Likewise, the firm is registered as a Financial Consultant with the 'Association Nationale des Conseils Financiers – Conseillers en Investissements Financiers' (ANACOFI-CIF, www.anacofi.asso.fr) under licence number E 001306.

It is due to being independently regulated in these two different sectors in France that this firm, through Michael Annett, has the status of 'Conseiller en Gestion de Patrimoine Indépendant' (CGPI).

In order to be able to advise clients with UK contracts, UK Financial Services Authority regulatory status is being sought. The firm has a regulatory 'European financial passport' to the UK, so as to be able to advise UK residents still in the UK, before their move to France.

Neither the firm nor Michael Annett have any links with any other financial or assurance institution.

Degree of independence
Those involved in financial planning in France are either Independent or Representatives of only one company. Pursuant to article L520-1-II, this firm is an independent adviser and life assurance broker and is registered under ORIAS Category B. A non-exhaustive list of the companies with whom we work include:  Afer, AGF, Altivie, Alptis, April, AVIP, AXA, AZUR, Cardif, Credit Foncier, Fortis, GAN, Generali, Investlife, La Baloise, La Mondiale, Nortia, Skandia, Swisslife, UFG, Union Financière, Zurich, etc.

We have no obligation to use any one or other of these providers or, indeed, any other provider. In making a recommendation to use any provider, no assertion is being made that all providers have been consulted, or even a sufficient number of all contracts from providers amongst all those available on the market (often several hundreds).

Financial planning and life assurance contracts
As an Independent Financial Adviser, recommendations may include comments and suggestions which will often encompass the use of certain legal and accounting principles in France and/or the UK so as to maximise opportunities available to you. Any knowledge of these principles is based on Michael Annett's professional qualifications and experiences, and professional opinions received at the time of making such comments;  however, the firm, through Michael Annett, is neither a practicing solicitor nor accountant recognised to advise in either France or the UK. In such circumstances it is recommended that these principles be verified for you by relevantly qualified and experienced professionals. Consequently, the firm, through Michael Annett, cannot be held responsible for any legal, accounting or fiscal advice provided, whether verbally or in writing although we can effect appropriate professional introductions.

Conflict of interests
Michael Annett, through the company, offers Independent advice, but, occasions can arise where either of the aforementioned, or a third party, may have some form of interest in business being transacted for you.   If this should occur, or that it becomes clear that there is any conflict of interests between these parties, your written consent will be sought before your instructions are carried out.

Client instructions for advice or life assurance contracts
It is a formal requirement that clients formally engage the services of this firm (Michael Annett) so as to clarify future collaboration. Whilst oral instructions may be initially accepted, these will always have to be confirmed in writing (which shall include facsimile transmission), as will all other instructions.

Please note that in signing these Terms and Condition of Business you are formally giving the firm (and Michael Annett) your instructions to act for you, and you confirm acceptance of the terms and conditions under which work will be carried out for you and under which you will be advised, and you confirm your acceptance to pay our time and any expenses incurred on your behalf, irrespective of the nature of this charge (refund of costs and expenses, commissions, fees, etc.).

Termination of client instructions
You, or this firm, may terminate the firm's authority to act on your behalf for the provision of advice or life assurance contracts at any time, without penalty. Notice of this termination must be given in writing but note that you will be financially liable for any transactions made prior to termination and for any work effected on your behalf and not charged, irrespective how this charge may be levied.

Our services
It is the practice of this firm to provide all clients seeking to invest with a Financial Report, which Financial Report comprises three elements:

• A general overview of the French fiscal and legal system as it would apply to the client in general.

• A detailed analysis of your personal financial situation, covering Income Tax, Social Charges, Capital Gains Tax, Wealth Tax, Inheritance Tax and Succession law, making comments, suggestions and recommendations as appropriate.

• An explanation of the choice of appropriate investment mediums and investment providers and contracts proposed, clearly outlining the reasons for the choices made.

Naturally, it goes without saying that shorter versions of this Financial Report are available according to need.

Your commitment
Pursuant to article L520-1-III of the Code des Assurances, you have a duty to notify us of any and all changes in your circumstances and on which our recommendations may be based.

Records
You or your appointed agent may inspect contract notes, vouchers and receipts in your file (whether kept manually or electronically) which relate solely to your investment business. As all client records are confidential, the right is retained to give you copies of your records if to do otherwise would be to allow access to files or information containing details about other clients. All client records of business transactions, per Regulations, will be kept for a period of ten years after ceasing to be a client.

Data protection and rights of access
You understand that where investment and business services are provided to this firm by other assurance companies, or other appropriately authorised entities, and whether in the UK or France, then circumstances may arise which warrant the disclosure not only of your basic contact details, but also of details that may be considered to be of a more personal nature. On these occasions, and those such as marketing, applications, processing your business, ongoing administration, obtaining compliance and regulatory advice, you agree to information held by this firm being made available or disclosed on a confidential basis to these third parties. You also agree that we may contact you in the future by any means of communication which might be considered appropriate at the time. 

