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WESLEYAN UNIT TRUSTS INCLUDING THE TERMS AND CONDITIONS
IMPORTANT DOCUMENT – PLEASE READ
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KEY FEATURES OF THE WESLEYAN UNIT TRUSTS
The Financial Conduct Authority is an independent financial services regulator. It requires us, Wesleyan Unit Trust Managers, to give you this important information to help you to decide whether our Wesleyan Unit Trusts are right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.
A unit trust is an investment for people who want to invest in a mix of stocks, shares, corporate or government bonds and many other types of investments.
When we use ‘fund’ or ‘funds’ in this document we mean the International Trust, the Growth Trust and the Cash Fund which you are investing in.
When we use ‘account’ in this document we mean all the money you have invested in the International Trust, the Growth Trust and the Cash Fund. (This does not include any money which is held in an Individual Savings Account (ISA).)
Helping you decide
This document and our key investor information documents (KIIDs) give the main points about the unit trusts. They don’t explain all the definitions which are in the terms and conditions (included at the back of this leaflet) and the scheme prospectus which has detailed information about the funds. You can get a free copy of the scheme prospectuses and the most recent reports about the funds from our Administration Centre.
Aims
To let you invest in the UK-authorised unit trusts we manage, with the aim of increasing the value of your investment.
Your commitment
} You need to invest a one-off payment, monthly payments or both.
} You need to keep at least £500 in your account at all times.
} You can invest your money for as long as you want to. However, this is a medium- to long-term investment so you should plan to keep your money in the account for five years or more. The Cash Fund is designed as a short-term home for your money.
Risks
} The value of your account can go up and down and you may get back less than you invested.
} The charges may increase.
} The tax rules that apply to unit trusts could change.
} The funds have different levels of risk. There is more information about these risks in the KIIDs which your Financial Consultant will give you or you can get from our website (www.wesleyan.co.uk).
} If you cancel your investment in the cancellation period you may get back less than you invested if the value has fallen by the time we receive your cancellation notice (this is a form we send to you with your account documents).
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Questions and answers
Who can invest in Wesleyan Unit Trusts?You can invest in Wesleyan Unit Trusts if you are aged 18 or over and are a UK resident for tax purposes.
How much money do I need to invest?
Monthly payments
} You need to pay £100 or more each month by direct debit. (When you are paying into more than one fund, you need to pay £25 or more into each fund you are investing in.)
} You can increase your monthly payments by £10 or more at any time.
} You can reduce your monthly payments at any time, as long as they don’t go below £100 a month.
} We will close your account if you stop your monthly payments and you have paid in less than £500.
One-off payments
The minimum one-off payment is £250 for the Growth Trust and the International Trust and £150 for the Cash Fund.
Before you increase your monthly payments or add one-off payments you need to read the most recent KIID for the funds you are investing in. You can ask us for a copy or get a copy from our website. You need to confirm in writing that you have read the latest KIID or KIIDs when you send us one-off payments or tell us to increase your monthly payments.
Where is my money invested?You can invest in the:
} Cash Fund;
} Growth Trust; and
} International Trust.
If, on or after 2 January 2013, you:
} open a new account; or
} make a one-off payment or increase your monthly payments in an account you already hold with us;
we will invest your money in the Growth Trust (series 2), the International Trust (series 2) or our Cash Fund (in line with your instructions).
We reinvest any income your unit trust investments make back into the funds. These income distributions are made up of a number of elements, for example dividend income from shares and interest on cash deposits. We distribute income for reinvestment every six months for the:
} Cash Fund and the Growth Trust on 28 February and 31 August; and
} International Trust on 31 May and 30 November.
Can I move my money to another Wesleyan Unit Trust?
} If you want to switch money into:
§ a later series of the same fund; or § a different unit trust;
you will have to sell units and use the money to buy these new units.
} You won’t have to pay 4% of the bid-offer spread if you switch between the same series of the Growth and the International Trust.
} The bid-offer spread is explained in the ‘What are the charges?’ section on page 4.
