Interactive Investor Terms and Conditions
SECTION A General Terms and Conditions
1.1 Interactive Investor is a trading name of Interactive Investor Trading Limited which is authorised and regulated by the Financial Conduct Authority (with firm registration number 190551) and is an HMRC approved ISA plan manager. Interactive Investor Trading Limited is a company incorporated in England with Company Number 0369918 and having its registered office at Standon House, 21 Mansell Street, London, E1 8AA. Our telephone number is 0845 882 3325.
1.2 These terms use a number of capitalised words and phrases and the meaning given to such words and phrases are set out in paragraph 2 below.
1.3 References to “Clauses” in this Section A shall be to clauses in section A of these terms unless specifically stated otherwise.
1.4 These terms are divided up as follows:
- Section A - general terms applicable to all Interactive Investor Accounts;
- Section B - additional terms applicable to our Interactive Investor Portfolio Builder service;
- Section C - additional terms applicable to our Dividend Reinvestment Plan service; and
- Section D - additional terms applicable to our Interactive Investor Individual Saving Account (ISA).
1.5 The legal agreement (the “Agreement”) between you, the client, and us, Interactive Investor, will be made up of:
- these terms;
- the SIPP Terms and Conditions (to the extent applicable to you);
- any further terms agreed between us in writing in relation to our services; and
- the terms relating to our charges, commissions, tariffs and interest rates that we give you or tell you about when we agree to provide you with a particular service or which are provided to you on our Website; in each case as amended from time to time in accordance with the terms of the Agreement.
1.6 The Agreement comes into effect when we start providing any part of the Interactive Investor Service to you. You should carefully read, and be sure that you fully understand, the Agreement and any words and phrases relating to trading Investments on the stock markets used in the Agreement. If you have any doubts in relation to the consequences of entering into this legally binding Agreement you should take legal advice.
1.7 For the purposes of the FCA Rules, we will treat you as a Retail Client unless we agree with you otherwise.
1.8 All communication between us and you, either oral or written, will be in the English language.
2.1 In these terms the following words and phrases have the special meanings set out below:
- Approved Bank
- means a bank authorised by an applicable regulator to accept deposits
- Cash Account or CA
- means a part of an Interactive Investor Account used to hold cash pending investment
- means the fees and charges payable in respect of your Interactive Investor Account as detailed on the Website. Charges may be amended from time to time in accordance with the Agreement
- Client Money Rules
- means the FCA’s requirements relating to holding client money as set out in the FCA Rules
- Complex Instruments
- means Investments which are, by their nature, relatively complex (including derivatives, Warrants, options and futures) which, in our opinion, do not fall within the definition of “Non-complex Instruments” as set out in MiFID
- Conflicts of Interest Policy
- means our policy on the identification and management of conflicts of interest, a summary of which is available on our Website
- Contract Note
- means the record, either provided in paper form or electronically, detailing a Trade or Trades, including applicable dealing costs and charges and the total amount payable by or to you in respect of such Trade or Trades
- shall be given the meaning set out in Clause 18.10
- Corporate Action
- means a rights issue, take-over, merger, capital reorganisation, conversion, subscription rights or similar event affecting any Investments held for you
- means the electronic system for Settlement and custody for shares traded on the LSE and other Exchanges
- Debit Card
- means a card through which money can be deducted from your Nominated Bank Account and which is acceptable to us in our discretion
- De Minimis
- Amount means the de minimis level of cash funds or value of Investments that may be held in your Interactive Investor account, as set out on our Website
- Dividend Reinvestment Plan (DRIP) means the service we currently provide as part of the Interactive Investor Service whereby you can use cash dividends received on a DRIP Eligible Investment (as such term is defined in Section C of these terms) held by you to purchase further shares/units of that DRIP Eligible Investment, as more fully described in Section C of these terms
- this includes regulated and designated markets, such as the LSE, which bring together buyers and sellers of Investments (including Retail Service Providers (being firms that, in basic terms, provides a price feed for an online electronic quoting system used in executing certain Trades) and Market Makers (being, in basic terms, firms who make markets in certain Investments and who play a role in providing liquidity in the markets).
- means our regulator, the Financial Conduct Authority or its successor bodies
- FCA Rules
- means the rules of the FCA contained in the FCA Handbook of rules then in force
- General Terms and Conditions
- means the terms and conditions set out in Section A of these terms
- means Interactive Investor and any other entities forming part of our corporate group from time to time, including, as at the date of these terms, Interactive Investor plc, Moneywise, Money Observer and Investor Nominees Limited
- means HM Revenue & Customs in the UK or its successor bodies
- means money received from dividends, interest, (including interest on cash held by us) or distributions from Investments held for you in your Interactive Investor Account
- Interactive Investor Account
- means an account you hold with us in connection with the Agreement as described in Clause 3. This may encompass your Interactive Investor Trading Account, your Interactive Investor ISA account and your Interactive Investor SIPP account (to the extent that you hold such accounts)
- Interactive Investor Portfolio Builder
- means the service we currently provide as part of the Interactive Investor Service whereby regular purchases of Investments can be made from available cash in your CA, as more fully described in Section B of the terms
- Interactive Investor Service
- means the services that we provide in accordance with the Agreement and as described, in general terms, in Clause 3
- Interactive Investor SIPP
- means the Interactive Investor SIPP, a self invested pension plan made available through the Interactive Investor Service
- Interactive Investor Trading Account
- means a general account that you may hold with us through which Trading in Investments can be effected and encompassing your Cash Account, Nominee and Safe Custody services as described in Clause 3
- means the investments that you can hold and Trade through your Interactive Investor Account, as we may determine from time to time at our discretion and as detailed on our Website
- is London Stock Exchange plc
- means the Markets In Financial Instruments Directive (Commission Directive No. 2006/73/EC implementing Directive 2004/39/EC of the European Parliament and of the Council) as amended from time to time
- Mobile Device
- is a portable electronic device which allows you to process, receive and send data without the need to maintain a wired connection with the internet
- Nominated Bank Account
- is your personal bank, building society or savings account (denominated in Sterling or in such other currency that we may in our discretion permit and registered in the UK) that you have nominated and that we will electronically debit (using direct debit instruction or a Debit Card) or credit (via BACS (being the Bankers Automated Clearing System) or Debit Card). Your Nominated Bank Account must be in your name or held jointly by you.
- means Investor Nominees Limited, the nominee company owned by us and in whose name certain of your Investments will be registered or held to its order, or any successor or alternative nominee company we may appoint from time to time
- Non-UK Investments
- means Investments where the relevant Trade is effected on an Exchange situated outside the UK
- Order Execution Policy
- means the execution policy setting out the arrangements we have adopted to ensure that your orders achieve the best possible result. A summary of our current Order Execution Policy is available on our Website
- Personal Information
- means information that relates to a living individual who can be identified from that information or from that information and other information that is held by, or is likely to be held by, us or any members of our corporate group
- is your Personal Identification Number
- means our policy relating to the collection and use of Personal Information described at Clause 18.2, the latest version of which is available on the Website
- Retail Client
- is defined under FCA Rules as a customer who is not a professional client or an eligible counterparty (as such terms are defined in the FCA Rules)
- Risk Warnings
- means the risk warnings in relation to Investments either contained in these terms or displayed on our Website
- Safe Custody
- means the safeguarding and administration of Investments held in trust for you in the name of the Nominee, or to its order
- means the delivery of Investments to the buyer and the delivery of the purchase consideration to the seller either via an Exchange or through a Settlement system such as CREST
- SIPP Terms and Conditions
- means the terms and conditions from time to time of the Interactive Investor SIPP which are provided as a separate document rather than as part of these terms
- means Short Message System and is a mechanism enabling text messages to be received and/or sent by a Mobile Device
- Takeover Panel
- means the Panel on Takeovers and Mergers in the UK or any successor body thereto
- Takeover Panel’s Disclosure Table
- means the table maintained by the Takeover Panel in relation to dealings in Investments that require to be disclosed under the rules contained in the City Code of Takeovers and Mergers
- Tax Year
- runs from 6th April of one year to 5th April of the next
- Trade or Trading
- means the purchase of or sale of or subscription for Investments by you through the Interactive Investor Service
- Trading Parameters
- means limit orders, stop loss orders, target setting, range trading, price locking and other similar facilities that may be available as part of your Interactive Investor Account from time to time (further details of which are given on our Website)
- Trading Period
- shall be given the meaning set out in Clause 6.4
- means the United Kingdom of Great Britain and Northern Ireland
- means Interactive Investor Trading Limited who own and operate the Website through which the Interactive Investor Service is provided
- gives the holder the right (but not the obligation) to subscribe for shares to which that warrant relates
- means our website at www.iii.co.uk or any other Internet address which we may notify to you from time to time
- Working Day
- means any day other than a Saturday, Sunday, or a bank holiday in England
- means any person entering into the Agreement with us
2.2 In these terms:
- references to the singular includes the plural and vice versa; and
- headings are for reference only and shall not affect the construction of these terms.
