1 Terms and conditions of the smart + stocks & shares ISA from AXA Self Investor
2 Terms and conditions of the smart + ISA 02 Introduction These Terms and conditions of the smart + ISA (also referred to as the Terms and conditions), set out the terms and conditions upon which the smart + Individual Savings Account (smart + ISA), available through AXA Self Investor, shall be provided and operated. They form the basis of a legally binding agreement between you and us together with the Key features of the smart + ISA (also referred to as the Key features ), smart + Service Terms and conditions and Charges information. Where there is a difference between these Terms and conditions and the documents listed above, these Terms and conditions will take precedence. There are circumstances where we do not accept liability in respect of certain aspects of the operation of your smart + ISA. Further, there are circumstances where you will be responsible for costs and expenses we incur in respect of certain aspects of the operation of your smart + ISA. Please refer to the following sections for details: 4. Charges 5. Investments 7. Managing your investments 19. Liability. We may at our discretion vary these Terms and conditions in accordance with section 17, Changes to the Terms and conditions. Certain words in these Terms and conditions shown in bold have the particular meaning described in section 27, Glossary of terms. AXA Self Investor is a trading style of AXA Portfolio Services Limited. AXA Portfolio Services Limited is the ISA plan manager and product provider of the smart + ISA. The smart + ISA is a stocks & shares ISA and will be referred to as smart + ISA throughout this document. AXA Portfolio Services Limited does not provide advice. If you require advice you should contact an independent financial adviser.
3 Terms and conditions of the smart + ISA 03 Contents Introduction 1. Fairness of terms 2. Opening a smart + ISA 2.1 Eligibility 2.2 How to open a smart + ISA 2.3 Non-residency 2.4 Subsequent tax years 2.5 Checking your identity 3. Subscriptions and transfers 3.1 Making subscriptions 3.2 Transfers in 3.3 Transfers out 3.4 Re-registration 4. Charges 4.1 smart + charges 4.2 Fund manager charges 4.3 Paying the charges 4.4 Changing the charges 4.5 Remuneration we may pay 5. Investments 5.1 Fund range 5.2 Declining an order 6. Custody, ownership and cash-handling 6.1 Custody and ownership 6.2 Cash handling 6.3 Interest on cash 7. Managing your investments 7.1 General 7.2 Investment dealing 7.3 Deferring a transaction 7.4 Circumstances in which we will automatically sell investments 7.5 Order execution policy 8. Reports and Corporate Actions 9. Statements and valuations 9.1 Statements 9.2 Valuation of investment 9.3 Valuations and transaction statements 10. Cancelling your smart + ISA 11. Closing your smart + ISA
4 Terms and conditions of the smart + ISA Withdrawals 12.1 Single withdrawals 12.2 Natural income 13. Void or repair 14. Bankruptcy 15. Death 16. Taxation 17. Changes to the Terms and conditions 18. Changes to your personal information 19. Liability 20. Governance and regulation 20.1 Governing law and language 20.2 Main business and FCA register details 20.3 HM Revenue & Customs (HMRC) 20.4 Collection and Disclosure of Information to Tax Authorities 20.5 Conflicts of interest 21. Additional information 21.1 Data Protection 21.2 Delegation 21.3 Contracts (Rights of Third Parties) Act Advisers 22. How to contact us 23. How we will contact you 24. Customer status 25. Making a complaint 26. Compensation 27. Glossary of terms
6 Terms and conditions of the smart + ISA Non-residency In the event that you move outside of the UK after you have opened a smart + ISA with us, your existing investments can be retained and the tax-efficient status remains the same. You will be unable to make any additional subscriptions into your smart + ISA whilst non-resident unless you are a Crown employee who performs duties which, by virtue of Section 28 of the Income Tax (Earnings & Pensions) Act 2003, are treated as being performed in the UK, or are a spouse or civil partner of a Crown employee who performs such duties. If your circumstances, including residency status change, you agree to notify us of the changes as soon as reasonably possible. 2.4 Subsequent tax years You can continue to make subscriptions into your smart + ISA in subsequent tax years up to the maximum ISA allowance applicable to the relevant tax year without the need to reapply again. However, if you do not make any subscriptions in an entire tax year, you will need to apply for a new smart + ISA with us to make a subscription. If you have chosen to make regular subscriptions to your smart + ISA, these subscriptions will continue into subsequent tax years until you instruct us otherwise. 2.5 Checking your identity Your smart+ ISA will be opened and subject to the FSMA and all applicable laws and regulations, verification of your identity and our approval. You authorise us to carry out electronic identification checks. We may check the source of money added to your smart+ ISA. It is your responsibility to inform us of any changes or updates in any personal information you provide to us. You must provide us with information about your identity and tax residence upon request at any time (including after you have closed your smart+ ISA). You acknowledge that we may also be required to disclose this information and other personal data to the tax authority(ies) of your country(ies) of tax residence or HMRC, and otherwise co-operate with formal requests from such tax authority(ies). We and the AXA Group to the extent allowed by law and FCA rules do not accept liability to you for any loss that may be incurred as a result of you failing to provide us with information or providing incorrect information. We will retain records of your identity for so long as AXA is required to comply with its legal and regulatory obligations. 3. Subscriptions and transfers You can pay money into your smart + ISA and instruct us to buy investments through axaselfinvestor.co.uk. Subscriptions can only be sent to us once you have applied online and we have accepted your application. We will invest any money received as long as a valid order is in place. This will be carried out in line with section 7.5, Order execution policy. 3.1 Making subscriptions You can invest in three ways: Regular subscriptions: These will be accepted when a Direct Debit payment is received from your bank account. The minimum monthly subscription is 50 per month. You can choose to make regular subscriptions; these can be monthly, quarterly, six-monthly or annually. You can select any day of the month between 1 and 28 for subscriptions to leave your bank account. The maximum amount you can specify for regular subscriptions is determined by the current annual ISA allowance (subscription limit), any subscriptions you have already made to your smart + ISA in the current tax year (including any subscriptions made to a previous ISA plan manager in the current tax year that are transferred to your smart + ISA) and the number of subscriptions left in the current tax year:
7 Terms and conditions of the smart + ISA 07 If you do not specify an end date to your regular subscription then the maximum regular subscription amount would be calculated as your remaining current year subscription limit divided by the number of subscriptions within your selected payment frequency i.e. 12 if monthly, 3 if quarterly, 2 if 6 monthly and 1 if annually If you specify an end date on or before the end of the current tax year then the maximum regular subscription amount would be calculated as your remaining current year subscription limit divided by the number of subscriptions remaining before the end date If you specify an end date after the end of the current tax year but before the end of the next tax year then we will validate both tax years. We will first calculate the maximum regular subscription amount as your remaining current year subscription limit divided by the number of subscriptions remaining before the end of the tax year. We will then calculate the next tax year as the current year subscription limit divided by the number of subscriptions remaining before the end date. The annual ISA allowance is subject to review and change by HMRC. Any subscriptions you have made to a Cash ISA and / or an Innovative Finance ISA in the current tax year will reduce the amount you can subscribe to a smart + ISA, but will not be reflected in the calculations of your maximum regular subscription amount (explained above in section 3.1.1). It therefore remains your responsibility to ensure that any subscriptions you make do not exceed the annual ISA allowance. Please note that this is not a Flexible ISA. So you will not be able to reinvest the value of any withdrawals unless this can be accommodated by using your remaining annual ISA allowance Single subscriptions: You can open your smart + ISA with a single subscription of 500 or more from your bank account or your smart + Cash Account. You can make further single subscriptions at any time of 100 or more. We only accept single subscriptions by debit card or Direct Debit or from your smart + Cash Account Transfers: You can open your smart + ISA or add to your smart + ISA by transferring an existing ISA you hold with another provider. The minimum opening transfer value is 500 and transfers must be made direct to AXA Self Investor from your existing ISA plan manager (see section 3.2 Transfers in ). Additional ISA transfers into your smart + ISA require a minimum transfer amount of 100. We reserve the right acting reasonably to change the minimum amount you may invest from time to time, in line with section 17, Changes to the Terms and conditions. The maximum you can open your smart + ISA with is the annual ISA allowance for the tax year as set out by HMRC. When you have used your full annual ISA allowance you cannot pay in any more money in that tax year. This includes replacing any money you have withdrawn. 3.2 Transfers in We accept transfers into your smart + ISA from any existing ISA plan manager. You may transfer the whole of your current tax year s ISA and/or the whole or part of a previous tax year s ISA from an existing ISA manager. The minimum amount you can transfer to us is 500, with further ISA transfers requiring a minimum of 100. You should also be aware that: ISAs can be transferred between ISA plan managers without loss of their tax status The transfer will be subject to our acceptance of your transfer application The transfer of a previous tax year s ISA to us does not count toward the current tax year annual ISA allowance Any residual cash received from the preceding ISA plan manager after the date of transfer will be credited to your smart + ISA We will only accept cash transfers from an Innovative Finance ISA that you hold elsewhere Our appointment as ISA plan manager will begin from the date your valid transfer application has been accepted by us, unless you have already made a subscription to your smart + ISA Orders to buy units will be placed in line with section 7.5, Order execution policy Your investments could be re-registered if you hold a Stocks & Shares ISA (including a Flexible ISA), subject to agreement between us and the existing ISA plan manager and subject to the relevant funds being available within the smart + ISA. For further details on re-registration see section 3.4, Re-registration.
8 Terms and conditions of the smart + ISA Transfers out You can choose to transfer out of your smart + ISA at any time. Before transferring out of your smart + ISA, you should be aware of the following: You must choose a new ISA plan manager before any transfer can take place. Any transfer instruction will need to be passed to us by your new provider You can arrange to transfer your smart + ISA within a time stipulated by you to another HMRC approved ISA plan manager, subject to the ISA Regulations and the receiving ISA plan manager s approval. The time stipulated by you for these purposes may not be less than 10 days or more than 30 days from the day we are in receipt of your written notice to transfer On receipt of your instructions from the receiving ISA plan manager, we will transfer all of your current tax year s subscriptions made to your smart + ISA and/or the whole or part of a previous tax year s smart + ISA Whilst we do not make a charge for transferring your cash and/or investments, the receiving ISA plan manager may make a charge for accepting the transfer If you choose to transfer out in cash from your smart + ISA to another ISA plan manager, your money will not be invested for the time it takes for the transfer to complete Your investments could be re-registered, subject to agreement between us and the receiving ISA plan manager. If you are charged for transferring an investment, the new ISA plan manager will determine how you will have to settle these charges. We do not pay transfer fees, nor will we deduct such fees from your investments. 3.4 Re-registration You can re-register your existing investments to your smart + ISA, where you have the legal title (where relevant) or beneficial title to these investments, and the right to do this. Re-registration means that you can move investments from one ISA plan manager to another, without having to sell and then buy them back. If you wish to re-register an investment this is subject to the fund being available within the smart + ISA. Where it is not available, your existing ISA plan manager will need to sell the fund and transfer the proceeds as cash to your smart + ISA. If you choose to re-register to us a fund which is paying a rebate of the Fund Manager Annual Management Charge, you will no longer be able to receive that rebate in cash. Any future rebates that are due to you after the re-registration will automatically be used to buy additional units in a fund selected by you. In addition, any rebates you receive on existing funds within your smart + ISA will no longer be paid in cash and will instead be used to buy additional units in the fund selected by you at the point of re-registration. You are responsible for selecting the fund to receive your unit rebates as part of the re-registration process. Re-registering an investment may be subject to the agreement of the existing ISA plan manager. Please note this agreement may not be given. If, when re-registering an investment, you incur charges from an ISA plan manager you will need to settle these charges directly with them. We do not pay any re-registration fees nor will we deduct such fees from your investments. Re-registration of investments may also be possible where you wish to transfer your smart + ISA to another ISA plan manager, see section 3.3 above. 3.5 Additional Inherited ISA subscriptions If you have registered an Additional Inherited ISA allowance following the death of your spouse or Civil Partner, you may pay subscriptions up to the value of their ISA holdings as at the date of their death. Any subscriptions that you pay in relation to the Additional Inherited allowance are in addition to those that you might also pay using your annual ISA allowance. The Additional Inherited ISA allowance can be used in conjunction with an AXA Self Investor ISA or transferred to another ISA plan manager if you wish. Please note that subject to HMRC rules, you may only transfer the allowance once to another ISA plan manager and any unused allowance may be lost if you then attempt to transfer this again to another ISA Plan Manager.