} You can switch units from the Growth Trust, the International Trust and the Cash Fund into the Wesleyan Unit Trust ISA (as long as it’s within the limits set by HM Revenue & Customs (HMRC) for ISAs for that tax year). You will not have to pay an Initial Charge (see ‘What are the charges?’).
Can I take some money out? } You can withdraw £250 or more from your account
at any time by writing to our Administration Centre.
} We will pay withdrawals directly into your bank account or send you a cheque.
} You must always leave at least £500 in your account.
How do I cash in my account? } You can withdraw all of your money by writing to
our Administration Centre and telling us that you want to do this.
} We will close your account and pay the money directly into your bank account or send you a cheque.
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How much will I get back? } You’ll get back the full value of your account if you
decide to cash it in.
} How much your account is worth if you decide to cash it in depends on a number of things including:
§ how much you’ve invested; § how much you’ve already taken out; § how long your money has been invested for; § how well your investments have performed; and § the level of our charges.
What happens to my unit trusts if I die?If you die, your money will carry on being invested until your personal representatives decide what they want to do with it.
What are the charges?We (Wesleyan Units Trust Managers) collect charges from your product (your Wesleyan Unit Trusts) to cover our costs in managing your account and investments. If you have received advice from Wesleyan Financial Services (WFS) about your investment or you are opted into their Ongoing Advice Service (OAS), part of the charges we collect will also cover the costs of these services. We will take the necessary charges from your account and pay them to WFS.
We sell units in the Growth Trust and the International Trust to you at a higher price than you can sell them back to us. The difference between the two prices is called the ‘bid-offer spread’. The bid-offer spread is currently about 5% of the amount you invest. This is made up of a 4% Initial Charge (which includes the costs of any initial advice from WFS) and dealing costs, which may vary but are currently around 1%.
There is currently no bid-offer spread if you invest in the Cash Fund.
Annual Management Charge
We also charge you an Annual Management Charge (AMC). The AMC is a percentage of how much your account is worth each year. We don’t take the whole AMC at once – we split it up and take part of it every day before we set the unit price.
Paying for ongoing advice
The AMC includes the cost of the Ongoing Advice Service (OAS) that Wesleyan Financial Services provide (if you are opted into that service). We will reduce your AMC by 0.5% if you opt out of the OAS. There is currently no OAS charge for the Cash Fund.
We charge other expenses directly to the funds.
The AMC and expenses we charge are a percentage of what your account is worth and depend on the fund or funds you invest in.
The table below shows the AMC and the expenses we will apply.
Your personal illustration shows how the charges may affect your account.
We may change our charges but we will give you 60 days’ notice if we need to do so.
Annual Management Charge (AMC)(For the Growth Trust and International Trust this includes the cost of the On-going Advice Service WFS provide if you are opted into this service.)
Other expenses charged directly to the funds
Cash Fund 0.5% 0.2%
Growth Trust 1.5% 0.2%
International Trust 1.75% 0.25%
} We take the AMC every day before we set the unit price. If you opt out of the OAS we will refund a portion of the AMC (0.5%) by adding extra units to your account every month.
} The expenses do not include the fund’s dealing costs.
} These expenses are taken from the income made by the fund. If there is not enough income to pay the expenses we will take the money from the fund itself.
What about tax?The following information is for UK residents only.
} You may have to pay capital gains tax when:
§ charges are taken from your investments to cover the cost of any advice provided by Wesleyan Financial Services;
§ you take money out of the unit trusts; § you switch between the unit trusts; and § you switch into an ISA.
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} We reinvest any income the investments make back into the funds.
} The income distributions from the Growth Trust and the International Trust come with a dividend tax credit of 10% (you cannot claim this back). The table below shows the extra income tax you currently have to pay on the income distribution.
Type of taxpayer
Extra income tax you have to pay on the gross (before tax) income distribution
Not a higher- or addition-al-rate taxpayer
0% (you don’t have to pay any more income tax)
Higher-rate taxpayer 22.5%
Additional-rate taxpayer 27.5%
} The income distributions from the Cash Fund come with a savings tax credit of 20%. The table below shows the extra income tax you have to pay on the income distribution.
