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TERMS AND CONDITIONS OF BUSINESS
1. INTERPRETATION
In these Conditions, save where the context requires otherwise, the following words and expressions have the following meaning:
“Accounting Year” means a twelve (12) month period from 1 May to 30 April;
“Agreement” means the agreement between Paradigm and the Partner on the terms set out in the Partnership Agreement, these Conditions and the Schedules annexed hereto;
“Bank Mandate” means the bank mandate in the form set out in the Bank Mandate Schedule;
“Confidential Information” means information (including the terms of this Agreement) which is identified as confidential or proprietary by either the Partner or Paradigm or the nature of which is clearly confidential or proprietary;
“Compliance Services Fee” means the fee agreed between the Partner and Paradigm Partners LLP for the services detailed in the Compliance Services .
“Compliance Services Schedule” means the schedule to this Agreement setting out the Compliance Support Services.
“Compliance Support Services” means the compliance support services described in the Compliance Services Schedule;
“Exit Services” means the exit services described in Condition 6;
“Exit Opportunity” means a sale of all or a majority of the issued share capital of the Partner (where the Partner is a company) or a sale of the business, assets and undertaking of the Partner or any other way of effecting a sale or disposal of all or a majority of the Partner’s business.
“IT Support Services” means the IT support services described in the IT Services Schedule;
“Licence” means the licence granted pursuant to Condition 7.1;
“Paradigm Group” means Paradigm and the Paradigm Platforms as illustrated in the Paradigm Group Schedule;
“Paradigm Platforms” means the investment products platform operated by Paradigm Investment Management LLP, and the mortgage products platform operated by Paradigm Mortgage Services LLP .
“Partner” means the person, firm or company described in the Partnership Agreement;
“Partner Services” means the partnership services described in Condition 4;
“Partner Services Fee” means the fee specified in the Partnership Agreement;
“Partnership Agreement” means the agreement which sets out, amongst other things:
- the name and details of the Partner;
- the Platform Income Margin rate;
- the Partner Services Fee;
- the Compliance Services Fee.
“Platform Income Margin” means any payment that Paradigm receives from a Product Provider as a result of an order for a product placed by the Partner to the Product Provider;
“Product Provider” means a provider of mortgages, investments or other financial products which may be accessed by the Partner through the Paradigm Platforms;
“Services” means the Partner Services, the Compliance Support Services, the IT Support Services and the Technical Support Services;
“Software” means the software described in the IT Services Schedule;
“Standard Commission” means in relation to a particular product the commission rate that Paradigm determines to be equivalent to that generally available to financial intermediaries (including where the intermediary is a client of a member services association) in connection with orders of that product and such commission will be notified to the Partner .
“Trade Mark” means the “Paradigm” mark.
2. CONDITIONS
2.1 The Agreement governs any Services provided by Paradigm to the Partner.2.2 These Conditions shall apply to all contracts made or agreed to be made by Paradigm for the supply of the Services. The supply of the Services by Paradigm to the Partner shall constitute unqualified acceptance by the Partner of these Conditions. Any conditions submitted, proposed or stipulated by the Partner in whatever form, whether written or oral, are expressly waived and excluded.
2.3 No change to the Agreement shall be binding unless agreed in writing by Paradigm.
3. DURATION
3.1 This Agreement shall commence on the date Paradigm receives the completed and signed Agreement. This Agreement shall continue unless or until terminated by either party on at least thirty (30) days’ written notice.
4. PARTNER SERVICES
4.1 In providing the Partner Services, Paradigm will:
4.1.1 grant to the Partner access to the Paradigm Platforms;
4.1.2 license the Partner to use the Trade Mark in accordance with Condition 7;
4.1.3 pay the Partner a percentage of Platform Income at the rate set out in the Partnership Agreement; 4.1.4 maintain and administer a separate trust account for the benefit of the Partner and other clients of Paradigm into which any sums accruing to the Partner pursuant to Condition 4.1.3 shall be paid; and4.1.5 provide the Exit Services.
