KINGSWOOD GROUP

10 -11 Austin Friars, London EC2N 2HG, UK

020 7293 0730



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©2019 by Kingswood

LEGAL DOCUMENTS

COMPLIANCE

COMPLAINTS

PRIVACY POLICY

TERMS OF BUSINESS

 

COMPLIANCE

ORDER EXECUTION POLICY - RETAIL / PROFESSIONAL CLIENTS

INTRODUCTION

Under the Markets in Financial Instruments Directive (“MiFID II”) and the Financial Conduct Authority (FCA) rules, we have an obligation to take all sufficient steps to obtain the best possible result for our clients when executing orders or transmitting orders to other financial institutions for execution. This is known as “Best Execution”.


This Order Execution Policy (“Policy”) provides information on how KW Investment Management or “Kingswood” intends to comply with this obligation and implement effective arrangements to enable us to obtain the best possible result for our clients.

SCOPE

This policy applies to Retail and Professional clients of KWIM and covers any transaction conducted in financial instruments falling under the scope of MiFID II (Equities, Fixed Interest, Exchange Traded Funds, Collective Investment Schemes, Derivatives, Forward FX and Structured Products):

EXECUTING ORDERS

Subject to any specific instructions that you may give us, Global Prime Partners Ltd (GPP) will take all sufficient steps to obtain the best possible result when executing orders.


All orders will be transmitted to GPP for execution. GPP will take reasonable steps to execute client orders in a prompt, fair and efficient manner relative to other client orders. GPP will execute comparable client orders sequentially in accordance with the time of their reception unless otherwise instructed by KWIM; or the characteristics of the client order or prevailing market makes this impracticable.


This will generally be the total consideration (price and related execution costs) paid by/to a client. However, in certain circumstances (see Execution Factors) GPP may decide that other execution factors are more important than price and cost in determining the best possible result.


As the attainment of similar end investment performance for all clients within the same investment strategy is important to us, we may aggregate orders if we reasonably believe that this will work to the advantage of our clients (for example achieving a better price through benefits of scale). We will not aggregate orders if we consider that this is likely to disadvantage our clients, however, on some occasions the effect of aggregation may be disadvantageous.


Transmission of orders:


  • Where we are appointed Discretionary Manager orders will be transmitted at our discretion.

  • Where we are acting on a client instruction, the order will be transmitted as soon as practicably possible following receipt.

  • We transmit orders as agent only (i.e. we facilitate our clients; we do not purchase from/sell to our clients from our own account).

  • Orders are dealt with in the order that they are received by KWIM.


Where we transmit an order to another entity, we will take all reasonable steps to achieve the best possible result in line with this policy.

SPECIFIC INSTRUCTIONS

 Where we receive a specific instruction from you, this may prevent us (or GPP) from achieving the best possible result in respect of the elements of the order covered by those instructions.

EXECUTION FACTORS

GPP will take into account various factors to determine how an order should be dealt to achieve the best possible result, including:


  • Price – this will usually be considered the most important factor in achieving best possible result.

  • Cost of transaction – we will always asses the charges made by Execution Venues.

  • Speed of execution – the price of liquid securities can move quickly and a delay in execution may cause a detrimental price to that expected being achieved.

  • Likelihood of the execution or settlement – there may not be multiple trading venues/competing prices in relation to some illiquid securities therefore actually being able to buy/sell at a required price may be difficult.

  • Size and nature of order – the prices displayed on execution venues are for dealing in a certain size. Orders greater than this size will be managed in line with this policy.

  • Any other consideration relevant to the execution of the order – this may include the need for timely execution, the time zone of the execution venue or the diversity in markets for different types of financial instrument.


GPP will determine the relative importance of these factors based on the characteristics of the client, the order and of the financial instrument, in relation to the trade venues they use. GPP may decide in their absolute discretion the factors that are most important to any order.

EXECUTION VENUES

Subject to any specific client instruction, GPP may use one or more of the following venues to enable us to obtain the best possible result when executing orders:


  • Regulated Markets;

  • Multilateral Trading Facilities;

  • Organised Trading Facilities;

  • Systematic Internalisers;

  • ·Other liquidity providers e.g market makers acting as principal;

  • Inter-dealer brokers; Unrelated third parties performing similar functions; and

  • Equivalent third country venues to the above


GPP’s choice of venue may be constrained by there being only one market or trading platform where an order can be executed because of the nature of the order or a specific client instruction.

EXECUTING ORDERS OUTSIDE A TRADING VENUE

Where GPP believe that doing so will achieve the best possible result for you they may execute orders outside of a Trading Venue.

TOP 5 EXECUTION VENUES

In accordance with MiFID II Level 2 Delegates Regulation (2017/565) we are required to provide information on the top five investment firms (in terms of trading volumes by asset class), used to execute client orders in the preceding year. This applies to all instruments in the scope of MiFID II. This information will be published on our website by the end of April each year.

