HSBC Global Investment Centre

Transcription

1 HSBC Global Investment Centre Terms and Conditions These terms are effective for all Global Investment Centre Account customers on and from 6 April 2016.

2 2 Global Investment Centre Terms and Conditions Introduction The Global Investment Centre is an investments service provided by HSBC Bank plc through which you can open and invest in the Funds Portfolio and ISA Funds Portfolio. The Global Investment Centre Terms and Conditions apply to all accounts available through the Global Investment Centre. Section 1 contains general terms which apply to all Global Investment Centre Accounts. Section 2 contains additional terms which apply to ISA Funds Portfolios. This section includes the framework contract which relates to payment services provided by us on the Uninvested Cash Account. Your agreement with us in respect of each Account you hold (the Terms ) consists of these Global Investment Centre Terms and Conditions, your Application and the Key Features Document. You should also read the Fund Details in relation to any Fund you invest in. The Key Features Document (including the applicable Fund Details) includes important information relevant to the Terms including: the charges which are payable; and certain specific terms and conditions and limitations which apply to your investments in the Funds. We will also provide you with the Key Investor Information Document or, if applicable, the Simplified Prospectus, produced by the Manager for the Funds you invest in. If you apply for or access your Account using the Website through Online Banking ( OB ), our OB Terms and Conditions will also apply to your use of OB and the Website. The Global Investment Centre and your Account are provided to you for your personal use only and are not intended to be used for professional or business purposes. You will be categorised as a retail client in relation to any Account you hold on the Global Investment Centre. The Global Investment Centre service is provided without advice. We are not giving advice on whether any investment you make into your Account is suitable to meet your needs This means that the investment is your own decision and HSBC will not be required to assess the suitability of the investment for you. You will not be protected by the Financial Conduct Authority rules on assessing suitability. If you have any doubts about whether this service or any investment is suitable for your needs, you should seek advice from a Financial Adviser. You may be charged for any advice you receive. No third party will have any rights under the Terms. Please read the Terms before you apply and invest and keep them in a safe place. You can ask for a copy of the Terms at any time and they will be available on the Website. How to contact us Telephone Call our Customer Service Centre on: If you have a speech or hearing impairment, you can call our textphone service on Lines are open 8am to 6pm Monday to Friday (excluding public holidays). Post Write to us at: Global Investment Centre, HSBC Bank plc, PO Box 715 Forum 1, Parkway, Whiteley, Fareham PO14 9QB. If you write to us, we may need to contact you about your investment. Please provide a contact number to avoid delays in processing. Please note that, except where expressly permitted in the Terms, Fund Instructions may not be given by post.

3 Section 1 General terms for all Global Investment Centre accounts 3 1. Definitions In the Terms: Account means a Funds Portfolio and/or an ISA Funds Portfolio; Account Investments means the Fund Shares and any cash held in an Account; Account Fee means the fee we charge for the services we provide to you in connection with your Account in accordance with these Terms. The Account Fee is set out in the Key Features Document; Account Manager, we, us, our or ourselves means, unless otherwise specified in the Terms, HSBC Bank plc which is authorised by the PRA and regulated by the FCA and PRA; Additional Permitted Subscription means an additional Subscription which you can apply to make into your Account following the death of your spouse or civil partner. The Additional Permitted Subscription will not count towards your current Tax Year ISA subscription limit. Administration Office means Global Investment Centre, HSBC Bank plc, PO Box 715, Forum 1, The Forum, Parkway, Whiteley, Fareham, PO14 9QB or such other address notified to you from time to time; AMC means annual management charge of a Fund; Application means the electronic, paper or telephone application process used to apply for your Account in accordance with these Terms or such other method of application as is acceptable to us; Best Execution Disclosure Statement means the disclosure statement set out in Annex 1; Best Possible Result means the best possible result for a purchase or sale of Fund Shares in order to comply with the Rules; Business Day means Monday to Friday except UK public holidays; Clean Share Classes means classes of Fund Shares which only include the Manager s charge for managing the Fund within the AMC. We do not receive commission from the Manager and you pay us separately for our services through the Account Fee; Communications means all communications made by us to you relating to the Global Investment Centre and/or your Account(s) including, without limitation, statements, trade confirmations, notices of changes to the Terms and general communication or information; Customer Service Centre means our service centre which handles telephone calls relating to the Global Investment Centre and any Account; Dealing Deadline means the time by which a Fund Instruction must be received and accepted by us for it to be placed with the Manager before the next Valuation Point for a Fund; Eligible Account means any of your HSBC current and/or savings accounts which we agree may be eligible for use in connection with your Funds Portfolio; Execution Policy means our internal policy setting out how we will deliver the Best Possible Result for purchases and sales of Fund Shares; FCA means the Financial Conduct Authority or any successor regulatory body or bodies. The FCA is the authority responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority;

4 4 Fund or Funds means the range of unit trusts, open ended investment companies and/ or other collective investment schemes that are available for investment through the Global Investment Centre from time to time; Fund Details means the document provided by us setting out details and charges of each Fund available for investment through your Account and which forms part of the Key Features Document; Fund Instruction(s) means a request given by you in relation to transactions in Fund Shares conducted through your Account in accordance with these Terms; Fund Shares means units or shares in a Fund (which are designated as either income or accumulation units or shares); Funds Portfolio means an account for investing in Funds outside of an ISA opened with us on the Global Investment Centre in accordance with the Terms; HSBC Group means collectively and individually, HSBC Holdings plc, its affiliates, subsidiaries, associated entities and any of their branches and offices, and any member of the HSBC Group has the same meaning; Income means any income by way of distributions from Funds and tax reclaims in respect of any such distributions; ISA means an Individual Savings Account in accordance with the ISA Regulations; ISA Funds Portfolio means an account which is a Stocks and Shares ISA opened with us on the Global Investment Centre in accordance with the Terms; ISA Regulations means the Individual Savings Account Regulations 1998 as amended or replaced from time to time; Key Features Document means the Key Features Document that was given or made available to you when you applied for your Account on the Global Investment Centre and any changes to this document we subsequently tell you about; Key Investor Information Document means the Key Investor Information Document for a Fund produced by its Manager and made available to you; Laws include any local or foreign law, regulation, judgment or court order, voluntary code, sanctions regime, agreement between any member of the HSBC Group and an Authority, or agreement or treaty between Authorities and applicable to us or a member of the HSBC Group; Legacy Share Classes means classes of Fund Shares which include both the Manager s charge for managing the Fund and the amount paid to us for administration and introducing business to the Manager within their AMC; Manager means the unit trust manager or the Authorised Corporate Director of a Fund; My Investment Documents means the online facility within our Website which is personal to you and which may be used for us to send Communications and documents relating to your Account in accordance with the Terms; Nominee means the non trading company within the HSBC Group appointed as our nominee to hold investments on behalf of our customers which, as at the date of this document is Turnsonic Nominees Limited; OB means Online Banking provided by HSBC Bank plc; PRA means the Prudential Regulation Authority or any successor body or bodies. The PRA is the authority responsible for the prudential supervision and regulation of banks, building societies, credit unions, insurers and investment firms; Rules means the rules of the FCA and PRA that apply to your Account as applicable;

