Best Execution Policy

Introduction

This Best Execution Policy has been designed to enable Loveday & Partners to meet our requirements to “take all sufficient steps” to obtain the best possible results when acting on your behalf” as required by the FCA Conduct of Business Sourcebook (COBS) section 11.2

Best Execution applies to firms who are regulated by the Market in Financial Instruments Directive (MiFID) but also to non-MiFID firms as can be seen from the above-mentioned COBS requirements.

We have split this policy down into two parts to cover both the different types of product we will deal with on your behalf as well as the actual types of work we conduct for you.

Product & Providers

Platforms

• When executing your orders via a platform account we will endeavour to carry out your instructions on within 48 working hours of receiving your request. For example, if an instruction was received at 16:00 on a Friday, the corresponding trade will have been placed by 16:00 the following Tuesday.

• If there is likely to be a delay, we will inform you of this along with the reasons for the delay.

 Insurance Companies

• When executing your instructions via an Insurance Company we will endeavour to carry out your instructions on within 48 working hours of receiving your request.

• This is likely to entail us posting your order to the insurance company in question who will then deal with the order within their own stated timescales.

• Confirmation is likely to be sent to you direct by the insurance company which we will receive copies of.
• In the unlikely event of a delay we will act on your behalf to find out the reasons for the delay and to minimise these delays as much as possible.

Investment Companies

• When executing your orders via an Investment Company we will endeavour to carry out your instructions on within 48 working hours of receiving your request. For example, if an instruction was received at 16:00 on a Friday, the corresponding trade will have been placed by 16:00 the following Tuesday.

• If the Investment Company will accept your instructions electronically we will issue your order in this way.
• Where the Investment Company will only accept written instructions, we will post your order to them on the date of receipt.

Types of work we conduct on your behalf

In the course of our relationship with you we are likely to deal with the following types of work on your behalf:

• Administering new business
• Investing money into existing products
• Switching
• Encashments
• Re-registrations

We will endeavour to complete these various tasks within the timescales noted in the section above dependent on the type of product provider we are dealing with.

Where we are unlikely to be able to meet these obligations, we will contact you to discuss the reasons why this is so and to agree with you suitable timescales for dealing with these tasks.

Types of client

The FCA allows us to classify our clients as either:

1. Retail or
2. Professional

The vast majority of our clients are retail clients for whom the most pressing need is obtaining the best price for executing certain orders followed by the speed at which these orders are executed.

We are somewhat limited by the product providers that we deal in that they often only buy and sell investments at one point throughout each working day. This is often at midday and where this is the case will ensure that any orders we receive from you are processed within this timescale. Where this is not possible due to the time the order was received from you we will ensure that the product provider receives the instruction prior to the next dealing point.

For professional clients, price is on occasion not the most pressing concern. Where this is the case will agree the order of priorities for executing your orders and work within these requirements.

Summary

In summary, we will always work with your best interests in mind and where these are outside of our usual frameworks we will agree how to conduct business on your behalf at outset.

If there is anything that is not clear, please do not hesitate to discuss any of the matters raised in this policy.

The following terms will come into force with immediate effect.