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About our services and Costs |
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Platinum Financial Consulting
trading as Best Pension Annuity |
14 Mildmay House, Foundry Lane, Burnham on Crouch, Essex CM0 8BL
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1. The Financial Services Authority (FSA) |
The FSA is the independent watchdog that regulates financial services. This document is based on a layout designed by the FSA to be given to customers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.
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2. Whose products do we offer? |
Pensions and Annuities |
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We offer products from the whole of the market.
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3. Which service will we provide you with? |
Pensions and Annuities |
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You will receive limited advice from us which is only focused on the business you request of us. We will advise and make a recommendation for you, based on the requirements you give us.
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What will you have to pay us for our services? |
Pensions and Annuities |
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Our aim is to provide you with the service you require without charging you a fee. Instead we will receive a commission from the provider.
However, if you prefer or if circumstances require, we are able to offer you a fee only option, or a combined fee and commission option. Please contact us for further details. In such cases, we will agree the fee with you in writing before beginning work on your behalf.
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No fee, we will receive commission from the provider. |
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A fee option is also available, if requested. |
Not all firms charge for advice in the same way. We will discuss your payment options with you and answer any questions you have. We will not charge you anything until you have agreed how we are to be paid. We have listed below the options available to you.
Paying by Commission (through product charges)
If you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges reduce the amount left for investment. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower. We will tell you how much the commission will be before you complete a transaction, but you may ask for this information earlier. The amount of commission we receive will vary depending on the amount of your annuity or pension fund and (sometimes) how long you keep the product, or your age.
For Example : If your pension fund after taking tax free cash is £10,000 an this was used to buy an annuity the maximum commission we could receive 1.5% of the purcase amount invested (£150.00).
The commision stated in the example above also applies to Drawdown contracts, although provider do offer more commission on such products, 1.5% is the maximum commission we would take. We would also receive 0.5% of the value of the fund (ap proximately £50) every year.
The commissions
above are the absoloute maximums re would receive and in the majority of cases we actualy take less.
The commission noted above includes payment for any ongoing service such as a periodic or ongoing fund review.
Paying by fee. Whether you buy a product or not, on completion of our work, you will pay us a fee for our advice and services. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you.
We will confirm the rate we will charge in writing before beginning work and we will tell you if you have to pay VAT. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first.
Hourly Rate
We charge a flat rate of £100 per hour for annuity work. A typical case would take approximately 6 hours from start to finish. Your case may take shorter or longer than this. If you choose to pay by a fee we will give you an estimate of time based on similar cases we have processed. If you case look like taking longer than our estimate we will notify you of this. In all cases we will charge a minimum fee of £600.
For work on funds in excess of £200,000 the minium fee would be £1,000.
We do not offer a combined commission and fee option.
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5. Who regulates us? |
Platinum Financial Consulting is authorised and regulated by the Financial Services Authority. Platinum Financial Consulting’s FSA register number is 227014.
Platinum Financial Consulting’s permitted business is advising on and arranging investment, non-investment insurance contracts and mortgages.
You can check this on the FSA’s Register by visiting the FSA’s Website www.fsa.gov/uk/register or by contacting the FSA on 0845 606 1234.
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6. What to do if you have a complaint |
If you wish to register a complaint, please contact us:
….in writing Write to The Compliance Officer, Platinum Financial
Consulting, 14 Mildmay House , Foundry Lane, Burnham-on-Crouch, Essex, CM0 8BL
….by phone Telephone 0845 83 87 811
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
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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.
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Pensions and Annuities |
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Most types of investment business are covered up to a maximum limit of £50,000. |
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Further information about compensation scheme arrangements is available from the FSCS.
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