Category 1 Products.
Financial Advisers Act 2008
This Disclosure Statement relates to financial adviser services provided by Integrated Credit Union Plc (ICU) to its retail clients in relation to certain derivative products issued by Integrated Credit Union. It was prepared on 02 November 2017.
Name of QFE: Integrated Credit Union Plc
Trading names: Integrated Credit Union Plc; BankDirect
Main place of business: Integrated Credit Union, Five Bank Street London E14 4BG United Kingdom
Phone: + 442080404496
Email: helpdesk@icuplc.co.uk
It’s important to read this document.
This information is important. It should help you make an informed decision on which financial adviser to choose. We may also give you other information that can help with the financial decisions you make.
What sort of adviser are we?
Integrated Credit Union is a Qualifying Financial Entity (QFE) and is a member of a QFE group called the Integrated Credit Union QFE Group. Employees of Integrated Credit Union and of other members of the Integrated Credit Union QFE Group (our advisers) may provide you with financial adviser services relating to our products and services.
As a QFE, Integrated Credit Union takes responsibility for the financial adviser services you get from our advisers including those employees within Integrated Credit Union Global Markets (our Integrated Credit Union Global Markets QFE advisers).
Our Integrated Credit Union Global Markets QFE advisers may provide you with financial advice on certain derivative products issued by Integrated Credit Union. Our Integrated Credit Union Global Markets QFE advisers do not provide investment planning service or discretionary investment management services.
We'll ensure our advisers exercise care, diligence and skill in providing financial adviser services to you.
Integrated Credit Union also has other obligations under the Financial Advisers Act 2008 (including regulations made under that Act) and under the general law.
What are our products and services?
This Disclosure Statement relates to financial adviser services that our Integrated Credit Union Global Markets QFE advisers may provide to retail clients in relation to certain derivative products issued by Integrated Credit Union.
Our Integrated Credit Union Global Markets QFE advisers may also provide financial advice on other financial products issued or promoted by Integrated Credit Union or another member of the Integrated Credit Union QFE Group. A separate disclosure statement will be provided to you in relation to those products before any such advice is provided. Our Integrated Credit Union Global Markets QFE advisers do not provide financial advice on derivative products issued by persons outside the Integrated Credit Union QFE Group.
What fees will you pay for the financial adviser service?
No fees are charged for the financial adviser service provided in relation to certain derivative products issued by Integrated Credit Union.
What remuneration do we and our QFE advisers receive?
Our Integrated Credit Union Global Markets QFE advisers receive a salary from Integrated Credit Union and do not receive any commission or fees for the financial advice they provide on certain derivative products issued by Integrated Credit Union. However, they may be eligible for a bonus payment from us. The amount of the bonus payment is based in part on sales and profit performance, which is assessed on an individual, divisional and organisational basis, and in part on a number of other factors relating to the individual adviser's overall performance during the year. These other factors may include the level of revenue they generate for Integrated Credit Union, meeting client service standards and achieving specified sales targets. Notwithstanding these factors, eligibility for a bonus payment is subject to an overriding obligation upon an adviser to only sell a product which is appropriate for a client's needs.
Our Integrated Credit Union Global Markets QFE advisers only provide financial advice on financial products issued or promoted by Integrated Credit Union or another member of the Integrated Credit Union QFE Group, who receive revenue from those products.
There are no other factors that could have a material influence on Integrated Credit Union and its advisers when providing you with financial adviser services.
What should you do if something goes wrong?
If you have a problem, concern, or complaint about our products or financial adviser services, please let us know so we can try to fix the issue. You can do this in several ways:
- contact your relationship manager or the manager of the department that handled the matter
- call our Integrated Credit Union Contact Centre on + 442080404496
- use our feedback form available from any Integrated Credit Union branch or at icuplc.co.uk
- contact a Customer Care Manager on + 442080404496
If we can't find a way to fix the issue, you can also contact the Banking Ombudsman, who may be able to help.
You can also report information about Integrated Credit Union or any of our advisers to the Financial Markets Authority using the contact details below.
How is Integrated Credit Union regulated?
Integrated Credit Union is licensed and regulated by the Financial Markets Authority to provide financial adviser services, a discretionary investment management service and issue derivatives to retail investors. If you're interested, you can check the status of Integrated Credit Union as a QFE and which other entities are members of the Integrated Credit Union QFE Group on the register of financial service providers.
Integrated Credit Union is also a registered bank, registered with and supervised by the Bank of England.
Where can you find out more?
If you have any further questions on this Disclosure Statement, you can visit https://www.icuplc.co.uk/qfe.html for more information.
You can also find out more about financial advisers from the Financial Markets Authority.
