Terms Of Investment Business (Jersey) :

Terms of Business for Investment Business  - Effective from 1st January 2006

Your attention is drawn to the following notes relating to the financial services products you have arranged, or wish to arrange with us.

Who we are

• Islands Insurance and Touzel & Islands’ Insurance are registered business names of M J Touzel (Insurance Brokers) Ltd
• M J Touzel (Insurance Brokers) Ltd is a wholly owned subsidiary of Islands’ Insurance Holdings Ltd
• Our ultimate parent company is  National Farmers Union Mutual Insurance Society Limited (NFU Mutual) which is regulated by the Financial Services Authority that regulates sales, advisory and service standards in the U.K., to make sure that customers are treated fairly. 
• Investment business conducted in Jersey is regulated by the Jersey Financial Services Commission (JFSC)
• When we arrange life insurance, pension or investment business on your behalf we are acting as your Independent Financial Advisers.

Explanation of our service.

• We offer you independent financial advice based on the information you provide to us.

• As independent advisers we are not tied to any one insurance company or product provider. We are able to survey the available market for Jersey residents, to select the most suitable product for you.

• We will be pleased to provide you with investment advice and review your plans on request. We do not provide discretionary investment services therefore any instruction to vary your investments must be given by you.

• We do not provide active fund management services as we are not regulated for this discipline. 

Commission

We normally derive our income from commission received from the providers of any policies arranged for you. The cost of this commission payment is included in the standard charging structure of the product, which will be explained to you by your adviser.

Fees Alternative

We do not normally charge fees, but reserve the right to do so, in the following circumstances:-

• if the work we do for you does not relate to investments on which commission is payable.
• if you instruct us to give you advice, but not to arrange the sale or purchase of an investment product for you; or
• if it is agreed that the work is carried out on a fee basis, with any commission that would have been payable being reinvested to enhance the investment products arranged, or being used to offset the fees otherwise payable.

Verification of Identity ( Anti -Money Laundering)

The Law requires that we obtain certain documents from you to verify your identity and permanent residential address. We are unable to effect any transaction for a client if the necessary verification has not been undertaken.

Law applicable

• As parties to the contract,  you and the provider have the right to choose the law applicable to it.
  
• In the absence of a specific agreement, the law of the country within the UK and Channel Islands, in which you reside when the contract is concluded, should apply.

Confidentiality

• All personal information about you will be treated as private and confidential (even when you are no longer a customer) except where the disclosure is made at your request in writing, or where we are required to by law.

• Some or all of the information you supply to us in connection with your insurance proposal will be held on computer.  In addition we may use some of the information to advise you of other products and services which we believe may be of interest to you. If you do not wish to have your details used in this way please advise us accordingly.

Under the Data Protection (Jersey) Law 2005 you have a right to request access to personal information about you that is held in our records and to ask us to correct any inaccuracies. For more information write to The Compliance Manager at the address given below.

Complaints

• It is our intention to provide a high level of service at all times.  If however you have reason to make a complaint about our service, we have internal procedures for handling complaints fairly and promptly.  In the first instance you should contact –

The Compliance Manager,
Islands’ Insurance,
Kingsgate House,
55 The Esplanade,
St Helier,
Jersey JE1 4HQ

• We will acknowledge your complaint normally on the day of receipt.
• A response detailing the present position will be sent to you within 14 working days and confirmation of the outcome once investigations are complete.
• In the event that you are not satisfied with the outcome of your complaint you could refer to the Jersey Financial Services Commission.
• M J Touzel (Insurance Brokers) Limited maintain professional indemnity insurance as required by the Jersey Financial Services Commission.

Our Guide to Investment Risk

Risk v Reward

Different people have different attitudes to investment risk and it is important that you understand the degree of risk you are prepared to accept before entering into an investment agreement.

Before recommending a suitable investment product we will take into account a number of factors including income requirements, capital growth, investment term and tax implications.

We grade investment risk in the following categories:

No Risk

In this category you would not be prepared to see any loss to the value of your investments. You will probably be investing over the shorter term and will have to be satisfied with the rates of return available from bank deposits and post office accounts.

Low Risk

In this category you may be prepared to take minimal risk to try to achieve slightly better returns than those available via bank deposits and post office accounts. In this category it is likely that you will need to commit your investment resources for a period of 5 years and invest in funds that have a low exposure to stock market performance.

Medium Risk

In this category you are prepared to see the value of your investment rise and fall with market conditions but you would hope that your investment would not lose more than the benchmark index of a selected market.  In this category you would have quite high proportions of your investments held in shares, the value of which can go down as well as up.  With shares there is no limit to the loss which can be incurred, although in a medium risk sector we would expect a diverse range of investments rather than being reliant on one particular investment sector, therefore the performance of your investment should be linked to general market trends. It is likely that you will need to commit your investment resources for a period of at least 5 – 7 years.

High Risk

In this category you will have to accept that you can lose large proportions of your investments but you are willing to accept that risk to obtain greater returns on your investments.  

It is likely that you will need to commit your investment resources for a period of over 10 years.

In this category you will probably have a view on your own desired investment profile rather than just be reliant on the advice being provided by a financial adviser.