Ascentric the fundsdirect wrap service - moving value and control to the IFA and the client

ASCENTRIC WRAP TERMS AND CONDITIONS ISA, GENERAL INVESTMENT ACCOUNT (GIA) AND THIRD PARTY PRODUCT ACCOUNT (TPPA)

Please read these Terms & Conditions carefully. They set out the basis of our services and by registering as a client of the Ascentric wrap service, or any of its subsidiaries or associated companies, they form a legally binding agreement between us. If you have any queries please call us on 0871 423 6100.

Ascentric is the name given to the Wrap service provided by Investment Funds Direct Limited (“Fundsdirect”) through Independent Financial Advisers (IFAs) and other professional financial advisers.

DEFINITIONS

Wrap account - shall mean the web based securities dealing and valuations service provided by Ascentric to IFAs and their clients.
FSA - shall mean the Financial Services Authority.
Adviser - shall mean the financial adviser who is a person authorised by the FSA and advises you in the setting up and running of your Ascentric Wrap account.
ISA – shall mean your Individual Savings Account as defined by HMRC
ISA Manager – shall mean Fundsdirect
Nominee - shall mean Fundsdirect Nominees Limited or any custodian as directed by Ascentric.
Securities – shall mean units in Unit Trusts, shares in OEICs or equities, fixed interest securities and investment trusts.
Rules - shall mean the rules of the FSA or any successive body, as applicable, as from time to time amended or replaced. References to any statutory provisions or to any Regulations made thereunder include any modification or re-enactment thereof. Words and phrases defined in the Rules bear the same meaning in the Terms & Conditions unless the context requires otherwise.
HMRC – Her Majesty’s Revenue and Customs Terms & Conditions - shall mean these Terms & Conditions.
General Investment Account (GIA) – shall mean an unwrapped and taxable investment account
Third Party Product Account (TPPA) – shall mean an account which contains the investments of and is a constituent part of an investment product provided by a third party e.g. a Self Invested Personal Pension (SIPP) or an Offshore Bond.
Wrapper – shall mean any General Investment Account, Third Party Product Account or ISA held in the Ascentric Wrap
Ascentric – the Wrap service for advisers which is administered by Fundsdirect.
Model Portfolio – means the facility within the Wrap service by which an adviser may select appropriate investments and then link any number of clients to that portfolio.
MiFID – means Markets in Financial Instruments Directive

THE ASCENTRIC WRAP SERVICE

The Ascentric Wrap Service is provided by Investment Funds Direct Limited which is a subsidiary of Investment Funds Direct Group Limited and is a Company registered in England and Wales (registered number 1610781) whose registered office is at 9 Palace Yard Mews, BATH, BA1 2NH.
Fundsdirect is regulated by the FSA in the conduct of investment business and is bound by its Rules.
For the purposes of MiFID client classification you will be treated as a ‘Retail’ client
These Terms & Conditions apply to your usage of the Wrap account.
Nothing included in the Wrap account constitutes an offer or solicitation to sell investments by anyone in any jurisdiction in which such an offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Ascentric attempts to ensure that the information available on the Wrap account at any one time is accurate and not misleading. However, the content cannot be guaranteed to be free of error or omission. Whilst every effort is made to maintain these details accurately, providers may change their terms on occasion.
Ascentric may record or monitor telephone conversations and you consent to such recording.
No information on this site constitutes investment, legal, tax or any other form of advice.
This agreement comes into force when you pay funds into one of the ‘wrappers’ within the Ascentric Wrap service. The minimum sum to start the service is £5,000
Upon receipt of an application form from your adviser Ascentric will confirm to both you and your adviser that the account is open and provide the account number. By separate cover Ascentric will also send you your User ID and instructions on how to activate your account.
You will not disclose your USER ID number to any other person including your adviser.
The USER ID number will only be sent to the first named in the case of Joint accounts
Once cleared funds are available Ascentric will deal as instructed by you or your duly authorised adviser
Confirmation of the deal will be advised by email to your adviser and the Contract Note will be accessible through your web account. Where you request it in writing the Contact Note will be sent by mail subject to the additional charge detailed in the ‘Charges’ section below..
You must check that the deal is as instructed and advise Ascentric of any errors within 14 days.
Instructions must be provided by the on line service. Telephone and written instructions are only accepted where the deal can not be undertaken via the web service.
Prices for funds and stocks will reflect the latest daily and end-of-day price respectively as provided by our price vendor.
Any change of name address or bank account details must be in writing from all of the original signatories to the account.
Unless you advise that a USER ID has been compromised any deal using the USER ID will be deemed valid.

