Investment Trust ISA and Savings Scheme. Terms and conditions

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1 Investment Trust ISA and Savings Scheme Terms and conditions

2 Terms and conditions This section explains the legal terms and conditions of your Investment Trust ISA (which we refer to in these terms as your ISA ) and/or Investment Trust Savings Scheme (which we refer to in these terms as your Savings Scheme ) with Standard Life Savings. Words in bold have a particular meaning in these terms and in the documentation you receive from us regarding your ISA and/or Savings Scheme. The meaning of these words can be found in the Glossary section at the end of these terms. Words which we define in the singular form will also include the plural and words which we define in the plural will also include the singular. These terms govern your relationship with Standard Life Savings a company which is part of the Standard Life group and is regulated and authorised by the FSA if you decide to open an ISA and/or Savings Scheme. Shares can be held in a tax efficient ISA tax wrapper (up to the ISA maximum subscription limits) or out with a tax wrapper within a Savings Scheme. You can subscribe to either or both of these products, where you are eligible to do so. If you appoint a financial adviser, they will be able to give you more information on how best to use these two products, either separately or together. In these terms when we refer to your account we mean your ISA and/or Savings Scheme (as applicable). We have delegated our functions as ISA manager and Savings Scheme manager to Standard Life Investments (Mutual Funds) Limited. We have satisfied, and will continue to satisfy, ourselves that Standard Life Investments (Mutual Funds) Limited is competent to carry out these delegated functions and we are responsible to you for their acts and omissions. Standard Life Investments (Mutual Funds) Limited has appointed the administration company to provide third party administration services in relation to the Savings Scheme and/or ISA and has satisfied itself, and will continue to satisfy itself, that the administration company is competent to provide these services. Standard Life Investments (Mutual Funds) Limited has appointed the nominee company to provide custodial services in relation to the Savings Scheme and/or ISA and has satisfied itself, and will continue to satisfy itself, that the nominee company is competent to provide these services. Important Note: Part A of these terms applies to the ISA and Savings Scheme and Part B to the ISA only. These terms form the full terms and conditions of your ISA and/or Savings Scheme. Before applying for an ISA and/or Savings Scheme you should also consider carefully the key features document provided with these terms. Standard Life Savings is the ISA manager. 02/28 Investment Trust ISA and Savings Scheme

3 Contents Part A Investment Trust ISA and Investment Trust Savings Scheme Information Opening your account US Persons Registration of ownership Joint account holders: Savings Schemes only Your right of pre sale withdrawal (cooling off) Closing your account Authority to transact Buying and selling shares Switches between Investment Trusts and transfers between Savings Scheme and ISA Shareholder information and entitlements Pricing Income How we deal with your cash Charges Charges for your financial adviser s commission How our charges are set Changes to our charges Changing or replacing these terms Communication Risks and limits of liability Governing law Complaints Money laundering Personal data How to contact us Other information Force majeure Conflicts of interest The Financial Services Compensation Scheme Part B ISA specific information The ISA Eligibility Pre Sale withdrawal from your ISA Taxation Payments Transfers ISA termination Glossary Investment Trust ISA and Savings Scheme 03/28

4 Part A Investment Trust ISA and Savings Scheme Information 1. Opening your account 1.1 You can only apply to open an ISA if you: a) are 18 years of age or over on the date of application; b) hold your own UK personal bank account or UK sole trading account; and c) are resident and ordinarily resident in the UK for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or be married to, or in a civil partnership with, a person who performs such duties. Please see Part B of these terms for the additional eligibility criteria in respect of the ISA. 1.2 You can apply to open a Savings Scheme only if you are: a) 18 years of age or over on the date of application; or b) the trustees of an existing trust; or c) a corporate body, and you hold a UK bank account. 1.3 Where the trustees of a trust apply to open a Savings Scheme, it will be the trustees responsibility to ensure that this product is an investment which is a permitted investment under the trust deed which governs the trust. We do not accept any responsibility or liability for checking that any of the Investment Trusts are suitable investments under the terms of the trust and we give no warranty as to the suitability of the Investment Trusts as investments under the trust. 1.4 You cannot open a Savings Scheme and/or ISA if you are a US Person. Please see section 2 (US Persons) for further information. 1.5 Up to four individuals can together apply to open a Savings Scheme in their joint names. Please see section 4 (Joint account holders: Savings Schemes only) for further information. 1.6 If you want to open an account, you must apply by completing and signing an application and sending it to us by post. Your financial adviser (if you have one) can forward your completed and signed application to us on your behalf. 1.7 The contract between you and us will be concluded and your account will be opened once: a) you have accepted these terms which is done when you sign and you or your financial adviser on your behalf send us an application in which you agree to these terms (as described in section 1.6); b) either we have accepted your application and investment monies or we have accepted your application, are in receipt of your instructions to collect investment monies and we have confirmed the account will be opened on this basis; and c) the cooling off period has expired. See section 5 (Your right of pre sale withdrawal (cooling off)) for further information about the cooling off period. 1.8 Once the contract between us is concluded in accordance with section 1.7 we will: a) open an account in your name (or name(s), in the case of the Savings Scheme, if there is more than one applicant), and administer it in accordance with these terms; and b) issue you with your account number. Please ensure that you and/or your financial adviser include this number in all communications with us. Your initial investment monies will be invested on the first available dealing day once your account is opened. For further information please see section 8 (Buying and selling shares). 1.9 Subject to the FSA rules and/or the ISA regulations, we have full discretion to accept or not to accept an application and we reserve the right to reject your application and not to give you any reason for doing so. 04/28 Investment Trust ISA and Savings Scheme

