1 Terms and conditions of the smart + Trading Account from AXA Self Investor
2 Terms and conditions of the smart + Trading Account 02 Introduction These Terms and conditions of the smart + Trading Account (also referred to as the Terms and conditions), set out the terms and conditions upon which the smart + Trading Account available through AXA Self Investor shall be provided and operated. They form the basis of a legally binding agreement between you and us together with the Key features of the smart + Trading Account (also referred to as the Key features), smart + Service Terms and conditions and Charges information. Where there is a difference between these Terms and conditions and the documents listed above, these Terms and conditions will take precedence. There are circumstances where we do not accept liability in respect of certain aspects of the operation of your smart + Trading Account. Further, there are circumstances where you will be responsible for costs and expenses we incur in respect of certain aspects of the operation of your smart + Trading Account. Please refer to the following sections for details: 4. Charges 5. Investments 7. Managing your investments 18. Liability We may at our discretion vary these Terms and conditions in accordance with section 16, Changes to the Terms and conditions. Certain words in these Terms and conditions shown in bold have the particular meaning described in section 26, Glossary of terms. AXA Self Investor is a trading style of AXA Portfolio Services Limited. AXA Portfolio Services Limited is the product provider of the smart + Trading Account. AXA Portfolio Services Limited does not provide advice. If you require advice you should contact an independent financial adviser.
3 Terms and conditions of the smart + Trading Account 03 Contents Introduction 1. Fairness of terms 2. Opening a smart + Trading Account 2.1 Eligibility 2.2 How to open a smart + Trading Account 2.3 Non-residency 2.4 Checking Your Identity 3. Payments 3.1 Making payments 3.2 Transfers in 3.3 Transfers out 3.4 Re-registration 4. Charges 4.1 smart + charges 4.2 Fund manager charges 4.3 Paying the charges 4.4 Changing the charges 4.5 Remuneration charges we may pay 5. Investments 5.1 Fund range 5.2 Declining an order 6. Custody, ownership and cash handling 6.1 Custody and ownership 6.2 Cash handling 6.3 Interest on cash 7. Managing your investments 7.1 General 7.2 Investment dealing 7.3 Deferring a transaction 7.4 Circumstances in which we will automatically sell investments 7.5 Order execution policy 8. Reports and Corporate Actions 9. Statements and valuations 9.1 Statements 9.2 Valuation of investment 9.3 Up-to-date statements 10. Cancelling your smart + Trading Account 11. Closing your Trading Account
4 Terms and conditions of the smart + Trading Account Withdrawals 12.1 Single withdrawals 12.2 Natural income 13. Bankruptcy 14. Death 15. Taxation 16. Changes to the Terms and conditions 17. Changes to your personal information 18. Liability 19. Governance and regulation 19.1 Governing law and language 19.2 Main business and FCA register details 19.3 HM Revenue & Customs (HMRC) 19.4 Collection and Disclosure of Information to Tax Authorities 19.5 Conflicts of interest 20. Additional information 20.1 Data Protection 20.2 Delegation 20.3 Contracts (Rights of Third Parties) Act Advisers 21. How to contact us 22. How we will contact you 23. Customer status 24. Making a complaint 25. Compensation 26. Glossary of terms
6 Terms and conditions of the smart + Trading Account 06 have closed your smart + Trading Account). This may include information about the identity and tax residence of individuals associated with you where your smart + Trading Account is not held by an individual. You acknowledge that we may also be required to disclose this information and other personal data to the tax authority(ies) of your country(ies) of tax residence or HMRC, and otherwise co-operate with formal requests from such tax authority(ies). We and the AXA Group to the extent allowed by law and FCA rules do not accept liability to you or any other person entitled to benefit under your smart + Trading Account for any loss that may be incurred as a result of you or your adviser failing to provide us with information or providing incorrect information. We will retain records of identity for so long as AXA is required to comply with its legal and regulatory obligations. 3. Payments and transfers You can pay money into your smart + Trading Account and instruct us to buy investments through axaselfinvestor.co.uk. Payments can only be sent to us once you have applied online and we have accepted your application. We will invest any money received as long as a valid order is in place. This will be carried out in line with section 7.5, Order execution policy. 3.1 Making payments You can invest in three ways: Regular payments: These will be accepted when a Direct Debit is received from your bank account. The minimum monthly payment is 50 per month. You can choose to make regular payments; these can be monthly, quarterly, six-monthly or annually. You can select any day of the month between 1 and 28 for payments to leave your bank account Single payments: You can open your smart + Trading Account with a single payment of 500 or more from your bank account or your smart + Cash Account. You can make further single payments at any time of 100 or more. We can only accept single payments by debit card or Direct Debit or from your smart + Trading Account Transfers: You can open your smart + Trading Account or add to your smart + Trading Account by transferring existing investments you hold with another provider. The minimum transfer value is 500 and transfers must be direct to AXA Self Investor from your existing trading account provider (see section 3.2 Transfers in ). Additional transfers into your smart + Trading Account require a minimum transfer amount of 100. We reserve the right acting reasonably to change the minimum amount you may invest from time to time, in line with section 16, Changes to the Terms and conditions. 3.2 Transfers in We accept transfers into your smart + Trading Account from any existing provider. The minimum amount you can transfer to us is 500, with further transfers requiring a minimum of 100. You must transfer at least one investment that is available on smart +. Cash only transfers are not accepted. You should also be aware that: The transfer will be subject to our acceptance of your transfer application Any residual cash received from the preceding provider after the date of transfer will be credited to your smart + Trading Account Our appointment as provider will begin from the date your valid transfer application has been accepted by us, unless you have already made a cash payment to your smart + Trading Account Orders to buy units will be placed in line with section 7.5, Order execution policy Your investments could be re-registered, subject to agreement between us and the existing trading account provider and subject to the relevant funds being available within the smart + Trading Account. For further details on re-registration see section 3.4, Re-registration.