9 Terms and conditions of the smart + ISA 09 You may make subscriptions which count towards the Additional Inherited allowance in two ways : You may transfer your Spouse or Civil Partner s existing ISA holdings subject to the funds being available within the smart + ISA. The transfer of holdings must be completed within 180 days of beneficial ownership passing to you. Alternatively, you may pay new subscriptions (excluding regular payments) within three years of the date of death, or if later, within 180 days of finalising the administration of your Spouse or Civil Partner s estate. 4. Charges 4.1 smart + charges The smart + ISA Charge This is an annual charge calculated daily and collected monthly in arrears from your smart + ISA. It covers the cost for us to carry out investment transactions on your behalf. It is calculated on the total value of your smart + ISA including any cash. The first monthly payment of this charge will be due one month after the date when you first placed money into your smart + service. Subsequent payments will be taken on the same date each month. The smart + ISA Charge is subject to ongoing review. Please see section 4.4, Changing the charges Other smart + charges There are other charges that may apply when managing your smart + ISA, these include charges for: Same day electronic withdrawal by CHAPS Failed Direct Debits and/or a returned cheque. In addition AXA Self Investor reserves the right to charge for providing at your request documents in paper format that AXA Self Investor hold on smart +. The rates applicable to all smart + charges as described above can be found in Charges information on axaselfinvestor.co.uk/charges. 4.2 Fund manager charges There will also be additional charges applied to the specific investments you hold through your smart + ISA. These charges are made by fund managers for investing in their funds. The fund manager charges will be shown on screen when you select particular funds on axaselfinvestor.co.uk/funds. The types of charges taken can vary from fund to fund. Fund managers will make some, or all, of the following charges: Fund Manager Initial Charge We have negotiated the removal of the initial charge with the fund manager on the majority of our funds. If a new fund is added to the fund range and we are unable to negotiate the removal of the initial charge then the fund manager will take the charge directly from the money you are investing, this means you do not need to pay for it separately. It is taken each time you invest money in the fund and is a percentage of the amount you invest. If subsequent to investing in a fund the fund manager introduces an initial charge, AXA Self Investor will write to inform you where possible in advance, of the introduction of the charge Fund Manager Annual Management Charge This charge is included in the calculation of the unit price. This means you do not need to pay for it separately. Rebate based funds Prior to 6 April 2014 we negotiated terms with some fund managers that meant some of the annual management charge is passed back (rebated) to us. From 6 April 2014, we do not offer these rebate paying funds for new
10 Terms and conditions of the smart + ISA 10 investments. If you invested before this date, you may have chosen funds which paid a rebate and part of this rebate may have been retained by us. We no longer keep any part of the rebate so you will receive the full amount if one is due. We will credit any cash rebates due to your smart + ISA on a monthly basis on the same date on which we collect all applicable smart + charges, see section 4, Charges. From 6 April 2014, you will not be able to make new investments into a rebate paying fund. This means if, from 6 April 2014, you wish to: Pay additional lump sum investments into your smart + ISA; Increase an existing regular ISA subscription; Reduce an existing regular ISA subscription; Change the fund choice for your regular ISA subscription; or Switch your existing investment into a different fund you must choose a rebate free fund for your investment. The actual Fund Manager Annual Management Charge is shown for each fund in the fund selection table on axaselfinvestor.co.uk/funds Bid/Offer Spread Pricing Unit trusts often quote two dealing prices, an offer price and a bid price. The offer price is the price at which you buy units and the bid price is the price at which you sell units. The difference between these prices is known as the bid/offer spread. Where the price of buying and selling units is different, the price you buy at is usually higher than the price the same units are sold at. Some funds may also include an initial charge in their bid/offer spread. We have negotiated the removal of this initial charge for most funds on smart +, but there may still be an underlying bid/offer spread so the price at which you buy units may be different from the price at which you sell them. For more information see the relevant fund fact sheet Fund manager additional fund expenses Annual expenses are in addition to the Fund Manager Annual Management Charge and are also included in the calculation of the unit price. These are charged by the fund manager for services and can include: Custody services, such as registration and settlement Administrative costs Fees linked to depositary duties Audit fees Professional services, such as legal counsel or audit Regulatory fees Fund manager performance related charge Some fund managers will make a charge when a fund s performance exceeds a performance fee measure. If a performance related charge applies, the Simplified prospectus/key investor information document (KIID) for each fund explains how and when this is charged Dilution levy Fund managers reserve the right to apply a dilution levy for certain funds, which is a charge that may be applied when you buy or sell individual funds (including switches). This charge is applied to protect the interests of the remaining investors in the affected fund. It will immediately reduce the value of your investment or sale proceeds that you are due to receive. Your money may be aggregated with other investors who place orders with us and our third party providers, in the same fund at the same time with the fund manager. Aggregation may increase the likelihood of a dilution levy being applied to your order. Any dilution levy applied will be split proportionally between all affected investors.