5 1.10 If any information provided on your application is found to be incorrect or incomplete and we have not received the outstanding information within 10 business days of receipt of your application (regardless of the method of payment), we may reject your application and return any investment monies received to the account or person from whom it was received We will contact you or your financial adviser if we are unable to satisfactorily complete identity verification checks and you will be required to provide such additional information and evidence to facilitate this process as we may reasonably request. No withdrawals can be made from your account until identity verification checks have been satisfactorily completed. If satisfactory completion of identity verification checks has not been carried out within 42 days of receipt of your application, we may terminate these terms and close your account. If we close your account in accordance with this section 1.11 we will sell all your shares on the first available dealing day in accordance with the process set out in section 8 (Buying and selling shares) and will return the proceeds, less any charges incurred in disposal, to the account or person from whom it was received unless we are prevented by law from doing so The minimum amounts you can pay into your account are: a) an initial single lump sum payment of 1,000 to open an account; b) additional single lump sum payments of 1,000 each; or c) a monthly regular payment of 100, except in respect of the Standard Life European Private Equity Trust PLC, for which the minimum monthly payment is All initial payments (including, where applicable, the initial monthly regular payment) must be made by cheque. Additional single lump sum payments must be made by cheque. All further monthly regular payments must be made by direct debit You can: a) start, stop or vary your regular monthly payments; and/or b) make additional single lump sum payments at any time provided you continue to meet the eligibility criteria and (in the case of your ISA) you do not exceed the ISA maximum subscription limits. Please see section 2 of Part B of these terms for further information on the ISA maximum subscription limits Direct debits for regular monthly payments are collected on the first business day of each month. Please see section 8.11 for information on when dealing instructions are carried out Neither you nor we will receive any interest on money that we hold for you as client money where this is held by us while any application is pending, while we await any outstanding documentation necessary to activate your account or which is held pending investment or payment to you. This is because such money is kept segregated in pooled client bank accounts that do not generate interest We will classify you as a retail client for the purposes of the FSA rules. For more information on the regulatory protection afforded to retail clients and on the Financial Ombudsman Service, please either contact us in writing (see section 25 (How to contact us)) or speak to your financial adviser if you have one You may choose to appoint a financial adviser but there is no requirement to do so in order to invest in an ISA and/or Savings Scheme. Please be aware that we will not advise you about the suitability of any investment that you may decide to hold in your account. If you are unsure about the suitability of any investment, we strongly recommend that you appoint a financial adviser. If you do appoint a financial adviser we will not be responsible for any advice given to you by them If you appoint a financial adviser, you must inform us of their authority to act on your behalf by providing a letter of authority to us in writing. Please be aware that, where you have informed us that a financial adviser acts on your behalf, your financial adviser can only request, receive and provide us with documentation and information on your behalf as set out in these terms. Your financial adviser cannot make an application or provide dealing instructions to us on your behalf If your financial adviser no longer acts for you (for any reason), you will need to notify us in writing. If you have appointed a new financial adviser, you will need to provide a letter of authority to us in writing in accordance with section 1.19 above Please refer to section 24 (Personal Data) for information on how the information you supply to us may be used. Investment Trust ISA and Savings Scheme 05/28