Type of taxpayer
Extra income tax you have to pay or the tax you can claim back on the gross (before tax) income distribution
Not a taxpayer0% (you can reclaim tax credit of 20%)
Starting-rate taxpayer0% (you can reclaim tax credit of 10%)
Basic-rate taxpayer 0%
Higher-rate taxpayer 20%
Additional-rate taxpayer 25%
} Your investment will be part of your estate when you die and there may be inheritance tax to pay.
} This is how we understand the current tax rules. They may change in the future.
How can I find out how my unit trusts are doing?You can:
} check the statement we send to you every six months; or
} call our Administration Centre on 0870 601 6129 for an up-to-date valuation.
Can I change my mind?Yes, you can change your mind. Simply fill in the cancellation notice we send to you and return it to us within 14 days of the date you received it.
If you decide to cancel, we will give you back any money you have paid to us less the amount (if any) your investments have fallen by when we receive your cancellation notice. We will pay this money back to you by cheque.
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Other information
How to complainWe do everything we can to make sure we always give you the best possible service. If you are unhappy with the advice you were given by your Wesleyan Financial Consultant, and wish to complain you can contact us in the following ways:
} Speak to our Customer Service team on 0800 092 1990. Our lines are open from 8.30am to 6.30pm, Monday to Friday and from 9am to 2pm on Saturday.
} Complete the online contact form which can be found by visiting our website www.wesleyan.co.uk
} Email the Compliance Team at [email protected]
} In writing to the address below Complaints Team Compliance Department Wesleyan Assurance Society Colmore Circus Birmingham B4 6AR
You can also fax your letter to us on 0121 200 9210
If you want to complain about how our Administration Centre is dealing with your account, please contact them at the address below.
The Administration Centre PO Box 9033 Chelmsford CM99 2WQ
Phone: 0870 601 6129
If, after receiving the response, you’re still not happy, you can refer your complaint to the Financial Ombudsman Service.
The Financial Ombudsman Service Exchange Tower London E14 9SR
Phone: 0800 023 4567 (free if you are calling from a landline) Phone: 0300 123 9 123 (free if you are calling from a mobile phone and you pay a monthly charge for calls to numbers starting 01 or 02) Email: [email protected] Website: www.financial-ombudsman.org.uk
If you complain to the ombudsman, it won’t affect your legal rights.
LawThe plan is governed by the law of England.
Compensation If we cannot meet our financial obligations to you, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) under the Financial Services and Market Act 2000. You can get details of the scheme from the FSCS at:
FSCS 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU
Phone: 0800 678 1100 Phone: 020 7741 4100 Email: [email protected] Website: www.fscs.org.uk
How to contact usIf you have any questions about how we are dealing with your account, please contact our Administration Centre in any of the following ways.
Write to:
The Administration Centre PO Box 9033 Chelmsford CM99 2WQ
Call us on 0870 601 6129. Our lines are open from 9am to 5pm, Monday to Friday. We may monitor our calls to improve our service.
If you want to tell us to do something, for example increase your monthly payments, you will need to write to our Administration Centre.
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Terms and conditions
Plain English Campaign’s Crystal Mark does not apply to these terms and conditions.
Contents
1. Introduction
2. Definitions
3. How to invest
4. Investing your money
5. Owning the account
6. Managing your investment
7. Reinvesting the income
8. Taking money out
9. Closing your account
10. Charges
11. Tax
12. Documents we will send you
13. Changing these terms and conditions
14. General information
15. Complaints
16. Compensation
17. Our rights
18. Confidentiality
19. Associates and other parties
20. Contacting us
21. Law
22. Storing and using your information
23. Money laundering
1. IntroductionThese terms and conditions along with the application form describe the agreement between you (the investor) and us (Wesleyan Unit Trust Managers Limited) for managing your unit trusts.
These terms and conditions apply to your account. You should read them carefully and if there is anything you don’t understand please contact our Administration Centre.
When we refer to statutory or regulatory provisions or the rules of any self-regulatory body we mean the current version of those rules or provisions unless we state otherwise.
We are regulated by the Financial Conduct Authority (FCA) in the conduct of investment business.