7 Terms and conditions of the smart + Trading Account 07 Any transfer is subject to applicable laws and regulations. We are also required to undertake additional verification or identity checks and you agree to provide other documentary evidence that we may require. 3.3 Transfers out You can choose to transfer out of your smart + Trading Account at any time. Before transferring out of your smart + Trading Account, you should be aware of the following: We may request additional information to confirm your circumstances during the transferring out process. You can only transfer out to another trading account You must choose a new trading account provider before any transfer can take place. Any transfer instruction will need to be passed to us by your new provider You can arrange to transfer your smart + Trading Account within a time stipulated by you to another trading account provider, subject to the receiving provider s approval. The time stipulated by you for these purposes may not be less than 10 days or more than 30 days from the day we are in receipt of your written notice to transfer Whilst we do not make a charge for transferring your cash and/or investments, the receiving trading account provider may make a charge for accepting the transfer If you choose to transfer out in cash from your smart + Trading Account to another trading account provider, your money will not be invested for the time it takes for the transfer to complete Your investments could be re-registered, subject to agreement between us and the receiving trading account provider. If you are charged for transferring an investment, the new trading account provider will determine how you will have to settle these charges. We do not pay transfer fees, nor will we deduct such fees from your investments Re-registration You can re-register your existing investments to your smart + Trading Account, where you have the legal title (where relevant) or beneficial title to these investments, and the right to do this. Re-registration means that you can move investments from one trading account provider to another, without having to sell and then buy them back. If you wish to re-register an investment this is subject to the fund being available within the smart + Trading Account. Where it is not available, your existing trading account provider will need to sell the investment and transfer the proceeds as cash to your smart + Trading Account. If you choose to re-register to us a fund which is paying a rebate of the Fund Manager Annual Management Charge, you will no longer be able to receive that rebate in cash. Any future rebates that are due to you after the re-registration will automatically be used to buy additional units in a fund selected by you. In addition, any rebates you receive on existing funds within your smart + Trading Account will no longer be paid in cash and will instead be used to buy additional units in the fund selected by you at the point of re-registration. You are responsible for selecting the fund to receive your unit rebates as part of the re-registration process. Re-registering an investment may be subject to the agreement of the existing trading account provider. Please note this agreement may not be given. If, when re-registering an investment, you incur charges from a trading account provider you will need to settle these charges directly with them. We do not pay any re-registration fees nor will we deduct such fees from your investments. Re-registration of investments may also be possible where you wish to transfer your smart + Trading Account to another trading account provider, see section 3.3 above.
8 Terms and conditions of the smart + Trading Account Charges 4.1. smart + charges The smart + Trading Account Charge This is an annual charge calculated daily and collected monthly in arrears from your smart + Trading Account. It covers the cost for us to carry out investment transactions on your behalf. It is calculated on the total value of your smart + Trading Account including any cash. The first monthly payment of this charge will be due one month after the date when you first placed money into your smart + service. Subsequent payments will be taken on the same date each month. The smart + Trading Account Charge is subject to ongoing review. Please see section 4.4, Changing the charges Other smart + charges There are other charges that may apply when managing your smart + Trading Account, these include charges for: Same day electronic withdrawal by CHAPS Failed Direct Debits and/or a returned cheque. In addition AXA Self Investor reserves the right to charge for providing at your request documents in paper format that AXA Self Investor holds on smart +. The rates applicable to all smart + charges as described above can be found in Charges information on axaselfinvestor.co.uk/charges. 4.2 Fund manager charges There will also be additional charges applied to the specific investments you hold through your smart + Trading Account. These charges are made by fund managers for investing in their funds. The fund manager charges will be shown on screen when you select particular funds on axaselfinvestor.co.uk/funds. The types of charges taken can vary from fund to fund. Fund managers will make some, or all, of the following charges: Fund Manager Initial Charge We have negotiated the removal of the initial charge with the fund manager on the majority of our funds. If a new fund is added to the fund range and we are unable to negotiate the removal of the initial charge then the fund manager will take the charge directly from the money you are investing, this means you do not need to pay for it separately. It is taken each time you invest money in the fund and is a percentage of the amount you invest. If subsequent to investing in a fund the fund manager introduces an initial charge, AXA Self Investor will write to inform you where possible in advance of the introduction of the charge Fund Manager Annual Management Charge This charge is included in the calculation of the unit price. This means you do not need to pay for it separately. Rebate based funds Prior to 6 April 2014 we negotiated terms with some fund managers that meant some of the annual management charge is passed back (rebated) to us. From 6 April 2014, we do not offer these rebate paying funds for new investments. If you invested before this date, you may have chosen funds which paid a rebate and part of this rebate may have been retained by us. We no longer keep any part of the rebate so you will receive the full amount if one is due. We will credit any cash rebates due to your smart + Trading Account on a monthly basis on the same date on which we collect all applicable smart + charges, see section 4, Charges.
