Investment Management Agreement
- These Terms and Conditions are important. They set out your obligations to us and our obligations to you. Please read them carefully. If you have any questions about them please contact us before you commit to them. You can contact us by email at firstname.lastname@example.org. References to "us" and "we" means ETFmatic Limited. The terms "customer" and "client" and "you" and "your" mean the person or company having an account with us.
- These Terms and Conditions together with information you provide to us in writing and/or you record on your account on our website (your “Account”) constitutes the investment management agreement ("Agreement") between you and us for the provision of our investment services. Our registered address is 1 Fore Street, EC2Y 9DT, London, United Kingdom. We are authorised and regulated by the Financial Conduct Authority ("FCA"), whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS, www.fca.org.uk. Our firm registration number is 657261. We are registered with HMRC for VAT with registration number 190 8981 63.
When Our Agreement Comes in Force
- This Agreement will become legally binding and we will start providing the services to you as soon as we are satisfied with our anti-money laundering enquiries about you and you have sent us money.
- If you enter into any investment transaction with or through us you will have no right under Section 30 of the Financial Services and Markets Act 2000 (“FSMA”) to treat such investment transaction as unenforceable.
- We will not provide you with advice. We will exercise our discretion to make investments for you by using information that you have provided or will provide from time to time to us on our website in order to attempt to achieve your investment goals.
- You are aware that there are many risks in investing and you accept the risks set out in this agreement including the key risks which are
- Past performance is not an indicator of future performance;
- The value of investments may go down as well as up;
- You are not certain to make a profit.
- You may make a loss.
- You may lose your entire investment;
- The price or value of investments may fluctuate significantly;
- Any income distributions may also fluctuate significantly.
- The investments that we will hold for you are “your Portfolio”. You can give us instructions about your Portfolio electronically through the website. We will not to act on any unlawful or unreasonable instruction. Where we do act on your instructions we will do so promptly. We will not act on any instruction if it would be illegal or contrary to any rule or regulation for us so to do.
- We may communicate with you at any time including by telephone and email.
- We may act on any instruction which believe to be from you without carrying out any checks or enquiries. We will not be liable if we carry out an instruction which is not genuine or for not investigating any instruction we reasonably believe to be genuine. We will not be liable for any error of transmission or misunderstanding, or for the fraud of any other party (except in the case of our negligence, wilful default or fraud. We are not obliged to acknowledge receipt of your instructions.
- We will send all notices, information and other correspondence to you by email and/or at the email address you have provided in your Account or such other email address as you may designate from time to time. In the event any notice, information or other correspondence is sent to you by letter, the letter will be sent to the current postal address you have recorded in your account and will be deemed to be delivered on the second business day after posting.
- We may record and monitor our telephone conversations with you. We will store recordings for at least the period required by law.
- We cannot guarantee that electronic communications between us will be successfully delivered, or that they will be secure, uncorrupted, untampered and virus free. We will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, not delivered, delayed, intercepted, corrupted or otherwise altered.
- All communications between us will be in the English language.
Your Personal Information
- Under UK anti-money laundering legislation and in order to provide your services to you we must collect certain information about you including personal information. We may use this information in order to carry out electronic searches on private and public databases. We will keep records of any information we obtain. We may use credit reference agencies which will record that we have made an enquiry about you. By entering into this Agreement you agree to our use of credit reference agencies which will result in a record of our enquiry being made. We will collect, use, share and store personal financial information about you, including your personal information. We make every effort to protect the privacy of your personal information. Other than as set out in this Agreement, we shall not disclose, sell or transfer your personal to any third party save as required by law.
- You authorise us to use your personal information to provide our services to you. We may retain and continue to process your personal information after the termination of this Agreement or any other agreement between you and us. Your personal information may be processed by or transferred or disclosed to and/or by third parties (such as to Stock Exchanges, your financial advisor (if any) and regulators). Your personal information may be transferred outside of the European Economic area.