2. DefinitionsIn this document we use financial words and phrases that not everyone will be familiar with. We’ve explained what these mean below.
} Account – all of the units you hold (outside of an Individual Savings Account) in the Wesleyan Unit Trusts.
} Account manager – Wesleyan Unit Trust Managers Limited.
} Administration Centre – deals with all queries and instructions on your account. International Financial Data Services UK Limited (IFDS) will administer your account on our behalf. If you have any questions you can write to them at PO Box 9033, Chelmsford CM99 2WQ or phone them on 0870 601 6129.
} Application form – the application form which you complete to apply to invest in this account.
} Best execution – to get the best possible result when we buy or sell investments we have to consider various factors. This is set out in our ‘best execution’ policy. In most cases we will consider the price as the most important factor.
} Client Money Account – a bank account required by the client money rules. Our client money account is with Lloyds Bank plc or any other bank which we nominate.
} Client money rules – the client money rules contained in the Financial Services Authority Client Assets sourcebook (as amended).
} Contract note – if you invest a one-off payment this is the note we give you when your application has been processed which shows the amount you have invested and the number of units you have bought. You will also receive a contract note if you sell units which shows the number of units you have sold and the number you have remaining. If you have applied to make monthly payments we will acknowledge that we have accepted your application but we won’t send you a contract note.
} FCA – the Financial Conduct Authority (or its successors).
} FCA rules – the rules which we operate under to conduct our investment business.
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} Funds – the Wesleyan Unit Trusts you invest in.
} Fund series – from time to time we may create different types of units in the fund or funds in the scheme. When we do this we will create a new fund series. Your account may hold units in more than one series in the fund or funds you are investing in. We will write and let you know if we create a new unit series in a fund or funds you are investing in.
} Income distribution date – the date, every six months that we distribute income from the funds. For the Cash Fund and the Growth Trust we distribute income on 28 February and 31 August and for the International Trust we distribute income on 31 May and 30 November.
} Scheme – if you invest in either the Growth Trust or the International Trust you are investing in authorised securities schemes. If you invest in the Cash Fund you are investing in an authorised money market scheme.
} Units – your money and money from other investors is used to buy units in the Wesleyan Unit Trusts. The number of units you have is your share of the fund. These units are accumulation units which means the income made is invested back into the fund.
} Us or we – Wesleyan Unit Trust Managers Limited, the Account manager.
} Valuation dates – the dates each year when we value the funds. We value the Cash Fund and the Growth Trust on 28 February and 31 August and the International Trust on the 31 May and 30 November. If these dates are not working days we will value the funds on the previous working day. We may value the funds on other days from time to time.
} Working day(s) – the days we are open for business. So Monday to Friday except bank holidays in England.
3. How to invest
Opening your account
We will open your account when we receive and accept your completed application form and your payment at our Administration Centre. There may be a delay if we need to get more information about you or there is anything which isn’t clear.
We will acknowledge receipt of your application form and any payment you sent with it the next working day after we have received it.
These terms and conditions will apply as soon as we accept your application.
Your right to cancel
After we receive your application form, we will send you a cancellation notice. From the day you receive the cancellation notice you have 14 days to cancel your payment. If you decide to cancel, we will give you back any money you have paid to us less the amount (if any) your investments have fallen by when we receive your cancellation notice. We will send your money back to you by cheque. You will have to give us back any money we have already paid to you under the contract.
Paying money in
To pay money into your account you must complete and sign the application form and send it with your payment or completed direct debit form to our Administration Centre.
You can make one-off payments by cheque and monthly payments by direct debit.
One-off payments
The minimum one-off payment is £250 for the Growth and International Trusts and £150 for the Cash Fund.
Monthly payments
} You need to pay in £100 or more each month by direct debit.
} You need to pay £25 or more into each of the funds you are investing in.
} If you want to increase your payments they have to go up by £10 a month or more.
} We need at least 10 working days to set up your direct debit and we will let you know when we will collect your first and subsequent payments.
} You can reduce your monthly payments at any time. Unless you tell us otherwise, we will reduce the payments being used to buy units in the most recent series for the fund or funds you are investing in.
