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HSBC Global Investment Centre Terms and Conditions These terms are effective for all Global Investment Centre Account customers on and from 3 January 2018.
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HSBC Global Investment CentreTerms and Conditions
These terms are effective for all Global Investment Centre Account customers on and from 3 January 2018.
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ContentsGlobal Investment Centre Terms and Conditions 3
Introduction 3
How to contact us 4
Section 1 – General terms for all Global Investment Centre accounts 41. Definitions 4
2. Account opening 6
3. Appointment 7
4. Cancellation rights 7
5. Communications 7
6. Conflicts of interest 8
7. Charges 8
Account Fee 9
Other charges 10
8. Funds 10
9. Limits on your Account 10
10. Your instructions 10
11. Settlement Account 11
12. Dealing in Fund Shares 12
13. Best Execution 14
14. Trade confirmations 14
15. Re-registration 14
16. Custody of assets 15
17. Cash 15
18. Income 15
19. Account information and statements 15
20. Global Investment Centre Website and Third Party Information 16
21. Fund information, changes to Funds and voting rights 16
22. Our responsibilities 17
23. Changing the Terms 17
24. Reasons for making changes 18
25. Other reasons for making a change 18
26. What can you do when we tell you about a change? 18
27. Ending this agreement 19
Your rights to end this agreement 19
Our rights to end this agreement 19
Consequences of your Account closing 20
28. Closing your Account on death 20
29. Your information 20
Definitions 20
Processing 22
Sharing 22
Your obligations 23
30. Transferring rights and obligations 25
31. Not enforcing the Terms 26
32. Our right to deduct from your Account 26
33. Your statutory rights 26
34. Bankruptcy 26
35. Fraud prevention 26
36. Governing law and language 26
Section 2 – Additional Terms for your ISA Funds Portfolio 271. Account opening 27
2. Uninvested Cash Account 28
Different types of payment into and out of your ISA Funds Portfolio 28
When payments will and will not be made by us 29
Cut-off times, execution times and when you can cancel an instruction to make a payment 29
Responsibilities in respect of payments 30
Balance information and statements 31
3. ISA Subscriptions 31
4. Settlement, dealing and income 32
5. ISA transfers in 32
6. ISA transfers out 33
7. Withdrawals 34
8. Closing your ISA Funds Portfolio 34
Annex 1 35Best Execution Disclosure Statement 35
1. Purpose and scope 35
2. Execution of transactions 35
3. Specific instruction warning 35
4. Execution Venue 35
5. Effective date, review, amendments and monitoring 35
Annex 2 36HSBC policy on conflicts of interest 36
General information 36Important security information 36
Compensation 37
How to complain 37
Global Investment Centre 37
Global Investment Centre Terms and Conditions
IntroductionThe 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 ISA Funds Portfolio is a stocks and shares ISA and, if you are applying for an ISA Funds Portfolio, you must either apply for, or already hold, a Funds Portfolio. You need to retain your Funds Portfolio in order to have access to the Global Investment Centre and to keep your ISA Funds Portfolio open, but you do not need to make any payments into it.
The Global Investment Centre Terms and Conditions apply to all accounts available through the Global Investment Centre. In the event that a provision in the Global Investment Centre Terms and Conditions conflicts with the provision in the terms and conditions applicable to a Settlement Account, the provision in the Global Investment Centre Terms and Conditions will override the provisions in the Settlement Account terms and conditions.
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 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, the Costs and Charges Disclosure Document, 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.
Further information about the costs of your investments and the charges which are payable is set out in the Costs and Charges Disclosure Document. 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. You should read these as part of making your investment choices.
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 as amended and updated from time to time.
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.
Your tax treatment depends on your individual circumstances and may be subject to change in the future. Please note that taxes may exist which are not paid via us or imposed by us.
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30. Transferring rights and obligations 25
31. Not enforcing the Terms 26
32. Our right to deduct from your Account 26
33. Your statutory rights 26
34. Bankruptcy 26
35. Fraud prevention 26
36. Governing law and language 26
Section 2 – Additional Terms for your ISA Funds Portfolio 271. Account opening 27
2. Uninvested Cash Account 28
Different types of payment into and out of your ISA Funds Portfolio 28
When payments will and will not be made by us 29
Cut-off times, execution times and when you can cancel an instruction to make a payment 29
Responsibilities in respect of payments 30
Balance information and statements 31
3. ISA Subscriptions 31
4. Settlement, dealing and income 32
5. ISA transfers in 32
6. ISA transfers out 33
7. Withdrawals 34
8. Closing your ISA Funds Portfolio 34
Annex 1 35Best Execution Disclosure Statement 35
1. Purpose and scope 35
2. Execution of transactions 35
3. Specific instruction warning 35
4. Execution Venue 35
5. Effective date, review, amendments and monitoring 35
Annex 2 36HSBC policy on conflicts of interest 36
General information 36Important security information 36
Compensation 37
How to complain 37
Global Investment Centre 37
Global Investment Centre Terms and Conditions
IntroductionThe 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 ISA Funds Portfolio is a stocks and shares ISA and, if you are applying for an ISA Funds Portfolio, you must either apply for, or already hold, a Funds Portfolio. You need to retain your Funds Portfolio in order to have access to the Global Investment Centre and to keep your ISA Funds Portfolio open, but you do not need to make any payments into it.
The Global Investment Centre Terms and Conditions apply to all accounts available through the Global Investment Centre. In the event that a provision in the Global Investment Centre Terms and Conditions conflicts with the provision in the terms and conditions applicable to a Settlement Account, the provision in the Global Investment Centre Terms and Conditions will override the provisions in the Settlement Account terms and conditions.
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 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, the Costs and Charges Disclosure Document, 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.
Further information about the costs of your investments and the charges which are payable is set out in the Costs and Charges Disclosure Document. 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. You should read these as part of making your investment choices.
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 as amended and updated from time to time.
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.
Your tax treatment depends on your individual circumstances and may be subject to change in the future. Please note that taxes may exist which are not paid via us or imposed by us.
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How to contact us
Telephone – Call our Customer Service Centre on: 03456 076 180.
If you have a speech or hearing impairment, you can call our textphone service on 03457 660 391. 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. Any calls that lead to or may lead to a transaction will be recorded. We will keep these records for seven years during which time you may ask for a copy of the record at any time. Subject to clause 5.5 we will keep all electronic communications related to instructions to transact for seven years. You may ask us for a copy of such a record during this period.
Section 1 – General terms for all Global Investment Centre accounts
1. DefinitionsIn 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 taking into account a range of factors which include price; cost; speed; likelihood of execution and settlement; size; nature or any other consideration relevant to the purchase 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;
‘Corporate Actions’ are events such as rights issues, takeovers, mergers, and Fund name changes, which may occur to individual investments in your investment account;
‘Costs and Charges Disclosure Document’ means the costs and charges disclosure document which forms part of the Terms together with any changes we subsequently tell you about;
‘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;
‘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. This document (which includes any key information document prepared for any non UCITS Fund) contains key information for you in relation to the essential elements of the relevant Fund;
‘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. We no longer accept any new investments, transfers in or top ups into Legacy Share Classes. We will not accept re-registrations of Legacy Share Class holdings;
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How to contact us
Telephone – Call our Customer Service Centre on: 03456 076 180.
If you have a speech or hearing impairment, you can call our textphone service on 03457 660 391. 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. Any calls that lead to or may lead to a transaction will be recorded. We will keep these records for seven years during which time you may ask for a copy of the record at any time. Subject to clause 5.5 we will keep all electronic communications related to instructions to transact for seven years. You may ask us for a copy of such a record during this period.
Section 1 – General terms for all Global Investment Centre accounts
1. DefinitionsIn 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 taking into account a range of factors which include price; cost; speed; likelihood of execution and settlement; size; nature or any other consideration relevant to the purchase 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;
‘Corporate Actions’ are events such as rights issues, takeovers, mergers, and Fund name changes, which may occur to individual investments in your investment account;
‘Costs and Charges Disclosure Document’ means the costs and charges disclosure document which forms part of the Terms together with any changes we subsequently tell you about;
‘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;
‘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. This document (which includes any key information document prepared for any non UCITS Fund) contains key information for you in relation to the essential elements of the relevant Fund;
‘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. We no longer accept any new investments, transfers in or top ups into Legacy Share Classes. We will not accept re-registrations of Legacy Share Class holdings;
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‘Manager’ means the unit trust manager or the authorised corporate director of a Fund;
‘My Documents’ means the online facility within OB 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 company appointed to hold Fund Shares on your behalf, being a non-trading company within the HSBC Group;
‘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;
‘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;
‘UCITS’ means the European Directive that regulates certain of the Funds;
‘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 opening2.1 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. AppointmentYou 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.
4. Cancellation rights4.1 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 which have already been processed before you ask to cancel 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 if applicable. 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 27.
5. Communications5.1 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 email 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 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 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 Documents on our Website which can be accessed through OB.
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‘Manager’ means the unit trust manager or the authorised corporate director of a Fund;
‘My Documents’ means the online facility within OB 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 company appointed to hold Fund Shares on your behalf, being a non-trading company within the HSBC Group;
‘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;
‘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;
‘UCITS’ means the European Directive that regulates certain of the Funds;
‘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 opening2.1 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. AppointmentYou 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.
4. Cancellation rights4.1 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 which have already been processed before you ask to cancel 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 if applicable. 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 27.
5. Communications5.1 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 email 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 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 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 Documents on our Website which can be accessed through OB.
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5.4 We may use My 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 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 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 Documents or communicate with you electronically until such time as you tell us you are again registered to use OB.
5.5 We recommend you print and save all documents received into My Documents.
We may stop sending you Communications and documents by post so we recommend you register with OB, if you haven’t already, and log into and check My Documents regularly. If you want to make sure that we always send you Communications and documents by post you must either:• follow the instructions in OB within communication preferences • tell a member of staff in any of our branches, or • tell us by calling our Customer Service Centre.
Whilst we will use our best endeavours to communicate with you in accordance with your communication preferences, we may at our discretion use alternative methods of communication when we believe it is appropriate to do so.
Documents and communications sent to My Documents will be available to you provided you have a relationship with us. If you do end your relationship with us you can ask us to provide paper copies of your Documents and communications for up to 6 years. In addition, you will not be able to access My Documents once your Account is closed or if you deregister for OB. You will not be able to use My 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, email 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 documents sent to you using your old details prior to our receipt of your new details in accordance with this clause 5.
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, emails and other internet communications. We will retain these records for seven years. You may ask for a copy of any record at any time during this period. Any recordings remain our sole property and may be used as evidence in any dispute or anticipated dispute.
6. Conflicts of interest6.1 A summary of the HSBC policy on conflicts of interests is set out in Annex 2.
6.2 We will act in your best interests in carrying out any Fund Instructions for your Account.
6.3 HSBC has established procedures which are designed to take all appropriate steps to identify, and prevent or manage such conflicts which may adversely affect the interests of clients. These are summarised in Annex 2.
6.4 For some of our services we may receive other minor benefits (but not payments) that we believe improve the quality of the service provided to you. Such benefits will be minor in nature so that they do not impact on our ability to always act in your best interests.
7. Charges7.1 The charges applicable to your Account are set out in the Key Features Document, the Costs and Charges Disclosure 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 23.
7.2 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 the 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 relevant Fund’s 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 12.17. 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.
7.7 The Account Fee is payable on the basis of the value of your holdings in Clean Share Classes only.
7.8 The Account Fee is payable by you monthly, in respect of the past month, 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 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 or ISA Funds Portfolio on the payment date stated in the notice.
7.10 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.
7.11 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.
7.12 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.
7.13 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.
7.14 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.
7.15 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 Documents or by secure e-message in accordance with clause 5.4.
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5.4 We may use My 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 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 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 Documents or communicate with you electronically until such time as you tell us you are again registered to use OB.
5.5 We recommend you print and save all documents received into My Documents.
We may stop sending you Communications and documents by post so we recommend you register with OB, if you haven’t already, and log into and check My Documents regularly. If you want to make sure that we always send you Communications and documents by post you must either:• follow the instructions in OB within communication preferences • tell a member of staff in any of our branches, or • tell us by calling our Customer Service Centre.
Whilst we will use our best endeavours to communicate with you in accordance with your communication preferences, we may at our discretion use alternative methods of communication when we believe it is appropriate to do so.
Documents and communications sent to My Documents will be available to you provided you have a relationship with us. If you do end your relationship with us you can ask us to provide paper copies of your Documents and communications for up to 6 years. In addition, you will not be able to access My Documents once your Account is closed or if you deregister for OB. You will not be able to use My 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, email 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 documents sent to you using your old details prior to our receipt of your new details in accordance with this clause 5.
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, emails and other internet communications. We will retain these records for seven years. You may ask for a copy of any record at any time during this period. Any recordings remain our sole property and may be used as evidence in any dispute or anticipated dispute.
6. Conflicts of interest6.1 A summary of the HSBC policy on conflicts of interests is set out in Annex 2.
6.2 We will act in your best interests in carrying out any Fund Instructions for your Account.
6.3 HSBC has established procedures which are designed to take all appropriate steps to identify, and prevent or manage such conflicts which may adversely affect the interests of clients. These are summarised in Annex 2.
6.4 For some of our services we may receive other minor benefits (but not payments) that we believe improve the quality of the service provided to you. Such benefits will be minor in nature so that they do not impact on our ability to always act in your best interests.
7. Charges7.1 The charges applicable to your Account are set out in the Key Features Document, the Costs and Charges Disclosure 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 23.
7.2 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 the 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 relevant Fund’s 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 12.17. 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.
7.7 The Account Fee is payable on the basis of the value of your holdings in Clean Share Classes only.
7.8 The Account Fee is payable by you monthly, in respect of the past month, 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 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 or ISA Funds Portfolio on the payment date stated in the notice.
7.10 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.
7.11 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.
7.12 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.
7.13 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.
7.14 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.
7.15 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 Documents or by secure e-message in accordance with clause 5.4.
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Other charges
7.16 We charge you for research and this charge forms part of your Account Fee.
7.17 Any charges, fees or expenses payable by you to us under the Terms, may be deducted from your Account in accordance with clause 32.
7.18 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).
8. Funds8.1 The current range of Funds and Managers can be found on our Website.
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.
