How to do business with Invesco Perpetual A guide for financial advisers. This document is for Professional Clients only and is not for consumer use

Transcription

1 How to do business with Invesco Perpetual This document is for Professional Clients only and is not for consumer use

2 At Invesco Perpetual we aim to make doing business with us as simple and efficient as possible. This document is intended to provide you with an overview of the operational information you need when working with us. We will update this service guide each year and we may also publish updates when a new product or service is launched, or following legal or regulatory changes. We hope you will find this guide a useful overview of the information you may need. The latest version of this guide will always be available to request from us or to download from our website, If you have any questions regarding this document, or any of our products and services, please call us on Contents Contact information 04 Client services Callback service Correspondence and registered addresses Dealing lines Website Invesco Perpetual agent codes and account numbers 05 Agent codes Advised and non-advised business Account numbers The Invesco Perpetual product range ICVCs Investment Trust Savings Scheme Stocks and shares ISA Cash ISA Cash held ISA annual subscription limits Accumulation shares Income shares No Trail shares (Accumulation and Income) Gross shares (Accumulation and Income) and No Trail equivalents X, Y and Z shares (Accumulation and Income) X, Y and Z Gross shares (Accumulation and Income) Commission Initial commission (non-advised business only) Renewal commission (non-advised business only) Calculation basis for renewal commission Transaction/share types that are not eligible for renewal commission Payment methods Renewal commission statements 02 How to do business with Invesco Perpetual

3 Buying, selling and switching shares Investment levels Account designation Joint holders Shares bought on behalf of a trust Discount terms Special ICVC promotional discount terms Making an investment Cancellation rights ISA transfers Monthly savings Prices/valuations Invesco Perpetual fund switches Mandatory switch of No Trail shares Investment trust switches Switches between funds and investment trusts Selling shares Confirmation of transactions Settlement Online services, illustrations, reporting and electronic dealing 15 Online services Illustration service AdviserOnline Reporting (AOLR) Electronic dealing Account maintenance Statements Income payments Income payment methods Payment details Accumulation share classes Interest distributions within an ISA Tax vouchers and remittance advices Change of address Change of name Changing Direct Debit instructions Changing income instructions Changing payment method for sale proceeds Invesco Perpetual anti-money laundering requirements Documentation for UK residents Documentation for overseas clients Documentation for UK and overseas Corporate clients 20 Sharing account information with Her Majesty s Revenue and Customs 21 Invesco Perpetual data protection Management of the Invesco Perpetual fund range and products Important information 22 Client classification Conflicts of interest Best execution Appropriateness Complaints Business entertainment and gifts 23 Invesco Perpetual ICVC fund range guides 03 How to do business with Invesco Perpetual

4 Contact information Client services Telephone: Fax: Our support services are available every business day between the hours of 8.30am and 6pm. Callback service Our callback service operates when we are experiencing a higher than expected level of enquiries. The system enables financial advisers and clients calling us to contact us easily without waiting in a queue. The facility is easy to use when prompted leave your name and phone number (including mobile numbers) and you will receive a callback from Invesco Perpetual within 15 minutes. Correspondence and registered addresses For all correspondence the Administration centre address is: Invesco Perpetual PO Box Chelmsford CM99 2DL For your information, our registered address is: Perpetual Park Perpetual Park Drive Henley-on-Thames Oxfordshire RG9 1HH, UK Dealing lines For your convenience, and to minimise waiting times, the following dealing lines are available: ICVC dealing ICVC ISA dealing Our telephone dealing services can be used to make top up lump sum investments in ICVCs 1 (by both agents and clients) and both initial and top up lump sum investments in ICVC ISAs 2 (by clients only). The service can also be used to sell ICVCs by both agents and clients. For clients, these services are only available to those who can confirm that they have been provided with the relevant, most up to date fund and share classspecific Key Investor Information Document(s), the Supplementary Information Document and in the case of ISA investments, the ICVC ISA Key Features and Terms & Conditions document. Please note it is your obligation to provide your clients with the most up to date fund and share classspecific Key Investor Information Document(s). For ICVCs, the request for settlement by cheque will be made when the contract note is issued. For ICVC ISAs, we can only accept payment by debit card. The debit card must be registered in the client s own name and to their home address. The service is not available for cash ISAs, investment trust ISAs and Savings Schemes or ICVC/ICVC ISA monthly saving investments. Telephone calls may be recorded. Website Select Financial adviser audience from the menu bar on our website. Here you will find a wealth of topical insights, fund manager blogs and a range of business tools and services including: Insights and events all the latest fund, market commentary and topical articles from our investment teams, details about our Investment Intelligence Seminars and online live events Blog our forum to instantly provide you with of-the-moment insights direct from our fund managers and product directors, together with the means to share your own thoughts on the subjects they raise Comprehensive product area which contains details on all our funds and the investment trusts we offer including, performance, factsheets, fund manager biographies, literature and other fund specific information A Resources area for fund and investment trust prices, Frequently Asked Questions and illustrations (for ICVCs and ICVC ISAs only) Online services. Register for this and, in addition to having access to your clients valuations, you ll also be able to make use of secure messages and webchat services to help you deal swiftly, online, with any queries. 1 Please note this excludes investments in the Invesco Perpetual Money Fund. 2 Please note this excludes investments made to use an additional permitted subscription allowance following the death of an ISA investor. 04 How to do business with Invesco Perpetual