- Your personal information may be used by us in order to provide you with information and marketing materials in relation to our other products and services. By entering into this Agreement you confirm that you allow your personal information to be used for these additional purposes. If you do not wish your personal information to be used in this way, please notify us by email.
- You can ask for copies of your personal information that we hold or which are held by any service provider we appoint by notifying us by email. We charge a fee for providing you with this information. Our current fee is published on our website. You should notify us if any of the information we hold is incorrect.
Your Status as a Retail Client
- We shall provide our services on the basis that you are a Retail Client as defined in the Handbook published by Financial Conduct Authority (FCA). This means that you are entitled to the protections provided for Retail Clients under the rules in the FCA Handbook (the FCA Rules) and under relevant legislation. If you would like further information on the nature of these protections, please notify us by email.
- The services that we will provide are only available to residents in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Ireland, Italy, Latvia, Netherlands, Norway, Poland, Portugal, Spain, Sweden and the United Kingdom, partnerships formed under the laws of the UK or bodies incorporated in the UK which may include corporate bodies, charitable foundations and investment and unit trusts. At our discretion and subject to us having the necessary regulatory permissions we may accept residents in other countries who approach us as a potential customer providing we are able to satisfy certain requirements to confirm the status and identity of such customers. ETFmatic Limited does not offer services to or conduct business for US passport holders regardless of where they live.
- We regularly perform a detailed reconciliation of client money held in client money bank accounts and client transaction accounts and its liabilities to its clients to ensure that client monies are properly segregated and sufficient to meet all liabilities in accordance with the FCA’s rules.
- We participate in the Financial Services Compensation Scheme which pays compensation for financial loss only to eligible claimants when an authorised firm is in default and will carry out an investigation to establish whether or not this is the case. The Scheme provides protection if an authorised investment firm is unable to pay claims against it. The amount of compensation depends on the basis of your claim. The current maximum levels of compensation for investments are £50,000 per person per firm. Accounts operated in EUR will also be compensated by this amount. Compensation levels are subject to change and for up to date details please refer to http://www.fscs.org.uk/
- Client Assets are also segregated in special bank or custody accounts, which are designated for the exclusive benefit of our clients. By properly segregating the customer's assets, if no money or stock is borrowed and no futures positions are held by the customer, then the customer's assets are available to be returned to the customer in the event of a default.
Your Investment Profile
- You will provide us with information about you, your attitude to risk, your goals and your attitude to savings and investment by answering a series of questions online on our website. It is important that you have provided us with accurate information as we will make investments for you based upon our analysis of your answers. Requirements. If your requirements change you must inform us of the changes online, so that we may match our services to your requirements.
Our Management of Your Portfolio
- We will manage your Portfolio on a fully discretionary basis. This means that we will make investment decisions in relation to the cash and assets in your Portfolio on your behalf in accordance with information that you have provided. We will take all reasonable steps to manage your Portfolio with due care and skill.
- Because we will manage your Portfolio on the basis of the information in your Account, you hereby give us authority, at our discretion, to enter into any kind of arrangement or transaction on your behalf including investing in any type of investments or other assets. There will be no limit on the amount of your Portfolio that we may invest in any one investment, or on the proportion of your Portfolio that any one investment may make up, and there will be no limit or restriction on any particular type of investment, or currency, or on the markets on which transactions are carried out. We may make common investment decisions which apply to a number of customer portfolios including your Portfolio.
- A general description of the nature and risks of the investments in which you may invest is contained in Schedule 1 of these Terms and Conditions. We do not provide any guarantee as to the performance of any particular investments or a portfolio as a whole.
- We may deal on any markets or exchanges and with any counterparties that we believe provide the best outcome reasonably available. All transactions will be carried out in accordance with the rules and regulations of the relevant market or exchange, and we may take any steps as may be required or permitted by such rules and regulations and/or by appropriate market practice.
