Above Wealth Management LLP is registered in England and Wales with company number OC400854 (“Above Wealth” or “Firm”). Above Wealth is authorised and regulated by the Financial Conduct Authority (“FCA”) with Firm Reference Number 714242.
For the purposes of the General Data Protection Regulation (“GDPR“), Above Wealth will be the ‘controller’ of the personal data you provide. Please read the following information carefully in order to understand the Firm’s practices in relation to the treatment of your personal data.
What data privacy principles does the Firm adhere to?
- The Firm will process all personal data in a lawfully, fair and transparent manner;
- The Firm will only collect personal data where it is necessary;
- For the Firm to provide a service to you;
- For you to provide a service to the Firm;
- For the Firm to keep you informed of its products and services; or
- For the Firm to comply with its legal and regulatory obligations.
- The personal data collected by the Firm will be adequate, relevant and limited to what is necessary in relation to the specific purpose for which your data will be processed;
- The Firm will take all reasonable steps to ensure that personal data is accurate and, were necessary, kept up-to-date;
- The Firm will maintain personal data in a form that permits identification no longer than is necessary for the purposes for which the personal data has been collected for processing, in accordance with the Firm’s record retention requirements as mandated by the Financial Conduct Authority;
- The Firm will hold and process personal data in a manner that ensures appropriate security;
- The Firm will only share personal data where it is necessary to provide the agreed service or where it is necessary for the Firm to comply with its legal and regulatory requirements; and
- The Firm will only utilise a service provider based outside of the EEA for the processing of personal data where this is strictly necessary to facilitate our services to you. In all cases, we will ensure service providers are fully compliant with GDPR ahead of transferring any personal data.
What personal data does the Firm collect and why?
In the course of providing products/services to you, the Firm may collect information that is considered personal information (e.g. name, contact details, address, passport number, driving licence).
As a client, contact or employee of Above Wealth, we will require some personal information in order to verify your identity and have the applicable relationship with you. Some of this information may be required to satisfy legal obligations (e.g. to comply with obligations arising under the money laundering regulations whereas other information may be required in connection with the provision of services to you). The information collected will vary depending on the service the Firm provides to you or you provide to the Firm, but typically includes:
- Personal information: Such as your name, date of birth, passport number or national insurance number;
- Contact information: Including your address, telephone number and email address.
Where does the Firm store my personal data?
The Firm has comprehensive policies and procedures in place to ensure your personal data is kept safe and secure, with these including:
- Data encryption;
- 24/7 physical protection of the facilities where your data is stored (i.e. Microsoft’s UK data centres); and
- Security procedures across all service operations.
How long does the Firm retain personal data?
As a regulated entity, the Firm is required to maintain its books and records for a prescribed period (five years from either the ceasing of a business relationship, or, in the case of non-clients, from the making of a record – or alternatively, for seven years, where specifically requested to do so by the Financial Conduct Authority). As such, information that falls in scope of either of these requirements is retained in line with the mandated timeframe.
Any information that is outside the scope of this requirement will be retained whilst relevant and useful, and destroyed where this ceases to be the case or where the data subject specifically requests this.
How have I been categorised in accordance with GDPR?
The GDPR requires the Firm to inform you of the legal basis on which we maintain your personal data. Typically, the Firm will reach out to you personally to confirm this; however, as a general rule the following is applicable:
- Clients – Information is maintained on the basis of contractual obligation and/or legitimate interests (where relevant);
- Service providers – Information is maintained on the basis of contractual obligation; and
- Database/marketing contacts – Information is maintained on the basis of legitimate interest.
What are my rights?
Once you have provided your details to the Firm, you have certain rights which apply, depending on your relationship with the Firm, the information you have shared with us and the Firm’s legal and regulatory obligations.
- 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 the Firm at firstname.lastname@example.org. The Firm will provide this information to you within one month (with the ability to extend this by an additional two months where necessary), free of charge.
- You have the right to request that the information the Firm holds about you is erased under certain circumstances including where there is no additional legal and/or regulatory requirement for the Firm to retain this information.
- As a client, you have the right to request that any information the Firm holds about you be provided to another company in a commonly used and machine-readable format, otherwise known as ‘data portability’.
- You have the right to ensure that your personal information is accurate and up to date, or where necessary rectified. Where you feel that your personal data is incorrect or inaccurate and should therefore be updated, please contact email@example.com.