11 Terms and conditions of the smart + ISA Fund exit charge Fund managers may apply an exit charge, which is a charge that may be applied when you sell units in a fund. If the fund manager does apply this charge they will take the charge directly from the proceeds of the transaction, this means you do not need to pay for it separately. 4.3 Paying the charges smart + ISA Charge The smart + ISA Charge will be collected each month from cash held within your smart + ISA. If you do not have enough cash available in your smart + ISA when the charge is due we will use the auto-cash process which sets out which investments will be sold to cover the charge. In certain circumstances we reserve the right to charge interest on outstanding charges. You can find out more about how the auto-cash process works and when we may charge interest in section 7.4, Circumstances in which we will automatically sell investments Other smart + charges The same day electronic withdrawal by CHAPS charge will be collected from the money you withdraw before it is sent to you. The charge relating to a failed Direct Debit or a returned cheque will be taken from cash held within your smart + ISA. If there is not enough cash available we will use the auto-cash process Fund manager charges The fund manager will either take these charges directly from the money you are investing or include it in the calculation of the unit price. This means you do not need to pay for them separately. See section 4.2, Fund manager charges. 4.4 Changing the charges The charges you pay may change in the future. We reserve the right to make changes to or apply new charges from time to time. There are a number of circumstances that could lead to an increase in the smart + ISA Charge and other smart + charges. They are: Tax rule, legislative or regulatory changes Increases in our staff or overhead costs (which are reasonable in amount and reasonably incurred) or the fact that these costs represent a higher percentage of the value of funds Increases in the costs of using third parties (and there is no reasonable alternative third party). A third party is any party which is not AXA Self Investor. We will notify you of any increase in our charges at least 30 days prior to the change taking effect. Our current understanding of tax legislation and HMRC guidelines is that Value Added Tax (VAT) is not payable by you on the smart + charges. However, in the event that VAT becomes due, we reserve the right to add VAT to the charges made to you. Fund managers may increase their charges. Up-to-date fund manager charges can be viewed on axaselfinvestor.co.uk/funds. 4.5 Remuneration we may pay If appropriate we will pay remuneration to an intermediary in accordance with our agreement with them. Any remuneration paid will be disclosed to you separately by the intermediary within their Service and Costs Disclosure Document (SCDD) and will not affect the charges you pay in accordance with these Terms and conditions.
12 Terms and conditions of the smart + ISA Investments 5.1 Fund range Types of funds The types of funds currently available to hold in the smart + ISA are: Unit trusts Open Ended Investment Companies (OEICs) Société d investissement à Capital Variables (SICAVs). Most funds are based in the UK and are authorised by the FCA. There may be funds based outside of the UK that are recognised by the FCA (FCA recognised funds). This means the regulation in those countries in which FCA recognised funds are based is considered by the FCA to meet an acceptable minimum standard Variation of fund range We reserve the right from time to time to vary the list of funds available within smart + by adding or removing funds from the fund range, provided we believe it is reasonable to do so. This may be for one of the following reasons: If, in the reasonable opinion of third party experts that we engage, the fund is unsuitable to the range If, in our reasonable opinion, the fund no longer qualifies under the ISA Regulations If the fund manager decides to remove or close the fund If the original trading terms of the fund agreed with the fund manager change e.g. the cost to invest increases If we have no investment within an individual fund, we reserve the right to remove the fund from our range without notice If there is a change in relevant law or regulation including FCA guidance. If this happens, we will where possible give customers invested in the relevant fund at least 30 days written notice of our intention to close the fund to new investments. After this time you will no longer be able to make any further contributions to the fund through AXA Self Investor. 5.2 Declining an order We will not assess whether any proposed investment is right for your particular circumstances. We reserve the right to decline any order to buy or sell any investment where, in our reasonable opinion, the order: Is likely to lead to the voiding of your smart + ISA in terms of ISA Regulations Would limit or restrict in any way our ability to administer your smart + ISA on the grounds of illiquidity (the ability to sell the investment) or otherwise Would limit or restrict in any way our ability to obtain an appropriate valuation where in our reasonable opinion the connected costs would be prohibitive May be considered contrary to the longer term investment interests of other customers, smart + or fund managers. We do not accept liability for any loss suffered by your smart + ISA as a result. 6. Custody, ownership and cash-handling 6.1 Custody and ownership a) Investments You will always be the beneficial owner of your smart + ISA. Your smart + ISA may not be used as security for a loan. By agreeing to the Smart + Service Terms and Conditions and Smart + ISA Terms and Conditions you appoint us as your custodian in respect of your AXA Self Investor investments, and grant us (or any of our sub-custodians) the right to appoint nominee companies or sub custodians to hold the investments. Investments will be held in the name of those nominee companies or sub custodians, who will also hold any documents of title, such as share certificates, in respect of the investments held by them.
