Key features of the smart + stocks & shares ISA from AXA Self Investor

Transcription

1 Key features of the smart + stocks & shares ISA from AXA Self Investor Important information The Financial Conduct Authority (FCA) is a financial services regulator. It requires us, AXA Portfolio Services Limited, trading as AXA Self Investor, to give you this important information to help you to decide whether our smart + stocks & shares ISA (smart + ISA) is right for you. You should read this document carefully so you understand what you are buying and then keep it safe for future reference. The purpose is to help you make an informed decision. You need to be comfortable that you understand the benefits and risks before deciding whether to invest. There are times when there is more detailed information on our website or in the Terms and conditions of the smart + ISA, the smart + Service Terms and conditions or the Charges Information. When this happens we will say where you will find this.

2 Key features of the smart + ISA 02 Contents Page Overview 3 Aims, commitments and risks 4 The charges 6 Opening an account 8 Investing your money 10 Accessing your money 12 Changing your mind 14 Further information 15

3 Key features of the smart + ISA 03 Overview What is a smart + ISA? The smart + ISA is a stocks & shares ISA It provides a way for you to invest in a range of funds in a tax-efficient way It is not a cash ISA or an innovative finance ISA. smart + is a service that allows you to transact investments online enabling you to create and manage your own investment portfolio through a smart + ISA. You can use the smart + service to instruct us where you want to invest. We will then contact the fund manager, who will buy and sell the investment on your behalf. Who should consider investing in a smart + ISA? AXA Self Investor offers the smart + service. We do not give advice based on personal circumstances. Using our service means you are responsible for deciding which investments are suitable for you. Personal advice is only available from a financial adviser. You should consider investing in a smart + ISA if: You want access to a range of funds that generally cover the four main asset classes of shares, bonds, property and money market investments You are an individual who may benefit from investing in a tax-efficient way You are comfortable making your own investment decisions and are prepared to invest online You are looking to invest for the medium (5-10 years) to long (10 years or more) term, although there is no fixed term to hold the ISA. Am I eligible to open a smart + ISA? In order to open a smart + ISA you must: Be 18 or over Be resident in the UK If not a resident, be a crown employee serving overseas or married to, or in a civil partnership with, a crown employee serving overseas In line with HM Revenue & Customs (HMRC) rules not continue to hold any other stocks & shares ISA that you have subscribed to in this current tax year i.e. you will need to transfer these subscriptions to your smart + ISA. Can I open a smart + ISA using an inherited ISA allowance? You can open a smart + ISA to pay subscriptions using an Additional Inherited ISA Allowance following the death of your Spouse or Civil Partner subject to meeting our standard eligibility criteria. You may do this regardless of whether you already pay current year subscriptions to a stocks and shares ISA that you hold with another ISA Plan Manager. If your Additional Inherited ISA Allowance is in relation to a Spouse or Civil Partner s ISA previously held with AXA Self Investor, you have the option of transferring this to another ISA Plan Manager if you wish. Please note that subject to HMRC rules, you may only transfer the allowance once to another ISA Plan Manager and any unused allowance may be lost if you then attempt to transfer this again to another ISA Plan Manager.