5 5 Settlement Account means the Eligible Account selected for use with a Fund Instruction or your default Settlement Account for receiving any Income or other payments, as applicable. In the case of an ISA Funds Portfolio, your Settlement Account will be your Uninvested Cash Account; Subscription(s) means any payment made by you into your ISA Funds Portfolio during a Tax Year that counts towards the annual subscription limits under the ISA Regulations and where applicable, includes an Additional Permitted Subscription; Tax Year means a year beginning on 6 April and ending on the following 5 April; Uninvested Cash Account means a deposit account with HSBC Bank plc within your ISA Funds Portfolio which will act as your Settlement Account for the purposes of holding uninvested cash within your ISA; Valuation Point means the time at which a particular Fund is valued as specified in the Fund Details for that Fund; Website means the online location within OB from which you can access the Global Investment Centre and your Account; and you or your means the person whose name, address and other particulars appear in the relevant Application. 2. Account Opening 2.1 You can apply for an Account by completing an Application either through our Website or by telephoning our Customer Service Centre. 2.2 To open and maintain an Account, you must: reside in the UK and have a permanent UK residential address; be at least 18 years of age; and hold an Eligible Account. 2.3 Once your Application has been accepted by us, we will open your Funds Portfolio and the Terms will become effective even if you have not made an investment. 2.4 You must have and keep open an Eligible Account in your name for the duration of your Account. If you do not keep open an Eligible Account, we will close your Account(s) in accordance with clause 27.5 as you will no longer be eligible for an Account. We may also place restrictions on your Account until your Account closure is complete. 2.5 You must designate one Eligible Account as your default Settlement Account for your Funds Portfolio. This will also be the bank account from which we will take any Account Fee payable for your Funds Portfolio and, if applicable,for your ISA Funds Portfolio. If you wish to change your default Settlement Account to another Eligible Account you may do so by calling our Customer Service Centre. This change will take effect on that day. 2.6 If you cease to meet the eligibility criteria set out in clause 2.2, including, in particular, if you cease to be resident in the UK, we may close your Account in accordance with clause 27 or place restrictions on the operation of your Account. 2.7 Joint Accounts and non-personal Accounts are not permitted. 2.8 We reserve the right to refuse to accept your Application or delay accepting your Application. We will try to resolve any issues with your Application before refusing to accept it. In particular, we may need to do this while we carry out any further checks we may require for the purposes of meeting our anti-money laundering obligations. 3. Appointment You appoint us as the Account Manager for your Account. We will operate your Account in accordance with the Terms, the Rules and, where applicable, the ISA Regulations. You authorise us to undertake on your behalf and as your agent any functions we are required to perform for this purpose.

6 6 4. Cancellation rights 4.1 You have the right to cancel your Account and your agreement to the Terms for a period of 14 days from the date we open your Account. You can exercise your right to cancel within this 14 day period by telephoning our Customer Service Centre. You will not be charged for exercising your right to cancel. However, please read clause 4.2 below. 4.2 You do not have the right to cancel any transactions in Fund Shares undertaken on your Account. On receipt of a request to cancel your Account, we will treat this as a Fund Instruction to sell all Fund Shares within your Account in accordance with clause 12 and close your Account. This means that if the value of your Fund Shares has fallen, the amount returned to you may be less than the amount you invested and you will not be entitled to a refund of any charges applicable to any transactions in Fund Shares, including any initial charge. However, if you cancel your Account within 14 days under clause 4.1, you will not be charged any Account Fee for the period your Account was open. 4.3 You will not receive any interest on any amount returned to you as a result of you exercising your cancellation rights. 4.4 If you choose not to exercise your right to cancel under clause 4.1 you will be subject to these Terms including all risks and charges. If you later wish to close your Account, please see clause Communications 5.1 You agree that we may use any contact details you have provided to us, including your postal address, telephone number(s) (including your mobile telephone number) and address to contact you for service or operational reasons. These include telling you about changes to the Terms, providing information about Funds and generally communicating with you about the day to day running of your Account. 5.2 Where we send you Communications by post or to My Investment Documents, you will be deemed to have received such Communications on the third Business Day after posting or after such Communications are available in My Investment Documents (as applicable). 5.3 You agree that for the purposes of communicating with you in respect of your Account (including sending you any Communications or other information relating to your Account and/ or your Fund Shares), we may (subject to compliance with applicable laws and regulations) communicate with you or send any such documentation in electronic form only, including to My Investment Documents on our Website which can be accessed through OB. 5.4 We may use My Investment Documents to send certain Communications and documents relating to your Account to you electronically. If you are not registered for OB when you open an Account, we will not use My Investment Documents or otherwise communicate with you electronically in respect of that Account. However, you should call our Customer Service Centre if you later register for OB after which we may communicate with you and send documents in respect of that Account through My Investment Documents or electronically. You should also call our Customer Service Centre if you deregister for OB after which we will not send any further communications or documents to you through My Investment Documents or communicate with you electronically until such time as you tell us you are again registered to use OB. 5.5 You should print and save all documents received into My Investment Documents. Documents sent to My Investment Documents will only be available for a period of 5 years. In addition, you will not be able to access My Investment Documents once your Account is closed or if you deregister for OB. You will not be able to use My Investment Documents to communicate with us. 5.6 We will inform you of any changes in our contact details. Please tell us as soon as you can if you change your name, address, telephone number, address (if applicable) or any other details (including if you register or deregister for OB). We will not be responsible to you for Communications or statements sent to you using your old details prior to our receipt of your new details in accordance with this clause 5.