ISA MANAGER

Fundsdirect will be the ISA Manager and will administer the ISA in accordance with the Regulations, the Terms & Conditions of the Fundsdirect ISA Account.
In the case of any inconsistency between these Terms & Conditions and the provisions of the Regulations, the latter shall prevail
The appointment of the ISA Manager shall take effect on the “Effective Date” being the date on which the ISA Manager receives the duly completed Application Form and payment for an amount which is not less than the minimum subscription (as stipulated on the Application Form) or, at the ISA Manager’s discretion, such other date as may be permitted under the Rules. You warrant that cheques will be honoured on the first presentation. The Terms & Conditions shall come into force on the Effective Date.
Fundsdirect as ISA Manager will, in accordance with the Regulations, make reclaims, conduct appeals and agree on your behalf, liabilities for and relief from tax in respect of the ISA. You authorise Fundsdirect as ISA Manager to provide the Inland Revenue with all applicable details of the ISA.
The ISA Manager is entitled to act as a Principal, where relevant, in deals in the ISA Account.

YOUR RESPONSIBILITIES

You agree to accept full responsibility for all instructions placed and to release Ascentric from any liability for executing instructions which you or your adviser place using the Wrap account. You acknowledge that all instructions made by the Wrap account are at your sole risk.
You authorise Ascentric to accept as genuine and duly authorise any deal instruction placed using your account number and password.
You warrant that if for any reason part way through placing your instruction for a deal via the Wrap account there is any failure of the Wrap account and/or your connection to the Wrap account then you will not repeat any instruction for that deal without contacting Ascentric first by telephone or email. This is required because your first instruction may have been received and actioned and if you repeat the instruction the same Deal may be actioned twice. In this event you will be liable for both deals.
You may be able to cancel a deal via the Wrap account whilst it is still pending. However, deals shown to be pending on the Wrap account are not real time as there is a slight delay between the deal being executed and it then being removed from the list of pending deals. Therefore, even if a deal is shown as pending and you enter an instruction to cancel that Deal, if it has already been executed then you will not be able to cancel the instruction.
The information included in the Ascentric website is intended to be restricted to the United Kingdom. Specifically, investments referred to on the website are not available for distribution, or investment, to non UK investors. It is your responsibility to be aware of the laws and regulations of your country of residence.

YOUR RESPONSIBILITIES IN RESPECT OF THE ISA

You will provide Fundsdirect as ISA Manager with all information that it may reasonably require to enable Fundsdirect to carry out its duties as an ISA Manager.
This will include your National Insurance Number and date of birth. The National Insurance Number may be obtained from your employer, tax return, pay slip, P45 or from his/her tax office. If you have retired it can be found on the front cover of your pension book.
You also undertake to inform Fundsdirect of any changes to the information given in the application or transfer form in respect of the ISA or if any of the declarations contained in the application form in respect of the ISA cease to be true. You will immediately inform Fundsdirect in the event of your ceasing to be eligible to subscribe to or to hold an ISA.
Fundsdirect as ISA Manager may at any time vary the Terms & Conditions without notice to you where such variation is required by HMRC or by reason of any amendment to the Regulations or the Rules. In any other case Fundsdirect may vary the Terms & Conditions by written notice to you provided that no such variation shall result in the ISA ceasing to qualify under the Regulations. Any such variation of which written notice is required shall take effect on the 30th day following the despatch of such notice to you.

CASH AND CLIENT MONEY

Ascentric may retain all client monies pending investment or re-investment and such monies will be held in a client money Bank account with an Institution or Bank authorised to hold client money as Ascentric may from time to time nominate. Such Institution or Bank will not be an associate of Ascentric and Ascentric does not accept liability in the event of their default.
Ascentric client accounts are designated as client money trust accounts as defined by the Rules and Regulations and all client account money is segregated from funds belonging to Ascentric.
Ascentric will pay interest on cleared balances in your cash accounts in accordance with the FSA (Client Money) Regulations at the prevailing rate as published on the Ascentric website.
The level of interest earned on your accounts can be viewed on the Ascentric website.
Ascentric make a margin on the interest paid to you
Interest on the GIA and the ISA will be paid to you after deduction of 20% income tax which is paid to HMRC in accordance with the regulations. You will be responsible for including any interest in your annual tax return and making any higher tax rate payment if appropriate.
Interest on the TPPA will be paid to you according to the rules of the regime of the respective Third Party Product – you should refer to the Third Party Product Terms and Conditions.
Some Fund Managers will only accept fund purchases to the nearest unit, therefore, in such circumstance there may be small residual amounts of cash which will be retained within your account.
You will maintain at least 1% of all assets held in each account in the form of cash to meet charges, commissions and withdrawals subject to a minimum of £300 and a maximum of £1000 altogether. Charges and commissions will be deducted from the GIA in each account. Where sufficient cash is not available Ascentric will sell sufficient of the largest investment in the GIA (and then elsewhere where funds are insufficient) in order to meet the forecast requirements for the following 3 months. Normal dealing charges will be applied. The absolute minimum of £300 per account will apply to family groups.