13 Terms and conditions of the smart + ISA 13 Investments may be collectively registered in the name of the nominee company or nominee companies by the custodian. If this is the case, the investments relating to your smart + ISA may not be separately identifiable by certificates or other documents of title or equivalent electronic record from those of other AXA Self Investor customers or other customers of AXA Portfolio Services Limited. If the custodian defaults, any shortfall in customer investments registered collectively may be shared pro-rata amongst those customers. We undertake regular reconciliations of the investments held for AXA Self Investor customers. Should we identify a discrepancy that results in or reveals a shortfall in those investments, unless we are justified in concluding that we are not responsible for the discrepancy, we will cover the shortfall by placing our own money into a platform administration general client bank account. This money will then be treated as client money under the FCA rules. Once the discrepancy is resolved, we will remove the money and place it back into our own account. Where investments are held by a custodian or nominee outside of the UK, different settlement, legal and regulatory requirements and different practices relating to the segregation of those investments may apply. We will satisfy ourselves that any agents or persons to whom we delegate any of our functions or responsibilities under these Terms and conditions are competent to carry out such arrangements. b) Cash Any money recorded in your smart + ISA will be held with money deposited by other customers of AXA Self Investor and AXA Portfolio Services Limited, and will be held by AXA Portfolio Services Limited in one or more general client bank accounts in accordance with the FCA rules on client money. In addition, we also operate other general client bank accounts with our main banking partner. These consist of investment administration accounts used to make payments for investments, receive proceeds from the sale of investments and receive investment income, and platform administration accounts used to move money to and from your Smart + Service Cash Account and into / out of, your Smart + ISA. Using these other accounts helps to ensure that we keep accurate records of the cash we hold for you. We undertake regular reconciliations of the client money held for AXA Self Investor customers. Should we identify a shortfall, we will correct it using our own money. Your cash holdings are identified and recorded individually only within our own company client money records. If the bank that is holding your money becomes insolvent, we will attempt to recoup your money on your behalf. However, if the bank cannot repay all the money it owes its clients, this could result in shortfalls in the bank accounts we hold at that bank. In this situation, AXA Portfolio Services Limited will treat money held in general client bank accounts with all the banks it uses as pooled and any shortfall will be shared proportionately between you and other AXA Self Investor and AXA Portfolio Services Limited clients. AXA Self Investor will update its records with your new reduced cash holding. You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if the banking partner we use to hold client money were to fail. Please see section 26, Compensation for more information on the FSCS. 6.2 Cash handling The movement of money to and from your bank account(s) is subject to the operating banks practices and their clearing processes. You can set up a maximum of four external bank accounts from which payments can be made into your smart + service and can nominate one of these accounts for withdrawals (nominated bank account). You can make subscriptions into your smart + ISA by Direct Debit or debit card or from your smart + Cash Account. All withdrawals from us to your nominated bank account will be made electronically. If you instruct us to make a same day electronic payment (CHAPS) we will apply a charge as defined in section 4.1.2, Other smart + charges. 6.3 Interest on cash Interest will be paid on cash held within your smart + ISA and will be subject to the level of interest as detailed in Charges Information on axaselfinvestor.co.uk and in accordance with applicable laws and regulations. Interest is credited to your account on a monthly basis on the first working day of the month. Interest will not be reinvested.
14 Terms and conditions of the smart + ISA 14 No interest will be paid on money until we match a payment to your account and it has cleared through the banking system. No interest will be paid on money moving through the investment administration accounts and the platform administration accounts mentioned above. No further interest will be earned once you have closed your account. 7. Managing your investments 7.1 General We will not act as an investment manager or provide advice in relation to investments held in your smart + ISA. We do not accept any liability for the performance or choice of: Investments Fund managers. You decide how your subscriptions and transfer in proceeds are invested. 7.2 Investment dealing The value of the investments will be shown in pounds sterling ( ). Your instructions to us to buy, sell or switch investments on your behalf will be transacted directly with the fund manager concerned, in accordance with our order execution policy. For more information see section 7.5, Order execution policy. We will provide you with further information relating to your chosen fund(s) and fund manager. You can view the Simplified prospectus/kiid when selecting funds within smart + on axaselfinvestor.co.uk/funds. Any subscription that has been credited to your smart + ISA will be available for the execution of an order. Your instructions to us to buy, sell or switch investments on your behalf will be transacted directly with the fund manager who sets the price at a specific valuation point in the future. This means that you will not know in advance exactly what price you will receive. For details of when we place orders with fund managers refer to section 7.5, Order execution policy. We actively monitor levels of trading and reserve the right to refuse any orders that might reasonably be considered contrary to the longer term investment interests of other customers, smart + or fund managers. For further detail, see section 5.2, Declining an order. Any income generated by your investments will be credited either to your smart + ISA as cash or paid to your nominated bank account, in accordance with your instructions to us. Income means any distributions or interest. (see section 12.2, Natural Income ). We will value your investments in pounds sterling, based on the most recent available price from the fund manager. We do not accept liability for pricing information provided by the fund manager. The prices recorded against your units in funds are indicative and are unlikely to be the price on which any order is executed if you wish to buy, sell or switch investments. You may instruct us to switch all or part of your investments within your smart + ISA by selling units in a fund and reinvesting the proceeds into another fund or funds. The purchase of your chosen units in funds will be transacted following confirmation of the sale. You will be out of the market during this period. We will not be liable for any delays caused by non-receipt of this information from the fund manager. We reserve the right to defer the new purchase until this information is provided. Should this occur, your money will not be invested during this period. Some funds may not trade daily so this may cause a delay in the switch being processed. 7.3 Deferring a transaction We may suspend temporarily or delay for a specified period of time (as may be reasonably required) or even suspend indefinitely the transmission of an order to a fund manager. We may do this for the following reasons: During any time when any of the main stock exchanges or markets are closed or when dealings are restricted or suspended
