Terms of Business

Current Fees

From £100,000 - £500,000 - Blended portfolio: ETFs, Investment Trusts and individual shares - £50 p.c.m.

More than £500,000 - please speak to Tideway Investment Partners, our parent company.

Note: InvestwithQ may utilise an ETF only portfolio up to £150,000 in order for the client not to suffer from portfolio dilution via dealing charges on numbers of individual shares.

 
TERMS OF BUSINESS      
This Terms of Business notice sets out the services we provide and the basis on which we will conduct business with you. Please take time to read it carefully and ask us if there is anything that you do not understand. By signing the agreement you are confirming you have read and understood the terms.

Tideway Investment Partners LLP, 50 Broadway, Westminster, London SW1H 0RG is authorised and regulated by the Financial Services Authority, 25 The North Colonades, Canary Wharf, London, E14 5HS, and bound by its rules As a Private Customer as defined by the regulator you are entitled to the protections afforded to Private Customers under the Financial Services and Markets Act 2000.

Our services
Tideway Investment Partners provides two main services;

1.    The discretionary management of portfolios of investments
2.    Financial advice

The terms of these two services are laid out below.

DISCRETIONARY PORTFOLIO MANAGEMENT
Under this service Tideway Investment Partners LLP will manage a collection of investments on your behalf having first understood your financial position, objectives and risk profile. As part of the initial advice process Tideway Investment Partners LLP will describe a universe of investments from which your investments will be selected and outline an investment strategy which we have developed to try to maximize returns and minimize investment risks.

Having agreed to the service, identified the funds to be managed in this way and provided us with an investment brief Tideway Investment Partners LLC will buy and sell investments on your behalf at its own discretion in keeping with its investment strategy.

Types of Investments, Cancellation Rights and Suitability
The types of investments used will include;
•    Exchange Traded Funds (ETFs) or index tracking funds
•    Investment trusts and property REITS
•    Individual ordinary shares in large capitalised companies that are highly liquid and traded on either the London stock market, the New York stock market or Nasdaq
•    Individual or collective funds of Government backed securities
•    Individual or collective funds of corporate bonds
•    Other collective funds both regulated including OEICs and Unit Trusts and unregulated funds onshore and offshore

In the case of regulated collective funds you will not receive the same key feature post sale documents and cancellation rights as if you had bought the fund directly.

In the case of some investment trusts and some un-regulated funds the managers may at their discretion use leverage to enhance returns which carries added risks if investments fall in value.

Some of the investments in your portfolio may be denominated in a foreign currency which carries the additional risk of currency exchange rate movements.

In all cases Tideway Investment Partners LLP will use due care and attention to select investments that are suitable to your investment objectives and risk profile based on the prevailing economic conditions and investment market behavior.

Taxation Issues
For UK resident tax payers your portfolio may be spread between several tax wrappers to reduce tax on investment returns, most typically a SIPP or ISA account. Directly held investments in a dealing account will be subject to capital gains and income tax for UK tax payers.

Trading Platforms, Valuations and Statements
To facilitate the portfolio management process your funds will be invested via the appropriate tax wrappers onto one of Tideway Investment Partners designated online trading platforms.

These outsourced platforms have been chosen based on market leading competitiveness, financial stability of the operating company and service standards. Tideway Investment Partners will monitor from time to time these three aspects for each of its platform providers. Full details of each platform provider will be given to you at outset including their fees, transaction costs, deposit rates on client accounts and security arrangements.

The platform provider acts as custodian for your funds, operates a portfolio client account for the collection of dividend income, trades your investments under our instructions and will provide you with valuations, transaction statements and year-end tax return information. The valuations and statements are available to you online via the platform provider’s website, or will be emailed to you from time to time. If you require hard copy valuations or valuations in a format not provided by the platform Tideway Investment Partners LLP will endeavor to provide these for you. There may be additional expense to you for this service.

Legacy Investments
You may have old investment structures, such as an offshore bond, within which there is a pool of money that you would like us to manage, that cannot be moved to one of our chosen platform providers. In this case alternative arrangements will be agreed with you for valuations and statements and direct with the product provider for investment switching.

Tailoring The Portfolio
Your portfolio will be tailored to your need for income or capital growth, your risk profile and tax situation all of which we will review with you on a regular basis. It is important that you inform us as soon as possible should your circumstances in respect of these issues changes.  