4 Key features of the smart + ISA 04 Aims, commitments and risks Aims The smart + ISA aims to: Offer tax-efficient investments using your annual ISA allowance Allow you to invest in a range of investments that you manage yourself Give you the potential for capital growth, or income or a combination of both, over the medium to long term Give you access to your money by making one-off withdrawals at any time Allow you to choose from a range of investments to match your investment objectives. Your commitment If you open a smart + ISA with us you commit to: Use your smart + ISA as a medium to long term investment, which means it should usually be held for at least the medium term (5-10 years) although there is no fixed term Invest at least the minimum amount as a single subscription or a transfer, or to set up regular subscriptions. You can find more details in the section What is the minimum I can invest? page 8 Ensure you do not open or pay current tax year subscriptions to any other stocks & shares ISA Invest in line with HMRC regulations as further described in the section What is the maximum I can invest? page 8 Keep us updated about changes to your address, phone number, and residency status Pay the charges when they are due. Risks The risks that could affect your smart + ISA fall into three broad categories: smart + ISA risks smart + charges will reduce the potential growth and value of the investments you hold. Over time, if your total smart + portfolio is small in value and you do not increase your subscriptions or make additional investments, this will mean you may get back less than you originally invested. At worst, this could mean your investment is reduced to nil If you transfer into the smart + ISA from an existing ISA in cash or part cash, this would involve you being out of the market for the time it takes to complete the transfer, which will be for a maximum of 30 days. This would mean that you will not benefit from any rise in the value of investments during this period Charges could go up, in accordance with the Terms and conditions, section 4.4, Changing the charges If there is no cash available in your smart + ISA when a charge is due we will sell investments to meet this charge. The process followed is set out in the Terms and conditions, section 7.4, Circumstances in which we will automatically sell investments.

5 Key features of the smart + ISA 05 General investment risks The smart + ISA gives you access to a range of funds. These types of investments always involve degrees of risk. This could include the risk that: The value of your investments is not guaranteed and may go down as well as up. Therefore you could get back less than the original amount you invested The growth of your investments after charges could be lower than the rate of inflation, reducing the real value of your investments Withdrawals reduce the value of your smart + ISA and reduce the potential for capital growth and income. They could cause the value of your investment to fall below the original amount you invested. This will happen if your withdrawals are higher than the growth of your investment, after charges Dealing restrictions are placed on an investment by a regulator or a fund manager. This means that investments will not be bought or sold for a specified period of time or indefinitely. This will prevent you from switching investments or making withdrawals when you want You will not benefit from any rise in the investment markets if you have chosen to hold cash within your smart + ISA The tax legislation and rules described in the section What about tax? page 11 or your personal circumstances, on which they depend, change. Fund specific risks Each fund will also have risks that are specific to what they invest in and where. A full explanation of these risks is available in the Simplified prospectus of each fund or Key Investor Information Document (KIID). To access these documents log on to axaselfinvestor.co.uk/fund-ranges/, select your preferred fund range and choose from the list of funds provided.

6 Key features of the smart + ISA 06 The charges What are the charges? You will pay charges to two parties when you invest through the smart + service: AXA Self Investor for providing the smart + service and carrying out your investment transactions, known as smart + charges Fund managers for managing the funds you have chosen to invest in, known as the fund manager charges. These charges are made up as follows: smart + charges smart + ISA charge This is an annual percentage charge based on the value of your smart + ISA and smart + Trading Account, if you have one. The charge is 0.35% per annum of the value of your smart + ISA (including any cash balance). This reduces to 0.20% per annum where the total value of your smart + ISA and smart + Trading Account is 250,000 or more. The smart + ISA charge is calculated daily and deducted monthly from your smart + ISA. AXA Self Investor may from time to time introduce special offers in relation to the charges that apply to the smart + ISA. For further details and to see if you are eligible, please refer to your Charges information document. Other smart + charges In addition, AXA Self Investor reserves the right to charge for: Same day electronic withdrawal by CHAPS Failed Direct Debit subscriptions and returned cheque Providing at your request documents in paper format that AXA Self Investor hold on smart +. These charges are explained further in section Other smart + charges of the Terms and conditions and section 7 smart + charges of the smart + Service Terms and conditions. All smart + charges can be found in Charges information on axaselfinvestor.co.uk. Fund manager charges Fund manager charges are set and taken by the fund manager for investing in their funds. These vary for each fund and include: Fund Manager Entry and Exit Charge (where applicable) Fund Manager Annual Management Charge Fund Manager Additional Fees and Expenses. The actual fund manager charges for each fund will be shown on screen when you select particular funds on axaselfinvestor.co.uk/fund-ranges/ when you make your fund selection. For a full explanation of the fund manager charges see the Charges Information, section 2. Fund Manager charges. You can also read more information within the Terms and conditions, section 4.2 Fund manager charges.