9. Limits on your Account9.1 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 instructions10.1 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 e-messaging or email). 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 unless in accordance with clause 22.2.
10.2 We will treat a request to transfer your Fund Shares or your Fund Account as a Fund Instruction if such request is received from a new plan manager, new ISA provider or new Manager and we are reasonably satisfied that the request is made on a valid authority from you.
10.3 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.
10.4 You can make some payment instructions through OB and place Fund Instructions through our Website which is accessed through OB.
10.5 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 as amended and updated from time to time 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.
10.6 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.
10.7 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.
10.8 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 by you to us.
10.10 Our telephone and Website service may be temporarily unavailable if we have to carry out routine or emergency maintenance.
10.11 Further important security information about our OB service and telephone service can be found at the end of this document.
11. Settlement Account11.1 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.
11.2 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).
11.3 The purchase amount will be paid out from your selected Settlement Account to the relevant Manager on the settlement date of your transaction.
11.4 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.
11.5 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.
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Other charges
7.16 We charge you for research and this charge forms part of your Account Fee.
7.17 Any charges, fees or expenses payable by you to us under the Terms, may be deducted from your Account in accordance with clause 32.
7.18 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).
8. Funds8.1 The current range of Funds and Managers can be found on our Website.
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.
9. Limits on your Account9.1 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 instructions10.1 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 e-messaging or email). 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 unless in accordance with clause 22.2.
10.2 We will treat a request to transfer your Fund Shares or your Fund Account as a Fund Instruction if such request is received from a new plan manager, new ISA provider or new Manager and we are reasonably satisfied that the request is made on a valid authority from you.
10.3 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.
10.4 You can make some payment instructions through OB and place Fund Instructions through our Website which is accessed through OB.
10.5 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 as amended and updated from time to time 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.
10.6 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.
10.7 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.
10.8 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 by you to us.
10.10 Our telephone and Website service may be temporarily unavailable if we have to carry out routine or emergency maintenance.
10.11 Further important security information about our OB service and telephone service can be found at the end of this document.
11. Settlement Account11.1 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.
11.2 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).
11.3 The purchase amount will be paid out from your selected Settlement Account to the relevant Manager on the settlement date of your transaction.
11.4 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.
11.5 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.
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12. Dealing in Fund Shares12.1 Fund Instructions to purchase Fund Shares shall be expressed in terms of a cash amount to be paid out of your selected Settlement Account.
12.2 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 11.
12.3 Any Fund Instructions to purchase Fund Shares will be subject to any maximum transaction amount applicable to your Account.
12.4 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.
12.5 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.
12.6 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. The Dealing Deadlines and Valuation Points for each Fund are set out in the relevant Fund Details.
12.7 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. Please note that under UK tax law a switch of shares is treated as a sale of the original shares and a purchase of new shares and will, for persons subject to taxation, be a disposal of the original shares for the purposes of capital gains taxation, which may give rise to a liability to tax, depending on your circumstances.
12.8 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 12.6. 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.
12.9 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.
12.10 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.
12.11 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.
12.12 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. If you do not provide us with the necessary information we may decline to action your Fund Instruction or may terminate this agreement in accordance with clause 27.5. 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 requests to buy and sell Fund Shares. 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 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.
12.13 We no longer accept any new investments, transfers in or top ups into Legacy Share Classes.
12.14 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.
12.15 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).
12.16 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.
12.17 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.
12.18 In limited circumstances, it may be necessary for us to agree with a Manager or another fund distributor to either switch or convert your Fund Shares without receiving a Fund Instruction from you. We will only make a switch or conversion in these circumstances if we are reasonably satisfied that it is necessary and that you will be notified of the switch or conversion as appropriate.
12.19 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.
12.20 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.
12.21 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 (as explained in the Key Features Document) on the purchase or sale of Fund Shares in order to protect the interests of the remaining investors in the Fund.
12.22 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.
12.23 You may only deal in the Fund Shares within your Account through the Global Investment Centre in accordance with the Terms.
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12. Dealing in Fund Shares12.1 Fund Instructions to purchase Fund Shares shall be expressed in terms of a cash amount to be paid out of your selected Settlement Account.
12.2 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 11.
12.3 Any Fund Instructions to purchase Fund Shares will be subject to any maximum transaction amount applicable to your Account.
12.4 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.
12.5 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.
12.6 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. The Dealing Deadlines and Valuation Points for each Fund are set out in the relevant Fund Details.
12.7 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. Please note that under UK tax law a switch of shares is treated as a sale of the original shares and a purchase of new shares and will, for persons subject to taxation, be a disposal of the original shares for the purposes of capital gains taxation, which may give rise to a liability to tax, depending on your circumstances.
12.8 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 12.6. 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.
12.9 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.
12.10 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.
12.11 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.
12.12 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. If you do not provide us with the necessary information we may decline to action your Fund Instruction or may terminate this agreement in accordance with clause 27.5. 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 requests to buy and sell Fund Shares. 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 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.
12.13 We no longer accept any new investments, transfers in or top ups into Legacy Share Classes.
12.14 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.
12.15 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).
12.16 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.
12.17 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.
12.18 In limited circumstances, it may be necessary for us to agree with a Manager or another fund distributor to either switch or convert your Fund Shares without receiving a Fund Instruction from you. We will only make a switch or conversion in these circumstances if we are reasonably satisfied that it is necessary and that you will be notified of the switch or conversion as appropriate.
12.19 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.
12.20 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.
12.21 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 (as explained in the Key Features Document) on the purchase or sale of Fund Shares in order to protect the interests of the remaining investors in the Fund.
12.22 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.
12.23 You may only deal in the Fund Shares within your Account through the Global Investment Centre in accordance with the Terms.
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13. Best Execution13.1 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.
13.2 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 confirmationsOnce 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 Documents or by post in accordance with clause 5.4. You may ask us at any time what the status is of your Fund Instruction.
15. Re-registration15.1 If you ask us, we can arrange for your investments to be transferred from another Manager or plan manager 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. If your shares are not available on the Global Investment Centre then we may transfer your investments if we agree with your previous plan manager or relevant Manager that the shares in your Funds can be converted into a class of Share available on the Global Investment Centre. We will not accept re-registrations of Legacy Share Class holdings.
15.2 It will normally take us up to 30 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, for example, because your shares will need to be converted under clause 15.1 or to other circumstances beyond our control.
15.3 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.
15.4 If your new plan manager or the new Manager does not offer the same Funds or classes of Fund Shares as the ones currently held by you, then we may arrange for your Fund Shares to be converted to a class that we agree with the new plan manager or new Manager are suitable. These conversions will be treated by us as Fund Instructions under clause 10.1.
15.5 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.
15.6 From the date we are in receipt of both your written instruction to transfer and confirmation of acceptance from your new plan manager and/or the Manager (as applicable), it will normally take up to 30 calendar days to transfer your investments out of your Funds Portfolio. There may be occasions where the transfer will take longer to complete due for example because your Fund Shares will need to be converted under clause 15.4 or to other circumstances beyond our control.
15.7 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).
16. Custody of assets16.1 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 remain responsible for the custody of the Fund Shares in your account to the full extent required by the Rules. We are responsible to you for the acts and omissions of our Nominee to the same extent as for our own acts and omissions.
16.2 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.
16.3 Documents of title (if any) for the Fund Shares will be held by us or as we direct.
16.4 You may not use your Account Investments as security for a loan.
16.5 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.
17. CashAny money we hold for you will be held by us on deposit as banker and not as trustee. As a result, money will not be held in accordance with the Rules relating to client money and if we, HSBC Bank plc were to fail the client money distribution and transfer rules 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. Income18.1 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.
18.2 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 statements19.1 For each Account, we will send you quarterly statements. These 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 Documents, in which case we will email you to inform you that the statement is available, or by post in accordance with clause 5.4.
19.2 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.
19.3 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.
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13. Best Execution13.1 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.
13.2 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 confirmationsOnce 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 Documents or by post in accordance with clause 5.4. You may ask us at any time what the status is of your Fund Instruction.
15. Re-registration15.1 If you ask us, we can arrange for your investments to be transferred from another Manager or plan manager 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. If your shares are not available on the Global Investment Centre then we may transfer your investments if we agree with your previous plan manager or relevant Manager that the shares in your Funds can be converted into a class of Share available on the Global Investment Centre. We will not accept re-registrations of Legacy Share Class holdings.
15.2 It will normally take us up to 30 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, for example, because your shares will need to be converted under clause 15.1 or to other circumstances beyond our control.
15.3 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.
15.4 If your new plan manager or the new Manager does not offer the same Funds or classes of Fund Shares as the ones currently held by you, then we may arrange for your Fund Shares to be converted to a class that we agree with the new plan manager or new Manager are suitable. These conversions will be treated by us as Fund Instructions under clause 10.1.
15.5 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.
15.6 From the date we are in receipt of both your written instruction to transfer and confirmation of acceptance from your new plan manager and/or the Manager (as applicable), it will normally take up to 30 calendar days to transfer your investments out of your Funds Portfolio. There may be occasions where the transfer will take longer to complete due for example because your Fund Shares will need to be converted under clause 15.4 or to other circumstances beyond our control.
15.7 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).
16. Custody of assets16.1 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 remain responsible for the custody of the Fund Shares in your account to the full extent required by the Rules. We are responsible to you for the acts and omissions of our Nominee to the same extent as for our own acts and omissions.
16.2 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.
16.3 Documents of title (if any) for the Fund Shares will be held by us or as we direct.
16.4 You may not use your Account Investments as security for a loan.
16.5 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.
17. CashAny money we hold for you will be held by us on deposit as banker and not as trustee. As a result, money will not be held in accordance with the Rules relating to client money and if we, HSBC Bank plc were to fail the client money distribution and transfer rules 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. Income18.1 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.
18.2 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 statements19.1 For each Account, we will send you quarterly statements. These 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 Documents, in which case we will email you to inform you that the statement is available, or by post in accordance with clause 5.4.
19.2 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.
19.3 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.
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19.4 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 7.16.
20. Global Investment Centre Website and Third Party Information20.1 The Website is owned by HSBC Bank plc and is intended for residents of the UK only.
20.2 It should not be accessed by persons resident outside the UK and, in particular, by residents of the US and Canada.
20.3 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.
20.4 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.
20.5 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.
20.6 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.
20.7 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.
20.8 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.
20.9 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 rights21.1 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, or equivalent documents, will be issued as standard if these are available otherwise long form versions will be issued. A specific request must be made to our Administration Office for long form versions where these are not issued as standard.
21.2 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.
21.4 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.
21.5 We may make a charge for providing information and making the arrangements in this clause 21 as set out in clause 7.
21.6 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.
21.7 In the event that there is an error in the information we provide regarding a Fund, for example a mistake in the unit price, we may correct these mistakes. Where this has happened, we will take reasonable and proportionate steps to bring this correction to your attention – for example, if the mistake is in a communication, we will resend the communication noting the error, whereas if the mistake is on our website, we will make it clear on the relevant website page that there has been an error and this has been corrected.
22. Our responsibilities22.1 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.
22.2 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.
22.3 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 Terms23.1 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:
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19.4 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 7.16.
20. Global Investment Centre Website and Third Party Information20.1 The Website is owned by HSBC Bank plc and is intended for residents of the UK only.
20.2 It should not be accessed by persons resident outside the UK and, in particular, by residents of the US and Canada.
20.3 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.
20.4 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.
20.5 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.
20.6 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.
20.7 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.
20.8 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.
20.9 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 rights21.1 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, or equivalent documents, will be issued as standard if these are available otherwise long form versions will be issued. A specific request must be made to our Administration Office for long form versions where these are not issued as standard.
21.2 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.
21.4 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.
21.5 We may make a charge for providing information and making the arrangements in this clause 21 as set out in clause 7.
21.6 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.
21.7 In the event that there is an error in the information we provide regarding a Fund, for example a mistake in the unit price, we may correct these mistakes. Where this has happened, we will take reasonable and proportionate steps to bring this correction to your attention – for example, if the mistake is in a communication, we will resend the communication noting the error, whereas if the mistake is on our website, we will make it clear on the relevant website page that there has been an error and this has been corrected.
22. Our responsibilities22.1 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.
22.2 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.
22.3 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 Terms23.1 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:
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– 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.
23.2 Where we tell you personally about a change, we will do so in accordance with clause 5.
24. Reasons for making changesWe 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.• 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 changeWe 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 25.
26. 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 have an ISA Funds Portfolio, you can transfer your ISA Funds Portfolio to another ISA provider in accordance with clause 6 of Section 2. If you do not tell us that you want to close your Account, or transfer your ISA Funds Portfolio, 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.
27.2 Before closing your Account, you should provide us with instructions to either sell Fund Shares or re-register them in accordance with these Terms.
27.3 On the termination of this agreement, any outstanding transactions will be completed by us and then your Account will be closed.
27.4 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.
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 29.1.6; 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; or• you were not entitled to open your Account or cease to be eligible for your Account; or• 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.
27.6 We will inform you personally in writing immediately if we decide to close your Account under clause 27.5.
27.7 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.
27.8 If we close your Funds Portfolio, we shall also have the right to close any ISA Funds Portfolio you hold.
27.9 If we close your Account under clause 27, no additional charges will apply.
27.10 If for a 24 month period you hold no Investments, have not given us any Investment dealing instructions and have a cash balance below £10, we will mark your Account as dormant. If there is no activity for a further 12 months we may close your Account. We will take this action to protect both you and us. If you ask us we will tell you how you can access your Accounts either directly or via the British Bankers’ Association, the Building Societies Association or National Savings and Investments dormant account scheme. If you have money in a dormant account, it will remain your property (or if you die it will form part of your estate). We will not, however, close your Fund Portfolio while you have an ISA Funds Portfolio open.
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– 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.
23.2 Where we tell you personally about a change, we will do so in accordance with clause 5.
24. Reasons for making changesWe 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.• 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 changeWe 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 25.
26. 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 have an ISA Funds Portfolio, you can transfer your ISA Funds Portfolio to another ISA provider in accordance with clause 6 of Section 2. If you do not tell us that you want to close your Account, or transfer your ISA Funds Portfolio, 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.