ASCENTRIC CHARGES

Annual custody charges will be deducted quarterly or monthly in arrears from each wrapper in the Wrap account as follows:

For all monies up to £1,000,000 0.25%p.a. deducted on a monthly basis
For all monies above £1,000,000 0.10% p.a. deducted on a monthly basis
The above are subject to a minimum charge of £37.50 per quarter (£150 per year)

Ascentric normally receives a rebate from Fund Managers. This rebate (excluding that part intended as adviser commission) will be paid directly to your client account and offset against the annual commissions received by Ascentric in 1. above. The amount of this rebate is available on the Ascentric website by referral to the fundslist.

Family Groups – immediate family with the same address will benefit as follows:

the £150 minimum charge will apply to the assets across the family group
the tiered annual charge will apply to the assets of the family group
charges will be applied proportionally to assets in each account in the family group
the minimum absolute cash requirement of £300 per account will apply to the family group (subject to each individual account retaining either 1% or £300 minimum.)

Ascentric dealing charges

All electronic deals (through the Ascentric website, EMX and CREST and contract note published on the web account) £12.50
All manual deals (received by telephone or made by telephone to the Fund Manager or where a paper contract note is required) £20.00
All deals requiring a paper application form £30.00
Any security transfers in-specie (also known as re-registration) to or from other nominees, platforms or fund managers £15.00

A ‘switch’ from one fund to another will be treated as a ‘sell’ and a ‘buy’. The ‘buy’ will not be undertaken until the proceeds from the ‘sell’ are known and there are sufficient funds in your account.

FUND MANAGER CHARGES

Fund Manager Charges for Collective Funds are available on the Ascentric Fundslist on the Ascentric site. You should ensure you understand these charges and the details of any fund selected or recommended by your adviser.

ADVISER COMMISSIONS

Ascentric will pay to your adviser commissions as agreed with you. These commissions may be in percentage or absolute terms and may be initial (when the Ascentric Wrap is set up and investments purchased) or annual – deducted quarterly or monthly from your funds.

N.B. In addition your adviser will receive share options in Fundsdirect in relation to the amount of business placed with Ascentric. This will have no effect on the cost to you of this service and your adviser must not allow this to influence his advice on the suitability of the Ascentric Wrap.

THIRD PARTY PRODUCT PROVIDER CHARGES

There will be charges levied by Third Party Product Providers. These may be deducted before funds are received by Ascentric or deducted by Ascentric and paid to the Third Party Product Provider. You should understand these product charges which will be available in the respective Product Terms and Conditions from your adviser.

OTHER CHARGES

Other charges may arise as a result of activity on the Ascentric Wrap account – for example stamp duty. These charges will be deducted and advised by means of the on line statement.

SUBSCRIPTIONS

You may only subscribe by cheque or by electronic transfer. All cheques or electronic transfers submitted for business must be from your UK personal Bank account. Cheques drawn on Building Society accounts must be certified on the reverse that the cheque is drawn on an account in the name of the individual to whom it has been provided.
In the event of cheque subscriptions, you should be aware that no investments will be undertaken until the cheque has been cleared through the Ascentric client accounts.
As a result of Money Laundering Regulations, additional documentation may be required for identification purposes by third parties and Ascentric. If this is required an investment may be delayed.