Communication and Instructions
We will from time to time communicate to you changes in market conditions, changes in our views on where to invest and how we have been managing your portfolio. Our preferred method for this sort of communication is by email, although we can provide hard copy postal communication if you prefer.

We will accept verbal instructions from you over the telephone but ask that these be confirmed with us in writing. An email is our preferred method of communication.

Joint Accounts
In the event an account is held in joint names, then each account holder is jointly and severally liable. We may assume instructions received from one holder of a joint account and any action we take regarding such instruction will be binding on both parties.

In the event of the death of a party to a joint account, please inform us immediately. All property will be held for joint account holders as joint tenants and the assets will be owned jointly without any distinction between them regarding share ownership. On the death of one of the joint tenants, the holdings in the account pass to the remaining joint tenant who, if a sole survivor, becomes automatically the sole owner of the assets.

Asset Custody And Client Money
Your assets will be held by the trading platform provider or product provider in a separate nominee company so that your funds are not at risk either from the failure of Tideway Investment Partners LLP or the platform or product provider.  Full details of such arrangements and security for client account money can be provided on request.

FINANCIAL ADVICE
Tideway Investment Partners LLP can provide financial advice in relation to;

•    Pension planning including using Self Invested Pension Plans (SIPPs), pre and post retirement planning, transferring pension rights from occupational final salary schemes and the division of pension benefits in divorce.

•    Personal and corporate tax planning including inheritance tax planning, capital gains and income tax mitigation and the use of trusts.

Any substantial advice you may require on these issues will be given to you in the form of a written report including a detailed action plan having first fully understood your financial circumstances and objectives.  Where there is complex work for example on tax and trusts it is sensible to involve your specialist legal or accounting adviser, Tideway Investment Partners LLP can make introductions to such specialists if required whose services will be separately charged and documented.

In most advice matters there will be a range of possible solutions and there will be pros and cons to the solution we propose which will be highlighted in the report.

In high value transactions, for example transferring rights from an occupational pension schemes, we will ask you and your spouse if appropriate, to sign the advice report to confirm that you have understood the pros and cons and inherent risks of the transaction.

GENERAL

Investment Risk Warning
Always remember that in order to gain higher returns investors must accept a degree of risk. With any active investment subject to supply and demand and the economic cycle the value of your capital and income may go down as well as up, and you may not get back the amount invested.



Data Protection
We are registered under the Data Protection Act 1998. It is understood that we keep personal and financial information with regard to your circumstances on file (electronic and/or paper based) as required to be able to advise you as to your investment needs. We confirm that the information was correct at the time it was obtained from you. We confirm that this information will not be used, or transferred by us to any other firm or company. We confirm that we cannot be held responsible for the information held on your file becoming inaccurate due to your change of circumstances if you fail to inform us of those changes.

Record-keeping
We keep records of our business transactions for at least six years. We reserve the right to approach third parties and to delay any applications until adequate verification of identity has been obtained under the Proceeds of Crime Act 2000.

Material interest
We will act honestly, fairly and professionally and at all times in client’s best interest. Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interest, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Money laundering
Where we are required to verify your identity in accordance with the Proceeds of Crime Act and the Money Laundering regulations, no investment will be made until such verification has been obtained.

Client Money
We do not handle Client Money. We will never accept your cash or cheque made payable to us, unless it is in settlement of fees.


Fees
We will agree fees for each service in writing before undertaking any work on your behalf. Portfolio management fees will be in the form of a monthly retainer deducted from your portfolio. Financial advice fees will be one off amounts and may be subject to VAT.  In both cases fees will be pre agreed with you in writing before chargeable work is undertaken. In signing this agreement you authorise us to arrange collection of your agreed fees from your portfolio via your platform manager.

Complaints
In you wish to register a complaint, please either write to the Compliance Officer, Tideway Investment Partners LLP, 50 Broadway, St James’s, London SW1H 0RG or telephone 0044 0207 152 4562. A written copy of our complaint handling procedures is available on request. Should you have a valid claim against us and for whatever reason we are un able to meet our liabilities in respect of investment business carried out with or for you, you may be entitled to compensation from the Financial Services Compensation Scheme. Payments under the scheme to clients are limited to 100% of £30,000 and 90% of the next £20,000 of an investor's total investments subject to a maximum payment to anyone investor of £48,000. We will be pleased, on request, to provide you with full details of this cover.

Law
These Terms of Business are governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.

Termination
The authority to act on your behalf may be terminated at any time without penalty by either party giving seven days notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated.

Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.

Version 1.1 Issued 22nd April 2009