9 Terms and conditions of the smart + Trading Account 09 From 6 April 2014, you will not be able to make new investments into a rebate paying fund. This means if, from 6 April 2014, you wish to: Pay additional lump sum investments into your smart + Trading Account; Increase an existing regular payment into your smart + Trading Account; Reduce an existing regular payment into your smart + Trading Account; Change the fund choice for your regular payments into your smart + Trading Account; or Switch your existing investment into a different fund you must choose a rebate free fund for your investment. The actual Fund Manager Annual Management Charge is shown for each fund in the fund selection table on axaselfinvestor.co.uk/funds Bid/Offer/Spread Pricing Unit trusts often quote two dealing prices, an offer price and a bid price. The offer price is the price at which you buy units and the bid price is the price at which you sell units. The difference between these prices is known as the bid/offer spread. Where the price of buying and selling units is different, the price you buy at is usually higher than the price the same units are sold at. Some funds may also include an initial charge in their bid/offer spread. We have negotiated the removal of this initial charge for most funds on smart +, but there may still be an underlying bid/offer spread so the price at which you buy units may be different from the price at which you sell them. For more information see the relevant fund fact sheet Fund manager additional fund expenses Annual expenses are in addition to the Fund Manager Annual Management Charge and are also included in the calculation of the unit price. These are charged by the fund manager for services and can include: Custody services, such as registration and settlement Administrative costs Fees linked to depositary duties Audit fees Professional services, such as legal counsel or audit Regulatory fees Fund manager performance related charge Some fund managers will make a charge when a fund s performance exceeds a performance fee measure. If a performance related charge applies, the Simplified prospectus/key investor information document (KIID) for each fund explains how and when this is charged Dilution levy Fund managers reserve the right to apply a dilution levy for certain funds, which is a charge that may be applied when you buy or sell individual funds (including switches). This charge is applied to protect the interests of the remaining investors in the affected fund. It will immediately reduce the value of your investment or sale proceeds that you are due to receive. Your money may be aggregated with other investors who place orders with us and our third party providers, in the same fund at the same time with the fund manager. Aggregation may increase the likelihood of a dilution levy being applied to your order. Any dilution levy applied will be split proportionally between all affected investors.
10 Terms and conditions of the smart + Trading Account Fund exit charge Fund managers may apply an exit charge, which is a charge that may be applied when you sell units in a fund. If the fund manager does apply this charge they will take the charge directly from the proceeds of the transaction, this means you do not need to pay for it separately. 4.3 Paying the charges smart + Trading Account Charge The smart + Trading Account Charge will be collected each month from cash held within your smart + Trading Account. If you do not have enough cash available in your smart + Trading Account when the charge is due, we will use the auto-cash process which sets out which investments will be sold to cover the charge. In certain circumstances we reserve the right to charge interest on outstanding charges. You can find out more about how this process works and when we may charge interest in section 7.4, Circumstances in which we will automatically sell investments Other smart + charges The same day electronic withdrawal by CHAPS charge will be collected from the money you withdraw before it is sent to you. The charge relating to a failed Direct Debit or a returned cheque will be taken from cash held within your smart + Trading Account. If there is not enough cash available we will use the auto-cash process Fund manager charges The fund manager will either take these charges directly from the money you are investing or include it in the calculation of the unit price. This means you do not need to pay for them separately. See section 4.2, Fund manager charges. 4.4 Changing the charges The charges you pay may change in the future. We reserve the right to make changes to or apply new charges from time to time. There are a number of circumstances that could lead to an increase in the smart + Trading Account Charge and other smart + charges. They are: Tax rule, legislative or regulatory changes Increases in our staff or overhead costs (which are reasonable in amount and reasonably incurred) or the fact that these costs represent a higher percentage of the value of funds Increases in the costs of using third parties (and there is no reasonable alternative third party). A third party is any party which is not AXA Self Investor. We will notify you of any increase in our charges at least 30 days prior to the change taking effect. Our current understanding of tax legislation and HMRC guidelines is that Value Added Tax (VAT) is not payable by you on the smart + charges. However, in the event that VAT becomes due, we reserve the right to add VAT to the charges made to you. Fund managers may increase their charges. Up-to-date fund manager charges can be viewed on axaselfinvestor.co.uk/funds Remuneration we may pay If appropriate we will pay remuneration to an intermediary in accordance with our agreement with them. Any remuneration paid will be disclosed to you separately by the intermediary within their Service and Costs Disclosure Document (SCDD) and will not affect the charges you pay in accordance with these Terms and conditions.