27.2 Before closing your Account, you should provide us with instructions to either sell Fund Shares or re-register them in accordance with these Terms.
27.3 On the termination of this agreement, any outstanding transactions will be completed by us and then your Account will be closed.
27.4 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.
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 29.1.6; 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; or• you were not entitled to open your Account or cease to be eligible for your Account; or• 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.
27.6 We will inform you personally in writing immediately if we decide to close your Account under clause 27.5.
27.7 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.
27.8 If we close your Funds Portfolio, we shall also have the right to close any ISA Funds Portfolio you hold.
27.9 If we close your Account under clause 27, no additional charges will apply.
27.10 If for a 24 month period you hold no Investments, have not given us any Investment dealing instructions and have a cash balance below £10, we will mark your Account as dormant. If there is no activity for a further 12 months we may close your Account. We will take this action to protect both you and us. If you ask us we will tell you how you can access your Accounts either directly or via the British Bankers’ Association, the Building Societies Association or National Savings and Investments dormant account scheme. If you have money in a dormant account, it will remain your property (or if you die it will form part of your estate). We will not, however, close your Fund Portfolio while you have an ISA Funds Portfolio open.
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Consequences of your Account closing
27.11 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. 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.
27.12 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.
27.13 If all your Accounts are closed you will no longer be able to access My Documents and so you should always save and print copies of all documents received into My Documents for your records.
27.14 If we terminate your agreement and close your Account in the circumstances set out in clause 29.1.6, 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 death28.1 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.
28.2 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.
28.3 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 2016. 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.
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. This includes 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.
In this clause 29, references to the singular includes the plural (and vice versa).
29.1 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.
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Consequences of your Account closing
27.11 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. 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.
27.12 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.
27.13 If all your Accounts are closed you will no longer be able to access My Documents and so you should always save and print copies of all documents received into My Documents for your records.
27.14 If we terminate your agreement and close your Account in the circumstances set out in clause 29.1.6, 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 death28.1 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.
28.2 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.
28.3 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 2016. 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.
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. This includes 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.
In this clause 29, references to the singular includes the plural (and vice versa).
29.1 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.
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29.1.1 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
29.1.2 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;• collecting any amounts due and outstanding from you;• conducting credit checks and obtaining or providing credit references;• enforcing or defending our rights, or those of a member of the HSBC Group;• our internal operational requirements or those of any member of the HSBC Group (including
credit and risk management, system or product development and planning, insurance, audit and administrative purposes);
• maintaining our overall relationship with you (including, if you agree, marketing or promoting financial services or related products, and market research); and/or
• verifying your identity.
Sharing
29.1.3 By using the Services, you agree that we may, as necessary and appropriate for the
Purposes, transfer and disclose any Customer Information to the following recipients globally (who may also process, transfer and disclose such Customer Information for the Purposes):
• any member of the HSBC Group;• any sub-contractors, agents, service providers, or associates of the HSBC Group (including their
employees, directors and officers);• any Authorities, in response to their requests, or where you have provided us with false or
inaccurate information and Financial Crime is detected;• persons acting on your behalf, payment recipients, beneficiaries, account nominees, intermediary,
correspondent and agent banks, clearing houses, clearing or settlement systems, market counterparties, upstream withholding agents, swap or trade repositories, stock exchanges, companies in which you have an interest in securities (where such securities are held by us for you);
• any party to a transaction acquiring interest in, or assuming risk in, or in connection with, the Services;
• other financial institutions, fraud prevention organisations, trade associations, credit reference agencies or credit bureaus, and debt recovery agents;
• any third party fund manager who provides asset management services to you;• any introducing broker to whom we provide introductions or referrals;• any third party in connection with a transfer, disposal, merger or acquisition of business by us or
any HSBC Group member; and• selected third parties for marketing purposes where you have consented to marketing, wherever
located, including in jurisdictions which do not have data protection laws providing the same level of protection as the jurisdiction in which the Services are supplied.
Your obligations
29.1.4 You agree to inform us promptly, and in any event, within 30 days, in writing if there are any changes to Customer Information supplied to us or a member of the HSBC Group from time to time, and to respond promptly to any request from us or a member of the HSBC Group.
29.1.5 You must ensure that every Connected Person whose information (including Personal Data or Tax Information) you (or anyone else on your behalf) provided or will from time to time provide to us or a member of the HSBC Group has been notified of and agreed to the processing, disclosure and transfer of their information as set out in these Terms before their information is provided. You must at the same time advise them that they have rights of access to, and correction of, their Personal Data.
29.1.6 Where:• you fail to provide promptly Customer Information that we reasonably request, or• you withhold or withdraw any consents that we may need to process, transfer or disclose
Customer Information for the Purposes (except for purposes connected with marketing or promoting products and services to you), or
• we have, or a member of the HSBC Group has, suspicions regarding Financial Crime or an associated risk, then we or any other member of the HSBC Group with which you have a relationship, may, where permitted by Laws:
• be unable to provide new, or continue to provide all or part of any Services to you and may end the relationship with you;
• take actions necessary for us or a member of the HSBC Group to meet the Compliance Obligations; and/or
• block, transfer or close your account(s) you have with us or another member of the HSBC Group.
In addition, if you fail to supply promptly your, or a Connected Person’s, Tax Information and accompanying statements, waivers and consents, as may be requested, then we may make our own judgment with respect to your status, including whether you are reportable to a Tax Authority, and we or other persons may withhold amounts where legally required by any Tax Authority and pay such amounts to the appropriate Tax Authority.
We shall not be liable for any loss that you may incur as a result of us taking action under this clause 29.1.6.
29.2 Data protection
29.2.1 Whether it is processed in a home jurisdiction or overseas, in accordance with data protection legislation, Customer Information will be protected by a strict code of secrecy and security which all members of the HSBC Group, their staff and third parties are subject to.
29.2.2 Under data protection legislation, individuals can make a written request for a copy of certain personal records we hold about them. The current fee is £10 per request from each individual.
29.3 Financial Crime Risk Management Activity
29.3.1 We, and members of the HSBC Group, are required, and may take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime (“Financial Crime Risk Management Activity”).
Such action may include, but is not limited to: (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for Services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining Customer Information with other related information in the possession of any member of the HSBC Group, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming their identity and status.
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29.1.1 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
29.1.2 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;• collecting any amounts due and outstanding from you;• conducting credit checks and obtaining or providing credit references;• enforcing or defending our rights, or those of a member of the HSBC Group;• our internal operational requirements or those of any member of the HSBC Group (including
credit and risk management, system or product development and planning, insurance, audit and administrative purposes);
• maintaining our overall relationship with you (including, if you agree, marketing or promoting financial services or related products, and market research); and/or
• verifying your identity.
Sharing
29.1.3 By using the Services, you agree that we may, as necessary and appropriate for the
Purposes, transfer and disclose any Customer Information to the following recipients globally (who may also process, transfer and disclose such Customer Information for the Purposes):
• any member of the HSBC Group;• any sub-contractors, agents, service providers, or associates of the HSBC Group (including their
employees, directors and officers);• any Authorities, in response to their requests, or where you have provided us with false or
inaccurate information and Financial Crime is detected;• persons acting on your behalf, payment recipients, beneficiaries, account nominees, intermediary,
correspondent and agent banks, clearing houses, clearing or settlement systems, market counterparties, upstream withholding agents, swap or trade repositories, stock exchanges, companies in which you have an interest in securities (where such securities are held by us for you);
• any party to a transaction acquiring interest in, or assuming risk in, or in connection with, the Services;
• other financial institutions, fraud prevention organisations, trade associations, credit reference agencies or credit bureaus, and debt recovery agents;
• any third party fund manager who provides asset management services to you;• any introducing broker to whom we provide introductions or referrals;• any third party in connection with a transfer, disposal, merger or acquisition of business by us or
any HSBC Group member; and• selected third parties for marketing purposes where you have consented to marketing, wherever
located, including in jurisdictions which do not have data protection laws providing the same level of protection as the jurisdiction in which the Services are supplied.
Your obligations
29.1.4 You agree to inform us promptly, and in any event, within 30 days, in writing if there are any changes to Customer Information supplied to us or a member of the HSBC Group from time to time, and to respond promptly to any request from us or a member of the HSBC Group.
29.1.5 You must ensure that every Connected Person whose information (including Personal Data or Tax Information) you (or anyone else on your behalf) provided or will from time to time provide to us or a member of the HSBC Group has been notified of and agreed to the processing, disclosure and transfer of their information as set out in these Terms before their information is provided. You must at the same time advise them that they have rights of access to, and correction of, their Personal Data.
29.1.6 Where:• you fail to provide promptly Customer Information that we reasonably request, or• you withhold or withdraw any consents that we may need to process, transfer or disclose
Customer Information for the Purposes (except for purposes connected with marketing or promoting products and services to you), or
• we have, or a member of the HSBC Group has, suspicions regarding Financial Crime or an associated risk, then we or any other member of the HSBC Group with which you have a relationship, may, where permitted by Laws:
• be unable to provide new, or continue to provide all or part of any Services to you and may end the relationship with you;
• take actions necessary for us or a member of the HSBC Group to meet the Compliance Obligations; and/or
• block, transfer or close your account(s) you have with us or another member of the HSBC Group.
In addition, if you fail to supply promptly your, or a Connected Person’s, Tax Information and accompanying statements, waivers and consents, as may be requested, then we may make our own judgment with respect to your status, including whether you are reportable to a Tax Authority, and we or other persons may withhold amounts where legally required by any Tax Authority and pay such amounts to the appropriate Tax Authority.
We shall not be liable for any loss that you may incur as a result of us taking action under this clause 29.1.6.
29.2 Data protection
29.2.1 Whether it is processed in a home jurisdiction or overseas, in accordance with data protection legislation, Customer Information will be protected by a strict code of secrecy and security which all members of the HSBC Group, their staff and third parties are subject to.
29.2.2 Under data protection legislation, individuals can make a written request for a copy of certain personal records we hold about them. The current fee is £10 per request from each individual.
29.3 Financial Crime Risk Management Activity
29.3.1 We, and members of the HSBC Group, are required, and may take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime (“Financial Crime Risk Management Activity”).
Such action may include, but is not limited to: (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for Services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining Customer Information with other related information in the possession of any member of the HSBC Group, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming their identity and status.
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29.3.2 Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your instructions or application for Services or the provision of all or part of the Services. To the extent permissible by law, neither we nor any other member of HSBC Group shall be responsible to you or any third party in respect of any loss (however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.
29.4 Tax compliance
Tax treatment depends on your individual circumstances and may be subject to change in the future. Please note that taxes may exist which are not paid via us or imposed by us.
You acknowledge that you are solely responsible for understanding and complying with your tax obligations (including but not limited to, tax payment and filing of returns or other required documentation relating to the payment of all relevant taxes) in all jurisdictions in which those obligations arise and relating to the opening and use of account(s) and/ or Services provided by us and/or members of the HSBC Group. Each Connected Person (acting in their capacity as a Connected Person and not in their personal capacity) also makes the same acknowledgement in their own regard. Certain countries may have tax legislation with extra-territorial effect regardless of your or Connected Person’s place of domicile, residence, citizenship or incorporation. Neither we nor any member of the HSBC Group provide tax advice. You are advised to seek independent legal and/or tax advice. Neither we nor any member of the HSBC Group have responsibility in respect of your tax obligations in any jurisdiction in which they may arise including any that may relate specifically to the opening and use of account(s) and/ or Services provided by us and/or members of the HSBC Group.
29.5 Credit reference and fraud prevention
29.5.1 If you apply for a current account or credit, we may use details of your credit history to assess your ability to meet your financial commitments. The credit reference agencies will record details which will form part of your credit history whether or not you proceed with your application. If you make several applications within a short period of time this may temporarily affect your ability to obtain credit. We may share details of how you manage any current accounts or borrowing from us with credit reference agencies.
29.5.2 If we make demand for repayment following default and you fail to repay the full amount due or to make and keep to acceptable proposals for repayment within 28 days we may (in the absence of any genuine dispute about the amount owed) register the default with the credit reference agencies. This may affect your ability to obtain further credit.
29.5.3 If you make a joint application for a current account or credit, an association linking your financial records with those of your fellow applicant(s) will be created by the credit reference agencies. The credit history of your ‘associates’ may be taken into consideration in any future application for credit. The association will continue to link your credit histories unless and until you successfully file a ‘notice of disassociation’ with the credit reference agencies.
29.5.4 Further details on credit scoring and explaining how information held by credit reference agencies and fraud prevention agencies may be used is set out in a leaflet entitled “Credit Scoring, Credit Reference and Fraud Prevention Agencies” available on our Website hsbc.co.uk or can be requested from branches or by phoning 0800 587 7008 (textphone 0800 028 3516). Please call this number if you require details of the credit reference and fraud prevention agencies we use. Lines are open 8.30am to 6pm Monday to Friday, excluding public holidays.
29.6 Website and email personalisation
When you use a computer or other device to access websites operated by or on behalf of the HSBC Group and associated third parties, information may be stored and accessed on that device:
• to improve your experience;• to improve the functionality, security and performance of those websites;
• to provide you with promotional content; and/or• to provide us with information about how those websites are used and how users arrive at those
websites.
In the event that you receive emails sent by or on behalf of the HSBC Group, such emails may contain technologies to track for market research purposes whether you opened those emails and whether you accessed internet links contained within those emails. You agree to information being stored, accessed and used in this way.
Members of the HSBC Group may also exchange, analyse and use relevant information about you in the ways described above to ensure that promotional content displayed to you on screen when you use HSBC Group websites is more likely to be relevant and of interest. Further information is available on our cookie policy, and site terms and privacy statement at our Website hsbc.co.uk.
29.7 Further information and marketing
29.7.1 To ensure that we carry out your instructions accurately, to help us to improve our service and in the interests of security, we may monitor and/or record your communications with us including telephone calls and conversations we have with you in our branches. In the interests of security and for preventing and investigating crime we may use closed-circuit television in and around our premises for the monitoring and collection of sound and/ or visual images. Any recordings remain our sole property.
29.7.2 We may make and retain copies of passports, driving licences or other identification evidence that you provide.
29.7.3 We will obtain your written consent before providing a banker’s reference about you, however, if we receive a request from another financial services institution we will provide information required to verify your identity for money laundering prevention purposes.