3 The Interactive Investor Trading Services
3.1 The General Terms and Conditions set out in this Section A of these terms apply to any dealing account you have with us.
3.2 The main service provided is execution only Trading in Investments being buying, selling or subscribing for certain types of Investments described on the Website. This means we will not give you any form of investment, taxation or other advice, or advise you about the merits of a particular Trade or a particular Investment. In the provision of this service, we are not required to assess the suitability for you of the investments or services provided or offered and therefore you will not benefit from the protection of the FCA Rules on assessing suitability. (An assessment of suitability takes into account an investor’s knowledge and experience, financial situation and investment objectives and only applies when a firm makes a personal recommendation or manages investments). If you need advice, you should consult an appropriately qualified FCA regulated financial adviser.
3.3 The Interactive Investor Service is made available through the Website and we may, at our discretion, make the service, or part thereof, accessible through Mobile Devices.
3.4 The Interactive Investor Account can hold both Investments and/or cash and where relevant we will maintain separate records of these for you. Details of how such cash and Investments are held are set out in Clause 8 below. The Investments that are available to hold and Trade through your Interactive Investor Account, and the services that are available in respect of particular Investments, are detailed on our Website and may be amended from time to time at our discretion. (For example, certain Investments may be designated as “sell only” which means that you can effect sale Trades in respect of such Investments but may not purchase them through your Interactive Investor Account.)
3.5 We will carry out each Trade in accordance with the FCA Rules and the rules and market practices of any Exchange on which we carry out that Trade.
3.6 Certain countries have local laws or regulations that may prohibit you from using the Interactive Investor Service. We are unable to offer the Interactive Investor Service in these countries and the Website is intended for use by UK residents only.
4 Opening Your Interactive Investor Account
4.1 You must be 18 years of age or over and be resident in the UK or if not resident, be performing duties as a crown employee serving overseas and paid out of the public revenue of the UK (typically a serving member of the armed forces, or a diplomat) or be married to, or in a civil partnership with, such a person. You must immediately inform us if you cease to be resident in the UK or if you cease to be performing duties as a crown employee serving overseas and paid out of the public revenue of the UK or be married to, or in a civil partnership with, such a person.
4.2 We will not knowingly accept instructions to open an Interactive Investor Account from a corporate body or investment club, except to the extent that is necessary to enable you to close or transfer your Interactive Investor Account.
4.3 When you apply to become a client of Interactive Investor, you will be asked to select a unique username, password and PIN. This information should be kept confidential and can be used to access the Interactive Investor Service. We will also allocate to you a personal customer number which should be used as part of the verification process when contacting us by telephone. When we accept you as a client we will send you a welcome secure message and e-mail containing further instructions. Secure messaging can be accessed via the Website.
4.4 Prior to accepting you as a client we may require you to complete certain documents and provide evidence of your identity in line with our obligations under the law and applicable regulations, including in relation to preventing money laundering and financial crime.
4.5 We may, at our discretion, refuse to open an Interactive Investor Account or to allow you to Trade or transfer into or pay into that account any cash or Investments unless and until we are satisfied that you have met our security verification procedures. If you fail to comply fully with any of our security checks or requirements, you may be provided with an Interactive Investor Account, however we may in these circumstances require further identification documents from you before the account will become fully active. We may, in these circumstances, restrict the services available to you until we are satisfied with the documentation provided.
4.6 Subject to the terms of Clause 15 below, we will not accept any responsibility for any loss, costs, expenses or other disadvantage that you may suffer as a result of our refusal to open, or any delay in opening, your Interactive Investor Account whilst we complete our security verification procedures.
Activating an Interactive Investor Account
4.7 The payment mechanisms by which you can pay funds into, and by which we can make payments from, your Interactive Investor Account are set out on the Website from time to time. We reserve the right to levy administration charges for accepting payments, or making payments, by certain payment mechanisms (such as, for example, payments by cheque) and these charges will be detailed on the Website.
4.8 To activate your Interactive Investor Account a minimum initial subscription may, at our discretion, be required. We will advise if this is the case when you register and will take payment of this amount in accordance with the procedures notified on our Website. If you do not fund your Interactive Investor Account with either cash or Investments that are acceptable to us within six months of registering we may, at our discretion, close your Interactive Investor Account and we shall notify you of such closure.
4.9 You are responsible for providing current details of your Nominated Bank Account and Debit Card in your name that we may electronically credit (send money to you) or electronically debit (take money due to us from you) in line with the terms of the Agreement. You are responsible for making sure that any payments that you make will not affect any benefits available under your Nominated Bank Account. All payments to be made by you into your Interactive Investor Account and all cash payments to you from your Interactive Investor Account will be in pounds Sterling. You must make sure your Nominated Bank Account continues to be able to make and receive payments. If it is not, you must promptly provide details of a replacement account acceptable to us.
4.10 Buying Investments can involve risk and you will be able to effect Trades in different types of Investment carrying different levels of risk. The value of your Investments and the Income from them can go down as well as up. You may not get back the full amount you have invested.
4.11 There is an extra risk of losing money when Investments are bought in some smaller companies including penny shares. There may be a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you have paid for them. The price may change quickly and it may go down as well as up.
4.12 Certain Investments may not be readily realisable. You may have difficulty selling these Investments at a reasonable price and, in some circumstances, it may be difficult to sell them at any price. You should not invest in these Investments unless you have carefully thought about whether you can afford them and whether they are right for you.
4.13 We may deal for you in Investments that may have been the subject of “Stabilisation”. Stabilisation is a process that supports the price of newly issued Investments. It can make the market price of the newly issued Investments temporarily higher than it would otherwise be. It may also affect the market price of Investments of the same class already in issue and of other Investments whose price affects the price of the newly issued Investments. It is undertaken to ensure that:
- newly issued Investments are introduced to the market in an orderly fashion; and
- the issue price and/or price of associated Investments is not artificially depressed because of the increase in supply caused by the new issue. It may only take place for a limited period. There are limits on the price at which shares and warrants may be stabilised.
4.14 In certain overseas jurisdictions there may be different Settlement, legal and regulatory requirements to those applying in the UK and also different practices for the separate identification of clients’ Investments.
Suspension of your Interactive Investor Account
4.15 If we reasonably believe that you are using the Interactive Investor Service for illegal purposes, or if we find out that there is a disagreement about who owns or has authority to deal in the Investments held for you under the Interactive Investor Service, or we find that information provided by you as part of your application or otherwise is materially incorrect, we may freeze your Interactive Investor Account or all or some of the Investments held for you. This means that we will not allow anyone to Trade those Investments or carry out any transactions until we are satisfied that you are not using your Interactive Investor Account for illegal purposes, you provide corrected information to us or that the disagreement is settled.
Your Interactive Investor Account on death
4.16 If we receive proof of your death that is satisfactory to us (acting reasonably), the Nominee will continue to hold (either directly or to its order) your Investments and any cash held in your CA. If the Nominee was holding those Investments and, if applicable, cash only for you, the Nominee will follow the instructions of your personal representatives.