5. THE PARADIGM GROUP
5.1 A diagram showing the structure of the Paradigm Group as at the date of this Agreement is set out in the Paradigm Group Schedule.
5.2 The members of the Paradigm Platforms are Paradigm Partners LLP and The Paradigm Discretionary Trust.
5.3 The Paradigm Discretionary Trust is entitled to 50% of the capital profits received on a disposal of a Paradigm Platform.
5.4 As a result of Paradigm providing to the Partner the Partner Services, the Partner will become a member of the class of potential beneficiaries of The Paradigm Discretionary Trust (a “Member”). Upon the Partner ceasing to be a recipient of the Partner Services, for any reason, the Partner shall cease to be a Member.
5.5 The Partner may, at any time by notice in writing to Paradigm, elect to opt out of being a Member and, following receipt by Paradigm of such notice, the Partner shall cease to be a Member.
5.6 Neither this Agreement, nor any other information provided by Paradigm in connection with The Paradigm Discretionary Trust, is intended to create any entitlement (whether contractual or otherwise) for a Member to receive any distribution from The Paradigm Discretionary Trust and the Partner specifically acknowledges that it has no such entitlement.
5.7 The amount and manner of any distribution from the Paradigm Discretionary Trust shall be determined by the trustees (from time to time) of The Paradigm Discretionary Trust in their absolute discretion.
5.8 The Partner acknowledges that it is solely responsible for the payment of any tax arising as a result of it being a Member. Paradigm strongly recommends that the Partner obtains independent advice on the taxation implications of the Partner being a Member. Accordingly, neither Paradigm, the Paradigm Platforms or their respective agents and advisers give any warranty or representation, nor do they assume any liability to the Partner, in respect of the tax consequences of being a Member.
6. EXIT SERVICES
6.1 The Partner acknowledges that Paradigm, due to its position and reputation generally within the financial services industry, may be able to negotiate an Exit Opportunity for the Partner.
6.2 The Partner hereby authorises Paradigm, as part of the Partner Services, to commence exploratory negotiations with third parties which may be interested in offering an Exit Opportunity to the Partner. The Partner consents to any such negotiations being undertaken by Paradigm or its nominated representative.
6.3 In the event that the exploratory negotiations with such third party develop in a manner satisfactory to the Partner, the Partner may, at its option, instruct Paradigm to continue the negotiations with such third party provided that the Partner shall execute an agreement with Paradigm which shall address, amongst other things, the detailed terms on which Paradigm shall negotiate the Exit Opportunity on behalf of the Partner and shall provide for the payment of a fee by the Partner to Paradigm upon the successful completion of the Exit Opportunity. It is envisaged that such fee (excluding VAT) is likely to be calculated as a percentage of the difference between the actual sale price and the valuation which the Partner could have achieved without the involvement of Paradigm.
6.4 Nothing in this Condition 6 shall require Paradigm to:
6.4.1 find or actively seek an Exit Opportunity for the Partner and the Partner specifically acknowledges that Paradigm may not be able to find an Exit Opportunity for the Partner; or
6.4.2 take any actions which may require it to be authorised for the purposes of applicable financial services legislation in England and Wales.
7. TRADE MARK LICENCE
7.1 As part of the Partner Services, Paradigm grants to the Partner a non-exclusive, royalty free and non-transferable licence to use the Trade Mark.
7.2 The Partner may, at its option, display the Trade Mark on its corporate literature and website and undertakes to use the Trade Mark only in the form stipulated by Paradigm, and will observe the Guidelines For Trade Mark Use from time to time notified to the Partner and any other reasonable written directions given by Paradigm in connection with the use of the Trade Mark.
7.3 The Partner shall not, during this Agreement and following termination of this Agreement (howsoever caused), apply for, or obtain, registration of the Trade Mark or any mark or domain name which consists of or comprises the Trade Mark in any country and the Partner shall not dispute or challenge the validity of the Trade Mark, or the rights of Paradigm to the Trade Mark.