7 7 5.7 To ensure we carry out your instructions (including any Fund Instructions), to help us continually improve our service and in the interest of security, we may monitor and/or record your telephone calls with us and keep records of secure e-messages, s and other internet communications. Any recordings remain our sole property and may be used as evidence in any dispute or anticipated dispute. 6. Material Interests 6.1 A summary of the HSBC policy on conflicts of interests is set out in Annex We will act in your best interests in carrying out any Fund Instructions for your Account. 6.3 In some circumstances we may, without prior reference to you, (and without having to account to you for any benefit received as a result) carry out any transaction for your Account even though: a conflict may arise between our interests or that of any of our customers and our duty to you; we act on our own behalf or as agent of another member of the HSBC Group; we act as agent for you and for another party to the transaction (including another member of the HSBC Group); it relates to Fund Shares, the issue, offer or sale of which has been underwritten, managed or arranged by another member of the HSBC Group within the previous twelve months; and/or we act for more than one investor (including you) collectively. 7. Charges 7.1 The charges applicable to your Account are set out in the Key Features Document, the Fund Details and/or this document. We may make changes to the charges we apply to your Account (including introducing new charges or fees or making changes to the amount, rate or basis on which we charge) in accordance with clause Charges may include an initial charge on your investment in a Fund. Where an initial charge is taken, this is deducted from your payment on settlement date before your Fund Shares are purchased, and is payable to us. 7.3 Charges may also be applied by Managers in respect of the Fund. These may include AMCs and/ or redemption charges. Full details of the charges associated with a particular Fund and any payments we may receive from a Manager in respect of a Fund can be found in the relevant Fund Details. The Managers may change their charges at any time in accordance with the fund prospectus. 7.4 We will usually be notified of any increases or other changes to charges by the Managers. As soon as reasonably practicable after we receive this notification, we will inform holders of Fund Shares in the affected Funds of the changes. Account Fee 7.5 Where you hold Clean Share Classes within your Account, an Account Fee will be payable by you. This Account Fee is calculated as a percentage of the average value of all the Fund Shares held within your Account in Clean Share Classes on each calendar day of the charging period. We value your Fund Shares using the latest price published by the Manager(s) on the relevant day as set out in clause The charging period runs from the first calendar day to the last calendar day of a month. 7.6 The Account Fee is set out in the Key Features Document and may be varied in accordance with clause 23. If you hold both a Funds Portfolio and an ISA Funds Portfolio, your Account Fee for each Account will be calculated and payable separately.

8 8 7.7 The Account Fee is payable on the basis of the value of your holdings in Clean Share Classes only. Any holdings in Legacy Share Classes within your Account will not be subject to the Account Fee. 7.8 The Account Fee is payable by you monthly in arrears and the total Account Fee for each charging period is calculated on the last day of that charging period. 7.9 We will issue you with notice of the total Account Fee payable for a particular charging period not less than 14 days before the date payment is due. We will send this notice to you either electronically into My Investment Documents or by post in accordance with clause 5.4. The Account Fee will be payable by you and will be debited from the default Settlement Account for your Funds Portfolio on the payment date stated in the notice You authorise us to take payment of the Account Fee for your Funds Portfolio and, if applicable, for your ISA Funds Portfolio, from the default Settlement Account for your Funds Portfolio on the relevant payment date notified to you. You are responsible for ensuring you have a sufficient available balance in your default Settlement Account for your Funds Portfolio on this payment date. If you have an ISA Funds Portfolio, your Account Fee for that Account will still be debited from the default Settlement Account for your Funds Portfolio and not from your Uninvested Cash Account For your first Account Fee payment only, we will not take payment of the Account Fee until one complete charging period has elapsed since the date you first held Clean Share Classes in your Account. This means that your first payment will include any Account Fee accrued during the part charging period in which you first held Clean Share Classes If we are not able to collect payment of all or any part of the Account Fee due from you in respect of your Account for a particular charging period, the Account Fee will still be payable by you and we will have the right to collect payment from you of any such amounts owed Where any Account Fee is outstanding, we may restrict your access to that Account and we have the right to delay or not act upon any Fund Instructions (including, without limitation, Fund Instructions for the sale of any Fund Shares within your Account) until such time as your Account Fee has been paid. We will let you know if we do this Where we do not receive payment of all or any part of the Account Fee due from you under these Terms, we may (but are not obliged to) sell Shares to the value of the amount owed and apply the proceeds towards the discharge of the Account Fee We may communicate with you about any unpaid Account Fees in any of the ways set out in clause 5. However, we will only communicate with you electronically through My Investment Documents or by secure e-message in accordance with clause 5.4. Other charges 7.16 We may also charge you: 15 (plus VAT) for providing a duplicate of information that has previously been supplied to you; 10 (plus VAT) on each occasion you wish to exercise your right to vote on Fund Shares; 10 (plus VAT) for each paper report and accounts requested (no charge will be made for electronic copies of reports and accounts); and 20 (plus VAT) for each annual schedule of distributions Any charges, fees or expenses payable by you to us under the Terms, may be deducted from your Account in accordance with clause On closure or transfer of the Account any fees due to the date of closure or transfer will be payable by you. (See clause 27 for information about how we will deal with any Account Fee which may be payable).