- You have the right to object to your information being processed, for example for direct marketing purposes.
- You have the right to restrict the processing of your information, for example limiting the material that you receive or where your information is transferred.
- You have the right to object to any decisions based on the automated processing of your personal data, including profiling.
- You have the right to lodge a complaint with the Information Commissioner’s Office (https://ico.org.uk/concerns/) if you are not happy with the way that we manage or process personal data.
Will I be notified of changes to this policy?
The Firm may, from time to time, review and update this policy. The Firm will maintain the latest version of this policy on its website, and where the changes are deemed material, it will make you are aware of these.
Who should I direct questions to?
If you have any questions, concerns or complaints about the practices contained within this document or how the Firm has handled your data, please email Anthony Rowland: firstname.lastname@example.org. Alternatively, you may write to: Above Wealth Management LLP, 12 Hay Hill, London W1J 8NR.
Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules 2.2A.5, Above Wealth is required to make a public disclosure on its website in relation to the nature of its commitment to the Financial Reporting Council’s (“FRC”) Stewardship Code.
The Code was first published by the FRC in July 2010 and it was updated in September 2012. Subsequently, the FRC published the new UK Stewardship Code 2020 (“2020 Code”), which took effect from 1 January 2020, and consists of 12 Principles for asset managers and asset owners, and six Principles for service providers.
The Code applies on a ‘comply or explain’ basis and is voluntary, aiming at enhancing the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and provide for the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies that institutional investors should aspire to.
The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.’
The 2020 Code Principles are:
- Signatories’ purpose, investment beliefs, strategy, and culture enable stewardship that creates long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
- Signatories’ governance, resources and incentives support stewardship.
- Signatories manage conflicts of interest to put the best interests of clients and beneficiaries first.
- Signatories identify and respond to market-wide and systemic risks to promote a well-functioning financial system.
- Signatories review their policies, assure their processes and assess the effectiveness of their activities.
- Signatories take account of client and beneficiary needs and communicate the activities and outcomes of their stewardship and investment to them.
- Signatories systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil their responsibilities.
- Signatories monitor and hold to account managers and/or service providers.
- Signatories engage with issuers to maintain or enhance the value of assets.
- Signatories, where necessary, participate in collaborative engagement to influence issuers.
- Signatories, where necessary, escalate stewardship activities to influence issuers.
- Signatories actively exercise their rights and responsibilities.
Whilst supporting the objectives underlying the Code and adhering to the highest standards of corporate governance and due diligence in respect of advice to clients on investments, Above Wealth, having considered the 2020 Code, believes that the Principles are not applicable to its investment activities at this time. Should that change in the future, Above Wealth will review its commitment to the Code and update this disclosure accordingly. This disclosure will be reviewed at least annually. For any questions regarding this disclosure email email@example.com
Disclosure last updated: 1st March 2022.
SRD II Disclosure
SRD II aims to improve stewardship and corporate governance by firms, including UK MiFID investment firms that invest in shares traded on a regulated market in the EEA, as well as ‘comparable’ markets situated outside of the EEA. Under FCA COBS 2.2.B.5R, we are required to:
- develop and publicly disclose an engagement policy that meets the requirements of COBS 2.2B.6R; and
- publicly disclose on an annual basis how our engagement policy has been implemented in a way that meets the requirements of COBS 2.2B.7R; or
- publicly disclose why we have chosen not to comply.
The engagement policy must describe how we:
- integrate shareholder engagement in our investment strategy:
- monitor investee companies on relevant matters, including:
- financial and non-financial performance and risk;
- Capital structure; and
- social and environmental impact and corporate governance;
- conduct dialogues with investee companies;
- exercise voting rights and other rights attached to shares;
- cooperate with other shareholders;
- communicate with relevant stakeholders of the investee companies; and
- manage actual and potential conflicts of interests in relation to our engagement.
On an annual basis, we must disclose a general description of voting behaviour, an explanation of the most significant votes and reporting on the use of the services of proxy advisors. The disclosure must include details of how votes have been cast, unless they are insignificant due to the subject matter of the vote or to the size of the holding in the company.
Above Wealth Management LLP has decided that, whilst it supports the aims of SRD II, it has chosen not to comply with the Directive at the present time because it is not at the present time offering portfolio management services to investors and so the requirements are not presently applicable to the Firm.
Disclosure last updated: 1st March 2022.