4.17 When we have received evidence of your death that is satisfactory to us (acting reasonably), and we are asked by your personal representatives or any other person entitled to the Investments in your Interactive Investor Account we will sell those Investments and pay the proceeds and any other cash in your Interactive Investor Account (less any money owed to us or to HMRC) to them once we have verified their identity. Alternatively, if your personal representatives or any other person entitled to the Investments in your Interactive Investor Account ask us to register them in the name of another person or persons, we will do this once we have been able to verify their identity (less any money owed to us or the HMRC). Your Interactive Investor Account will then be closed.
4.18 If more than one personal representative is appointed by the holder of an Interactive Investor Account, we may, at our discretion, send all written notices and other communications to the person first named and those notices and communications will be treated as given to all holders.
4.19 Until we sell the Investments, they will be subject to daily price movements and Corporate Actions as normal. When we know who your personal representative is, we will tell them the value of the Investments and cash in your Interactive Investor Account upon request (subject to applicable Charges) on the date of your death.
5 Funding Your Account
Operation of the Cash Account
5.1 Subscription monies and the proceeds from the sale of Investments will be paid into your CA as will any Income arising from your Investments.
5.2 When you instruct us to buy or subscribe for Investments for you, your CA needs to contain sufficient cleared funds to meet the full costs of the purchase or subscription. If cleared funds are insufficient at the point of execution to cover the whole amount of a purchase or subscription, we will either:
- not carry out any part of the purchase or subscription; or
- adjust your trade to match the cleared funds in your CA.
5.3 As mentioned at Clause 4.7 above, you can fund your Interactive Investor Account in a number of ways. Further details and instructions on how such payments/methods of funding are to be made are set out on the Website.
5.4 Where you fund your Interactive Investor Account by direct debit the Direct Debit Guarantee Scheme operated by UK banks and building societies provides that if the amounts to be paid or the payment dates change, they will typically notify you 10 Working Days in advance of your Nominated Bank Account being debited, or as otherwise agreed. If an error is made by us or by the bank or building society at which your Nominated Bank Account is held, you are guaranteed a full and immediate refund from them of the amount paid. You may cancel a direct debit at any time by writing to the bank or building society where you hold your Nominated Bank Account. Where you do so, please also confirm it to us via the secure area of the Website.
6.1 We may, at our discretion, accept instructions for Trades or in relation to other services made available as part of your Interactive Investor Account in the following ways:
- through our secure Website. If the Website is unavailable or if you should receive an ‘error message’ you should contact our contact centre (details of which can be found on a holding page on our Website) to place or confirm your instructions by telephone;
- through an application on an internet enabled Mobile Device that we support as part of the Interactive Investor Service; and
- telephone deals to buy, sell and subscribe for a number of different types of Investments. The types of Investments you can Trade on the telephone, and details of the relevant procedures and contact numbers, are listed on the Website.
The level of Charges may vary depending on the method that you use to place a Trade and the relevant Charges are set out on our Website.
6.2 Any Investments that you buy or transfer in will be held in your Interactive Investor Account and the relevant nominee and Safe Custody procedures outlined in Clause 8 will be applied.
6.3 Before you place an instruction to effect a Trade in Complex Instruments you will be required to successfully complete an assessment set out on the Website. This assessment will allow us to assess your knowledge and experience in trading in Complex Instruments. If you do not provide us with the necessary information in order to complete an assessment or you fail to answer the questions to our reasonable satisfaction, we reserve the right to refuse your instruction. We will not be liable to you in respect of appropriateness of and such Trade or any losses, costs, expenses or other consequences arising from your inability to place such a Trade. We have absolute discretion to determine which Investments are Complex Instruments from time to time but a note of the types of Investments that we consider to be Complex Instruments is set out on the Website.
6.4 The period during which a Trade can take place on a particular Exchange upon which we carry out that Trade is known, for the purposes of these terms, as the “Trading Period”. The Trading Period for a particular Trade will depend upon the type of Investment involved and the opening hours of the Exchange that we use for the Trade. Trades made on a particular Exchange can only be made during the relevant Trading Period for that Exchange.
6.5 You should be aware of the following risks and responsibilities that apply to you when placing Trades:
- we shall not be liable for the availability, functionality, performance, completeness, accuracy, satisfactory quality, fitness for purpose or reliability of, nor the existence of viruses, malware or other harmful programs within, any of the systems, platforms or media by which orders can be placed or processed using any of the methods described in Clause 6.1, or any services or sites accessed or files downloaded via such systems, platforms or media. In particular, we shall not be liable for any damage caused to devices (including, without limitation, Mobile Devices) used to access and/or place an order through such systems, platforms or media, or for any loss of data;
- you understand and accept that the methods described in Clause 6.1 entail certain risks for which we shall not be liable, including but not limited to: (i) orders being placed on the basis of incomplete, inaccurate or misleading information, (ii) orders being placed without your intention, including but not limited to input errors and instructions sent by someone other than you, provided we have acted reasonably to verify your identity (iii) our services (and/or the systems, platforms or media which we use or rely upon including, without limitation, third party electronic trading platforms) being temporarily unavailable for whatever reason (other than as a result of our willful default, negligence or fraud); and/or (iv) any failure or delay in the sending or receiving of information as a result of failures or delays relating to any networks used to transmit data; and
- we shall not be liable in respect of any third party content contained on any system, platform or media capable of being used to submit orders for Trades as contemplated by Clause 6.1. We do not endorse any such third party material and have no control over its content.
Trading on your behalf
6.6 You can buy, sell or subscribe for Investments during the relevant Trading Period for the Investment in question. You must tell us the exact name, number or value of Investments you want us to buy, sell or subscribe for using the procedures outlined in Clause 6.1.
6.7 If we accept instructions for Trades, they will be carried out as soon as reasonably practicable (taking into account Trading Periods and other relevant factors). Our Order Execution Policy describes how we execute Trades on your behalf and this is available on our Website.
6.8 Notwithstanding Clause 6.7, we may buy, sell or subscribe for Investments for you and other clients as part of the same Trade. When we do this, we must reasonably believe that the aggregation of orders is unlikely to work to your disadvantage. However, it could result in a slightly less favourable price than if we had bought or sold your Investments separately.
6.9 Other than where a Trading Parameter is cancelled prior to the trigger event for that Trading Parameter occurring in accordance with Clause 6.26, when you instruct us to buy, sell or subscribe for Investments you cannot change your mind afterwards. Your instructions will not bind us until we have accepted them. We will confirm that your order has been accepted by giving you an order or bargain reference.
6.10 On occasions the demand for the Interactive Investor Service and market conditions may fluctuate. Consequently once we have accepted your instructions to buy, sell or subscribe for Investments we cannot accept any responsibility for any actual or potential financial loss, cost or expense you incur if for any reason (other than as a direct result of our negligence, willful default or fraud) there is a delay in executing your instruction to Trade or a change in market conditions before execution of your instruction to Trade is complete.
6.11 When we have accepted your instructions to Trade we may, at our reasonable discretion, contact you to confirm your instructions. We are however under no obligation to confirm instructions and we will not be liable to you if we do not contact you.
6.12 If we are unable to execute a Trade or a Trade is cancelled for any reason, we will not be liable for any loss, cost or expense that you incur as a result thereof except to the extent that the failure to execute or cancellation is a direct result of our fraud, negligence or willful default. In particular, we reserve the right to cancel any duplicate or repeated instruction to Trade you give to us where the circumstances indicate to us (acting reasonably) that the Trade has been split into smaller orders to take advantage of any market limitations or restrictions.
Times when Trades can’t be placed
6.13 As mentioned at Clause 6.4 above, where a Trade is to be executed on a particular Exchange, it can only be executed during the Trading Period for that Exchange. Where an intimation to Trade is registered by us outside a Trading Period for an Exchange, we will endeavour to carry out that Trade as soon as is reasonably practicable within the next available Trading Period for the relevant Exchange (taking into account the procedures set out in our Order Execution Policy).