9 8. Funds 8.1 The current range of Funds and Managers can be found on our Website or you may request a list by telephoning the Customer Service Centre. 8.2 We do not provide any investment advice or personal recommendations. This means that we are not required to assess the suitability of any investment for you and you will not be protected by the Rules on assessing suitability. If you have any doubt as to the suitability of an investment you should speak to a financial adviser for advice. The value of your investments (and the level of income you receive from them) can fall and so you may not get back the amount you originally invested. Any Fund Instructions placed will be on an execution only basis. 8.3 Where available to us from the relevant Manager, we will make available to you the Key Investor Information Document for each Fund on our Website or you can obtain it by calling our Customer Service Centre. We are not responsible for the content or accuracy of documents provided by third party Managers. 8.4 We may add Funds to the range of Funds available for investment from time to time. In certain circumstances we may withdraw a Fund from the range of Funds available for future investment. If you are invested in a Fund which is then withdrawn, we will notify you of this change and explain how this may affect you. In exceptional circumstances, we may require you to remove your holdings in a withdrawn Fund from the Global Investment Centre by selling your Fund Shares or re-registering those Fund Shares into your own name or into the name of another nominee (including a plan manager). 8.5 If we are notified by a Manager that a Fund is to be wound up, where you hold Fund Shares in such a Fund, we will give you as much notice as practicably possible with details of the options available to you. 8.6 If we are notified by a Manager that a Fund is to be closed to new investment, while you can continue to hold your Fund Shares in that Fund, you will not be able to make any further investment in that Fund Limits on your Account 9.1 Your Account and your investment in each Fund may be subject to certain minimum and maximum limits. These include initial investment amounts, additional investment amounts, transaction and remaining balance amounts. Any limits which apply to your Account are set out in the latest Key Features Document or applicable Fund Details and are available on the Website or by calling our Customer Service Centre. Each Manager may also set limits in relation to investment in their Funds. 10. Your instructions 10.1 Fund Instructions may only be given in the manner set out in this clause 10. We will not be obliged to carry out any instructions relating to transactions in Fund Shares given otherwise than in accordance with clause 10 (including, without limitation, instructions given by way of secure emessaging or ). We will not be responsible to you for any losses that you may suffer as a result of us not carrying out instructions given otherwise than in accordance with this clause 10. You are not entitled to cancel Fund Instructions When you provide us with a Fund Instruction, the terms set out in the Fund Details for the relevant Fund will apply to that transaction in Fund Shares You can make some payment instructions through OB and place Fund Instructions through our Website which is accessed through OB Your use of our Website (including but not limited to use in connection with placing Fund Instructions) is subject to the OB Terms and Conditions in addition to the Terms. When you have provided your payment instructions or Fund Instructions, you will be asked to confirm those instructions. Your confirmation will be your agreement with us to make the payment or place the Fund Instruction with the relevant Manager.

10 You may also make some payments and place Fund Instructions by telephoning our Customer Service Centre if you are registered for our telephone banking service Our telephone service is available provided that your identity can be verified, by using a security number or by speaking to a customer services representative and completing security procedures Once you have completed our security procedures, the customer services representative will take details of the payment instruction or Fund Instruction and then confirm the details back to you. You must confirm these details are correct before we accept the instruction. Your confirmation will be your agreement with us to place the Fund Instruction with the relevant Manager or make the relevant payment (as applicable). On satisfactory completion of our security procedures, we can act on any instructions given to us Our telephone and Website service may be temporarily unavailable if we have to carry out routine or emergency maintenance Further important security information about our OB service and telephone service can be found at the end of this document. 11. Settlement Account 11.1 For each Fund Instruction, you can select which of your Eligible Accounts you wish to use as your Settlement Account to take payment for the purchase of Fund Shares or receive the proceeds of a sale. This selection does not change the designation of your default Settlement Account for your Funds Portfolio and any Account Fee will continue to be taken from that default Settlement Account. For an ISA Funds Portfolio, please see Section 2 - your Settlement Account will always be your Uninvested Cash Account At the time you place a buy Fund Instruction, you must have a sufficient available balance in your selected Settlement Account to settle your purchase otherwise you will not be able to place your instruction. Any sale proceeds due to be received into your Settlement Account prior to settlement of your purchase transaction will be taken into account when calculating the available balance required in your Settlement Account (to the extent such sale proceeds are not already to be applied to settle any prior purchase Fund Instruction) The purchase amount will be paid out from your selected Settlement Account to the relevant Manager on the settlement date of your transaction We will pay the proceeds of the sale of any Fund Shares directly into your selected Settlement Account on the settlement date of your transaction This clause 11.5 amends the terms and conditions applicable to your chosen Settlement Account when you place each Fund Instruction. From the time you place a buy Fund Instruction with us, the available balance in your chosen Settlement Account will be reduced by the value of your Fund Instruction (to the extent proceeds from the sale of any Fund Shares are not available for this purpose pursuant to clause 11.2 above). The relevant amount will continue to be held on deposit with us in your Settlement Account until the settlement date of the purchase transaction but will not be available for use in that account. 12. Dealing in Fund Shares 12.1 Fund Instructions to purchase Fund Shares shall be expressed in terms of a cash amount to be paid out of your selected Settlement Account Subject to the deduction by us of any initial charge, such amount will be applied to the purchase of Fund Shares in accordance with clause Any Fund Instructions to purchase Fund Shares will be subject to any maximum transaction amount applicable to your Account Fund Instructions for the sale of Fund Shares shall be expressed in terms of either the cash value to be raised through the sale of Fund Shares or the number of Fund Shares you wish to sell. You may also place a Fund Instruction to sell all your holdings in a particular Fund.