29.7.4 If you change your mind at any time about receiving marketing information via post, telephone, email or any other method or about participating in market research, then please let us know.
29.8 Miscellaneous
29.8.1 In the event of any conflict or inconsistency between any of this clause 29 and those in any other service, product, business relationship, account or agreement between you and us, this clause 29 shall prevail. Any consents, authorisations, waivers requested by us or any member of the HSBC Group and permissions that already exist from you in relation to Customer Information shall continue to apply in full force and effect, to the extent permissible by applicable local law.
29.8.2 If all or any part of the provisions of these Terms become illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of these Terms in that jurisdiction.
29.9 Survival on termination
This clause 29 shall continue to apply notwithstanding any termination by us or a member of the HSBC Group of the provision of any Services to you or the closure of any account, including the termination of this agreement.
30. Transferring rights and obligationsSubject to the Rules and the ISA Regulations, we may delegate any of our functions or responsibilities under the Terms to any person (including another member of the HSBC Group) provided that before doing so we satisfy ourselves that such person is competent to carry out those functions or responsibilities.
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29.3.2 Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your instructions or application for Services or the provision of all or part of the Services. To the extent permissible by law, neither we nor any other member of HSBC Group shall be responsible to you or any third party in respect of any loss (however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.
29.4 Tax compliance
Tax treatment depends on your individual circumstances and may be subject to change in the future. Please note that taxes may exist which are not paid via us or imposed by us.
You acknowledge that you are solely responsible for understanding and complying with your tax obligations (including but not limited to, tax payment and filing of returns or other required documentation relating to the payment of all relevant taxes) in all jurisdictions in which those obligations arise and relating to the opening and use of account(s) and/ or Services provided by us and/or members of the HSBC Group. Each Connected Person (acting in their capacity as a Connected Person and not in their personal capacity) also makes the same acknowledgement in their own regard. Certain countries may have tax legislation with extra-territorial effect regardless of your or Connected Person’s place of domicile, residence, citizenship or incorporation. Neither we nor any member of the HSBC Group provide tax advice. You are advised to seek independent legal and/or tax advice. Neither we nor any member of the HSBC Group have responsibility in respect of your tax obligations in any jurisdiction in which they may arise including any that may relate specifically to the opening and use of account(s) and/ or Services provided by us and/or members of the HSBC Group.
29.5 Credit reference and fraud prevention
29.5.1 If you apply for a current account or credit, we may use details of your credit history to assess your ability to meet your financial commitments. The credit reference agencies will record details which will form part of your credit history whether or not you proceed with your application. If you make several applications within a short period of time this may temporarily affect your ability to obtain credit. We may share details of how you manage any current accounts or borrowing from us with credit reference agencies.
29.5.2 If we make demand for repayment following default and you fail to repay the full amount due or to make and keep to acceptable proposals for repayment within 28 days we may (in the absence of any genuine dispute about the amount owed) register the default with the credit reference agencies. This may affect your ability to obtain further credit.
29.5.3 If you make a joint application for a current account or credit, an association linking your financial records with those of your fellow applicant(s) will be created by the credit reference agencies. The credit history of your ‘associates’ may be taken into consideration in any future application for credit. The association will continue to link your credit histories unless and until you successfully file a ‘notice of disassociation’ with the credit reference agencies.
29.5.4 Further details on credit scoring and explaining how information held by credit reference agencies and fraud prevention agencies may be used is set out in a leaflet entitled “Credit Scoring, Credit Reference and Fraud Prevention Agencies” available on our Website hsbc.co.uk or can be requested from branches or by phoning 0800 587 7008 (textphone 0800 028 3516). Please call this number if you require details of the credit reference and fraud prevention agencies we use. Lines are open 8.30am to 6pm Monday to Friday, excluding public holidays.
29.6 Website and email personalisation
When you use a computer or other device to access websites operated by or on behalf of the HSBC Group and associated third parties, information may be stored and accessed on that device:
• to improve your experience;• to improve the functionality, security and performance of those websites;
• to provide you with promotional content; and/or• to provide us with information about how those websites are used and how users arrive at those
websites.
In the event that you receive emails sent by or on behalf of the HSBC Group, such emails may contain technologies to track for market research purposes whether you opened those emails and whether you accessed internet links contained within those emails. You agree to information being stored, accessed and used in this way.
Members of the HSBC Group may also exchange, analyse and use relevant information about you in the ways described above to ensure that promotional content displayed to you on screen when you use HSBC Group websites is more likely to be relevant and of interest. Further information is available on our cookie policy, and site terms and privacy statement at our Website hsbc.co.uk.
29.7 Further information and marketing
29.7.1 To ensure that we carry out your instructions accurately, to help us to improve our service and in the interests of security, we may monitor and/or record your communications with us including telephone calls and conversations we have with you in our branches. In the interests of security and for preventing and investigating crime we may use closed-circuit television in and around our premises for the monitoring and collection of sound and/ or visual images. Any recordings remain our sole property.
29.7.2 We may make and retain copies of passports, driving licences or other identification evidence that you provide.
29.7.3 We will obtain your written consent before providing a banker’s reference about you, however, if we receive a request from another financial services institution we will provide information required to verify your identity for money laundering prevention purposes.
29.7.4 If you change your mind at any time about receiving marketing information via post, telephone, email or any other method or about participating in market research, then please let us know.
29.8 Miscellaneous
29.8.1 In the event of any conflict or inconsistency between any of this clause 29 and those in any other service, product, business relationship, account or agreement between you and us, this clause 29 shall prevail. Any consents, authorisations, waivers requested by us or any member of the HSBC Group and permissions that already exist from you in relation to Customer Information shall continue to apply in full force and effect, to the extent permissible by applicable local law.
29.8.2 If all or any part of the provisions of these Terms become illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of these Terms in that jurisdiction.
29.9 Survival on termination
This clause 29 shall continue to apply notwithstanding any termination by us or a member of the HSBC Group of the provision of any Services to you or the closure of any account, including the termination of this agreement.
30. Transferring rights and obligationsSubject to the Rules and the ISA Regulations, we may delegate any of our functions or responsibilities under the Terms to any person (including another member of the HSBC Group) provided that before doing so we satisfy ourselves that such person is competent to carry out those functions or responsibilities.
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31. Not enforcing the TermsWe may occasionally allow you extra time to comply with your obligations or decide not to exercise some of our rights. However, we can still insist on the strict application of the Terms later on.
32. Our right to deduct from your AccountIn addition to any other rights we may have, we have the right to deduct an amount from your Account necessary to reduce or repay any amounts which are due from you on the Account and which have not already been paid by you. This includes any amount owed to us as a result of any mistaken overpayment by us to you. This could involve selling any Fund Shares that we may choose, or deducting money from any future Income. We may also prevent you from using your Account while we take these actions, if this is a reasonable and proportionate response. These may include any outstanding tax liabilities or charges.
33. Your statutory rightsNothing in the Terms will reduce your statutory rights including your rights relating to misdescribed accounts or services, the fairness of terms on which they are provided to you, any rights you may have to close your Account and/ or claim compensation. For further information about your statutory rights contact your local authority Trading Standards Department or the Citizens Advice Bureau.
34. BankruptcyIn the event that a petition for bankruptcy is presented against you then you agree that we may:• refuse to act on any Fund Instructions given by you or anyone else in respect of the sale of Fund
Shares or any instruction or request to make a payment out of your Account, unless you have previously obtained an appropriate order from the Court; or
• set up a separate account in your name to which any future payments will be credited.
35. Fraud prevention35.1 We may carry out certain checks on transactions on your Account (including any payment transactions on your Uninvested Cash Account) as part of our fraud prevention measures. We may contact you by post, telephone (including mobile phone), email, mobile messaging or secure e-message, to say there may be suspicious activity on your Account, or we may leave a message to ask that you call us.
If we ask you, you must contact us as soon as possible. In respect of payments made through our telephone service or OB, if you do not reply to us, we will assume you have not authorised the transaction and it will not proceed. This will not prevent you from later disputing you authorised the transaction.
35.2 We may, at any time, suspend your use of our telephone service or OB if we have reasonable grounds which relate to the security of or the suspected unauthorised or fraudulent use of our telephone service or OB. We will normally give you advance notice or contact you personally if we are going to suspend your use of our telephone service or OB. We will tell you why we are taking this action but we will not give you notice or details of the reason for the suspension if this would compromise our reasonable security measures or if it is unlawful to do so. We may occasionally suspend your use of our telephone service or OB without notifying you where we have been unable to contact you in advance. We may also suspend your use of our telephone service or OB due to national or European legal obligations which apply to us.
36. Governing law and language36.1 The Terms are governed by the laws of England and Wales. You and we submit to the non- exclusive jurisdiction of the courts of England and Wales.
36.2 The Terms are in English and all Communications between us will be in English.
Section 2 – Additional Terms for your ISA Funds Portfolio
These terms apply to your ISA Funds Portfolio in addition to the terms in Section 1. To the extent there is a conflict between these terms in Section 2 and the terms in Section 1, the terms in this Section 2 will apply to your ISA Funds Portfolio. Clause references are to clauses in this Section 2 unless otherwise specified.
1. Account opening1.1 You will need to first open a Funds Portfolio in order to apply for an ISA Funds Portfolio. In addition you must not have subscribed to another stocks and shares ISA in the same tax year unless you have transferred that ISA to us; and you must not have exceeded the overall subscription limit currently published by HM Revenue & Customs.
1.2 In addition to the methods set out in clause 2 of Section 1, if you have already opened a Funds Portfolio, you may also make an Application for an ISA Funds Portfolio by providing us with a complete ISA Funds Portfolio Transfer Form.
1.3 If you have an ISA Funds Portfolio and cease to be resident in the UK for tax purposes (or cease performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom, or cease being married to, or in a civil partnership with, such a person), you will not be able to make any further Subscriptions into it.
1.4 On receipt of your Application for an ISA Funds Portfolio, we will send you a copy of the declaration contained in your Application. If you are registered for OB when you open your ISA Funds Portfolio, this declaration will be sent electronically to My Documents. If you are not registered for OB, your declaration will be sent to you by post. Please refer to clause 5.4 of Section 1. You should notify us of any inaccuracies in your declaration within 30 days of the date the copy of the declaration is sent to you. If you make your Application by way of an ISA Funds Portfolio Transfer Form, you will not be sent a copy of your declaration relating to the ISA(s) you are transferring. However, if you completed your ISA Funds Portfolio Transfer Form and selected to use the form to make Subscriptions into your ISA, then we will still send you a copy of your declaration relating to your application to subscribe.
1.5 You must keep your Funds Portfolio open for the duration of your ISA Funds Portfolio. However, you do not have to make an investment into your Funds Portfolio if you do not wish to do so.
1.6 Where you have applied for an ISA Funds Portfolio, your Account will only be a valid ISA under the ISA Regulations once we have received either a Subscription from you or on completion of an ISA transfer in.
1.7 You will have the right to cancel your ISA Funds Portfolio before you make a Subscription, for a period of 14 calendar days from the date we open your ISA Funds Portfolio. You can exercise your right to cancel within the 14 day period by telephoning our Customer Service Centre. You will not be charged for exercising your right to cancel. Once you make a Subscription into an ISA Funds Portfolio you will not receive cancellation rights in relation to that Subscription. Where you hold Account Investments within your ISA Funds Portfolio, we will treat a request to cancel your ISA Funds Portfolio as a request to close it in accordance with clauses 27 and 28 of Section 1. See also clause 8 of this Section 2. Where you cancel your ISA Funds Portfolio, the amount you subscribed will not count towards the annual ISA subscription limit for that tax year.
1.8 You will not have the right to cancel an ISA transfer in.
1.9 If you do not make a Subscription to your ISA Funds Portfolio during one complete Tax Year or you opened your ISA Funds Portfolio using an ISA Funds Portfolio Transfer Form, you may need to complete a separate application to subscribe before you can make any Subscriptions to your ISA Funds Portfolio.
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31. Not enforcing the TermsWe may occasionally allow you extra time to comply with your obligations or decide not to exercise some of our rights. However, we can still insist on the strict application of the Terms later on.
32. Our right to deduct from your AccountIn addition to any other rights we may have, we have the right to deduct an amount from your Account necessary to reduce or repay any amounts which are due from you on the Account and which have not already been paid by you. This includes any amount owed to us as a result of any mistaken overpayment by us to you. This could involve selling any Fund Shares that we may choose, or deducting money from any future Income. We may also prevent you from using your Account while we take these actions, if this is a reasonable and proportionate response. These may include any outstanding tax liabilities or charges.
33. Your statutory rightsNothing in the Terms will reduce your statutory rights including your rights relating to misdescribed accounts or services, the fairness of terms on which they are provided to you, any rights you may have to close your Account and/ or claim compensation. For further information about your statutory rights contact your local authority Trading Standards Department or the Citizens Advice Bureau.
34. BankruptcyIn the event that a petition for bankruptcy is presented against you then you agree that we may:• refuse to act on any Fund Instructions given by you or anyone else in respect of the sale of Fund
Shares or any instruction or request to make a payment out of your Account, unless you have previously obtained an appropriate order from the Court; or
• set up a separate account in your name to which any future payments will be credited.
35. Fraud prevention35.1 We may carry out certain checks on transactions on your Account (including any payment transactions on your Uninvested Cash Account) as part of our fraud prevention measures. We may contact you by post, telephone (including mobile phone), email, mobile messaging or secure e-message, to say there may be suspicious activity on your Account, or we may leave a message to ask that you call us.
If we ask you, you must contact us as soon as possible. In respect of payments made through our telephone service or OB, if you do not reply to us, we will assume you have not authorised the transaction and it will not proceed. This will not prevent you from later disputing you authorised the transaction.
35.2 We may, at any time, suspend your use of our telephone service or OB if we have reasonable grounds which relate to the security of or the suspected unauthorised or fraudulent use of our telephone service or OB. We will normally give you advance notice or contact you personally if we are going to suspend your use of our telephone service or OB. We will tell you why we are taking this action but we will not give you notice or details of the reason for the suspension if this would compromise our reasonable security measures or if it is unlawful to do so. We may occasionally suspend your use of our telephone service or OB without notifying you where we have been unable to contact you in advance. We may also suspend your use of our telephone service or OB due to national or European legal obligations which apply to us.