11 Terms and conditions of the smart + Trading Account Investments 5.1 Fund range Types of funds The types of funds currently available to hold in the smart + Trading Account are: Unit trusts Open Ended Investment Companies (OEICs) Société d investissement à Capital Variables (SICAVs). Most funds are based in the UK and are authorised by the FCA. There may be funds based outside of the UK that are recognised by the FCA (FCA recognised funds). This means the regulation in those countries in which FCA recognised funds are based is considered by the FCA to meet an acceptable minimum standard Variation of fund range We reserve the right from time to time to vary the list of funds available within smart + by adding or removing funds from the fund range, provided we believe it is reasonable to do so. This may be for one of the following reasons: If, in the reasonable opinion of third party experts that we engage, the fund is unsuitable to the range If, in our reasonable opinion, the fund no longer qualifies under the ISA Regulations If the fund manager decides to remove or close the fund. If the original trading terms of the fund agreed with the fund manager changes e.g. the cost to invest increases If we have no investment within an individual fund, we reserve the right to remove the fund from our range without notice If there is a change in relevant law or regulation including FCA guidance If this happens, we will where possible give customers invested in the relevant fund at least 30 days written notice of our intention to close the fund to new investments. After this time you will no longer be able to make any further contributions to the fund through AXA Self Investor. 5.2 Declining an order We will not assess whether any proposed investment is right for your particular circumstances. We reserve the right to decline any order to buy or sell any investment where, in our reasonable opinion, the order: Would limit or restrict in any way our ability to administer your smart + Trading Account on the grounds of illiquidity (the ability to sell the investment) or otherwise Would limit or restrict in any way our ability to obtain an appropriate valuation where in our reasonable opinion the connected costs would be prohibitive May be considered contrary to the longer term investment interests of other customers, AXA Self Investor or fund managers. We do not accept liability for any loss suffered by your smart + Trading Account as a result. 6. Custody and ownership and cash-handling 6.1 Custody and ownership a) Investments You will always be the beneficial owner of your smart + Trading Account. Your smart + Trading Account may not be used as security for a loan. By agreeing to the Smart+ Service Terms and Conditions and Smart+ Trading Account Terms and Conditions you appoint us as your custodian in respect of your AXA Self Investor
12 Terms and conditions of the smart + Trading Account 12 investments, and grant us (or any of our sub-custodians) the right to appoint nominee companies or sub custodians to hold the investments. Investments will be held in the name of those nominee companies or sub custodians, who will also hold any documents of title, such as share certificates, in respect of the investments held by them. Investments may be collectively registered in the name of the nominee company by the custodian. If this is the case, the investments relating to your smart + Trading Account may not be separately identifiable by certificates or other documents of title or equivalent electronic record from those of other AXA Self Investor customers or other customers of AXA Portfolio Services Limited. If the custodian defaults, any shortfall in customer investments registered collectively may be shared pro-rata amongst those customers. We undertake regular reconciliations of the investments held for AXA Self Investor customers. Should we identify a discrepancy that results in or reveals a shortfall in those investments, unless we are justified in concluding that we are not responsible for the discrepancy, we will cover the shortfall by placing our own money into a platform administration general client bank account. This money will then be treated as client money under the FCA rules. Once the discrepancy is resolved, we will remove the money and place it back into our own account. Where investments are held by a custodian or nominee outside of the UK, different settlement, legal and regulatory requirements and different practices relating to the segregation of those investments may apply. We will satisfy ourselves that any agents or persons to whom we delegate any of our functions or responsibilities under these Terms and conditions are competent to carry out such arrangements. b) Cash Any money recorded in your smart + Trading Account will be held with money deposited by other customers of AXA Self Investor and AXA Portfolio Services Limited, and will be held by AXA Portfolio Services Limited in one or more general client bank accounts in accordance with the FCA rules on client money. In addition, we also operate other accounts with our main banking partner. These consist of investment administration accounts used to make payments for investments, receive proceeds from the sale of investments and receive investment income, and platform administration accounts used to move money to and from your smart + service Cash Account and into / out of your Smart + Trading Account. Using these other accounts helps to ensure that we keep accurate records of the cash we hold for you. We undertake regular reconciliations of the client money held for AXA Self Investor customers. Should we identify a shortfall, we will correct it using our own money. Your cash holdings are identified and recorded individually only within our company client money records. If the bank that is holding your money becomes insolvent, we will attempt to recoup your money on your behalf. However, if the bank cannot repay all the money it owes its clients, this could result in shortfalls in the bank accounts we hold at that bank. In this situation, AXA Portfolio Services Limited will treat money held in general client bank accounts with all the banks it uses as pooled and any shortfall will be shared proportionately between you and other AXA Self Investor and AXA Portfolio Services Limited clients. AXA Self Investor will update its records with your new reduced cash holding. You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if the banking partner we use to hold client money were to fail. Please see section 25 Compensation for more information on the FSCS. 6.2 Cash handling The movement of money to and from your bank account(s) is subject to the operating banks practices and their clearing processes. You can set up a maximum of four external bank accounts from which payments can be made into your smart + service and can nominate one of these accounts for withdrawals (nominated bank account). You can make payments into your smart + Trading Account by Direct Debit or debit card or from your smart + Cash Account. All withdrawals from us to your nominated bank account will be made electronically. If you instruct us to make a same day electronic payment (CHAPS) we will apply a charge as defined in section 4.1.2, Other smart + charges. 6.3 Interest on cash Interest will be paid on cash held within your smart + Trading Account and will be subject to the level of interest as detailed in Charges Information on axaselfinvestor.co.uk and in accordance with applicable laws and regulations.