6 1.22 You agree that the contract for the provision of an ISA and/or Savings Scheme will be governed by these terms Where attorneys are required by you as the account holder(s) to act together when providing us with instructions, we will only be able to accept written instructions from the attorneys if they are signed by all of the attorneys unless we agree otherwise. We will continue to accept instructions from you By your acceptance of these terms, you acknowledge and consent to the delegation by Standard Life Savings or other members of the Standard Life group of the provision of custodial services, as set out in section 3 (Registration of ownership), to the nominee company. You also agree to co operate fully with the nominee company as defined in these terms. 2. US Persons 2.1 You cannot open a Savings Scheme and/or ISA if you are a US Person. This is because none of the Investment Trusts are registered under the United States Securities Act of 1933 (as amended) nor have the Investment Trusts been registered under the United States Investment Company Act of 1940 (as amended) and the shares cannot be offered or sold, directly or indirectly, in the United States or to US Persons. 2.2 We may at any time after receipt of your application and/or while you hold an account require you to provide us with any information that we may consider necessary for the purpose of deciding whether or not you are, or will be, a US Person. 2.3 If we are not able to determine whether you are, or will be, a US Person within 10 days of receiving your application we may reject your application and return any investment monies received to the account or person from whom it was received. 2.4 You must notify us as soon as possible if, while you hold an account, you become a US Person. 2.5 If while you hold an account you become a US Person, you must provide us with information that we may reasonably require in order to meet our legal and regulatory obligations from time to time in relation to US Persons. Provided you do this you will be able to keep your account open but you will not be able to make any further subscriptions to it. Please contact the customer services centre for further information (see section 25 (How to contact us)). 2.6 Please refer to section 2.11 of Part B of these terms for additional restrictions that apply in respect of the ISA if you become resident outside the UK. 3. Registration of ownership 3.1 By agreeing to these terms you appoint us as your custodian in respect of the shares held within your account and grant us (and anyone who succeeds us as custodian) the right to appoint sub custodians. Shares will generally be registered in the name of the nominee company or as we may otherwise direct. Subject to section 20 (Risks and limits of liability), we accept responsibility for all shares registered in the name of the nominee company. Any documents of title will be held by us, the nominee company or as we may otherwise direct. 3.2 You agree that you will at all times be either: a) the owner of the benefit of the shares (the meaning of which is explained in section 8.10), or b) a trustee in relation to the shares held in the Savings Scheme. 3.3 You also agree that the shares will remain free from any third party right which may impact on the ability of those shares to be sold or transferred. 3.4 Investments you hold in your ISA or Savings Scheme will be held in accordance with the FSA rules on holding client assets. 3.5 Your investments will generally be held together with the assets of our other clients on a pooled basis. This means the following in respect of such investments: a) as explained in section 8.10 the legal title to these investments is registered in the name of the nominee company; b) dealing instructions may be aggregated with those of other clients and executed in bulk transactions; and c) an individual client s investments are identified only within our own or the nominee company s custody records. 3.6 For details on the treatment of client money, please see section 13 (How we deal with your cash). 06/28 Investment Trust ISA and Savings Scheme

7 4. Joint account holders: Savings Schemes only 4.1 As set out in section 1.5, up to four individuals can together apply to open a Savings Scheme with us in their joint names. This account will only hold the jointly held shares of all of the account holders. Individually owned shares will be held separately by each individual owner. 4.2 Where two or more persons have a joint Savings Scheme with us, each account holder is jointly and severally liable under these terms. This means that each of the account holders is responsible for all of the obligations arising from the joint Savings Scheme both on their own and together. We can therefore ask any of the joint account holders to rectify a breach of these terms even if that individual did not cause the breach personally. 4.3 Upon the death of any joint account holder, the surviving joint account holder(s) will be the only person(s) to have a right to the assets held in the joint Savings Scheme. 5. Your right of pre sale withdrawal (cooling off) 5.1 You have the right to a pre sale withdrawal (cooling off). The cooling off period is 7 calendar days from the date we receive your application (the cooling off period). Please note that this cooling off period applies to your initial application only. It does not apply to any subsequent dealing instructions. 5.2 You can decide not to proceed with your ISA and/or Savings Scheme at any time during the cooling off period by writing to us at our principle administration office. The contact details for our principal administration office are provided in section 25 (How to contact us). 5.3 Your account will not be opened until the business day following the expiry of the cooling off period. We will invest your initial investment monies on the next available dealing day following the expiry of the cooling off period. 5.4 If you decide not to proceed with your ISA and/or Savings Scheme during the cooling off period we will return any investment monies received to the account or person from whom it was received. 5.5 During the cooling off period your initial investment monies will be held in a pooled client bank account. 6. Closing your account 6.1 You may terminate these terms and close your account by giving us notice in writing. Please see section 19 (Communication) for more details. 6.2 If you terminate these terms under section 6.1 above, we will sell your shares on the first available dealing day after receipt of your notice to terminate in accordance with the process set out in section 8 (Buying and selling shares) and the proceeds will be issued to you by cheque or credited to your nominated account as specified in your notice unless we are prevented by law from doing so. You may be liable for any charges incurred when selling your shares. For details of the charges that may apply please refer to the key features document or contact the customer services centre (see section 25 (How to contact us)). 6.3 We will only close your account and these terms will only terminate when all your shares have been sold and the sale proceeds less any charges incurred have been issued or credited to you in accordance with section If we have instructions, ad hoc or regular, to purchase shares for your account when we receive your notice to terminate these terms, depending on the period between your notice and your next direct debit date, we may complete and settle pending purchase transaction(s). The customer services centre will be able to provide you or your financial adviser with more information (see section 25 (How to contact us)). You will then need to contact us again in writing to instruct the sale of any purchased shares and to close your account. 6.5 We may terminate these terms and close your account if: a) any information provided on your application is found to be factually incorrect or materially incomplete; or b) you fail to comply with these terms in respect of the ISA and/or Savings Scheme (as the case may be) and fail to remedy this within 30 business days of being asked by us to do so; or c) you fail to make any payments due to us after we notify you of the amount you owe us and have given you a further 30 business days to make the required payments. Investment Trust ISA and Savings Scheme 07/28

