Financial Advisor to Manage Investments for Court Deputy Clients

Descriptions

1.Introduction and contextGeneral Background & context:-The Court Deputy Service within Neath Port Talbot Council is a service of last resort, providing administrative support for persons lacking capacity to act for themselves, in respect of property and financial matters.The Council is appointed by the Court of Protection to be the Deputy for eligible service users.The Mental Capacity Act 2005 places a duty on Deputies to ensure that all client affairs are managed according to each client’s needs, and in their best interest.There is a requirement for the Deputy to ensure that each client’s funds are able to meet their needs for the duration of the Order, and that any capital investments are receiving the best possible return on investment.The Council are seeking expressions of interest from Independent Financial Advisor(s), who are prepared to provide expert financial/investment advice to the Council, acting on behalf of each client, for an agreed fee.2.Core ServicesThe financial advisor(s) will be required to provide the following services to the Council, acting on behalf of each client:--undertake a comprehensive review of client’s current savings/investments-consider client’s both short and long term financial requirements, in accordance with the principles of Best Interest laid out in the Mental Capacity Act (2005)-provide a comprehensive assessment of financial investment options, relevant to client circumstances and preferences-prepare a report outlining the work undertaken, recommendations, reasons for recommendations, and detailing all costs and charges associated with the recommendations-provide an annual review of investments, and if appropriate recommend changes-provide an annual valuation and tax information to assist in the completion of tax returnsThe Council currently has approximately 20 clients each with capital of more than £50k, and a total value of approximately £2.5m, for whom they require financial advice in the first instance.However, the service has a relatively high turnover of clients, and the financial advisor(s) will also be required to provide the above service for new clients, who meet the agreed criteria, as they arise.The service must be carried out in compliance with the requirements of the Court Order and the Office of Public Guardian Deputy standards.The financial advisor(s) appointed must be:--regulated by the Financial Conduct Authority-be able to give whole of market advice, and not be restricted-have been in business as a financial advisor for more than 3 years and be able to demonstrate expertise in the provision of financial advice-provide an annual statement of professional standing (SPS) issued by an FCA accredited body.- Quality Management system certification - desirable.See attached Service Specification document to this notice for full details of requirements.If you are interested and can meet requirements outlined in the specification requirements please in the first instance email Wayne Thomas (w.thomas3@npt.gov.uk) with the following information by no later than 12:00hrs on 27 Nov 2020:--regulated by the Financial Conduct Authority confirmation-be able to give whole of market advice, and not be restricted-have been in business as a financial advisor for more than 3 years and be able to demonstrate expertise in the provision of financial advice-provide an annual statement of professional standing (SPS) issued by an FCA accredited body.- Quality Management system certification - desirable._ details of any experience of compliance with the requirements of the Court Order and the Office of Public Guardian Deputy standards- Indication of pricing structure as per service specificationPlease note the Council is acting on behalf of clients and as such there will be no award of contract by the Council from this exercise. IFA(s)may or may not be engaged to provide advice for clients, in such instances where services are called upon any contracts will be between the client, represented by the Council and the Independent Financial Advisor.NOTE: To register your interest in this notice and obtain any additional information please visit the Sell2Wales Web Site at https://www.sell2wales.gov.wales/Search/Search_Switch.aspx?ID=105053.