Account means the account you open with us in connection with the provision of the Services, and which is accessible via the Website.
Advisory Service has the meaning given to it in Condition 6.2.
Agreement means the agreement between you and us for the provision of an Advisory Service and/or a Discretionary Service, and which consists of:
These Terms and Conditions; and
The information you have provided in your Profile on the Website in connection with your Portfolio.
CASS means the FCA’s Client Assets Sourcebook.
COBS means the FCA’s Conduct of Business Sourcebook.
Discretionary Service has the meaning given to it in Condition 6.2.
FCA means the Financial Conduct Authority and any successor organisation(s).
FCA Rules means the rules, guidance, principles and codes of conduct that make up the Handbook of Rules and Guidance issued by the FCA in the UK.
Financal Instrument has the same meaning as in the FCA Handbook.
FSCS means the Financial Services Compensation Scheme.
FSMA means the Financial Services and Markets Act 2000 (as amended).
ISA Agreement means an Agreement, plus the myInvest Stocks and Shares ISA Application Form and the myInvest ISA Transfer Form, which are available on the Website.
MiFID means the European Parliament and Council Directive on markets in financial instruments (No. 2004/39 EC).
(i) All laws and regulations which are relevant to this Agreement;
(ii) The FCA Rules or any other rules of a relevant regulatory authority; or
(iii) The rules of a relevant stock or investment exchange.
Non-Complex Financial Instruments means any Financial Instrument which satisfies the test set out in rule 10.4.1R of the Conduct of Business Chapter of the FCA Handbook.
Objectives has the meaning given in Condition 7.1.
Portfolio has the meaning given in Condition 3.2.
Profile has the meaning given in Condition 3.4.
Retail Client has the same meaning given to it in the FCA Handbook.
Risk Disclosures means the risk disclosures set out in Appendix 2 to these Terms and Conditions.
Schedule of Charges means the schedule of charges supplied to you at Appendix 4 to these Terms and Conditions which may be subject to change in the future.
Services has the meaning given in Condition 6.
Stocks and Shares ISA Management Service has the meaning given in Condition 6.2.
Terms and Conditions means these terms and conditions, as amended in accordance with Condition 24.
Website means our website: www.myinvest.com
We, us, our means GKAM LLP trading as myInvest. Our registered office is Bevis Marks House, 24 Bevis Marks, London EC3A 7JB, UK (Company no. OC386311). We are authorised and regulated by the FCA, whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS, www.fca.org.uk. Our firm registration number is 606390.
You, your, customer, client means any person operating an Account with us.
1. Terms and Conditions for Retail Clients
These Terms and Conditions, together with the information you provide in your Profile and your Portfolio on our Website www.myinvest.com form part of the Agreement between you and us for the provision of the Services set out below in Condition 6. These Terms and Conditions contain important information regarding the Services that we will provide to you and for your own protection you should read them carefully before accepting them. If you do not understand anything in these Terms and Conditions please email info@myInvest.co.uk and ask for further help and information.
2. Commencement of these Terms and Conditions
The Agreement will become effective, and we shall begin providing the Services to you, once we have opened your Account and you have provided us with the money laundering verification information as specified in Condition 4.1 below.
3. Communications and Instructions
We may communicate with you at any time, including, when appropriate by telephone. If as a result of any unsolicited communication, you enter into any investment transaction you will not have the right under Section 30 of the FSMA to treat such investment transaction as unenforceable. We may record any phone conversations between you and us without your knowledge. These recordings are our property and we may use them in evidence if there is a dispute or for any other reasonable matter.
We will only accept specific and clear instructions and notifications in relation to investments we hold on your behalf (your "Portfolio") or, where we provide you with an Advisory Service, investments you have asked us to buy or sell, if we receive the instructions from:
(a) you; or
(b) from a person you have previously told us has the authority to give instructions on your behalf.
These instructions may be given electronically using the website, by phone, fax, in writing or by communicating with us via your Account mailbox. We will not be obliged to act on any instruction and in particular we will not act on any instruction where it is illegal or against any Law to do so. Where we do act on your instructions we will do so as soon as reasonably practicable once we have received them.
We may act on any instruction or other notification which we believe in good faith is from you without carrying out any further checks or investigations. We will not be liable for following an instruction or notification which is not in fact genuine or for not following or for investigating further any instruction or notification we believe may not be genuine. We will not be liable for any error of transmission or misunderstanding, or for the fraud of any other party (except in the case of our negligence, willful default or fraud as described in Condition 21 of these Terms and Conditions). We are not obliged to acknowledge receipt of your instructions but will do our best to do so.
We shall send out all notices, information and other correspondence to you by email at the email address that you specify, or any other email address as you may designate in your personal profile on the Website ("Profile") from time to time. In the event any notice, information or other correspondence is sent to you via letter, such letter will be sent to the postal address that you gave us, or such postal address as you may later designate in your Profile, and will be deemed to be delivered on the second business day after posting.
We may record and monitor telephone conversations that we have with you. We will store recordings for the period required by law or for as long as we consider appropriate.
We cannot guarantee that electronic communications will be successfully delivered, or that they will be secure and virus free. We will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered or for failing to be delivered for any reason beyond our reasonable control.
All communications in relation to services provided under these Terms and Conditions will be in English.
4. Your Information
We are required to verify your identity in accordance with UK money laundering legislation. For this reason we may use your personal data, as that phrase is defined in the EU Data Protection Directive (“personal information”), in order to carry out electronic searches on private and public databases. We will keep records of any information obtained. We may use credit reference agencies which will record that an enquiry has been made. By entering into this Agreement you confirm your acceptance of our use of credit reference agencies which will result in such a record.
In order to provide services to you we need to collect, use, share and store personal financial information about you, including your personal information. We make every effort to protect the privacy of our clients’ personal information. Other than as set out below, your personal information will not be disclosed, transferred or sold to any third party for any purpose.
You authorise us to use any of your personal information which is relevant to our provision of services to you for all reasonable purposes in relation to your Portfolio. We may retain and continue to process your personal information after the termination of this Agreement or any other agreement between you and us. Your personal information may be processed by or transferred or disclosed to and/or by third parties where necessary to enable us to provide services to you, including your financial advisor (if relevant) and relevant stock exchanges and regulators. Your personal information may be transferred outside of the European Economic area.
With your consent, your personal information may be used by us in order to provide you with information and marketing materials in relation to our other products and services. By entering into this Agreement you confirm your wish for your personal information to be processed for these additional purposes. If you do not wish your personal information to be processed in this way, please notify us by email by contacting the Data Protection Officer at firstname.lastname@example.org .