7.4 The Partner shall not do, or omit to do, anything to diminish the rights of Paradigm in the Trade Mark or impair any registration of the Trade Mark.
7.5 Paradigm will have conduct of all claims, actions or proceedings relating to the Trade Mark, whether brought or threatened by or against Paradigm, and will in its sole discretion decide what action, if any, to take in respect of any such claim, action or proceedings, but the Partner will co-operate with Paradigm in any such claim, action or proceedings at the cost of Paradigm unless such claim, action or proceedings brought or threatened in relation to the Trade Mark is due to the omission or default of the Partner in which case the Partner shall indemnify Paradigm against all costs, losses, damages and expenses suffered by Paradigm.
8. COMPLIANCE SUPPORT SERVICES
8.1 Paradigm will provide to the Partner the Compliance Support Services.
8.2 The Compliance Services Schedule sets out the compliance services to be supplied by Paradigm during the first twelve (12) month period of this Agreement. The Compliance Support Services will be subject to review every twelve (12) months to ensure that they remain appropriate for the Partner. In the event that the parties agree to alter the Compliance Support Services, Paradigm and the Partner will agree a revised Compliance Services Fee to reflect the change in the Compliance Support Services.
8.3 Each Partner will be allocated a business consultant from Paradigm who will be the Partner’s point of contact in connection with the delivery of the Compliance Support Services.
8.4 In order to meet the needs of the Partner, Paradigm will supply additional compliance services on an ad-hoc basis as agreed by the parties and subject to the parties agreeing a fee for such services.
9. IT SUPPORT SERVICES
9.1 Paradigm will provide to the Partner the IT Support Services.
9.2 As part of the IT Support Services, Paradigm will supply to the Partner the Software.
9.3 The Partner acknowledges that such Software is licensed to the Partner by a third party and the Partner shall use such Software on and subject to the terms of such third party’s Software licence.
9.4 If in relation to Software licensed by the third party there is any conflict between the terms of the third party’s Software licence and this Condition 9, then the terms of the third party’s Software licence shall prevail.
9.5 The Partner shall not use the Software except in connection with the use of the Services.
10. TECHNICAL SUPPORT SERVICES
10.1 Paradigm will provide to the Partner, Technical Support Services such as access to the Paradigm Helpdesk, remote file-reviews and policy department.
11. WARRANTY
11.1 Paradigm warrants to the Partner that it will provide the Services with reasonable skill and care.
11.2 Save as set out in these Conditions, all other conditions, warranties, representations or obligations whether express or implied by statute, common law or otherwise are excluded to the fullest extent permitted by law.
12. FEES AND COMMISSION
12.1 In consideration of Paradigm providing the Partner Services, the Partner shall pay to Paradigm the Partner Services Fee.
12.2 Paradigm will, subject to Condition 12.4, pay to the Partner a percentage of the Platform Income at the rate set out in the Partnership Agreement.
12.3 In consideration of the account administration services Paradigm provides to the Partner in connection with the administration, calculation and distribution of the monies due to the Partner pursuant to Condition 12.2, Paradigm may keep any interest earned by Paradigm as a result of operating the trust account referred to in Condition 4.1.4.
12.4 In the event of a sale or disposal of a Paradigm Platform, Paradigm shall not be liable to make any payment to the Partner pursuant to Condition 12.2 in connection with Platform Income generated by such Paradigm Platform in the Accounting Year in which such sale or disposal completes.
13. PAYMENT
13.1 The Partner shall pay to Paradigm, monthly in advance, the Compliance Services Fee and the Partner Services Fee by standing order to Paradigm’s bank account.
13.2 Within three months of the end of the Accounting Year, Paradigm shall provide to the Partner a certificate signed by the auditors for the time being of Paradigm certifying that such auditors have audited the books of account of Paradigm relating to the Platform Income.
13.3 Following submission of such certificate, Paradigm shall supply to the Partner a financial statement showing the sum due to the Partner pursuant to Condition 12.2. Following submission of the financial statement, the Partner shall invoice Paradigm for the sum due to the Partner as detailed in the financial statement.
