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Caerus Wealth Induction Course eWorkbook Version 3 – March 2019
Name
Course Trainer
Week Commencing
Disclaimer: Please note that all the handouts and hyperlinks are checked and correct at the time of publication
2
Wealth Induction Course Agenda The Wealth course is a 3-day course which is followed either by a 1-day Pension Transfer or mortgage course
Day 1 – Start 10am Day 2 Day 3 Day 4
Session 1 - Course introduction • Housekeeping• Course Aims and Objectives• Course Agenda / Introductions
Session 2 – Customer outcomes and Right First Time
Session 3 – Wealth Advice Process • Materials and Systems that
support advice process
Session 4 – Extranet
Session 5 – Introduction and setting the scene
Session 6 - Verifying the identity of your client • Financial crime
Session 7 – Intelligent Office – Part 1 – Adding a Client • Introduction to the system• Adding a client
Session 8 - Introduction and Setting the Scene – 1st meeting • Disclosure
Session 9 – Establishing needs • Fact-finding
Session 10- Attitude to Risk • Guide to Investing• Profile report
Session 11 – Intelligent Office – Part 2 – Completing a fact find, ATR Profiler and EIDV • Adding a fact find to Intelligent
Office
Session 12 – Priorities and Options • Intrinsic investment proposition• Designing the solution
Session 13 - Intelligent Office - Part 3 – Suitability letter
Session 14 – Recommendation and next steps • Presenting the solution
Session 15 – Intelligent Office – Part 4 – Submission of a case with servicing added • Creating a case• Setting up Servicing
Intrinsic advice process gap analysis assessment
Session 16 – Intelligent Office – Part 5 – Delegate exercise • Inputting a case study onto
Intelligent Office
Session 17 – Intelligent Office – Part 6 - Servicing • Documenting servicing
outcomes
Session 18 – Protection • Intrinsic Panel• Intrinsic protection benefits
Session 19 – Intelligent Office – Part 7 – Adding a Protection Case
Session 20 – Life Quote Protection Service
Session 21 - Route to Competent Adviser
Session 22 – Closing down the course
Session 23 – Intelligent Office – Part 8 – Adding a Protection Case – Final exercise
Mortgages Pension transfers Session 1 – Mortgage day introduction
Session 2 – Mortgage advice process
Session 3 – Introduction and setting the scene
Session 4 – Introduction and setting the scene – 1st meeting
Session 5 - Establishing client needs
Session 6 – Supporting documentation and Financial Crime
Session 7 – Financial Crime Case Study
Session 8 –– Intelligent Office – Part 1 -Adding a client and adding client details
Session 9 - Priorities and Options
Session 10 – Trigold - Sourcing software
Session 11 – Recommendation and next steps
Session 12 – Applying to the lender
Session 13 – Intelligent Office – Part 2 - Suitability Statement
Session 14 – Intelligent Office – Part 3 – Completing a case in Intelligent Office
Session 15 – Buy to Let
Session 16 – Intelligent Office - Part 5 – Delegate exercise
Session 1 – License validation for pension transfers
Session 2 – FCA Stance
Session 3 – The Pension Transfer Process
Session 4 – At Retirement
INDEX
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Interactive index for this e-Workbook
Wealth Induction Course Agenda .................................................................. 2
Interactive index for this e-Workbook ........................................................... 3
PDP - Initial meeting discussion points ........................................................... 4
Intrinsic Advice Process – Gap Analysis Assessment ................................ 5
Session 2 – Client Outcomes and Right First Time ....................................... 6
Session 3 – The Wealth Advice Process ......................................................... 7
Session 4 – The Extranet .................................................................................... 8
Session 5 – Introduction and setting the scene ........................................... 9
Vulnerable Clients Exercise ............................................................................ 10
Session 6 – Verifying the identify of your client ......................................... 11
Session 7 – Intelligent Office – Part 1 – Adding a Client .......................... 12
Session 8 – Introduction and Setting the Scene – The 1st Meeting ...... 13
Session 9 – Establishing Client Needs ........................................................... 14
Session 10– Attitude to Risk ............................................................................. 15
Session 11 – Intelligent Office – Part 2 – Completing a factfind and
ATR profiler and EIDV ..................................................................................... 16
Session 12 – Priorities and Options ................................................................ 17
Session 13 – Intelligent Office - Part 3 – Suitability Letter ........................ 18
Session 14 – Recommendations and next steps ....................................... 19