You can request copies of your personal information held by us or any service provider we appoint to provide you with the services under these Terms and Conditions by notifying us by contacting the Data Protection Officer at info@myInvest.co.uk. We charge a fee for providing you with this information as set out in the Fees and Charges Schedule at Appendix 4. You should notify us if any of the information held is incorrect.
5. Client Categorisation
The Services provided under these Terms and Conditions are provided by us on the basis that you are a Retail Client. This means that you are entitled to the protections that must be provided to Retail Clients under the FCA Rules. If you would like further information on the nature of these protections, please notify us by email by contacting the Compliance Officer at info@myInvest.co.uk.
The services that we will provide in accordance with these Terms and Conditions are only available to UK residents, partnerships formed under the laws of the UK or bodies incorporated in the UK that may include corporate bodies, charitable foundations and trusts. At our discretion, and in line with our regulatory permissions, we may accept non-UK residents who approach us as a potential client, providing we are able to satisfy certain requirements to confirm the status and identity of such clients. MyInvest is currently unable to offer services to US passport holders, regardless of where they reside.
We are able to provide you with a number of different services.
We are an independently-owned company which offers restricted advice; myInvest does not recommend, or make investments on your behalf in, products from the whole of the market, but rather a limited range of products from a limited number of carefully selected companies. We do not take any back-end fees or commissions on the financial products we recommend. We are not tied into any one provider of financial products.
Our services are as follows:
Advisory Service: We use the information you provide about your investment and risk objectives to make investment recommendations to you [and build a suitable MyInvest portfolio]. We will regularly review the performance of your Portfolio and provide you with advice as to how to rebalance your Portfolio to meet your objectives. Unlike our Discretionary Portfolio Service, we do not make investment decisions on your behalf.
Discretionary Management Service: We build and use our expertise to fully manage your Portfolio according to your stated investment and risk objectives. This means that we monitor the performance of your Portfolio, using our discretion to adjust and balance your investments with your specific objectives in mind.
ISA Discretionary Management Service: You could invest up to £15,240 in the 2015/16 tax year in a MyInvest Stocks and Shares ISA, sheltering future returns from capital gains tax. MyInvest will build and manage your portfolio according to your investment and risk objectives using our Discretionary Management Service (so the requirements set out in these Terms and Conditions which apply to our Discretionary Management Service also apply to our ISA Discretionary Management Service. There are, however, additional terms which apply to clients to whom we provide this service, and these are set out in Conditions 34 to 40 below.
Safe custody of your investments.
(together, the "Services").
7. Discretionary Management Service
Your Account comprises personal information about you and your risk profile in addition to different investment objectives in relation to each of your funds (“Funds”) within your overall investment portfolio.
You have advised us of your investment and risk objectives ("Objectives"). We will use these to manage your Account. You may change your Objectives at any time by updating your Account or by contacting us by telephone and/or email at info@myInvest.co.uk. We reserve the right to amend and reissue the Agreement following such change. You agree that the Account is fair and reasonable and an accurate reflection of your Objectives, and we may assume this to be the case unless you notify us of any change you wish to make or where we consider changes are necessary following a periodic review.
Where we provide you with a Discretionary Management Service, we will take all reasonable steps to manage your Portfolio with due skill and care.
We will manage your Portfolio in accordance with the information in your Account. Provided that we do so, you grant us full authority, at our sole discretion, to enter into any kind of arrangement or transaction on your behalf including investing in any type of investments or other assets. For the avoidance of doubt, there will be no limit on the amount of your Portfolio that we may invest in any one investment, or on the proportion of your Portfolio that any one investment may make up, and there will be no limit or restriction on any particular type of investment, or currency, or on the markets on which transactions are carried out.
We may make common investment decisions which apply to a number of client portfolios including your Portfolio.
Details of the nature and risks of the investments in which you may invest are set out in the Risk Disclosures at Appendix 2 to these Terms and Conditions. Please note that we are unable to provide any guarantee as to the performance of any particular investments or a portfolio as a whole. It is important that you read, and are aware of the risks associated with opening an Account with us.
When providing you with Discretionary Management Services, we will comply with the relevant Laws, including the FCA rules relating to suitability, which are set out in further detail in Condition 10 below.
We will undertake to review your Portfolio on a regular basis to ensure that it is still suitable for you, based on your current Objectives. We will also automatically re-balance your Portfolio on a regular basis without seeking your consent to do so.
We use appropriate benchmarks to evaluate our performance.
Clients of the Applicant can select the benchmark they wish to benchmark their portfolio to form a suitable list provided on the website - historic comparisons can then be performed by the Client online using his chosen date parameters. All transaction details are given for Advisory transactions on-line, including trading limits, prior to Client trade approval and the Applicant’s execution of these trades. All transaction details for Discretionary transactions are given on-line to the Client post execution on an intra-day basis periodically through each business day.
8. Advisory Service
If you instruct us to provide you with an Advisory Service, we will make investment recommendations to you with regard to your investments and if required set up a Portfolio that we deem to be suitable for you based on the information you have provided to us.
We will purchase and sell Investments for your Account as your agent in response to your instructions using any market, exchange or facility that we consider appropriate, unless you instruct us otherwise.
We will not make any changes or adjustments to your Portfolio without having received your consent first. All changes to the Portfolio will be made as a consequence of recommended changes following a Portfolio review or following our receipt of direct instructions from you.
When providing you with Advisory Services, we will comply with the relevant Laws, including the FCA rules relating to suitability, which are set out in further detail in Condition 10 below.
We will undertake to review your Portfolio on a regular basis to ensure that it is still suitable for you based on your current Objectives. We will re-balance your Portfolio on a regular basis, providing we obtain your consent prior to carrying out any trade in connection with rebalancing your Portfolio.
9. Initial and Minimum Investment
There is no minimum investment amount for any of the Accounts that you may open with us:
If you subsequently withdraw money to bring the value of a fund in your Portfolio to an amount that may mean that market executions may be greater than your portfolio value, in which case we will liquidate all of the investments in your portfolio and pay you the balance less any fees owing to us.
Where we provide you with a Discretionary Portfolio Service or an Advisory Service, we will assess the suitability of the transaction for you based on:
(a) the information you have provided to us about your knowledge and experience of the investment field relevant to the particular kind of investment, including, where appropriate:
(i) the types of transaction with which you are familiar;
(ii) the nature, volume, frequency of your transactions;
(iii) the period over which they have been carried out; and
(iv) your level of education, profession or relevant former profession; and
(b) your financial situation and your Objectives.
When providing the Services to you, we will at all times comply with the requirements of the relevant FCA Rules, including (but not limited to) the requirements of COBS 9 (Suitability).