5 Invesco Perpetual agent codes and account numbers Agent codes Invesco Perpetual provides each financial adviser with an agent code(s) that should be included in all communication with us to ensure a prompt and efficient service. In order to meet the requirements of the Retail Distribution Review (RDR), from 31 December 2012 all existing agent codes defaulted to advised which prevents the payment of initial and renewal commission except where we received written instructions from you to set your agent code(s) to non-advised. As the RDR requirements do not currently apply to non-advised (execution-only) transactions, Invesco Perpetual can continue to pay commission related to non-advised transactions. It is your responsibility to ensure you are permitted to receive such commission payments. Advised and non-advised business Our agent codes default to advised and it is your responsibility to ensure that any nonadvised transactions are clearly marked or you can request a separate agent code(s) for your non-advised business. Alternatively, if all business is non-advised, you can request that your agent code(s) is set to non-advised. In transacting non-advised business, you undertake to Invesco Perpetual that the transaction is non-advised retail investment business and therefore falls out of the scope of the RDR commission ban. In order to facilitate the efficient on-going processing of business from financial advisers, Invesco Perpetual will be monitoring the level of advised and non-advised business which is transacted via a single agent code. In instances where a high proportion of business is being placed as non-advised on an advised agent code, we will suggest a new non-advised agent code is set up. If you require a new agent code(s), please complete and return the Agency business type declaration form available from our website or by contacting us. Alternatively, please send us the following information in writing: Agency name Company and Registered individual (if required) Firm reference number Full address including post code Telephone number Fax number (if dealing confirmation is required by fax) VAT number (if applicable) Bank account details (for commission, where permissible, to be paid by BACS) You may be required to sign a confirmation that you have read and accepted our Terms of Business prior to your agent code being set up. Our Terms of Business document and the appropriate confirmation form can be requested from us on or downloaded from our website. If you are an appointed representative we will need confirmation of the requirement for an agent code(s) from your principal (network or authorised body), who will also receive commission payments in instances where the current regulations allow. Please note we can only accept this information in writing. Account numbers It is important that you and your client always quote the relevant account number and name the relevant investment and product in all correspondence with us. Your client may have more than one account with us, and therefore, more than one account number. In addition, a client may hold more than one product within an account. For example, they may hold both ISA and ICVC investments in one account. 05 How to do business with Invesco Perpetual

6 The Invesco Perpetual product range ICVCs Our range of ICVC funds offers investment across all the major asset classes and regions. Lump sum and monthly saving investment options are available, along with a choice of share classes. Please refer to page 7 for further information. Full details of our ICVC lump sum and monthly saving investment levels are listed in the Invesco Perpetual ICVC fund range guide located at the back of this document. Investment Trust Savings Scheme A range of investment trusts are available for investment through the Invesco Perpetual Investment Trust Savings Scheme. Lump sum and monthly saving investment options are available. Full details of our lump sum and monthly saving investment levels are listed in the Invesco Perpetual investment trusts brochure. Stocks and shares ISA A wide range of ICVC funds are available both for lump sum and monthly savings investments within our Stocks and Shares ISA. Income 1 and accumulation shares are available, along with the flexibility to transfer in existing ISAs and switch investments between funds. In addition, a range of investment trusts are available for both lump sum and monthly saving investments. 1 Income shares are not available for monthly saving investments. Cash ISA Clients can invest in the Invesco Perpetual Money Fund, with a minimum initial lump sum of 500. No monthly savings investment option is available. Cash held Please note, no charge is applied, or credit interest accrued, on cash held in respect of our ICVCs, ISAs or the Investment Trust Savings Scheme. ISA subscription limits The ISA investment allowance for the 2015/2016 tax year is 15,240. An Additional Permitted Subscription (APS) allowance is available for a Spouse or Civil Partner following the death of an ISA investor. The APS amount is limited to the value of the deceased s ISA at the date of death, however, if the deceased ISA investor held income share classes and the date of death falls on or between the ex-dividend date and pay date of the fund/s held, the amount of the resulting income payment, net of tax, will form part of the APS allowance. No monthly savings investment option is available. Clients can choose to invest up to these limits in a stocks and shares ISA or a cash ISA or any combination of the two. 06 How to do business with Invesco Perpetual

7 The Invesco Perpetual product range (continued) ICVC fund share classes Accumulation shares Accumulation shares are net paying shares, where any income allocated from the underlying investments is credited periodically to capital, and is reflected in the share price of an investment. Income shares Income shares are net paying shares, where income allocated from the underlying investments is distributed periodically to the holders of the shares. No Trail shares (Accumulation and Income) No Trail shares work in exactly the same way as the Accumulation and Income shares mentioned above. However, they do not pay renewal commission to financial advisers and are priced to reflect this fact. No Trail shares are available on all Invesco Perpetual ICVC funds, with the exception of the Invesco Perpetual Children s and Money funds. Gross shares (Accumulation and Income) and No Trail equivalents Gross shares work in exactly the same way as the Accumulation and Income shares mentioned above and No Trail Gross shares work exactly the same way as the No Trail Accumulation and Income shares mentioned above. However they pay any distributions gross of tax. Gross share classes are available for funds in our Fixed Interest and Fixed Interest 2 Investment Series (except the European High Income Fund) and also the Money Fund. They are available to investors who are eligible for gross interest distributions and who invest a minimum of 1 million. A declaration of eligibility must be completed prior to any deals being placed. This declaration can be obtained from us on request. X, Y and Z shares (Accumulation and Income) X, Y and Z shares work in exactly the same way as the Accumulation and Income shares mentioned opposite. However, the X, Y and Z shares do not pay commission to financial advisers, nor do they make rebates of the ongoing charge. The X, Y and Z share classes are only available to investors who satisfy certain criteria such as nominees and fund platforms which have a written agreement in place with us to buy the X, Y and Z share classes. X, Y and Z Gross shares (Accumulation and Income) X, Y and Z Gross shares work in exactly the same way as the Gross shares (Accumulation and Income) mentioned opposite. However, the X, Y and Z shares do not pay commission to financial advisers, nor do they make rebates of the ongoing charge. The X, Y and Z share classes are only available to investors who satisfy certain criteria such as nominees and fund platforms which have a written agreement in place with us to buy the X, Y and Z share classes. They are available to investors who are eligible for gross interest distributions and who invest a minimum of 1 million. A declaration of eligibility must be completed prior to any deals being placed. This declaration can be obtained from us on request. Please refer to the Prospectuses for further Information. 07 How to do business with Invesco Perpetual