- We require an initial investment above £100 / €100 / $100. If you subsequently withdraw money to bring the value of your Portfolio below that minimum investment, we reserve the right to sell the holdings in that fund and hold your investment for you as cash.
- We will provide you with a monthly report by email which sets out your account statements and our management strategy. This is required by the FCA.
- We will provide valuation reports to you electronically on a six monthly basis as at 5th October and 5th April. These reports will include details of all transactions during the relevant period, details of the contents of your Account, the current market value and the basis of valuation, income and interest and fees charged. If you need a report as at any different date, you may print it from your account on our website on that date.
ISA Terms and Conditions
- ETFmatic will register the title to the ISA investment in the name of ETFmatic Global Nominees Ltd.
- Share certificates or other documents evidencing title to ISA investments will be held by ETFmatic Global Nominees Ltd.
- ETFmatic will arrange, if the investor elects, for the investor to receive a copy of the annual report and accounts issued by every company or other concern in respect of shares, securities or units which are held directly in the ISA.
- ETFmatic will arrange for the investor, if the investor so elects, to be able to attend shareholders', securities holders'or unit holders' meeting to vote, and to receive, in addition to the annual report and accounts, any other information issued to shareholders, securities holders or unit holders.
- Any person to whom ETFmatic delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities. ETFmatic will notify the investor if, by reason of any failure to satisfy the provisions of the ISA regulations, an ISA has, or will, become void either on the instructions of the investor and within the time stipulated by the investor, an ISA, or part of an ISA, shall be transferred to another ISA manager in accordance with the ISA regulations relating to transfers or on the instructions of the investor and within the time stipulated by the investor, all the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investors. ETFmatic will make the transfer within 15 days after receiving the instructions of the investor. If the ISA holds units or shares in UK UCITS or a recognised UCITS, dealings in which have been suspended in accordance with COLL 7.2., the minimum period specified by ETFmatic may be extended to 7 days after the suspension ends.
- Where we deal on your behalf, we will provide best execution, which means that transactions entered into should be on the best terms reasonably available. To achieve best execution we will deal in accordance with our best execution policy ("Best Execution Policy"), which is set out in Schedule 2.
- We may pool (also known as aggregating) your transactions with those of other customers without your specific prior approval. We will only do so where we believe that this is unlikely to disadvantage your overall net position.
How We May Provide Our Services
- We reserve the right to perform any of our obligations to you through the agency of an associate or any third party of our choosing. This means that we may appoint another person or entity to provide the services to you under this Agreement. We will take all reasonable steps to satisfy ourselves that any person whom we appoint to provide any services to you or to perform any of our obligations on our behalf is competent. We will ensure that all such parties commit to provide you with best execution as set out in the FCA Rules where this is applicable.
- Where appropriate in light of your Account, we may offer to refer you to third parties to provide certain additional services. We will not make any such referral without your agreement. We may also accept referrals of business to us from third parties.
Fees and Charges
- Our fees and charges are as set out in Schedule 3. We may change these rates from time to time and will notify you of any such changes by publication on our website such changes to take effect 30 days from publication on our website. It is not our intention to significantly alter our charges unless there are external circumstances which require us so to do. We may deduct any amounts payable by you to us from your Account. If the available funds are insufficient, we may sell assets held as part of your Account to cover such charges. We may pay (or receive from third parties), fees in relation to referrals of business. We may receive payment from or share charges with a third party. If you require a service from us which is not listed in Schedule 3 you should first enquire about the charge before instructing us to carry out the service.
- All cash you deposit with us will be held in accordance with FCA rules by a regulated FCA Custodian in segregated accounts with an approved bank and may include the deposits of more than one customer. We shall not hold any money in bank accounts outside the United Kingdom.
- In order to comply with money laundering regulations we reserve the right only to accept money from and make payment into the bank account you have designated on our website. You may make payments to us by direct debit or by standing order. Quite independently of these means of payments you authorise us to debit your designated bank account in respect of transactions you have authorised us to make on your behalf.