We may ask you to provide further information upon request in connection with the provision of Services, for the purpose of ensuring that we have a reasonable basis for believing that:
(a) the Services being provided meet, and will continue to meet, your Objectives;
(b) is such that you are able financially to bear any related investment risks consistent with the Objectives; and.
(c) is such that you have necessary experience and knowledge to understand the risks involved in the operation of the Account.
If you fail to provide us with this information within a reasonable timeframe, we reserve the right to:
(a) for Discretionary Portfolio Services, cease making investments on your behalf; or
(b) for Advisory Services, cease making investment recommendations to you until we have been provided with the information required to determine your suitability.
In certain circumstances, we may be obliged to provide you with suitability reports. We will provide you with suitability reports where required under the FCA Rules.
11. Best Execution
Where we deal on your behalf, we will normally be required to provide best execution in accordance with the rules set out in COBS 11.2 of the FCA Handbook, meaning that transactions entered into should be on the best terms reasonably available. To achieve best execution, we will deal in accordance with our best execution and order handling policy, which is set out in Appendix 1.
Any specific instructions provided by you may prevent the firm from taking the steps that it has designed and implemented our best execution policy to obtain the best possible result for you.
We will never execute orders outside of a regulated market or an MTF.
We may pool (aggregate) your transactions with those of other clients without seeking agreement from you beforehand. We will only do so where we believe that this is unlikely to disadvantage your overall position, although it may do so in relation to any specific order.
13. Delegation and Referrals
We reserve the right to perform any of our obligations to you through the agency of an associate or any third party of our choosing. This means that we may appoint another person or entity to provide the services to you under these Terms and Conditions. We will take all reasonable steps to satisfy ourselves that any person whom we appoint to provide any services to you or to perform any of our obligations on our behalf is suitably competent to do so. We will ensure that all such parties agree to provide you with best execution rules set out in COBS 11.2.
Where appropriate, we may offer to refer you to third parties to provide certain additional services. We will not make any such referral without your agreement. We may also accept referrals of business from third parties.
14. Fees and Charges
Our fees and charges are calculated on the basis and at the rates shown and are payable as set out in the Fees and Charges Schedule at Appendix 4. We reserve the right to change these rates from time to time and will notify you of any such changes in writing.
We may deduct any amounts payable by you to us from your Account. If the available funds are insufficient, we may sell assets held as part of your Account to cover such charges.
Where we invest in Collective Investment Schemes we may receive a commission from the manager of the Collective Investment Scheme invested in. In these circumstances we will credit your Portfolio with the amount of the commission.
We may pay (or receive from third parties), fees in relation to referrals of business.
We may receive payment from, or share charges with, a third party. Further information about such payments or shared charges is available on request.
15. Statements and Reports
If we provide services to you on a Discretionary Basis, we will provide valuation reports to you electronically on a six monthly basis on 5th October and 5th April of each year. These reports will include details of all transactions during the relevant period, details of the contents of your Account, the current market value and the basis of valuation, income and interest and fees charged.
If your employer requires confirmation we will provide a letter certifying the provision of services on a Discretionary Basis. In general most employers will accept an electronic copy of this letter which we will provide free of charge. If however you require an original signed copy we can post this to you, the fees for which are defined in Appendix 4. Requests to issue certification letters should be sent to us by email for the attention of the Compliance Officer at info@myInvest.co.uk.
16. Execution Venues and Counterparties
Unless otherwise expressly agreed in advance in writing, we may deal on any markets or exchanges and with any counterparties that we believe provide the best outcome reasonably available. All transactions will be carried out in accordance with the rules and regulations of the relevant market or exchange, and we may take any steps as may be required or permitted by such rules and regulations and/or by appropriate market practice.
17. Client Money
Any cash held in your Portfolio will be held in accordance with the FCA client money rules in one or more segregated accounts with an approved bank. Client money accounts may include the balances of more than one client. Client money may also be placed on overnight or short-term deposit. We will act in good faith and with due diligence in the selection and monitoring of banks holding client money. Where relevant you will be responsible for any additional income tax liability which may be incurred.
We may operate client money accounts outside the UK and therefore please note that:
(a) different legal and regulatory provisions will exist outside the UK and the protections may not be equivalent to those available in the UK. In the event that a bank located outside of the UK defaults, fails or otherwise unable to meet its obligations, money held on behalf of clients may be treated differently than if the money was held in the UK;;
(b) we will only hold client money in an account outside the UK where the relevant bank has confirmed that all money standing to the credit of the account is held by it as trustee and that the bank is not entitled to combine or set off the account in respect of any money owed to it on any other account held with it, whether in our name or not.
Client money may be passed by us to a settlement agent in a jurisdiction outside the UK. If the settlement agent defaults, fails or is unable to meet its obligations, client money may be treated differently from the position which would apply if the money was held in the UK.
We reserve the right to only make external payments to and to accept payments from the bank account stated in your Account.
Where your non cash investments (Custody Assets) are held or received by us, they will be held or received subject to the FCA rules and we will act as custodian or arrange for your Custody Assets to be held in custody. Where we do so, we will open, or cause to be opened, such accounts as are required to safeguard adequately your ownership rights in those securities and other assets in the event of our insolvency, and to minimise the chance of loss or diminution of those assets.
You hereby authorise us to register or arrange the registration of Custody Assets in any name permitted by the FCA Rules. Normally, your Custody Assets will be held in your name or in the name of an eligible nominee. However, where the Custody Assets are subject to the law or market practice outside the United Kingdom and it is in your best interests to do so, we may register or record your Custody Assets in our name or the name of a sub custodian. If Custody Assets are held in our name or that of a sub custodian, the Custody Assets may not be segregated or separately identifiable from our assets or those of the sub custodian and, in the event of a default by us or the sub custodian, may not be as well protected from any claims by our or their creditors.
If we deposit your Custody Assets with a person in a non-EEA state, they will be subject to the law of that state and your rights in relation to those assets may differ accordingly. We will not deposit your Custody Assets with a person in a non-EEA state which does not regulate custody activities unless
(i) the nature of the financial instrument requires it to be deposited in such a state; or
(ii) we receive a prior written instruction from you, in which case the consequences of so doing are entirely at your own risk.
We will exercise all due skill, care and diligence in the selection, appointment and periodic review of any sub-custodian and the arrangements under which the sub-custodian holds the Custody Assets. Subject to any applicable legal or regulatory requirement we shall not be responsible for the acts or omissions, default or insolvency of any sub-custodian holding Custody Assets which we hold for you.