8 Commission Initial commission (non-advised business only) We do not pay initial or renewal commission on new business where a personal recommendation has been provided on an investment on or after 31 December For new business from this date, we only pay commission on non-advised transactions. For investments made prior to 31 December 2012, renewal commission will continue to be payable where it was paid historically. However, for lump sum investments, neither a top up to the existing investment nor a switch into another fund will be eligible for either initial or renewal commission, except on non-advised transactions. For regular savings plans, where the investments are switched into a new fund, the monthly contribution is increased or invested into a new fund, the monthly payments (including any increase to that payment) invested from that point onwards, will not be eligible for either initial or renewal commission, except on non-advised transactions. With regard to switches, any investments remaining in the original fund invested in will continue to be eligible for renewal commission. Please see our initial and renewal commission rates below. Initial commission (non-advised business only) Investment type Payment rate Payment dates/basis Lump sum Up to 3% of the investment made Fortnightly or monthly savings plans (ICVC/ ICVC ISA) Part or all of the initial commission can be rebated in 0.25% increments Transfers in Up to 3% of the investment made Fortnightly (ICVC ISA in the form of cash only) Part or all of the initial commission can be rebated in 0.25% increments Switches 1% of each investment made Fortnightly (ICVC/ICVC ISA) Part or all of the initial commission can be rebated in 0.25% increments Clients will receive a 4% discount Please note: initial commission is only paid once payment has been received and the shares are registered. Once settled the accrual will take effect from the date of the investment and not the date of settlement. Initial commission is not payable on advised transactions on or after 31 December Initial commission is not payable for the Invesco Perpetual Money Fund in any circumstances. Please note: we do not pay initial commission in respect of investments in our investment trust ISA or Savings Scheme. Renewal commission (non-advised business only) We pay annual renewal commission on non-advised transactions to the value of investments of 0.5% each year on equity funds, the Invesco Perpetual Balanced Risk 6, 8 and 10 funds and the Global Targeted Returns Fund, along with the following bond funds: the Invesco Perpetual Distribution, European High Income, Global Distribution, Global Financial Capital, High Yield, Monthly Income Plus and Tactical Bond funds. We pay annual renewal commission of 0.25% each year on the Invesco Perpetual Corporate Bond and Global Bond funds. We do not pay annual renewal commission on the Money and Children s funds, or where clients are invested in No Trail or X, Y and Z shares. With regard to non-advised transactions in investment trust shares, we pay renewal commission on shares held within an ISA, however, we do not pay renewal commission on shares held within a Savings Scheme. Payment rate Standard rate of 0.5% per annum, 0.25% on the Invesco Perpetual Corporate Bond and Global Bond funds. No commission is payable on investments in the Invesco Perpetual Money Fund, the Children s Fund and on No Trail and X, Y and Z share classes. Payment dates/basis Calculated daily and paid twice yearly for the six month periods: 1 April to 30 September and 1 October to 31 March. Renewal commission payments will be despatched within 25 working days of the end of the period. 08 How to do business with Invesco Perpetual

9 Commission (continued) If you receive your initial or renewal commission by cheque, payment will be made when the commission amount due to the head agent/payee agent reaches 30. We will accrue any amounts less than this and make a payment once the threshold has been exceeded. For BACs payments, there is no minimum commission payment and commission will get paid directly into your bank account regardless of the amount. Calculation basis for renewal commission (for investments in fund shares only) Renewal commission is calculated daily using the following calculation: (E x N x R) days in a leap year E = Eligible shares N = NAV price R = Annual renewal commission rate Renewal commission is then totalled up and paid out six monthly. Shares cease to qualify for renewal commission immediately on redemption. Calculation basis for renewal commission (for investments in investment trust shares only) The calculation for investments in investment trust shares is the same as for investments in fund shares, except that the calculation is based on the market value of the investment trust(s) rather than their NAV. Transaction/share types that are not eligible for renewal commission: any advised transaction made on or after 31 December 2012 reinvestment of dividends or tax credits shares purchased as direct (ie. without the involvement of a financial adviser) No Trail or X,Y and Z shares purchased all former Invesco unit trusts purchased outside an ISA before 23 April 1994 all former GT unit trusts purchased outside an ISA before 14 December 1998 all former Perpetual unit trusts purchased outside an ISA before 1 April 2000 all former Perpetual unit trust monthly savings plans purchased outside an ISA prior to 8 October 2001 Please note investments will qualify for renewal commission for lump sum and regular investments once payment has been received and the shares have been registered. Once settled, commission accrual will take effect from the date of the investment and not the date of settlement. Payment methods Renewal commission can be paid directly to a bank account via BACs. This will ensure that cleared funds are available to you immediately. To take advantage of this facility, please complete a Commission payment instruction form. This can be downloaded from our website, or requested by telephoning us. This form should also be completed if you change your bank details for commission payments. We can pay renewal commission by cheque. You will be sent a commission statement relating to the commission paid to you, regardless of the payment method. Renewal commission statements We will issue a statement for all product groups, ICVCs, ISA and the Investment Trust Savings Scheme. These will be despatched at the same time as the payment within 25 working days of the end of the period. Alternatively/in addition, you can access the statements via AdvisorOnline Reporting, a secure online portal (developed by IFDS). To register please visit our website for more information. 09 How to do business with Invesco Perpetual

