Client terms and conditions
Client Terms and Conditions are currently being updated, please contact us on 03332 419 900 if you have any queries.
In terms of references to "Flying Colours", "us", "our" and or "we" means Flying Colours Financial Limited and its Appointed Representatives (AR’s). The terms of "customer", "client", "you", "your" or "Viewer" means any person of our website.
Client Terms and Conditions are currently being updated, please contact us on 03332 419 900 if you have any queries.
Client Terms and Conditions are currently being updated, please contact us on 03332 419 900 if you have any queries.
Flying Colours Financial Limited
Ascot Business Park
2 Queens Square
Flying Colours Financial Limited, trading as Flying Colours, Flying Colours Wealth and Flying Colours Life, is authorised and regulated by the Financial Conduct Authority (FCA), our FCA registered number is 672022.
You can check this by visiting the FCA’s website www.fca.org.uk/register or by contacting them directly on 0800 111 6768, or at The Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
We are registered in England under No. 09075635, you can check this by visiting https://beta.companieshouse.gov.uk/.
If you disagree with any part of these Terms & Conditions of usage, please do not use our website.
We have taken all reasonable steps to ensure that any information, bulletins, data, services, systems and other forms of content published on the website is accurate and up-to date.
We regret, that no liability can be accepted for any errors or omissions, we reserve the right at any time to change the content, presentation and availability all the website without prior notification.
The content of the pages of this website is for your general information and use only and should not be construed as advice under the Financial Services and Markets Act 2000.
Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change any part of our site without notice.
This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
All trademarks reproduced in this website which are not the property of, or licensed to, the operator is acknowledged on the website.
Unauthorised use of this website may give rise to a claim for damages and/or be a criminal offence.
You agree not to reproduce, duplicate, copy or re-sell any part of this website in contravention of the provisions of our terms of website use.
You agree not to access without authority, interfere with, damage or disrupt any part of this website; any equipment or network on which this website is stored; any software used in the provision of this website; or any equipment or network or software owned or used by any third party.
You are responsible for making all arrangement necessary for you to have access to our site.
If you choose, or you are provided with, a user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party.
You may not use this website in any way that breaches any applicable local, national or international law or regulation or in any way that is unlawful or fraudulent or has any unlawful or fraudulent purpose or effect.
We will determine, in our discretion, whether there has been a breach of this acceptable use policy through your use of our site. When a breach of this policy has occurred, we may take such action as we deem appropriate.
Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
We will not be liable in any way to you or any other user for any loss or damage, whether in contract or tort or otherwise, even if foreseeable, connected with your use of (or inability to use) our site or our content. For the avoidance of doubt such loss or damage includes, but is not limited to, loss or damage caused by viruses, trojan horses or other malicious code.
Your use of this website and any dispute arising out of such use of this website is subject to the laws of England, Northern Ireland, Scotland and Wales.
We may revise this acceptable use policy at any time by amending this page. You are expected to check this page from time to time to take notice of any changes we make, as they are legally binding on you. Some of the provisions contained in this acceptable use policy may also be superseded by provisions or notices published elsewhere on our site.
If you have any questions about our website or these site terms, please email email@example.com.
Thank you for reading and visiting our website.
Flying Colours is registered with the ICO as a Data Controller under No. ZA113682
Personal data, or personal information, is any information with regards to an individual that can be used to identify that person.
Full name: Flying Colours Finance Limited
E-mail address: DPO@flyingcolourslife.com
Postal address: Ascot Business Park, 2 Queens Square, Lyndhurst Road, Ascot, SL5 9FE
You have the right to make a complaint to the Information Commissioner’s Offices (ICO), who are the
UK supervisory authority for data protection. You can contact the ICO in the following ways:
Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF
Telephone: 0303 123 1113
We collect information about you when you engage us for financial planning and advice as well as protection advice. This information will relate to your personal and financial circumstances. It may also include special categories of personal data such as data about your health, if this is necessary for the provision of our services.
We may also collect information when you voluntarily complete client surveys or provide feedback to us.
Information relating to usage of our website is collected using cookies. These are text files placed on your computer to collect standard internet log information and visitor behaviour information. We’ll use your information collected from the website to personalise your repeat visits to the site.
The primary legal basis that we intend to use for the processing of your data is for the performance of our contract with you. The information that we collect about you is essential for us to be able to provide you with financial planning advice and to carry out the services that you require from us effectively. Without collecting your personal data we’d also be unable to fulfil our legal and regulatory obligations.
Where special category data is required, we’ll obtain your explicit consent in order to collect and process this information.
We collect information about you in order to provide you with the services for which you engage us.
If you agree, we may email you about other products or services that we think may be of interest to you.
We won’t share your information for marketing purposes with any other companies outside of the firm.