11 Any Fund Instructions to sell Fund Shares will be subject to any minimum withdrawal amount and minimum remaining balance requirement for that Fund. We may take measures to ensure that you cannot sell more Fund Shares than you hold, for example, we may impose additional minimum remaining balance requirements on a sale Fund Instruction expressed in terms of the cash value to be raised or delay processing your Fund Instruction When we receive your Fund Instructions, we will place your order with the Manager at the next Valuation Point provided we receive your Fund Instructions before the applicable Dealing Deadline. Fund Instructions received by us after the applicable Dealing Deadline will be placed with the Manager after that Valuation Point has passed and the Manager will seek to execute the trade at the following Valuation Point You may instruct us to switch Fund Shares in a particular Fund to Fund Shares in another Fund within your Funds Portfolio or within your ISA Funds Portfolio. You may not switch directly between a Funds Portfolio and an ISA Funds Portfolio. You cannot switch out of one Fund to more than one Fund with the same Fund Instruction Upon receipt of your Fund Instruction to switch from one Fund to another Fund, we will place the order to sell the relevant Fund Shares first in accordance with clause We will normally then place the order to buy Fund Shares on the Business Day following that on which we receive confirmation from the Manager that the sell transaction has been executed. However, where the settlement period for the Fund you wish to switch in to is shorter than that of the Fund you are switching out of, we will instead delay placing the order to buy Fund Shares to ensure that the settlement of both transactions takes place on the same day Where we make this available for a particular Fund, you may instruct us to convert all your holdings in a particular class of Fund Shares within your Funds Portfolio or within your ISA Funds Portfolio, for the equivalent value of Fund Shares of another class in the same Fund. You can only request a conversion by telephoning us. Conversions will not be available through the Website Upon receipt of your Fund Instruction to convert, we will normally place your request with the Manager on the next Business Day. The Manager will normally complete the conversion on the Business Day we place the instruction. However, some Managers have restrictions on conversion dates and the type of conversion they can offer. Your Fund Shares will not be out of the market during the conversion process If we receive a Fund Instruction to sell Fund Shares in a particular Fund expressed by way of the cash value to be raised (including by way of a switch transaction) and you have an unexecuted sell order outstanding on that same Fund, we will not be able to place your subsequent sell (or switch) Fund Instruction until such time as your previous sell transaction has been confirmed to us by the Manager When we receive a Fund Instruction we may decline to accept it, or accept it subject to conditions or delay its acceptance. We will use reasonable endeavours to contact you personally to notify you if this happens unless we are not permitted to do so. We may delay carrying out a Fund Instruction to sell Fund Shares where this Fund Instruction is placed before the transaction for the purchase of those Fund Shares has settled. We may refuse to accept your Fund Instruction where we cannot confirm you have received the Key Investor Information Document for the relevant Fund. We may also refuse to accept Fund Instructions from you if, in our reasonable opinion, your trading activity may be disruptive to a Fund or the value of Fund Shares, for example by frequent trading. We may also refuse to carry out a Fund Instruction or delay carrying out a Fund Instruction in accordance with our rights under clause 35 and we may carry out further anti-money laundering checks we may consider appropriate before accepting or acting on any Fund Instructions. Your Fund Instruction may also be delayed due to actions or inactions by third parties such as the Manager.

12 We will act as an intermediary in making arrangements for the purchase or sale of Fund Shares for your Account. We will not be responsible to you for any delay in the settlement of a transaction in Fund Shares or in the payment of any proceeds out to you resulting from circumstances beyond our control, or the failure of the Manager or any other third party to perform or any delay in their performance of any of the steps necessary to settle such a transaction All dealings in Fund Shares are subject to the dealing arrangements and the terms and conditions of the Funds (including, without limitation, the fund prospectus) The Manager has the right to suspend the issue and redemption of Fund Shares in certain circumstances and, in the event of such a suspension, we shall not be responsible to you for failure to place any Fund Instructions Where there has been a corporate action on a Fund, we may suspend dealing in that Fund for a limited period of time until the corporate action is completed The prices of the Funds appearing on our Website will be based on the latest prices published by each Manager. We shall not be responsible to you for mistakes by the Manager in the pricing of the Fund Shares. The Valuation Point for a Fund can be found in the applicable Fund Details In calculating the value of your new holding in a class of Fund Shares on a conversion, we rely on information provided to us by the Manager. We shall not be responsible to you for mistakes by the Manager in providing us with this information. Where we become aware that a conversion has been processed incorrectly, we will correct the position at the earliest available opportunity We or any member of the HSBC Group may aggregate any transaction for you with those of other investors. This may from time to time result in a less favourable transaction price than might have been achieved had the transaction been effected separately or may otherwise work to your disadvantage. This may also result in the Manager of the relevant Fund applying a dilution levy or dilution adjustment on the purchase or sale of Fund Shares in order to protect the interests of the remaining investors in the Fund When we place a Fund Instruction with the Manager, the impact of rounding may mean that the amount arrived at by multiplying the price of a Fund Share by the number of Fund Shares bought or sold, as applicable, may not be identical to the total amount of your Fund Instruction. However, the amount paid to the Manager or the amount received by way of sales proceeds, as applicable, will always be the amount of the Fund Instruction You may only deal in the Fund Shares within your Account through the Global Investment Centre in accordance with the Terms. 13. Best Execution 13.1 Purchases and sales of Fund Shares will be executed in accordance with our Best Execution Disclosure Statement which is set out in Annex 1 at the end of this document By agreeing to these Terms and each time you give us a Fund Instruction, you confirm that for each transaction in Fund Shares you agree to our Best Execution Disclosure Statement. 14. Trade Confirmations Once we receive confirmation from the Manager that a transaction has been executed, we will send you a trade confirmation of this transaction by the end of the next Business Day. You will receive your trade confirmations in respect of transactions on a particular Account either electronically into My Investment Documents or by post in accordance with clause 5.4.

13 15. Re-registration 15.1 If you ask us, we can arrange for your investments to be transferred into your Funds Portfolio without first being sold, by re-registering them into the name of our Nominee. We can only do this if your investments are in Funds and classes of Fund Shares available on the Global Investment Centre and your previous plan manager and/or the relevant Manager agrees. We will not accept re-registrations of Legacy Share Class holdings It will normally take us up to 25 calendar days from the date we receive your Funds Portfolio Transfer Form to complete the transfer of your investments. However, the time period for completing this may depend on your previous plan manager or the relevant Manager and the time it takes them to send across the investments to us. There may be occasions where the transfer will take longer to complete due to other circumstances beyond our control Where you ask us to do so, we can arrange for Fund Shares to be transferred out of your Funds Portfolio and re-registered in your name or into the name of another nominee (plan manager). We can only do this if your new plan manager and/ or the relevant Manager agrees Once we receive your request to transfer Fund Shares out of your Funds Portfolio, you will not be able to place Fund Instructions on your Account through our Website until the transfer is complete. You will still be able to place Fund Instructions by telephone From the date we are in receipt of both your written instruction and confirmation of acceptance from your new plan manager and/or the Manager (as applicable), it will normally take up to 25 calendar days to transfer your investments out of your Funds Portfolio. There may be occasions where the transfer will take longer to complete due to other circumstances beyond our control If we subsequently receive any Income in respect of Fund Shares which are no longer held within your Funds Portfolio and you remain entitled to that Income, we will transfer this cash into your default Settlement Account (or otherwise pay out to you) Custody of Assets 16.1 The Fund Shares will be, and must remain, in your beneficial ownership and will be segregated from our property in order to protect your interests in the event that we or our Nominee fail. However, the title to any Fund Shares will be registered in the name of our Nominee. We are responsible to you for the acts and omissions of our Nominee to the same extent as for our own acts and omissions Your Fund Shares are registered with investments made by other investors. This means that your individual Fund Shares may not be identifiable by physical or electronic documentation. If we or our Nominee default then any uncorrected shortfall in the Fund Shares registered in the same name may be shared pro rata among all investors whose investments are so registered Documents of title (if any) for the Fund Shares will be held by us or as we direct You may not use your Account Investments as security for a loan We will be responsible for the custody of your Fund Shares in accordance with the Rules. We have policies and procedures in place to undertake checks and reconciliations of the records and accounts of your Fund Shares to resolve any discrepancies which are identified and to deal with any shortfalls in your Fund Shares. Where we are responsible for any such shortfall, we shall purchase or borrow assets as soon as reasonably practicable at our cost to correct your position. We have also established a trust account for the purpose of holding any such assets on trust for your benefit. Subject to the terms of the relevant trust account, we may use or apply any income arising out of such assets for our own account or otherwise at our own discretion. The protection accorded to your Fund Shares under the Rules is in addition to any rights you may have, subject to eligibility, to claim compensation under the Financial Services Compensation Scheme, as set out in the General Information section of these Terms.