Session 15 – Intelligent Office – Part 4 – Submission of a case with
servicing added ............................................................................................. 20
Advice Process Gap Analysis ....................................................................... 21
Session 16 – Intelligent Office – Part 5 – Delegate Exercise .................. 22
Session 17 – Intelligent Office – Part 6 – Servicing ................................... 23
Session 18 – Protection .................................................................................... 24
Session 19 – Intelligent Office – Part 7 – Adding a Protection Case ... 25
Session 20 – Lifequote Protection Service .................................................. 26
Session 21 – Route to Competent Adviser Status ..................................... 27
Session 22 – Course summary ....................................................................... 28
Session 23 – Intelligent Office – Part 8 – Adding a Protection Case
Final Exercise .................................................................................................. 29
PDP - Initial meeting discussion points ........................................................ 30
APPENDIX ............................................................................................................. 31
Links to useful documents .............................................................................. 31
Links to useful websites & links ...................................................................... 32
Video Support – Pre, On and Post Course .................................................. 33
eHandouts – Course Handouts in electronic form ................................... 34
INDEX
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PDP - Initial meeting discussion points
Which areas do you feel you need initial support/help with?
Document areas you would like to develop further/would like more information on e.g. academies, licences, markets
Details of business plan:Activity following induction – lead source/activity/numbers
Initial clients to contact
First expected advice/sales
INDEX
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Intrinsic Advice Process – Gap Analysis Assessment
• On day 3 of the Wealth Induction Course, there will be a gap fill assessment which will be series of multichoice questions designed to determine any gaps in your knowledge.
• The test will cover topics covered on course, so it is suggested that you make notes in your e-Workbook.
• Use the link buttons below which will take you to the various areas of the extranet you need to study. Thesepages will give you the reading materials upon which the assessment will be based.
Wealth Planning Processes (Extranet)
My Learning Academy Login Page
Please do not attempt to complete the Gap Analysis Test until instructed to do so by the trainer.
Changes to the Fund Matrix
Off Matrix selections
Fund Switching
Re-registrations GDPR
Investment Replacements
Top-ups
Not required for Gap Analysis test
INDEX
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Session 2 – Client Outcomes and Right First Time
INDEX
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Session 3 – The Wealth Advice Process
INDEX
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Session 4 – The Extranet Find the TERMS OF BUSINESS for Wealth – RESTRICTED – Intrinsic business
Find the AUTHORITY TO PROCEED for Wealth Intrinsic / Caerus version
- Download a copy and Save this inyour CLIENTS folder
- Download a copy and Save this inyour CLIENTS folder
Find the Wealth DOCUMENT CHECKLIST in the Wealth Toolkit
Find the Wealth ADVICE PROCESS – Sales Process document.
- Download a copy and Save this inyour CLIENTS folder
- Download a copy and Save this inyour CLIENTS folder
Hyperlinks & Downloads Intrinsic Advice Standards - Wealth Intrinsic Sales Process - Wealth Login to the Intrinsic
Extranet What does the Intrinsic Advice Standards say about Adviser Remuneration?
When should the Authority to Proceed Part A be dated?
What details of existing arrangements should you capture?
When should the Suitability Report be dated?
What does the advice standards say about product affordability?
When do ID documents need to be uploaded?
INDEX
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Session 5 – Introduction and setting the scene
Hyperlinks and Downloads Verbal disclosure guidance Sales process by product area Sample Email Appointment
Template (Handouts) Customer Privacy Notice Customer Privacy Notice
Verbal
INDEX
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Vulnerable Clients Exercise
Instructions: Click the hyperlink above and read the area around vulnerable clients. Once completed answer the questions.
1. At what age would Intrinsic consider any elderly client to be vulnerable?
2. If you are dealing with a couple regarding a joint transaction, if one ofthem is not considered ‘Vulnerable’ what would do you need to do?