36. Governing law and language36.1 The Terms are governed by the laws of England and Wales. You and we submit to the non- exclusive jurisdiction of the courts of England and Wales.
36.2 The Terms are in English and all Communications between us will be in English.
Section 2 – Additional Terms for your ISA Funds Portfolio
These terms apply to your ISA Funds Portfolio in addition to the terms in Section 1. To the extent there is a conflict between these terms in Section 2 and the terms in Section 1, the terms in this Section 2 will apply to your ISA Funds Portfolio. Clause references are to clauses in this Section 2 unless otherwise specified.
1. Account opening1.1 You will need to first open a Funds Portfolio in order to apply for an ISA Funds Portfolio. In addition you must not have subscribed to another stocks and shares ISA in the same tax year unless you have transferred that ISA to us; and you must not have exceeded the overall subscription limit currently published by HM Revenue & Customs.
1.2 In addition to the methods set out in clause 2 of Section 1, if you have already opened a Funds Portfolio, you may also make an Application for an ISA Funds Portfolio by providing us with a complete ISA Funds Portfolio Transfer Form.
1.3 If you have an ISA Funds Portfolio and cease to be resident in the UK for tax purposes (or cease performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom, or cease being married to, or in a civil partnership with, such a person), you will not be able to make any further Subscriptions into it.
1.4 On receipt of your Application for an ISA Funds Portfolio, we will send you a copy of the declaration contained in your Application. If you are registered for OB when you open your ISA Funds Portfolio, this declaration will be sent electronically to My Documents. If you are not registered for OB, your declaration will be sent to you by post. Please refer to clause 5.4 of Section 1. You should notify us of any inaccuracies in your declaration within 30 days of the date the copy of the declaration is sent to you. If you make your Application by way of an ISA Funds Portfolio Transfer Form, you will not be sent a copy of your declaration relating to the ISA(s) you are transferring. However, if you completed your ISA Funds Portfolio Transfer Form and selected to use the form to make Subscriptions into your ISA, then we will still send you a copy of your declaration relating to your application to subscribe.
1.5 You must keep your Funds Portfolio open for the duration of your ISA Funds Portfolio. However, you do not have to make an investment into your Funds Portfolio if you do not wish to do so.
1.6 Where you have applied for an ISA Funds Portfolio, your Account will only be a valid ISA under the ISA Regulations once we have received either a Subscription from you or on completion of an ISA transfer in.
1.7 You will have the right to cancel your ISA Funds Portfolio before you make a Subscription, for a period of 14 calendar days from the date we open your ISA Funds Portfolio. You can exercise your right to cancel within the 14 day period by telephoning our Customer Service Centre. You will not be charged for exercising your right to cancel. Once you make a Subscription into an ISA Funds Portfolio you will not receive cancellation rights in relation to that Subscription. Where you hold Account Investments within your ISA Funds Portfolio, we will treat a request to cancel your ISA Funds Portfolio as a request to close it in accordance with clauses 27 and 28 of Section 1. See also clause 8 of this Section 2. Where you cancel your ISA Funds Portfolio, the amount you subscribed will not count towards the annual ISA subscription limit for that tax year.
1.8 You will not have the right to cancel an ISA transfer in.
1.9 If you do not make a Subscription to your ISA Funds Portfolio during one complete Tax Year or you opened your ISA Funds Portfolio using an ISA Funds Portfolio Transfer Form, you may need to complete a separate application to subscribe before you can make any Subscriptions to your ISA Funds Portfolio.
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2. Uninvested Cash Account2.1 This clause 2 is the contract for payment services provided by us on the Uninvested Cash Account. If you require a further copy of the Terms which include this contract at any time please ask us for a copy.
2.2 Upon accepting your Application for an ISA Funds Portfolio, we will open an Uninvested Cash Account within your ISA Funds Portfolio.
2.3 Your Uninvested Cash Account is a deposit account with us which will always be your Settlement Account for your ISA Funds Portfolio. Your Uninvested Cash Account will also be used to receive cash into your ISA Funds Portfolio following ISA transfers in. Any sums in the Uninvested Cash Account will be held within your ISA Funds Portfolio.
2.4 You can end this contract at any time but if you do so you will also have to close your ISA Funds Portfolio. If you wish to close your ISA Funds Portfolio, you can do so in accordance with clause 27 of Section 1. Your Uninvested Cash Account will automatically be closed upon closure of your ISA Funds Portfolio.
2.5 We can end this contract at any time by giving you at least two months’ notice to close your ISA Funds Portfolio in accordance with clause 27.7 of Section 1. We can also terminate this contract and close your ISA Funds Portfolio immediately for the reasons and in the way set out in clauses 27.5 and 27.6 of Section 1.
2.6 We will hold money within your Uninvested Cash Account on deposit as banker and will not hold your money in any circumstances as trustee. This means that cash in your Uninvested Cash Account will not be protected by the Rules relating to client money. 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. For information about how the Financial Services Compensation Scheme may apply to your Uninvested Cash Account, please refer to the Compensation section at the end of this document.
2.7 No interest will be paid on cash in your Uninvested Cash Account.
Different types of payment into and out of your ISA Funds Portfolio
2.8 You can only make payments into or out of your Uninvested Cash Account by way of internal transfer. Internal transfers are sterling payments from other UK accounts you have with us (excluding accounts you hold under our first direct trading name) in your name, including joint accounts which you hold with someone else. Other than in the case of an ISA transfer, we will not accept instructions to make payments from or to third parties.
2.9 If you wish to make an internal transfer out of your Uninvested Cash Account to make a withdrawal from your ISA Funds Portfolio, you will need to provide us with the following information;
• the sort code and account number for the recipient account;• the date the payment is to be deducted from your Uninvested Cash Account;• if there are any joint account holders, all recipient names; and • the amount of the payment.
2.10 You may place your payment instructions in respect of your Uninvested Cash Account through:• OB. You will need to log on, use your User ID and provide other security information that is
personal to you that we request. We may notify you from time to time of changes in the security information we may require for you to access OB.
• When you have provided your payment instructions, you will be asked to confirm those instructions. This will be your agreement for us to make the payment.
• telephoning our Customer Service Centre. Please refer to clause 10 of Section 1.
2.11 If you withdraw investments from your ISA Funds Portfolio, these investments will no longer be contained within an ISA and any associated tax benefits will be lost.
2.12 We may, at any time, suspend your use of OB if we have reasonable grounds which relate to the security or suspected unauthorised use of OB. We will normally give you advance notice of this. We will tell you why we are taking this action but we will not give you notice or details of the reason for the suspension if this would compromise our reasonable security measures or if it is unlawful to do so.
2.13 We may occasionally suspend your use of OB without notifying you where we have been unable to contact you in advance. We may also suspend your use of OB due to national or European legal obligations that apply to us. You can ask us to lift any suspension of OB by calling us.
When payments will and will not be made by us
2.14 We will only make/authorise payments out of your Uninvested Cash Account if you authorise it in any of the ways set out in these Terms and if there is a sufficient available balance in your Uninvested Cash Account. There may be a delay carrying out your instructions where fraud prevention checks take place. Where your payment is to be made in the future, you must make sure you have met the conditions set out in this clause 2.13 at the start of the day the payment is due to be made (ie, 00.00am).
2.15 The available balance for use in your Uninvested Cash Account will be the cash amount to the credit of your Uninvested Cash Account less any sums payable in connection with a Fund Instruction to purchase Fund Shares which has not yet settled.
2.16 We may refuse to make a payment (and we will not be responsible for any loss):• if any of the conditions set out in these Terms are not met; or• the payment would exceed any limits we may set; or• if we are not reasonably satisfied that the transaction instruction is lawful;• if we consider that your Uninvested Cash Account has been or is likely to be misused; or• for fraud prevention purposes.
If your payment is refused, we will, where possible, let you know the reason unless we suspect fraud.
2.17 If we refuse to make a payment that you have requested, you will normally be told when you request the payment unless we suspect fraud. In all cases, if you telephone us, we will tell you if a payment has been refused, the reasons for the refusal (if possible) and the procedure for correcting any factual errors that led to the refusal. This information will be available immediately after our refusal of your instruction. We will not be able to provide you with details in any of these ways if it is unlawful for us to do so.
Cut-off times, execution times and when you can cancel an instruction to make a payment
2.18 The cut-off time is the time before which on a calendar day a payment or a payment instruction is treated as received by us on that calendar day. This means if we receive a payment or a payment instruction after the cut off time, we will treat this as received by us on the following calendar day. The cut off time for internal transfers is 11.45pm UK time.
2.19 Where you have instructed us to make a payment immediately, we will begin processing the instructions when they are received and you cannot cancel your instructions after you have given them to us.
2.20 If you instruct us to make a payment on a future date, we will begin to process the payment on the date you specify. In this case, you may cancel your instructions at any time up to 11.45pm on the day before we make payment.
2.21 There may be a delay in complying with your payment instructions while fraud prevention checks take place. When we assess whether to make/ authorise payments under clause 2.13, we may consider other payments we have made or agreed to make from your Uninvested Cash Account that day, even if those other payments have not yet been deducted from your Account.
You must take this into account when requesting payments.
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2. Uninvested Cash Account2.1 This clause 2 is the contract for payment services provided by us on the Uninvested Cash Account. If you require a further copy of the Terms which include this contract at any time please ask us for a copy.
2.2 Upon accepting your Application for an ISA Funds Portfolio, we will open an Uninvested Cash Account within your ISA Funds Portfolio.
2.3 Your Uninvested Cash Account is a deposit account with us which will always be your Settlement Account for your ISA Funds Portfolio. Your Uninvested Cash Account will also be used to receive cash into your ISA Funds Portfolio following ISA transfers in. Any sums in the Uninvested Cash Account will be held within your ISA Funds Portfolio.
2.4 You can end this contract at any time but if you do so you will also have to close your ISA Funds Portfolio. If you wish to close your ISA Funds Portfolio, you can do so in accordance with clause 27 of Section 1. Your Uninvested Cash Account will automatically be closed upon closure of your ISA Funds Portfolio.
2.5 We can end this contract at any time by giving you at least two months’ notice to close your ISA Funds Portfolio in accordance with clause 27.7 of Section 1. We can also terminate this contract and close your ISA Funds Portfolio immediately for the reasons and in the way set out in clauses 27.5 and 27.6 of Section 1.
2.6 We will hold money within your Uninvested Cash Account on deposit as banker and will not hold your money in any circumstances as trustee. This means that cash in your Uninvested Cash Account will not be protected by the Rules relating to client money. 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. For information about how the Financial Services Compensation Scheme may apply to your Uninvested Cash Account, please refer to the Compensation section at the end of this document.
2.7 No interest will be paid on cash in your Uninvested Cash Account.
Different types of payment into and out of your ISA Funds Portfolio
2.8 You can only make payments into or out of your Uninvested Cash Account by way of internal transfer. Internal transfers are sterling payments from other UK accounts you have with us (excluding accounts you hold under our first direct trading name) in your name, including joint accounts which you hold with someone else. Other than in the case of an ISA transfer, we will not accept instructions to make payments from or to third parties.
2.9 If you wish to make an internal transfer out of your Uninvested Cash Account to make a withdrawal from your ISA Funds Portfolio, you will need to provide us with the following information;
• the sort code and account number for the recipient account;• the date the payment is to be deducted from your Uninvested Cash Account;• if there are any joint account holders, all recipient names; and • the amount of the payment.
2.10 You may place your payment instructions in respect of your Uninvested Cash Account through:• OB. You will need to log on, use your User ID and provide other security information that is
personal to you that we request. We may notify you from time to time of changes in the security information we may require for you to access OB.
• When you have provided your payment instructions, you will be asked to confirm those instructions. This will be your agreement for us to make the payment.
• telephoning our Customer Service Centre. Please refer to clause 10 of Section 1.
2.11 If you withdraw investments from your ISA Funds Portfolio, these investments will no longer be contained within an ISA and any associated tax benefits will be lost.
2.12 We may, at any time, suspend your use of OB if we have reasonable grounds which relate to the security or suspected unauthorised use of OB. We will normally give you advance notice of this. We will tell you why we are taking this action but we will not give you notice or details of the reason for the suspension if this would compromise our reasonable security measures or if it is unlawful to do so.
2.13 We may occasionally suspend your use of OB without notifying you where we have been unable to contact you in advance. We may also suspend your use of OB due to national or European legal obligations that apply to us. You can ask us to lift any suspension of OB by calling us.
When payments will and will not be made by us
2.14 We will only make/authorise payments out of your Uninvested Cash Account if you authorise it in any of the ways set out in these Terms and if there is a sufficient available balance in your Uninvested Cash Account. There may be a delay carrying out your instructions where fraud prevention checks take place. Where your payment is to be made in the future, you must make sure you have met the conditions set out in this clause 2.13 at the start of the day the payment is due to be made (ie, 00.00am).
2.15 The available balance for use in your Uninvested Cash Account will be the cash amount to the credit of your Uninvested Cash Account less any sums payable in connection with a Fund Instruction to purchase Fund Shares which has not yet settled.
2.16 We may refuse to make a payment (and we will not be responsible for any loss):• if any of the conditions set out in these Terms are not met; or• the payment would exceed any limits we may set; or• if we are not reasonably satisfied that the transaction instruction is lawful;• if we consider that your Uninvested Cash Account has been or is likely to be misused; or• for fraud prevention purposes.
If your payment is refused, we will, where possible, let you know the reason unless we suspect fraud.
2.17 If we refuse to make a payment that you have requested, you will normally be told when you request the payment unless we suspect fraud. In all cases, if you telephone us, we will tell you if a payment has been refused, the reasons for the refusal (if possible) and the procedure for correcting any factual errors that led to the refusal. This information will be available immediately after our refusal of your instruction. We will not be able to provide you with details in any of these ways if it is unlawful for us to do so.
Cut-off times, execution times and when you can cancel an instruction to make a payment
2.18 The cut-off time is the time before which on a calendar day a payment or a payment instruction is treated as received by us on that calendar day. This means if we receive a payment or a payment instruction after the cut off time, we will treat this as received by us on the following calendar day. The cut off time for internal transfers is 11.45pm UK time.
