Somerset Wealth Management (SWM) is committed to protecting your personal information.
Somerset WM Limited is an appointed representative of pi financial ltd, which is authorised and regulated by the Financial Conduct Authority (FCA), 12 Endeavour Square, London E20 1JN. www.fca.org.uk. Our firm reference number is 933206. Pi financial ltd’s firm reference number is 186419.
Somerset Wealth Management and The Financial Navigator are Trading Names of Somerset WM Limited. Somerset WM Limited is registered in England. Registered address – Unit 12, Westway Business Centre, Marksbury, Bath, BA2 9HN. Registration number – 11107709.
Pi financial ltd is registered in England. Registered address – Morfe House, Belle Vue Road, Shrewsbury, SY3 7LU. Registration number – 3556277.
Pi financial ltd’s permitted business is advising on and arranging pensions, savings and investment products, non-investment insurance contracts and mortgages.
You can check our details on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 111 6768.
Pi financial Limited acts as principal to Somerset Wealth Management and ensures that the wealth management service we provide is delivered in accordance with regulatory requirements. Pi financial limited is also responsible for managing any complaints made by you in respect of the services we provide.
“We”, “Us”, “Our” refers to Somerset Wealth Management.
So that we can deliver financial services and deal with correspondence that may arise, we need to collect and process personal information. This makes us a “data controller”.
Information about you we collect and use
We collect information about you when you engage us for wealth management services. 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 about connected individuals
We may need to gather personal information about your close family members and dependants in order to provide our service to you effectively. In such cases it will be your responsibility to ensure that you have the consent of the people concerned to pass their information on to us. We will provide a copy of this privacy notice for them or, where appropriate, ask you to pass the privacy information to them.
Why we collect and use your personal data
We take your privacy seriously and we will only ever collect and use information which is personal to you where it is necessary, fair and lawful to do so in the course of running our business. We will collect and use your information only if we are able to satisfy one of the lawful processing conditions set out in the data protection laws.
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 carry out the services that you require from us effectively. Without collecting your personal data, we would also be unable to fulfil our legal and regulatory obligations.
Where special category data is required, we will obtain your explicit consent in order to collect and process this information.
How will we use the information about you?
We collect information about you in order to provide you with the services for which you engage us.
Who we may share your information with
If you agree, we may email you about other products or services that we think may be of interest to you. We will not share your information for marketing purposes with other companies.
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 that we use to arrange financial products for you.
Where third parties are involved in processing your data, we have a contract in place to ensure the nature and purpose of the processing is clear, they are subject to a duty of confidence in processing your data, and they will only act in accordance with our written instructions.
Where it is necessary for your personal data to be forwarded to a third party, we will 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.
How long do we keep hold of your information?
During the course of our relationship with you we will retain personal data which is necessary to provide services to you. We will take all reasonable steps to keep your personal data up to date throughout our relationship.
We are also subject to regulatory requirements to retain your data for specified minimum periods. These are, generally:
- Five years for investment business
- Three years for mortgage business
- Indefinitely for pension transfers and opt-outs
- Three years for insurance business
These are minimum periods, during which we have a legal obligation to retain your records.
We reserve the right to retain data for longer where we believe it is in our legitimate interests to do so. In any case, we will not keep your personal data for longer than 6 years past the time of your death.
You have the right to request deletion of your personal data. We will comply with this request, subject to the restrictions of our regulatory obligations and legitimate interests as noted above.
How we protect your information
We take information and system security very seriously and we strive to comply with our obligations at all times. Any personal information which is collected, recorded or used in any way, whether on paper, online or any other media, will have appropriate safeguards applied in line with our data protection obligations.
Your information is protected by controls designed to minimise loss or damage through accident, negligence or deliberate actions. Our employees also protect sensitive or confidential information when storing or transmitting information electronically and must undertake training on this.
Our security controls are aligned to industry standards and good practice; providing a control environment that effectively manages risks to the confidentiality, integrity and availability of your information.
How can I access the information you hold about me?
You have the right to request a copy of the information that we hold about you. If you would like a copy of some or all of 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 would like to send you information about our products and services which may be of interest to you. If you have agreed to receive marketing information, you may opt out at a later date.
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.
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This allows us to gauge the effectiveness of certain communications and the effectiveness of our marketing campaigns. If you no longer wish to receive promotional communications by email, you may opt-out of receiving them by following the instructions included in each communication.
How to make a complaint
In the event that you are dissatisfied with a recommendation we have made you may be entitled to make a complaint.
We have a complaints procedure that is available on request.
If you wish to register a complaint, please contact us:
In writing: Write to The Compliance Director, pi financial ltd, Morfe House, Belle Vue Road, Shrewsbury, Shropshire, SY3 7LU
By Telephone: +44 (0) 1743 282222
By Email: email@example.com
For your further protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’) at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567
While we hope that we can resolve any complaints for you, you do have the option to complain to the Information Commissioners Office (whether or not you have exhausted our complaints procedure). Their contact details can be found at: https://ico.org.uk
How to contact us
Somerset WM Limited
The Old Stables
Telephone: 01761 202 855