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} You need to write and tell us if you want to change or stop (either temporarily or completely) your monthly payments. We won’t be able to change or stop a direct debit which is due to be taken from your bank account in the next seven working days.
} We will close your account if you stop your monthly payments and you have paid in less than £500.
} We will give you 30 days’ notice if we change the minimum amount you have to pay in. We may change the minimum investment amount to help cover our administration costs.
} If your bank or building society refuses our request for a monthly payment, we will not attempt to collect the payment you’ve missed. However, we will contact you if this happens.
4. Investing your money As long as we have accepted your application (in line with these terms and conditions) we will use your one-off payment to buy units using the price that applies on the next working day after we receive your cheque. (We only register cheques as being received by us on working days.)
If you pay by direct debit we will buy units using the price that applies on the working day we receive your payment.
5. Owning the accountWe do not issue unit certificates or other documents of title (which show your legal ownership of the investments). Entitlement to units will be shown by the entry on the register of unit holders. Any documents which show the title will be held by us or as we may direct.
You will be the beneficial owner of the investment (this means that you effectively own the investments without holding the legal title to them).
You cannot sell or transfer or try to transfer any interest in your investment or lend them to a third party to use them as security for a loan or create any legal charge or security over them.
The investments will be registered jointly in your name and our name or the name of a company we nominate (called the nominee). We will be responsible for the actions of any nominee.
If the nominee company defaults then any shortfall in the securities registered in their name may be shared among all customers whose investments were registered with them. (The amount you will receive will be based on the share of the fund your investments represented.)
We will not lend your investments, title documents or any property which belongs to you to a third party.
We will not commit you to pay any more money into the account.
We will not pay any costs, expenses, demands or losses (including any tax which you should pay) which arise from us managing the account.
You are only responsible for losses and expenses incurred by us as a result of your own carelessness or dishonesty.
6. Managing your investment We will invest your money in the Wesleyan Unit Trusts you choose.
If we need to, we will keep your money until it’s invested. If this happens, we will hold your money in a client money account in line with the client money rules. This Client Money Account is held in trust with Lloyds Bank. We will credit or debit this client money account with:
} the money which comes from changes in the investment;
} the distributions we receive or collect; and
} fees, commissions or charges.
We may cash in your units or use your payments to pay taxes, fees, commissions or any expenses which you need to pay to us. If there is not enough money in your account to pay everything that is outstanding, you will need to pay us the difference. You may be liable for the reasonable costs, damages or losses which we incur if there is a delay in you paying.
We may manage this account investment along with other investments we manage and we may put them together for some types of transactions. We may put together the investments in this account with other accounts which we hold for you.
Sometimes we receive money which belongs to you after your account is closed. We will hold this money in our client money account until we receive your instructions.
We will not pay interest on any money held in our client money account.
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We will send you an annual statement that will show any cash balances held in the Client Money Account.
We may stop treating your money as client money if:
} it’s been held in our client money account for more than six years; and
} we haven’t been able to get any instructions after taking reasonable steps to find you.
We reserve the right to donate it to a charity of our choice. However, should you wish to subsequently claim your money after we’ve made the payment to charity, we will still pay what is due to you.
7. Reinvesting the income All units in all the schemes are accumulation units. We reinvest the income we distribute in the funds with the aim of increasing the unit price.
If you cash in your account we will pay any income which is due to you, within seven working days of the income distribution date of the scheme you were invested in.
8. Taking money out You can write and tell us that you want to take money out at any time. Unless you tell us otherwise, to pay the withdrawal we cash in units in the order you bought them – starting with the newest first. You must leave at least £500 in your account.
You must withdraw at least £250 which we will normally pay to you by bank transfer or cheque within four working days of selling your units.
If you are making payments by direct debit we will pay withdrawals to the bank account your payments are taken from. If you made a one-off payment we will pay the withdrawal to the bank account you stated on your application form. If you didn’t give us any bank details on your application form you will need to send us a voided cheque from an account in your name(s) with your request to withdraw money so that we can validate your account details. We will then pay the withdrawal to the validated account.