Our rights against sub-custodians to which we delegate safekeeping of the Custody Assets, and therefore the Custody Assets themselves, may consist only of a contractual claim and not a proprietary right in the Custody Assets themselves. This means that in the event of the insolvency of a sub-custodian (or similar event), it may be that we will rank as an unsecured creditor and will be unable to recover the Custody Assets on your behalf either in full or at all.
Where we choose to hold an amount of our money to cover a shortfall (ie where we discover we are not holding assets of sufficient value to meet our obligations to you), we will hold that amount for the Client in accordance with the FCA’s client money rules (Cover Amount) until the shortfall is resolved, unless otherwise agreed. Where the relevant shortfall reduces or is otherwise resolved, the Cover Amount (or the portion thereof in excess of the relevant shortfall) shall become immediately due and payable to us. In the event of termination of the Agreement, we will treat payment to you of such money covering a shortfall as fully discharging our obligation to you to return the securities which were the subject of that shortfall.
Income earned on the investments held in your Portfolio which is payable to you will be remitted to your Portfolio and may be reinvested.
Interest earned on cash in your Portfolio is calculated on at least a half annual basis at a rate which will not be less than that set out in Appendix 4. Interest earned on cash will be remitted to your Portfolio and may be reinvested.
21. Conflicts of Interest
We or anyone connected with us, may carry out certain transactions for you where we, or another client of ours, have a duty that may conflict with our duty to you. We will manage any such conflict or potential conflict to ensure that it does not materially affect the transactions we carry out for you. We will inform you if we consider that we cannot adequately manage a conflict.
Our Conflicts of Interest Policy is detailed in Appendix 3. This sets out the types of actual or potential conflicts of interest which may arise given the nature of our business and provides details of how these are managed. Further details and updates of this policy can be provided on request.
We accept responsibility for any loss, damages or costs suffered or incurred by you only to the extent that such loss arises directly from our gross negligence, willful default, fraud, and/or our deliberate and willful breach of any duties which we owe you under the FSMA, Regulations or FCA Rules. We will not be liable for any other losses, damages or costs suffered or incurred by you.
We will take reasonable care in the assessment and appointment of sub-custodians, bankers, counterparties, agents and other third parties. We accept responsibility for any loss, damages or costs incurred by you only where these arise from our, negligence, willful default or fraud in the assessment or appointment of such persons. We will not be responsible in any other circumstance for the actions of any such third parties.
We do not accept responsibility for any loss, damages or costs you may incur as a result of any cause beyond our reasonable control.
You will indemnify us against any liability, cost, expense, loss or any damage incurred by us (including but not limited to professional advisors' fees) arising from your breach of these Terms and Conditions, negligence, willful default or fraud.
24. Our Duties to You
No provision of these Terms and Conditions will be deemed to restrict, qualify or exclude any duty owed to you under the Laws and Regulations which apply to us. We do not, however, owe you any further duties except as expressly set out in these Terms and Conditions.
25. Amending These Terms and Conditions
We may amend these Terms and Conditions by giving you 10 business days' notice by email. If we are required to amend these Terms and Conditions in order to comply with any applicable Laws and Regulations however, we may do so with immediate effect.
Should you have any complaints in relation to the services, please notify us by emailing the Compliance Officer at info@myInvest.co.uk. We will aim to acknowledge your complaint promptly, investigate the circumstances and report the results to you.
If your complaint is unresolved 8 weeks from the date you first made the complaint you may refer it directly to The Financial Ombudsman Service ("FOS"). The address of FOS is South Quay Plaza, 183 Marsh Wall, London E14 9SR www.financial-ombudsman.org.uk. Certain clients, such as larger companies and trusts may not have access to the Financial Ombudsman Service.
MyInvest is covered by the Financial Services Compensation Scheme ("FSCS"). You may be entitled to compensation from the FSCS in the event that we have stopped trading, are declared to be in default or otherwise cannot meet our obligations. Your potential entitlement to compensation depends upon the type of business we provide you and the circumstances of your claim. The FSCS offers different levels of cover for different types of business. Most types of investment business are fully covered up to a limit of £50,000. Further information about compensation arrangements is available from the FSCS website (www.fscs.org.uk).
In the event that a particular investment which comprises part of your Portfolio underperforms, does not match any illustrated benefits or otherwise is not able to meet its obligations, this will not, for that reason alone, entitle you to any compensation under the FSCS.
You may terminate these Terms and Conditions at any time. Termination will take effect 7 business days after we receive notice from you via email or through the website of your wish to terminate these Terms and Conditions.
Your right to terminate these Terms and Conditions set out above is subject to the settlement by you of all outstanding transactions, fees and charges, details of which are set out in the Fees and Charges Schedule located at Appendix 4 to these Terms and Conditions.
We may pass on to you charges levied by third parties as a result of the termination of these Terms and Conditions.
Transactions already in progress will be completed in the normal course of business.
We may terminate these Terms and Conditions by giving you 10 business days' notice in writing, subject to the settlement of all outstanding transactions.
No additional amount will be payable by you solely for terminating this Agreement, except that you will pay a due proportion of our fees to the date of termination and any other applicable fees or transfer charges, details of which are outlined in the Fees and Charges Schedule set out at Appendix 4 to these Terms and Conditions, together with any expenses reasonably incurred by us in giving effect to such termination and any losses incurred in settling or concluding our outstanding obligations.
We may deduct these fees and expenses from any part of your Portfolio and/or sell assets from your Portfolio to cover such fees and expenses.
On termination of these Terms and Conditions, we will, following the payment of any outstanding amounts owing to us in accordance with clause 27.3, and the settlement of all outstanding transactions relating to your Account, re-register your assets and transfer your cash as you reasonably request.
If you make no reasonable request we will take steps to re-register your assets in your name and to transfer your cash to you at our discretion.
You do not have the right to assign or otherwise transfer to any other party your rights or obligations under these Terms and Conditions.
We may assign our rights and obligations under these Terms and Conditions at any time, and will send you notice by email of any such assignment prior to its taking effect.
30. Inactive Accounts
We will mark any Account as dormant if it has been inactive for at least one year to protect both you and us. If you ask us, we will tell you how you can access your Account. If you have money in a dormant Account, it will remain your property (or if you die it will form part of your estate).
31. Entire Agreement
These Terms and Conditions constitutes the entire agreement between you and us and supersedes and extinguishes all previous agreements and arrangements between us, whether written or oral, relating to its subject matter.
32. Governing Law
These Terms and Conditions and any dispute or claim arising out of or in connection with it (including non-contractual disputes or claims) will be governed by and construed in accordance with the law of England and Wales.
The parties irrevocably agree that the courts of England and Wales will have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Terms and Conditions (including non-contractual disputes or claims).
