Likewise, the firm is registered as a Financial Consultant with the “Association Nationale des Conseils Financiers – Conseillers en Investissements Financiers” (ANACOFI-CIF, www.anacofi.asso.fr) under licence number E 001306.

We also have regulatory rights to export our financial activities to the UK through the EU Financial Passport, number 479122, held with the UK’s Financial Services Authority. Applications have also been made to Belguim and Luxemburg.

The firm is professionally insured with Allo Assurances, Valence, France, under contract n° 05N80000100 for the following activities:

• Conseil en Investissement Financier, art L.541-1 à L.541-7 du Code Monétaire et Financier
• Intermédiaire en opération de banque, art L.519-1 à L.519-5 du Code Monétaire et Financier
• Démarchage Bancaire ou Financier, art L341-1 à L.341-9 du Code Monétaire et Financier

Our professional indemnity cover is for 3 050 000€ per policy year, with a limit of 1 525 000€ per claim.

Whilst more than 10% of the firm’s annual initial life assurance income is generated through recommendations to APREP La Mondiale, AZUR, Cardif, Credit Foncier, Generali Patrimoine, Nortia, and Lex Life, as brokers we have access and do use other insurance companies.

Neither the firm nor Michael Annett have any links of any kind with any assurance or other financial institution.

Degree of Independence
Those involved in financial planning in France are either Independent or Representatives of only one company. Pursuant to article L520-1-II, this firm is an independent adviser and life assurance broker and is registered under ORIAS Category B. A non-exhaustive list of the companies with whom we work include: Afer, AGF, Altivie, Alptis, April, AVIP, AXA, AZUR, Cardif, Credit Foncier, Dexia, Fortis, GAN, Generali, Investlife, La Baloise, La Mondiale, Lex Life, Skandia, Swiss Life, UFG, Union Financière, Zurich, etc.

We have no obligation to use any one or other of these providers or, indeed, any other provider. In making a recommendation to use any provider, no assertion is being made that all providers have been consulted, or even a sufficient number of all contracts from providers amongst all those available on the market (often several hundreds).

Financial planning and life assurance contracts
As an Independent Financial Adviser, recommendations may include comments and suggestions which will often encompass the use of certain legal and accounting principles in France and/or the UK so as to maximise opportunities available to you. Any knowledge of these principles is based on Michael Annett’s professional qualifications and experiences,

and professional opinions received at the time of making such comments; however, the firm, through Michael Annett, is neither a practising solicitor nor accountant recognised to advise in either France or the UK. In such circumstances it is recommended that these principles be verified for you by relevantly qualified and experienced professionals. Consequently, the firm, through Michael Annett, cannot be held responsible for any legal, accounting or fiscal advice provided, whether verbally or in writing although we can effect appropriate professional introductions.

Conflict of interests
Michael Annett, through the company, offers Independent advice, but, occasions can arise where either of the aforementioned, or a third party, may have some form of interest in business being transacted for you. If this should occur, or that it becomes clear that there is any conflict of interests between these parties, your written consent will be sought before your instructions are carried out.

Client instructions for advice or life assurance contracts
It is a formal requirement that clients formally engage the services of this firm (Michael Annett) so as to clarify future collaboration. Whilst oral instructions may be initially accepted, these will always have to be confirmed in writing (which shall include facsimile transmission), as will all other instructions.

Please note that in signing these Terms and Condition of Business you are formally giving the firm (and Michael Annett) your instructions to act for you, and you confirm acceptance of the terms and conditions under which work will be carried out for you and under which you will be advised, and you confirm your acceptance to pay our time and any expenses incurred on your behalf, irrespective of the nature of this charge (refund of costs and expenses, commissions, fees, etc.).

Termination of client instructions
You, or this firm, may terminate the firm’s authority to act on your behalf for the provision of advice or life assurance contracts at any time, without penalty. Notice of this termination must be given in writing but note that you will be financially liable for any transactions made prior to termination and for any work effected on your behalf and not charged, irrespective how this charge may be levied.

Our services
It is the practice of this firm to provide all clients seeking to invest, retire or save with a Financial Report, which Financial Report comprises three elements:

• A general overview of the French fiscal and legal system as it would apply to the client in general.
• A detailed analysis of your personal financial situation, covering, where relevant, Income Tax, Social Charges, Capital Gains Tax, Wealth Tax, Inheritance Tax and Succession law, making comments, suggestions and recommendations as appropriate and relevant.
• An explanation of the choice of appropriate investment mediums, of investment providers and of investment contracts proposed, clearly outlining the reasons for each of the choices made, all culminating in a formal recommendation.

Naturally, it goes without saying that shorter versions of this Financial Report are available according to need.

Your commitment
Pursuant to article L520-1-III of the Code des Assurances, you have a duty to notify us of any and all changes in your circumstances and on which our recommendations may be based.

Records
You or your appointed agent may inspect contract notes, vouchers and receipts in your file (whether kept manually or electronically) which relate solely to your investment business. As all client records are confidential, the right is retained to give you copies of your records if to do otherwise would be to allow access to files or information containing details about other clients. All client records of business transactions, per Regulations, will be kept for a period of ten years after ceasing to be a client.