9. Closing your account
If you close your account
You can write and tell us that you want to close your account at any time. You won’t have to pay a penalty to close your account and we will carry on with any transactions we have already started for you.
When we receive your written instructions we will cash in your account and send you the money by cheque or bank transfer within four working days of selling your units. We will keep any money which is needed to pay any outstanding fees for transactions we have already started for you.
If we close your account
We may close your account if you are in breach of any material obligation under these terms and conditions and you have failed to remedy the breach within a reasonable time of us requesting you to do so.
We will cash in your account and send you the money by cheque or bank transfer within four working days of selling your units.
We will keep any money which is needed to pay any outstanding fees for transactions we have already started for you.
If you die
If you die, your money will carry on being invested in the Unit Trust(s) until your personal representatives decide what should happen to it.
If your personal representatives close the account then any outstanding fees will have to be paid. We will account to your estate promptly for the sale of the units but we will keep any money which is needed to pay any outstanding fees for transactions we had already started for you.
10. Charges We set out our product charges in our key investor information documents which your Financial Consultant will give you or you can get from our website (www.wesleyan.co.uk).
We may change:
} the charges, commissions or expenses which have to be paid;
} how we take these charges, commissions or expenses (or pay them back in exceptional circumstances); or
} the date they are due to be paid.
We will give you 60 days’ notice if we make any changes to the above. We may increase or decrease charges:
} if the administration costs and expenses (which are reasonable in amount and reasonably incurred) affecting the contract change; or
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} as a result of changes in taxation or any regulatory change adversely affecting financial services companies which affects the contract.
11. Tax You may have to pay capital gains tax when:
} you sell or transfer units; and
} charges are taken from your investments to cover the cost of any advice provided by Wesleyan Financial Services.
You may have to pay income tax on the income distributions from the funds.
The tax you have to pay will depend on your individual circumstances.
The tax rules that apply to this account may change in the future.
12. Documents we will send you We will send you any information in writing that is necessary to comply with the FCA rules.
We will send you a contract note when you make a one-off investment and when you sell units.
We will send you a report for:
} each six-month period ending on a valuation date; or
} the period between you opening your account and the next valuation date.
The report will include:
} a valuation of your investment at the most recent valuation date;
} a list of all the transactions relating to this account during the relevant period (in line with the FCA rules); and
} any other information the FCA rules require us to give you.
If you write and ask us, we can arrange for you to:
} receive any information issued to unit holders (including the annual report and accounts) for the funds you are invested in;
} attend meetings about the funds you are invested in; and
} exercise voting rights for the units held in your account.
13. Changing these terms and conditions We may change these terms and conditions by giving you at least 60 days’ notice in writing.
We may change the terms and conditions because of changes to the schemes. We will tell you that these changes are taking place. We may need to get the unit holders’ consent before some types of changes are made.
14. General information We will act in good faith and invest in line with the fund objectives. However, we are not liable for any losses suffered by the account because of changes in market conditions, errors of judgement or losses from depreciation. We will be liable for losses which arise because:
} of a direct result of fraud on our part;
} of negligence or gross misconduct on our part;
} we have breached the Financial Services and Markets Act 2000 (or the regulations made under it).
Unless we have stated otherwise in these terms and conditions (please see section 5), we will not be liable if a third party defaults who:
} holds money which belongs to you which has been paid to a third party on your behalf;
} is the holder of registered investment schemes; or
} holds documents of title or certificates of entitlement to investments.
We don’t accept liability for any default or fraud by any bank or by any other person, firm or company which we transact with or through on your behalf (other than stated in section 5).
We may employ agents in connection with the service we provide. We may delegate all or some of our powers or duties to delegates we choose in line with the FCA rules and may assign all rights and duties to that agent or delegate.
We will make sure that any delegate we choose is competent to carry out the functions or responsibilities we delegate to them.
We will not be liable for our delegate’s negligence or misconduct. Except if we have been negligent when choosing this delegate. This does not change any liability we have to you under the Financial Services and Markets Act 2000.
