulated ISA Manager and if you decide you would like to open an ISA account with us we will also require you to complete an ISA declaration for the current tax year. You can set this as a rolling ISA so you do not need a new one each year. Please ask us or your adviser if you need more details.
Communication, Updates and Information.
All information is available through our web portal. You will have 24/7 access through your login which will either be provided directly or through your financial adviser. From there you can monitor your portfolio and the investments made. By opening an account you agree to check the account regularly and are responsible for saving or printing valuations and statements at least annually.
Fees and Charges
For the services we provide you agree to pay us as outlined in our fees and charges schedule. The level of charge can differ depending on the portfolio service you select. Please ensure you have reviewed the schedule in full before signing The Investment Report/application form. Where you have used the services of an adviser, you may have also agreed fees for the initial investment and for ongoing reviews and advice.. These can be outlined in the TAM proposal so please check to ensure they are correct.
TAM use the services of Pershing Securities Limited as our custodian. This means that when you invest your money with TAM it is held securely with Pershing, one of the largest custodians in the world. They are part of the Bank of New York and look after over £40billion in assets across the globe. They have special terms and these are outlined in the Pershing section at the end of the full terms.
We are authorised and regulated by the Financial Conduct Authority and if you have a complaint whilst using our services, we have a full complaints procedure in order to resolve matters as quickly and fairly as possible. The complaint procedures and our contact details can be found in these terms and through our website. TAM are also covered by the Financial Services Compensation Scheme, which can provide additional protection of your investments.
This summary should have given you a good idea of what you will get from the TAM service but the full terms should be reviewed. We hope this has been helpful and if you have any questions please refer to your adviser or TAM.
Click here to download our TOB