2.19 Where you have instructed us to make a payment immediately, we will begin processing the instructions when they are received and you cannot cancel your instructions after you have given them to us.
2.20 If you instruct us to make a payment on a future date, we will begin to process the payment on the date you specify. In this case, you may cancel your instructions at any time up to 11.45pm on the day before we make payment.
2.21 There may be a delay in complying with your payment instructions while fraud prevention checks take place. When we assess whether to make/ authorise payments under clause 2.13, we may consider other payments we have made or agreed to make from your Uninvested Cash Account that day, even if those other payments have not yet been deducted from your Account.
You must take this into account when requesting payments.
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Responsibilities in respect of payments
2.22 We will make payments based on the information we require you to provide us with as set out in this clause 2. If you provide us with incorrect information, we will not be responsible if the payment is not made, it is delayed or is made incorrectly.
2.23 If you have instructed us to make a payment, we are responsible for it being made correctly and for making available the payment and crediting the selected HSBC account.
2.24 Subject to clause 2.27 below, if a payment has been made incorrectly by us we will, without undue delay, refund your Uninvested Cash Account with either:
• the payment; or
• in the case of an overpayment, any excess amount incorrectly deducted so you do not incur any loss.
Subject to the ISA Regulations, we will also restore your Uninvested Cash Account to the position it would have been in had the incorrect payment or overpayment not been made. We will not do this if the circumstances giving rise to the incorrect payment transaction were due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary.
2.25 You must read your statements carefully on receipt. You must tell us promptly if you do not recognise any transaction on your Uninvested Cash Account or if you think any payment you have authorised has been executed improperly. If you do not tell us promptly (at the latest within 13 months of the date the transaction was deducted from your Uninvested Cash Account) you may not be entitled to have any errors corrected.
2.26 Subject to clauses 2.27 to 2.28, we will be responsible for any unauthorised transactions that you tell us about in accordance with clause 2.20 (if, on reasonable grounds, we suspect fraud or that you have been grossly negligent, we will investigate the transaction). Where we are responsible we will immediately refund the amount of the unauthorised transaction and any resulting interest and charges. We will have no further liability to you. If we later become aware of evidence that shows we are not responsible for the transaction, we will recover an amount equal to the refund from your Uninvested Cash Account.
2.27 You will be responsible for all losses arising from unauthorised transactions on your Uninvested Cash Account as a result of you acting fraudulently, or failing, intentionally or with gross negligence, to use telephone banking or OB in accordance with the Terms or if you intentionally or with gross negligence fail to notify us of the loss or theft of any security or other personalised details.
2.28 Unless you have acted fraudulently you will not be responsible for any losses in respect of an unauthorised transaction after you have notified us of the loss or theft of your security details.
2.29 If the ISA Regulations or HM Revenue & Customs guidance prevents us from refunding an unauthorised payment transaction into your ISA Funds Portfolio, we will make any payment we owe you into your default Settlement Account for your Funds Portfolio.
2.30 We may make changes to this clause 2 in accordance with clauses 23 to 26 in Section 1. You may end this contract and close your ISA Funds Portfolio immediately and without charge before the date the changes are due to take effect. If you do not tell us that you want to close your ISA Funds Portfolio, then we will assume you have accepted the changes and they will take effect automatically. 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.
Balance information and statements
2.31 You can view statement details of transactions on your Uninvested Cash Account any time electronically through OB. We will provide you with details of:
• the balance on your Uninvested Cash Account (this may include transactions that are still being processed and so may be subject to change).
• the available balance on your Uninvested Cash Account.
2.32 Transactions on your Uninvested Cash Account will be included within the statement we send you for your Account pursuant to clause 19 of Section 1. If one or more payments have been made from or to your Uninvested Cash Account in any month and you would not normally receive a paper statement that month you can ask us to provide you with a paper statement for that month.
3. ISA Subscriptions3.1 Subscriptions into your ISA Funds Portfolio for a particular Tax Year are subject to the applicable annual subscription limits set by HM Revenue & Customs under the ISA Regulations.
3.2 You may make cash Subscriptions into your ISA Funds Portfolio by transferring money into your Uninvested Cash Account (please refer to clause 2).
3.3 You can make an Additional Permitted Subscription into your Account by telephoning us.
3.4 The Additional Permitted Subscription must not exceed the combined value of your spouse or civil partner’s ISAs which they held at the date of their death (including any income accrued, but not paid or credited to the ISA at the date of death), and must be made in accordance with the requirements set out in the ISA Regulations.
3.5 You may make several Additional Permitted Subscriptions; however, they must not, in aggregate, exceed the combined value of your spouse or civil partner’s ISAs as at the date of their death and must be made within the timescales set out in the ISA Regulations.
3.6 We will not accept an Additional Permitted Subscription where we know that the information you provide in the relevant form is false or where the requirements set out in the ISA Regulations are not satisfied.
3.7 The available balance in your Uninvested Cash Account can be used to purchase Fund Shares in accordance with these Terms.
3.8 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your Account (or any part of it) has or will become void or otherwise lose any tax benefits as a result of any invalid Subscription having been made. In such a case, where we are required to remove Fund Shares relating to the invalid Subscription from your ISA Funds Portfolio, we will transfer the Fund Shares into your Funds Portfolio. Where we are required to remove cash from your Uninvested Cash Account, we will transfer the relevant amount to the default Settlement Account for your Funds Portfolio. Alternatively, we may allow you to transfer your Fund Shares into your own name where you instruct us to do so within a reasonable time. You may not be able to place Fund Instructions through the Website and/or make payments to or from your Uninvested Cash Account until this process is complete. Any action taken whether by us or you, will be subject to such deductions (if any) as we may require to meet tax or other liabilities.
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Responsibilities in respect of payments
2.22 We will make payments based on the information we require you to provide us with as set out in this clause 2. If you provide us with incorrect information, we will not be responsible if the payment is not made, it is delayed or is made incorrectly.
2.23 If you have instructed us to make a payment, we are responsible for it being made correctly and for making available the payment and crediting the selected HSBC account.
2.24 Subject to clause 2.27 below, if a payment has been made incorrectly by us we will, without undue delay, refund your Uninvested Cash Account with either:
• the payment; or
• in the case of an overpayment, any excess amount incorrectly deducted so you do not incur any loss.
Subject to the ISA Regulations, we will also restore your Uninvested Cash Account to the position it would have been in had the incorrect payment or overpayment not been made. We will not do this if the circumstances giving rise to the incorrect payment transaction were due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary.
2.25 You must read your statements carefully on receipt. You must tell us promptly if you do not recognise any transaction on your Uninvested Cash Account or if you think any payment you have authorised has been executed improperly. If you do not tell us promptly (at the latest within 13 months of the date the transaction was deducted from your Uninvested Cash Account) you may not be entitled to have any errors corrected.
2.26 Subject to clauses 2.27 to 2.28, we will be responsible for any unauthorised transactions that you tell us about in accordance with clause 2.20 (if, on reasonable grounds, we suspect fraud or that you have been grossly negligent, we will investigate the transaction). Where we are responsible we will immediately refund the amount of the unauthorised transaction and any resulting interest and charges. We will have no further liability to you. If we later become aware of evidence that shows we are not responsible for the transaction, we will recover an amount equal to the refund from your Uninvested Cash Account.
2.27 You will be responsible for all losses arising from unauthorised transactions on your Uninvested Cash Account as a result of you acting fraudulently, or failing, intentionally or with gross negligence, to use telephone banking or OB in accordance with the Terms or if you intentionally or with gross negligence fail to notify us of the loss or theft of any security or other personalised details.
2.28 Unless you have acted fraudulently you will not be responsible for any losses in respect of an unauthorised transaction after you have notified us of the loss or theft of your security details.
2.29 If the ISA Regulations or HM Revenue & Customs guidance prevents us from refunding an unauthorised payment transaction into your ISA Funds Portfolio, we will make any payment we owe you into your default Settlement Account for your Funds Portfolio.
2.30 We may make changes to this clause 2 in accordance with clauses 23 to 26 in Section 1. You may end this contract and close your ISA Funds Portfolio immediately and without charge before the date the changes are due to take effect. If you do not tell us that you want to close your ISA Funds Portfolio, then we will assume you have accepted the changes and they will take effect automatically. 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.
Balance information and statements
2.31 You can view statement details of transactions on your Uninvested Cash Account any time electronically through OB. We will provide you with details of:
• the balance on your Uninvested Cash Account (this may include transactions that are still being processed and so may be subject to change).
• the available balance on your Uninvested Cash Account.
2.32 Transactions on your Uninvested Cash Account will be included within the statement we send you for your Account pursuant to clause 19 of Section 1. If one or more payments have been made from or to your Uninvested Cash Account in any month and you would not normally receive a paper statement that month you can ask us to provide you with a paper statement for that month.
3. ISA Subscriptions3.1 Subscriptions into your ISA Funds Portfolio for a particular Tax Year are subject to the applicable annual subscription limits set by HM Revenue & Customs under the ISA Regulations.
3.2 You may make cash Subscriptions into your ISA Funds Portfolio by transferring money into your Uninvested Cash Account (please refer to clause 2).
3.3 You can make an Additional Permitted Subscription into your Account by telephoning us.
3.4 The Additional Permitted Subscription must not exceed the combined value of your spouse or civil partner’s ISAs which they held at the date of their death (including any income accrued, but not paid or credited to the ISA at the date of death), and must be made in accordance with the requirements set out in the ISA Regulations.
3.5 You may make several Additional Permitted Subscriptions; however, they must not, in aggregate, exceed the combined value of your spouse or civil partner’s ISAs as at the date of their death and must be made within the timescales set out in the ISA Regulations.
3.6 We will not accept an Additional Permitted Subscription where we know that the information you provide in the relevant form is false or where the requirements set out in the ISA Regulations are not satisfied.
3.7 The available balance in your Uninvested Cash Account can be used to purchase Fund Shares in accordance with these Terms.
3.8 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your Account (or any part of it) has or will become void or otherwise lose any tax benefits as a result of any invalid Subscription having been made. In such a case, where we are required to remove Fund Shares relating to the invalid Subscription from your ISA Funds Portfolio, we will transfer the Fund Shares into your Funds Portfolio. Where we are required to remove cash from your Uninvested Cash Account, we will transfer the relevant amount to the default Settlement Account for your Funds Portfolio. Alternatively, we may allow you to transfer your Fund Shares into your own name where you instruct us to do so within a reasonable time. You may not be able to place Fund Instructions through the Website and/or make payments to or from your Uninvested Cash Account until this process is complete. Any action taken whether by us or you, will be subject to such deductions (if any) as we may require to meet tax or other liabilities.
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4. Settlement, dealing and income4.1 At the time you place a purchase Fund Instruction within your ISA Funds Portfolio, you must have a sufficient available balance in your Uninvested Cash Account to settle your purchase otherwise you will not be able to place your instruction. Any sale proceeds due to be received into your Uninvested Cash Account prior to settlement of your purchase transaction will be taken into account when calculating the available balance required in your Uninvested Cash Account (to the extent such sale proceeds are not already to be applied to settle any prior purchase Fund Instruction).
4.2 The purchase amount will be paid out of your Uninvested Cash Account to the relevant Manager on the settlement date of your transaction.
4.3 From the time you place your buy Fund Instruction with us, the available balance in your Uninvested Cash 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 4.1 above). The relevant amount will continue to be held on deposit with us in your Uninvested Cash Account until the settlement date of the purchase transaction but will not be available for use in that account.
4.4 We will pay the proceeds of the sale of any Fund Shares directly into your Uninvested Cash Account within your ISA Funds Portfolio on the settlement date.
4.5 Any Income will be paid as gross directly into your Uninvested Cash Account.
4.6 Our right under these Terms to deduct a sufficient amount of funds from your Account to pay any tax liability you may have shall only apply in respect of any tax liabilities which have arisen in relation to credit interest payments made to you on or prior to 5 April 2017. Where you have incurred a tax liability in respect of credit interest payments made to you on or after 6 April 2017 we will not deduct any amount in respect of these liabilities and it shall be your responsibility to account to HMRC for the full amount of such liabilities.
5. ISA transfers in5.1 You may transfer all or part of an existing ISA held with us or another ISA provider into your ISA Funds Portfolio. If you wish to transfer Subscriptions made in the current Tax Year then all Subscriptions made in the current Tax Year must be transferred.
5.2 In order to request an ISA transfer, you will need to complete an ISA Funds Portfolio Transfer Form (available on our Website or by telephoning our Customer Service Centre) and return it to us by post. If you have not already opened an ISA Funds Portfolio, this will be your Application. We will then contact the relevant ISA provider(s) on your behalf and arrange the transfer for you.
5.3 If we receive an ISA transfer in request from you and you have not already opened your Funds Portfolio your request will not be accepted and we will contact you to ask that you complete an Application for a Funds Portfolio either through the Website or by phoning the Customer Service Centre. In these circumstances, you will need to send us a new ISA Funds Portfolio Transfer Form once you have opened your Funds Portfolio in order to open an ISA Funds Portfolio.
5.4 Cash received from your previous ISA provider will be transferred into your Uninvested Cash Account within your ISA Funds Portfolio. You can then use this amount to purchase Fund Shares in accordance with these Terms.
5.5 Alternatively, where requested to do so at the time you give your request to transfer in and if agreed with your previous ISA provider and each relevant Manager, we will also arrange for your investments to be transferred into your ISA Funds Portfolio without first being sold, by re-registering them in the name of our Nominee. We can only do this where the investments are in Funds and classes of Fund Shares available through the Global Investment Centre. If the Funds or classes are not available through the Global Investment Centre then we may agree with your ISA provider or the relevant Manager that your shares are converted to a suitable class of Fund Shares that are available through the Global Investment Centre so that they can then be registered in the name of our Nominee if your ISA provider or the Manager does not agree to re-register, we will instruct your ISA manager to sell your investments and transfer the value in cash. We will not accept re-registrations of Legacy Share Class holdings.