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15. Complaints We do everything we can to make sure we always give you the best possible service. If you are unhappy with the advice you were given by your Wesleyan Financial Consultant, and wish to complain you can contact us in the following ways:
} Speak to our Customer Service team on 0800 092 1990. Our lines are open from 8.30am to 6.30pm, Monday to Friday and from 9am to 2pm on Saturday.
} Complete the online contact form which can be found by visiting our website www.wesleyan.co.uk
} Email the Compliance Team at [email protected]
} In writing to the address below Complaints Team Compliance Department Wesleyan Assurance Society Colmore Circus Birmingham B4 6AR
You can also fax your letter to us on 0121 200 9210
If you want to complain about how our Administration Centre is dealing with your account, please contact them at the address below.
The Administration Centre PO Box 9033 Chelmsford CM99 2WQ
Phone: 0870 601 6129.
If, after receiving their response, you’re still not happy, you can refer your complaint to the Financial Ombudsman Service.
The Financial Ombudsman Service Exchange Tower London E14 9SR
Phone: 0800 023 4567 (Free if you are calling from a landline.) Phone: 0300 123 9 123 (Free if you are calling from a mobile phone and you pay a monthly charge for calls to numbers starting 01 or 02.) Email: [email protected] Website: www.financial-ombudsman.org.uk
16. Compensation If we cannot meet our financial obligations to you, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) under the Financial Services and Market Act 2000. You can get details of the scheme from the FSCS at:
FSCS 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU
Phone: 0800 678 1100 Phone: 020 7741 4100 Email: [email protected] Website: www.fscs.org.uk
17. Our rights If, when you invest in these funds, the FCA rules allow us to merge your previous investments with those in this account (for example, for administration purposes) then these terms and conditions will apply to all those investments which are merged.
We will not be liable or have any responsibility for any loss or damage if there is a failure, interruption or delay in us performing our obligations because of:
} telecommunications or computer services breaking down, failing or malfunctioning;
} industrial disputes;
} third parties failing to carry out their obligations;
} the acts of governmental or supranational authorities (such as the European Union); or
} any other events or circumstances which are not reasonably in our control.
These terms and conditions will not stop us providing investment services to other people.
We have not authorised anyone to act on our behalf for this account apart from the circumstances set out in these terms and conditions.
We have an interest in all purchases and sales of units for the account, because we are also the manager of the units trusts offered in the account.
When we buy or sell units for the account we may have a further interest in that transaction (either directly or indirectly). For example, this may happen when:
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} we deal collectively for you and for other clients and the other clients have already invested in the fund you want to invest in; or
} we work for both the buyer and the seller in a transaction.
We will not tell you if we have an interest in any transaction before it takes place.
18. Confidentiality When we are required by law we will disclose any information we know about your financial affairs to any eligible authority (including the FCA but not limited to them). We will not be liable if we disclose information in good faith in line with this condition.
You authorise us to give HMRC information which they ask us for about your account.
19. Associates and other partiesWe may deal with or through associated companies when we get or dispose of investments for this account (even if these companies don’t act as our principal or agent). We will carry these transactions out on a best execution basis. We do not have to account to you for any benefit we or our associates get from these transactions.
20. Contacting us You should send all instructions in writing to our Administration Centre. You must sign any correspondence you send to us. (If someone holds a valid power of attorney for you they can sign the correspondence you send to us on your behalf.)
Unless you arrange it with us first we won’t accept instructions by fax.
We may accept instructions other than in writing from time to time.
We, or our agents, can contact you by phone or other ways to get your instructions about your account.
When we post notices to you, we will assume you have received them two working days after they have been posted.
International Financial Data Services UK Limited (IFDS) will administer your account on our behalf. If you have any questions about how your account is being administered you should write to them at PO Box 9033, Chelmsford CM99 2WQ or phone them on 0870 601 6129.
Our registered office is at Colmore Circus, Birmingham B4 6AR.
21. LawThe law of England applies to these terms and conditions.
The law and courts of England will decide any dispute.
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22. Storing and using your information The Wesleyan Group will use the personal details and information you have provided for the provision of products, services, administration, marketing, risk assessment, fraud prevention and regulatory purposes. We may also need to disclose your information to other service providers or carefully selected third parties for these purposes. If you are a joint applicant the Wesleyan may also disclose your information where necessary to other joint applicant(s).