- Income earned on the investments held in your Portfolio will be remitted to your Portfolio and may be re-invested. We shall not pay or credit interest to you where we hold cash in your account.
Conflicts of Interest
- We or anyone connected with us, may carry out certain transactions for you where we, or another customer of ours, have a duty that may conflict with our duty to you. We will manage any such conflict or potential conflict to ensure that it does not materially affect the transactions we carry out for you. We will inform you if consider that we cannot adequately manage a conflict.
- Our Conflicts of Interest Policy is set out in Schedule 4 which describes some of the actual or potential conflicts of interest which may arise and provides our policy about how these are managed. We will from time to time update our policy and you may obtain the latest policy from us at any time upon request.
Restrictions On Our Liability to You
- We accept responsibility for any loss, damages or costs suffered or incurred by you only to the extent that such loss arises directly from our gross negligence, wilful default, fraud, and/or our deliberate and wilful breach of any duties which we owe you under the Financial Services and Markets Act and FCA Rules. We will not be liable for any other losses, damages or costs suffered or incurred by you.
Our Duties in Relation to our Service Providers
- We will take reasonable care in the assessment and appointment of sub-custodians, bankers, counterparties, agents and other third parties. We accept responsibility for any loss, damages or costs incurred by you only where such arise from our, negligence, wilful default or fraud in the assessment or appointment of such persons. We will not be responsible in any other circumstance for the actions of any such third parties. We do not accept responsibility for any loss, damages or costs you may incur as a result of any cause beyond our reasonable control.
Your Indemnity to Us
- You will indemnify us against any liability, cost, expense, loss or any damage incurred by us (including but not limited to professional advisors' fees) arising from your breach of this Agreement, negligence, wilful default or fraud.
Our Duties to You
- No provision of this Agreement restricts, qualifies or excludes any duty we owe you under the Financial Services and Markets Act or the FCA Rules. We do not, however, owe you any other duties save as expressly set out in this Agreement.
- We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out any of those functions and responsibilities.
Amendment of this Agreement
- We may amend this Agreement by giving you 10 business days' notice by email. If we are required to amend this Agreement for reasons of compliance with the FCA Rules, or any other applicable law or regulation, however, we may do so with immediate effect.
- Should you have any complaints in relation to the services, please notify us by emailing the Compliance Officer at email@example.com. We will aim to acknowledge your complaint promptly, investigate the circumstances and report the results to you.
- If your complaint is unresolved 8 weeks from the date you first made the complaint you may refer it directly to the Financial Ombudsman Service of Exchange Tower, London E14 9SR. Details on their complaint procedure can be found at http://www.financial-ombudsman.org.uk/consumer/complaints.htm.
Termination of this Agreement
- You may terminate this Agreement at any time, to take effect 30 days after we receive notice from you by email or through the website, subject to the settlement of all outstanding transactions. The charges as set out on our website will apply. We may pass on to you charges levied by third parties as a result of the termination of this Agreement. Transactions already in progress will be completed in the normal course of business. The only other sums payable for terminating the Agreement will be the due proportion of our fees to the date of termination, our transfer charges set out on the website, any expenses reasonably incurred by us in giving effect to such termination and any losses incurred in settling or concluding outstanding obligations. We may deduct these fees and expenses from any money forming part of your Portfolio and/or sell sufficient assets from your Portfolio to cover such fees and expenses.
- We may terminate this Agreement by giving you 30 business days' notice in writing including by email, subject to the settlement of all outstanding transactions. On termination of this Agreement, we will, following payment to you of all money due to you hereunder and settlement of all outstanding transactions, re-register your assets and transfer your cash as you reasonably request. If you make no reasonable request we will take steps to re-register your assets in your name and to transfer your cash to you at our discretion.
Assignment and Transfer
- You do not have the right to assign or otherwise transfer to any other party your rights or obligations under this Agreement but we may assign our rights and obligations under this Agreement at any time, and will send you notice by email of any such assignment prior to its taking effect.