SUBSCRIPTIONS IN RESPECT OF AN ISA

The maximum annual subscription into a Stocks and Shares ISA is currently £7,200. This maximum annual subscription amount may be varied in accordance with the Regulations as amended from time to time.
You may only subscribe for one ISA in any Tax Year.
Individual Savings Accounts (ISAs) were introduced on 6 April 1999, to replace Personal Equity plans (PEPs) and the government has confirmed they will remain available indefinitely, with no set end date (previously ISAs were only available until 2010). They are tax efficient as currently there is no Capital Gains Tax paid on any profits made or tax on any money paid from the ISA. There is a flat rate 20 per cent charge paid to HM Revenue & Customs on interest credited.
From the 5th April 2008 Mini and Maxi ISAs will no longer exist, with ISA savers able to invest in two separate ISAs each tax year, a cash ISA and a stocks and shares ISA. The annual ISA investment allowance has been raised to £7,200 with up to £3,600 being able to be saved in cash with one provider and the remainder invested either with the same or another provider such as Investment Funds Direct Ltd who offer a stock and shares ISA.
Mini cash ISAs, TESSA-only ISAs (TOISAs) and the cash component of a Maxi ISA will automatically become cash ISAs. Mini stocks and shares ISAs and the stocks and shares component of a Maxi ISA will automatically become stocks and shares ISAs.All Personal Equity Plans (PEPs) will automatically become stocks and shares ISAs & ISA savers will be able to transfer money in their cash ISA to their stocks and shares ISA.
To open a Stocks and Shares ISA you have to be aged 18 or over and be resident and ordinarily resident in the UK for tax purposes. Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the Government are eligible to open an ISA & their spouses or civil partners can also open an ISA.
If you start an ISA in the UK and then go abroad, you cannot continue putting money into the ISA (unless you are a Crown employee working overseas or the spouse or civil partner of a Crown employee working overseas). However, you can keep your ISA and you will still get tax relief on investments held in the ISA. When you return, you can start putting money in again (subject to the normal annual limits).
You will be required to make a declaration to Ascentric that the information contained in your application for an ISA is correct.
Ascentric reserves the right to require proof of status and eligibility for an ISA before accepting any application.

INVESTMENTS

The purchase of investments within the Ascentric Wrap account is undertaken only by you or on the instructions of your nominated adviser on your behalf. All instructions will be actioned by Ascentric on a non-advisory basis.
Ascentric does not make any personal investment recommendations. None of the product literature and/or anything in these Terms & Conditions should be regarded as a solicitation or a recommendation to buy, sell and/or otherwise maintain any particular Investment.
All instructions must normally be given to Ascentric in writing via the website. However, Ascentric shall be entitled to accept and treat as valid verbal instructions given by you or your authorised agent/adviser on your behalf in exceptional circumstances and at the sole discretion of Ascentric.
You warrant that any nominated adviser is duly authorised to provide Ascentric with investment instructions on your behalf and that the nominated adviser is, where appropriate, authorised to provide such instructions under the Financial Services and Markets Act 2000 or any other regulatory legislation. Specifically you will only permit your adviser to deal on your behalf without express agreement to each deal if an appropriate Discretionary Investment Management Agreement is in place as required by the FSA.
Where an Advisory agreement exists between you and your Adviser Fundsdirect will not be responsible for deals executed by your adviser which have been made without your explicit authority.
Where you deal without the advice of your authorised adviser this is known as ‘execution only’ and you must take sole responsibility for this action.
Ascentric will make reasonable endeavours to execute your fund deal instructions by the first Valuation Point and if not by the second.
Ascentric will confirm to your adviser by email execution of any deal placed by you or your adviser. The Contract Note will be viewable on your web account. N.B. For jointly held accounts the Contract Note will always appear in the name of the first account holder to all viewers. Paper contract notes will only be sent on your specific instruction and an additional charge will apply (see charges above).

BEST EXECUTION POLICY

It is the policy of Fundsdirect to obtain the best price available for all fund deals. There is currently only one price available to Fundsdirect from each fund manager at the time a deal is placed.
For deals in Crest settled stocks and shares including Investment Trusts and Exchange Traded Funds Fundsdirect will always deal at the best price available from a selection of Retail Service Providers (Market Makers).
For less well traded stocks and shares there may be few or even only one quoted price.

CONFLICTS OF INTEREST POLICY

It is the policy of Fundsdirect to disclose any interests which are believed to be in conflict with the primary requirement which is to treat you fairly and provide our services to you with your interests in mind.
Your adviser firm normally receives share options in Fundsdirect which may conflict with their requirement to provide suitable advice. You should discuss this with your adviser.