3. Intrinsic require all vulnerable clients to have meetings on what basis?
4. What should be offered to all vulnerable clients during a meeting?
Other notes:
INDEX
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Session 6 – Verifying the identify of your client
Hyperlinks and Downloads Identify requirements
matrix (Intrinsic Extranet)
Link to the URU ID3 Global site is available at the back
of this workbook in the Useful Websites & Links
section
INDEX
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Session 7 – Intelligent Office – Part 1 – Adding a Client
Log in to Intelligent Office
INDEX
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Session 8 – Introduction and Setting the Scene – The 1st Meeting
Hyperlinks and Downloads Sample Financial Planning
Meeting Agenda (Handouts) Guide to our Services
(Independent)Sample Terms of Business
(Restricted) Authority to Proceed (Handouts Section)
Sample Terms of Business(Restricted)
Sample Terms of Business(Independent)
INDEX
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Session 9 – Establishing Client Needs
Hyperlinks and Downloads Intelligent Office Core Factfind Intrinsic Financial Planning
Fact find
INDEX
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Session 10 – Attitude to Risk
Hyperlinks and Downloads Guide to Investing ATR Profiler report ATR Profiles fact sheetsATR Questionnaire
INDEX
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Session 11 – Intelligent Office – Part 2 – Completing a factfind, ATR profiler and EIDV
INDEX
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Session 12 – Priorities and Options
Hyperlinks & Downloads Intrinsic Matrix
(Extranet) Sean and Lisa Case Study
(Handouts) Platform and Product and
Panel Tool (Extranet)
INDEX
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Session 13 – Intelligent Office - Part 3 – Suitability Letter
Hyperlinks and Downloads
Sean and Lisa Suitability Letter Wealth Intrinsic Advice Standards
INDEX
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Session 14 – Recommendations and next steps
A
R
C
C
T
T
I
C
S Hyperlinks and Downloads
Key Features Document Key Features Illustration and Costs and Charges Statement
Fund Fact Sheet Key Investor Information
Document
INDEX
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Session 15 – Intelligent Office – Part 4 – Submission of a case with servicing added
Hyperlinks and Downloads IO Case Study documents
to be uploaded
• Sean and Lisa
• Lisa only
• Brian and Maggie -
• Protection
Wealth Document Checklist
Wealth Advice Process Sequence of events
Click on the Link above to open the Zip folder and copy to your desktop
The following containsdocments for the following cae studies
INDEX
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Advice Process Gap Analysis Development points
1.
2.
3.
4.
5.
6.
7.
8.
INDEX
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Session 16 – Intelligent Office – Part 5 – Delegate Exercise
Hyperlinks and Downloads Wealth Document Checklist
INDEX
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Session 17 – Intelligent Office – Part 6 – Servicing
Hyperlinks and Downloads About our Ongoing Service Statement of
Continued SuitabilityAnnual Summary of Costs
and chargesClient Review Letter
INDEX
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Session 18 – Protection
Hyperlinks and Downloads LV Risk reality
Calculator Protection disclaimer
Defaqto Critical IllnessComparison tool video
How to order a Defaqto CI
comparison report
INDEX
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Session 19 – Intelligent Office – Part 7 – Adding a Protection Case
Hyperlinks and Downloads
Protection Advice Standards Protection document checklist
INDEX
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Session 20 – Lifequote Protection Service
Case Status Total Charge Any application (life, CI or IP) submitted to Aviva or Old Mutual Wealth that are placed on risk
No Charge
Applications to all other panel providers containing either Critical Illness or Income Protection benefits that go on risk
No Charge
Applications that do NOT go on Risk £25
Life Only cases that are accepted and placed on risk within 7 days of submission £45
Life only cases that are accepted and placed on risk after the first 7 days following submission £85
Please note – these charges apply to RESTRICTED ADVISERS. Different charges apply to INDEPENDENT Advisers
INDEX
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Session 21 – Route to Competent Adviser Status
Grading Structure for Advice Process Competency
Post Wealth Induction Webinars
Unsuitable Based on the documentation submitted, it is not believed the advice given is the most suitable for the client.
Unclear There are ommissions in documentation. Therefore, it has not been possible to determine whether the advice give was suitable or not.
Suitable The advice is demonstrably the most suitable and there are either no, or only minor documentation errors or ommissions.