6.14 We may refuse to accept any instructions. In particular, we may ask you for proof that you have the right to deal in Investments for which you have given us instructions. We may not deal for you until you have provided us with proof that is satisfactory to us. In particular, we may not accept your instructions to Trade unless:
- we have verified any changes to your Personal Information;
- we have received any documents (completed to our satisfaction) we may have asked for;
- we have all the documents (including any share certificates) and information we need to carry out your instructions (this includes any evidence we need to confirm a change to your name or address).
6.15 We only accept instructions to sell Investments where such Investments are held within your Interactive Investor Account as the Interactive Investor Services does not support the sale of Investments that you do not own (known as “short selling”).
6.16 We only accept instructions to buy or subscribe for Investments where you have sufficient cleared funds in your CA to cover the amount required to settle the relevant Trade including all dealing expenses and Charges applicable thereto.
Authority to Trade
6.17 We will accept instructions to effect a Trade in Investments for you in the following manner and you agree that instructions that we accept in good faith will form a legally binding contract between you and us:
- Instructions from you, (and by placing that Trade through the Interactive Investor Service you confirm that you have the right to effect the Trade and that no other person has any rights or interests in those Investments that prevents you from Trading them in line with these terms). Any instructions that we accept in good faith will form a legally binding contract between you and us;
- Instructions from a person who we are satisfied has a legal right to give us instructions (for example, your trustee if you are made bankrupt or your personal representative); or
- Instructions from a person that you have authorised in writing to give us instructions (for example, someone who has a power of attorney for you) as long as we have accepted your written authority to do, and
in each case, we are hereby authorised as your agent for the express purposes of following instructions in line with these terms.
Other conditions relating to Trading
6.18 We shall be entitled to debit your CA (for the amount required to settle the relevant Trade including all dealing expenses and Charges applicable thereto) on receipt of instructions to Trade.
6.19 If, after acting for you and our other clients for any Trade, we are left with fractions of Investments or cash, we may, where we consider it reasonable to do so taking into account our obligations under applicable laws and regulations, add these together and retain them or, in the case of Investments sell them and retain the proceeds.
Interactive Investor Trading Parameters
6.20 We may offer the ability to place Trading Parameter orders in respect of your Interactive Investor Account and further details, including how these work and an explanation of the term “best available price” are set out in our Order Execution Policy and on the Website.
6.21 The Investments in respect of which particular Trading Parameters are available from time to time are specified on our Website and we reserve the right to change the range of Investments which these services are available.
6.22 We also reserve the right not to offer a particular Trading Parameter service or to withdraw the facility for doing so. We will notify you on our Website if we withdraw this facility.
6.23 All Trading Parameter orders will be treated as individual orders. Placing subsequent Trading Parameter orders does not necessarily replace or cancel previous ones set by us on your behalf.
6.24 You are able to leave an order that will expire at the close of business on any Working Day in the future, except in the case of limit orders and stop loss orders which can only run for a maximum of 90 calendar days except with our express consent. The order will run until either expiry, execution, amendment or cancellation by you or deletion by us. We may decide to extend the maximum period beyond 90 calendar days. Should this be the case, we will publish details on the Website. We will check that you have available cash or Investments in your Interactive Investor Account in order to cover the relevant Trade (including applicable costs and Charges) at the point where your Trading Parameter order is triggered and immediately prior to execution. If there is insufficient cash or appropriate Investments available, the order may in our absolute discretion be deleted. Should this occur you will receive a secure message notifying you of the deletion.
6.25 Trading Parameter orders will be executed on an ‘all or nothing’ basis where the relevant trigger for the Trading Parameter order is met.
6.26 A Trading Parameter order may be amended or cancelled by you, as long as the relevant order has not been carried out or is not in the process of being executed following the relevant trigger event having occurred and we accept the cancellation or amendment (such acceptance not to be unreasonably withheld or delayed).
6.27 When we accept your order, we will endeavour to follow your instructions and will generally carry out orders by reference to time of receipt. We do not guarantee that orders will be executed even if a price is met as market conditions may result in the price being unavailable when we attempt to execute the Trade.
6.28 Trading Parameter orders are designed to execute when the price of a Investment meets, falls below or rises above a specified price. In the period between the price being achieved and the execution of the relevant order, the price of the Investment may have moved. This may mean that the order is traded at a slightly different price. In certain market conditions, the price difference could be significant. In addition, specific events may cause the price of an investment to move to an unusually high or low price, which may cause your order to execute at those prices. Any such order executed in these circumstances will be valid and we will not be liable for any resulting loss, costs or expenses resulting from price movements.
Risk Warnings - Trading Parameter orders
6.29 If you place an order and the Investment held in your Interactive Investor Account is subsequently suspended, we reserve the right to cancel or amend that order and we will endeavour to notify you thereof as soon as reasonably practicable.
6.30 If you place an order and the Investment is then subject to a Corporate Action our standard practice is to execute orders when a price is met, even if the Corporate Action affects the price either technically (for example through a re-structure) or because of market sentiment. However we reserve the right to amend such orders at our discretion.
6.31 We will not be liable for any failure to execute an order for technical or operational reasons (including allowing for market stabilisation, and auction periods) save to the extent that it is a direct result of our negligence, fraud or willful default.
Trades in Non-UK Investments
6.32 The Non-UK Investments that you can Trade through your Interactive Investor Account (subject to restrictions on Investments that you are permitted to have in your Interactive Investor ISA (see Section D of these terms for details)) or through your Interactive Investor SIPP (see the SIPP Terms and Conditions for details) are set out on our Website. In order to facilitate Trading in a wide range of Non-UK Investments, we may enter into arrangements with third parties to provide services, including the provision of dealing, Settlement and custody services in relation to Non-UK Investments.
6.33 If you ask us to deal in Non-UK Investments for you, we may hold your money in a bank account with an Approved Bank outside the UK or pass your money to an intermediate broker or agent, Settlement agent or Over the Counter (OTC) counterparty outside the UK. In such circumstances the legal and regulatory regime applying to the Approved Bank, intermediate broker, Settlement agent or OTC will be different from that of the UK and, in the event of a failure of these organisations your money may be treated in a different manner from that which would apply if your money was held by an organisation within the UK. Where we hold your money in a bank account with an overseas Approved Bank, such a bank may be entitled to combine the account with any other account or to exercise any right of set-off or counterclaim against money in that account in respect of any sum owed on any account of ours. We will not be liable for the solvency, acts or omissions of any third party referred to in this term.
6.34 When effecting an instruction to purchase Non-UK Investments we will notionally limit your order, at our discretion, to a percentage of the available cash in the CA of your Interactive Investor Account to take account of movements in the market . We do this to limit the risk that a sudden adverse change in market conditions or exchange rates result in your order exceeding the available cash funds. However, should such a change occur you will remain liable for meeting the full cost of the order.
Additional risks in respect of Trades in Non-UK Investments
6.35 Exchange rate fluctuations may adversely affect the value of Investments priced in foreign currencies. Foreign markets will involve different risks to the UK markets and in some cases the risks will be greater. There may be different Settlement, legal and regulatory requirements to those applying in the UK.
Settlement of money
7.1 Your Interactive Investor Account will be denominated in Sterling. We will carry out Trades and settle them with you in Sterling.
7.2 All payments under the Agreement shall be made in Sterling. If we receive an amount from you, or on your behalf, in a currency other than Sterling, we shall convert that amount into Sterling at a time and at a rate of exchange selected by us. You will be liable for any costs and expenses that we may reasonably incur as a result of such currency conversion provided that we may, at our discretion, charge you for any part of the costs and expenses so incurred.
7.3 We may decide to make payments to you by cheque. If we make a payment by cheque because we have not been able to complete the transfer of funds into your Nominated Bank Account, we reserve the right not to pay you any interest on the funds transferred to you in these circumstances and to levy a Charge for doing as set out on our Website.
7.4 We will not be liable for any loss arising directly or indirectly from the late collection of a direct debit payment (including any loss of investment opportunity or loss of tax relief) unless such loss is directly caused by our willful default, fraud or negligence in connection with the performance of the Agreement.