CUSTODY OF SECURITIES

Title to all investments and securities held for you shall be held in a Nominee appointed by Ascentric or to its order. Currently this is Fundsdirect Nominees Ltd and Fundsdirect ISA Nominees Ltd of 9 Palace Yard Mews, BATH, BA1 2NH,
Whilst all investments and securities in the Ascentric Wrap shall be held in the name of Fundsdirect ISA Nominees Ltd or Fundsdirect Nominees Ltd or to its order, you will remain the beneficial owner of all such investments and securities at all times.
Your investment within a security may be pooled with those of other Investors and may not be identifiable by separate certificates or equivalent electronic records.
The documents evidencing title to such investments whether in physical form or equivalent electronic record shall be held by Fundsdirect ISA Nominees or Fundsdirect Nominees Ltd or such Nominee as it may direct.
Ascentric and Fundsdirect may not lend the documents of title to any third party or borrow money against the security of such documents of title or the equivalent electronic record.

TRANSFERS TO THE GIA AND TPPA

Ascentric will accept the transfer of acceptable securities into your GIA account and into the TPPA account where the respective product rules and third party product provider allow. Note that there is often a charge levied by the existing nominee.
Ascentric reserves the right to refuse to accept any security which is not a UK authorised Unit Trust or OEIC, an equity not listed or dealt on a recognised exchange and unquoted shares in private companies.
A dealing charge of £15.00 will be made for each security transferred subject to a maximum of £150 at any one time

TRANSFERS TO THE ISA

Fundsdirect will accept the transfer of acceptable securities into your ISA account only from a ISA held by you at another ISA Manager respectively. Note there is often a charge levied by the existing ISA manager.
Fundsdirect reserves the right to refuse to accept any security which is not a UK authorised Unit Trust or OEIC, an equity not listed or dealt on a recognised Exchange and unquoted shares in private companies or any investment not qualifying for a ISA under the Regulations.
A dealing charge of £15.00 will be made for each security transferred subject to a maximum of £150 at any one time
Fundsdirect reserve the right to charge you a fee to recover any further re-registration or other costs incurred in the process of transferring and reregistering a security into your ISA account.

TRANSFERS FROM THE GIA

Title to any securities held within the GIA may be transferred to you or to such other persons as you direct on receipt of a written transfer request.
You warrant that in the event of transferring securities from the GIA, no deals will be entered into in respect of those securities until you have received confirmation from Ascentric that the transfer has been completed.
A dealing charge of £15.00 will be made for each security transferred subject to a maximum of £150 at any one time

TRANSFERS FROM THE TPPA

Transfers from the TPPA will be subject to the Terms and Conditions of the respective Third Party Product Provider and Ascentric will only transfer funds as instructed by that Product Provider. A dealing charge of £15.00 will be made for each security transferred

TRANSFERS FROM THE ISA ACCOUNT

Title to any securities held within the ISA account may be transferred to another ISA Manager respectively, you or to such other persons as you direct on receipt of a written transfer request.
You warrant that in the event of transferring securities from the ISA account, no deals will be entered into in respect of those securities until you have received confirmation from Fundsdirect that the transfer has been completed.
A dealing charge of £15.00 will be made for each security transferred subject to a maximum of £150 at any one time

COMPANY MEETINGS, COMMUNICATIONS AND CORPORATE ACTIONS

You authorise Ascentric to exercise any conversion, subscription, voting rights or other corporate action requiring action on your behalf.
Ascentric will not normally contact you to notify you of corporate actions or to obtain your instructions for corporate elections in respect of your holding. However, Ascentric will act upon your instruction if they receive such an instruction in reasonably sufficient time prior to the election deadline to notify the Registrar of the Company.
In the event of a corporate action and where Ascentric have received an instruction from you for a specified action, Ascentric will provide such instructions as they at their absolute discretion deem appropriate, and will usually act in accordance with the default terms of the Registrar of the Company.
If an instruction from you or your adviser requires additional payment then this must be provided to Ascentric and received in the form of cleared funds prior to the election deadline, otherwise the default election will be exercised by Ascentric.
In the event that the resulting stock received by way of a corporate action is unacceptable for Ascentric to hold in the nominee account (e.g. it is a foreign stock, an unquoted stock or an unauthorised Unit Trust or OEIC) Ascentric reserve the right to return the stock to you either in dematerialised or certificated form.
Ascentric will not normally forward any Company report and accounts for investments held in the nominee account. However, you may elect to receive copies of account and reports or other such communications in respect of securities held within the account subject to payment of a fee of £25+VAT per communication.
Ascentric is unable to pass on to you any shareholder perks which may attach to investments held by you.
Certain corporate actions (e.g. consolidations) result in fractional allocations of shares and/or cash distributions. Any part share entitlement will be sold and the proceeds retained by Ascentric. Any fractional cash allocation will be retained by Ascentric unless the amount payable in respect of an Account Holder’s investment exceeds £5.