13 Terms and conditions of the smart + Trading Account 13 Interest is credited to your account on a monthly basis on the first working day of the month. Interest will not be reinvested. No interest will be paid on money until we match a payment to your account and it has cleared through the banking system. No interest will be paid on money moving through the investment administration accounts and the platform administration accounts mentioned above. No further interest will be earned once you have closed your account. 7. Managing your investments 7.1 General We will not act as an investment manager or provide advice in relation to investments held in your smart + Trading Account. We do not accept any liability for the performance or choice of: Investments Fund managers. You decide how your payments and transfer in proceeds are invested. 7.2 Investment dealing The value of the investments will be shown in pounds sterling ( ). Your instructions to us to buy, sell or switch investments on your behalf will be transacted directly with the fund manager concerned, in accordance with our order execution policy. For more information see section 7.5, Order execution policy. We will provide you with further information relating to your chosen fund(s) and fund manager. You can view the Simplified prospectus/kiid when selecting funds within smart + on axaselfinvestor.co.uk/funds. Any payment that has been credited to your smart + Trading Account will be available for the execution of an order. Your instructions to us to buy, sell or switch investments on your behalf will be transacted directly with the fund manager who sets the price at a specific valuation point in the future. This means that you will not know in advance exactly what price you will receive. For details of when we place orders with fund managers refer to section 7.5, Order execution policy. We actively monitor levels of trading and reserve the right to refuse any orders that might reasonably be considered contrary to the longer term investment interests of other customers, smart + or fund managers. For further detail, see section 5.2, Declining an order. Any income generated by your investments will be credited either to your smart + Trading Account as cash or paid to your nominated bank account, in accordance with your instructions to us. Income means any distributions or interest. (see section Natural Income ). We will value your investments in pounds sterling, based on the most recent available price from the fund manager. We do not accept liability for pricing information provided by the fund manager. The prices recorded against your units in funds are indicative and are unlikely to be the price on which any order is executed if you wish to buy, sell or switch investments. You may instruct us to switch all or part of your investments within your smart + Trading Account by selling units in a fund and reinvesting the proceeds into another fund or funds. The purchase of your chosen units in funds will be transacted following confirmation of the sale. You will be out of the market during this period. We will not be liable for any delays caused by non-receipt of this information from the fund manager. We reserve the right to defer the new purchase until this information is provided. Should this occur, your money will not be invested during this period. Some funds may not trade daily so this may cause a delay in the switch being processed.
14 Terms and conditions of the smart + Trading Account Deferring a transaction We may suspend temporarily or delay for a specified period of time (as may be reasonably required) or even suspend indefinitely the transmission of an order to a fund manager. We may do this for the following reasons: During any time when any of the main stock exchanges or markets are closed or when dealings are restricted or suspended During any breakdown in any systems of communication (including computer systems) that are normally used by us in transmitting an order During any time when we cannot realise investments to make payments on the redemption of such funds; in accordance with the terms of the fund s prospectus Not receiving of information needed to enable us to transmit the order. We may also do so where we reasonably suspect activities aiming to take unfair advantage of market timing opportunities, or a pattern of short-term or excessive switching, or switching patterns likely, in our reasonable opinion, to be disruptive of unit pricing of the affected funds. In exercising our discretion, we will take into account your switching history in a particular fund or across all funds and aggregate value of investments. An order that is affected by a deferment or suspension will be transmitted once we can again transmit orders to that fund manager or the information needed has been provided. This will be done in accordance with section 7.5, Order execution policy in line with the fund manager s next available valuation point. We will not be liable for losses caused to you by the suspension or deferment of the transmission of an order unless this was a direct result of: Our negligence or wilful default Any other breach by us of the FCA rules Any other breach by us of these Terms and conditions under which the order is made. Fund manager deferral A fund manager may delay for a specified period of time, suspend temporarily or indefinitely the execution of an order or may reserve the right to refuse to execute an order. Details of the circumstances in which a fund manager could suspend or defer or refuse the execution of an order are available from the fund manager. All transactions affected by a deferment or suspension made in accordance with this section 7.3 will be made at the end of the period using the unit price decided in accordance with section 7.5, Order execution policy. If we defer or suspend a transaction we will endeavour to notify you within 30 days of this happening. 7.4 Circumstances where we will automatically sell investments There are two circumstances where investments can be sold automatically: a) Auto-cash process Cash in your smart + Trading Account will be used to cover the smart + Trading Account Charge and may be used to cover other smart + charges applicable to your smart + Trading Account. If there is insufficient cash in your smart + Trading Account when we take the charges, we will sell investments held in your smart + Trading Account to cover the charge(s) in accordance with the auto-cash process. We may also use this process to cover outstanding costs where you have not held sufficient cash in your smart + Trading Account on settlement of a buy order (see section 7.5, Order execution policy for details). Under the auto-cash process the Least Volatile Stock (LVS) will be sold first. The LVS is rated by a third party nominated by us to provide this information. By exception a LVS may be ring-fenced by us. Ring-fenced investments will only be sold as a last resort, and not automatically, usually due to liquidity issues or penalties that could arise when they are sold. Volatility is measured by how widely a range of returns varies from the fund s average return over a particular period. When the LVS process applies and there are two or more investments that have the same volatility, we will auto-cash the investment that you bought most recently.