- We will designate any Account as dormant if it has been inactive for at least one year to protect both you and us and you will not be able to access a dormant account in the usual way. When you ask us, we will tell you how you can arrange for your Account to be made non dormant. If you have money in a dormant Account, it will remain your property or if you die it will form part of your estate.
- This Agreement constitutes the entire agreement between you and us and supersedes and extinguishes all previous agreements and arrangements between us, whether written or oral, relating to its subject matter.
Proper Law and Jurisdiction
- This Agreement and any dispute or claim arising out of or in connection with it (including non-contractual disputes or claims) will be governed by and construed in accordance with the law of England and Wales.
- You and we irrevocably agree that the courts of England and Wales will have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement (including non-contractual disputes or claims).
Your Cancellation Rights
- You have a period of 14 days, beginning on the date on which your Account is opened or the date on which you receive a copy of these Terms and Conditions and other related documents, whichever is the latest, within which to cancel your Account. We will sell any investments made on your behalf but will not be responsible for any market loss that you may incur as a result.
Third Party Rights
- A person who is not a party to this agreement cannot enforce or enjoy the benefit of any term of this Agreement under the Contracts (Rights of Third Parties) Act 1999.
SCHEDULE 1: Nature of Risks and Investments
This is not intended to be a comprehensive statement of all the risks to which investors might be exposed and there may be others that exist now or which may arise in the future. We have set out the main risks to which investors will be exposed, as we understand them, but warn that investing is always exposed to new risks and that some risks once thought to be very low can rapidly develop into high and serious risks.
- Past performance is not an indicator of future performance;
- The value of investments may go down as well as up;
- You are not certain to make a profit.
- You may make a loss.
- You may lose your entire investment;
- The price or value of investments may fluctuate significantly;
- Any income distributions may also fluctuate significantly.
Risks Associated with Discretionary Investment Management
- Our principal service is discretionary investment management where individual portfolios (“goals”) are managed in accordance with each customer's requirements and goals as made known to us. You have given us discretion over both asset allocation and individual security selection in relation to the assets held in your Portfolio and we shall exercise our discretion so as to assist you in achieving your goals but you will understand that we cannot guarantee that your goals will be achieved. The main risks are
- Your Portfolio and its performance will be specific to you, even when compared to a portfolio with a broadly similar mandate.
- We use your stated preferences in guiding the investment strategy for your different portfolios. As a consequence your portfolios may outperform or underperform the "average" customer Portfolio.
Risks and Shares
We may invest in shares listed on recognised stock exchanges in the UK such as the London Stock Exchange and overseas such as the New York Stock Exchange. We may also invest in shares on other approved markets such as London Stock Exchange's Alternative Investment Market ("AIM") or PLUS, a market operated by Plus Markets Group plc.
Some specific risks associated with investing in shares include:
- Dividend payment and growth is not guaranteed:
- Companies in which you invest are not obliged to pay dividends;
- Companies may go into liquidation or receivership which may result in the shares becoming worthless;
- Equity markets may decline in value;
- Corporate earnings and financial markets may be volatile;
- If there is no recognised market for shares, then these will be difficult to sell and accurate information about their value may be hard to obtain;
- Smaller company investments may be difficult to sell if there is little liquidity in the market for such shares and there may be substantial differences between the buying price and the selling price;
- Shares on overseas markets may involve different risks from UK shares
- Investments in overseas companies depend not only on the performance of the shares but also upon foreign exchange rates which may change adversely affecting the value of the shares in your base currency.
Risks and Fixed Interest Securities
Fixed interest securities (also known as bonds) are issued by governments, governmental bodies, quasi-governmental bodies in the UK (and overseas), UK local authorities, and companies in the UK and in other countries. The main risks are:
- There are few recognised markets in such securities, because they are traded between the issuers, their brokers, and the banks and securities houses making a market in the securities;
- Securities in currencies other than Sterling are risky because foreign exchange rates may move in an unfavourable direction reducing the value of investments in base currency terms;
- Securities issued by overseas bodies may involve special risks;
- Capital may be lost if the issuer defaults.
