Terms & Conditions for Financial Consultancy Services
Legal Disclaimer for Financial Consultancy Services
At Regan-Brown Bookkeeping Services, we provide general and high-level explanations and information on how to establish terms and conditions for financial consultancy services. However, it is important to note that the information provided here should not be considered as legal advice or specific recommendations for your business. We highly recommend seeking legal counsel to ensure the terms and conditions align with your business's unique requirements.
Understanding Terms & Conditions in Financial Consultancy
In the realm of financial consultancy services, terms and conditions (T&C) play a crucial role in defining the legal parameters governing interactions between service providers and clients. Tailoring T&C to the specific nature of financial consultancy is essential. For instance, a consultancy offering investment advice will have distinct T&C compared to a tax advisory service. Establishing comprehensive T&C safeguards the consultancy and its clients, but it's imperative to seek local legal advice to ensure compliance with regional regulations.
Key Inclusions in Financial Consultancy T&C
In the context of financial consultancy, T&C typically address vital aspects such as client eligibility, accepted payment methods, provisions for future service modifications, warranties provided by the consultancy, intellectual property rights, and the consultancy's prerogative to suspend or terminate client engagements. To delve deeper into this topic, explore our resource 'Crafting Effective Terms and Conditions for Financial Consultancy Services.'
Practice Regulations
ICB Members and Members in Practice are subject to certain legislation due to the nature of their work, and in addition, are subject to the regulations of their Institute.
Continuing Professional Development
Bookkeeping is a regulated profession and ICB members are committed to the continuing development of their professional skills, ensuring they maintain their status as the UK's leading bookkeepers.
Professional Indemnity Insurance
Any business or individual operating in a professional capacity can be held liable if an error or omission in their advice or services causes a financial loss to a third party. Bookkeepers are no different.
General Data Protection Regulations - GDPR
The General Data Protection Regulations (GDPR) are effective from 25 May 2018. These Regulations contain new requirements concerning how businesses collect, process, store and erase all personal data (information that can be used to identify a living person)
The Regulations have replaced the Data Protection Act 1998 and rely upon the six principles of good practice. These provide that personal data must:
1. be processed fairly, lawfully and transparently.
2. only be used for the purpose for which it was collected.
3. be adequate, relevant and not excessive for the purpose for which it is being processed.
4. be accurate and kept up to date.
5. not be kept longer than necessary to fulfil the purpose of its collection.
6. be kept secure and protected from unauthorised processing, loss, damage or destruction [which includes the data not being transferred to a country or territory outside the European Economic Area unless the personal data is adequately protected and/or consent of the Data Subject has been provided.
Regan-Brown Bookkeeping Services is registered with the ICO for compliance.
AML Guidance
Bookkeepers are required by law to be monitored by an HM Treasury appointed supervisory authority such as ICB and to put in place anti-money laundering controls and to implement policies and procedures.