Terms and Conditions
These are the Terms and Conditions that apply to The Openwork Partnership Fee Agreement
This agreement is made between you, Openwork Limited and Bright Blue Wealth Limited.
The Client (“you”):
This Agreement (together with the Client Proposition Brochure or as otherwise agreed by us in writing) sets out the terms on which Openwork Limited and Bright Blue Wealth (“we/us”) will provide you with the Services. Please read this Agreement and the Client Proposition Brochure carefully before signing it. If you do not understand something, please ask us for information.
This Agreement, together with the Client Proposition brochure, constitutes the entire agreement between us and supersedes and extinguishes all previous agreements, promises, assurances, representations and understandings between us, whether written or verbal and relating to the subject matter of this agreement.
Terms used in this Agreement:
Services means the services to be provided by us to you and which are described in the Client Proposition Brochure or as otherwise agreed by us in writing; Agreement means The Openwork Partnership Fee Agreement between you, Openwork Limited and Bright Blue Wealth; Appointed Representative means Bright Blue Wealth; FCA means the Financial Conduct Authority; FSCS means the Financial Services Compensation Scheme; The Openwork Partnership means Openwork Limited; Permitted Business means the business which Openwork Limited is authorised by the FCA to carry out and which Openwork permits Bright Blue Wealth to undertake; Bright Blue Wealth means Bright Blue Wealth Limited; We, us, our means Openwork Limited (including its successor from time to time) and any trading style of Openwork Limited and where applicable includes Bright Blue Wealth while and to the extent that Bright Blue Wealth is acting on Openwork’s behalf.
1. About The Openwork Partnership and Bright Blue Wealth
1.1 Our business is advising on and arranging mortgages, general and pure protection insurance and life insurance, pensions and investments.
1.2 Our address for correspondence is Auckland House, Lydiard Fields, Swindon, SN5 8UB. The Openwork Partnership is authorised and regulated by the FCA. Our Financial Services registration number is 408285.
1.3 The Services will be provided to you by Bright Blue Wealth an Appointed Representative. Bright Blue Wealth represents The Openwork Partnership and can provide the Services on our
behalf and only in relation to Permitted Business.
1.4 Any activity undertaken by Bright Blue Wealth which is not in relation to the Permitted Business is not undertaken on Openwork Limited’s behalf.
1.5 As Bright Blue Wealth is a business rather than an individual, one or more individuals may provide the Services as agent of Bright Blue Wealth Openwork Limited is authorised and regulated in the UK. You can check this and Bright Blue Wealth registration on the Financial Services register by visiting the FCA’s website www.fca.org.uk or by contacting the FCA on 0800 111 6768.
1.6 Neither Openwork Limited nor Bright Blue Wealth is permitted to receive or hold client money. Any payments for the Services should be made to Openwork Limited. Bright Blue Wealth will tell you who to make any product related payments to at the appropriate time.
1.7 Client categorisation: in providing the Services to you, we will categorise you as a “retail client”. This means that you will have the highest level of protection available under the regulatory system.
2. Our Services
2.1 Bright Blue Wealth will advise you on general and pure protection insurance and life insurance, pensions and certain investments (“Financial Products”) and undertake services in connection with them (“Services”). For more information on how the Services are provided, please see the Client Proposition Brochure or any other document agreed by us in writing which describes the Services.
2.2 You agree to provide us with any documents or information we reasonably request in order to provide any of the Services or to carry out anti-money laundering and financial crime checks; and to provide those documents and that information as fully and accurately as you reasonably can.
3. Our fees
3.1 Our fees are set out in the Client Proposition Brochure or as otherwise agreed by us in writing. In return for us providing the Services, you will pay the fees that we agree with you. The fees set out in the Client Proposition Brochure are the maximum that we will charge, however these fees can be discounted at any time. Our fees will be calculated on the rate, a percentage, or a fixed fee and notified to you before providing the Services.
3.2 We will discuss your payment options with you and answer any questions you may have. We will agree with you how we are to be paid.
3.3 We will charge you interest at a rate of 4% per annum above Lloyds Bank plc’s base rate from time to time but at 4% for any period where the base rate is at 0% or lower (both before and after any judgment) on any amount you do not pay us when it is due.