You have a period of 14 days, beginning on the date on which your Account is opened or the date on which you receive a copy of these Terms and Conditions and other related documents, whichever is the latest, within which to cancel your Account. MyInvest will sell any investments made on your behalf during this period but will not be responsible for any market loss that you may incur as a result.
34. Third Parties
A person who is not a party to these Terms and Conditions cannot enforce or enjoy the benefit of any term of these Terms and Conditions under the Contracts (Rights of Third Parties) Act 1999.
Additional Terms for Clients with Stocks and Shares ISAs
35. Important Information
This section contains additional terms and conditions which are applicable to the Stocks and Shares ISA. It should be read in conjunction with Conditions 1 to 33 above which contain the general terms and conditions for investment services.
You are subscribing to this Stocks and Shares ISA for the current tax year and each subsequent tax year in which you subscribe to the Stocks and Shares ISA, and/or transferring to us a current tax year and/or previous tax year ISA from another ISA manager.
You cannot subscribe to a Stocks and Shares ISA if you have already subscribed to any other Stocks and Shares ISA in the same tax year.
To subscribe for a Stocks and Shares ISA you have to be a UK resident aged 18 or over. MyInvest is currently unable to offer Stocks and Shares ISAs to US passport holders even if they are resident in the UK.
These Terms and Conditions will commence on the day we have both a valid application and receipt of your first subscription, or where you are transferring to us from another ISA manager, on the day we have both a valid transfer application form and receipt of the proceeds of transfer from your previous ISA manager.
36. Investment Strategy
Your Stocks and Shares ISA will be invested on a discretionary basis in accordance with your Objectives set out by you in your Account subject always to the requirements of HM Revenue & Customs ("HMRC").
For each new tax year, all contributions to your Account will be allocated first to your Stocks and Shares ISA until the maximum subscription is reached for that year, or until your own pre-set limit. Once the maximum subscription or your own pre-set limit is reached, future contributions are allocated to the non-ISA remainder of your Account.
We will review your Stocks and Shares ISA on a regular basis to ensure that it is still suitable for you based on your current Objectives. We will automatically re-balance your Stocks and Shares ISA on a regular basis without obtaining your consent to do so.
37. Investing in a Stocks and Shares ISA
Investments into a Stocks and Shares ISA may be by cheque, bank transfer, transfer of cash from an existing Portfolio held with us or by transfer from another ISA manager (subject to HMRC's ISA transfer rules).
You will at all times be the beneficial owner of any investments held in your ISA. You must not use the investments and/or cash in your ISA as security for a loan except to the extent permitted by the Individual Savings Account Regulations 1998 ("Regulations").
Your investments will be registered in the name of, or otherwise held to the order of MyInvest as the ISA Manager's Nominee. You will at all times remain the beneficial owner of any of your investments that are held by myInvest.
The total of contributions to be invested in any tax year will not be more than the maximum permitted to be invested in stocks and shares by the Regulations for that tax year.
38. Shareholders’ Rights
If you so request in writing, we will arrange for you to:
(a) receive the report, accounts and other information issued by a company, attend and vote at such shareholders’ meetings or unit holders’ meetings. Where you do this, we shall use reasonable endeavors, where possible, to make appropriate arrangements on the terms and within the timescales we may impose; and
(b) exercise any voting rights attached to your investments, whether exercisable at an AGM or otherwise. We are not obliged to but we may notify you of any AGMs applicable to your investments.
39. Withdrawing your ISA Investment
You will not incur tax liabilities by withdrawing. We will send an acknowledgment of your instructions to you at the email address you designate in your Account.
At your request, we will transfer all or part of your ISA investments (with the associated rights and obligations) to another ISA manager, subject to HMRC's ISA transfer rules.
We will process your withdrawal or transfer request promptly and normally within the 30 day maximum period stipulated by HMRC, subject to circumstances outside our control. Should you wish the withdrawal or transfer to take place at a particular time, we will endeavor to meet this request. However, in the case of transfers, we are reliant on the receiving manager and cannot guarantee to do so.
40. ISA Regulations
You authorise us to disclose to HMRC all such information as required by law. We will notify you in writing if, by reason of any failure to satisfy the provisions of the Regulations, your Stocks and Shares ISA becomes void.
We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the Terms and Conditions is competent to carry out any of those functions and responsibilities.
We last updated these Terms and Conditions on 1 July 2016.
APPENDIX 1: BEST EXECUTION AND ORDER HANDLING POLICY
WARNING: Any specific instructions from a client may prevent us from taking the steps set out below that we have designed and implemented to obtain the best possible result for a client.
1. TREATING CUSTOMERS FAIRLY
We are dedicated to treating our clients fairly.
2. BEST EXECUTION
When executing orders for clients, we are required by the FCA’s rules relating to best execution, to take all reasonable steps to obtain the best possible result for our clients, taking into account the following execution factors: the (i) price, (ii) costs, (iii) speed, (iv) likelihood of execution and settlement, (v) size, (vi) nature or (vi) any other consideration relevant to the execution of an order.
When executing a client order, we will take into account the following criteria for determining the relative importance of the execution factors referred to in section 2.1 above:
(a) the characteristics of the client including the categorisation of the client as retail or professional;
(b) the characteristics of the client order;
(c) the characteristics of financial instruments that are the subject of that order; and
(d) the characteristics of the execution venues to which that order can be directed.
The relative importance we assign to the execution factors for best execution depends on the circumstances and needs of our clients.
Where we execute an order on behalf of a retail client, we will take reasonable steps to obtain the best possible result in terms of the price paid for the financial instrument and the costs related to execution. The price will also include all expenses incurred by the client which are directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.
For the purposes of delivering best execution for our retail clients in circumstances where there is more than one competing venue to execute an order, in order to assess and compare the results for the client that would be achieved by executing the order on each of the execution venues listed in our order execution policy that is capable of executing that order, our own commissions and costs for executing the order on each of the eligible execution venues will be taken into account.
Our obligation to deliver best execution for a retail client where there are competing execution venues is not intended to require us to compare the results that would be achieved for our client on the basis of our own execution policy with results that might be achieved for the same client by any other firm on the basis of a different execution policy. Nor are we required to compare the differences between our commissions which are attributable to differences in the nature of the services we provide to clients.
We have developed this policy and procedures with our execution venues to both achieve and record that each order that has been fulfilled in accordance with the FCA’s rules relating to best execution.
This policy, and our supplementary procedures relating to the policy, will be reviewed periodically and in any event at least on an annual basis. Currently, we use the following execution venues to place orders for clients:
|Financial Instrument||Execution Venue|
|ETFs||London Stock Exchange|
|ETCs||London Stock Exchange|
We will monitor the effectiveness of our best execution arrangements on a regular basis in order to identify and, where appropriate, correct any deficiencies. We will review our order execution arrangements and the contents of this policy on an annual basis.