5.6 It will normally take us up to 15 calendar days from the date we receive your ISA Funds Portfolio Transfer Form to complete the transfer of your ISA into an ISA Funds Portfolio where the ISA is transferred solely in cash and up to 25 calendar days to complete the transfer where re-registration of investments is required. However, the time period for completing your transfer request into your ISA Funds Portfolio may depend on your previous ISA provider and the relevant Manager(s) and the time it takes them to send across the investments. There may be occasions where the transfer will take longer to complete due for example because your shares will need to be converted under clause 5.5 or to other circumstances beyond our control.
6. ISA transfers out6.1 At your written request, we will transfer all or part of your ISA Funds Portfolio (where appropriate with all rights and obligations of the parties to it) to another ISA provider, in accordance with the ISA Regulations relating to transfers, provided the new ISA provider agrees to such a transfer. You will need to make arrangements with the ISA manager to whom you wish to make the transfer. The new ISA manager will then contact us to arrange the transfer. If your transfer request includes Subscriptions for the current Tax Year, these must be transferred in whole.
6.2 Once we receive a request to transfer your ISA to another ISA provider and confirmation of acceptance from the new ISA manager, you will not be able to place Fund Instructions on your ISA Funds Portfolio through our Website until the transfer is complete. You will still be able to place Fund Instructions by telephone. You will also not be able to make a Subscription into your ISA Funds Portfolio (whether through OB or by telephone) until such transfer is complete.
6.3 Where we are requested to transfer out the relevant value in cash, we will (where appropriate) sell the relevant Fund Shares and transfer the cash value to the ISA provider you have chosen from your Uninvested Cash Account. We will send your trade confirmations by post where Fund Shares are sold in order to transfer your ISA to another ISA provider.
6.4 Alternatively, if requested by you at the time you give your request to transfer, and if agreed with the new ISA provider and each relevant Manager, we will transfer the requested Fund Shares directly to the new ISA provider without them first being sold. If the new ISA provider or relevant Manager does not offer Funds or Fund Shares that are the same class as those held in your ISA Funds Portfolio, then we may agree with your new ISA Provider or relevant Manager to arrange to convert your Fund Shares to a suitable class so that they can be transferred.
6.5 From the date we are in receipt of both your written instruction and confirmation of acceptance from your new ISA provider, it will normally take up to 15 calendar days to transfer your ISA Funds Portfolio where the ISA is transferred solely in cash and up to 25 calendar days where a re-registration of investments is required. You may stipulate an alternative time frame for the transfer subject to the minimum time periods above and a maximum of 30 calendar days from receipt of your written instructions and confirmation of acceptance from your new ISA provider. There may be occasions where the transfer will take longer to complete for example because your Fund Shares will need to be converted under clause 6.4 or due to other circumstances beyond our control.
6.6 Where you have transferred out your ISA Funds Portfolio in full and we subsequently receive any Income from Fund Shares transferred out, we will send it to your new ISA provider or, where they do not agree to accept it, we will pay the amount out to you.
6.7 Before we make a payment to you or transfer your ISA Funds Portfolio, we shall be entitled to deduct from your ISA Funds Portfolio (and, to the extent of any shortfall, your Funds Portfolio) an amount necessary to discharge all amounts in connection with your ISA Funds Portfolio (including tax liabilities) which may be due from you to any person including us and HM Revenue & Customs.
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4. Settlement, dealing and income4.1 At the time you place a purchase Fund Instruction within your ISA Funds Portfolio, you must have a sufficient available balance in your Uninvested Cash Account to settle your purchase otherwise you will not be able to place your instruction. Any sale proceeds due to be received into your Uninvested Cash Account prior to settlement of your purchase transaction will be taken into account when calculating the available balance required in your Uninvested Cash Account (to the extent such sale proceeds are not already to be applied to settle any prior purchase Fund Instruction).
4.2 The purchase amount will be paid out of your Uninvested Cash Account to the relevant Manager on the settlement date of your transaction.
4.3 From the time you place your buy Fund Instruction with us, the available balance in your Uninvested Cash 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 4.1 above). The relevant amount will continue to be held on deposit with us in your Uninvested Cash Account until the settlement date of the purchase transaction but will not be available for use in that account.
4.4 We will pay the proceeds of the sale of any Fund Shares directly into your Uninvested Cash Account within your ISA Funds Portfolio on the settlement date.
4.5 Any Income will be paid as gross directly into your Uninvested Cash Account.
4.6 Our right under these Terms to deduct a sufficient amount of funds from your Account to pay any tax liability you may have shall only apply in respect of any tax liabilities which have arisen in relation to credit interest payments made to you on or prior to 5 April 2017. Where you have incurred a tax liability in respect of credit interest payments made to you on or after 6 April 2017 we will not deduct any amount in respect of these liabilities and it shall be your responsibility to account to HMRC for the full amount of such liabilities.
5. ISA transfers in5.1 You may transfer all or part of an existing ISA held with us or another ISA provider into your ISA Funds Portfolio. If you wish to transfer Subscriptions made in the current Tax Year then all Subscriptions made in the current Tax Year must be transferred.
5.2 In order to request an ISA transfer, you will need to complete an ISA Funds Portfolio Transfer Form (available on our Website or by telephoning our Customer Service Centre) and return it to us by post. If you have not already opened an ISA Funds Portfolio, this will be your Application. We will then contact the relevant ISA provider(s) on your behalf and arrange the transfer for you.
5.3 If we receive an ISA transfer in request from you and you have not already opened your Funds Portfolio your request will not be accepted and we will contact you to ask that you complete an Application for a Funds Portfolio either through the Website or by phoning the Customer Service Centre. In these circumstances, you will need to send us a new ISA Funds Portfolio Transfer Form once you have opened your Funds Portfolio in order to open an ISA Funds Portfolio.
5.4 Cash received from your previous ISA provider will be transferred into your Uninvested Cash Account within your ISA Funds Portfolio. You can then use this amount to purchase Fund Shares in accordance with these Terms.
5.5 Alternatively, where requested to do so at the time you give your request to transfer in and if agreed with your previous ISA provider and each relevant Manager, we will also arrange for your investments to be transferred into your ISA Funds Portfolio without first being sold, by re-registering them in the name of our Nominee. We can only do this where the investments are in Funds and classes of Fund Shares available through the Global Investment Centre. If the Funds or classes are not available through the Global Investment Centre then we may agree with your ISA provider or the relevant Manager that your shares are converted to a suitable class of Fund Shares that are available through the Global Investment Centre so that they can then be registered in the name of our Nominee if your ISA provider or the Manager does not agree to re-register, we will instruct your ISA manager to sell your investments and transfer the value in cash. We will not accept re-registrations of Legacy Share Class holdings.
5.6 It will normally take us up to 15 calendar days from the date we receive your ISA Funds Portfolio Transfer Form to complete the transfer of your ISA into an ISA Funds Portfolio where the ISA is transferred solely in cash and up to 25 calendar days to complete the transfer where re-registration of investments is required. However, the time period for completing your transfer request into your ISA Funds Portfolio may depend on your previous ISA provider and the relevant Manager(s) and the time it takes them to send across the investments. There may be occasions where the transfer will take longer to complete due for example because your shares will need to be converted under clause 5.5 or to other circumstances beyond our control.
6. ISA transfers out6.1 At your written request, we will transfer all or part of your ISA Funds Portfolio (where appropriate with all rights and obligations of the parties to it) to another ISA provider, in accordance with the ISA Regulations relating to transfers, provided the new ISA provider agrees to such a transfer. You will need to make arrangements with the ISA manager to whom you wish to make the transfer. The new ISA manager will then contact us to arrange the transfer. If your transfer request includes Subscriptions for the current Tax Year, these must be transferred in whole.
6.2 Once we receive a request to transfer your ISA to another ISA provider and confirmation of acceptance from the new ISA manager, you will not be able to place Fund Instructions on your ISA Funds Portfolio through our Website until the transfer is complete. You will still be able to place Fund Instructions by telephone. You will also not be able to make a Subscription into your ISA Funds Portfolio (whether through OB or by telephone) until such transfer is complete.
6.3 Where we are requested to transfer out the relevant value in cash, we will (where appropriate) sell the relevant Fund Shares and transfer the cash value to the ISA provider you have chosen from your Uninvested Cash Account. We will send your trade confirmations by post where Fund Shares are sold in order to transfer your ISA to another ISA provider.
6.4 Alternatively, if requested by you at the time you give your request to transfer, and if agreed with the new ISA provider and each relevant Manager, we will transfer the requested Fund Shares directly to the new ISA provider without them first being sold. If the new ISA provider or relevant Manager does not offer Funds or Fund Shares that are the same class as those held in your ISA Funds Portfolio, then we may agree with your new ISA Provider or relevant Manager to arrange to convert your Fund Shares to a suitable class so that they can be transferred.
6.5 From the date we are in receipt of both your written instruction and confirmation of acceptance from your new ISA provider, it will normally take up to 15 calendar days to transfer your ISA Funds Portfolio where the ISA is transferred solely in cash and up to 25 calendar days where a re-registration of investments is required. You may stipulate an alternative time frame for the transfer subject to the minimum time periods above and a maximum of 30 calendar days from receipt of your written instructions and confirmation of acceptance from your new ISA provider. There may be occasions where the transfer will take longer to complete for example because your Fund Shares will need to be converted under clause 6.4 or due to other circumstances beyond our control.
6.6 Where you have transferred out your ISA Funds Portfolio in full and we subsequently receive any Income from Fund Shares transferred out, we will send it to your new ISA provider or, where they do not agree to accept it, we will pay the amount out to you.
6.7 Before we make a payment to you or transfer your ISA Funds Portfolio, we shall be entitled to deduct from your ISA Funds Portfolio (and, to the extent of any shortfall, your Funds Portfolio) an amount necessary to discharge all amounts in connection with your ISA Funds Portfolio (including tax liabilities) which may be due from you to any person including us and HM Revenue & Customs.
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7. Withdrawals7.1 You may make a withdrawal from your ISA Funds Portfolio by making a payment out of your Uninvested Cash Account into another HSBC bank account by internal transfer (please refer to clause 2 above). Subject to the rest of these Terms, on your payment instructions and within any time limit stipulated by you, we will pay all or part of the cash held in your ISA Funds Portfolio to the HSBC bank account selected by you. If you do not have a sufficient available balance within your Uninvested Cash Account to withdraw the amount you require, you will need to sell Fund Shares to raise the required amount. Once the proceeds of the sale are available in your Uninvested Cash Account, you will then be able to instruct us to make the payment. Please refer to clause 12 of Section 1 for information on selling Fund Shares.
7.2 Fund Shares within your ISA Funds Portfolio may also be transferred out of your ISA and into your name or the name of another plan manager or nominee where they and the relevant Manager(s) agree rather than to another ISA provider. From the date we are in receipt of both your written instructions to make the transfer and confirmation of acceptance from your new plan manager and/ or the relevant Manager(s), it will normally take up to 25 calendar days to transfer the Fund Shares. You may stipulate an alternative time frame for the transfer subject to the minimum time periods above and a maximum of 30 calendar days from receipt of your written instructions and confirmation of acceptance from your new plan manager and/or the relevant Manager(s). There may be occasions where the transfer will take longer to complete due to other circumstances beyond our control. Clause 6.7 above will also apply to such a transfer.
7.3 If you make a withdrawal from your ISA Funds Portfolio, either by way of a payment out of your Uninvested Cash Account or by way of a transfer of Fund Shares other than to a new ISA provider, you will lose the tax benefits of holding the relevant amount or Fund Shares (as applicable) within an ISA.
8. Closing your ISA Funds Portfolio8.1 If your ISA Funds Portfolio is to close under clauses 27 and 28 of Section 1, your options will include transferring your ISA to another ISA provider pursuant to clause 6. However, 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.
8.2 If we subsequently receive any Income in respect of your ISA Funds Portfolio, we will send it to you or to your new ISA provider (as appropriate).
Annex 1
Best Execution Disclosure Statement
1. Purpose and scope
This Best Execution Disclosure Statement provides a summary of the steps we will take to achieve the Best Possible Result for the sale and purchase of Fund Shares under our Best Execution Policy on a consistent basis including where possible in situations of market stress. Best execution is the requirement to take all sufficient steps to obtain the Best Possible Result when executing orders taking into account execution factors such as price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of an order.
2. Execution of transactions
Your instructions for the purchase or sale of Fund Shares will be executed within the time periods specified in the Terms or, where applicable, at such time as you instruct. Any specific instructions from you may prevent the Manager from taking the steps that Manager has designed and implemented to obtain the Best Possible Result for the execution of those orders in respect of the elements covered by those instructions. The share price for all purchases and sales of Fund Shares will be determined at the next valuation point following the receipt of our instructions by the relevant Manager.
3. Specific instruction warning
We will only execute your instruction as set out within these Terms and we will process your order in accordance with our Execution Policy. We are not able to accept any additional specific instruction you give us as to how to execute an order e.g. to use a specific broker or Execution Venue.
Where you are permitted to give a specific instruction this may prevent us from achieving the Best Possible Result in accordance with our Execution Policy in respect of the aspects covered by the specific instruction.
4. Execution Venue
The Fund Shares can only be traded with the Manager and therefore are never traded on a Regulated Market, Multilateral Trading Facility or Organised Trading Facility (each as defined in the FCA Rules).
All instructions for the purchase or sale of Fund Shares will be executed with the relevant Manager, which will be the Execution Venue for the purposes of the Rules.
5. Effective date, review, amendments and monitoring
This Best Execution Disclosure Statement will be reviewed at least annually. We will also review our Execution Policy annually or where a material change has occurred. We will inform you in writing of any material changes to the Execution Policy. You may ask us at any time in the seven years following a purchase or sale of Fund Shares to demonstrate that we have executed your order in accordance with our Execution Policy.
Information regarding execution and the top five Execution Venues can be accessed via our Website www.hsbc.co.uk Please note, for unit trusts and open-ended investment companies the fund manager is the relevant Execution Venue.
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7. Withdrawals7.1 You may make a withdrawal from your ISA Funds Portfolio by making a payment out of your Uninvested Cash Account into another HSBC bank account by internal transfer (please refer to clause 2 above). Subject to the rest of these Terms, on your payment instructions and within any time limit stipulated by you, we will pay all or part of the cash held in your ISA Funds Portfolio to the HSBC bank account selected by you. If you do not have a sufficient available balance within your Uninvested Cash Account to withdraw the amount you require, you will need to sell Fund Shares to raise the required amount. Once the proceeds of the sale are available in your Uninvested Cash Account, you will then be able to instruct us to make the payment. Please refer to clause 12 of Section 1 for information on selling Fund Shares.