8 6.6 If we terminate these terms under section 6.5 we will sell all your shares on the first available dealing day in accordance with the process set out in section 8 (Buying and selling shares) and will pay the proceeds, less any charges incurred in disposal, to your nominated account, unless you instruct us otherwise or we are prevented by law from doing so. We will write to you to confirm the closure of your account. 6.7 In closing your account, we reserve the right to reimburse ourselves for any losses or expenses that we have suffered in connection with the opening, running or closing of your account that are outstanding at the time we close your account, whenever such losses or expenses were incurred. 6.8 If we are informed of your death (unless, in the case of a Savings Scheme, there are surviving joint account holder(s)) we will immediately cease all transactions, acceptance of regular payments into your account and payment of income out of your account. On receipt of the required documentation establishing the person who is entitled to collect and distribute your monies or other assets after you die, we shall act as instructed by that person. We will continue to hold the shares you held in your Savings Scheme until we are instructed by your personal representatives to sell or transfer them. The value of the shares may rise or fall and we will continue to deduct charges and expenses. Please see section 7.6 in Part B, (ISA termination) for details about the process of dealing with your ISA if you die. 7. Authority to transact 7.1 Sections 7 to 9 of these terms cover how you can pass on dealing instructions to us to buy, sell, transfer or switch shares within your account. 7.2 We will only accept dealing instructions in respect of your account from you in writing and posted to our principal administration office as set out in these terms. Please see section 25 (How to contact us) for the address of our principal administration office. 7.3 For Savings Schemes we require instructions to be given in writing by all account holders or authorised persons (where applicable). This includes but is not restricted to, dealing instructions or instructions to change the nominated account or address details. 7.4 We will endeavour to carry out your dealing instructions correctly, but it is your responsibility to check that we have done so. If a dealing instruction has not been carried out correctly or an error has occurred, you should notify us as soon as reasonably possible and in any event within 30 days of becoming aware of any error. Upon becoming aware of any error made by us (whether as a result of receiving such notification or otherwise) we will consider appropriate actions to remedy it in accordance with section Buying and selling shares 8.1 Whilst we will act on your behalf in respect of dealing instructions we receive, we will not provide you with any investment advice or investment recommendations. If you require such advice, you should consult a financial adviser. 8.2 We are not required to assess the suitability of any investment you wish to make under these terms, and you will therefore not benefit from the protection of the FSA rules in assessing suitability. If you appoint a financial adviser it is their responsibility to assess the suitability of any investment you wish to make. Please see section 1.19 for more information on appointing a financial adviser. 8.3 We will assume that all dealing instructions given to us are correct and we will not allow any changes to dealing instructions once we have placed them with the person(s) who will be responsible for the execution of the dealing instructions. 8.4 If we place a dealing instruction that you instructed us to place and then are told by you that the dealing instruction was incorrect, we will not be liable for any costs or losses incurred by you as a result of the dealing instruction being executed. 8.5 If we experience any difficulty in executing your dealing instruction promptly we will inform you and/or your financial adviser as soon as reasonably possible and in any event within 5 business days of identifying the issue. 08/28 Investment Trust ISA and Savings Scheme