15 Terms and conditions of the smart + Trading Account 15 As part of the auto-cash process we can declare investments as ring fenced. Ring fenced investments are those investments that will only be sold as a last resort, and not automatically, usually due to liquidity issues or penalties that could arise on sale. To ensure all charges are covered, the minimum amount that will be realised by disinvestment as part of an autocash process is 10. The valuation price of units may fall between order and disinvestment, so to ensure this minimum cash amount is realised for minimum disinvestments, the number of units to be redeemed will be enhanced by 10%. If there are insufficient investments available in your smart + Trading Account which are not ring fenced to cover all the outstanding charges or costs we will contact you to make arrangements to collect these charges or costs. If they remain outstanding for more than 30 days after we have contacted you, we reserve the right to sell ring fenced investments. We reserve the right to charge interest on outstanding charges or costs at a rate of 4.5% above the Bank of England base rate if charges or costs remain outstanding for more than 30 days from the date on which we contact you to make arrangements to collect these outstanding charges or costs. b) Sale of individual holdings If you instruct us to sell 95% or more of your investments in any one fund and express this as a monetary amount, we will give you the choice to either select a lower amount or to confirm that you wish us to sell the entire investment in that fund. 7.5 Order execution policy We are required to put in place an order execution policy and to take all reasonable steps when receiving and transmitting order(s) for execution. The relevant fund manager will execute the order(s). We will follow this order execution policy and you agree that the terms of the order execution policy will apply where we are transmitting orders on your behalf Investments The types of funds currently available to hold in the smart + Trading Account are: Unit trusts Open Ended Investment Companies (OEICs) Société d investissement à Capital Variables (SICAVs). Most funds are based in the UK and are authorised by the FCA. There may be funds based outside of the UK that are recognised by the FCA (FCA recognised funds). This means the regulation in those countries in which FCA recognised funds are based is considered by the FCA to meet an acceptable minimum standard Process Orders to buy units will be placed at the fund manager s next available valuation point, provided you have sufficient cash in your smart + Trading Account and the order is placed before our cut off time. Where money received for your smart + Trading Account is not applied before our cut off time, your order will be placed at the next available valuation point on the following working day. The fund manager will execute the buy order and request payment from us. This is known as settlement. On settlement we require cash to still be available in your smart + Trading Account in order to pay the fund manager. If cash is not available when we are required to pay the fund manager we may cancel the order. If this is not possible, we will contact you to arrange for payment of the purchase of units. If after 30 days from the date we contact you the payment remains outstanding, we will use the auto-cash process which sets out which investments will be sold to cover the cost of purchasing the units. You can find out more about how this process works in section 7.4, Circumstances in which we will automatically sell investments. You will remain liable to us for full payment of the purchase cost of the units. We will send your money to the fund manager on the Contractual Settlement date. The money may be held in the fund manager s bank account for a short period until they make payment to the fund. Similarly, when you sell or
16 Terms and conditions of the smart + Trading Account 16 switch funds, your money may be held in the fund manager s bank account before they release the money to us. If they need to hold money for more than one business day they will transfer the money to a pooled client money bank account operated on behalf of customers prior to completing a purchase or returning the money to us to complete an instruction to sell or switch. Orders to sell units will be placed at the fund manager s next available valuation point provided we have received your order before our cut off time. All cash from successfully executed sell orders will be placed in your smart + Trading Account. Orders to switch units will be placed as separate transactions. The order to sell units will be placed at the fund manager s next available valuation point, provided we have received your order before our cut off time; the order to buy units will be placed after we have received confirmation of the sell transaction from the fund manager. You will be out of the market for this period. Our cut off time is one hour before the fund manager s cut off time, which is usually within normal business hours e.g. 9am to 5pm. For further information please refer to the Simplified Prospectus/KIID on axaselfinvestor.co.uk/ funds. Typically, the fund manager cut off will be the same as the fund s valuation point; however, some funds may cut off before the valuation point, e.g. at the close of business the previous day. Valuation points are subject to change by the fund manager and details of our current cut off times can be provided on request. Your money may be aggregated with other investors placing orders with us and our third party provider in the same fund at the same time with the fund manager. You can set up repeat buy orders if you are making regular payments into your smart + Trading Account. This means that your order to purchase units in a pre-specified fund(s) will be placed automatically on the date on which we are due to receive your regular payment. If your Direct Debit payment to us fails, we will sell the units purchased and cancel your existing instruction; you will be liable for any shortfall between the amount paid for the investment and the amount raised by the sale. In this event we may write to you or use the auto-cash process, which sets out which investments will be sold to cover the cost of any shortfall. You can find out more about how this process works in section 7.4, Circumstances in which we will automatically sell investments. Funds are forward priced so you will not know in advance exactly what price will apply to your transaction. Whilst the majority of funds trade daily there are exceptions. Where an order to buy, sell or switch is placed in respect of a fund that trades at intervals other than daily there may be a delay in the order being carried out Confirmation of orders We will provide you with a Contract note when your order has been executed. This will be placed in My Documents and you will be notified by that this has happened. A Contract note will be available for all successfully completed buy and sell orders. You are responsible for checking that the order has been placed correctly. Should there be any errors you should tell us immediately. We will issue a Contract note ordinarily within one order day of us receiving notification from the fund manager that the order has been executed. For an order comprising multiple instructions, a Contract note will ordinarily be issued within one order day of us receiving each notification that relates to that order. When you set up a repeat buy order for the same fund(s) with a regular payment we will only issue a Contract note on the first occasion the order successfully completes or upon an increase or decrease in the regular payment. Once we have received notification from the fund manager that your order has been executed, we will automatically update your online valuation to reflect this. Any investments that you sell will be removed from your valuation and any new investment holdings that you purchase will then be included in your valuation. Please note that where you make a new investment, we will continue to hold the money you invest as client money until the settlement date Deferral of withdrawals We reserve the right to defer payment where it is necessary to fulfil due diligence under FCA requirements or anti-