- Capital may be eroded due to the effects of inflation;
- The value of fixed income securities may fall as well as rise;
- Compensation may not be available at all or to the entire extent of deposits made with issuers that default.
Collective Investment Funds
Units or shares are issued by collective investment funds both in the UK and elsewhere in the world. These may be authorised by an approved regulator or unauthorized and unapproved. We will only invest your money in authorised funds quoted on the London Stock Exchange (or on other recognised leading exchanges) and in funds traded on the London stock exchange which have a UK Reporting Fund Status approved by H M Revenue & Customs. The main risks are:
- There may be no recognised market for collective investment funds as units/shares are issued and redeemed by the managers of the funds;
- Funds may be valued for pricing and dealing purposes either daily, weekly, fortnightly, monthly or even less frequently by the fund managers;
- The prices of the underlying investments of the funds will vary according to the markets on which these are listed or traded;
- Some authorised funds are subject to greater supervision than others;
- Funds in currencies other than Sterling may be affected if foreign exchange rates move in an unfavourable direction thus reducing the valuation of investments in base currency terms.
We may, from time to time, carry out such transactions on your behalf, where the price may have been influenced by measures taken to stabilise it. Stabilisation enables the market price of a security to be maintained artificially during the period when a new issue of securities is sold to the public. Stabilisation may affect not only the price of the new issue but also the price of other securities. The FCA allows stabilisation in certain circumstances. The effect of stabilisation may be to keep the price of certain securities at a higher level than they would otherwise be during the period of stabilisation. We will endeavour not to take part in stabilisation. The fact that a new issue or a related security is being stabilised should not be taken as any indication of the level of interest from investors, nor of the price at which they are prepared to buy the securities.
Foreign Currency Investments
We may buy on your behalf in an investment denominated in a currency other than the agreed base currency of your Portfolio. The risks are:
- A movement in exchange rates may have a separate effect, unfavourable as well as favourable, on the gain or loss otherwise experienced on the investment concerned.
- If you deposit collateral denominated in one currency, you may be subject to margin calls in circumstances where the obligations secured by such collateral are denominated in another currency (in addition to the risk of margin calls for fluctuations in relative values).
- Some currencies are not freely convertible and restrictions may be placed on the conversion and/or repatriation of your funds including any profits or dividends.
The base currency of your portfolio will be Sterling if you choose to operate your portfolio in Sterling. If your portfolio is operated in EUR the base currency will be EUR.
Brief Summary of Risks Associated with All Investments
- Economic risk related to the economic cycle and macroeconomic situation of a country, a region, the world.
- Inflation risk - the rate at which prices increase in an economy and can cause currency depreciation and the real returns of investments to decrease.
- Country risk and transfer risk - when investors invest in a foreign country where transfer of money is or becomes controlled or where the investment is nationalised.
- Depending on exchange rates movements, an investment in a foreign currency may generate profits, when the foreign currency appreciates, or entail losses, when the foreign currency depreciates.
- The ability to buy and sell any type of asset quickly without impacting its market price is important and a lack of liquidity may prevent an investor from selling at market prices.
- Psychological risks arise when irrational factors such as rumours cause severe price fluctuations.
- Credit risk always arises when money is lent because the borrower may ultimately be unable to repay it.
- Fluctuations in interest rates, whether short-term or long-term rates, may have substantial adverse consequences on the prices of financial instruments;
- Emerging markets might suggest higher growth, but the risks mentioned above are enhanced.
SCHEDULE 2: Best Execution Policy
- We will treat all our customers fairly.
- We are bound by the European Union’s Markets in Financial Instruments Directive to undertake transactions without disadvantaging our customers. We “must take all reasonable steps to obtain the best possible result, taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.”
- We have procedures to ensure that each bargain has been fulfilled according to the above principle of best execution. We review our procedures periodically to ensure customers are treated fairly.