We will notify clients of any material changes to our order execution arrangements or best execution policy.
Upon receipt of an order, relevant factors will be considered by our execution venue to achieve the best execution possible for clients, including stock liquidity, ability to deal on more than one market trading system choices and any specific conditions attached to the order by the client. If these factors and any other pertinent information are duly considered, we anticipate best execution will be attained for the client. We will inform the client if any particular bargain conditions are attached which may restrict the achievement of our best execution obligations.
Any client limit order will be accepted on a best endeavours basis and will only be accepted for the duration of the trading day on which the limit was given.
The principles of best execution apply equally to single orders or orders which are aggregated.
The principles of best execution do not extend to orders for direct commodities, currency or unit trust funds.
3. ORDER HANDLING
When handling orders on behalf of clients, we will take the following steps in order to comply with the FCA rules relating to order handling:
(a) we will promptly and accurately record and allocate orders executed on behalf of clients; and
(b) we will carry out comparable client orders sequentially and promptly unless the characteristics of the order or prevailing market conditions make this impracticable or the interests of the clients require otherwise.
We transmit client orders to various recognized counterparties on a ‘first come, first served’ basis. In general, we aim to keep the time for the handling of orders to a minimum. After checking orders for consistency, orders are placed at a selected counterparty. We will monitor this dealing process.
We will notify clients of any material difficulty relevant to the proper carrying out of orders promptly upon becoming aware of the difficulty.
We will only carry out a client order in aggregation with another client order when it is unlikely that the aggregation of orders and transactions will work to the disadvantage of any client whose order is aggregated, though order aggregation may on some occasions work to the client’s disadvantage.
Aggregated orders have significant benefits for the client, the main benefit being the lower cost. We will only aggregate client orders if:
(a) they are initiated with the same set of execution instructions;
(b) if they are initiated on the same day and;
(c) if they will follow exactly the same order chain (e.g. same custodian).
[If an aggregated order is partially executed, the order will be settled for the different clients on a pro rata basis, according to the contribution made to the aggregated order. Our order management system is specifically designed to permit only pro rata allocation whenever an aggregated order is partially executed.
Eligible investments include:
(a) Exchange Traded Funds (ETFs): orders may be transacted via electronic order books, retail service providers, agency crosses, direct telephone engagement and electronic algorithmic systems;
(b) Exchange Traded Commodities (ETCs):
APPENDIX 2: CLIENT INVESTMENTS AND RISKS1
MyInvest wants to help you to make informed investment decisions, bearing in mind that investing is typically a long term decision. The concept of risk and how it affects the value of investments is one of the most important things any potential investor needs to understand.
Please read this document, and any other information we may give you, carefully.
Investments are exposed to different kinds and degrees of risk. MyInvest wants to help you understand the complex subject of investment risk and how we seek to manage this when you receive our Discretionary Portfolio Service.
This document describes the types of risks that are relevant to the investments (Exchange Traded Funds and Exchange Traded Commodities) used by myInvest, but it cannot be an exhaustive list.
If you are in any doubt about the risks involved in investing, the services we provide or whether to invest with myInvest, please seek independent financial advice.
The value of your investments can go down as well as up
When investing, there is always the risk that your investment could fall in value as well as rise.
If you save cash in an account with a reputable bank or building society, your savings are normally guaranteed by the UK government up to the value of £85,000 per institution. This means that if the bank were to fail, you will get back up to £85,000 of your money; if the bank remains solvent, there is no danger that you will get back less than you put in.
Although this seems a relatively ‘safe’ option, there is the risk that the real values of your savings are reduced by the effects of inflation. The interest rate you earn on your savings account must at least equal the prevailing rate of inflation, or you will lose money in real terms.
When investing in things that are not cash, there are no guarantees. Share prices fall as well as rise. Companies can run into financial difficulty. Even governments sometimes struggle to repay their loans. Property can also be subject to large fluctuations in value. Everyone looking to make an investment does so for the opportunity to make positive returns but in doing so, they must accept the possibility that they may end up with less money than they originally put in.
Risk vs. Return
The potential returns from an investment are, to some degree, linked to the risk an individual investor is willing to accept. In general, the higher the risk, the higher the potential return you (as investor) could potentially receive, but this is not always the case.
Unfortunately, by taking on more risk in the hope of achieving a greater return, the chance of losing money increases as well. None of the investments provided by myInvest are risk-free, and you may therefore get back less than you initially invest. While myInvest’s objective is to select investments with the potential to achieve the optimum level of return for your accepted level of risk, there can be no guarantees that the investment strategy will succeed.
What are the Risks?
There are many risks affecting the type of investments myInvest provides. They range from high level socio-economic concerns such as war or political turmoil to more company specific risks like bankruptcy, or effects caused by the actions of a rogue trader.
Government policy and wider political, social and environmental issues have the potential to significantly affect the value of investments. For example, regulation can constrict industry, just as favourable tax breaks can benefit it.
Political decisions, instability and changes to public sentiment create uncertainties for business and therefore represent a risk to the profitability of investments.
Interest Rate Risk
This is the risk that the prevailing interest rates can harm the value of your investments. Rising interest rates can cause the value of fixed interest investments to fall as the fixed interest rate they offer is no longer competitive compared to, for example, bank deposits.
This is the risk that the value of an investment held in a foreign currency falls as a result of a change in the exchange rate. For example, the value of shares in an American company held by a UK investor may grow in dollar terms but if the Dollar/UK sterling exchange rate moves adversely, the value of that investment in UK sterling could fall overall. If your MyInvest investments' underlying holdings are in a currency which is different to the denominated currency of your MyInvest account, you will face currency risk.
This is the risk that the value of an investment cannot be realised quickly because there are insufficient buyers in the market. This can be caused by a number of factors, including but not limited to insolvency, market conditions or selling restrictions. Losses may be substantial in a falling market, as an investor is unable to sell quickly without accepting a much reduced price. Although relevant to all investments, liquidity risk may typically be higher with investments in property or in shares of unlisted companies, because these assets do not have the high volumes of trading activity that FTSE 100 companies might have. MyInvest only invests in ETFs or ETCs trading on the London Stock Exchange. Liquidity risk should be lower for such investments than for, for example, investments in the shares of unlisted securities, though it cannot be excluded that particular events or circumstances could cause the ETF or ETC trading market to become illiquid.