17 Terms and conditions of the smart + Trading Account 17 money laundering rules. Whilst fulfilling our obligations, all settlement money will be held in a client money bank account until advised otherwise Monitoring and reviewing We will monitor our order execution policy at least annually to ensure it is effective. We may amend this order execution policy in accordance with section 16, Changes to the Terms and conditions. 8. Reports and Corporate Actions On request we can arrange for you to receive a copy of the six-monthly report and accounts in respect of your investments and any other information issued to investors. If we receive any notifications from the fund manager concerning their fund, we will not generally pass these notifications on to you unless we reasonably consider the content of such notification to have a material impact on your investment. Where a notification relates to a corporate action that requires a decision to be made, we will abstain from voting in most situations where the fund manager has proposed a change affecting the fund; however, we may vote in favour of or against a proposal if we feel that the change will materially impact the operation of smart + or our customers. You will still be able to attend any meeting of investors in respect of each investment held in your smart + Trading Account, to vote in respect of your own investment. You will need to notify us at least 48 hours in advance of the meeting to do this. 9. Statements and valuations 9.1 Statements Two trading account statements will be made available to you online within My Documents. These will cover the periods 6 April to 5 October and 6 October to 5 April each year. Statements will provide various details about payments into or withdrawals from your smart + Trading Account as well as details of rebates and charges. 9.2 Valuation of investment We will value your investments in pounds sterling, based on the most recent available price from the fund manager. The prices recorded against your investments are indicative and are unlikely to be the price on which any order is executed if you wish to buy, sell or switch investments. We do not accept liability for pricing information provided by the fund manager. We will provide you with six-monthly statements in My Documents showing details of all orders in your smart + Trading Account since the previous statement. We reserve the right to change the time and frequency of these statements, but will ensure that statements are sent out in accordance with the FCA rules. You can view your investments and their value at your convenience on axaselfinvestor.co.uk. 9.3 Valuations and transaction statements You can generate an online valuation statement or transaction statement at any time, which will be automatically produced and saved into My Documents. The value of the investments shown will be based upon the previous day s valuation point used and are for illustration purposes only. 10. Cancelling your smart + Trading Account You have the right to change your mind about opening your trading account. You will receive confirmation by that a cancellation reminder has been added to My Documents once your first payment has been allocated to your smart + Trading Account by us, or on receipt of your Direct Debit instruction, or on receipt and acceptance of your transfer application (whichever is earlier). You will then have 30 days in which you can cancel your smart + Trading Account.
18 Terms and conditions of the smart + Trading Account 18 If you decide to cancel your smart + Trading Account before any payment paid into it has been used to make an investment, then you will receive a full refund. If you decide to cancel within the 30 day period any regular payment will be refunded in full. Any single payment or transfer in during this period that has been used to make an investment will be refunded less any fall in the market value of the investment. Any investments transferred in from an existing trading account provider can be returned to the provider from where they were received, if they are willing to accept them. In the event that they will not accept them, you will need to find an alternative, for example, transfer to a new trading account provider. Alternatively, you can choose to close your smart + Trading Account and have the balance paid to your nominated bank account as cash. If you do not tell us to cancel your smart + Trading Account within the 30 day period, your smart + Trading Account will continue in accordance with the Terms and conditions. If, after this period has expired, you wish to close your smart + Trading Account you can do so as explained in section 11, Closing your smart + Trading Account. 11. Closing your smart + Trading Account There is no fixed term to hold a smart + Trading Account after the 30 day cancellation period. If you do not cancel your smart + Trading Account within 30 days, it will continue in accordance with these Terms and conditions. You may close your smart + Trading Account at any time. We may request additional information to confirm your circumstances during the process of closing or after your account has closed. While we do not charge you to close your smart + Trading Account you may get back less than the amount you invested. We may close your smart + Trading Account at any time by giving you 30 days notice if you fail to meet these Terms and conditions. We will not be liable to you for any loss, liability or damage you may suffer if we close your smart + Trading Account for this reason. Charges have the effect of reducing the value of your investments. We will monitor your smart + Trading Account to ensure that charges do not reduce the value of your investments to a level that we believe is excessive for your account balance. Where this happens, we will contact you to inform you of our concerns and suggest options available to you. We reserve the right to close your smart + Trading Account, if the balance is less than 500 and you have been a customer of AXA Self Investor for 18 months or longer. Further details of the circumstances when we may do this are set out in section 14 of the smart + Service Terms and conditions. 12. Withdrawals 12.1 Single withdrawals Withdrawing money from your smart + Trading Account will reduce the potential for growth of your investments. The minimum amount you can withdraw is 100. We reserve the right acting reasonably to change the minimum amount you may withdraw from time to time, in accordance with section 16, Changes to the Terms and conditions. Only single withdrawals are available and can be made on axaselfinvestor.co.uk at any time. To request a single withdrawal, cash must be available to fund the withdrawal. If insufficient cash is available you must place sell orders as part of requesting the withdrawal. If you make a withdrawal by selling investments, the sale proceeds will be forwarded to your nominated bank account if instructed by you. Payment of the proceeds to your nominated bank account will usually take place within 10 business days of the execution of your order by the fund manager, however, you may stipulate a time greater than 10 business days and less than 30 days. Some funds do not transact or trade on a daily basis. Therefore the transaction times will vary according to the terms of these funds. This may prevent you from making withdrawals at the time you want if this requires the sale of units held in a fund which does not transact or trade on a daily basis. We will pay withdrawals only to your nominated bank account Natural income Your investments may generate income through the payment of dividends or distributions. You can specify a preference to either have these payments credited to your smart + Trading Account as cash or elect to have