Data protection and rights of access
You understand that where investment and business services are provided to this firm by other assurance companies, or other appropriately authorised entities, and whether in the UK or France, then circumstances may arise which warrant the disclosure not only of your basic contact details, but also of details that may be considered to be of a more personal nature. On these occasions, and those such as marketing, applications, processing your business, ongoing administration, obtaining compliance and regulatory advice, you agree to information held by this firm being made available or disclosed on a confidential basis to these third parties. You also agree that we may contact you in the future by any means of communication which might be considered appropriate at the time.

All information concerning investment business is retained in France, by this firm, being bound by the French Data Protection laws, embodied in the French “Loi relative à l’informatique, aux fichiers et aux libertés”, Loi N° 78-17 du 6 janvier 1978, amended 7 August 2004. Article 38 allows for you to refuse personal information being used; article 39 for you to obtain information from us; and article 40 to amend information we hold concerning you; all requests having to be provided to us in writing and sent by recorded delivery.

Please be informed that pursuant to the Money Laundering and Tax Avoidance regulations in force, it is a criminal office to engage in either of these activities. The non-reporting of anyone engaging in either of these activities is also a criminal offence. Accordingly, and despite data protection regulations, we are bound to report anyone known to us to be engaged in such activities.

Commission and fees
Whilst you are not obliged to follow any advice or accept any of our recommendations, this does not alter our right to charge for work and services undertaken on your behalf.

Our charges will cover time incurred in generally discussing your financial affairs, and for providing information, comments, reviews and recommendations.

These costs may be incurred in a number of different ways, for example, through communication by telephone, internet or post, or by face-to-face meetings. Time can equally be incurred in effecting research, preparing your Financial Report and in generally doing other related work or services for you, or on your behalf. Charges can also be incurred through our reviewing your financial affairs and/or investments. Charges can also cover work that it is anticipated may be required, or which you may need in the future. Other staff may also be involved in working in a similar manner on your behalf, but also in dealing with all administrative issues relating to your financial or other affairs. Other costs also have to be included in our charges, such as those for the Professional Indemnity Insurance, the Financial Guarantee, Regulatory membership, continuing professional development and, of course, costs associated with the office itself.

This firm can charge you for the work it has undertaken on your behalf in a number of ways:

• Through charging fees, based on time incurred,
• Through commissions (usually on life assurance contracts),
• Through a combination of both of these methods.

The work effected for you is charged on a time basis and according to the nature of the work being effected, further details of which can be obtained from our offices. Where commission income is concerned, this will cover the time costs as outlined above although will be shown to include any additional regular charges made by the investment provider or funds.

In the event that charges need to be recouped by raising a fee note, this may fall under the Regulations of the ‘Code Monétaire et Financier’. This fee may be liable to being assessed to VAT dependant on territoriality but please note that all fees rendered to EU residents will be subject to French VAT at the rate of 19,6%.

Based on past experience and only concerning investment business, this firm will generally always be remunerated by commissions. This commission income is exempt from VAT pursuant to article 261 C 2° of the ‘Code Général des Impots’ and further to the 6622Z APE/NAF activity code of the firm. Please note that where the investment process is staggered, that all commission due will be taken at the earliest occasion and not spread pro-rata over each individual part-payment comprising the whole investment operation.

Any commission being due to this firm is agreed between the firm and the client before any work is undertaken and will be stated on the regulatory ‘mission statement’ for the business affair being transacted. A new ‘missions statement’, should be required for each separate financial exercise you ask us to execute, and a new Financial Reports will be required for all subsequent investment business.

Whilst you can obtain details of what we have been paid out of the overall investment made from the investment provider, with which we shall assist you in obtaining, please note that we do not prepare any investment Reports unless directly requested by you and subject to a verbal discussion. Accordingly, in the event that investment business should not be placed after all, the firm retains the right to issue a fee note for the work effected, which fee will usually be around some 70% of the anticipated initial commission income.

Complaints
All complaints should in the first instance be addressed to the main office of the firm. If a satisfactory outcome cannot then be achieved, the client may address themselves to the ‘Autorités de Contrôle des Assurances et des Mutuelles’, 61 rue Taitbou, 75009 Paris.

Client funds
Neither ‘The Annett Consultancy' (being Pélican Consulting sarl), nor Michael Annett, will handle client’s money directly other than their fees, charges and expenses. In other words, no funds should be received from you in order for these funds to then be invested in your name. All investment funds (cheques or transfers) MUST be made out directly to the relevant investment providers.

Under the EU Directive IP/02/1390 effective from 15th January 2005, the financial services of one country are now available to the citizens of another country. Accordingly, a regulated adviser of one country can export his home country's regulated services and products to another EU country and their citizens – to the extent that these are permitted and suitable. This is effected by 'passporting' home country regulatory rights into another country: it is now the practice that is regulated and not the place at which advice is provided. However, 'Passporting' does not allow the regulated adviser of one country to provide the regulated advice or services of another country... the adviser then needing to be directly regulated in that other country by that other country's Regulator, and having that other country's appropriate professional indemnity insurance and financial guarantees.

Independent regulatory status under the UK Financial Services Authority is being sought to advise UK based clients on their UK contracts. Pursuant to article L515-1 of the Code des Assurance, the firm has a regulatory 'European financial passport' to the UK, and to Belgium, Luxemburg and Ireland.