THE VFS CODE OF BUSINESS PRACTICE
As independent financial advisers, VFS will act on your behalf to identify the most suitable product or products from a wide range of companies.
VFS and its advisers will make every endeavor to understand your personal situation in order to tailor make a solution to your own specific needs.
VFS and its advisers are rewarded by commissions paid by the companies providing the products concerned. These take the form of initial commissions and can sometimes include ongoing or trail commissions. This means that you do not pay for the associated advice unless specific professional services are involved, in which case you will be advised in advance that a fee may be payable.
Advice - your VFS advisers will seek comprehensive information about your personal circumstances in order that they can provide ‘Best Advice’. If you do not wish to provide full details of your circumstances, VFS is still able to proceed on an ‘Execution Only’ basis, which means that VFS is simply acting on yor instruction to effect a particular policy without providing advice on its suitability.
Service – VFS considers ongoing service of vital importance and you will normally be contacted by your personal adviser on a regular basis, dependent upon your needs. There is no charge for this service. If advice is required at any other time, you should contact your pesonal adviser or, in his absence, the Operations Director of VFS International at the address shown below.
Investment management – under no circumstances will your adviser agree to provide discretionary investment management services unless permitted in terms of local regulations. Where appropriate, and with the appropriate disclamer, you may appoint a discretionary adviser or make your own investment selections if you wish.
Authority to act – you may, at any time, revoke your authority for VFS to act on your behalf in writing both to VFS and to the relevant institution which has provided the product. Please note that this may affect certain policies where VFS has exclusive rights to market such products. You will be advised of the implications in such a situation.
Documention – VFS undertakes to provide you with full details of the products recmmended including illustrations, policy provisions (if requested) and all information required to be provided by the relevant regulator.
Clients’ money – VFS does not under any circumstances handle clients’ money. All monies should be sent to the product povider either by cheque, bank transfer, standing order, direct debit, credit card transfer or similar. Cheques made payable to VFS (unless for specific fees) will be returned. Cash and traveller’s cheques will not be accpeted at any time. All proceeds from surrender, encashment or withdrawal will be paid to you. Such monies should not be paid to VFS or its advisers at any time.
Policy documents – the insurance company will issue the policy documents directly to VFS who will undertake to check the documentation before delivering it to you. You should also check the documentation upon receipt and notify us of any changes required or do anything you do not understand.
Professional Indemnity Insurance (PII) – the Financial Services Commission requires financial advisers to have PII cover. VFS advisers have cover to satisfy that requirement.
Data Protection – VFS will only use information provided by you for the purpose of assisting you with ongoing advice. It will not be used for any other purpose or passed to third parties without written permission from the client.
Communication – any comments or complaints regarding the service provided or a product purchased from VFS should be made to The Compliance Manager, VFS Intenational Ltd, 11th Floor, Tower 1, NexTeracom Building, Ebene Cybercity, Mauritius