3.4 You should be aware that other costs, including taxes, related to transactions in connection with the Services may arise for you that are not paid via us or imposed by us. We will notify you of the total price you must pay in relation to any Services. We will notify you of the total charges payable to us by you for the Services.
3.5 VAT (where applicable) will be due in addition to any fees, as will any and all other applicable taxes and duties.
3.6 If you take out an investment product and choose to deduct our fees from the sum invested, you need to be aware that if you subsequently exercise your rights to cancel the investment, the amount relating to our fees will remain payable to us. This means that any refund you receive from the product provider should not include any of those fees.
If it does, we will be entitled to recover directly from you any fees that we have not received from the product provider.
3.7 For maturing pension funds, our fees for Advice & Implementation will be deducted from the residual fund after any pension cash lump sum has been taken.
3.8 For certain products where a guarantee applies, the basis of calculation may result in a fee expressed as a percentage that is greater than stated in the Ongoing Service section of the fee agreement. We will advise you separately should this be the case.
4. Communicating with us
4.1 We will enter into communication with you through whatever means are convenient to you and us including face-to-face, telephone and email. You will also be provided with details of how to contact Bright Blue Wealth.
4.2 We may ask you to confirm an instruction in writing.
4.3 The language of communication will be English and you will receive documents and other information from us in English.
4.4You agree to notify us if you change your address or other contact details. We will send all correspondence to the address or email address most recently notified to us.
5. What if Bright Blue Wealth ceases to represent The Openwork Partnership?
5.1 Bright Blue Wealth may cease to represent The Openwork Partnership for a number of reasons for example, death, retirement or if Bright Blue Wealth Appointed Representative contract with The Openwork Partnership ends. If Bright Blue Wealth ceases to represent The Openwork Partnership, Bright Blue Wealth will notify you and will continue to provide the Services to you. At that point, Openwork Limited will no longer be a party to this Agreement and Bright Blue Wealth will assume the rights and obligations set out in this Agreement. Should Openwork Limited cease to be
a party to this Agreement all references to terms “we, us, our” means Bright Blue Wealth.
6. Cancellation right
6.1 You may cancel this Agreement in the fourteen days following the date on which you sign this Agreement or the date on which you receive it (whichever is later). If you wish to cancel this Agreement, please write to us at the address in clause 1.2 above.
6.2 If you cancel this Agreement, you will still need to pay for the Services we have provided prior to the date of cancellation.
7. Ending this Agreement
7.1 Either you or we can end this Agreement by giving the other a minimum of 28 days written notice ending on the final day of the next calendar month so that, for example, notice given on 15 February will have effect on 31 March.
7.2 We will not be in breach of this Agreement nor liable for delay in performing, or failure to perform, any of our obligations under this Agreement if that delay or failure results from events, circumstances or causes beyond our reasonable control. In those circumstances we will be entitled to a reasonable extension of the time for performing our obligations, provided that if
the period of delay or non-performance continues for 2 weeks, you may terminate this Agreement by giving 14 days’ written notice to us.
7.3 Should you ask us to provide you with the Ongoing Service, you will have the right to cancel that service at any time, and for any reason, by providing us with written notice of your wish to do so. There will be no penalty for cancelling the Ongoing Service but you will still be liable to pay for any outstanding charges for the Ongoing Service provided to you prior to our receipt of the cancellation notice from you.
7.4 The termination of this Agreement, for any reason, and whichever party was responsible, will not affect any rights arising on or before termination.
7.5 The provisions of this Agreement will survive its termination to the extent necessary to give fullest effect to its terms and intention, for example even if this Agreement has terminated you must pay any fees which may be outstanding.
8.1 From time to time it may be necessary to amend the terms and conditions set out in this Agreement. If this is the case Openwork Limited will write to you with details of the changes at least 28 business days before they are due to take effect. In most cases any changes will be confirmed in a new Agreement.
Openwork Limited is authorised and regulated by the Financial Conduct Authority.
Registered in England 4399725. Registered office: Auckland House, Lydiard Fields,
Swindon SN5 8UB. Telephone: 0370 608 2550. Website: www.openwork.uk.com