7.5 We accept no responsibility for default or other failure to perform by a third party Settlement agent, depository, clearing or Settlement agent or system or any participant in one of them except where such default or failure is directly caused by our willful default, fraud or negligence in connection with our performance of the Agreement
Receipt of money on sale of Investments
7.6 If you make a sale we will credit your CA immediately. The proceeds from this sale will be made available immediately to re-invest through your Interactive Investor Account. You cannot withdraw such funds until they are available as cleared funds within your CA and there are no outstanding Charges or other fees due in respect of your Interactive Investor Account.
Non receipt of funds for a Trade
7.7 Beneficial ownership in any Investments shall not pass to you until you have paid for them and our related Charges and dealing costs in full.
7.8 In certain overseas jurisdictions there may be a different Settlement, legal and regulatory requirements to those applying in the UK and also different practices for the separate identification of clients’ investments.
8 Holding Investments
Custody of Investments
8.1 Investments that you buy or subscribe for or transfer into your Interactive Investor Account will be held in Safe Custody in your Interactive Investor Account (either in the Nominee or to its order) in accordance with the following arrangements (or such other arrangements as we may notify you of on our Website from time to time).
Most Investments that you buy or subscribe for or transfer into your Interactive Investor Account, such as shares traded on a UK Exchange, will be held in Safe Custody in the Nominee itself. Under this arrangement, the Nominee has legal title to the relevant Investments and you retain the beneficial entitlement at all times.
Units in investment funds
Some Investments, such as units in certain investment funds, may be Traded by us on your behalf using a third party electronic trading platform and where such units are held for you as part of your Interactive Investor Account, they will be pooled with other clients of the third party and held electronically in its name, or in the name of its nominees, to our order.
We may enter into arrangement with a third party for the provision of dealing, Settlement and custody services in relation to Non-UK Investments. Where you buy or subscribe for or transfer into your Interactive Investor Account eligible Non-UK Investments, these may be held in the name of the third party’s nominees to our order.
8.2 If you hold Investments and wish to transfer these to your Interactive Investor Account, you can apply to us for them to be transferred into your account (provided that they are eligible to be held as part of your account). The procedures for effecting such transfers, and any applicable costs and Charges, are set out on the Website.
8.3 Where we consider it appropriate and in accordance with regulatory requirements, your Investments (whether they be Investments of the types described in Clause 8.1 or otherwise) may be pooled with those of other clients in an omnibus account. In that case, individual entitlements may not be identifiable by share certificates or entries on an electronic register. If there is an irreconcilable shortfall following any default by us, by any third party we instruct in relation to units in investment funds and non-UK securities or by any sub-custodian, you may not receive your full entitlement and may share in the shortfall in proportion of the Investments which we hold for you with our other clients.
8.4 We have accepted responsibility under the FCA Rules for any custodian function carried out by our Nominee in its capacity as an eligible nominee.
8.5 We will not lend or deposit by way of collateral any Investments in your Interactive Investor Account to a third party without your express permission.
8.6 You must not use the Investments and cash in your Interactive Investor Account as security for a loan. Money may not be borrowed on the security of Investments or cash in your Interactive Investor Account.
8.7 Some companies offer special benefits to their shareholders (that is, “shareholder perks”). As your Investments will normally be pooled with those of other clients and will be registered in the name of a nominee company (such as the Nominee), we may not claim shareholder perks for you.
8.8 We will hold your Investments so that we comply with the FCA Rules in relation to the safeguarding of client assets. In the event that we, our nominees, or one of our custodians is declared to be in default we will make a claim on your behalf, including, where applicable, through the Financial Services Compensation Scheme. Under the Financial Services Compensation Scheme, compensation may be paid to eligible claimants in respect of assets held with the relevant custodian, up to the FSCS investments limit. You should note that the limit applies to the aggregate of all your claims against the relevant custodian, including any claims you may have directly against the relevant custodian.
8.9 Cash funds can only be held pending investment and all Income and cash entitlements once received by us will be paid promptly into your Interactive Investor Account pending investment. If you do not use the cash to Trade within a period of 12 months, we may return it to you.
8.10 We will hold your cash funds so that we comply with the FCA Rules in relation to Client Money. This means that we will hold your money, along with money belonging to other clients, in a pooled client money account with an Approved Bank. This account will be designated as a trust account and will be segregated from our own cash funds.
8.11 In the event of an Authorised Bank being declared in default we will make a claim on your behalf, including, where applicable, through the Financial Services Compensation Scheme. Under the Financial Services Compensation Scheme, compensation may be available to eligible claimants, of up to the FSCS limit for deposits held with the relevant Authorised Bank. You should note that the limit applies to the aggregate of all your claims against the relevant Authorised Bank, including any claims you may have directly against that Bank.
8.12 We may pay interest on your CA. Interest is accrued daily and will be paid periodically on cleared funds. The current rate(s) can be found on our Website
8.13 Where your Interactive Investor Account, has been closed, transferred, or is in the process of being closed or transferred and the balance of your account (taking into account all applicable Charges) is less than the De Minimis Amount, and provided that we have used reasonable endeavours to notify you of such balance and pay that balance to you (subject to being put in funds to cover our administration Charges in respect thereof (as set out on the Website)), then following the expiry of a period of at least 6 months from the date when we received the relevant closure or transfer request, we may, at our discretion, set off such account balance against our administrative expenses and no amount will be owing to you.
8.14 Any cash that you are entitled to receive in connection with your Interactive Investor Account will be rounded down to the nearest penny.
8.15 All Income and cash entitlements once received by us will be paid promptly into your Interactive Investor Account pending investment.
8.16 Provided that we have complied with the relevant FCA Rules, you agree that we can cease to treat as client money any unclaimed cash balance that we hold for you where there has been no movement in the balance for a period of at least 6 years and we can demonstrate that we have taken reasonable steps to trace you and to return the balance.
8.17 You are responsible for your own tax affairs and tax liabilities. We will make payments to you on a gross basis, and you shall be responsible for the payment of any and all tax liabilities that you may incur on such payments made by us to you.
8.18 We will only accept dividends in cash unless we expressly agree otherwise.
Information and Exercise of Voting Rights
8.19 You may, by electing to take up the reporting and information service available on our Website, receive certain annual reports, accounts and other corporate information relating to Investments held within your Interactive Investor Account. Further details of this service are available on our Website.
8.20 We may also make available, from time to time, additional services in respect of your ability to:
- receive any other information issued to holders of the Investments;
- attend shareholders’ meetings, subject to any restrictions on attendance imposed by the company whose Investments you hold; and
- vote by proxy (by telling us how you want the votes to be exercised by the Nominee).
8.21 We reserve the right to charge for the above and our Charges for providing any such information or other services are set out on our Website as may be varied from time to time in accordance with these terms.
8.22 If you are entitled to extra Investments at no extra cost (for example, through a bonus or other capitalisation issue), we will, where such Investments are eligible to be held within your Interactive Investor Account, automatically arrange to hold your new Investments in your Interactive Investor Account.
8.23 Subject to Clause 8.26, we will not, unless we expressly agree with you otherwise, exercise any voting rights or other options in relation to Investments held within your Interactive Investor Account except in accordance with your instructions.
8.24 We may delay notifying you until a Corporate Action has been declared ex-entitlement (that is, when the Investment can be traded without that entitlement) or, in the case of a mandatory Corporate Action, until it has become effective and we have received the benefits to which you are entitled. With the exception of a compulsory acquisition, where we do not receive any instructions from you by a given date, we will not accept any such offer on your behalf without your specific instructions and will not accept instructions to accept only part of such an offer. This could mean any benefits that you were entitled to could lapse.
8.25 If we do not receive any instructions from you by a given date in respect of a compulsory acquisition, we will generally accept the basic terms of the acquisition on your behalf. We will notify you when this has occurred.