9 8.6 We will refuse a dealing instruction: a) if we have reasonable grounds to believe that the dealing instruction may be in contravention of any applicable law or regulation; b) if you have not provided any evidence of your identity already requested; or c) if we are unable to execute it due to factors beyond our control, for example, where there is no price available on the relevant market for the shares. If we refuse a dealing instruction we will notify you and/or your financial adviser of our reasons for doing so. 8.7 We will delay carrying out a dealing instruction which we believe to be incomplete, inaccurate or unclear until the dealing instruction has been clarified, and we will contact you or your financial adviser to request such clarification. 8.8 If your dealing instructions are incomplete, inaccurate or unclear we will place cash which we are unable to invest in a pooled client bank account until we have clarified your dealing instructions. If the dealing instruction has not been clarified within 10 business days of receipt of your instruction, we may return cash received to you. 8.9 Please see section 14 (Charges) for details on applicable charges All shares that you request us to purchase on your behalf will be held in the name of the nominee company. Whenever your shares are registered in the name of the nominee company, the nominee company will hold them on trust for you. This means that you own the benefit of the shares and the benefit will continue to belong to you even if the nominee company becomes insolvent. Please see section 3 (Registration of ownership) for further information on how shares are registered and owned Dealing instructions are carried out weekly on a dealing day. Provided we receive dealing instructions and (in the case of purchase transactions) your subscription monies in accordance with these terms, we will place dealing instructions with the execution only stockbroker on the next available dealing day. For purchase transactions where subscriptions are received by direct debit, we will place your dealing instruction on the next available dealing day following the expiry of five business days from the date we collect your direct debit. See section 9.2 for timescales of combined dealing instructions (switches). All payments received from you will be held in cash in a pooled client bank account pending investment Dealing instructions received on a dealing day must be received by 12 noon to be carried out on that day. Dealing instructions received after that time will be carried out on the next available dealing day Dealing instructions will be executed at the price available on the relevant market at the time your dealing instruction is executed For purchase transactions we may not be able to invest your entire subscription in shares in an Investment Trust. This is because the Investment Trusts have a fixed number of shares in issue and/or you can only purchase whole shares in an Investment Trust. If this happens we will hold any residual cash balances in cash in a pooled client bank account pending investment. This cash will be added to any further payments received from you and any other money we hold on your behalf in accordance with these terms and invested when there is sufficient cash to purchase a whole share The proceeds of sale transactions will be issued to you by cheque or credited to your nominated account as specified in your instructions within three business days of the dealing day on which the sale has taken place subject to receipt by us of the funds Subsequent to the sale of any shares, if we receive any further income from these shares, we will forward that income to you or to the new owner of the shares depending on who we are notified as being entitled to receive it. Investment Trust ISA and Savings Scheme 09/28

10 8.17 If any cheque forwarded to us to buy shares is bounced or any direct debit fails, we will follow the process set out in section 8.11 on the understanding that we receive cleared funds to buy those shares. We will, as soon as reasonably practical after we become aware of the rejection of funds, notify you or your financial adviser of this. If we do not receive cleared funds for those shares within 35 days of accepting your dealing instructions (regardless of the method of payment), we will, where allowed under the ISA regulations in the case of shares held in your ISA, sell those shares as soon as reasonably practical thereafter and in any event no later than the first available dealing day after day 35. For shares held in your ISA, if we are allowed under the ISA regulations to sell the shares in accordance with this section 8.17, the failed subscription will not count towards the ISA maximum subscription limits. You will be charged for any reasonably incurred costs that apply for buying and selling any of those shares. If the value we receive for selling those shares is less than the price we paid for them, we will ask you to repay the shortfall to us. If the value we receive from selling those shares is greater than the price we have paid, we will retain any gain which has been caused by market movements. You will also be required to repay to us any charges or costs that we incurred due to your failure to provide us with cleared funds within the period set out in this section 8.17 (regardless of the method of payment) Where we are required by the FSA rules to issue contract notes relating to transactions we will issue them to you and/or to your financial adviser (if you have one) by post We shall at all times comply with the FSA rules regarding the issue of contract notes. If the FSA rules on contract notes change we shall amend our procedures accordingly. However, unless required to by law or the FSA rules we will not provide you with less information than we have agreed to provide in these terms We operate an Order Execution policy. This policy sets out how we will carry out dealing instructions, including the price we obtain for you when executing a dealing instruction. Full details of our Order Execution policy may be found at or are available from our customer services centre (see section 25 (How to contact us)). You consent to our Order Execution Policy by agreeing to these terms. 9. Switches between Investment Trusts and transfers between Savings Scheme and ISA 9.1 You may sell and switch shares between Investment Trusts (and transfer shares in the same Investment Trust between your Savings Scheme and ISA). If you transfer Investment Trusts from your ISA to your Savings Scheme, you will cease to qualify for any tax advantages associated with the ISA in respect of those investments. 9.2 If you want to switch between Investment Trusts, we will place your dealing instructions with the execution only stockbroker and the shares will be sold on the relevant market by the execution only stockbroker on the next available dealing day. Once the sale price is confirmed for the sale and, therefore, settlement proceeds can be calculated, your purchase transaction will be placed on the relevant market on the next available dealing day. If no quote is available for any of the shares we will contact you. 9.3 Due to timing differences between the sale and purchase transactions, the implementation of a dealing instruction for a switch of investments may result in investment monies being temporarily uninvested or out of the market, and held in cash in a pooled client bank account pending reinvestment. During the time the cash is out of market the price of the shares may rise or fall so the number of shares you are able to purchase with the cash realised may be less or more than the number of shares you sold. 9.4 If you want to transfer investments in the same Investment Trust from your Savings Scheme to your ISA, the process set out in 9.2 will apply. We cannot transfer shares in an Investment Trust from your Savings Scheme to your ISA without you selling and repurchasing those shares. 9.5 If you want to transfer investments in the same Investment Trust from your ISA to your Savings Scheme, please contact the customer services centre for further information (see section 25 (How to contact us)). 9.6 There is currently no charge for carrying out a switch between Investment Trusts or transferring shares in the same Investment Trusts between your Savings Scheme and ISA. Standard charges will apply if you reinvest in new Investment Trusts within your Savings 10/28 Investment Trust ISA and Savings Scheme