7 Key features of the smart + ISA 07 How do I pay the charges? smart + charges smart + ISA Charge This charge will be collected monthly from your smart + ISA. You may choose to keep a cash balance in your account to cover this charge. If you do not have enough cash available in your smart + ISA to cover the charge in full when it becomes due we will use the auto-cash process to sell investments to cover the charge. You can find out more about how this process works in the Terms and conditions, section 7.4 Circumstances in which we will automatically sell investments. Other smart + charges Same day electronic withdrawal by CHAPS charge will be taken from the money you withdraw before it is sent to you Failed Direct Debit/returned cheque charge will be taken from cash held in your smart + ISA. If there is not enough cash available then we will use the auto-cash process. Fund manager charges The fund manager will either take these charges directly from the amount you invest before it is invested or include it in the calculation of the unit price. This means you do not need to pay for them separately. You can find out more about fund manager charges in the Terms and conditions, section 4.2 Fund manager charges. How often will the charges change? There are certain circumstances where we may increase any of our smart + charges or apply new charges at any time, a full explanation of these circumstances is set out in the Terms and conditions, section 4.4 Changing the charges. We will notify you in advance if any of the charges are due to change. Fund managers also have the right to review and change their charges in accordance with a fund s terms and conditions.

8 Key features of the smart + ISA 08 Opening an account How do I open a smart + ISA? To open a smart + ISA: You need to complete the online application on our website You must have read and accepted the smart + ISA Terms and conditions We must have received a subscription or Direct Debit instruction from you. How do I pay money into my smart + ISA? You can pay money in, known as subscriptions, to your smart + ISA and instruct us to buy investments through our website. You can do this in three ways: Regular subscriptions by Direct Debit from a bank account on which you are named - you can choose to invest either monthly, quarterly, six-monthly or annually Single subscription by UK debit card Transfer an existing ISA you hold with another ISA plan manager - you can transfer your ISA in full or in part to AXA Self Investor as a cash transfer, re-registration of investments or a combination of both. Re-registration will depend on whether your existing ISA plan manager supports the re-registration of investments and the fund(s) you wish to transfer being available within the smart + ISA. You can also move cash held in your smart + Cash Account into your smart + ISA. What is the minimum I can invest? You can open your smart + ISA with a minimum single subscription of 500; this also applies if you transfer from another ISA plan manager. You can also open your account by setting up regular subscriptions; the minimum monthly subscription is 50 per month. You can increase this at any time providing you will not exceed the annual ISA allowance. You can make further single subscriptions into your smart + ISA at any time as long as they are at least 100 and combined with any regular subscriptions (made or planned) will not exceed the annual ISA allowance. These minimum amounts may change. What is the maximum I can invest? In line with HMRC regulations, the total amount of new subscriptions that you may pay into an ISA between 6 April 2016 and 5 April 2017 tax year is 15,240. You can invest your new ISA allowance in a stocks & shares ISA, a cash ISA, or an innovative finance ISA, or you can spread your investment across all three types of ISA, up to the maximum total subscription limit and subject to the information below. AXA Self Investor does not currently offer a cash ISA or an innovative finance ISA, however, you can hold cash in the smart+ ISA, for example while you decide where to invest. Remember: Once you have used your full ISA annual allowance, you may not make any further subscriptions during the same tax year. This includes replacing any money you have withdrawn. You can only pay into one of each type of ISA (cash or stocks & shares or innovative finance) in a tax year.