DIVIDENDS AND OTHER DISTRIBUTIONS

You authorise Ascentric to collect on your behalf all dividend or other corporate distributions in respect of securities held within all the accounts held within the Ascentric Wrap.
You may elect to receive a distribution of income on a quarterly basis.
Income distributions are available where you have elected for this option in writing and where you have provided valid bank details for BACS credit payments.
Income distributions will comprise all receipts of dividends, interest, tax credits or other such monies as received by Ascentric in respect of your account over the preceding three calendar months.
Distributions will currently only be undertaken for the quarters ended 31st March, 30th June, 30th September and 31st December.
Distributions will be made by Bank Automated Clearing (BACS) and will be remitted by Ascentric to the bank detailed upon your application within 10 working days following the end of each quarter.
Due to the complexity of the tax regimes in other countries, Ascentric will not, as a general rule, reclaim tax credits on dividends or other income on foreign securities.

STATEMENTS AND VALUATIONS

Ascentric will provide you with a statement and valuation at least six monthly confirming the number and description of securities held on your behalf in each wrapper within your Wrap account.
You are required to check your statement and in the event of any queries or concerns to contact Ascentric immediately.
Ascentric reserves the right to correct any erroneous records relating to the Wrap service without prior reference to you.
Ascentric will provide confirmation of deals undertaken on your instruction that of your adviser as soon as reasonably possible following the deal.
All statements will only be provided in electronic format where we have your email address.
Up to date valuations and statements may be obtained online at any time.

IN THE EVENT OF DEATH

In the event of your death your personal representative(s) should inform Ascentric as soon as reasonably possible. This notice should include any instructions for the sale of investments in the GIA account pending probate.
Ascentric will not automatically sell the investments held within the GIA unless so advised by your personal representative(s). This will mean that the investments will continue to be exposed to movements in the market and may fall in value as well as rise.
Grant of Probate or Letters of Administration, or such other formalities, should be sent to Ascentric by your personal representative(s) with instructions for the closure or transfer of the account.
Ascentric reserve the right to collect any outstanding account charges due after the date of death and until the closure of the account.
The procedure for funds in a TPPA will depend on the respective Third Party Product Terms and Conditions and they should be informed of the death as soon as possible. Ascentric will then act on the instructions of the Third Party Product Provider.
Any ISA benefits will cease on your death and Ascentric will recover any tax normally due to HMRC from the date of death.

TERMINATION AS ISA MANAGER AND NON-SATISFACTION OF THE REGULATIONS

Subject to the Regulations, Fundsdirect may terminate its role as the ISA Manager at any time by giving you written notice. Such notice will take effect on the 30th day following the despatch of such notice to you but shall be without prejudice to the completion of deals already initiated.
On termination as ISA Manager, Fundsdirect will either transfer the ISA account to another ISA Manager respectively as notified to you. Alternatively, if so directed by you, Fundsdirect will pay or transfer the investments to you or to the account of another ISA Manager.
Fundsdirect will notify you if by reason of any failure to satisfy the provisions of the Regulations, the ISA has or will become void. As soon as practicable thereafter Fundsdirect will transfer the investments to you subject to such deductions (if any) as Fundsdirect as the ISA Manager may require to meet tax or other liabilities in connection with the ISA account.

ISA WITHDRAWALS, ASSIGNMENT AND TERMINATION BY YOU

Subject to the Regulations and to the settlement of any outstanding investment deal(s), any tax liabilities, charges and expenses, you may withdraw part or all of the investments by giving written instructions to Fundsdirect as ISA Manager. Fundsdirect may refuse to accept a part withdrawal instruction if by doing so the residual value of the investments remaining in the ISA would be less than £1,000.
At your request the ISA may be transferred to another ISA Manager respectively approved under the Regulations.
Plan transfers will only be undertaken in the form of cash. Following a plan transfer request being received, all investments within the ISA will be sold and the proceeds remitted to the transferring manager after deduction of an administration charge of £25.
You may terminate the ISA by giving written notice to Fundsdirect. Such notice will take effect immediately upon receipt by Fundsdirect or immediately after the completion of any deal(s) already initiated. Following settlement of all sales of the investments held within the ISA account, Fundsdirect will transfer the proceeds plus any residual distributions and related tax credits to you unless you shall otherwise direct. This will normally be by BACS credit to the account advised in your application.
Fundsdirect shall be able to delegate any of its functions or responsibilities as a ISA Manager provided that it is to a person or organisation whom Fundsdirect is satisfied is competent and authorised to perform those functions or responsibilities.
Terminations and withdrawals from a TPPA are subject to the terms and conditions of the respective Third Party Product Provider. Ascentric will only act on their instructions.