10 Buying, selling and switching shares Investment levels Details of investment levels for our ICVC funds are available in the Invesco Perpetual ICVC fund range guides located at the back of this document. Details of investment levels for the investment trust range are available in the Invesco Perpetual investment trust brochure. Account designation ICVC and Investment Trust Savings Scheme accounts can be set up with a designation to aid identification for the client or adviser. Account designations can be up to eighteen characters long. Joint holders ICVC and Investment Trust Savings Scheme accounts can be set up in joint names. The signatures, addresses and dates of birth of all holders will be required to set up the account. Signatures of all holders will also be required to redeem holdings and for other instructions. Please note, when deciding on the first named holder and the joint holder(s) it is important to note that it is the first named holder who will receive income payments and sale proceeds. Shares bought on behalf of a trust A trust cannot be registered as a shareholder and therefore any shares bought on behalf of a trust will be registered in the names of the individual trustees (maximum 4). Normally payment will be made to the individual trustees and not in the name of any trust. Any appointment of new trustees or resignation of existing trustees should be notified to us in writing as soon as possible after the change and should be accompanied by the relevant related documentation. It will be necessary to complete a Stock Transfer Form and a new application form for the relevant product in order to reflect the change on the Register. Failure to do this may result in a delay in releasing the proceeds of any sale of shares. Discount terms For advised business made on or after 31 December 2012 in respect of our No Trail shares, please note a discount will be applied to the entry charge. The discount rate applied will be equivalent to the rate of initial commission that would have been paid by us on advised business prior to 31 December For commission rates on current non-advised business which are the same as those of advised business prior to 31 December 2012 please refer to the section entitled Commission in this booklet. Special ICVC promotional discount terms For new ICVC lump sum investments and regular saving plans, the Invesco Perpetual Balanced Risk 6, 8 and 10 funds and the Global Targeted Returns Fund currently have a 2% discount and the following Invesco Perpetual ICVC funds have a 1.75% discount: Corporate Bond Fund Distribution Fund European High Income Fund Global Bond Fund Global Distribution Fund Global Financial Capital Fund High Yield Fund Monthly Income Plus Fund Tactical Bond Fund We are also currently offering a 2% discount across the Invesco Perpetual ICVC fund range for new ISA lump sum investments, ISA monthly savings investments and ISA transfers in the form of cash, excluding investments into the Money Fund (which has no entry charge) within the cash ISA. There are no promotional discounts on investments into our investment trust ISA and Savings Scheme investments. Making an investment Applications for all products can be made by post using an Invesco Perpetual application form. These should be returned to Invesco Administration centre address: Invesco Perpetual, PO Box 11150, Chelmsford, CM99 2DL. Cheque payee names are as follows: ICVC applications Invesco Fund Managers Limited ISA applications Invesco Fund Managers Ltd Client a/c Investment Trust Savings Scheme Invesco Fund Managers Ltd Client a/c Please note it is your obligation to provide your clients with the most up to date fund and share class-specific Key Investor Information Document(s). Clients investing in our ICVC funds must receive the relevant most up to date fund and share classspecific Key Investor Information Document(s), and the Supplementary Information Document (SID) before they invest and if the funds are to be held within an ISA, they must also receive our ICVC ISA Key Features & Terms and Conditions. Clients investing in our investment trusts through 10 How to do business with Invesco Perpetual

11 Buying, selling and switching shares (continued) our investment trust ISA or Savings Scheme must receive the Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions. In addition, we can accept some buying and selling instructions over the telephone. Please see the section entitled Dealing lines on page 04 of this brochure for full details. Cancellation rights Clients will only receive cancellation rights if their investment is classed as advised - ie. they have received a personal recommendation from an authorised financial adviser. In this case, they are generally allowed a period in which to cancel their investment. This applies when: they first make a lump sum investment; they open an account into which they make regular payments; they switch into a fund or an investment trust they have not previously invested in, through an existing Account; they transfer a Cash ISA to a Stocks and Shares ISA; they transfer a Stocks and Shares ISA to a Cash ISA: and they transfer an ISA to us from Another Manager in the form of cash. Where applicable (instances where your clients have received a personal recommendation from you in respect of their Investment), your clients will be able to cancel their investment for a period of 14 days after they receive the Cancellation Form. This form will be sent to your client along with their contract note or acknowledgement letter on the next business day after the investment has been made. This will include more detailed information of when the cancellation period begins and ends, and how they can exercise their cancellation rights. Please note if your clients invest on a non-advised transaction basis, these cancellation rights will not apply. If your clients decide to cancel, they must return the signed form (or a written equivalent) to us at our Administration centre address: Invesco Perpetual, PO Box 11150, Chelmsford, CM99 2DL. We will reimburse the client with any payment we have received from them but where they have made a lump sum investment or transferred an ISA from another manager (in the form of cash) to us, we will deduct the amount by which the value of that investment has fallen (if any), calculated at the next valuation after we receive their cancellation instructions. For fund shares this will be the next noon valuation, and for investment trust shares, for those instructions received before noon, the valuation at the end of the same business day and for those instructions received after noon, the valuation at the end of the next business day. For ISA transfers in the form of cash, any money returned to your client will lose its tax-exempt status and they will be unable to re-subscribe this for the tax year(s) in which they made their original investment. ISA transfers Transfers into Invesco Perpetual Clients existing ISAs can be transferred in the form of stock (providing you are currently invested in Invesco Perpetual funds or Investment Trusts that are offered within our ISA) or sold and transferred to Invesco Perpetual in the form of cash, by completing the relevant transfer application form. Current tax year transfers in Stocks and shares ISA investors must transfer their whole current tax year stocks and shares ISA into the Invesco Perpetual stocks and shares ISA or Cash ISA, and cash ISA investors must transfer their whole current tax year cash ISA into either the Invesco Perpetual cash ISA or the Invesco Perpetual stocks and shares ISA. If you are moving from a cash ISA to a stocks and shares ISA or vice versa this can only be done in the form of cash. Previous tax year transfers in ISA investors can transfer some or all of their previous tax year stocks and shares ISA(s) into the Invesco Perpetual stocks and shares ISA or into a cash ISA, and some or all of their previous tax year cash ISA(s) into the Invesco Perpetual cash ISA or the Invesco Perpetual stocks and shares ISA. If you are moving from a cash ISA to a stocks and shares ISA or vice versa this can only be done in the form of cash. Additional Permitted Subscription (APS) transfers in Clients can transfer in their APS allowance from another ISA manager to Invesco Perpetual. The allowance must be transferred in full, by completing the relevant Additional Permitted Subscription transfer form. Once the allowance has been transferred, new subscriptions can be made. Underlying holdings from the deceased s ISA cannot be transferred with the allowance. 11 How to do business with Invesco Perpetual