14 Cash Any cash we hold for you will be held by us as banker and will not in any circumstances be held by us as trustee. As a result, cash will not be held in accordance with the Rules relating to client money and if we, HSBC Bank plc were to fail the Rules relating to client money distribution would not apply to your money and so you would not be entitled to share in any distribution made under those Rules. In the event we were to fail, you may have the right, subject to eligibility, to claim compensation under the Financial Services Compensation Scheme, as set out in the General Information section of these Terms. 18. Income 18.1 Where available for a particular Fund, you can select to purchase either income or accumulation Fund Shares. If you purchase income Fund Shares, any Income from that Fund will be paid out of your Funds Portfolio and into your default Settlement Account If you purchase accumulation Fund Shares any Income will not be paid out to you but will be reflected in the price of the Fund Shares for that Fund. 19. Account Information and Statements 19.1 For each Account, we will send you a half yearly statement for each six month period of that Account. This will be sent to you within 25 Business Days of the relevant statement date. You will receive your statements in respect of a particular Account either electronically into My Investment Documents or by post in accordance with clause The statement will show payment(s), sales, purchases, Account Fees paid, other fees, Income and withdrawals made since the commencement of your Account or the date of the previous statement, as appropriate. You can ask us for additional statements at any time The valuation of Fund Shares shown in your statement will be based on the price of Fund Shares as at the relevant Valuation Point on the relevant date If you hold Fund Shares within a Funds Portfolio, each year you will be sent a Consolidated Tax Certificate containing a summary of all distributions received in respect of your Funds Portfolio. This will be sent within 10 weeks after the end of the Tax Year. If your Account is to be closed, the Consolidated Tax Certificate relating to Income paid in the same Tax Year as the one during which your Account is closed will be sent once the closure of your Account has been completed. You can request a more detailed schedule of distributions by writing to our Administration Office. There may be a charge for this in accordance with clause Global Investment Centre Website and Third Party Information 20.1 The Website is owned by HSBC Bank plc and is intended for residents of the UK only It should not be accessed by persons resident outside the UK and, in particular, by residents of the US and Canada You can access the Website through OB. If your access to OB is suspended or withdrawn or is temporarily unavailable, your access to the Website will also be suspended, withdrawn or unavailable We may make available on the Website certain Fund documents provided by the Managers, including the Key Investor Information Document relating to a Fund. Paper copies of these documents are also available on request.

15 We are not responsible for the reliability, completeness or accuracy of documents issued by or any information provided by third party Managers or such Managers compliance with the terms and conditions of their Funds. We will endeavour to ensure that the Fund documents available on the Website are the most up to date as provided to us by the Managers In addition to Fund information provided by the Managers, we may make available on the Website certain information, documents, data and analysis provided by other third parties (Third Party Information). Any Third Party Information we do make available is made available to you for research purposes only. While Third Party Information is provided in good faith, neither we nor the provider of such Third Party Information accept responsibility for any errors, omissions, inconsistencies or inaccuracies in such information or its fitness for a particular purpose. We are not responsible to you for any loss you incur relating to your use of the Third Party Information. However, if we become aware that such Third Party Information is incorrect, we will correct it when we are able to. We may withdraw any Third Party Information from the Website at any time The information on the Website (including any Third Party Information) is subject to change without notice. We are not obliged to keep the Website free of viruses or maintain uninterrupted access. Access to the Website is at your own risk and we are not responsible for any damage to property, including but not limited to loss of data or computer virus infection connected with your use of the Website Any information, documents or content included on the Website (including any Third Party Information) does not and is not intended to constitute any investment, legal, accounting or tax advice. Such information is generic and is not based on consideration of your personal circumstances. If you have any doubt as to the suitability of an investment you should speak to a financial adviser The Website and its contents (including any Third Party Information) is provided for personal use only and may not be copied or re-distributed. By accessing the Website you agree that you are using it for personal use only and we may terminate your access if this is not the case. 21. Fund Information, Changes to Funds and Voting Rights 21.1 If you ask us by writing to our Administration Office, we will provide you with: copies of the annual and interim reports and accounts last issued in respect of a Fund; a copy of the relevant prospectus or equivalent document for a Fund; and any other information issued in respect of a Fund to investors. Copies of the annual and interim reports and accounts last issued in respect of a Fund will be available through the Website. If you ask for copies of the reports and accounts, short form versions will be issued as standard. A specific request must be made to our Administration Office for long form versions Subject to us receiving the relevant information from the Manager, we will tell you about changes to the information we have provided about a Fund you are invested in, including any corporate actions on any such Fund. We will send you any such notice by post 21.3 If you have registered with us to do so and provided we receive adequate prior notification from the Manager, we will arrange for you to exercise voting rights in respect of your Fund Shares and for you to attend meetings which holders of the Fund Shares are entitled to attend. You may lose your opportunity to exercise voting rights or attend meetings if you do not return the relevant documentation in accordance with the instructions and by any stated deadline. You may register to receive this information and exercise voting rights by writing to us at our Administration Office If a corporate action results in a payment being made in relation to your investment, we will normally pay any monies directly into your default Settlement Account We may make a charge for providing information and making the arrangements in this clause 21 as set out in clause Subject to the Rules, we may, but shall not be obliged to, exercise the voting rights applicable to your Fund Shares unless you have exercised them yourself.