PUBLICATION OF UNEXECUTED LIMIT ORDERS

Where you place a Limit Order with us (in shares that are admitted to trading on a Regulated Market or traded on a Trading Venue) that is not immediately executable, you permit GPP not to immediately make the order public and allow GPP to exercise their discretion in accordance with this policy.

MONITORING AND REVIEW

We review all trades on a regular basis for timely execution and price achieved.


We review this policy annually or when there is any material change to our arrangements. We will notify you of any material changes by providing an updated policy.

CONSENT

We are required to obtain your prior agreement to this Policy, as well as your consent to (1) not publish Limit Orders and (2) GPP to execute orders outside a Trading Venue.


Signing our Investment Management Agreement and agreeing to our Terms and Conditions constitutes this acceptance/consent

 

COMPLIANCE

ORDER EXECUTION POLICY - INSTITUTIONAL CLIENTS

INTRODUCTION

Under the Markets in Financial Instruments Directive (“MiFID II”) and the Financial Conduct Authority (FCA) rules, we have an obligation to take all sufficient steps to obtain the best possible result for our clients when executing orders or transmitting orders to other financial institutions for execution. This is known as “Best Execution”.


This Order Execution Policy (“Policy”) provides information on how Kingswood Institutional “Kingswood”, intends to comply with this obligation and implement effective arrangements to enable us to obtain the best possible result for our clients.

SCOPE

This policy applies to Professional clients of Kingswood Institutional and covers any transaction conducted in financial instruments falling under the scope of MiFID II (Equities, Fixed Interest, Exchange Traded Funds, Collective Investment Schemes, Derivatives, Forward FX and Structured Products):

EXECUTING ORDERS

Subject to any specific instructions that you may give us, we will take all sufficient steps to obtain the best possible result when executing or transmitting orders for execution.


This will generally be the total consideration (price and related execution costs) paid by/to a client. However, in certain circumstances (see Execution Factors) we may decide that other execution factors are more important than price and cost in determining the best possible result.


As the attainment of similar end investment performance for all clients within the same investment strategy is important to us, we may aggregate orders if we reasonably believe that this will work to the advantage of our clients (for example achieving a better price through benefits of scale). We will not aggregate orders if we consider that this is likely to disadvantage our clients, however, on some occasions the effect of aggregation may be disadvantageous.


Transmission and execution of orders:


  • Where we are appointed Discretionary Manager orders will be executed or transmitted at our discretion.

  • Where we are acting on a client instruction, the order will be executed or transmitted as soon as practicably possible following receipt.

  • We execute or transmit orders as agent only (i.e. we facilitate our clients, we do not purchase from/sell to our clients from our own account).

  • Orders are dealt with in the order that they are received by Kingswood.


Where we transmit an order to another entity, we will take all reasonable steps to achieve the best possible result in line with this policy.

SPECIFIC INSTRUCTIONS

Where we receive a specific instruction from you, this may prevent us (or the entity to which we transmit the order) from achieving the best possible result in respect of the elements of the order covered by those instructions.

EXECUTION FACTORS

We will take into account various factors to determine how an order should be dealt to achieve the best possible result, including:


  • Price/Yield – this will usually be considered the most important factor in achieving best possible result.

  • Cost of transaction – we will always asses the charges made by Execution Venues.

  • Speed of execution – the price of liquid securities can move quickly and a delay in execution may cause a detrimental price to that expected being achieved.

  • Likelihood of the execution or settlement – there may not be multiple trading venues/competing prices in relation to some illiquid securities therefore actually being able to buy/sell at a required price may be difficult.

  • Size and nature of order – the prices displayed on execution venues are for dealing in a certain size. Orders greater than this size will be managed in line with this policy.

  • Any other consideration relevant to the execution of the order – this may include the need for timely execution, the time zone of the execution venue or the diversity in markets for different types of financial instrument.


We will determine the relative importance of these factors based on the characteristics of the client, the order and of the financial instrument, in relation to the trade venues we use. We may decide in our absolute discretion the factors that are most important to any order.

EXECUTION VENUES

Subject to any specific client instruction, we may use one or more of the following venues to enable us to obtain the best possible result when executing or transmitting orders:


  • Regulated Markets;

  • Multilateral Trading Facilities;

  • Retail Service Providers;

  • Third Party Brokers and Investment Firms (or non-EU entities performing similar functions) which may take proprietary positions, or act as Market Makers or Liquidity Providers;

  • Internal sources of liquidity (matching client orders); and

  • Unit Trust Managers/Fund Providers directly or through via a fund custodian.


Our choice of venue may be constrained by there being only one market or trading platform where an order can be executed because of the nature of the order or a specific client instruction.