12 Buying, selling and switching shares (continued) Transfers out of Invesco Perpetual Clients who wish to transfer their ISA investment or Additional Permitted Subscription allowance to another provider must contact the new provider to obtain the relevant transfer-in forms. Once the client has completed these forms they should be returned to the new provider, who will contact Invesco Perpetual to request the transfer. Clients and financial advisers should read the new provider s terms and conditions before completing documentation as some providers have specific requirements for accepting transfers. Current tax year transfers out Stocks and shares ISA investors must transfer their whole current tax year stocks and shares ISA into another manager s stocks and shares ISA or into a cash ISA, and cash ISA investors must transfer their whole current tax year cash ISA into either another manager s cash ISA or stocks and shares ISA. Previous tax year transfers out Stocks and shares ISA investors can transfer some or all of their previous tax year stocks and shares ISA investments to another manager s stocks and shares ISA or into a cash ISA, and cash ISA investors can transfer some or all of their previous tax year cash ISA investments to either another manager s cash ISA or stocks and shares ISA. Investments can be transferred as either stock or cash subject to the new manager s acceptance. New providers may offer a cooling off period, however this does not apply to the old provider Invesco Perpetual. Any cancellation will result in a cash transfer back to Invesco Perpetual and as investments are subject to price movements, this means clients will not hold the same number of shares that they held prior to the transfer. Additional Permitted Subscription (APS) transfers out Clients may transfer out their Additional Permitted Subscription (APS) allowance to another ISA manger, subject to the new manager s acceptance. The APS allowance must be transferred in full. The underlying holdings from the deceased s ISA cannot be transferred, it is only the APS allowance which will be reallocated to the new manager. Transferring an Invesco Perpetual cash ISA to an Invesco Perpetual stocks and shares ISA Clients may transfer their Invesco Perpetual cash ISA to an Invesco Perpetual stocks and shares ISA, at any time, by completing our Application to transfer an existing Invesco Perpetual cash ISA to an Invesco Perpetual stocks and shares ISA form. This can be downloaded from our website, or requested by telephoning Client services. The investment into the stocks and shares ISA will not be made until the business day after the cash ISA is sold. As a result, clients will be out of the market for one business day. Transferring an Invesco Perpetual stocks and shares ISA to an Invesco Perpetual cash ISA Clients may transfer their Invesco Perpetual stocks and shares ISA to an Invesco Perpetual cash ISA, at any time, by completing our Application to transfer an existing Invesco Perpetual stocks and shares ISA to an Invesco Perpetual cash ISA form. This can be downloaded from our website, or requested by telephoning Client services. The investment into the cash ISA will not normally be made until the third business day after the stocks and shares ISA is sold. Monthly savings The Direct Debit collection dates for monthly savings investments are as follows: Product Monthly collection date ICVC 9th 1 ISA 28th 1 Investment trusts 28th Children s Fund 1st Direct Debit collection dates set up prior to November 2006 may differ from those shown in the table. If the specified date is not a business day, payment will be collected on the next business day. Please note for fund shares, monthly saving investments can only be invested in accumulation share classes only. 1 Clients invested in our ISAs and/or our Investment Trust Savings Scheme can also have their Direct Debit collected on the 1st, 15th, 20th or 24th of each month and clients invested directly in ICVCs can have their Direct Debit collected on the 1st of each month. In order to amend the date the Direct Debit is collected, we require signed written instructions from the client or their financial adviser. New clients making monthly saving investments are required to pay their first month s contribution by cheque (made payable to Invesco Fund Managers Ltd Client a/c for ISAs and for the Investment Trust Savings Scheme or Invesco Fund Managers Limited 12 How to do business with Invesco Perpetual

