(Incorporating Initial Disclosure Document)

Conflict of Interest & Material Interest
Research Independent Financial Services Limited offer independent financial advice but occasions can arise where we or one of our other customers may have some form of interest in business which we are transacting for you. If we become aware that our interests or those of one of our other customers conflict with your interests we will inform you and obtain your consent before we carry out your instructions.

Complaints Procedure
Research Independent Financial Services Limited maintains an internal complaints procedure. If you should have any cause to complain about the services and advice we have provided please contact the Compliance Officer at Research Independent Financial Services Limited, Ellerbeck House, 71 Woodland Road, Darlington, DL3 7BQ. We promise to deal with your complaint in a fair and objective manner.

If following our subsequent investigation and response you are still not satisfied you may contact the Financial Ombudsman Service. Full details are contained within our internal complaints procedure, which is available to you on request at any time.

Professional Indemnity Insurance
As required by the FSA, Research Independent Financial Services Limited maintains professional indemnity insurance for the protection of our clients in the event of negligence by an employee.

Compensation Arrangements
If you make a valid claim against us and we are unable to meet our liabilities in full you may be entitled to redress from the Financial Services Compensation Scheme (FSCS). Further information is available from the FSA and FSCS. The FSCS also produce an explanatory leaflet 'How we handle your claim for compensation - Deposit & Investment Claims' available from their website or you can order a copy by telephone. Details for the FSCS are: Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN, telephone 020 7892 7300. Website www.fscs.org.ukemail enquiries@fscs.org.uk

Data Protection Act 1998 and Disclosure of Personal Data
In the conduct of our business with yourself we will need to collect information about you which we will hold as data controllers under the Data Protection Act 1998. We will use the information to analyse your current and future needs so that we can ensure that any advice is suitable to your particular circumstances.

The FSA requires us to keep records of our business transactions for at least three years; life and pension transactions for six years and indefinitely for pension transfers, opt-outs and FSAVCs. However we will not keep records longer than is necessary. You or your appointed agent have the right to inspect all records, relating to yourself and your transactions through ourselves and where appropriate have it corrected or deleted. All such requests for information must be referred to the Compliance Officer at Research Independent Financial Services Limited.

Where other firms authorised under the FSMA 2000 provide investment business services to Research Independent Financial Services Limited then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions you are aware that sensitive personal information (e.g. health details) held by us may be disclosed on a confidential basis to such authorised companies.

There may also be occasions when the FSA need to look at your personal information and records of transactions held by us, and they may need to contact you directly.

Termination of Terms of Business
You or we may terminate these instructions at any time without penalty. Notice of such termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated that will be completed according to these terms of business unless otherwise agreed in writing. We shall be entitled to remuneration for work undertaken prior to such termination and any feeds that may be outstanding.