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Terms of Business

REGULATOR'S STATEMENT

Those who advise on life assurance, pensions, or unit trust products are EITHER independent advisers OR representatives of one company.

Your adviser is independent and will act on your behalf in advising you on life assurance, pensions or unit trust products. Because your adviser is independent he or she can advise you on the products of different companies. Daai Independent Financial Services Limited is regulated by the Financial Services Authority (FSA) of 25, North Colonnade, Canary Wharf, London E14 5HS.

Terms of Business

Our terms of business come into effect as soon as we commence the process of offering advice to you regarding the arrangement of life assurance and pensions, investments in authorized trusts and ISA's.

Financial Services and Markets Act 2000 - classification of customer

Under the terms of the Financial Services and Markets Act 2000 (FSMA) we have to classify our customers as either "private" or "intermediate". Intermediate customers are deemed to have a thorough understanding of the risks associated with the product they select, and our duties of disclosure would be tailored to that assumption. We have classified you as a "private" customer so that our Advisers will always ensure that they check all aspects of the advice they offer to you, and disclose all the facts prescribed by the FSA.

Termination of Authority

You or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees which may be outstanding.

You have the right to inspect copies of contract notes, vouchers and entries in our books or computerized records relating to your transactions. We keep records of our business transactions for at least six years from the date of the transaction.

Our Services

We also advise on some Private Health Insurance; Private Medical Insurance; Long Term Care Plans; Bank and Building Society Accounts; National Savings, some Term Assurance, Mortgages and other financial products which are not Regulated by the FSA under the Financial Services and Markets Act 2000. The Financial Services Compensation Scheme does not apply to any of these products.

Material Interests

We offer independent financial advice, but occasions can arise where we, or one of our other customers, will have some form of interest in business which we are transacting for you. If this happens, or we become aware that our interests or those of one of our other customers conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions.

Further Advice

When we have arranged any investments for which you have given instructions we will not give you any further advice unless you request it, but will be glad to advise you at any time you ask us to do so.

Instructions

We require our clients to give us instructions in writing, to avoid possible disputes. We will, however, accept oral instructions provided they are subsequently confirmed in writing.

Review

We will be pleased to advise you at any time, however, we will not carry out regular reviews of your investments unless specifically requested to do so.

Our Remuneration - Commissions

We do not normally charge fees but will do so, if the work we do for you does not relate to investments on which commission is payable. Where we propose to charge you a fee, we will notify you in writing before we carry out any chargeable work, explaining how it will be calculated.

We derive income from commission paid to us in respect of transactions in life assurance, ISAs, unit trusts and other regulated collective investment schemes and in investment trust companies' shares held in a PEP or regular savings scheme. We shall tell you the amount of commission payable to us on any such investment. If we receive commission or any other form of benefit from the issuer of a security or another intermediary, we will inform you, but we will not tell you its amount unless you ask us to do so.

If you subsequently cease to pay premiums on a policy, and in consequence we are obliged to refund the commission that has been paid to us, we reserve the right to charge you a fee based on the number of hours spent in advising you and arranging the policy, but we will not charge any fee if you exercise your right to cancel the policy in accordance with the cancellation notice sent to you by the life insurance company or Friendly Society.

UK Money Laundering Regulations

We are obliged to conform to the Money Laundering Regulations 1993 and also adhere to the guidance notes from the Joint Money Laundering Steering Group which requires financial institutions to verify the identity and place of residence of each investor. We will also request that you inform us how monies being invested were obtained/accumulated. This process may require sight of certain documentation. If you provide false or inaccurate information and we suspect fraud or money laundering we will record this. We will not forward any applications or money to third parties/product providers until our verification requirements have been met. We take no responsibility for any delay in investing where money-laundering verification is outstanding.

Handling Client Money

Daai Independent Financial Services Limited does not handle client money. We never accept cheques made payable to us (unless it is a cheque in settlement, charges or disbursements for which we have sent you a bill) or handle cash.

Your Protection - Professional Indemnity

In addition to the Financial Services Compensation Scheme we are also insured for negligence by any member of staff.

Investments - documentation

We will make arrangements for investments to be registered in your name unless you first instruct us otherwise in writing.

We will forward to you all documents showing ownership of your investments as soon as practicable after we receive them: where a number of documents relating to a series of transactions is involved, we will normally hold each document until the series is complete and then forward them to you.

Complaint Procedure

If you should have any complaint about the advice you receive or a product which you have bought please write to our Compliance Manager, Keith Ward at Shurdington Road. In the unlikely event that we cannot resolve your complaint for you, then you can refer the matter to:

The Financial Ombudsman Service,
South Quay Plaza,
183 Marsh Wall,
London E14 9SR.

Financial Services Compensation Scheme

In the event that our firm is unable to meet any of its liabilities to its private customers, you may be entitled to redress under the Financial Services Compensation Scheme. Details of this scheme are available from either us or the FSA on request. You can ensure that we are a registered member of the FSA on their web site at www.fsa.gov.uk/register or by telephoning the FSA on 020 7066 1000.

Disclosure of Clients Personal Data

Where investment business services are provided to Daai Independent Financial Services Limited by third parties then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions such as processing business, and obtaining compliance and regulatory advice you agree that personal information held by Daai Independent Financial Services Limited may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to such third parties. You agree that this information may be transferred electronically, e.g. email. You also agree that we or any such third party may contact you in future by any means of communication which we consider appropriate at the time. Should you have any queries with regard to Data Protection our Data Protection Officer is David Parsons.

THE Daai GROUP OF COMPANIES ("Daai") DATA PROTECTION ACT 1998 ("THE ACT")

It is Daai's policy to take all necessary steps in ensure that personal data held is processed fairly and lawfully in accordance with the Act.

We hold personal data relating to you in connection with insurance products and services you have asked us to provide. Except to the extent we are required or permitted by law, personal data provided to or obtained by us will be used for the purposes of providing you with the products and services you have requested. It may also be shared within the Daai Group of Companies, full details are available on request, as well as carefully selected third parties who have products and services that we think may be of interest to you. We may wish to contact you from time to time by post, telephone or e-mail about other products and services that may be of interest to you. If at any time you do not wish to receive this information then please write to the Company's Group Data Protection Officer at: Daai Independent Financial Services Limited, Shurdington Road, Cheltenham, Glos GL51 4UE. Under the Act, as a data subject, you are granted certain rights. If you would like to know what information we hold about you and from where it was obtained you can write to us as above. We may charge you a statutory administration fee to comply with your request.

Should you have any other queries in connection with data protection then please contact the Company's Group Data Protection Officer as above.

Investment Objectives & Restrictions

Following the issue of this letter any subsequent advice or recommendation offered to you will be based on your stated investment objectives, acceptable level of risk and any restrictions you wish to place on the type of investments or policies you are willing to consider. Details of your stated investment objectives will be included in the suitability letter we will issue to you to confirm our recommendation. Unless confirmed in writing, to the contrary, we will assume that you do not wish to place any restrictions on the advice we give you.

Clients Risk

You are advised that because investments can fall as well as rise, you may not get back the full amount invested. Past performance is not necessarily a guide to future performance.

Force Majeure

In the event of any failure, interruption, or delay in performance of obligations resulting from the breakdown, failure or malfunction of any telecommunications, computer systems or from any other event or circumstance whatsoever not reasonably within Daai Independent Financial Services Ltd's control, Daai Independent Financial Services Ltd shall not be liable or have any responsibility of any kind of loss or damages incurred by you.

Efit tobl / 29/12/2003