15 Terms and conditions of the smart + ISA 15 During any breakdown in any systems of communication (including computer systems) that are normally used by us in transmitting an order During any time when we cannot realise investments to make payments on the redemption of such funds; in accordance with the terms of the fund s prospectus Not receiving information needed to enable us to transmit the order. We may also do so where we reasonably suspect activities aiming to take unfair advantage of market timing opportunities, or a pattern of short-term or excessive switching, or switching patterns likely, in our reasonable opinion, to be disruptive of unit pricing of the affected funds. In exercising our discretion, we will take into account your switching history in a particular fund or across all funds and aggregate value of investments. An order that is affected by a deferment or suspension will be transmitted once we can again transmit orders to that fund manager or the information needed has been provided. This will be done in accordance with section 7.5, Order execution policy in line with the fund manager s next available valuation point. We will not be liable for losses caused to you by the suspension or deferment of the transmission of an order unless this was a direct result of: Our negligence or wilful default Any other breach by us of the FCA rules Any other breach by us of these Terms and conditions under which the order is made. Fund manager deferral A fund manager may delay for a specified period of time, suspend temporarily or indefinitely the execution of an order or may reserve the right to refuse to execute an order. Details of the circumstances in which a fund manager could suspend or defer or refuse the execution of an order are available from the fund manager. All transactions affected by a deferment or suspension made in accordance with this section 7.3 will be made at the end of the period using the unit price decided in accordance with section 7.5, Order execution policy. If we defer or suspend a transaction we will endeavour to notify you within 30 days of this happening. 7.4 Circumstances in which we will automatically sell investments There are two circumstances where investments can be sold automatically: a) Auto-cash process Cash in your smart + ISA will be used to cover the smart + ISA Charge and may be used to cover other smart + charges applicable to your smart + ISA. If there is insufficient cash in your smart + ISA when we take the charges, we will sell investments held in your smart + ISA to cover the charge(s) in accordance with the auto-cash process. We may also use this process to cover outstanding costs where you have not held sufficient cash in your smart + ISA on settlement of a buy order (see section 7.5, Order execution policy for details). Under the auto-cash process the Least Volatile Stock (LVS) will be sold first. The LVS is rated by a third party nominated by us to provide this information. By exception a LVS may be ring-fenced by us. Ring-fenced investments will only be sold as a last resort, and not automatically, usually due to liquidity issues or penalties that could arise when they are sold. Volatility is measured by how widely a range of returns varies from the fund s average return over a particular period. When the LVS process applies and there are two or more investments that have the same volatility, we will auto-cash the investment that you bought most recently. As part of the auto-cash process we can declare investments as ring fenced. Ring fenced investments are those investments that will only be sold as a last resort, and not automatically, usually due to liquidity issues or penalties that could arise on sale. To ensure all charges are covered, the minimum amount that will be realised by disinvestment as part of an autocash process is 10. The valuation price of units may fall between order and disinvestment, so to ensure this minimum cash amount is realised for minimum disinvestments, the number of units to be redeemed will be enhanced by 10%.
16 Terms and conditions of the smart + ISA 16 If there are insufficient investments available in your smart + ISA which are not ring fenced to cover all the outstanding charges or costs we will contact you to make arrangements to collect these charges or costs. If they remain outstanding for more than 30 days after we have contacted you, we reserve the right to sell ring fenced investments. We reserve the right to charge interest on outstanding charges or costs at a rate of 4.5% above the Bank of England base rate if charges or costs remain outstanding for more than 30 days from the date on which we contact you to make arrangements to collect these outstanding charges or costs. b) Sale of individual holdings If you instruct us to sell 95% or more of your investments in any one fund and express this as a monetary amount, we will give you the choice to either select a lower amount or to confirm that you wish us to sell the entire investment in that fund. 7.5 Order execution policy We are required to put in place an order execution policy and to take all reasonable steps when receiving and transmitting order(s) for execution. The relevant fund manager will execute the order(s). We will follow this order execution policy and you agree that the terms of the order execution policy will apply where we are transmitting orders on your behalf Investments The types of funds currently available to hold in the smart + ISA are: Unit trusts Open Ended Investment Companies (OEICs) Société d investissement à Capital Variables (SICAVs). Most funds are based in the UK and are authorised by the FCA. There may be funds based outside of the UK that are recognised by the FCA (FCA recognised funds). This means the regulation in those countries in which FCA recognised funds are based is considered by the FCA to meet an acceptable minimum standard Process Orders to buy units will be placed at the fund manager s next available valuation point, provided you have sufficient cash in your smart + ISA and the order is placed before our cut off time. Where money received for your smart + ISA is not applied before our cut off time, your order will be placed at the next available valuation point on the following working day. The fund manager will execute the buy order and request payment from us. This is known as settlement. On settlement we require cash to still be available in your smart + ISA in order to pay the fund manager. If cash is not available when we are required to pay the fund manager we may cancel the order. If this is not possible, we will contact you to arrange for payment of the purchase of units. If after 30 days from the date we contact you the payment remains outstanding, we will use the auto-cash process which sets out which investments will be sold to cover the cost of purchasing the units. You can find out more about how this process works in section 7.4, Circumstances in which we will automatically sell investments. You will remain liable to us for full payment of the purchase cost of the units. We will send your money to the fund manager on the Contractual Settlement date. The money may be held in the fund manager s bank account for a short period until they make payment to the fund. Similarly, when you sell or switch funds, your money may be held in the fund manager s bank account before they release the money to us. If they need to hold money for more than one business day they will transfer the money to a pooled client money bank account operated on behalf of customers prior to completing a purchase or returning the money to us to complete an instruction to sell or switch. Orders to sell units will be placed at the fund manager s next available valuation point provided we have received your order before our cut off time. All cash from successfully executed sell orders will be placed in your smart + ISA.