INDEX
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Session 22 – Course summary
INDEX
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Session 23 – Intelligent Office – Part 8 – Adding a Protection Case Final Exercise
INDEX
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PDP - Initial meeting discussion points
Which areas do you feel you need initial support/help with?
Document areas you would like to develop further/would like more information on e.g. academies, licences, markets
Details of business plan:Activity following induction – lead source/activity/numbers
Initial clients to contact
First expected advice/sales
INDEX
31
APPENDIX Links to useful documents
Financial Planning Factfind (Extranet)
Financial Planning Factfind (Intelligent Office Core)
Corporate Factfind (Extranet) Document Checklists (Extranet) Financial Planning Document
Checklist (Extranet)
Suitability Report Templates (Extranet)
Authority to Proceed Template - Wealth
ATR Questionnaire (Manual) ATR Profiles fact sheets
INDEX
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Links to useful websites & links Intelligent Office (Live) Intrinsic Extranet Intrinsic Website Intelligent Office Support
Intrinsic Marketing Hub CI Expert – Critical Illness omparisons LifeQuote Protection Quote Portal Risk Reality Calculator & Risk Report
Client Protection Disclaimer (Intrinsic Extranet)
Protecting your Income (Intrinsic Extranet)
Intrinsic Protetion Benefits (Marketing Hub)
INDEX
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Video Support – Pre, On and Post Course
Introduction & Guide to our Services Terms of Business Guide to investing discussion
The Introduction and Guide to our Services video
can be watched as one whole video. The video has also been split in to chapters to allow you watch those areas that you would like more guidance.
To access the chapters:
1. Click the Play Button 2. Once playing hover over the image 3. Click on the 3 horizontal bars as magnified below 4. This will bring up the chapters on the left hand
of the screen 5. Click the chapter to wish to view
Attitude to Risk Output Report Recommendations
34
eHandouts – Course Handouts in electronic form
Sample Email appointment template
Title: Thank you and follow up.
Dear Sean and Lisa,
Thank you for your enquiry and time {today / yesterday}.
I look forward to progressing matters with you next on {time, day, date}. The meeting typically lasts {length of time}. Please see attached information that will save you time at the meeting, and reminders of what documentation to supply.
• Agenda for our next meeting: this is a suggestion, so feel free to edit as you see fit• Guide to our Services: clarifying our process, your protection and any jargon• A budget planner: for you to complete, and supply to us• Map: to find our offices• Biog: a one page summary about me, my experience and qualifications
Also I would be grateful if you could supply the following information for our meeting:
• Existing deposit account balances, investments, protection, pension plans and anyother financial products that you may have.
• Summary of work benefits, i.e. Work-based pensions, Death In Service, Sick Pay etc.
As we are meeting at your home, it would be really useful if you can have copies available with the original documents, as I am unable to take originals away with me.
I look forward to helping you
Yours sincerely
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Sample Financial Planning Meeting Agenda 1
Framework for our meeting on XX/XX/XXXX @ 11.00 until 1:00pm
Between Sean and Lisa Sample & Andrew Adviser
What do you want to get from the meeting? • Expectations / Experience / Objectives
What do you know about our firm and myself? • Your protection and peace of mind• The type of advice we provide• The marketplace we review for you• The value of our services
How do we deliver solutions to you? • Our advice process• Ensuring you understand all associated fees and costs
Understanding more about your needs • An initial assessment of your ‘wants and needs’• Understanding more about your current provisions and
circumstances• Your lifestyle expectations• Understanding your appetite for risk versus reward
What we can expect from each other? • What we need to do next• Testimonials
{Insert firm details – e.g. XXXX is authorised and regulated by the Financial Conduct Authority. Tax advice, estate planning and will writing are not regulated by the Financial Conduct Authority.
Registered in England & Wales, Registered Number: XXXX. Registered address: XXXX / www.XXX / Tel: XXXX / Fax: XXXX.}
APPENDIX P Guidance Owner: Data Guardian
PRIVACY NOTICE
Privacy notice 02
CUSTOMER PRIVACY NOTICE At ABC Financial Planning Limited we respect your privacy and the confidentiality of your personal information.