8.26 If we become aware of a Corporate Action relating to Investments held on your behalf which is optional (i.e. it is not a mandatory Corporate Action), we will use reasonable efforts to notify you in order to obtain your instructions. However, we will not be responsible for any losses you may suffer if our notification fails to reach you (provided that this is not a direct result of our negligence, fraud or willful default) or if we are unable, due to circumstances beyond our control, to carry out your instructions where instructions are not received from you within such a period as we specify, we will proceed in accordance with the following default conditions:
- Conversion - no action to be taken;
- Entitlement (open offer) - no action to be taken;
- Exercise of warrants - no action to be taken;
- Instalment payment - pay instalment using cleared funds or direct debit;
- Redemption - no action to be taken;
- Rights issue - allow nil paid stock to lapse and allocate any premium;
- Recommended offer - acceptance of the offer;
- Contested offer - acceptance of the offer when the offeror has acquired 90% of acceptances;
- Scheme of arrangement, where there is an element of cash and stock, if no instructions are received we will accept the default option;
- Capital re-organisation - there is an element of cash and stock, if no instructions are received we will accept the default option; and/or
- Tender offers - no action will be taken without specific instruction.
If you notify us within such period as we specify that you wish to exercise any rights arising out of an optional Corporate Action and provided there are sufficient cleared cash funds in your Interactive Investor Account we will do our best to give effect to your instructions but only on such terms as are reasonably acceptable to us.
8.27 We must receive cleared cash funds from you by the given date that we notify to you before we can carry out an instruction to make a payment in respect of a Corporate Action. These funds will need to be available in your CA on the given date. If cleared cash funds are not available no action will be taken, save where no extra funds are required.
8.28 The terms of a Corporate Action may require us to make an election on behalf of the Nominee holding in a particular company. If it does, we may not be able to get instructions from all of our clients who hold the relevant Investment. We reserve the right not to offer the option to you. We will use reasonable efforts to give you an alternative option but we cannot guarantee that this will match the option given by the company.
8.29 Where the Nominee receives a distribution of entitlement to further Investments and any other benefits due to you arising from a Corporate Action, we will allocate the entitlement to your Interactive Investor Account promptly but at the latest in accordance with applicable FCA’s guidelines. Any entitlements to Investments will be rounded down to the nearest whole unit/share.
8.30 If you purchase or transfer into your Interactive Investor Account Nil Paid Shares (being any Investments where the holder of that Investment may be called upon to pay further subscription monies to the issuer of that Investment) it is your responsibility to instruct us, in good time, to pay any call monies due in order to receive the fully paid Investments. In the absence of such instructions, or where there are insufficient funds made available, your Nil Paid Shares will lapse and you shall be liable for all costs, expenses and losses reasonably incurred by us as a result.
8.31 Under the rules of any Exchange, if you are selling Investments through us and you receive a related benefit to which you are not entitled, you must give up this benefit to us and we will collect it and pass it on to the person entitled to it. Equally, if you are buying Investments and you do not receive a related benefit to which you are entitled we will claim that benefit for you. Entitlement is established by reference to the Exchange’s “ex-date” (that is, the date on which an Investment is traded without that entitlement) and not the “record date” (that is, the date on which it is determined all holders shown on the register will receive a benefit).
8.32 If you make a Corporate Action election and subsequently sell the relevant Investments, you will be liable for any costs associated with us having to buy back those Investments to honour your election. You will also be liable to pay for any loss arising from adverse movements in the price of the relevant Investments.
Transferring Investments/cash out of a Interactive Investor Account
8.33 You cannot transfer Investments out of the Nominee until you have paid for them and they are held in your Interactive Investor Account.
8.34 You may ask to withdraw your Investments and/or cleared cash funds held in any Interactive Investor Account we hold for you, at any time in accordance with the procedures set out on our Website. To the extent it is reasonably practicable to do so, we will transfer Investments direct to another nominee, or, at your request, we will arrange for you to be sent a certificate in your name for those Investments. We may charge you for these services. For cash, we may credit your Nominated Bank Account. The latest Charges are listed in the Website.
9 Your Responsibilities
9.1 You represent and confirm to us that:
- You are the beneficial owner of the cash and Investments covered by this Agreement and that you are not acting as a trustee or agent for any other person and the Investments are free, and will remain free, from any other encumbrances other than those arising under this Agreement;
- You or any person designated by you have, and will have at all times in the future, all requisite power, authority and approvals to enter into and perform your obligations under this Agreement;
- You confirm that all statements, confirmations and representations made to us in any document forming part of this Agreement are true and that all information given to us is accurate and not misleading and there is no other information that we should be aware of; and
- You are acting as principal and accordingly it is you who will be liable to us in respect of your obligations under this Agreement.
9.2 You agree to notify us promptly if there is any material change to the representations and confirmations given in Clause 9.1 and to provide any further information we reasonably request in order to enable us to perform this Agreement or comply with any applicable law or regulation. Failure to do so may adversely affect the quality of the Interactive Investor Service.
9.3 In the event that we become aware (based on the information held within our records) that you pass through a threshold that is reportable to the Takeover Panel by purchasing or selling an Investment that appears on the Takeover Panel’s Disclosure Table, we will endeavour to notify you as soon as is reasonably possible. It is however your personal responsibility to comply with all disclosures and notifications requirements under the Takeover Code or under other equivalent rules in jurisdictions outside the UK.
10 Conflicts of Interest and Material Interests
10.1 The complexity and size of our business, and our reliance on third parties at various points can occasionally lead to situations where our interests and/or those of our staff conflict with your interests. Equally, your interests may occasionally compete with those of our other clients.
10.2 Where we are aware, including being made aware, that we are faced with a situation of competing interests, we will undertake all reasonable steps to protect your interests and ensure your fair treatment, in line with the duties we owe you as our client. To this effect, we have a Conflicts of Interest Policy in place to handle conflicts of interest, such that we act with an appropriate degree of independence from our own interests when Trading with you or on your behalf. In summary, our approach to dealing with conflicts (including through the Conflicts of Interest Policy) requires that:
- staff have to indentify, prevent and manage conflicts of interest, including ongoing monitoring of the effectiveness of the arrangements designed to protect your interests in the face of conflicts;
- active engagement of senior management is required in order to ensure our arrangements remain robust and fit for purpose and to monitor to ensure that our analysis of potential conflicts remains up to date; and
- mandatory training sessions take place to familiarise all our staff with the relevant arrangements.
10.3 Where we are not satisfied that our arrangements to handle conflicts are sufficient to prevent a conflict from potentially harming your interests, we will:
- disclose the nature and source of the conflict to you; and
- if appropriate, obtain your permission to proceed with the Interactive Investor Service.
10.4 The full Conflicts of Interest Policy is contained on our Website.
10.5 We describe below some of the types of conflicts of interest that could arise so that you are able to understand them and consent to our acting nonetheless. Examples of such situations include:
- where we or our associates carry on business on behalf of other clients;
- where we Trade on your behalf through an associate or where an associate is otherwise receiving an agent’s commission;
- where we effect or arrange Trades in which we or an associate benefit from a commission, fee mark-up or markdown payable otherwise than by you and/or in respect of which we or an associate may also be remunerated by the counterparty to the Trade;
- where our associates Trade with you as principal for their own account or have a long or short position in Investments that are held by you or in which we Trade on your behalf;
- where we match your Trade with that of another client by acting on their behalf as agent as well as you;
- executing a Trade in circumstances where we have knowledge of other actual or potential Trades in the Investments concerned;
- where we or our associates are involved in or act in respect of a new issue, rights issue, takeover or any other transaction or have any other relationship with an issuer of Investments which is relevant to Investments in which we Trade on your behalf; or
- where our officers or employees or those of our associates act as officers or employees of issuers of Investments in respect of which we Trade on your behalf.
10.6 We and our associates provide a range of services and may possess information of a confidential or non-public nature which we are under a duty not to disclose or use for our benefit or anyone else. We will therefore be unable to use this information on your behalf or disclose to you. In providing the Interactive Investor Service, we are not obliged to disclose or take into consideration any information, fact or matter that:
- has not come to the actual attention of the individual acting on your behalf, whether or not it has come to the attention of any other person; or
- disclosure of which would be a breach of a duty of confidentiality to any other person or result in a breach of any applicable law or regulation.