9 Key features of the smart + ISA 09 How much can I invest using Additional Inherited ISA subscriptions? If you have registered an Additional Inherited ISA Allowance following the death of your Spouse or Civil Partner you may pay subscriptions up to the value of their ISA as at the date of their death in the following ways: 1. You may transfer your Spouse or Civil Partner s existing ISA holdings within 180 days of beneficial ownership passing to you; or 2. You may pay new subscriptions (excluding regular payments) up to your Additional Inherited ISA Allowance within three years of the date of death, or if later, within 180 days of finalising the administration of your Spouse or Civil Partner s estate. Any subscriptions that you pay in relation to the Additional Inherited Allowance are in addition to those that you might also pay using your annual ISA allowance. Can I transfer an existing ISA to a smart + ISA? You can transfer to a smart + ISA with us if you have opened a stocks & shares ISA in the current tax year. You must, however, transfer the entire account. If you hold an ISA from a previous tax year you can transfer all or part of this to a smart + ISA. Transfers from previous tax years do not affect your current annual ISA allowance. Some or all of the investments you wish to transfer may have to be sold and transferred as cash depending on whether the ISA plan manager you are transferring from supports the re-registration process and whether the funds are available within the smart + ISA. It is only possible to transfer cash if you want to transfer from an innovative finance ISA. We will accept transfers of cash or funds if you hold a Flexible ISA. A fund you hold within a stocks & shares ISA with another ISA plan manager may benefit from a rebate of some or all of the annual management charge taken by the fund manager. If you re-register such a fund to your smart + ISA you will continue to receive a rebate but you will no longer be able to receive it in cash and instead it must be used to buy units in a fund chosen by you. In addition, following re-registration, any rebates received on funds already held in your smart + ISA will also then be used to buy units in your chosen fund. Whilst you decide your chosen fund at the point of re-registration, you can change this in the future. Where re-registration of existing investments is not possible, we will send instructions to your current ISA plan manager to sell any existing investments to cash before making the transfer. Your existing ISA plan manager may make a charge for this. If you transfer as cash you will be out of the market for the time it takes to complete the transfer. This means you will not benefit from any rise in the value of investments during this time.

10 Key features of the smart + ISA 10 Investing your money What can I invest in? You can invest, in sterling, in a range of funds through your smart + ISA. You tell us where you want to invest. We take your instruction and give it to the fund manager, who will buy the funds for you. Please see the tools and support section on axaselfinvestor.co.uk. What funds can I invest in? Most funds available through your smart + ISA are based in the UK and are authorised by the Financial Conduct Authority (FCA). Your smart + ISA may also offer some funds that are based outside the UK but are recognised by the FCA (FCA recognised funds). The regulation in those countries in which FCA recognised funds are based is considered by the FCA to meet an acceptable minimum standard. When you buy investments, we will register them in the name of our nominee(s). You will remain the beneficial owner of the investments and any investment income and capital growth arising from them. We will arrange to buy, sell and switch investments on your behalf in accordance with our order execution policy as set out in section 7.5 of the Terms and conditions. The value of your investments may go down as well as up and is not guaranteed which means you may get back less than the full amount that you invested. Can I hold cash in my smart + ISA? You may choose to hold part of your investment as cash, for example while you decide which funds to invest in. Can my investments generate income? You could receive income payments in the form of dividends or interest payments - depending on the types of investment you make: If your smart + ISA contains a fund that invests predominantly in shares, the fund will pay a dividend distribution If your smart + ISA contains a fund that invests predominantly in investments such as corporate bonds or Government stocks, the fund may pay an interest distribution. Income can fall as well as rise and is not guaranteed. What happens to these payments? If you choose a fund which pays income you can select to have this added as cash into your smart + ISA which can be used to cover future charges until reinvested in funds. Alternatively you can select to have this income paid directly to your nominated bank account. This type of income is referred to as natural income as described in the Terms and conditions, section 12.2 Natural income.