17 Terms and conditions of the smart + ISA 17 Orders to switch units will be placed as separate transactions. The order to sell units will be placed at the fund manager s next available valuation point, provided we have received your order before our cut off time; the order to buy units will be placed after we have received confirmation of the sell transaction from the fund manager. You will be out of the market for this period. Our cut off time is one hour before the fund manager s cut off time, which is usually within normal business hours e.g. 9am to 5pm. For further information please refer to the Simplified prospectus/kiid on axaselfinvestor.co.uk/ funds. Typically, the fund manager cut off will be the same as the fund s valuation point; however, some funds may cut off before the valuation point, e.g. at the close of business the previous day. Valuation points are subject to change by the fund manager and details of our current cut off times can be provided on request. Your money may be aggregated with other investors placing orders with us and our third party provider in the same fund at the same time with the fund manager. You can set up repeat buy orders if you are making regular subscriptions into your smart + ISA. This means that your order to purchase units in a pre-specified fund(s) will be placed automatically on the date on which we are due to receive your regular subscription. If your Direct Debit payment to us fails, we will sell the units purchased and cancel your existing instruction; you will be liable for any shortfall between the amount paid for the investment and the amount raised by the sale. In this event we may write to you or use the auto-cash process, which sets out which investments will be sold to cover the cost of any shortfall. You can find out more about how this process works in section 7.4, Circumstances in which we will automatically sell investments. Funds are forward priced so you will not know in advance exactly what price will apply to your transaction. Whilst the majority of funds trade daily there are exceptions. Where an order to buy, sell or switch is placed in respect of a fund that trades at intervals other than daily there may be a delay in the order being carried out Confirmation of orders We will provide you with a Contract note when your order has been executed. This will be placed in My Documents and you will be notified by that this has happened. A Contract note will be available for all successfully completed buy and sell orders. You are responsible for checking that the order has been placed correctly. Should there be any errors you should tell us immediately. We will issue a Contract note ordinarily within one order day of us receiving notification from the fund manager that the order has been executed. For an order comprising multiple instructions, a Contract note will ordinarily be issued within one order day of us receiving each notification that relates to that order. When you set up a repeat buy order for the same fund(s) with a regular subscription we will only issue a Contract note on the first occasion the order successfully completes or upon an increase or decrease in the regular subscription. Once we have received notification from the fund manager that your order has been executed, we will automatically update your online valuation to reflect this. Any investments that you sell will be removed from your valuation and any new investment holdings that you purchase will then be included in your valuation. Please note that where you make a new investment, we will continue to hold the money you invest as client money until the settlement date Deferral of withdrawals We reserve the right to defer payment where it is necessary to fulfil due diligence under FCA requirements or antimoney laundering rules. Whilst fulfilling our obligations, all settlement money will be held in a client money bank account until advised otherwise Monitoring and reviewing We will monitor our order execution policy at least annually to ensure it is effective. We may amend this order execution policy in accordance with section 17, Changes to the Terms and conditions.
18 Terms and conditions of the smart + ISA Reports and Corporate Actions On request we can arrange for you to receive a copy of the six-monthly report and accounts in respect of your investments and any other information issued to investors. If we receive any notifications from the fund manager concerning their fund, we will not generally pass these notifications on to you unless we reasonably consider the content of such notification to have a material impact on your investment. Where a notification relates to a corporate action that requires a decision to be made, we will abstain from voting in most situations where the fund manager has proposed a change affecting the fund; however, we may vote in favour of or against a proposal if we feel that the change will materially impact the operation of smart + or our customers. You will still be able to attend any meeting of investors in respect of each investment held in your smart + ISA, to vote in respect of your own investment. You will need to notify us at least 48 hours in advance of the meeting to do this. 9. Statements and valuations 9.1 Statements Two ISA statements will be made available to you online within My Documents. These will cover the periods 6 April to 5 October and 6 October to 5 April each year. Statements will provide various details about subscriptions into or withdrawals from your smart + ISA as well as details of rebates and charges. 9.2 Valuation of investment We will value your investments in pounds sterling, based on the most recent available price from the fund manager. The prices recorded against your investments are indicative and are unlikely to be the price on which any order is executed if you wish to buy, sell or switch investments. We do not accept liability for pricing information provided by the fund manager. We will provide you with six-monthly statements in My Documents showing details of all orders in your smart + ISA since the previous statement. We reserve the right to change the time and frequency of these statements, but will ensure that statements are sent out in accordance with the FCA rules. You can view your investments and their value at your convenience on axaselfinvestor.co.uk. 9.3 Valuations and transaction statements You can generate an online valuation statement or transaction statement at any time, which will be automatically produced and saved into My Documents. The value of the investments shown will be based upon the previous day s valuation point used and are for illustration purposes only. 10. Cancelling your smart + ISA You have the right to change your mind about opening your ISA. You will receive confirmation by that a cancellation reminder has been added to My Documents once your first subscription has been allocated to your smart + ISA by us, on receipt of your Direct Debit instruction, or on receipt and acceptance of your transfer application (whichever is earlier). You will then have 30 days in which you can cancel your smart + ISA. If you decide to cancel your smart + ISA before any subscription paid into it has been used to make an investment, then you will receive a full refund. If you decide to cancel within the 30 day period any regular subscriptions will be refunded in full. Any single subscription or transfer in during this period that has been used to make an investment will be refunded less any fall in the market value of the investment. If you cancel your smart + ISA within the 30 days, you can still invest in another ISA in the same tax year.