WRAP ACCOUNT

The Ascentric Wrap service is only available via the Microsoft Internet Explorer facility. No other web service provider is supported by Ascentric.
You agree that where an adviser acts on your behalf it is with your full and express agreement in accordance with the formal agreement between you and your adviser. In particular you understand that where an ‘advisory’ agreement exists the adviser will obtain your explicit agreement to any investment recommendation before it is actioned.
If you change your adviser the new adviser must apply and register with Ascentric.
Where there is no adviser appointed to your Ascentric Wrap then Ascentric will take an annual commission of 0.50% on all collectives and investment trusts in the Wrap. This is in addition to the annual charge normally payable on your Wrap account.
Should the value of your account fall below £1000 Ascentric reserve the right to close the account and pay the funds to you or your TPPA.
Other parties may be granted viewing and dealing capability on some or all of your wrap Account – for example a Stockbroker, Trustee or Discretionary Fund Manager. These will only be provided with the express permission of both you and your adviser.
You agree to accept full responsibility for all instructions placed and to release Ascentric from any liability for executing instructions you place using the Wrap accounts. You acknowledge that all instructions made on the Wrap account are at your sole risk.
If you or your adviser ignores and/or bypass warning notices which may appear on the Web service then Ascentric shall have no liability to you in relation to either your or their failure to follow any such warning.
In offering investment services electronically, Ascentric are making available to you interactive computer services and/or telephonic services or systems which allow you to enter orders to buy and sell certain Investments within your account with Ascentric, give instructions and/or obtain quotations and other information via computer and/or telephonic transmission for use on compatible personal, home, or small business computers, including Internet appliances with modems, terminals and/or network computers that can connect to a telecommunications network.
Access to the Ascentric website and the use of the electronic dealing facilities may be prevented by certain factors outside the reasonable control of Ascentric including, without limitation, the in-operation, inefficiency or unsuitability of your equipment and the unavailability, in-operation or interruption of Internet or other telecommunication services. Ascentric does not accept any liability for any loss or damage arising out of or in connection with such service disruption.
You agree not to copy, reproduce or redistribute, in whole or in part, any information or data contained on the Ascentric website except for the purposes of accessing and using the Wrap account for their own personal use. Information on the Ascentric website is subject to copyright with all rights reserved.
You agree not to use the Ascentric website for any illegal or improper purpose including, without limitation, the transmission of defamatory or obscene material. You fully indemnify Ascentric in respect of any breach of this prohibition.

STATEMENT OF LIABILITY

You acknowledge that orders placed using the Wrap account may be sent directly to an Exchange without being viewed by any individual member of Ascentric staff.
Ascentric may amend, suspend and/or terminate any or all of the Wrap account at any time. Where reasonably practicable Ascentric will give advance notice of this but this may not always be possible and/or practical for business reasons. Ascentric may alter or change any code and/or number allocated to your account from time to time.
Ascentric may also restrict and/or change the hours and time of operation of any of the Wrap accounts at any time. Where reasonably practicable Ascentric will give advance notice of this but this may not always be possible and/or practical for business reasons.
In no event will Ascentric be liable to you or anyone else for any consequential, incidental, special or indirect damages (including but not limited to lost profits, dealing losses and damages) that result from inconvenience, delay or loss of the use of the Wrap account, even if Ascentric has been advised of the possibility of such damages or losses. Ascentric shall not be liable for any loss resulting from a cause over which it does not have direct control. Ascentric is not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of the Wrap account.
Ascentric will not be liable for errors of judgment made in good faith nor for the acts, omissions or defaults of agents or custodians or their employees, nor for strikes, interruption of power supplies, machinery failure or causes beyond the reasonable control of Ascentric.
Ascentric will be liable only for errors, acts or omissions arising from Ascentric negligence, willful default or fraud but nothing in these Terms & Conditions attempts to exclude any liability that Ascentric may have under the Financial Services and Markets Act 2000.
The Ascentric website contains hypertext links to other websites not maintained by Ascentric. These websites are not endorsed or recommended by Ascentric and nor are Ascentric responsible for any information contained on such websites and shall not accept an liability for loss or damage arising from the use of these websites or the reliance on information contained on them. Any links to third party websites are provided solely as a convenience to Account Investors and at their own risk.
Ascentric maintains professional indemnity and fidelity insurance in respect of its activities and its clients' assets.
Ascentric will exercise all reasonable professional care in Account Investor deals and its selection of brokers, bankers and other third parties who Ascentric may from time to time instruct or employ. Accordingly, to the extent that Ascentric does exercise all reasonable professional care, no liability shall attach to Ascentric howsoever arising in respect of any loss or diminution in the value of investments.
Ascentric reserves the right to act in a deal as agent for more than one client collectively. Ascentric will usually accept electronic and oral messages, however, in order to avoid possible disputes instructions should be given in writing. In the absence of a written instruction Ascentric do not accept any liability in respect of unexecuted deals howsoever arising.
Ascentric will attempt to execute orders as quickly as possible subject to communications and Investment Managers' requirements and on certain occasions may be frustrated in doing so or require further information from you which may delay dealing. In such circumstances no act or omission of Ascentric will create a liability to you unless arising from a breach of the United Kingdom Financial Services and Markets Act 2000 or the Rules and Regulations of FSA.