See Appendix A for details of the execution venues on which Kingswood Institutional places significant reliance.

EXECUTING ORDERS OUTSIDE A TRADING VENUE

Where we believe that doing so will achieve the best possible result for you we may execute orders outside of a Trading Venue.

TOP 5 EXECUTION VENUES

We are required to provide information on the top five execution venues (in terms of trading volumes by asset class), used to executed client orders in the preceding year. This applies to all instruments in the scope of MiFID II. This information will be published on our website by the end of April each year.

PUBLICATION OF UNEXECUTED LIMIT ORDERS

Where you place a Limit Order with us (in shares that are admitted to trading on a Regulated Market or traded on a Trading Venue) that is not immediately executable, you permit us not to immediately make the order public and allow us to exercise our discretion in accordance with this policy.

MONITORING AND REVIEW

We review all trades on a regular basis for timely execution and price achieved.


We review this policy annually or when there is any material change to our arrangements. We will notify you of any material changes by providing an updated policy.

CONSENT

We are required to obtain your prior agreement to this Policy, as well as your consent to (1) not publish Limit Orders and (2) execute orders outside a Trading Venue.


Signing our Investment Management Agreement and agreeing to our Terms and Conditions constitutes this acceptance/consent.

 

COMPLAINTS

At Kingswood Group, we take care to maintain high standards of service. Where we become aware of client concerns or unease we give priority to resolving the matter as quickly as possible and that your concerns are handled fairly and within reasonable timescales.

COMPLAINTS

If you have a complaint with the way we have provided, or failed to provide, a financial service we ask that you contact Compliance department at the following address either by letter or telephone to outline your concerns.

Compliance

KingswoodGroup
10-11 Austin Friars

London EC2N2HG

Tel: 020 7293 0730

Upon receipt of a complaint we will do all we can to resolve your concerns within three business days, and confirm this to you in writing. If we can’t do this we will write to you, normally within five business days to acknowledge your complaint and to let you know when we expect to be able to issue a full response.


A member of the Compliance Department, who where possible is independent of the case, will investigate your complaint. You will be given their name and contact details.


When acknowledging your complaint, especially in the case of an oral complaint, we will set out the nature of the complaint and may request further clarification if necessary. Your complaint will be investigated using our files together with reports from other parties if relevant. We may also write to you if further information is required. We will keep you informed of the progress of the complaint investigation.


After eight weeks, if a final response letter has not already been sent to you, you will receive: 

  • A final response letter detailing our conclusions and resolution to the complaint. This letter will also confirm that, if you remain dissatisfied with our final response, you may refer your complaint to the Financial Ombudsman Service (FOS) within six months of the date of our final response letter; otherwise you would lose this referral right. A copy of the FOS leaflet, your complaint and the Ombudsman’ will be enclosed, if not already supplied. 


OR

  • A response that we are still not in a position to make a final response, giving the reasons for the further delay and indicating when we expect to be able to provide a final response;

    Complaints Procedure October 2019 v2

AND

  • Informing you that you may refer your case to the FOS if you are dissatisfied with the delay. ​A copy of the FOS leaflet ‘your complaint and the Ombudsman’ will be enclosed, if not already supplied. FOS contact information can be found below.


Please bear in mind that if your complaint involves information from third parties some delays could be beyond our control. We will however, pursue information on a regular basis.


In the event that we receive a complaint that is not about us, or our services, and assuming that we can identify the firm to whom the complaint should be addressed, we will carry out the following action:

  • We will write to the firm concerned, explaining that we believe the complaint to be theirs, and suggesting that they contact you, the client, directly.

  • We will enclose a copy of the original complaint letter.

  • We will write to you, the client, giving contact details of the firm, and invite you to get in touch with them. We will also enclose a copy of the letter we send to the firm.

  • We will copy the new firm in on this letter as well.

FINANCIAL OMBUDSMAN SERVICE (FOS)

 

PRIVACY POLICY

OVERVIEW

At Kingswood we are dedicated to safeguarding and preserving your personal information. This Privacy Policy (“Policy”) explains what happens to any personal information that you provide to us for your records. For the purposes of data protection law the data controllers in respect of Kingswood are:

Kingswood Investment Management Limited (Ref ZA021654)
Kingswood Wealth Planning Limited (Ref ZA021657) 
Kingswood Group Limited (Ref Z2392129)


This Policy may be subject to change in the future. You can find the most recent version of this policy on kingswood-group.com

WHAT IS PERSONAL INFORMATION

When we refer to personal information we mean information about an individual that can identify them, such as name address email address telephone number and financial information. Any reference to information or data in this Policy is in reference to any personal information about a living individual.