19 Terms and conditions of the smart + ISA 19 Any investments transferred in from an existing stocks & shares ISA can be returned to the ISA plan manager from where they were received, if they are willing to accept them. In the event that they will not accept them, you will need to find an alternative, for example, transfer to a new ISA plan manager. Alternatively, you can choose to close your smart + ISA and have the balance paid to your nominated bank account as cash. If you do not tell us to cancel your smart + ISA within the 30 day period, your smart + ISA will continue in accordance with the Terms and conditions. If, after this period has expired, you wish to close your smart + ISA, you can do so as explained in section 11, Closing your smart + ISA. 11. Closing your smart + ISA There is no fixed term to hold a smart + ISA after the 30 day cancellation period. If you do not cancel your smart + ISA within 30 days, it will continue in accordance with these Terms and conditions. You may close your smart + ISA at any time. While we do not charge you to close your smart + ISA you may get back less than the amount you invested. We may close your smart + ISA at any time by giving you 30 days notice if changes to the ISA Regulations mean that we can no longer operate it, or if you fail to meet these Terms and conditions. We will not be liable to you for any loss, liability or damage you may suffer if we close your smart + ISA for these reasons. Charges have the effect of reducing the value of your investments. We will monitor your smart + ISA to ensure that charges do not reduce the value of your investments to a level that we believe is excessive for your account balance. Where this happens, we will contact you to inform you of our concerns and suggest options available to you. We reserve the right to close your smart + ISA, if the balance is less than 500 and you have been a customer of AXA Self Investor for 18 months or longer. Further details of the circumstances when we may do this are set out in section 14 of the smart + Service Terms and conditions. 12. Withdrawals 12.1 Single withdrawals Withdrawing money from your smart + ISA will remove the tax-efficient status of the money you withdraw and will reduce the potential for growth of your investments. The minimum amount you can withdraw is 100. We reserve the right acting reasonably to change the minimum amount you may withdraw from time to time, in accordance with section 17, Changes to the Terms and conditions. Only single withdrawals are available and can be made on axaselfinvestor.co.uk at any time. To request a single withdrawal, cash must be available to fund the withdrawal. If insufficient cash is available you must place sell orders as part of requesting the withdrawal. If you make a withdrawal by selling investments, the sale proceeds will be forwarded to your nominated bank account if instructed by you. Payment of the proceeds to your nominated bank account will usually take place within 10 business days of the execution of your order by the fund manager, however, you may stipulate a time greater than 10 business days and less than 30 days. Some funds do not transact or trade on a daily basis. Therefore the transaction times will vary according to the terms of these funds. This may prevent you from making withdrawals at the time you want if this requires the sale of units held in a fund which does not transact or trade on a daily basis. We will pay withdrawals only to your nominated bank account Natural income Your investments may generate income through the payment of dividends or distributions. You can specify a preference to either have these payments credited to your smart + ISA as cash or elect to have them paid to your nominated bank account. Payment out to your nominated bank account is known as natural income. The option to choose natural income will only be made available to you if you have set up a nominated bank account within smart +. You can change your income preference at any time through smart +.
20 Terms and conditions of the smart + ISA Void or repair We will notify you if a failure to satisfy the provisions of the ISA Regulations makes, or will make, your smart + ISA invalid. This may happen, for example, if you are not eligible to open or hold an ISA or the application for the smart + ISA is invalid. Invalid ISAs can, in certain circumstances, continue as an ISA after repair. Invalid accounts that cannot be repaired must be voided. If we receive notification from HMRC to either repair or void your smart + ISA, we will notify you as soon as reasonably possible. HMRC will inform us of the action to take and we will carry this out. In certain circumstances it may be possible for us to repair your smart + ISA rather than make it void. If your smart + ISA becomes void, we will transfer your investments and any cash held in your smart + ISA into a smart + Trading Account and remove the tax-efficient status. If you do not hold a smart + Trading Account at the time, we will open one in your name to enable the transfer. If units in a gross share class are held, they will be converted to units in the equivalent net share class if available within the fund range. If the equivalent net share class is not available they will be sold and held as cash within your smart + Trading Account. The Terms and conditions of the smart + Trading Account will apply to the transferred investments and cash, including any charges applicable to the smart + Trading Account. You can find a copy of the Terms and conditions of the smart + Trading Account on axaselfinvestor.co.uk. We may deduct sufficient money to cover any tax liability incurred in voiding or repairing your smart + ISA. If distribution payments generated by the investments have been paid gross (i.e. where no tax has been deducted), it will be your responsibility to account for any tax that should have been deducted and paid to HMRC as a result of the investments being outside the ISA. 14. Bankruptcy On notification of your bankruptcy your smart + ISA and its tax-efficient status will cease in accordance with ISA Regulations and no further subscriptions will be accepted. Investments will be put into the beneficial ownership of the appointed trustee or official receiver. Any tax reclaimed on income received after the date on which the trustee or official receiver was appointed will be returned to HMRC. 15. Death The tax-efficient status of your smart + ISA will cease on your death in accordance with the ISA Regulations and no further subscriptions will be accepted. We will transfer your investments and any cash held in your smart + ISA into a smart + Trading Account. We will await instructions and receipt of the appropriate documentation from your personal representatives to establish proof of death and proof of entitlement. If you do not hold a smart + Trading Account at the time, we will open one in your name to enable the transfer. The Terms and conditions of the smart + Trading Account will apply to the transferred investments and cash, including any charges applicable to the smart + Trading Account. You can find a copy of the Terms and conditions of the smart + Trading Account on axaselfinvestor.co.uk. Any tax reclaimed on income received after the date of death will be returned to HMRC. Your investments may continue to receive income and in this circumstance the income will be subject to standard tax treatment. If units in a gross share class are held, they will be converted to units in the equivalent net share class if available within the fund range. If the equivalent net share class is not available they will be sold and held as cash within your smart + Trading Account.
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International Portfolio Bond for Wrap Key Features This is an important document. Please read it and keep it along with the enclosed personal illustration for future reference. The Financial Conduct Authority
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Ring395 The New Telephone Sharedealing Service From Jarvis Investment Management Fact Sheet If you are looking for a simple, low cost, telephone based service that offers outstanding value for money, then
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Supplementary Information Document Artemis Investment Funds ICVC GBP Supplementary Information Document Thank you for requesting information from Artemis. If you require an application form, or additional