13 Buying, selling and switching shares (continued) for ICVCs). The cheque must be drawn from the same bank or building society account that the Direct Debit will be collected from. Direct Debits will then start to be collected the month following the cheque payment. Clients can amend the amount they invest, or the fund /investment trust they invest in, at any time by writing to us, or by completing the relevant product Amendment to Direct Debit form, available on request or from our website. These amendments must be notified at least three days before the collection dates. Clients must give ten days notice to change their bank account details or reinstate a cancelled Direct Debit. Certain changes to a Direct Debit are a disturbance event, and when changes are made on an advised basis Invesco Perpetual will cease to pay commission on all contributions made following and including the disturbance event. A disturbance event includes the following: Increasing a regular contribution to an existing fund Commencing a regular contribution to a new fund Clients can also suspend their monthly contributions by sending signed written instructions to us. If the contributions are into an ISA and the client suspends them across a tax year an amendment to Direct Debit form is required to reinstate the Direct Debit. If a complete tax year is missed, the client will need to complete a new ISA application form before the contributions can be reinstated in the new tax year. Where clients are investing by Direct Debit, the Direct Debit will automatically roll over into the new tax year unless Invesco Perpetual is specifically instructed otherwise. Prices/valuations All our ICVC funds are single priced at their Net Asset Value on a mid price basis and are valued daily at 12 noon. All instructions to buy, sell or switch shares will be dealt at a forward price, this being the price calculated by reference to the next valuation point following receipt of the instruction. Our investment trusts are also priced daily based on the mid-market closing price of the shares. ICVC fund share prices and yields are published daily on our Website. Current prices and yields may also be obtained by contacting us. This information is also published for some of our ICVC funds in The Financial Times. Prices can also be despatched to you by via our update facility available on our website. For our investment trusts, you can find the previous day s mid-market closing price of the shares, and the yields, each day in The Financial Times. Prices can also be found on our website: Invesco Perpetual fund switches If your client wishes to sell shares in one of our funds and buy shares in another of our funds, they can do so by sending us written instructions or calling our ICVC dealers on ISA investors will need to send us signed written instructions. For ICVC and ISA switches, clients will need to confirm that they have been provided with the relevant, most up to date fund and share classspecific Key Investor Information Document(s), the Supplementary Information Document and in the case of ISA investments, the ICVC ISA Key Features and Terms & Conditions documents pre-sale. Please note it is your obligation to provide your clients with the most up to date fund and share class-specific Key Investor Information Document(s) before they switch. We will sell the existing investments at the next 12 noon valuation point after receipt of the instructions and immediately reinvest the proceeds in the chosen fund(s). Except for switches from an ICVC to an Invesco Perpetual ISA and vice-versa, where the proceeds will be reinvested at 12 noon on the following business day. A 4% discount is available for switches between the ICVC funds (excluding the Money Fund, which has no entry charge) and up to 1% commission is payable where permissible. If a client is invested in income shares and wishes to switch fund or share class, you need to be aware that the income received for the distribution period in which they switch is likely to be substantially less than normally received from the fund invested in. This is due to the fact that some of the income payable for the period will be received by the client in the form of capital repayments. 13 How to do business with Invesco Perpetual

14 Buying, selling and switching shares (continued) Mandatory switch of No Trail shares If you are removed from your client s account (whether at your or their request) or you cease to meet the entry criteria applicable to these Share Classes (see section 3 of our Prospectuses for more details) for any other reason, they will no longer be eligible to hold No Trail shares. In these circumstances, we will automatically convert your clients holdings to the equivalent Accumulation/ Income shares as applicable. No conversion fee will be applied. A letter of confirmation will be sent on the next business day after the conversion has been effected. Investment trust switches If clients wish to sell shares in one investment trust and buy shares in another within their ISA or Investment Trust Savings Scheme, they can do so by sending us their written instructions. If their instructions are received before 12 noon on a business day, their existing investment(s) will be sold on that business day. If their instructions are received by us after 12 noon on a business day, their investments will be sold on the next business day. The purchase of their new investment will be effected on the business day following the sale transaction. For switching between the investment trusts we offer, the standard dealing charges on sales and purchases apply. A stamp duty charge is also passed on to your client by us on purchases (with the exception of the City Merchants High Yield Trust Limited and the Invesco Perpetual Enhanced Income Fund Limited which are domiciled outside of the UK). If your clients switch between the Invesco Perpetual ISA and the Investment Trust Savings Scheme, the standard dealing charges on purchases and sales of investment trusts and stamp duty on purchases also apply (with the exception of the City Merchants High Yield Trust Limited and the Invesco Perpetual Enhanced Income Fund Limited which are domiciled outside of the UK). Switches between funds and investment trusts If clients wish to sell shares in a fund and buy shares in an investment trust, or vice versa, they can do so by sending us their written instructions. If their instructions are received before 12 noon on a business day, their existing investment(s) will be sold on that business day. If their instructions are received by us after 12 noon on a business day, their investments will be sold on the next business day. The purchase of their new investment will be effected on the business day following the sale transaction. For switching between funds and the investment trusts we offer, the entry charge on the purchase of any funds applies together with the standard discount. The standard dealing charges on purchases and sales of investment trusts and stamp duty on purchases also apply (with the exception of the City Merchants High Yield Trust Limited and the Invesco Perpetual Enhanced Income Fund Limited which are domiciled outside of the UK). Selling shares Investors can sell their shares at any time by completing an Instructions to sell form or sending us their written instructions. A different form is available for each product type. In the case of ICVC investments held outside of an ISA, sale instructions can also be given by telephone on (with the exception of shares in the Money Fund, which cannot be sold by telephone). For jointly held accounts all holders need to sign a renunciation in order for us to release the sale proceeds. The minimum redemption amount is 100, and a balance of 500 must be left in the client s account to keep it open. Confirmation of transactions For lump sum investments, a contract note showing details of the transaction will be sent to the client and you on the next business day, after the shares have been purchased. Contract notes are not issued for monthly contributions but we acknowledge each new instruction in writing. Nor are contract notes issued for the reinvestment of dividends. All transactions of this nature will be detailed on the client statements which are sent to clients twice a year. Certificates are not issued for any investment. Settlement Settlement of purchases is required to be made within three business days for all investments except the Money Fund, which is within one business day. Settlement of sales will normally be made within three business days for all investments except the Money Fund, which will be made within one business day. 14 How to do business with Invesco Perpetual