11 Scheme or ISA. For details of the charges that may apply please refer to the key features document or contact the customer services centre (see section 25 (How to contact us)). 10. Shareholder information and entitlements 10.1 You will receive a statement of account every 6 months. These 6 monthly statements will show you the value of your shares at the close of business on the date of the statement You will receive copies of any reports and accounts, notices or other information issued to shareholders in the Investment Trusts that you are invested in. If our regulatory obligations change, we will amend our procedures to comply with those obligations. 11. Pricing 11.1 Each Investment Trust s share price is set by the market. You can find the most recently published price for your shares by contacting the customer services centre (see section 25 (How to contact us)) or your financial adviser if you have one. Prices are published on the manager s website, You should remember that all prices are historic and are not, therefore, prices at which your dealing instructions will be executed. 12. Income 12.1 Income from shares is made up of dividends We will collect income from your shares for you. We will put this collected income together with any residual cash balance which we hold on your behalf in accordance with section 8.14 and any payments received from you and use it to buy more shares in the Investment Trust from which the income has been received. Alternatively, if you elect, we will forward this collected income to you, to your nominated account or by cheque as specified in your instructions. We will use all reasonable endeavours to do this on the first dealing day after the income is received by us. However there may be circumstances out of our control where an income payment may be delayed Income which is paid as dividend will be received net of tax with an associated tax credit. We cannot reclaim that tax credit. 13. How we deal with your cash 13.1 Where applicable, your money will be held in accordance with the FSA rules on holding clients money. Your money will be held in bank accounts which we use only to hold money for clients and do not use to hold our own money We also operate collection and payment accounts with other UK banks for the purposes of receiving and clearing payments from you and for making payments to you. Neither you nor we will receive any interest on any monies which, in the course of settlement or acceptance by us, are held by us on your behalf in these accounts. This is because such money is kept segregated in pooled client bank accounts that do not generate interest. Currently, collection accounts are held with The Bank of New York Mellon (International) Limited and payment accounts are held with National Westminster Bank plc (in respect of payments made to you by electronic transfer) and Barclays Bank plc (in respect of payments made to you by cheque) 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 persons to whom it owes money (i.e. its creditors), any shortfall may have to be shared proportionally between all its creditors including you and our other clients. In this situation, you may be eligible to claim under the Financial Services Compensation Scheme (FSCS). For more information on the FSCS please see section 29 (The Financial Services Compensation Scheme). 14. Charges The charges payable by you depend on the Investment Trusts you choose to invest in and on the commission you ask us to pay to your financial adviser on or before the last commission date. Information on the charges applicable to you (which will be made up of some or all of the charges described in this section, depending on the holdings in your account) is contained in the key features document which is available by contacting the customer services centre (see section 25 (How to contact us)). Investment Trust ISA and Savings Scheme 11/28

12 Administration Charges 14.1 Initial charge When you invest in an Investment Trust an initial charge may be applied by us. This charge will be deducted from the amount you intended to invest in your account therefore reducing the number of shares you can purchase. This initial charge forms part of our charges for providing the services and administering your account. Details of the initial charge for any Investment Trust that you invest in is contained in the key features document or can be obtained by contacting the customer services centre (see section 25 (How to contact us)) Switch charge We may levy a switch charge for exchanging any shares you hold in any Investment Trust for any shares in a different Investment Trust. Further details of the switching charges that apply can be obtained by contacting the customer services centre (see section 25 (How to contact us)) Stamp Duty Reserve Tax Purchases of shares will normally incur stamp duty reserve tax at a rate of 0.5% of the share price. However the rate of stamp duty reserve tax may differ for some Investment Trusts. The amount of tax you owe will be added to your total cost of purchasing the shares. Further details of the stamp duty reserve tax that applies is contained in the key features document or can be obtained by contacting the customer services centre (see section 25 (How to contact us)). Investment Trust Charges 14.4 The Investment Trusts have to pay certain expenses, which are deducted directly from the assets of the Investment Trust. These expenses include: The annual management fee, which is the fee levied by the manager of each Investment Trust to pay for the services it provides. Details of the annual management fee which applies to any Investment Trust you invest in can be found in the key features document or can be obtained by contacting the customer service centre (see section 25 (How to contact us)). The Standard Life group will give you at least 30 days notice (according to the process set out in section 19 (Communication)) before it increases the annual management fee of an Investment Trust that you invest in. Other expenses paid by the Investment Trusts include directors fees, audit fees and administration fees, including the cost of producing the annual and interim report. Details of the up to date expenses paid by any Investment Trust you invest in can be obtained by contacting the customer services centre (see section 25 (How to contact us)). 15. Charges for your financial adviser s commission Until the last commission date if you appoint a financial adviser, you can pay for their services in a number of ways. Firstly you can agree to pay a fee directly to your financial adviser. For applications and/or dealing instructions received by us on or before the last commission date, you can also agree that we should pay commission to your financial adviser in relation to your account. This section explains how your financial adviser s commission will impact on your account. These charges are also explained in the key features document. For more information and advice on charges please consult your financial adviser or contact the customer services centre (see section 25 (How to contact us)). After the last commission date we will no longer accept requests to pay initial commission to your financial adviser from any payment or transfer to your account. You will instead need to agree to pay your financial adviser direct for any services they provide you Initial commission Up to and including the last commission date, if you make a lump sum payment or transfer to your account and you instruct us to pay initial commission to your financial adviser from the money you invest, we will make a deduction from each such payment or transfer up to a maximum of 3% of the amount of the payment or transfer. The amount of the deduction is the same as the amount of initial commission. Please note that we cannot deduct initial commission from regular monthly payments to your account. 12/28 Investment Trust ISA and Savings Scheme