13.4 Paradigm shall pay to the Partner the sum due under such invoice within fifteen (15) days from the date of the invoice.
13.5 All sums due under this Agreement are exclusive of Value Added Tax (if applicable) which the respective party shall pay to the other party at the applicable rate at the same time as payment of the sums due.
13.6 Save as set out in Condition 13.7, each party shall render VAT invoices in respect of any sum payable to the other pursuant to this Agreement.
13.7 On or as soon as practicable following the date of this Agreement and every twelve months thereafter, Paradigm shall provide to the Partner a VAT invoice setting out the dates and amounts of monthly payments to be made by the Partner in respect of the continuous supply of services supplied by Paradigm to the Partner pursuant to this Agreement.
14. OBLIGATIONS OF PARTNER
14.1 The Partner shall, in a timely manner, provide to Paradigm all assistance, co-operation and information that Paradigm reasonably requires in order to perform its obligations under this Agreement.
14.2 The Partner shall promptly complete, sign and return to the Partner’s Bank the Bank Mandate and shall ensure that such mandate is kept accurate and up-to-date.
14.3 The Partner consents to Product Providers supplying financial information to Paradigm concerning the amount and timing of Platform Income Margin paid and authorises Paradigm to request such information from the Product Provider.
14.4 The Partner warrants to Paradigm that:
14.4.1 it is duly authorised by the Financial Services Authority to carry on its business in the manner in which it is currently carried on; and
14.4.2 it will comply with all applicable disclosure requirements.
14.5 The Partner shall ensure that it has all necessary rights, licences and clearances to enter into and perform the terms of this Agreement.
14.6 The Partner shall ensure that it complies with the requirements of all relevant legislation (including subordinate legislation, the rules of statutorily recognised regulatory authorities and the law of the European Union) for the time being in force or applicable in the United Kingdom.
15. NON-COMPETITION
15.1 The Partner acknowledges that, during the course of this Agreement, it will receive Confidential Information about Paradigm and its business. In order to protect Paradigm’s Confidential Information, the Partner agrees that, during this Agreement and for a period of twelve (12) months following its termination, the Partner shall not, directly or indirectly and whether on its own behalf or in conjunction with any individual, company, firm, business or other organisation:
15.1.1 set up or operate a business in competition with the business of the Paradigm Group; or
15.1.2 offer services the same as, or similar to, the Exit Services to any person who is a client of Paradigm or was a client of Paradigm during the previous twelve (12) months.
15.2 Nothing in this Condition is intended to restrict the Partner’s ability to join as a member any organisation which offers services which compete with the Paradigm Group.
16. LIABILITY AND INDEMNITY
16.1 Paradigm’s entire liability to the Partner arising from an event or series of connected events which arise in connection with this Agreement, whether based in contract, tort, negligence or any other cause of action, shall be limited to an amount equal to:
16.1.1 the Compliance Services Fee paid or payable by the Partner in any Accounting Year in respect of any liability which arises in such Accounting Year in connection with the Compliance Services; or
16.1 2 the Partner Services Fee paid or payable by the Partner in any Accounting Year in respect of any liability which arises in such Accounting Year in connection with the Partner Services; or
16.1 3 the lower of the Partner Services Fee and the Compliance Services Fee, in respect of any liability which does not arise in connection with either the Compliance Services or the Partner Services or cannot be attributed solely to either the Compliance Services or the Partner Services.
16.2 Paradigm shall not in any event be liable for any loss of profit, production, anticipated savings, goodwill or business opportunities.
16.3 Paradigm shall not in any event be liable for any type of indirect, economic or consequential loss even if that loss or damage was reasonably foreseeable.
16.4 Where the Unfair Contract Terms Act 1977 applies, nothing in these Conditions shall exclude or limit Paradigm’s liability for fraudulent misrepresentation or death or personal injury resulting from Paradigm’s negligence.
