More Information
Important Information
1. Investor Protection
One of our most important responsibilities is to ensure your assets are both safe and secure. With this in mind, we have put in place a policy with a major insurance company, which provides substantial protection in addition to that offered by the Financial Services Compensation Scheme (FSCS).
In general terms, as a client you will enjoy the following level of protection of your assets:
1.1. Regulatory Protection
Under the Financial Services Compensation Scheme (FSCS), in the unlikely event that any of the banks that we use is declared in default, each individual client is entitled to up to a total of £85,000 in compensation for losses across all their deposits with that institution. The FSCS also provides clients of Jarvis (and other organisations regulated by the FSA), compensation of up to £50,000 per investor for UK securities.
1.2. Additional Protection
In addition to the Regulatory Protection, as a client of ours you will enjoy further protection in the event of negligence, fraud or misappropriation through our professional indemnity policy. This provides further cover in excess of £3million. The Financial Services Authority (FSA) dictates the terms and conditions of the policy and the level of protection to Jarvis.
This protection only comes in to play should something happen, but of equal importance is the protection afforded to clients by the regular financial monitoring procedures of the FSA, HM Revenue and Customs and our Auditors., all of whom conduct regular reviews.
In the unlikely event that Jarvis ceased trading for any reason, creditors would not have any claim on client assets, either cash or stocks.
2. Order Execution Policy
Jarvis Investment Management Ltd is required to establish and implement an order execution policy and to provide appropriate information on its order execution policy to its clients. This information about Jarvis Investment Management Ltd's order execution policy is provided to you as a retail client of ShareDeal Active, which is a brand name of Jarvis Investment Management Ltd.
2.1. General Principles
When executing or routing orders on your behalf in relation to financial instruments we will take all reasonable steps to achieve what is called 'best execution' of your orders. This means that we will have in place a policy and procedures which are designed to obtain the best possible execution result, subject to and taking into account the characteristics of you as a client, your client classification and the characteristics of the order, the financial instruments that are the subject of that order and the Execution Venues to which that order can be directed.
2.2. Order Execution Policy
Subject to any specific instructions from you, when executing orders on your behalf or transmitting them to another entity for execution, we shall take all reasonable steps to achieve the best possible execution result for your order taking into account the execution factors listed below:
2.2.1. Execution Factors
The execution factors that will be taken into account are:
- Price
- Costs of the transaction
- Speed of execution
- Likelihood of execution and/or settlement
- Size and complexity of the order
- Characteristics and nature of the order
Ordinarily price and overall costs for transacting the deal will merit a high importance in obtaining the best execution result for your order. However, in some circumstances we may determine that other factors listed above may be more important in determining the best execution result for your order. We will exercise our own discretion in determining these factors.
2.2.2. Execution Venues
Jarvis Investment Management Ltd will execute deals through:
- Regulated markets
- Multilateral Trading Facilities
- Systematic internalisers
- Market makers for their own account
- Other liquidity providers
- Non-EU entities performing similar functions
For certain transactions, such as those where the security is traded by a limited number of entities, Jarvis Investment Management Ltd may use alternatives where we consider it is in your best interests to do so.
You should note that where we have obtained your prior express consent, your order might be executed outside a Regulated Market or Multilateral Trading Facility even where that order could be executed through a Regulated Market or Multilateral Trading Facility.
2.3. Delivering Best Execution
Having given consideration to the Execution Factors and General Principles referred to above, we will select the most appropriate venue(s) from those available and execute your order accordingly. Whenever there is a specific instruction from you, Jarvis Investment Management Ltd will carry out the order in accordance with that specific instruction and Jarvis Investment Management Ltd will be deemed to have complied with the best execution requirement to the extent of that instruction.
2.4. Review and Monitoring
Jarvis Investment Management Ltd will monitor execution quality and compliance with our Execution Policy on an on-going basis and will at least once a year make a formal assessment of its dealing policies. You will be notified of any material changes to the Execution Policy.
2.5. Limit Orders
We are required that, in the case of client limit orders in respect of shares admitted to trading on a regulated market which are not immediately executed under prevailing market conditions, unless you expressly instruct otherwise, to take measures to facilitate the earliest possible execution of that order by making public immediately your limit order in a manner which is easily accessible to other market participants. Such publication may not always be in your interest so unless you give explicit instructions to publish at the time that you place the order with us, we shall deem that you have instructed us not to publish.
The circumstances when we can publish your Limit Order(s) are:
- The Limit Order must be placed by telephone during normal market hours
- Be within the normal market size dictated by the market upon which the stock is listed, i.e. London Stock Exchange (LSE)
- The stock must be an “order driven stock”, i.e. a stock that can be published on the LSE order book
- Market makers for their own account
- You may only choose a settlement period of T+3
- The Limit Order is ‘Good for The Day’ i.e. Your order will be published until the market closes on the same day
3. Account Charges
| Dealing Commission (Online and Telephone) | £9.50 fixed rate |
| Certificated Dealing | £19.50 fixed rate |
| International Dealing | Refer to Overseas Dealing Rates |
| Trading Account | Free |
| ISA Administration fee | £50.00 per annum |
| Junior ISA Administration fee | £20.00 per annum |
| Late Payment Administration Charge | £20.00 * |
| Late Document Delivery Charge | £25.00 |
| Cash withdrawal fee (nominee account only) | £15.00 per occasion |
| Non activity fee | Nil |
| Dividend collection | Free |
| Income facility (quarterly payment) | Free |
| Transfer in of shares including certificates | Free |
| Call payments and rights issues | Free |
| Managed Funds discount | 2% |
| Transfer out of uk held securities | £10 per line |
| Transfer out of international stocks held by an overseas custodian | Please contact us for details |
| Ad hoc statements and valuations | £5.00 per occasion (available free online) |
| Annual Company Reports and Accounts | £5.00 per occasion (available free online) |
| Attendance at Shareholders Meetings | £20.00 per occasion |
| Account Transfer / Closure | £50.00 |
| Certificated withdrawal from nominee account | £10.00 per occasion |
| Phone recording review and dispute investigation | £25.00 per call |
All charges are subject to VAT at the prevailing rate with the exception of Dealing Commission, which is exempt. All purchases of UK stocks and Equities are currently subject to 0.5% Stamp Duty (1% on Irish Stocks). Transactions over £10,000 are also subject to a £1 PTM levy. Administration charges are collected in four equal payments in arrears or on closure if earlier including any balance for the current fiscal year. Dealing commission is taken at the time of the bargain.
* In addition, debit interest will be charged in accordance with Clause 8.4 (i) of the Terms and Conditions.
4. Complaints Policy
In the event of a complaint regarding our service, please write to:
The Compliance Officer
78 Mount Ephraim
Royal Tunbridge Wells
Kent
TN4 8BS
When we receive your complaint we will log it in our register and try to resolve the matter straight away. If we are unable to do this, we will normally provide a written acknowledgement of your complaint within 3 business days of its receipt.
Once our investigations are complete, we will write to you with our final response. Unless we have been able to resolve the matter straight away, our final response will notify you of your right to refer your complaint to the Financial Ombudsman Service (FOS) if you remain dissatisfied - a copy if the FOS leaflet will also be included.
You may contact the Financial Ombudsman Service at:
South Quay Plaza
183 Marsh Wall
London
E14 9SR
6. Risk Warning
For further information about the risks involved as well as our Covered Warrants and Warrants Suitablity Notice, please download the Covered Warrants and Warrants Suitablity Notice documentation.