13 16. How our charges are set 16.1 Our total Administration charges set out in sections 14.1 to 14.3 are intended to cover our overall costs in providing the ISA and/or the Savings Scheme (including an appropriate proportion of the costs of the services) and to provide a reasonable margin for profit. These overall costs include: a) expenses incurred at the start of your ISA and/or Savings Scheme; b) expenses incurred during the term of your ISA and/or Savings Scheme; c) expenses incurred when your ISA and/or Savings Scheme ends At least once a year, we will review our assumptions and our overall costs in providing the ISA and/or Savings Scheme (including an appropriate proportion of the costs of the services). These costs are unknown when your ISA and/or Savings Scheme start and we need to make assumptions about future costs when setting our charges As a result of a review of our assumptions and overall costs, we may adjust the balance in the level and mix of charges for existing customers. We will only make these adjustments if we have reasonable grounds to do so and the resulting balance is a reasonable balance of charges for customers who are using the services for different investments and/or products For the purposes of section 16.3, reasonable grounds include: a) adjusting the charging structure for existing and new customers; b) reflecting increases in our costs of providing the ISA and/or Savings Scheme (including the appropriate proportion of the costs of the services); c) reflecting increases in our costs (including salary costs) in providing particular options and services available under the ISA and/or Savings Scheme; d) reflecting reasonable changes in the assumptions that we make about the future costs in providing the ISA and/or Savings Scheme; e) reflecting reasonable changes in the assumptions that we make about the future costs in providing particular options or services available under the ISA and/or Savings Scheme; and f) responding to changes in the services and the systems used to provide them and their use. Any increase of our charges will not increase our profit margins above reasonable levels. 17. Changes to our charges 17.1 If we change or introduce a new charge, as described in section 16, or because we provide you with additional services, subject to section 18.3, we will provide you with 30 days notice (according to the process described in section 19 (Communication)) before the change becomes effective We may also introduce new charges: a) for any additional administration costs which are imposed on us or which we could not reasonably have anticipated when you opened your account; or b) for new options or services provided to you; or c) to make reasonable adjustments to set an appropriate level of charges for customers who are using the services for different products and/or investments. 18. Changing or replacing these terms 18.1 We can make reasonable and appropriate changes to these terms (or issue a replacement set of terms and conditions in their place) at any time while your account is in force: a) to reflect changes to relevant law or regulation, including decisions of the Financial Ombudsman Services; or b) to reflect new industry guidance and codes of practice which are there to raise standards of consumer protection; or c) if it becomes impossible or impracticable, in our reasonable opinion, to carry out any of these terms as a result of a change in law or other circumstances beyond our control; or d) if the tax treatment applicable to any product available through the services or to us is changed or is due to change in a manner which has or would affect any product available through the services or we have to pay a government levy; or Investment Trust ISA and Savings Scheme 13/28