11 Key features of the smart + ISA 11 Can I change the investments I make? As your smart + ISA is yours to manage, you can instruct us to change your investments whenever you like on our website. We will action your request during our normal opening hours in accordance with the Terms and conditions, section 7.2 Investment dealing. You can sell your investments and use the proceeds to buy different investments without the money leaving your smart + ISA. This is called a switch transaction. As the money stays in your account, it will not count against your annual ISA allowance when it is reinvested. However, the new fund cannot be bought until the old fund is sold, you will therefore be out of the market during this period. There may be a delay in actioning as a result of dealing restrictions in accordance with the Terms and conditions, section 7.3 Deferring a transaction. If you invest by regular subscription you can decide to invest in a different fund at any time by requesting this on our website. How do I know how my investments are doing? You can access your smart + ISA through our website and log in at any time to check its most recent valuation. We will issue a statement every six months (usually April and October) to your secure online document library My Documents. What about tax? There are a number of tax considerations relating to your smart + ISA. We have highlighted some of the key points below. This information is based on our interpretation 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 + ISA, please speak to a tax specialist. Are my investments liable to Income Tax or Capital Gains Tax? Money withdrawn from your smart + ISA will not be subject to Income Tax and any growth on your investments is free of Capital Gains Tax. How is income from my investments taxed? Dividend distributions from funds are not liable to income tax. Interest from investments is not liable to income tax. Any tax deducted is reclaimed from HMRC and paid into your smart + ISA. What effect does my individual tax status have? Any tax paid cannot be reclaimed by you personally, whatever your personal tax status. Should I include income from my smart + ISA on my tax return? There is no need to include details of your income or capital gains from your smart + ISA on your tax return. Is interest paid on cash balances held in my smart + ISA? We will pay interest on any cash that you hold within your ISA. You can find further details in your Charges Information document. Details of current interest rates, and rates we have previously paid, are also available at:

12 Key features of the smart + ISA 12 Accessing your money Can I take money out? Yes. You can make withdrawals to your nominated bank account through axaselfinvestor.co.uk at any time. However, if the value of the investments in your smart + ISA is not enough to cover the amount you want to withdraw, we will not make the payment and will contact you. There is a minimum withdrawal amount of 100. To make a withdrawal you must submit an online request instructing us which investment you would like us to sell to make the withdrawal, unless you already hold sufficient cash in your smart + ISA. If selling investments it can be up to a maximum of 30 days for your withdrawal to reach your nominated account. There is no facility to set up regular withdrawals from your smart + ISA, however if you choose a fund which pays income through dividends or interest, you can select to have this paid directly to your nominated bank account. Withdrawals from your smart + ISA will reduce capital growth and income potential and could cause the value of your investment to fall below the original amount invested. This would happen if your withdrawals are higher than the growth of your investment, after charges. If you withdraw money from your smart + ISA please note that: You cannot make further subscriptions to your smart + ISA in the same tax year, if you have already paid money in up to the annual ISA allowance in that tax year You will lose the tax-efficient status of the money being withdrawn. You should also be aware that money held in a stocks & shares ISA may take longer to access than money held in a cash ISA with a bank or building society. Furthermore, charges may apply if you want to withdraw cash quickly from us. Could there be a delay in withdrawing my money? There are some circumstances where we may delay making a payment, in accordance with the Terms and conditions, section 7.3 Deferring a transaction. Can I transfer my smart + ISA to another ISA plan manager? Yes, but you need the approval of the receiving ISA plan manager and can only transfer to another stocks & shares ISA. You can transfer the whole of your current tax year s smart + ISA as well as all or part of a previous tax year s smart + ISA to another ISA plan manager. We will not charge you for transferring your smart + ISA to another ISA plan manager but the receiving plan manager may charge you for accepting the transfer. If you would like more information on transferring existing investments out please read the Terms and conditions, section 3.3 Transfers out. Can I close my smart + ISA? You can close your smart + ISA at any time. You will have to sell your investments by submitting an online request. The proceeds and any cash held in your smart + ISA will then be paid into your nominated bank account. If you close your smart + ISA you cannot open another stocks & shares ISA in the same tax year. However, you can reopen your smart + ISA with us and invest up to your remaining annual ISA allowance. You can also close your smart + ISA by transferring the whole smart + ISA to another ISA plan manager, see section above Can I transfer my smart + ISA to another ISA plan manager?.