Investment Manager Risks
This is the risk of insolvency or poor performance of myInvest in the management of your portfolio (Discretionary Portfolio Service) or the investment advice given. In an insolvency situation, your investments may be liquidated without your consent, and potentially at a loss.
Exchange Traded Fund/Exchange Traded Commodities
MyInvest invests exclusively in Exchange Traded Funds (“ETFs”) and Exchange Traded Commodities (“ETCs”). ETFs are investment funds, traded like shares, which hold investment assets such as shares, commodities or bonds. ETFs normally closely track the performance of a financial index, and as such their value can go down as well as up (and you may get back less than you invested). Some ETFs rely on complex investment techniques, or hold riskier underlying assets to achieve their objectives. MyInvest also invests in Exchange Traded Commodities (“ETCs”). ETCs are similar although not identical to ETFs and are traded and settled exactly like normal shares; ETCs allow investors to gain exposure to commodities such as Crude Oil or Gold. The following are risks specifically associated with these types of investments.
ETFs and ETCs are designed to match an index, and are passive investments. Because an ETF or ETC is not actively managed, it will not sell a security if the security's issuer is in financial trouble—unless the security is removed from the index. This means that the ETF or ETC will move up and down with the index and the ETF/ETC manager will not take defensive positions, or sell losing positions, in a market downturn. This also means that the manager won't increase exposure to positions that it anticipates increasing in value, either. This lack of management means that investors are placing their money with an index, not a manager, and their fortunes are related to the performance of the index. The best way for an investor to deal with index risk is to understand what is in the index and the rules governing what goes into, or out of the index, as covered in the ETF's or ETC’s documentation which we will provide to you on your request.
In addition to the risk of their investment being exposed to the movements of the index, investors also are at risk when the ETF or ETC does not match the performance of the index, a situation known as tracking error.
Tracking error represents the difference between the performance, or return, of the ETF’s or ETC’s portfolio and the underlying index. Tracking error occurs for a number of reasons. The first is that an ETF or ETC has expenses that an index does not have, because it incurs costs when it buys and sells securities. The frequency of these transactions, such as how often an ETF or ETC rebalances its portfolio, can increase the costs that increase tracking error and diminish an ETF’s or ETC's performance.
Another reason for tracking error occurs when an ETF or ETC holds cash, which will earn a different rate of return than ETFs or ETCs invested in the portfolio and cause a deviation in returns between the index and the ETF or ETC (at some times the cash may perform better than the ETF). With ETFs and ETCs, however, the amount of cash held tends to be small.
Certain ETFs or ETCs may exhibit tracking error because the weights of the securities in their portfolios do not match those in the ETF or ETC. When the weights are based on market capitalisation, this will not be much of a problem, because the weights are tied to the capitalization of the stocks, and if a stock moves up in price in the index, that will be captured in the ETF or ETC. The difficulty arises when an ETF or ETC assigns weights by another means, such as equal weighting or some arbitrary method of weighting. In these cases, changes in the values of the securities in the index may not show up in the ETF or ETC until the it is rebalanced, where the ETF's or ETC’s securities are adjusted to match those in the index. This lag can induce tracking error.
Another source of tracking error comes from the fact that many ETFs or ETCs do not hold all the securities that make up the index. There are two ways for an ETF or ETC to track an index. The first is replication, whereby the ETF or ETC holds all the securities in an index in the same proportions as in the index. The second is by representative sampling, whereby the ETF or ETC uses a sampling methodology to select securities that it believes will provide the same performance as the entire portfolio. This methodology usually produces larger tracking errors than if the ETF or ETC bought the whole index. The amount varies depending on the quality of the sampling process.
ETFs and ETCs do not always hold the physical assets. If the investment bank providing the future/option fails, the ETF or ETC will lose part or all of the money it has invested.
The value of all your MyInvest investments depends on market fluctuations outside our control. ETCs generally have higher volatility risk than other investments because the value of the underlying assets of an ETC (commodities) can move by more than 10% in a single day. Movements of this order are unusual, but they do occur, and are further magnified by leveraged or geared exchange traded investments.
Trading within foreign market closures
ETFs and ETCs traded on a particular exchange can be bought or sold between normal market opening hours, typically 8am to 4.30pm. However, many of the indices an ETF or ETC might track might be open outside the exchange on which the ETF or ETC is listed. This means the ETF or ETC is trading during periods when the underlying index is closed. This can result in a disparity between the daily performance of the ETF or ETC and the index being tracked.
The tax treatment of an exchange traded investment is subject to change, which could affect your investment in the future. In some cases, the returns from trading ETFs and ETCs may potentially be subject to income tax rather than capital gains tax. The ongoing tax liabilities are determined by both your individual circumstances and the continued status of the exchange traded investment. If you are unsure of your tax liabilities you should consult a qualified tax advisor.
Other risks include, but are not limited to, the following:
Investors may not benefit from the same entitlements as if they held the shares directly (e.g. voting rights).
Investors cannot control the investments that are made within the ETF or ETC. This discretion is held by the Investment Manager appointed by the third-party investment ETF or ETC provider.
Although an ETF or ETC may be denominated in a particular currency, underlying investments may be held in other currencies and thus the ETF or ETC may be subject to currency moves.
ETF or ETC prices can be volatile. The overall market may fall, or the ETFs or ETCs that you invest in may perform badly. The value of your investment may go down as well as up. Past performance is no indication of future performance.
Counterparty risk should be considered when acquiring ETCs in particular, as ETFs’ investments are generally held with a counterparty. While funds invested in ETF may also be held with a counterparty, they are generally invested in securities.
Collective Investment Schemes (or “funds”)
A fund is a term that covers different types of structure, such as Open Ended Investment Companies (OEICs) or Unit Trusts (UTs). Each fund will typically already have its own preferred structure, so you will not normally be given a choice. Most funds can be held in tax-efficient wrappers, such as ISAs and pensions. Funds allow investors to pool their money in order to gain access to professional fund managers. Funds typically hold investment assets including gilts, bonds and quoted equities. Depending on the scheme, they may hold ‘riskier’ assets such as property, derivatives, unquoted securities or other complex products. The value of the fund (and the income derived from it) can go up as well as down (and you may get back less than you invested). Funds bear investment management risks, insolvency risks and liquidity risks, as well as sector/asset specific risks (see above).
Investment trusts are similar to funds in that they are a means of investors pooling money. Investment trusts are publically listed companies, whose shares are traded on the London Stock Exchange. The prices of shares in an investment trust will depend on market fluctuations and also the value of their underlying assets. The value of the investment trust (and the income derived from it) can go up as well as down (and you may get back less than you invested). They will be subject to a combination of the risks associated with shares, bonds and funds in which they are invested.