- Factors to achieve best execution include stock liquidity, the ability to deal on more than one market, trading system choices and any specific conditions attached to the order by the customer. If these factors and any other relevant information are properly considered, we expect we shall attain best execution.
- We will inform you if any particular bargain conditions are attached which may restrict our ability to achieve best execution.
- Any customer limit order or condition will be accepted on a best endeavours basis and will only be accepted for the duration of the trading day on which the limit was given.
- The principles of best execution apply equally to single bargains or orders which are aggregated and grouped.
- We may consolidate the value of two or more transactions, payments or positions in order to create a single value. Or offset a position in one security or currency with another position either in the same security or another one with the object of offsetting gains in one position against losses in another. This is known as “netting”.
- The principles of best execution do not apply to bargains for direct commodities, currency or unit trust funds.
- In the case of UK equities we may transact bargains by electronic order books, retail service providers, agency crosses, telephone and electronic algorithmic systems;
- For equities located outside the UK we make use of appointed representatives who are also committed to achieving best execution for customers.
- Gilts may be traded on the London Stock Exchange where price information is readily publishable.
- Other bonds and debt instruments may require off-market trading. Liquidity and variety of counterparties may limit the achievement of best execution in such instruments.
- We will keep record of all bargains;
- Derivative investments traded on an exchange and over the counter (OTC) derivatives both require a specific risk warning consent and trade details may be published in the case of exchange traded items. OTC trades may not necessarily be published thus establishing achievement of best execution may be restricted by the extent to which information is available;
- Those which do not fall into the above categories may have restricted liquidity or trade venues. We will assume best execution has been achieved with reference to any information provided by the market counterparty at each transaction.
- We will execute the bargain as soon as reasonably practicable unless any delay will better serve the customer's interest. Bargains will be transacted in the same order as they were received unless specific bargains have conditions attached which may alter the order of priority.
SCHEDULE 3: Fees and Charges
- Management fee of 0.5% of assets under management including VAT
- Transaction fees of 0%
- Custody fees of 0%
- Any reports that are requested in paper format will carry a fee of £20 / 20€ / $20
SCHEDULE 4: Conflicts of Interest
- We are committed to taking measures to recognise, supervise, examine and resolve conflicts of interest. We recognise that it is not possible to eliminate all sources of conflict of interest; however, safeguarding customers' welfare remains our primary objective. This policy encompasses the relationships with customers and third party contacts.
- A conflict of interest may arise between us and you as a customer or between you and another customer where your interests are materially affected.
- These conflicts may arise in the following circumstances:
- Providing services in different capacities at the same time;
- Providing advice or management;
- Acting for more than one customer in a transaction;
- Holding information on other customers that would affect you or them if it was disclosed;
- Receiving gifts or entertainment;
- Employees pursuing activities or personal relationships potentially detrimental to you; and
- Personal holdings in companies or other investments that are recommended by us.
- We have developed protocols to manage conflicts of interest set out in this document to enable us to act without bias or damage to your interests. Our employees are provided with training about the protocols and the standards of conduct to which they must adhere. Our management is responsible for ensuring the protocols are adhered to and to deal with any conflict that may arise.
- We maintain a log of conflicts that arise, and we note on it each conflict was monitored and any solution which was developed and applied to resolve the problem and to prevent the customer's interests from being disadvantaged. The effectiveness of our protocols is assessed by internal audit staff members who execute their duties in a wholly independent capacity.
- We have in place procedures to prevent unauthorised access to information and to prevent the dissemination of information.
- Where our functions could create an internal conflict we separate the duties appropriately. The operations functions are maintained and conducted separately from the front office functions and an appropriate level of qualification, expertise and supervision is applied.
- Staff remuneration is by means of a basic salary which is not linked to the underlying performance of the company. A remuneration committee agrees and monitors awards to achieve consistency and equitability and does not lead to conditions which may foster conflict.