16.5 The Partner shall fully and promptly indemnify Paradigm and any of its subsidiaries from time to time against all damages, proceedings, claims, demands, liabilities, losses, charges, costs and expenses which Paradigm may suffer or incur as a result of any act or omission of the Partner including without limitation any breach of this Agreement.
17. CONFIDENTIALITY
17.1 Save as required for the purposes of this Agreement, neither party shall make use of or disclose to any third party any Confidential Information, which it receives in connection with the Agreement. This obligation shall continue without limit in point of time save in respect of information which was known to either party prior to disclosure free from any obligation of confidentiality, which is in or which comes into the public domain through no fault of either party or which is disclosed to either party by a third party who has received the information free from any obligation of confidentiality.
18. DATA PROTECTION
18.1 In this Condition 18, the terms “personal data” and “process” shall have the meanings given to them in the Data Protection Act 1998.
18.2 Where, in connection with this Agreement, Paradigm processes personal data on behalf of the Partner, Paradigm shall:
18.2.1 only process such personal data in accordance with instructions from the Partner;
18.2.2 unless otherwise agreed in writing, only process the personal data to the extent and in such manner as is necessary for the provision of the Services or as is required by law or any regulatory body;
18.2.3 implement appropriate technical and organisational measures to protect personal data against unauthorised or unlawful processing and against accidental loss, destruction, damage, alteration or disclosure.
19. TERMINATION
19.1 Paradigm may terminate this Agreement by notice in writing to the Partner if the Partner:
19.1.1 cancels the standing order referred to in Condition 13.1; or
19.1.2 fails to pay any sum due to Paradigm by the due date and such sum remains outstanding for a further seven (7) days following notice by Paradigm to the Partner requiring such sum to be paid.
19.2 Either party may terminate this Agreement by notice in writing to the other in the event that the other party:
19.2.1 breaches any material term of this Agreement and such breach is incapable of remedy or, if the breach is remediable, it continues for a period of thirty (30) days after written notice requiring the same to be remedied has been given to the party in breach; or
19.2.2 gives notice to its creditors or any of them that it has suspended or is about to suspend payment or if the other shall be unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986, or if an order shall be made or resolution passed for the winding up of the other (otherwise than for the purpose of and followed by a reconstruction or amalgamation) or if an administration order shall be made in respect of the other or if the other shall become insolvent or shall make any assignment for the benefit of creditors or has a receiver appointed over all or any part of its assets or takes or suffers any similar action in consequence of debt.
20. CONSEQUENCES OF TERMINATION
20.1 If this Agreement is terminated other than by Paradigm pursuant to Condition 19.1, Paradigm shall pay to the Partner a sum in respect of the Partner’s share of the Platform Income which has accrued to the Partner, as at the termination date, pursuant to Condition 12.2. Following the end of the Accounting Year in which the Agreement terminates, Paradigm shall pay to the Partner such sum in accordance with the accounting arrangements detailed in Conditions 13.2, 13.3, and 13.4.
20.2 If this Agreement terminates part way through a calendar month, Paradigm shall not refund any amount paid by the Partner in respect of the Compliance Services Fee and the Partner Services Fee referable to the remaining part of that calendar month.
20.3 Termination of the Agreement is without prejudice to any sums properly due to Paradigm pursuant to this Agreement.
20.4 On termination of this Agreement (howsoever caused), the Licence shall terminate and the Partner shall, with immediate effect, cease all use of the Trade Mark and remove all references to the Trade Mark from its corporate literature, its website and any other materials on which the Trade Mark is displayed.
20.5 On termination of this Agreement (howsoever caused), the Partner’s right to use the Software will cease and the Partner shall:
20.5.1 immediately cease using such Software;
20.5.2 remove the Software from any of the Partner’s equipment on which the Software is installed; and
20.5.3 return to Paradigm all copies of the Software.