16 Our responsibilities 22.1 We will only be responsible to you for losses you suffer if they are caused by our breach of the Terms or our (or our Nominee s) negligence or wilful default in relation to your Account We shall not be responsible to you for any loss you may suffer if we or any company in the HSBC Group are prevented from or delayed in providing you with any services, carrying out your Fund Instructions or complying with the Terms to the extent the loss is caused by: the actions, inactions, delay, mistake or default of any third party, including any Manager; abnormal or unforeseen circumstances beyond our reasonable control, the consequences of which would have been unavoidable despite efforts to the contrary; and/or any obligations we may have under applicable laws or regulations. If we intend to rely on this clause 22, we will let you know unless we are not permitted to do so. If there is a material delay in carrying out your Fund Instructions, subject to the terms and conditions of the relevant Fund(s), you will be entitled to cancel a Fund Instruction Nothing in these terms is intended to exclude our liability for personal injury, fraud, fraudulent misrepresentation or any other matter that cannot be excluded or limited by law. 23. Changing the Terms 23.1 We may make changes to the Terms (including introducing new charges or changes to the amount of any charge or basis on which we charge) in the following ways. if we reasonably consider that the change is favourable to you, by telling you about it personally within 30 days of the change; and if the change is not favourable to you, by giving you: At least 2 months advance personal notice in respect of changes to the following: the definitions of Account Manager and Administration Office ; clauses 5.1 to 5.5 of Section 1; clauses 10.5 to 10.7 of Section 1; clauses 27.1 and 27.5 to 27.6 of Section 1; clause 36 of Section 1; clause 2 of Section 2; and the General Information at the end of the Terms. At least 30 days advance personal notice in respect of changes to the remaining clauses in the Terms not listed above Where we tell you personally about a change, we will do so in accordance with clause Reasons for making changes We may make any change to the Terms for all or any of the reasons set out in this clause 24 that apply: If the change is favourable to you. Following, or in anticipation of, and to respond to a change in relevant law or regulation or to reflect a change in industry guidance or code of practice or good banking practice. To respond to the making of a relevant recommendation, requirement or decision of any court, ombudsman, regulator or similar body. To respond to the costs or consequences of any event beyond our control that may impact our provision of accounts, services or facilities to you. To make the Terms clearer.

17 17 To respond to any change in our systems and procedures, including any change arising from any reorganisation of our business as a result of it being acquired by, or by our acquiring, another bank or organisation. To respond to changes or anticipated changes in costs associated with relevant technology, the costs we pay to others in respect of your Account, inflation and/or in our costs of providing accounts, services or facilities. To improve the services we provide. To respond to our internal policies on competitiveness, market share and/or the profitability of our business as a whole, where we are not acting dishonestly, for an improper purpose, in a manner which inappropriately discriminates against a particular customer or as an unreasonable financial institution would. Where we make any change under this clause 24, the change will be proportionate to the underlying reasons for the change and in accordance with the Laws. 25. Other reasons for making a change We may also make changes to the Terms for any other valid reason that applies and is not described in clause 24 above. We will always give you 30 days advance personal notice of any such change and notify you that the change has been made under this clause What can you do when we tell you about a change? You may end your agreement with us to the Terms and close your Account in accordance with clause 27 within 30 days of the date of any advance notice of a change we send you or, if longer, up to the date the change is due to take effect. If you do not tell us that you want to close your Account by this time then you will be deemed to have accepted such change and the change will take effect automatically. You can also end your Agreement with us and close your Account at any time in accordance with clause 27. There will be no charge for this, however, if the value of your Fund Shares has fallen, you may get back less than the amount you invested. 27. Ending this Agreement Your rights to end this Agreement 27.1 You may end your agreement with us to the Terms and close your Account at any time by phoning our Customer Service Centre Before closing your Account, you should provide us with instructions to either sell Fund Shares or re-register them in accordance with these Terms On the termination of this agreement, any outstanding transactions will be completed by us and then your Account will be closed If you hold an ISA Funds Portfolio, you must hold and maintain a Funds Portfolio for the duration of your ISA Funds Portfolio. You will therefore not be able to close your Funds Portfolio unless you also close your ISA Funds Portfolio at the same time. If your ISA Funds Portfolio is closed without transferring to another ISA provider, the Account Investments will no longer be contained within an ISA and any associated tax benefits will be lost. You can, however, make a full withdrawal from your Funds Portfolio without closing it by selling Fund Shares as provided for in clause 12.

18 18 Our rights to end this Agreement 27.5 Subject to the ISA Regulations, we can end our agreement with you to the Terms immediately and close your Account in any of the following situations: (i) if you have seriously and persistently broken any of the Terms including where; you are, or we reasonably suspect that you may be using or obtaining, or allowing someone else to use or obtain an account, service or money illegally; or your Account is, or we reasonably suspect your Account is, being used for an illegal purpose; or you are, or we reasonably suspect you may be, acting fraudulently; in the circumstances set out in clause ; or (ii) if we reasonably consider that by continuing the Agreement; we may break a law, regulation, code, court order or other duty; or we, or another HSBC Group company, may be exposed to action or censure from any government, regulatory or law enforcement agency. you were not entitled to open your Account or cease to be eligible for your Account; if we have reason to believe that your conduct will adversely affect the ability of others to trade or the terms on which they trade We will inform you personally in writing immediately if we decide to close your Account under clause Subject to the ISA Regulations, we can also end our agreement with you to the Terms and close your Account for any other valid reason by giving you at least two months advance personal notice If we close your Funds Portfolio, we shall also have the right to close any ISA Funds Portfolio you hold If we close your Account under clause 27, no additional charges will apply If you do not hold any Fund Shares or cash in your Account and there has been no activity on your Account for a period of 12 months, we may mark your Account as dormant and close your Account. We will not, however, close your Fund Portfolio while you have an ISA Funds Portfolio open. If your Account is marked as dormant, we will try to contact you personally in order to close your Account. Consequences of your Account closing If your Account is to be closed under clauses 27.5 to 27.10, we will let you know the options available to you. If we do not receive instructions from you within a reasonable time frame (which we will notify you of), we will, subject to the Rules and, where applicable, the ISA Regulations sell the Fund Shares in your Account and pay the value of your Account out to you Your Account will be closed once the entire value of your Account has been paid and/ or transferred out. You will not be charged an Account Fee for the charging period in which your Account is closed. Any outstanding Account Fee of which you have been notified will be debited from your default Settlement Account for your Funds Portfolio on that closure date. This means that you may be required to pay such Account Fee before the date stated in your notification. In the event of closing your Account, it remains your responsibility to make sure you have sufficient available balance in your default Settlement Account on the relevant closure date to pay such Account Fee otherwise we will exercise our rights under these Terms to collect payment If all your Accounts are closed you will no longer be able to access My Investment Documents and so you should always save and print copies of all documents received into My Investment Documents for your records.