MIFIDPRU Public Disclosure Document
For the period 1st January 2021 to 31st December 2021
Overview and summary
Above Wealth Management LLP is regulated by the Financial Conduct Authority (“FCA”) as a Markets in Financial Instruments (“MiFID”) firm and subject to the rules and requirements of the FCA’s Prudential Sourcebook for MiFID Investments Firms (“MIFIDPRU”) handbook.
For the purposes of MIFIDPRU, the Firm has been classified as a small non-interconnected (“SNI”) firm.
The Firm has produced this Public Disclosure Document in line with the rules and requirements of MIFIDPRU 8, as applicable to SNI firms.
This Public Disclosure Document has been prepared based on the audited financials as at 31st December 2021, covering the financial period 1st January 2021 to 31st December 2021.
The Firm’s main business activity is the provision of wealth management services.
1 Risk management objectives and policies
The Firm has implemented and embedded a risk management framework, policies and procedures across all relevant risk areas of the Firm. The Partners set the business strategy and risk appetite statement of the Firm, which flows through to the risk management framework of the Firm.
In line with the Firm’s business strategy, risk appetite and risk management framework the Firm identifies and further assesses key risks within the Firm’s Internal Capital and Risk Assessment (“ICARA”) process.
The Firm maintains a risk register, which includes risk assessment and rating methodologies in accordance with its risk appetite statement. Key risks are reported to the Partners at each meeting.
1.1 Own funds requirements – MIFIDPRU 4
As an SNI firm without permissions for dealing as principle or holding client money or client assets, the Firm is subject to a Permanent Minimum Requirement of £75,000.
The Firm calculates its own funds requirement based on the Fixed Overhead Requirement (“FOR”) calculation and is not subject to any K-factor requirements.
The Firm has further assessed any risks facing its business operations within its ICARA and quantified additional own funds and liquidity, where required.
1.2 Concentration risk – MIFIDPRU 5
The Firm does not conduct any trading on its own account and does not have regulatory permissions for dealing as principal. The Firm therefore does not have any concentration risks on or off-balance sheet and does not operate a trading book.
1.3 Liquidity – MIFIDPRU 6
The Firm maintains minimum liquidity at all times in compliance with the Basic Liquid Asset Requirement (BLAR), being at least 1/3 of its FOR.
The Firm does not provide any client guarantees and therefore its entire liquidity requirement is driven by its expenses, as captured by the FOR.
As part of the ICARA, the Firm also maintains liquidity to satisfy its net wind-down costs and any additional liquidity requirements which the ICARA identified for supporting the ongoing business activities of the Firm.
2 Own funds
2.1 Own funds requirements
The Firm calculates its own funds requirement as an SNI firm in line with the rules and requirements in MIFIDPRU 4.3 for SNI firms.
|Own Fund Threshold Requirement (OFTR)
|Minimum Own Funds Requirement
|Permanent Minimum Requirement (“PMR”)
|Fixed Overhead Requirement (“FOR”)
|Minimum Own Funds Requirement (higher of (A) and (B))
|Ongoing Own Funds Requirement (from risk register)
|Stress test 1
|Stress test 2
|Stress test 3
|Stress test 4
|Ongoing Own Funds Requirement
|Additional own fund requirement for wind-down
|Own Fund Threshold Requirement (OFTR)
|Higher of (C), (D) and (E)
|Own Fund Resources
|Own Fund Resources Surplus
In addition, the Firm has completed its ICARA and analysis to determine its net wind-down requirements and any additional own fund requirements to fund its on-going operations.
The Firm’s risk appetite statement and assessment of risks through its risk management framework and risk register form the basis of its ICARA and assessment of the overall financial adequacy rule in line with MIFIDPRU 7.4.7.
The Partners review, challenges and approve the ICARA and conclusions of own funds requirements.
3 Remuneration arrangements
The Firm is making use of the transitional provisions in MIFIDPRU TP 12.9 whereby it is not required to disclose remuneration information as the period of this Public Disclosure Document falls before 1 Jan 2022 and ends before 1 Jan 2022.
Tax Evasion Statement
Above Wealth has a zero tolerance policy to tax evasion and the facilitation of tax evasion and this policy is fully endorsed by our senior management. We are fully committed to complying with all legislation and applicable guidelines designed to prevent tax evasion and the facilitation of tax evasion in the jurisdictions in which we, our clients and our suppliers operate.
Disclosure last updated: 1st March 2022.