RISK WARNINGS

Investment markets are subject to price fluctuations, so that no particular result can be guaranteed. Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up. You may not get back the amount invested. This risk is exacerbated the shorter the period of investment.
High yield funds and stocks may be considered high risk. Investment in emerging markets may involve risks associated with low levels of liquidity in such markets. Investment in technology funds and stocks may be subject to sharp changes in value. Rates of exchange may fluctuate giving rise to changes in the value of investments independent of changes in their underlying worth. The degree of fluctuation of fund and stock values varies significantly and higher volatility funds and stocks may change value suddenly.
The levels of and basis of relief from taxation are subject to change. Individual's circumstances may change and investments made in the past may become unsuitable in that context.
You are recommended to invest only having first considered all relevant information regarding the investments you wish to consider as made available by its ultimate provider. You should always consult your financial or other professional adviser.

DATA PROTECTION ACT

Investment Funds Direct Limited is registered with the Data Protection Registrar.
No personal information supplied to Ascentric through this site will be provided to third parties unless required by law or for the purposes of completing a Deal.
Under the Data Protection Act, Account Investors are entitled to a copy of their Personal Information held by Ascentric. All requests for Data Information must be made in writing to Investment Funds Direct Ltd, 9 Palace Yard Mews, BATH, BA1 2NH. Ascentric charge a £10 fee for the administration of such requests.
You have the right to inspect copies of contract notes, vouchers and entries in Ascentric books or computerised records relating to your deals. An arrangement charge of £10 will be made by Ascentric for each such inspection by you. Ascentric will keep records of all business deals for at least six years.

NOTICES

All notices and all other communications from you to Ascentric must be in writing, and delivered or sent by post to Ascentric, 9 Palace Yard Mews, BATH, BA1 2NH, or such address as Ascentric may specify or by email to customerservices@ascentric.co.uk. Instructions need not be acknowledged.
All statements, notices (which must be in writing) and other documents to be sent by Ascentric to you shall be sent to your address stated on the application or such address as you may subsequently specify by notice in writing to Ascentric. This may also include e-mail to your e-mail address.
All documents showing your ownership of investments will be posted or e-mailed as soon as practicable after Ascentric receive them. Where a number of documents relating to a series of deals are involved Ascentric will normally hold each document until the series is complete before forwarding them to you.

VARIATION TO THESE TERMS & CONDITONS

Ascentric may vary these Terms & Conditions at any time if such changes are to improve or extend the service provided to you. All other changes will be notified to you by Ascentric in writing by post or e-mail giving one month’s prior notice.

GOVERNING LAW

These Terms & Conditions will be governed by English law and the parties hereby submit to the non-exclusive jurisdiction of the English courts.
Nothing in these Terms & Conditions will restrict the duties of Ascentric under the rules of the Financial Services and Markets Act 2000 or subsequent legislation.

Ascentric Terms and Conditions

Ascentric is a trading name of Investment Funds Direct Limited which is part of the Royal London Group and authorised by the Financial Services Authority No. 114432. Registered in England and Wales number 1610781, VAT number 368524427. Registered Office: 9 Palace Yard Mews, BATH, BA1 2NH, Telephone 0871 423 6100.

Telephone calls may be recorded for training and security purposes.