By submitting this information to us, you consent to our processing sensitive personal information about you where this is necessary or appropriate. ‘Sensitive’ personal data may include, for example, information relating to medical health or criminal convictions, which we may use for assessment and servicing purposes.
We may also share information with other organisations with which we have a business relationship. We may analyse your transactions to develop and maintain an up-to-date picture of you which we and/or linked suppliers can use to keep you informed about other products and services which we (or they) think might be of interest.
If you wish to be contacted by email about products, special offers or discounts, then you must also have provided express consent to us. From time to time we may also contact you for research and/or marketing purposes by mail or telephone. If you do not want to be contacted for research and/or marketing purposes by one or more of these methods, please advise us and we will amend our records. Please remember, we will be unable to provide you with information about products, special offers or discounts.
What information do we collect? How do we use it?
At times we may request that you voluntarily supply us with personal information, which may include sensitive personal information. Generally this information is requested when you request information on or apply for a product or service, provide information to our advisers or when using the website. We and our affiliates may gather and use information about you in the following ways:
We will use your personal information and information we obtain from other sources for dealing with your enquiries, administration and customer services, considering and processing your application for products or services, for marketing, for credit searches and to ensure that the content, services and advertising that we offer are tailored to your needs and interests. We may share your personal information with any joint account holders for a product, our affiliates, service providers and agents for these purposes.
In assessing your application for products and services, to prevent fraud, to check your identity and to prevent money laundering, we may (i) search the files of credit reference agencies who will record any credit searches on your file; (ii) check your details with fraud prevention agencies; and (iii) disclose details of how you conduct your accounts to such agencies. The information may be used by other credit grantors for making credit decisions about you and the people with whom you are financially associated, for fraud prevention, money laundering prevention and occasionally for tracing debtors. Information used for these purposes will include publicly available information such as electoral roll, county court judgments, bankruptcy orders or repossessions.
We may disclose personal information in order to comply with a legal or regulatory obligation.
We may keep your personal information for a reasonable period for these purposes.
By providing us with your personal information you consent to our processing your personal information for the above purposes. You also consent to our transferring your information to countries or jurisdictions which do not provide the same level of data protection as the UK, if necessary, for the above purposes. If we do make such a transfer, we will, if appropriate, put a contract in place to ensure your information is protected.
23. Money launderingTo comply with Money Laundering Regulations and to help protect against identity fraud, we are required to verify your identity and postal address. We will need to see appropriate documentary evidence or we may check your identity electronically using a credit reference agency. A search to verify your identity and address won’t affect your credit rating.
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For further information, please call 0845 351 2352 Or visit: www.wesleyan.co.uk
If you would like this document in Braille, audio or large print, please contact 0845 351 2352.
Head Office Wesleyan Colmore Circus Birmingham B4 6AR
Wesleyan Unit Trust Managers Ltd.
Administration Centre: PO Box 9033, Chelmsford CM99 2WQ. Telephone: 0870 601 6129.
Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0121 200 3003. Fax: 0121 200 2971. Website: www.wesleyan.co.uk.
Advice is provided by Wesleyan Financial Services Ltd.
‘WESLEYAN’ is a trading name of the Wesleyan Group of companies.
Wesleyan Unit Trust Managers Ltd (Registered in England and Wales No. 2114859) is authorised and regulated by the Financial Conduct Authority. Wesleyan Financial Services Ltd. (Registered in England and Wales No 1651212) is authorised and regulated by the Financial Conduct Authority. Wesleyan Unit Trust Managers Ltd and Wesleyan Financial Services are wholly owned by Wesleyan Assurance Society which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Unit Trust Managers Ltd is also a member of The Investment Association. Telephone calls may be recorded for monitoring and training purposes. Copies of the Scheme Prospectus, Key Investor Information Documents (KIIDs) and the most recent Annual Report and Half-Yearly Report on authorised funds are available free of charge from the Administration Centre.
WI-KFD-38-04/15