All information concerning investment business is retained in France, by this firm, being bound by the French Data Protection laws, embodied in the French 'Loi relative à l'informatique, aux fichiers et aux libertés', Loi N° 78-17 du 6 janvier 1978, amended 7 August 2004. Article 38 allows for you to refuse personal information being used; article 39 for you to obtain information from us; and article 40 to amend information we hold concerning you; all requests having to be provided to us in writing and sent by recorded delivery.

Commission and fees
As explained above, this firm's remit is to review your financial position and make recommendations, pursuant to the Regulations that govern this firm's business activities if, indeed, there is justification in making any such recommendations.

You are not obliged to follow any advice or accept any of our recommendations, but this does not alter our right to charge for work and services undertaken on your behalf.

Our charges will cover time incurred in generally discussing your financial affairs, and for providing information, comments, reviews and recommendations. These costs may be incurred in a number of different ways, for example, through communication by telephone, internet or post, or by face-to-face meetings. Time can equally be incurred in effecting research, preparing your Financial Report and in generally doing other related work or services for you, or on your behalf. Charges can also cover work that it is anticipated may be required, or which you may need in the future. Other staff, such as administration staff, may also be involved in working in a similar manner on your behalf, but also in dealing with all administrative issues relating to your financial affairs. Other costs also have to be included in our charges, such as those for the Professional Indemnity Insurances, the Financial Guarantee and, of course, the costs of the offices themselves.

This firm will charge you for the work it has undertaken on your behalf in a number of ways:

• Through charging fees, based on time incurred,
• Through commissions (usually on life assurance contracts),
• Through a combination of both of these methods.

However, based on past experience, and concerning investment business, this firm will generally only always be remunerated by commissions on life assurance investment contracts effected by you. This commission income is exempt from VAT pursuant to article 261 C 2° of the 'Code Général des Impots' and further to the 672Z APE/NAF activity code of the firm. Please note that where the investment process is staggered, all commission due will be taken at the earliest occasion and not spread pro-rata over each individual part-payment comprising the whole investment operation.

In the event that charges need to be recouped by raising a fee note for the provision of only information, or only advice, this may fall under the Regulations of the 'Code Monétaire et Financier'. This fee may be liable to being assessed to VAT dependant on territoriality. In any event, you will be informed verbally of the position before any fee note is issued, and if prior written confirmation is required, this can be provided if asked for in writing.

Any commission being due to this firm is agreed between the firm and the client before any work is undertaken, and is only for the business being transacted at the current time and which is the subject of a Financial Report to which this agreement refers. A new 'Terms and Conditions of Business', and a new Financial Report, will be required for all subsequent investment business. 

With regard to investment business, the total commission or fee MUST be inserted at the end of this agreement.

In the event that investment business should not be placed after all, the firm retains the right to issue a fee note for the work effected at the firm's then standard hourly rate of charge.

In the event that the work to be effected will require a fee note to be raised, then the firm will have notified to the client the hourly charging rate before undertaking any work. Our current standard hourly charge is 175€ excluding VAT. We currrently have no need to be registered for VAT, and are not so registered.

Complaints
All complaints should in the first instance be addressed to the main office of the firm. If a satisfactory outcome cannot then be achieved, the client may address themselves to the 'Autorités de Contrôle des Assurances et des Mutuelles', 61 rue Taitbou, 75009 Paris.

Client funds
Neither 'The Annett Consultancy' (being Pélican Consulting sarl), nor Michael Annett, will handle client's money directly other than their fees, charges and expenses. In other words, no funds should be received from you in order for these funds to then be invested in your name. All investment funds (cheques or transfers) MUST be made out directly to the relevant investment providers.

Any financial investment advice (e.g. portfolio management (art. L.321.1 Code Monétaire et Financier)), even that relating to life assurance contracts (fund switches, etc. (art. L.321.1 1°, 2° Code Monétaire et Financier)), is now regulated by the 'Code Monétaire et Financier', requiring all advisers to be registered as 'Conseillers en Investissements Financiers', and resident in France (art. L.541-2 Code Monétaire et Financier).

Under the EU Directive IP/02/1390 effective from 15th January 2005, the financial services of one country are now available to the citizens of another country. Accordingly, a regulated adviser of one country can export his home country's regulated services and products to another EU country and their citizens – to the extent that these are permitted and suitable. This is effected by 'passporting' home country regulatory rights into another country: it is now the practice that is regulated and not the place at which advice is provided. However, 'Passporting' does not allow the regulated adviser of one country to provide the regulated advice or services of another country... the adviser then needing to be directly regulated in that other country by that other country's Regulator, and having that other country's appropriate professional indemnity insurance and financial guarantees.

Independent regulatory status under the UK Financial Services Authority is being sought to advise UK based clients on their UK contracts. Pursuant to article L515-1 of the Code des Assurance, the firm has a regulatory 'European financial passport' to the UK, so as to be able to advise British residents still in the UK, before their move to France.