19 If we terminate your agreement and close your Account in the circumstances set out in clause , please be aware that, to the extent permitted by law, we may also end or restrict the provision of any other services we provide to you or close any other accounts you have with us. In addition, other members of the HSBC Group may end their relationship with you and restrict or close accounts you hold with them or restrict or terminate the provision of any services to you (see Clause 29). 28. Closing your Account on Death 28.1 The Account will end on your death, however your personal representatives should provide proof of the date of your death and of their appointment. Once we receive such proof as is acceptable to us, we will write to your personal representatives and explain the options available to them. We will rely on these Terms in relation to the Account until we have received the information we need Once we receive proof of your death, the Account Fee is no longer payable and we will not take any further payments of the Account Fee from the default Settlement Account for your Funds Portfolio In the event of your death, you will immediately lose the tax benefits associated with the ISA Funds Portfolio. We reserve the right to deduct a sufficient amount of funds from your account to pay any tax liability you may have in respect of any tax liabilities which have arisen in relation to credit interest payments made to you on or prior to 5 April Where you have incurred a tax liability in respect of credit interest payments made to you on or after 6 April 2016 we will not deduct any amount in respect of these liabilities and it shall be your estates responsibility to account to HMRC for the full amount of such liabilities. 29. Your Information Definitions Capitalised terms used in this clause 29 shall have the following meanings; Authorities includes any judicial, administrative, public or regulatory body, any government, any Tax Authority, securities or futures exchange, court, central bank or law enforcement body, or any of their agents with jurisdiction over any part of the HSBC Group. Compliance Obligations means obligations of the HSBC Group to comply with: (a) Laws or international guidance and internal policies or procedures, (b) any demand from Authorities or reporting, disclosure or other obligations under Laws, and (c) Laws requiring us to verify the identity of our customers. Connected Person means a person or entity (other than you) whose information (including Personal Data or Tax Information) you provide, or which is provided on your behalf, to any member of the HSBC Group or which is otherwise received by any member of the HSBC Group in connection with the provision of the Services. A Connected Person may include, but is not limited to, any guarantor, a director or officer of a company, partners or members of a partnership, any Substantial Owner, Controlling Person or beneficial owner, trustee, settlor or protector of a trust, account holder of a designated account, payee of a designated payment, your representative, agent or nominee, or any other persons or entities with whom you have a relationship that is relevant to your relationship with the HSBC Group. Controlling Persons means individuals who exercise control over an entity. For a trust, these are the settlor, the trustees, the protector, the beneficiaries or class of beneficiaries, and anybody else who exercises ultimate effective control over the trust, and for entities other than a trust, these are persons in equivalent or similar positions of control. Customer Information means your Personal Data, confidential information, and/or Tax Information or that of a Connected Person.

20 20 Financial Crime means money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/ or any acts or attempts to circumvent or violate any Laws relating to these matters. Laws include any local or foreign law, regulation, judgment or court order, voluntary code, sanctions regime, agreement between any member of the HSBC Group and an Authority, or agreement or treaty between Authorities and applicable to us or a member of the HSBC Group. Personal Data means any information relating to an individual, from which they can be identified. Services includes (a) the opening, maintaining and closing of your bank, investment or other accounts, (b) providing you with credit facilities and other banking products and services (including, for example, investment dealing, discretionary investment management, broker, agency and custodian services), processing applications, credit and eligibility assessment, and (c) maintaining our overall relationship with you, including marketing services or products to you, market research, insurance, audit and administrative purposes. Services include all services provided to you in connection with your Account and these Terms. Substantial Owners means any individuals entitled to more than 10% of the profits of or with an interest in more than 10% of an entity either directly or indirectly. Tax Authorities means UK or foreign tax, revenue or monetary authorities (for example, HMRC). Tax Certification Forms means any forms or other documentation which may be issued or required by a Tax Authority or by us from time to time to confirm your tax status or the tax status of a Connected Person. Tax Information means documentation or information about your tax status and the tax status of any owner, Controlling Person, Substantial Owner or beneficial owner. Reference to the singular includes the plural (and vice versa) Collection, processing and sharing of customer information This clause 29 explains how we will use Customer Information. By using the Services, you agree that we and members of the HSBC Group may use Customer Information in accordance with such clauses. Customer Information will not be disclosed to anyone other than where: we are legally required to disclose; we have a public duty to disclose; our, or a third party s, legitimate business purposes require disclosure; the disclosure is made with your consent; or it is disclosed as set out in this clause. Collection We and other members of the HSBC Group may collect, use and share Customer Information (including information about you, your transactions, your use of our products and services, and your relationships with the HSBC Group). Customer Information may be requested by us, by any member of the HSBC Group or by a third party on behalf of us or any member of the HSBC Group, and may be collected from you directly, from a person acting on your behalf or from other sources (including from publically available information), and it may be generated or combined with other information available to us or any member of the HSBC Group. Processing We will process, transfer and disclose Customer Information in connection with any of the following purposes (the Purposes ): the provision of Services and to approve, manage, administer or effect any transactions that you request or authorise; meeting Compliance Obligations; conducting Financial Crime Risk Management Activity set out in clause 29.3 below;