15 Online services, illustrations, reporting and electronic dealing Online services Available for advisers of retail clients only. Register for online services on our website and you can: keep track of your clients investment valuations review historic transactions, dating back to September 2012 make use of our safe, online, help services: Secure messages and Webchat. Illustration service Our illustration tool enables you to produce multiple personalised ICVC or ICVC ISA illustrations specific to your client. You do not need to register to use this service, which is available in the Resources area of our website. Please note, we are unable to provide projections which refer to your existing clients investments as the system takes the entry charge into consideration when calculating the projection. Please note this illustration tool is not available for the investment trusts we offer. AdvisorOnline Reporting (AOLR) AOLR is a secure online portal (developed by IFDS) for Financial Advisers, giving you access to key reports across all investment management companies who use this IFDS service. Once registered, you can access the following electronically and securely: Initial and renewal commission statements (for agents who receive commission payments directly from us only), downloadable in PDF format Copies of your clients half yearly statements (for servicing agents only), downloadable in PDF format You will also receive notifications to advise you when reports are available. Electronic dealing EMXCo Message System The EMXCo dealing and valuation service can be accessed via the EMX Message System using provider code INVPL. Through the EMX message system financial advisers can buy and sell lump sum investments in any of the Invesco Perpetual ICVC fund range. Valuations can also be requested for any Invesco Perpetual ICVC and ISA lump sum and monthly savings investments held by your clients. Further information regarding the system including how to register is available by calling us on Calastone platform Through the Calastone platform intermediaries can place buy and sell lump sum trades within our ICVC fund range. Further details about the system are available by calling us on Please note electronic dealing is not available for the investment trusts we offer. 15 How to do business with Invesco Perpetual

16 Account maintenance Statements The statement dates for Invesco Perpetual products are 5 April and 5 October. The statements will normally be despatched within 25 working days of these dates. If you are the current agent, you will receive valuation statements for your clients investments. It is possible to suppress agent copy statements. If you would prefer not to receive copies, please let us know in writing. Income payments For ICVC investments, your clients will only receive income if they are invested in income shares. A full schedule of payment dates for individual ICVC funds is available in the Invesco Perpetual ICVC fund range guide located at the back of this document. For investment trusts: - for monthly savings investments income can only be reinvested; and - for lump sum investments, income can be reinvested or paid out to the client. For details of dividend payment dates for individual investment trusts, please see the Invesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions. Income payment methods We can only credit the bank or building society accounts, or send cheques to, the registered holder of the ISA and to the first named holder of ICVC and investment trust investments held outside an ISA 1. Please note, if clients would like payments made to their bank or building society accounts it must be a personal account in their own name or a joint account which includes their own name. There is no minimum income payment. We will pay out all income each time a fund or investment trust distributes regardless of the amount. 1 This does not apply to Will Trusts, SIPPs, SSASs or accounts set up on behalf of charities. For more information on these types of accounts, please visit our website or contact us on Payment details Income payments will be credited to the client s bank account or sent by cheque when a dividend is paid by a fund or investment trust. We do not hold this cash on behalf of investors. Accumulation share classes For clients invested in the accumulation share classes, any fund distributions will be reflected as a permanent increase in the share price of the accumulation share class relative to the income share class price. 16 How to do business with Invesco Perpetual

17 Account maintenance (continued) Interest distributions within an ISA Interest distributions from our Fixed Interest and Fixed Interest 2 Investment Series funds 2 and our Money Fund are received into the ISA gross of income tax. If your client takes an income from these funds in an ISA they will receive one gross payment on each fund s distribution pay date. If they are invested in accumulation shares in these funds in an ISA, tax credits will be reinvested on each fund s distribution pay date. 2 With the exception of the Invesco Perpetual European High Income Fund which pays dividend distributions. Tax vouchers and remittance advices Tax vouchers We issue tax vouchers for all share classes, for all products 3, except for investments held within ISAs. The tax vouchers are issued for each income payment, whether the income payment is reinvested or paid out. 3 Investors with holdings in Invesco Perpetual UK Smaller Companies Investment Trust plc within a Savings Scheme, who reinvest their income, or have income paid into their bank accounts, will receive a consolidated annual tax voucher covering the quarterly dividends. Remittance advice (ISAs only) Remittance advices are only sent to ISA clients who have their income paid by cheque. For ISA clients who receive their income by BACs, details of the income payments are shown on their half yearly statements. Change of address When a client moves they should inform us of their new permanent residential address by writing to us, or by completing a Change of address form, which can be downloaded from our website. Financial advisers can also notify us of a change of address for one of their clients by writing to us. For security reasons, confirmation of the change of address will be sent to the client s new and old addresses within 5 working days. Change of name If your client wishes to change their account name to their married name, the original marriage certificate will be required. If a client wishes to change their name back to their maiden name, the original marriage certificate, decree absolute and birth certificate will be required. If a client changes their name by Deed Poll, the original change deed or an original certified copy of the deed will be required. If a client sends us a copy of the original change deed it must be certified as a true copy by a bank, solicitor or an authorised financial adviser. A letter to confirm the change of name will be sent to the client. Changing Direct Debit instructions To change a Direct Debit, an Amendment to Direct Debit form is required from the client. A different form is available for each product type and these are available from us and from our website. A letter confirming the change will be sent to the client. Changing income instructions To make an amendment to income instructions, an Amendment to income instructions form is required from the client. Again, a different form is available for the different product types and these can be obtained from us or via our website. A letter of confirmation will be sent to the client. Changing payment method for sale proceeds To make an amendment to the payment method for sale proceeds, an Amendment to sale proceeds instructions form is required from the client. The form can be obtained from us or via our website. A letter of confirmation will be sent to the client. 17 How to do business with Invesco Perpetual