Application of charges
11.1 We make dealing and other charges in connection with your Interactive Investor Account. Details of all our current charges are listed on the Website. We may introduce new charges or change our existing charges. Such changes may be introduced or changed for a range of valid reasons including (but not limited to) to reflect changes in the costs to us in providing our services to you, to meet our regulatory obligations or other legal requirements and in the event the nature or way in which we provide our services to our customers, including you, materially change. When you deal with us, our latest charges will apply. In any event, we will notify you at least 20 working days in advance of the introduction of any new charges or change in our level of charges. You should make sure that you have checked the latest charges on the Website. In the event you are dissatisfied with any proposal under this clause, you have the right to terminate the Agreement in accordance with clause 17.2 specifically and clause 17 generally.
11.2 We will collect dealing charges by adding them to the cost of buying Investments, or by taking them from the sale proceeds. We may collect these charges, our administration charges or any other applicable charges from your CA, your Nominated Bank Account or any other account you hold with us. Any applicable charges will be included within the amount you are investing or deducted from the sale proceeds.
11.3 You will pay any Stamp Duty, Stamp Duty Reserve Tax, Value Added Tax or any other taxes or levies which apply when you buy or sell Investments or incur charges. We will, where applicable, account to the appropriate authorities for all such taxes and levies but these will remain your responsibility.
11.4 Using the Interactive Investor Service may impact on your personal tax position. You should consult your tax advisor if you are in any doubt regarding your tax liability or the tax consequences of any Trade or the holding of a particular Investment.
11.5 When we calculate our administration charges, we round up fractions of a penny to the nearest penny.
11.6 We reserve the right to pass your details to a third party for debt collection purposes if we reasonably believe any amount owing to us by you will not be paid.
12 Communicating With You
Information about a Trade
12.1 As soon as is reasonably practicable following a Trade effected for you, an online Contract Note will be made available on the secure area of the Website. You should check the details of your Trade through the secure area of the Website from which you can access the Contract Note details.
12.2 If we are unable for any reason to provide you with an online Contract Note we will send you a paper Contract Note to the relevant contact details for your Interactive Investor Account.
12.3 If, at any point, the flow of information between us is interrupted (for example, your computer crashes or you can no longer access the Website), and you are not certain whether a Trade has been accepted or not, do not try to enter the Trade again. Instead, you should log onto our online service again and check your Interactive Investor Account details. If you cannot log on, or you are still uncertain about the deal, please telephone us and we will confirm the position.
12.4 Our records are conclusive (except for any errors and omissions on our part). For a Trade, this means that the information held on our computer systems, and the online contract note or online confirmation for that Trade, are the only valid evidence of the Trade. In particular, the screen message may not be used as evidence of that Trade.
12.5 If we make a mistake when we carry out your instructions to Trade we may provide you with or send you a Contract Note that shows our mistake. When we have corrected our mistake, we will provide you with or send you a Contract Note that will show the steps we have taken to correct the mistake. If you suspect an error has been made on your Interactive Investor Account you must contact us immediately in order for us to investigate.
Frequency of statements and valuations
12.6 You will be able to view on the Website a valuation of the portfolio of Investments and cash within your Interactive Investor Account and a statement showing details of any movements in cash and Investments on your Interactive Investor Account. The valuation of your portfolio will be based on the most recent prices of Investments that are available to us and you hereby acknowledge that we rely on third party data feeds and similar services in order to provide such valuations and statements. We are not responsible for inaccuracies in such valuations or statements unless they are a direct result of our negligence, fraud or wilful default.
12.7 A consolidated tax voucher (“CTV”) detailing the amount of any Income received on the CA in the preceding Tax Year and any associated tax credit will be available to you via the secure part of our Website. It is your responsibility to keep a copy of your CTV. Requests for a duplicate CTV may incur a charge (of an amount set out on the charges section of our Website from time to time) and may not be available if the original CTV is more than 6 Tax Years old.
Information about the markets
12.8 We may send you marketing information and market analysis but this will not form a personal recommendation and any decision about your Investments rests with you.
12.9 We make market information available to you as part of the services provided through our Website. The market information is for your own personal use. You must not pass the information on to anyone else or use it for any commercial or unlawful purpose. If you think that someone has used market information without our permission, you must notify us straightaway.
12.10 If we provide market information, we use sources we believe to be reliable. If we use an independent information provider to provide market information, we will use all reasonable care and skill to choose that provider. But, because we and any provider have no control over the information sources, we cannot promise that the market information is accurate, complete, timely or in the right order. You must satisfy yourself that market information is reliable before you make any decisions or take any actions based on it. We are not responsible for any decision or action you take or any loss you or anybody else may suffer as a result of such a decision or action. We cannot promise that the market information will always be available to you.
Other conditions that apply to communications between us
12.11 We do not accept any responsibility for communications or documents before we receive them or after they have been sent to you. You are responsible for any charges relating to the recovery or replacement of lost documents. You should keep a note of the date on which you post documents to us and of any cheque or certificate numbers to help with any enquiries that may arise. We do not accept responsibility for postal delays.
12.12 As you are registered for our online service you must supply us with an up to date e-mail address. We will send all written notices to your secure message box on the Website and you can choose to be notified of these via email and/or mobile alerts. We will contact you by e-mail to inform you of pending corporate actions and other important communications on your Interactive Investor Account. E-mails and secure messages will be treated as arriving immediately upon sending by us. We will not send any confidential messages to you by email nor will we ever send you an email with a hyperlink to directly login.
12.13 We may send written notices to you at the latest address you have given us. This will be treated as having arrived 48 hours after we post it.
12.14 If you change your name, address, e-mail address or other contact details, you must contact us by telephone or write to us straight away. If you have not told us about a change of contact details and we send a notice to the latest details that you have given us, it will be effective. You should make sure that the arrangements for receiving mail at your address are safe and that you can receive e-mail from us. We may also accept changes that you inform us about through our online service.
12.15 When we receive returned mail or e-mails, we will make reasonable endeavours to contact you to get your new details. We reserve the right to not send further communications to the old address or old e-mail address.
12.16 We may notify you of changes to the Interactive Investor Service, and changes to the terms of the Agreement made pursuant to Clause 20, by means of a message sent to you through the secure section of the Website. Such messages shall be deemed to have been received by you upon the date of posting.
12.17 In addition, we may notify you of changes to the Interactive Investor Service or to the terms of the Agreement made pursuant to Clause 20, that we reasonably consider to be non-material (such as, for example, clarification, drafting or typographical changes to the Agreement) by posting such changes on the Website. Such changes shall be deemed to be received by you on the date of posting.
13 Regulatory Information, Complaints and Compensation
13.1 If you would like more general information about financial services, the Financial Conduct Authority, the financial services watchdog, provides a range of free consumer booklets and factsheets and a Consumer Helpline. Visit their website at www.moneyadviceservice.org.uk or call 0300 500 5000. The FCA can only give general information and cannot recommend the products of any company.
13.2 If you believe that we have failed to carry out your instructions correctly, please contact us immediately. We will investigate your complaint in accordance with the FCA Rules.
13.3 If you have a complaint about your Interactive Investor Account please use our secure messaging system in the first instance. You can also write to the Customer Services Manager at Interactive Investor Trading Limited, 1st Floor, 2 West Regent Street, Glasgow, G2 1RW or e-mail or call us on the number available from our Website.
13.4 Our approach to treating complaints is shown on the Website. If we cannot resolve your complaint to your satisfaction, you may have a right to complain directly to the Financial Ombudsman Service whose address is Exchange Tower, London E14 9SR (tel: +44(0)845 0801 1800) www.financial-ombudsman.org.uk.
13.5 We are covered by a Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. The scheme provides compensation in certain circumstances where an FCA authorised firm (such as us) is providing investment services and is unable to meet its liabilities to clients.
These limits are reviewed from time to time: for the latest limits please contact us or visit the FSCS website.