14 e) to reflect the increase of our reasonably incurred costs associated with providing you with the services and/or administering your account; or f) to reflect improvements to our systems or the services that technological, service or propositional enhancements have allowed us to make; or g) where such change is not to your detriment, including to correct any errors or inaccuracies Subject to section 18.3, we will give you at least 90 days notice (as explained in section 19 (Communication)) before any change becomes effective and provide you with an amended version of these terms as a whole or just the amended terms by post or on our website (as notified to you) unless the amendments made are immaterial or not to your detriment Changes to these terms that are outside of our control, (e.g. a change in legislation) will take effect immediately. All other changes will take effect 90 days from the date of our notification to you of the change. Each notification of change we provide to you will state the reasons for the change and the date the change will become effective If you object to a change implemented by us in respect of the valid reasons contained in these terms please contact the customer services centre (see section 25 (How to contact us)) (or your financial adviser if you have one) but please note your only recourse may be to close your account or transfer it to another provider of ISAs and/or investment services. Please see section 6 (Closing your account) for further details If you object to a change implemented by us in respect of valid reasons which are not mentioned in these terms, you can notify us of your objection within the 90 day notice period by writing to us. You will then have 90 days to close your account as explained in section 6 (Closing your account) or transfer it to another provider of ISAs and/or investment services and we will waive any exit fees normally applicable. You will still have to pay any charges from third parties that we are able to pass on to you under these terms. 19. Communication 19.1 Notices that either we or you are required to serve on the other under these terms must be served in writing to the last notified address of the recipient A notice served in writing will be deemed delivered 5 business days after being posted and in proving such service it shall be sufficient to prove that such envelope was properly addressed, stamped and posted We and certain other companies in the Standard Life group would like to contact you from time to time to keep you up to date with special offers, new products and services, newsletters and other promotions. We will never pass your details outside the Standard Life group of companies for marketing purposes Please indicate whether you want to be kept informed by us and certain other companies in the Standard Life group in your application If you change your mind as to whether to be kept informed, you can contact us at any time. Our contact details are in section 25 (How to contact us). 20. Risks and limits of liability 20.1 You should be aware of the risks involved when making an investment. The value of your investments and also the income you receive from them can go down as well as up and you may get back less than you invested. Any investment in an ISA and/or Savings Scheme should be regarded as a medium to long term investment. Risks relating to each of the ISA and/or Savings Scheme are detailed in the key features document Any tax concessions are not guaranteed. They can change at any time and the impact of these changes on the value of your account will depend upon your individual circumstances We do not confirm or promise in these terms or anywhere else that the information or the services are compliant with any laws or regulations outside the UK or that information or the services can be legitimately used or accessed outside the UK We do not accept liability for any costs, losses or damages resulting from or related to: a) the availability of the services or the information; or b) the use or access of the information or the services by the following persons: (i) persons residing outside the UK; or (ii) persons who are nominees for citizens, residents or nationals of countries outside the UK. 14/28 Investment Trust ISA and Savings Scheme

15 20.5 Subject to any of our duties or liabilities under FSMA and the other provisions of these terms, we shall only be liable to you for any loss or damage you may suffer as a direct result of any services which we provide to you to the extent that such loss or damage arises as a result of fraud, negligence or wilful default by us or Standard Life Investments (Mutual Funds) Limited (or such other person to which we have delegated our functions as ISA and/or Savings Scheme manager from time to time), the administration company appointed from time to time, or the nominee company appointed from time to time or that of any of their employees Subject to the other terms of section 20, where we make an error we will consider appropriate actions to remedy it. We will consider options such as: a) putting you in the position you would have been in if the error had not occurred, which may include making corrective dealing(s); b) compensating you for any losses you have suffered as a result of the error; or c) taking no action, for example where any loss is immaterial. We will consider factors such as materiality, commerciality, fairness to you and any relevant law or regulation in assessing which (if any) actions to take as a result of any error we make We will not account to you for any profit, gain or benefit properly made by us, or Standard Life Investments (Mutual Funds) Limited, the administration company, the nominee company or an agent in connection with an investment We will not be liable for any losses incurred due to the fall in value of the underlying investments held within your account You will be liable for any costs or expenses we incur because we have not received cleared funds in relation to a dealing instruction. Please see section 8.17 for more information If you appoint a financial adviser, we will not be liable for any losses incurred by you due to any advice or instructions given to you by them or any act or omission by them Whilst we will use reasonable endeavours to ensure that all information provided by us is accurate, current and complies with relevant UK laws as at the date of issue, we cannot guarantee that this will be the case where we are reliant on a third party to provide accurate information We do accept liability or responsibility for the completeness or accuracy of the information when it has been prepared by us, but we do not accept liability or responsibility for the completeness or accuracy of the information when it has been prepared by other parties and we simply make it available to you for your convenience If you decide to switch shares between Investment Trusts or transfer shares in the same Investment Trust from your Savings Scheme to your ISA then we will not be liable for any loss resulting from adverse market price movements occurring between the date your shares are sold and then purchased or bought back as explained in section Nothing in these terms will exclude or limit our liability: a) for death or personal injury caused by negligence; b) for fraud; c) for misrepresentation as to a fundamental matter; or d) for any liability which cannot be excluded or limited under applicable law We will not be liable for any losses incurred by you arising directly or indirectly in connection with the loss of any documentation (including without limitation share certificates or other documents of title) in the UK postal system or any other postal system outside the UK We can accept no responsibility for any loss or delay caused in the submission of an application or payment or transfer of funds to us Our websites use cookies. You can disable the cookies that we attach if your browser supports this. For further information on how to do this, please refer to However, you should bear in mind that if you exercise this option, you may be unable to use some of our services. 21. Governing law 21.1 These terms are governed by the law of Scotland You and we will submit to the exclusive jurisdiction of the courts of Scotland in relation to any claim or dispute under these terms. Investment Trust ISA and Savings Scheme 15/28

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