In order to deliver our services to you effectively we may send your details to third parties such as those that we engage for professional compliance, accountancy or legal services as well as product and platform providers and life offices that we use to arrange financial products for you.
Where third parties are involved in processing your data we’ll have a contract in place with them to ensure that the nature and purpose of the processing is clear, that they are subject to a duty of confidence in processing your data and that they’ll only act in accordance with our written instructions.
Where it’s necessary for your personal data to be forwarded to a third party we’ll use appropriate security measures to protect your personal data in transit.
To fulfil our obligations in respect of prevention of money-laundering and other financial crime we may send your details to third party agencies for identity verification purposes.
In principle, your personal data shouldn’t be held for longer than is required under the terms of our contract for services with you. However, we’re subject to regulatory requirements to retain data for specified minimum periods. We also reserve the right to retain data for longer than this due to the possibility that it may be required to defend a future claim against us. In any case, we’ll not retain your personal data for longer than 5 years from the end of our regulatory obligations to retain the data.
The only exception to the 5 years relates to any advice that we provide about Defined Benefit Pension Scheme transfers or opt-outs, where we are required to retain records indefinitely under FCA Rules.
You have the right to request deletion of your personal data. We’ll comply with this request, subject to the restrictions of our regulatory obligations and legitimate interests as noted above.
You have the right to request a copy of the information that we hold about you. If you’d like a copy of some or all your personal information, please email or write to us using the contact details noted below.
When your personal data is processed by automated means you have the right to ask us to move your personal data to another organisation for their use.
We have an obligation to ensure that your personal information is accurate and up to date. Please ask us to correct or remove any information that you think is incorrect.
We shall ensure that the following measures are taken with respect to the storage of personal data:
GDPR legislation gives you the right, to access your personal data we hold, or request, this information to be transmitted to another party. We will require this request in writing, we will action your request without undue delay and for free of charge.
GDPR legislation gives you the right, in some circumstance, to request us to erase your personal data from our systems. In these circumstances, we will require this request in writing, we will action your request without undue delay. Certain types of data, we are required to be kept for a period, therefore, this data will not be erased immediately.
GDPR legislations gives you the right to request your data to be transferred to another data controller. In these circumstances, we will require this request in writing, we will action your request without undue delay.
We’d like to send you information about our products and services which may be of interest to you. If you’ve agreed to receive marketing information, you may opt out later.
You have a right at any time to stop us from contacting you for marketing purposes. If you no longer wish to be contacted for marketing purposes, please contact us by email or post.
We take data security seriously and will always hold your information securely. We use encryption to protect all site visitors’ data and have robust internal processes to safeguard your data.
We have put into place procedures to deal with suspected personal data breaches and will notify you and any applicable regulator where we are legally required to.
For further information visit www.allaboutcookies.org/
You can set your browser not to accept cookies and the above website tells you how to remove cookies from your browser. However, in a few cases some of our website features may not function as a result.
Cookies are small text files which are placed on the computer of a website user to provide the website operator with information about use of our site. They are used to enable websites to function or to provide information to the owners of a website and they are used to improve website users’ experience by remembering preferences and personalising content and making sure users are finding what they need easily.
A cookie doesn’t give us access to your computer or any information about you, other than the information you choose to share with us. Most web browsers accept cookies automatically, but usually you can alter the settings of your browser to prevent automatic acceptance. If you choose not to receive cookies, you may not be able to use certain features of our website.
No personally identifiable information is stored on these cookies or web pixels. We may use this information to understand the effectiveness of our advertising and marketing.
These cookies allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it.
Heat Mapping and Visitor Recording services are used to display the areas of a page where Users most frequently move the mouse or click. This shows where the points of interest are and help us to improve your experience when using our website. These services make it possible to monitor and analyse web traffic and keep track of User behaviour.
These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website and use our services.
We use these cookies to analyse website traffic. We use the information we collect to improve the onsite experience for users by tailoring the information presented to you.
These cookies record your visit to our website, the pages you have visited and the links you have followed. We will use this information to make our website and the advertising displayed on it more relevant to your interests. We may also share this information with third parties for this purpose.
We allow these third parties to use tracking pixels. These may be used to collect and hold information about visits to our website, such as which pages are viewed and how long is spent on our website, as well as the advert that you clicked to visit our site.
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting, if you allow us.
We may also pre-populate third party forms with the information you provide us. This may be performed manually or through secure and encrypted data transfers. Where this happens, it is your responsibility to check that the pre-populated data fields are correct and up to date. We can accept no responsibility for any problems with any applications to third party companies that arise from any pre-populated data fields.
Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
The Data Protection Act 1988 controls how we use the information we collect about individuals by
setting out several principles which we always abide by. It also enables individuals to request us
to share the information we have collected with them. If you would like to request this information,
then please write to:
The Compliance Manager
2 Queen’s Court
Ascot, SL5 9FE
There is no fee to request this information, however, we do reserve the right to apply a reasonable fee should the request be unfounded or excessive.
This is a statement outlining how Flying Colours meets its obligations under the Data Protection Act 1998 ("the Act"). The policy is subject to regular review to reflect, for example, changes to legislation or the structure or policies of Flying Colours. All staff are expected to comply with the policy.
Flying Colours needs to collect and use certain types of information about people with whom it deals in order to operate.
These include current, past and prospective customers, Flying Colours’ own employees, suppliers and others with whom Flying Colours conducts business. This personal information must be dealt with properly however it is collected, recorded and used - whether on paper, electronically, or other means - and there are safeguards to ensure this in the Data Protection Act 1998.
We regard the lawful and correct treatment of personal information by Flying Colours as important to the achievement of its objectives and to the success of its operations, and to maintaining confidence between those with whom we deal and ourselves. We therefore need to ensure that its organisation treats personal information lawfully and correctly.
To this end, we fully endorse and adhere to the Principles of data protection, as set out in the Data Protection Act 1998.
The eight Principles require that personal information:
Flying Colours will, through appropriate management and strict application of criteria and controls:
To comply with the Act and its principles, Flying Colours has created and implemented various internal policies and procedures, available to all staff, outlining individual and organisational data protection responsibilities and providing detailed guidance on internal data protection procedures.
Flying Colours Finance Limited - As at 31 December 2017
The Pillar 3 disclosure of Flying Colours Finance Limited ("Flying Colours") is set out below as required by the Financial Conduct Authority’s ("FCA") ‘Prudential Sourcebook for Banks, Building Societies and Investment Firms’ ("BIPRU"). The BIPRU disclosure rules implement the European Union’s capital adequacy requirements and the Basel Committee Recommendations.
The capital adequacy framework for investment management firms, such as Flying Colours, consists of three "Pillars":
We are permitted to omit required disclosures if we believe such information is confidential, or regarded as proprietary, or if we believe the omission would not in any way influence the decision of a reader relying on such information. Flying Colours has made no omissions on these grounds.
Flying Colours is an investment management and advisory firm based in Ascot and incorporated in England and Wales as a private limited company on 6 June 2014. Flying Colours formally commenced business on 17 December 2015. Flying Colours is authorised and regulated by the Financial Conduct Authority (firm reference number: 672022). The effective date on which Flying Colours received its authorisation from the FCA was 17 December 2015.
Flying Colours is authorised and regulated by the FCA and is a BIPRUFirm for regulatory capital purposes. Flying Colours does not hold client money or assets.
Flying Colours is a sole entity and is not part of any group. As such it makes this Pillar 3 disclosure on a solo basis.
Flying Colours will be making Pillar 3 disclosures annually (as soon as possible after the publication of its annual accounts) or more often, as appropriate.
This disclosure is published on the Flying Colours website.
The information contained in this document has not been audited by Flying Colours’ external auditors and does not constitute any form of financial statement. The disclosures are subject to external verification only to the extent that they have been taken from our audited financial statements. The disclosures should not be relied on in making judgements about Flying Colours.
Flying Colours regards information as material in disclosures if its omission or misstatement could change or influence the assessment or decision of a user relying on that information for the purpose of making economic decisions. If Flying Colours deems a certain disclosure to be immaterial, it may be omitted from this statement.
Flying Colours regards information as proprietary if sharing that information with the public would undermine its competitive position. Proprietary information may include information on products or systems which, if shared with competitors, would render Flying Colours’ investments therein less valuable. Further, Flying Colours must regard information as confidential if there are confidentiality or other such obligations to customers or other counterparty relationships or employees or members.
Flying Colours has a risk management objective to develop systems and controls to mitigate risk to within its risk appetite. This overall risk appetite is low.
Flying Colours is a limited company which has a Board of Directors (the "Board") which assumes overall responsibility for overseeing its governance. The Board is responsible for the decision and implementation of Flying Colours’ governance and risk management framework. The Board meets on a quarterly basis specifically to monitor and investigate any Compliance and Operational Risk aspects of Flying Colours’ activities.
The quarterly Compliance and Operational Risk meetings oversee Flying Colours’ activities in relation to its regulatory obligations. Flying Colours has defined key performance indicators and management information metrics, that provide a quantitative overview of the operation, and are aligned with the risks as outlined within this document.
Flying Colours takes a prudent approach to the management of its capital base and ensures that at all times it has sufficient capital to meet its regulatory requirements.