WHO ARE WE? ABC Financial Planning Limited is an appointed representative of Intrinsic Financial Planning Limited who are part of the Quilter Group of companies. For further details on the companies in our group, please visit www.oldmutualwealth.co.uk/about-us/our-wider-business/
This Privacy Notice explains:
• Who we are • What personal information we collect • How we use your personal information • Who we share your information with and why • How we keep your information secure • Your rights • How to contact us
WHO WE ARE ABC Financial Planning Limited provide financial planning solutions and advice through experienced and qualified advisers based in the UK.
Currently ABC Financial Planning Limited and Intrinsic Financial Services jointly determine the purposes and means of processing personal client data relating to giving advice. This means we are joint data controllers for these core advice giving activities and therefore responsible for managing this client data and ensuring compliance.
However, ABC Financial Planning Limited is solely responsible for some activities, for example any direct marketing that we undertake.
Privacy notice 03
WHAT PERSONAL INFORMATION WE COLLECT Personal information includes your name, address, or phone number and other information that is not otherwise publicly available. We collect personal information about you when you contact us about products and services, visit a financial advisor, visit a website we may have or register to receive one of our newsletters (if applicable).
The type of personal information we collect will depend on the purpose for which it is collected and includes:
• Contact details • Information to verify your identity • Family, lifestyle, health and financial information • Payment details.
We collect personal information directly from you. For example, we ask for personal information at the start of our relationship and in subsequent communications in order to check your identity, and protect you from fraud. This is a legal requirement and is important to help safeguard you against potential crime.
SPECIAL CATEGORY INFORMATION In some instances, it is necessary to collect more sensitive information (such as health or lifestyle information) which is called special category data. This is to allow us to provide our financial advice service to you. We will always obtain your consent during the advice process to gather this data and explain what information we require and why it is needed. Sensitive personal information will always be processed and stored securely. You can withdraw your consent at any time to us processing this data, however, this may mean that you can no longer access the service or product the information was gathered for.
COOKIES
We also collect information about you from other sources. For example, our website automatically collects information from your computer using “cookies” which provides us with limited personal information. Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently, as well as to provide information to the website owners. For further information visit www.aboutcookies.org or www.allaboutcookies.org.
You can set your browser not to accept cookies and the above websites tell you how to remove cookies from your browser. However, in a few cases some of our website features may not function as a result.
DATA RETENTION
We keep your personal information only as long as is necessary for the purpose for which it was collected and to meet regulatory or legislative requirements. Personal information will be securely disposed of when it is no longer required, in accordance with our Data
Privacy notice 04
Retention and Disposal Schedule. A copy of this is available from the How to Contact Us address, below.
ON WHAT BASIS DO WE COLLECT DATA The processing of your personal data is allowed under a number of lawful basis. The data required for the provision of products and services is processed on the basis there is a contract with you to do so. Any relevant marketing activity we undertake is done because as a firm we have a legitimate interest to do so however you have rights, as listed below, which impact how we can use and process your data.
HOW WE USE YOUR PERSONAL INFORMATION We process your information in order to support and maintain our contractual relationship with you and to comply with legal and regulatory requirements. This includes the following:
• Providing our advice, products or services to you • Carrying out transactions you have requested • Confirming and verifying your identity for security purposes • Credit scoring and assessment, and credit management (where applicable) • Detecting and preventing fraud, crime, money laundering or other malpractice.
We also process your data for specific business purposes to enable us to give you the best products and services and the best and most secure experience. For example, we process your information to send you marketing that is tailored to your interests. Our business purposes include the following:
• Enhancing, modifying, and personalizing our services for the benefit of our customers
• Providing communications which we think will be of interest to you • Market or customer satisfaction research or statistical analysis • Audit and record keeping purposes • Enhancing the security of our network and information systems.
You have the right to object to this processing if you wish, please see “YOUR RIGHTS” section below. Please bear in mind that if you object this may affect our ability to carry out the tasks above for your benefit.
We may also process your personal data as part of an acquisition or sale. Should this happen, you will notified about any change to processing or data controller arising as a result of this activity.