7.2 Fund Shares within your ISA Funds Portfolio may also be transferred out of your ISA and into your name or the name of another plan manager or nominee where they and the relevant Manager(s) agree rather than to another ISA provider. From the date we are in receipt of both your written instructions to make the transfer and confirmation of acceptance from your new plan manager and/ or the relevant Manager(s), it will normally take up to 25 calendar days to transfer the Fund Shares. You may stipulate an alternative time frame for the transfer subject to the minimum time periods above and a maximum of 30 calendar days from receipt of your written instructions and confirmation of acceptance from your new plan manager and/or the relevant Manager(s). There may be occasions where the transfer will take longer to complete due to other circumstances beyond our control. Clause 6.7 above will also apply to such a transfer.
7.3 If you make a withdrawal from your ISA Funds Portfolio, either by way of a payment out of your Uninvested Cash Account or by way of a transfer of Fund Shares other than to a new ISA provider, you will lose the tax benefits of holding the relevant amount or Fund Shares (as applicable) within an ISA.
8. Closing your ISA Funds Portfolio8.1 If your ISA Funds Portfolio is to close under clauses 27 and 28 of Section 1, your options will include transferring your ISA to another ISA provider pursuant to clause 6. However, 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.
8.2 If we subsequently receive any Income in respect of your ISA Funds Portfolio, we will send it to you or to your new ISA provider (as appropriate).
Annex 1
Best Execution Disclosure Statement
1. Purpose and scope
This Best Execution Disclosure Statement provides a summary of the steps we will take to achieve the Best Possible Result for the sale and purchase of Fund Shares under our Best Execution Policy on a consistent basis including where possible in situations of market stress. Best execution is the requirement to take all sufficient steps to obtain the Best Possible Result when executing orders taking into account execution factors such as price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of an order.
2. Execution of transactions
Your instructions for the purchase or sale of Fund Shares will be executed within the time periods specified in the Terms or, where applicable, at such time as you instruct. Any specific instructions from you may prevent the Manager from taking the steps that Manager has designed and implemented to obtain the Best Possible Result for the execution of those orders in respect of the elements covered by those instructions. The share price for all purchases and sales of Fund Shares will be determined at the next valuation point following the receipt of our instructions by the relevant Manager.
3. Specific instruction warning
We will only execute your instruction as set out within these Terms and we will process your order in accordance with our Execution Policy. We are not able to accept any additional specific instruction you give us as to how to execute an order e.g. to use a specific broker or Execution Venue.
Where you are permitted to give a specific instruction this may prevent us from achieving the Best Possible Result in accordance with our Execution Policy in respect of the aspects covered by the specific instruction.
4. Execution Venue
The Fund Shares can only be traded with the Manager and therefore are never traded on a Regulated Market, Multilateral Trading Facility or Organised Trading Facility (each as defined in the FCA Rules).
All instructions for the purchase or sale of Fund Shares will be executed with the relevant Manager, which will be the Execution Venue for the purposes of the Rules.
5. Effective date, review, amendments and monitoring
This Best Execution Disclosure Statement will be reviewed at least annually. We will also review our Execution Policy annually or where a material change has occurred. We will inform you in writing of any material changes to the Execution Policy. You may ask us at any time in the seven years following a purchase or sale of Fund Shares to demonstrate that we have executed your order in accordance with our Execution Policy.
Information regarding execution and the top five Execution Venues can be accessed via our Website www.hsbc.co.uk Please note, for unit trusts and open-ended investment companies the fund manager is the relevant Execution Venue.
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Annex 2
HSBC policy on conflicts of interest‘HSBC Group’ means HSBC Holdings plc and its subsidiaries, associated and affiliated companies. The HSBC Group is a global organisation, which provides a wide range of financial services. As such, it, or a company with whom it has an association (‘HSBC’), may from time to time have interests which conflict with its clients’ interests or with the duties that it owes to its clients. These include conflicts arising between the interests of HSBC, its associates and employees on the one hand and the interests of its clients on the other and also conflicts between clients themselves. Conflicts may also arise from the receipt of payments or benefits from third parties or from remuneration and other incentive structures.
HSBC has established procedures, which are designed to take all appropriate steps to identify, prevent and manage such conflicts which may adversely affect the interest of clients. These include organisational and administrative arrangements to safeguard the interests of clients. A key element of this policy is that persons engaged in different business activities involving a conflict of interest must carry on those activities independently of one another. Where necessary, HSBC maintains arrangements which restrict the flow of information to certain employees in order to protect its clients’ interests and to prevent improper access to client information.
HSBC may also deal on its own behalf for its own investment account and may be matching transactions with another client. Procedures are in place in order to protect the client’s interest in this instance. In some cases, HSBC’s procedures and controls may not be sufficient to ensure that a potential conflict of interest does not damage a client’s interests. In these circumstances, HSBC will consider whether it is appropriate to disclose the potential conflict to the client and obtain the client’s formal consent to proceed. However, HSBC may decline to act in any circumstance where there is residual risk of damage to the interests of any client. You may have further questions which relate to the underlying procedures within HSBC. In such cases you should contact us.
General information
Important security informationYou must use our telephone service and OB in accordance with the Terms and the OB Terms and Conditions. You must take all reasonable precautions to keep safe and prevent fraudulent use of any security details. These precautions include but are not limited to all of the following, as applicable:• never writing down or otherwise recording your security details in a way that can be understood
by someone else;• not choosing security details that may be easy to guess;• taking care to ensure that no one hears or sees your security details when you use them;• keeping your security details unique to your Account with us;• not allowing anyone else to have or use your security details (including for our telephone service
and OB) and not disclosing them to anyone, including the police and us, except your security details when registering for or resetting your telephone service and OB security details (but even then do not disclose in full);
• keeping information about your Account containing personal details (such as statements) safe and disposing of them safely. People who commit fraud use many methods such as searching in dustbins to obtain this type of information;
• changing your security details immediately and telling us as soon as possible in accordance if you know, or even suspect, that someone else knows any of those details, or if we ask you to;
• keeping your security details safe.
You must tell us as soon as possible if you find any fault, failure, delay or error in your Account, especially in the sending and receiving of Fund Instructions. Our records of your Fund Instructions are conclusive unless there is a clear mistake.
If any security details are lost or stolen, or you suspect someone has used or tried to use them, you must tell us without delay by calling us on 0345 600 2290 (textphone 03457 125 563).
Compensation
HSBC Bank plc is covered by the Financial Services Compensation Scheme (‘FSCS’). You may be eligible to compensation from the scheme if you have a valid claim against us in respect of investment business and we cannot meet our obligations. Most types of investment business are covered up to a maximum limit of £50,000 per person. Your eligible deposits (including cash balances in your settlement account or uninvested cash account) are covered separately by the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to the current FSCS limit for deposits up to a maximum limit of £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, each depositor would have a separate claim up to the FSCS deposit limit and so the maximum amount that could be claimed in total would be twice the current FSCS deposit limit (the maximum limit for joint accounts is currently £170,000). The FSCS deposit limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.
first direct and HSBC are both trading names of HSBC Bank plc and customers who hold deposits under both trading names will only be eligible for one claim of up to the FSCS deposit limit in total. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.
How to complain
If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know. We will investigate the situation and, if necessary, set about putting matters right as quickly as possible. Where appropriate we will also take steps to prevent a recurrence. However, if the matter is not resolved to your satisfaction and you would like further information about our process for resolving complaints, please ask us for our explanatory leaflet ‘Listening to Your Comments’. You may be able to refer your complaint to the Financial Ombudsman Service at Exchange Tower, London E14 9SR or by visiting www.financial-ombudsman.org.uk/consumer/complaints or by telephone on 0800 023 4567 or to call from abroad +44 20 7964 0500. To help us continually improve our service and in the interests of security we may monitor and/or record your telephone calls.
Global Investment CentreHSBC Bank Plc PO Box 715 Forum 1 The Forum Parkway Whiteley Fareham PO14 9QB
Registered in England number 14259. Registered office at 8 Canada Square, London E14 5HQ.
HSBC Bank plc is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Our firm reference number is 114216.
The FCA’s address is: 25 The North Colonnade, Canary Wharf, London E14 5HS.
The PRA’s address is: 20 Moorgate, London EC2R 6DA.
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Annex 2
HSBC policy on conflicts of interest‘HSBC Group’ means HSBC Holdings plc and its subsidiaries, associated and affiliated companies. The HSBC Group is a global organisation, which provides a wide range of financial services. As such, it, or a company with whom it has an association (‘HSBC’), may from time to time have interests which conflict with its clients’ interests or with the duties that it owes to its clients. These include conflicts arising between the interests of HSBC, its associates and employees on the one hand and the interests of its clients on the other and also conflicts between clients themselves. Conflicts may also arise from the receipt of payments or benefits from third parties or from remuneration and other incentive structures.
HSBC has established procedures, which are designed to take all appropriate steps to identify, prevent and manage such conflicts which may adversely affect the interest of clients. These include organisational and administrative arrangements to safeguard the interests of clients. A key element of this policy is that persons engaged in different business activities involving a conflict of interest must carry on those activities independently of one another. Where necessary, HSBC maintains arrangements which restrict the flow of information to certain employees in order to protect its clients’ interests and to prevent improper access to client information.
HSBC may also deal on its own behalf for its own investment account and may be matching transactions with another client. Procedures are in place in order to protect the client’s interest in this instance. In some cases, HSBC’s procedures and controls may not be sufficient to ensure that a potential conflict of interest does not damage a client’s interests. In these circumstances, HSBC will consider whether it is appropriate to disclose the potential conflict to the client and obtain the client’s formal consent to proceed. However, HSBC may decline to act in any circumstance where there is residual risk of damage to the interests of any client. You may have further questions which relate to the underlying procedures within HSBC. In such cases you should contact us.
General information
Important security informationYou must use our telephone service and OB in accordance with the Terms and the OB Terms and Conditions. You must take all reasonable precautions to keep safe and prevent fraudulent use of any security details. These precautions include but are not limited to all of the following, as applicable:• never writing down or otherwise recording your security details in a way that can be understood
by someone else;• not choosing security details that may be easy to guess;• taking care to ensure that no one hears or sees your security details when you use them;• keeping your security details unique to your Account with us;• not allowing anyone else to have or use your security details (including for our telephone service
and OB) and not disclosing them to anyone, including the police and us, except your security details when registering for or resetting your telephone service and OB security details (but even then do not disclose in full);
• keeping information about your Account containing personal details (such as statements) safe and disposing of them safely. People who commit fraud use many methods such as searching in dustbins to obtain this type of information;
• changing your security details immediately and telling us as soon as possible in accordance if you know, or even suspect, that someone else knows any of those details, or if we ask you to;
• keeping your security details safe.
You must tell us as soon as possible if you find any fault, failure, delay or error in your Account, especially in the sending and receiving of Fund Instructions. Our records of your Fund Instructions are conclusive unless there is a clear mistake.
If any security details are lost or stolen, or you suspect someone has used or tried to use them, you must tell us without delay by calling us on 0345 600 2290 (textphone 03457 125 563).
Compensation
HSBC Bank plc is covered by the Financial Services Compensation Scheme (‘FSCS’). You may be eligible to compensation from the scheme if you have a valid claim against us in respect of investment business and we cannot meet our obligations. Most types of investment business are covered up to a maximum limit of £50,000 per person. Your eligible deposits (including cash balances in your settlement account or uninvested cash account) are covered separately by the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to the current FSCS limit for deposits up to a maximum limit of £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, each depositor would have a separate claim up to the FSCS deposit limit and so the maximum amount that could be claimed in total would be twice the current FSCS deposit limit (the maximum limit for joint accounts is currently £170,000). The FSCS deposit limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.
first direct and HSBC are both trading names of HSBC Bank plc and customers who hold deposits under both trading names will only be eligible for one claim of up to the FSCS deposit limit in total. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.
How to complain
If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know. We will investigate the situation and, if necessary, set about putting matters right as quickly as possible. Where appropriate we will also take steps to prevent a recurrence. However, if the matter is not resolved to your satisfaction and you would like further information about our process for resolving complaints, please ask us for our explanatory leaflet ‘Listening to Your Comments’. You may be able to refer your complaint to the Financial Ombudsman Service at Exchange Tower, London E14 9SR or by visiting www.financial-ombudsman.org.uk/consumer/complaints or by telephone on 0800 023 4567 or to call from abroad +44 20 7964 0500. To help us continually improve our service and in the interests of security we may monitor and/or record your telephone calls.
Global Investment CentreHSBC Bank Plc PO Box 715 Forum 1 The Forum Parkway Whiteley Fareham PO14 9QB
Registered in England number 14259. Registered office at 8 Canada Square, London E14 5HQ.
HSBC Bank plc is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Our firm reference number is 114216.
The FCA’s address is: 25 The North Colonnade, Canary Wharf, London E14 5HS.
The PRA’s address is: 20 Moorgate, London EC2R 6DA.
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hsbc.co.uk
Issued by HSBC Bank plc Registered Office: 8 Canada Square, London E14 5HQ HSBC Bank plc, Customer Information, PO Box 6201, Coventry CV3 9HW
MCP49136 10/17 ©HSBC Bank plc 2017. All Rights Reserved.
Accessibility
To find out more about our accessible services please visit www.hsbc.co.uk/accessibility or ask at any of our branches.
If you’d like this document in another format such as large print, Braille or audio, please contact us on 03457 404 404. A textphone service is available for customers with hearing and/or speech impairment(s) on 03457 125 563 (+44 2070882077 from overseas). BSL Video Relay Service is also available (Monday-Friday, 8am-6pm, excluding Bank and Public Holidays) at www.hsbc.co.uk/accessibility.
This publication does not constitute advice.
If you’re in any doubt about the suitability of any investment we recommend that you speak to a financial adviser.
Past performance is no guarantee of future performance. Funds are investment products and involve risk. The value of your investments (and the level of income you receive from them) can fall as well as rise and so you may not get back the amount you originally invested.
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