19 Terms and conditions of the smart + Trading Account 19 them paid to your nominated bank account. Payment out to your nominated bank account is known as natural income. The option to choose natural income will only be made available to you if you have set up a nominated bank account within smart +. You can change your income preference at any time through smart Bankruptcy On notification of your bankruptcy, no further payments will be accepted into your smart + Trading Account. Investments will be put into the beneficial ownership of the appointed trustee or official receiver. 14. Death No further payments will be accepted upon notification of your death. We will await instructions and receipt of the appropriate documentation from your personal representatives to establish proof of death and proof of entitlement. Your investments may continue to receive income and the income will be subject to standard tax treatment. Charges will continue to apply in accordance with these Terms and conditions. 15. Taxation The tax treatment of investments you hold is dependent upon your individual circumstances and may be subject to changes in legislation. You acknowledge that we will deduct any tax charge which we are required to deduct (if any) in order to comply with legal or regulatory obligations from any payment made by us in respect of any smart + Trading Account. The information in this section is based on our understanding of current tax legislation. The legislation could change in the future. For further information about tax treatment please visit the HMRC website at hmrc.gov.uk. If you are in any doubt about the tax status of buying, holding or selling an investment within your smart + Trading Account, please speak to a tax specialist. Any new investments that you pay into your Trading Account may be withheld in accordance with applicable laws and regulations. All income and capital gains within your smart + Trading Account will be subject to Income Tax and Capital Gains Tax in accordance with your personal tax position. The first 5,000 of dividend distributions that you receive in a single tax year is tax free. This is in addition to any unused Personal Allowance. Any dividends that you receive above this will be subject to 7.5% if you re a basic rate tax payer, 32.5% if you re a higher rate tax payer, and 38.1% if you re an additional rate tax payer. Interest from investments and any cash held is paid net of income tax at 20%. You may be able to reclaim this if you don t pay tax or if you have any unused Personal Savings Allowance (PSA) by completing an annual tax return. The PSA allows you to reclaim tax relating to the first 1,000 of interest that you receive if you re a basic rate tax payer, or up to 500 of interest if you pay higher rate tax. Please note that you won t be able to reclaim any tax if you pay additional rate tax. We will provide you with a tax voucher each year showing the amount of income and interest reinvested or credited and tax deducted within your smart + Trading Account. If you are required to complete a tax return, this voucher will provide the detail for your smart + investments. Any capital gain made from the sale of investments within your smart + Trading Account will need to be disclosed to HMRC. Taxpayers who complete an annual tax return should declare any income received from their smart + Trading Account. You may be liable to further Income Tax and/or Capital Gains Tax depending on your individual tax position. If you are unsure about your tax position or if you should complete a return if you do not already, please speak to a tax specialist.
20 Terms and conditions of the smart + Trading Account Changes to the Terms and conditions We reserve the right to amend these Terms and conditions from time to time for the reasons set out below, upon giving you at least 30 days written notice, so far as it is practicable to do so or such other period allowed or required by law. Such changes will take effect from the date stated in the notice. During this notice period, if you are unhappy with the proposed amendment to these Terms and conditions you can transfer the value of your smart + Trading Account to another trading account provider. Any fees and charges for selling investments in readiness for the closure of the smart + Trading Account and re-registration with another trading account provider (where requested) will be applied at the rates applicable at the time of the sale, encashment or transfer. Any closure charges generally in force at the time of the transfer out will also be applied. We will only amend these Terms and conditions as set out above for the following reasons: a) Relevant changes in tax or other relevant UK or European legislation b) Relevant changes in the reporting requirements or regulatory regime c) Relevant changes in how the London Stock Exchange or other investment markets may work which may impact on the operation of your smart + Trading Account d) Relevant changes in investment dealing or administration which may impact on the operation of your smart + Trading Account e) Relevant improvements or enhancements to the existing services we provide or changes in technology outside of our control f) Relevant changes to the services provided by third parties appointed for smart + g) Appointment by us of alternative third parties to provide services for smart + h) Relevant changes in circumstances or any event which is outside of our control that means that these Terms and conditions operate in a way which is unfair to you or other smart + customers. We reserve the right to amend these Terms and conditions from time to time for any administrative or other reason which may or may not have a detrimental effect upon you and which is not set out above upon giving you at least 30 days written notice, so far as it is practicable to do so or such other period allowed or required by law. If you suffer a detriment as a result of such change, you may notify us in writing and you will be free to transfer the value of your smart + Trading Account to another trading account provider or where applicable, have the cash returned via electronic bank transfer to your nominated bank account. In these circumstances we will waive any fees and charges involved in selling your investments in readiness for the transfer and any other transfer out charges generally in force at the time of the transfer, provided that the transfer is made within three months (or such longer period as may reasonably be necessary in the circumstances) from the date on which we gave you written notice of the change. We also reserve the right to amend these Terms and conditions immediately and advise you within 30 days of a change set out in paragraph e), if we reasonably consider the change is not to your disadvantage. 17. Changes to your personal information It is your responsibility to update your personal information on smart +, in particular: Main contact phone number Home address Residency status address. If you do not keep these details up to date then we will not be able to service your smart + Trading Account appropriately and inform you of key actions or decisions that you need to take.
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International Portfolio Bond for Wrap Key Features This is an important document. Please read it and keep it along with the enclosed personal illustration for future reference. The Financial Conduct Authority
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Signature ISA & Nominee Account The freedom to invest in the stocks and shares you want Few other ISAs are anywhere near as flexible as Signature You control how your funds are invested When you invest
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Stockbrokers SSAS Pension Trading Account Terms and Conditions 2 Important notice We instruct us to buy and sell investments held by you in respect of the SSAS. If you wish to use the Service, please complete
Schroders Supplementary Information Document April 2015 Schroders are required to provide you with important information to help you decide whether our Unit Trust / OEIC Funds are right for you. You should
Key features of the ISA Portfolio Key features of the ISA Portfolio The Financial Conduct Authority is a financial services regulator. It requires us, Aviva, to give you this important information to help