18 Invesco Perpetual anti-money laundering requirements Under current laws, firms conducting investment business are required to maintain procedures to combat money laundering. In order to implement these procedures, we require proof of identity from all our clients, including joint holders. If necessary, we will use a credit reference agency to verify clients, however, we will use any information we obtain in this way only for verification of the client s identity, and not for any other purpose. In some cases, we may need documentation from the client. In such cases, one document from each list, as proof (or evidence) of name and address will be required. Items on the Evidence of name list must be either originals or certified copies. Photocopied documentation is only acceptable if it has been certified. The certifier must date and sign the document stating this is a true copy of the original that I ve seen. In addition, the documentation must be accompanied by an Anti-Money Laundering Document Return Slip and the following details of the certifier must be provided therein: name, capacity, contact address and daytime telephone number. The certifier must be easily contactable, not a family member, not retired and the documentation slip must be dated within the last six months. All documents returned by overseas clients must be in English or sent with a translation completed by an accredited translator. We will only be able to release sale proceeds when we ve completed the verification process. If the client remains unverified they will not be able to make any further investments with us, including regular savings investments. Documentation for UK residents: Evidence of name: Current full EEA/UK photo or old style driving licence 1 Current passport EEA member state identity card 1 (UK identity cards are not acceptable) Northern Ireland voters card 1 Resident permit issued by Home Office Firearms certificate Evidence of address: Current full UK driving licence 1 Recent utility bill (note: mobile phone bills are not acceptable) 2 Current local authority council tax statement or demand letter EEA member state identity card 1 (UK identity cards are not acceptable) Northern Ireland voters card 1 Solicitor s letter confirming completion of house purchase or land registration Local council rent card or tenancy agreement State pension or benefits notification letter Recent credit card statement 2, 3 Recent bank/building society statement or letter 2, 3 HM Revenue & Customs (formerly the Inland Revenue) Tax correspondence (note: P45s and P60s are not acceptable) 1 1 These items may be used to evidence either Name or Address but cannot be used for both. 2 Not more than 3 months old. 3 Statements printed from the internet are not acceptable. Certifiers We can accept copies certified by authorised signatories in the UK for the following list: UK regulated Financial Adviser, Lawyer or Solicitor (registered in the UK), Banker, Chartered accountant (who is a member of the Institute of Chartered Accountants), Doctor of medicine, Police Officer, Post Office Document Certification Service, Teacher and Judge. Postage All valuable documents (eg. original passports) will be returned by recorded delivery. All other documents are returned by first class mail. 18 How to do business with Invesco Perpetual

19 Invesco Perpetual anti-money laundering requirements (continued) Documentation for overseas clients: Evidence of name: Current passport Photo driving licence 1 EEA member state identity card 1 (UK identity cards are not acceptable) Evidence of address: Mortgage statement (most recent) 3 Recent bank/building society statement or letter 2, 3 Recent credit card statement 2, 3 Recent utility bill 2 (note: mobile phone bills are not acceptable) Photo driving licence 1 Local authority tax bill (valid for the current year) 1 These items may be used to evidence either Name or Address but cannot be used for both. 2 Not more than 3 months old. 3 Statements printed from the internet are not acceptable. Certifiers We can accept copies certified by authorised signatories outside the UK from the following list: Lawyer, solicitor, notary public, member of the judiciary, embassy or consular staff. Postage Valuable documents (eg. original passports) will be returned by registered post. All other documents are returned by airmail. Documentation for UK and Overseas Corporate clients 3 : Public company Either: Details of any exchange on which its shares are listed and an authorised signatory list OR the following three items: Certification of Incorporation One of: a tenancy agreement, a recent bank/building society statement, or a recent utility bill that shows that company s business or registered address 2 Authorised signatory list Private company each of the following: Certificate of Incorporation/partnership agreement One of: a tenancy agreement, a recent bank/building society statement, or a recent utility bill that shows that company s business address 1,2 Authorised signatory list List of all directors/partners List of all shareholders/beneficial owners/ partners/proprietors with interests of 25% or greater Trust or charity For a trust, we require confirmation of the type of trust (will trust, discretionary trust etc.), the nature and purpose of the trust and its country of establishment. For a charity, we require confirmation of the purpose of the charity. And the following: The organisation s constitutional document. One of: a tenancy agreement, a recent bank/building society statement/letter, or a recent utility bill that shows the organisation s business address. 2 1 Not more than 3 months old. 2 Statements printed from the internet are not acceptable. 3 In relation to private companies, on receipt of the documentation, we may request additional information including documentation to enable us to verify the identity of individual directors. Certifiers For UK clients, we can accept copies independently certified by a UK regulated Financial Adviser, lawyer, banker, accountant or auditor. For overseas clients, we can accept copies independently certified by a lawyer, notary public or a member of the judiciary, embassy or consular staff. Postage As above (UK or overseas as appropriate). 19 How to do business with Invesco Perpetual

20 Sharing account information with Her Majesty s Revenue and Customs The UK has enacted International Tax Compliance Regulations to enable the automatic exchange of information with other countries aimed to combat tax evasion; which implements obligations in the UK in respect of the Foreign Account Tax Compliance Act ( FATCA ) and the OECD Common Reporting Standard for Automatic Exchange of Financial Account Information ( CRS ), including the Directive on Administrative Co-operation ( DAC ). In order to comply with International Tax Compliance Regulations we are required to collect certain information from Shareholders, including tax residency and report information about Shareholders and their investments to HM Revenue and Customs where required. HM Revenue and Customs will in turn exchange this information with any relevant overseas tax authority. All clients are required to advise us of any changes of the details on their account(s). Should any such change indicate that the client s tax residency may have changed we may send the client a self-certification form for completion. If we make a request for a self-certification form to be completed, or any other required documentation, and the client does not return the documentation to us within 90 days of our request, their account(s) will be treated as reportable to the HM Revenue and Customs (who may in turn report to the relevant local tax authority). If your clients have any questions about their tax residency, they should contact a tax adviser. 20 How to do business with Invesco Perpetual