21. FORCE MAJEURE
21.1 Paradigm shall not be liable to the Partner for any delay or non-performance of its obligations under this Agreement arising from any cause or causes beyond its reasonable control including, without limitation, any of the following: act of God, governmental act, war, terrorism, fire flood, explosion, civil commotion or industrial dispute (an “Event of Force Majeure”). Paradigm’s liability to perform its obligations under this Agreement shall be suspended while an Event of Force Majeure subsists. Paradigm shall notify the Partner in writing of the Event of Force Majeure and the likely duration of such Event of Force Majeure and the extent to which Pardigm’s performance of its obligations under this Agreement are affected by such Event of Force Majeure.
22. SUB-CONTRACTOR
22.1 The Partner acknowledges that Paradigm may sub-contract all or part of the performance of the Services to the Paradigm Platforms or any third party approved by Paradigm.
23. THIRD PARTY RIGHTS
23.1 The Partner acknowledges that any Paradigm Platform may enforce those terms of this Agreement which operate for the benefit of the respective Paradigm Platform pursuant to the Contracts (Rights of Third Parties) Act 1999.
23.2 Except as provided in Condition 23.1, a person who is not a party to this Agreement has no right to enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.
24. GENERAL
24.1 No failure or delay by Paradigm in exercising any right under the Agreement shall operate as a waiver thereof or extend to or affect any other or subsequent event or impair any rights or remedies consequent thereon or in any way modify or diminish the rights of Paradigm under the Agreement.
24.2 The Partner shall not assign or sub-contract or purport to assign or sub-contract the Agreement or any of its obligations thereunder without the prior written consent of Paradigm.
24.3 Paradigm may assign the whole or part of its rights and obligations under the Agreement to any associated entity or company.
24.4 Nothing in this Agreement shall create, or be deemed to create, a partnership or the relationship of employer and employee between the parties. The Partner is not, and shall not hold itself out as being, the servant or agent of Paradigm and the Partner does not have, and shall not hold itself out as having, any authority to create any contract or obligation that is binding on Paradigm.
24.5 If any Condition shall become or shall be declared by any court of competent jurisdiction to be invalid or unenforceable in any way, such invalidity or unenforceability shall in no way impair or affect any other Condition all of which shall remain in full force and effect.
24.6 Any notice to be given under these Conditions may be delivered, or be sent by first class pre-paid post addressed to the party to be served at the address for such party last known to the party giving the notice or may be transmitted by fax to the fax number of the party to be served last known to the party giving notice. Notices served by post shall be deemed served on the second business day after posting. Notices served by fax shall be deemed served on the next business day after despatch provided that the original of the fax notice is sent by first class mail on the same day as the fax is despatched.
24.7 The Agreement and any contract subject to these Conditions shall be governed by and construed in accordance with English law and the Partner submits to the non-exclusive jurisdiction of the English Courts.
Compliance Services Schedule
This Schedule sets out the compliance services that the Partner (“you”) will receive from Paradigm.
Section A sets out the core compliance services provided by Paradigm to you. Section B details the additional compliance services that will be provided to you over and above the core services set out in Section A.
Section A
- You will receive a full compliance manual setting out your regulatory obligations and requirements. This manual will be automatically updated to incorporate any changes in procedure or regulation as required by the Financial Services Authority (“the Regulator”). You will be notified by your business consultant of any changes that will materially affect your business.
- You will receive a full training and competence manual detailing your obligations and requirements. This manual should be used to formulate any training plans for your regulated staff and will be automatically updated to incorporate any changes in procedure or regulation as required by the Regulator. Your business consultant will notify you of any changes that will materially affect your business.
- You will receive all appropriate templates and documentation to allow you to operate in a compliant fashion and meet all your disclosure requirements. These documents will be automatically updated to incorporate any changes in procedure or regulation as required by the Regulator.
- Paradigm will undertake an initial risk assessment on your business to identify any regulatory risks and to provide guidance on how these should be addressed. From the risk assessment you will receive a Risk Monitoring Plan (“RMP”), which will formally document your risks, and the actions put in place to monitor or mitigate these.