13 Key features of the smart + ISA 13 What happens to my smart + ISA when I die? When you die your smart + ISA will end along with its tax-efficient status. We will not accept any further subscriptions and your investments will remain unchanged until we are told differently by your personal representative. We will however move your investment together with any cash held in your smart + ISA to your smart + Trading Account. If you do not hold a smart + Trading Account we will open one in your name to enable the transfer. The Terms and conditions of the smart + Trading Account will apply following the transfer including the collection of charges relevant to the smart + Trading Account. Your investment may continue to receive income payments and in this circumstance the income payments will be subject to standard tax treatment. We will also pay back any reclaimed tax to HMRC that were received after the date of death. For information about inheritance tax please visit the HMRC website at hmrc.gov.uk. Your surviving Spouse / Civil Partner may register an Additional Inherited ISA allowance based on the value of your smart + ISA as at the date of your death - please refer to the section How much can I invest using Additional Inherited ISA subscriptions? on page 9.

14 Key features of the smart + ISA 14 Changing your mind Can I change my mind? Yes, you can change your mind about opening your smart + ISA. You will receive confirmation that a cancellation reminder has been added to My Documents, your personal online document library, once your first subscription has been allocated to your account by us, or on receipt of your Direct Debit instruction, or on receipt and acceptance of your transfer application. You will then have 30 days in which you can contact us in writing to cancel your smart + ISA. Will I get all my money back? You will get a full refund if you cancel your smart + ISA before any cash paid into it has been used to buy an investment. Once your cash has been invested, should you decide to cancel within the 30 day period any regular subscriptions will be refunded in full. Any single subscription or transfer in during this period will be refunded less any fall in the market value of the investment. We aim to return your money to you within 30 days from when we receive your instruction to cancel. If you cancel your smart + ISA within the 30 days, you can still invest in another ISA in the same tax year. Any investments transferred in from an existing stocks & shares ISA can be returned to the ISA plan manager from where they were received, if they are willing to accept them. In the event that they will not accept them, you will need to find an alternative, for example, transfer to a new ISA plan manager. Alternatively, you can choose to close your smart + ISA and have the balance paid to you as cash. If you do not tell us to cancel your smart + ISA within the 30 day period, it will continue in accordance with the Terms and conditions. If, after this period has expired, you wish to close your smart + ISA, you can do so as explained in the section Can I close my smart + ISA? page 12.

15 Key features of the smart + ISA 15 Further information How can I contact you? You can contact us by: Sending us a message via axaselfinvestor.co.uk Phoning us on Writing to us at: AXA Self Investor, PO Box 6890, Basingstoke RG24 4SL. Please quote your Customer number when you contact us. You will find details of our opening hours at As part of our commitment to quality service and security, telephone calls may be recorded. How can I make a complaint? If you are not satisfied with any aspect of the service that you have received from us, or you would like information regarding our formal complaints procedure, please contact us using any methods detailed in How can I contact you? above. If your complaint is not dealt with to your satisfaction then you may refer the matter to the Financial Ombudsman. Financial Ombudsman Service Exchange Tower Harbour Exchange Square London E14 9SR Tel: complaint.info@financial-ombudsman.org.uk Web: financial-ombudsman.org.uk Making a complaint will not affect your right to take legal proceedings. What is my customer status? We will treat you as a retail client. This means you are protected under the FCA rules. This includes access to complaints and compensation procedures. However you will not be covered should an FCA recognised fund, discussed in the section What funds can I invest in? page 10, not be able to meet, in full or in part, claims made by its investors.