Some of these risks can be anticipated and will occur regularly. Other risks are completely unpredictable. Unprecedented world events occur all the time and it is impossible to predict them.
It may not be possible to predict what is going to happen but it is possible to manage exposure to potential problems. Past performance is not a guide to future performance. MyInvest’s objective is to design portfolios that can withstand unexpected shocks, while at the same time offering the opportunity for growth, whatever your individual risk appetite. Nevertheless, the risk factors set out in this document will apply to investments recommended to you by MyInvest or made by MyInvest Discretionary Portfolio Service on your behalf.
Where myInvest will build a portfolio and recommend investments for you, myInvest will take reasonable steps to ensure that the investments we recommend are suitable for you, taking into account your knowledge and experience in the relevant investment field, your financial situation and your investment and risk objectives. If the information which you provide to myInvest is incomplete or inaccurate then this may impair our ability to assess the suitability of a transaction for you.
MyInvest will build a portfolio that meets your stated investment and risk objectives, achieving this in a number of ways - from appropriate asset allocation to ensuring adequate diversification in your portfolio.
Risk is managed because different classes of assets are affected to different degrees by the risks detailed above.
By changing the allocation to different kinds of assets, the risk profile of a portfolio can be adjusted. Striking the right balance across all these different asset classes and ensuring that this investment mix is right for you is what good investment management is all about.
Risk and our Services
MyInvest runs a series of different model portfolios which are kept within the defined risk parameters at all times. MyInvest will then create a portfolio for you (Discretionary Service). Each portfolio is run with set risk-focused strategy ranging from very conservative through to very aggressive.
The level of risk each portfolio is exposed to is designed to be kept constant at all times. This means that myInvest will not materially change the exposure to risk assets just because they happen to be doing well at a certain point in time.
Through this commitment to fundamentals myInvest can manage the level of risk you, as an investor, are exposed to. If you decide that your circumstances have changed and you would like to take on more or less risk with your investments, then you can simply let us know and we will link your holdings to a more or less adventurous strategy.
Investing is not a short-term option
The prevailing wisdom is that people should only invest with the long-term in mind. This will give your investments more time to ride out any shorter-term fluctuations in the markets. We want to help you to fully understand the risks involved in investing with myInvest. However, investing may not be for everyone and you should seek independent financial advice if you are unsure.
APPENDIX 3: CONFLICTS OF INTEREST
We are committed to taking measures to recognise, supervise, examine and resolve conflicts of interest. We recognise that it is not possible to eliminate all sources of conflict of interest; however, safeguarding clients' welfare remains our primary objective. This policy encompasses the relationships with clients and third party contacts.
We define a conflict of interest as being either:
(a) between us and you as a client; or
(b) between yourself and another client where your interests are materially affected.
We have identified areas where a conflict of interest may arise. They include, but are not limited to:
(a) services in different capacities at the same time;
(b) providing advice or management;
(c) acting for more than one client in a transaction;
(d) holding information on other clients that would affect you or them is it was disclosed;
(e) receiving gifts or entertainment which could conflict with our duties to you;
(f) employees pursuing activities or personal relationships potentially detrimental to you; and
(g) personal account holdings in companies or other investments being recommended by us.
Our protocols are noted below and we consider them satisfactory to allow us to act without bias to prohibit damage to your interests. At all times stringent criteria to address and resolve conflicts is followed. Protocols have been developed and introduced to manage conflicts of interest. Our employees are provided with relevant training about the protocols and standards of conduct expected thereafter. Our management remains responsible for ensuring the protocols and resources are sufficient to identify and attend to a conflict as it may arise.
We maintain an internal log of conflicts that arise, listing how each conflict was monitored and any solution which was developed and applied to resolve the problem and to prevent the client's interests from being disadvantaged. The effectiveness of our protocols is assessed by internal audit staff members who execute their duties in a wholly independent capacity.
We have in place protocols to prevent unauthorised access or inappropriate dissemination of information.
Where our functions could create an internal conflict our duty lines are kept separate and individual management and reporting structures are established. The operations functions are maintained and conducted separately from the front office functions and in both an appropriate level of qualification, expertise and supervision is applied.
Staff remuneration is by means of a basic salary which is not linked to the underlying performance of the company. A remuneration committee agrees and monitors awards to achieve consistency and equitability and does not lead to conditions which may foster conflict.
Inducements from third parties are acceptable with respect to a service we provide to you if it is disclosed to you and if it is the payment of a normal fee.
Personal account dealing rules are enforced for each member of staff.
A register of all gifts to staff and valued in excess of £25 is maintained and approved by a senior manager.
Where we are unable to resolve a conflict of interest we will notify you formally in writing. This disclosure will permit you to evaluate whether it is appropriate to continue using our services in respect of the pertinent conflict.
Where we have examined the conflict of interest and its cause it may inform you of its decision not to act on your behalf if it determines no other course of action is possible.
APPENDIX 4: FEES AND CHARGES SCHEDULE
|Trade (if necessary) at next scheduled trading day + transfer of cash within 3 business days after settlement||Trade (if necessary) next business day* + transfer of cash within 3 business days after settlement|
Our fees and charges fall into three categories:
(a) Annual management fees;
(b) Withdrawal charges; and
(c) Additional charges.
2. ANNUAL MANAGEMENT FEES
The fee is a percentage of your total assets under management with us. From 1 July 2016 the percentage is determined with reference to the value of your total gross contributions to your Portfolio as set out in the table below. We reserve the right to review the fee where we believe total gross contributions are being manipulated by deposits and subsequent withdrawals, or other unreasonable activity.
|Annual management fee|
|0.5% (0.42% + VAT) for all accounts.|
3. WITHDRAWAL CHARGES (NOT SUBJECT TO VAT)
When withdrawing either a portion or the entirety of cash from your MyInvest account, a charge will apply based on your method of the withdrawal:
* For Express and withdrawals, we will endeavour to trade as quickly as possible. Generally, that means the next business day after we receive the withdrawal instruction, but it may mean the same business day for withdrawal instructions received early in the day. For instructions received after markets have closed, we endeavour to trade the next business day, but may have to trade the business day after that (2 business days after we received the instruction).
4. ADDITIONAL CHARGES (NOT SUBJECT TO VAT)
|Panel on Transactions and Mergers (PTM) levy||£1 on all UK share deals over £10,000 gross consideration|
|Cheque processing (funds received)|
|Securities transfers out|
|Hard copies of tax certificates / contract notes|
|Data Protection Act Subject Access Requests (SARs)|
|Electronic copy of a letter of certification of discretionary management services|
|Hardcopy of a letter of certification of discretionary management services|
|Additional copies of statements|
To be advised