- You will receive insert no. of compliance days days from your Business Consultant in line with the requirements set out in the RMP. The purpose of the days will be agreed between your and your business consultant.
- Paradigm will assist you with the submission of your Retail Mediation Activity Report (“RMAR”) as required by the Regulator. A request for information will be made to you no later than 30 days from the date of submission and Paradigm will ensure that the RMAR is submitted within 5 working days of receipt of all necessary information.
- You will have unlimited access to Paradigm’s technical helpdesk that will provide guidance on regulatory and non-regulatory matters. Enquiries can be made either by phone, e-mail or in writing and Paradigm aims to provide a definitive response to you within 24 hours.
- You will be entitled to guidance and advice on all stationary and will be eligible for 4 financial promotions to be reviewed per annum (an additional charge applies thereafter).
- You will receive monthly communications and bulletins on regulatory and technical topics.
- You will be entitled to free attendance at any regulatory or technical regional seminars arranged by Paradigm (travel expenses not included).
- All regulatory documentation and templates will be available to members via the Paradigm Office system.
IT Services Schedule
This Schedule sets out the IT Services that the Partner (“you”) will receive from Paradigm.
Section A
Included in your schedule fee is :
1x Full Aequos Engage Licence
1x Dynamic Planner Licence
1x Tax Briefs Report Writer Licence*
1 x Online Training & Competence Tool (CII )
* Only 1 Taxbriefs or Avail License free
Section B
OPTIONAL ADDITIONAL SOFTWARE LICENCE FEES
Trigold £15.00 plus VAT, per month
Mortgage Brain £10.00 plus VAT, per month
The Exchange £12.60 plus VAT, per month
Aequos £15.00 plus VAT, per month
Dynamic Planner £50.00 plus VAT, per month
Tax Briefs £15.00 plus VAT, per month
Online Training & Competence Tool, (CII) £100 plus VAT, per annum
Partner Group Schedule
INFORMATION FOR PARTNERS IN RELATION TO THE PARADIGM DISCRETIONARY TRUST
Overview
This information sheet is intended to provide partners with a brief overview of the Paradigm Discretionary Trust.
Paradigm Partners LLP
The members and owners of Paradigm Partners LLP are Paul Hogarth and the managers of the Paradigm business.
The Paradigm Discretionary Trust (Note 1)
The Paradigm Discretionary Trust was established to hold a beneficial interest in each of the Paradigm Platforms. Paradigm Investment Management LLP, Paradigm Mortgage Services LLP and Paradigm Collective Purchasing LLP operate Paradigm’s financial services product platforms and are collectively referred to as the “Paradigm Platforms”.
The trust has a discretionary class of beneficiaries consisting of those clients of Paradigm Partners LLP from time to time which have contracted to receive Partner Services. The trustees of The Paradigm Discretionary Trust are to determine in their absolute discretion the amounts of any distributions which may be made to any of the individuals/organisations within the discretionary class of beneficiaries, on any disposal of the trust’s interest in any or all of the Paradigm Platforms.
The Paradigm Discretionary Trust is professionally managed by [ ] and [ ]. The trust produces annual accounts which will be audited by [ ] and will be made available for inspection at the offices of the Paradigm Group.
The Paradigm Platforms
The members and owners of the Paradigm Platforms are, in each case, Paradigm Partners LLP and The Paradigm Discretionary Trust. The respective entitlements of Paradigm Partners LLP and The Paradigm Discretionary Trust to the capital profits arising from the disposal of a Paradigm Platform and the income profits generated by each Paradigm Platform are set out in the table below:
|
Entitlement to capital % |
Entitlement to income (%) |
Paradigm Partners LLP |
50 |
99.999 |
The Paradigm Discretionary Trust |
50 |
0.001 |
(Note 1) - Membership of the discretionary class of beneficiaries of The Paradigm Discretionary Trust does not operate to confer any entitlement (whether contractual or otherwise) to participate in any distribution which may be made from time to time by the trustees. Membership is subject to satisfaction of the criteria of the trust.