In accordance with GENPRU 2.1.45R of the FCA Handbook (calculation capital resources requirements for a BIPRU firm), our capital requirement has been determined as being our fixed overhead requirement and not the sum of our credit risk capital requirement and our market risk capital requirement. Flying Colours’ fixed overhead requirement has been determined to be £454,000.
As at 31 December 2017, the Company’s capital resources were in excess of £770,000 over the minimum capital required to be held under Pillar 1.
The majority of Flying Colours’ Tier 1 capital comprises ordinary shares.
The ICAAP (Internal Capital Adequacy Assessment Process), which assesses our capital adequacy, involves separate consideration of risks to our capital combined with stress testing using scenario analysis. We assess the impact of potential risks by modelling the changes in our income and expenses caused by various potential risks over a three-year timeframe.
Furthermore, Flying Colours has considered the costs, risks and processes involved in winding down or transferring its regulated activities in the event it should cease trading.
As such, the Board has determined that Flying Colours should hold, in accordance with the ICAAP, £10,000 of additional Pillar 2 capital.
The adequacy of the capital held by Flying Colours is assessed, at least annually, as part of the ICAAP process undertaken and is subject to the approval of the Board.
Flying Colours’ total capital resources as at 31 December 2017 are comprised as follows:
|Total Tier 1 capital (including share capital, share premium, profits and losses and deductions)||1.856|
|Total Tier 2 capital||0|
|Total Tier 2 capital||0|
|Deductions from Tier 1 and Tier 2 capital||0.632|
|Total capital resources, net of deductions||1.224|
Flying Colours has been structured such that it operates with a limited risk profile. Although Flying Colours provides financial advice and may provide its services to retail clients, the Board considers that the business is exposed to limited risk as Flying Colours does not hold client money or assets and will not invest in financial instruments for its own account.
Flying Colours’ material risks are therefore operational and business-related. As such, Flying Colours is not materially exposed to either credit, market or liquidity risks. Flying Colours’ main risks are:
In addition to the material risks that have been identified above, Flying Colours is also exposed to the following risks:
Credit risk is the risk of loss if another party fails to perform its obligations or fails to perform them in a timely fashion.
Flying Colours does not hold client money and does not provide credit to its clients. Accordingly, Flying Colours does not have an obligation to pay its clients.
Flying Colours is exposed to credit counterparty risk as it holds its working capital on deposit. However, this is risk is seen as low as working capital is held with large credit institutions in the UK which have good credit ratings. Flying Colours takes a conservative approach to selecting banking counterparties and carries out frequent reviews of those which it uses.
Flying Colours holds sufficient surplus cash to meet its anticipated working capital requirements and other immediate financial requirements that can reasonably be foreseen. Flying Colours seeks to mitigate its liquidity risks by regularly reviewing its liquidity requirements.
Flying Colours does not deal in investments for its own account or take positions for the purposes of client servicing or market making, so it is not exposed to market risk in relation to its assets. Nor does Flying Colours have any foreign exchange exposure.
Flying Colours is exposed to operational risk in the event of inadequate or failed internal systems or process, human error, or certain external events.
Flying Colours seeks to minimise operational risk through regular operational reviews and its governance and risk management framework (as described above).
As Flying Colours’ is principally an online business, its most significant operational risk is catastrophic systems failure. However, it is also exposed to other operational risks, such as negligent or fraudulent actions or breaches of regulatory requirements which may lead to legal claims, fines or public censure. These operational risks could impact upon Flying Colours’ ability to conduct its business and/or damage its revenue, growth or reputation. It is also subject to reputational risk.
Flying Colours has established and implemented a remuneration policy that complies with the requirements as set out in chapter 19C of the FCA’s Senior Management Arrangements, Systems and Controls Sourcebook ("SYSC").
In interpreting the SYSC requirements, Flying Colours has applied the FCA’s guidance publication entitled ‘General Guidance on Proportionality: The BIPRU Remuneration Code (SYSYC 19C) and Pillar 2 disclosures on Remuneration’. In accordance with this guidance, Flying Colours has determined not to comply with certain of the SYSC rules, on the basis that this would not be proportionate.
Flying Colours has established a remuneration committee that has full decision-making responsibility for overseeing and determining Flying Colours’ remuneration policy, which is reviewed on an annual basis. The remuneration committee is responsible for ensuring Flying Colours takes a risk-focused approach to remuneration in relation to Code Staff. This includes reviewing and recommending performance-related or other incentive schemes, as well as pension and bonus policies.
During 2017, there were no bonus or incentives schemes in operation during the year, nor is there currently an employee share option scheme in operation.
Flying Colours has identified 3 Code Staff in total for the year ending 2017, assessed as Board directors or senior management. Code Staff received aggregate remuneration of £193,300 for the year ending 31 December 2017.