Privacy notice 05
WHO WE SHARE YOUR INFORMATION WITH AND WHY We share your information with trusted third parties who perform tasks for us and help us to provide the services you require these include:
• Intrinsic Financial Services Limited • Other adviser firms in the network for the purpose of providing you with advice (with
your knowledge) • The Quilter Group of companies to enhance the services and products we can offer
you • Third parties to verify your identity, in line with money laundering or other requirements
(this may involve carrying out checks with credit reference databases) • Third parties who perform tasks for us to help us set up or service your plan (these third
parties may be based in countries outside the European Economic Area (EEA) but where they are, we will undertake an assessment of safeguards in place)
• Other organizations, including regulatory bodies, the police and fraud prevention agencies, to prevent and detect fraud
• Third parties where required by law, court order or regulation • Third parties as part of an acquisition or sale.
HOW WE KEEP YOUR INFORMATION SECURE We are committed to ensuring the confidentiality of the personal information that we hold and we continue to review our security controls and related policies and procedures to ensure that your personal information remains secure.
When we contract with third parties, we impose appropriate security, privacy and confidentiality obligations on them to ensure that personal information is kept secure. If we work with third parties in countries outside the EU we ensure these are countries that the European Commission has confirmed have an adequate level of protection for personal information, or the organization receiving the personal data has provided adequate safeguards. In limited circumstances data may be accessed outside of the EEA ie by employees when they travel. In these circumstances we ensure there are appropriate information security measures in place to safeguard your information.
YOUR RIGHTS ABC Financial Planning Limited tries to be as open as it can be in terms of giving people access to their personal information and therefore have outlined your rights below. This privacy notice was drafted with brevity and clarity in mind, therefore further information can be gathered by contacting us using the details below, or more information about
Privacy notice 06
your data protection rights can be found here: https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/individual-rights/
MARKETING You have the right to opt out of marketing information and tell us what your communication preferences are by contacting Intrinsic Financial Services using the details provided at the end of this notice or by using the opt out option below or on any email marketing. You may opt out at any time if you don’t want to receive any further communications of this nature.
INDIVIDUAL DATA RIGHTS AND REQUESTS • the purposes of the processing • The right to be informed – You can request that we provide ‘fair processing
information’, typically through this privacy notice • The right of access - You may request a copy of the personal information we hold
about you using the contact details found on the end of this policy • The right to rectification - The accuracy of your personal information is important to us.
You have the right to ask us to update or correct your personal information • The right to erasure – You may request the deletion or removal of personal data where
there is no compelling reason for its continued processing • The right to object – You may object to the processing of your data based on
legitimate interests • The right to restrict processing - You have a right to request we ‘block’ or suppress
processing of your personal data • The right to data portability – You may request to obtain and reuse your data • The right not to be subject to automated decision-making including profiling. If you wish to correct, restrict, delete or make changes to your personal information, or any of the data subject rights listed above, please contact us at the number/address listed below.
HOW TO CONTACT US If you have questions about this notice, need further information about our privacy practices, or wish to give or withdraw consent, exercise preferences or correct your personal information, please contact us using the following details. ABC Financial Planning Limited will liaise with IFS on your behalf to effect your requests.
The Office of Data Protection Intrinsic Financial Services Limited Wiltshire Court Farnsby Street Swindon SN1 5AH
Telephone: 0161 488 3559
Privacy notice 07
HOW TO COMPLAIN If you wish to raise a complaint about how we have handled your personal data, you can contact The Office of Data Protection who will investigate the matter.
If you are not satisfied with our response or believe we are not processing your personal data in accordance with the law you can complain to our regulator:
Information Governance department Information Commissioner's Office Wycliffe House Water Lane Wilmslow Cheshire SK9 5AF
0303 123 1113
www.ico.org.uk/concerns
CONSENT TO GATHER SPECIAL CATEGORY DATA As detailed above, in some instances, it is necessary for us to collect more sensitive information (such as health or lifestyle information) which is called special category data. This is to allow us to provide our financial advice service to you. This is where we need to gather your consent to the collection and processing of this data. You can withdraw your consent at any time to us processing this data, however, this may mean that you can no longer access the service or product the information was gathered for.
Date……………………………….
By ticking this box you are giving consent for special category personal data to be collected stored in order for your adviser to provide you with a tailored advice service
ELECTRONIC MARKETING We may want to send you relevant marketing electronically from time to time. If you do not wish to receive electronic marketing then please tick the box below to opt out.
I do not wish to receive electronic marketing of relevant products or services