16 Key features of the smart + ISA 16 Compensation We are covered by the Financial Services Compensation Scheme (FSCS).You may be entitled to compensation from the FSCS if we or a third party holding an asset of your smart+ ISA cannot meet its obligations. This depends on whether you are a retail client and the type of asset held - please refer to the section What is my customer status? on page 15. If AXA Portfolio Services Limited becomes insolvent: If AXA Portfolio Services Limited becomes insolvent and you have a valid claim against AXA Portfolio Services Limited, then you may be covered for up to 100% of the first 50,000 of investments held on AXA Self Investor. As described in these smart+ ISA Terms & Conditions, we arrange for third party nominee companies, and banks to hold the money and investments in your smart+ ISA. This means they are kept separately from the assets and money of AXA Portfolio Services Limited and any other external parties we use. In the unlikely event of AXA Portfolio Services Limited failing, AXA Portfolio Services Limited s creditors are not able to make a claim against the assets held by the nominee companies, or the cash held in accounts at the banks. However, there are some instances which could result in a financial loss to you should AXA Portfolio Services Limited fail, such as fraud and maladministration of cash and assets. This could mean that the assets and cash passed to the nominee company or the bank do not fully cover what you are owed. If this was to happen, and we were not able to make good the shortfall, then a claim could be made to the FSCS. If you hold other investments in respect of other products purchased from AXA Portfolio Services Limited, then the 50,000 limit would apply to all of your investments with AXA Portfolio Services Limited. If a sub-custodian became insolvent: If a sub-custodian were to fail, and the assets held by it or its nominee company were not sufficient to meet claims due to fraud or maladministration, and the sub-custodian was unable to make good the shortfall, a claim could be made to the FSCS. Again any compensation would be subject to the limit of 50,000 per individual. If a bank became insolvent: Money held in your smart+ cash account, smart+isa and money in investment administration accounts and platform administration accounts is covered by the FSCS. This means if our external banking partners became insolvent you may be covered under the scheme. There is an 75,000 limit, which applies per person per institution (see below), so the limit will normally include cash held within your smart+ Cash Account together with any other money you personally hold with that same bank. Details about our external banking partners are available on The limit of 75,000 applies per authorisation. If you have accounts with banks which are part of a larger group, the level of compensation you can claim will depend on whether the banks are individually authorised or included in the authorisation of their parent company. If a fund manager became insolvent: By law, fund assets must be ring-fenced from the assets of the fund manager. So, the failure of the fund manager would not put the ring-fenced assets at risk. However, in the event of a loss arising as a result of negligent investment management, which the fund manager cannot make good, or the failure of the fund manager to meet its settlement obligations, a claim to the FSCS could be made. If you had an eligible claim in this scenario, you would be covered up to a maximum of 100% of the first 50,000 of the value of the fund.

17 Key features of the smart + ISA 17 For further information about compensation arrangements please contact the Financial Services Compensation Scheme on: Financial Services Compensation Scheme 10th Floor, Beaufort House, 15 St Botolph Street London EC3A 7QU Tel: Lines are open Monday to Friday 8.30 a.m to 5.30 p.m excluding public holidays. enquiries@fscs.org.uk Web: fscs.org.uk Terms and conditions This Key features document gives you a summary of the smart + ISA. It does not include all the definitions, exclusions, and terms and conditions. These are contained within: Terms and conditions of the smart + ISA smart + Service Terms and conditions Charges information. Main business and Financial Services Register details AXA is a worldwide financial services group. In the UK, one of the AXA companies is AXA Portfolio Services Limited, which provides the smart + ISA from AXA Self Investor. AXA Portfolio Services Limited is authorised and regulated by the Financial Conduct Authority. AXA Portfolio Services Limited is entered on the Financial Services Register, registration number You can look up our Financial Services Register details through the FCA website: fca.org.uk/register. AXA Self Investor has no right of access to the assets of the global AXA Group. Law and language In accordance with the Terms and conditions, this smart + ISA is governed by the law of England and Wales. Your contract will be in English and we will always write and speak to you in English. This Key features document was produced in September If you are not sure if this is the most up-to-date version, please visit our website or contact us using the details in How can I contact you? in this document. Visual impairment Large text, Braille and audio tape versions are available on request.

18 Key features of the smart + ISA 18 AXA Self Investor, PO Box 6890, Basingstoke RG24 4SL. Telephone number: As part of our commitment to quality service and security, telephone calls may be recorded. AXA Portfolio Services Limited trades as AXA Self Investor and is part of the AXA Group. AXA Portfolio Services Limited is authorised and regulated by the Financial Conduct Authority. It is a company limited by shares, registered in England No Registered office: 5 Old Broad Street, London, EC2N 1AD. ASI-ASAIKF April 2016