INFORMATION WE COLLECT

We collect and use personal information on the basis it is in our legitimate interests to do so. In operating our website we may collect and process information we collect about you including information we get from your online browsing activity. We collect information via our account opening application process and throughout our relationship with you to fulfil our regulatory obligations and for the purpose of performing our contract with you. This includes face-to-face meetings, telephone conversations, email correspondence, or where you request literature or sign-up for newsletters. We may receive information if you have been dealing with a financial adviser or have been introduced to us by another party. We may record and monitor phone calls between us to fulfil our regulatory obligations and may obtain information from third party service providers and from publicly available sources.

USE OF YOUR INFORMATION

The information that we collect and store relating to you is primarily used to enable us to provide our services to you. Without it we may not be able to do so. We’ll process your personal information to carry out our responsibilities resulting from any agreements you’ve entered into with us and to provide you with information, products and services. We may use information to develop and test the effectiveness of marketing activities and to improve our services. In addition, we may use it to provide you with marketing information about services and products we offer which may be of interest to you and to notify you about changes to our services and products. We may deliver this information by post, email, telephone or otherwise including social media platforms. We may also use your name and address to post to you invitations to events. You have the right to request us not to process your information for marketing purposes at any time by contacting us. If you no longer wish to be contacted for marketing purposes please email us at GDPR@kw-wealth.com or write to us using the information at the end of this notice.

We may process your information to comply with any applicable legal or regulatory obligation we’re subject to including “know your customer” checks for anti-money laundering purposes or to comply with any applicable regulatory reporting or disclosure requirements. If you are an existing client, we may contact you with information about our services. If you are a new client, we will only contact you when you have provided consent to receive information or services from us.

STORING YOUR PERSONAL DATA AND TIMEFRAME

Any personal information that we do obtain from you will be handled in accordance with data protection law. We’ll determine the length of time we keep it based on the minimum retention periods required by law or regulation. We will only keep your personal information after this period if there is a legitimate reason to do so.

SHARING YOUR INFORMATION

We will only disclose your information to associated companies within the Kingswood Group. We may transfer information outside of the EEA but before doing so will take reasonable steps to enter into a suitable agreement with the recipient of the information and/or adopt any necessary measures in order to ensure an adequate level of protection with respect to your privacy rights and protection of your personal information in each case in accordance with applicable legislation.

If you have been dealing with a financial adviser, we may provide information about your dealings with us to enable the adviser to give you informed advice. We may be under a duty to disclose or share your information in order to comply with any legal obligation or regulatory requirements. This includes sharing information with any relevant authority where we are obligated to do so including but not limited to regulators, government (e.g. HRMC) and law enforcement or fraud prevention agencies.  

We may provide information to service providers to enable us to fulfil our relevant checks for anti-money laundering purposes. We may provide information to our appointed auditors and other professional advisers to the extent that they require such information to provide advice.

In the event we sell or buy any business or assets where we may also disclose your information to the prospective seller or buyer of such business or assets. Otherwise, we may share information in order to enforce or apply the terms of any contract with us.

YOUR RIGHTS

You have rights under data protection law that relate to the way we process your personal data. More information can be found on the Information Commissioner’s website. Broadly:

  • You have the right to access the personal data we hold about you

  • You have the right to make us correct any inaccurate data we hold about you

  • The right (in certain circumstances) to make us erase any personal data we hold about you

  • The right (in certain circumstances) to restrict our processing of the personal data we hold about you.

  • The right to object to our processing of personal data we hold about you

  • The right to receive personal data you have provided to us in a portable format or otherwise

  • The right to withdraw your consent where we are relying on it to use your personal data (e.g. for marketing purposes)

  • request a copy of the information we hold about you, to request rectification, erasure.


Please note that any request for access may be subject to an administration fee at the prevailing rate which covers our costs in providing you with the information requested. Should you wish to receive details that we hold about you please contact us at the email address below.

CONTACTS AND COMPLIANTS

If you have any questions about this Policy or wish to exercise any of your rights please get in touch with us either at GDPR@kw-wealth.com or by writing to the Data Protection Officer at the following address:

Graydon Butler
Kingswood Group
13 Austin Friars
London
EC2N 2HG

We hope that you will never have reason to complain about the way we process your personal information or with the way we’ve handled a request by you in relation to your rights. However, if something does go wrong please bring it to our attention as soon as you can. We will try to resolve the matter fairly and quickly. Please contact us on the same details above. You also have the right to make a complaint to the Information Commissioner’s Office. Their address is:

Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
SK9 5AF

POLICY UPDATE

We keep our Privacy Policy under regular review. This Policy was updated in March 2019. We reserve the right to update this Privacy Policy at any time and will inform you if we make a substantial update to it.

 

TERMS OF BUSINESS

WEALTH PLANNING

INVESTMENT MANAGEMENT

INSTITUTIONAL