13.6 Further information about the scheme and those who are eligible claimants under the scheme may be obtained from The Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN Tel: +44(0)20 77414100 7300 or 0800 678 1100 Fax: +44(0)20 7892 7301.
14 Your Default
14.1 Where we are legally entitled to do so and without prejudice to any other rights we may be entitled to exercise over your Interactive Investor Account you agree that we may retain, transfer or sell any of your Investments, cash funds or other assets so far as is necessary to enable us to settle any Trades entered into under this Agreement and to pay any of your outstanding liabilities under or in connection with the Agreement, including any liability to us.
14.2 We reserve the right to apply or set-off any deposits or other sums at any time from us to you (regardless of the currency and whether contingent or unmatured) for the payment of any liabilities whether absolute or contingent, or due to become due, which you may have to us under the Agreement or otherwise in connection with it. If there is a genuine dispute as to the payment of any liability to us, you may require the disputed amount to be held in an escrow account pending resolution of the dispute.
14.3 A lien or right of retention in our favour will apply to your Investments, cash funds or other assets to the extent that any costs, losses, claims or other amounts you are obliged to pay us under the Agreement remain unpaid. In addition, a lien or right of retention may exist in favour of sub-custodians, the Nominee, an Approved Bank or other agent appointed by us under the Agreement in respect of charges and expenses relating to the holding of your Investments, funds or other assets or may arise through the use of Settlement systems.
15 Our Liability to You
15.1 We will be liable for losses arising as a direct result of our negligence, willful default or fraud.
15.2 If we negligently fail to carry out your instructions that we have accepted we will use reasonable endeavours to return you to your original position or the equivalent.
15.3 We will not be liable for any loss suffered by you including, without limitation,
- any loss or damage arising from your actions or decisions in using the Interactive Investor Service (except to the extent that such loss arose as a direct result of our negligence, willful default or fraud); or
- any loss or damage that is not reasonably foreseeable; or
- any loss of Income or revenue, loss of profits or anticipated savings or wasted expenditure (except where such losses are a direct result of our breach of the Agreement) or loss of the ability to reinvest; or
- any indirect, special or other loss or damages and in all cases regardless of whether or not such loss was foreseeable or arises from circumstances particular to you which you had advised us of; or
- loss or damage arising from any actual or potential depreciation in the value of your Investments or from the Income derived from any of them as a result of any transaction entered into under this Agreement or any adverse tax consequences.
15.4 We shall not be liable to you for any loss that may be incurred as a result of any error by you, your representatives or agents in transmitting an order to us. We shall not be liable for any orders sent by you, but not received by us.
15.5 We will use our reasonable endeavours to ensure that the Website and the Interactive Investor Service is available to you but we cannot guarantee that they will always be available and we will not be responsible for any loss or damage suffered by you as a result of any failure to ensure that such services are available, except to the extent that such failure arose as a direct result of our negligence, willful default or fraud.
15.6 To the extent permitted by law and the FCA Rules, we shall not be liable for the insolvency, acts or omissions of any broker, custodian, sub-custodian, Settlement agent, Investments depository or other third party (including an associate) by whom and in whose control any of your Investments (or documents or, certificates evidencing, title thereto) may be held or through whom any Trades may be effected; or any bank with whom we maintain any bank account, or any other third party with whom we deal or transact business or who we appoint in good faith and on your behalf.
15.7 We shall not be liable for a failure to perform any of our services under the Agreement or for any losses you may otherwise suffer because of anything beyond our reasonable control and the effect of which is beyond our reasonable control to avoid, including, but not limited to: any new or changing law or regulation; currency restrictions, devaluations and fluctuations; acts of war; terrorism; civil unrest; strikes and industrial disputes not reasonably within our control; acts of God; market conditions affecting the execution or Settlement of Trades or the value of assets; the failure of a third party data feed which connects to our limit minder used as part of the provisions of Trading Parameter services; the failure or breakdown in any equipment or technology not reasonably within our control (including any electronic device, hardware or software failing to work); and the failure of any exchange or clearing house.
15.8 Where we consider it reasonable to do so, taking into account applicable laws and regulations, we may suspend or withdraw all or part of the Interactive Investor Service from you at any time on immediate oral or written notice. Even if we have already received your instructions to carry out a Trade, we will not be obliged to carry out and settle that Trade. If the Interactive Investor Service is suspended, you can ask us to transfer any Investments that we hold for you into your name and we will do this without charge. If the Interactive Investor Service is withdrawn from you, we will transfer any Investments that we hold for you into your name without charge.
16 Your Liability to Us
You will hold us and the Nominee, our associates, directors, officer, employees harmless (both before and after the termination of the Agreement) against, any loss, liability and expenses incurred in the performance of our/their duties which may be suffered or properly incurred directly in connection with or as a result of any service performed for you or action permitted under the Agreement or any Trade effected on your instruction, except as is caused by or their our negligence, willful default or fraud.
17.1 Either party may terminate the Agreement at any time, for any reason, by giving written notice to the other party in accordance with the terms of the Agreement. Such written notice will become effective upon the other party’s receipt of such notice. In the event you terminate the Agreement, then there may be transfer-out or other transaction related fees to paid by you in accordance with the terms of the Agreement. We may complete any Trades initiated prior to receipt of your notice of termination.
17.2 Where you elect to terminate the Agreement as the result of your non-acceptance of any proposed new charges or changes to our charges as notified to you pursuant to clause 11.1 of the Agreement or other amendments or charges pursuant to clause 20 of the Agreement and you give us your notice of termination within the period set out in our communication that we gave you about the relevant changes or introduction of charges, then you will not be required to pay any transfer-out fees as a consequence of your termination in those circumstances if it can be determined that the change is not a valid reason. Subject to this clause the remaining terms of clause 17 shall apply to any such termination of the Agreement by you.
17.3 However, we reserve the right, exercisable at our reasonable discretion, to close an Interactive Investor Account or terminate the Agreement at any time without giving you prior notice. We may do so in circumstances including: your fraud, misuse of the Interactive Investor Service, suspected money laundering, suspected market abuse, abusive behaviour by you and potential or actual proceedings against you or your property or investigations that involve you or your property. If we close an Interactive Investor Account, we will (subject to applicable law and regulation) transfer the free balance and Investments to an account specified by you. We may alternatively realise any of your Investments and make payment of the proceeds (less any applicable Charges) to you and our obligation to you in respect of the balance in your Interactive Investor Account will be discharged upon such despatch, or transfer of any remaining balance to a suspense account pending your instructions.
17.4 Once we receive notice from you to terminate the Agreement, or send you notice either of our intention to terminate in 20 Working Days or that the Agreement has already been terminated, we will not undertake any further Trades for you, other than as detailed in Clause 17.1 and will arrange for any Investments or money held by us, to be delivered to you as soon as practicable, after deduction of all sums due to us under the Agreement.
17.5 Where your Interactive Investor Account does not hold any Investments or cash and has not been used for a period of 12 months or more and you have not logged into your Interactive Investor Account for a period of 12 months, we reserve the right to treat your Interactive Investor Account as inactive and refrain from sending you any correspondence, documentation or marketing literature.
17.6 Where your Interactive Investor Account does not hold any Investments or cash and has not been used for a period of 3 years or more and you have not logged into your Interactive Investor Account for a period of 12 months, we reserve the right to treat your Interactive Investor Account as closed.
18 CONFIDENTIALITY AND DATA PROTECTION
18.1 Like other financial organisations, we are legally obliged to collect, verify and record information confirming client identity and to report details of suspicious transactions to the Serious Organised Crime Agency (SOCA) or its successor bodies.
18.2 Please see our Website for details of how we collect, protect and transfer your Personal Information. It is our policy to take all necessary steps to ensure that Personal Information held by us is processed fairly and lawfully. We will take all necessary steps to implement this policy. All our employees and data processors who have access to Personal Information are obliged to respect the confidentiality of your Personal Information.
18.3 It is our policy to ensure that, when dealing with Personal Information, all relevant statutory requirements are complied with, including the eight Data Protection Principles contained in the Data Protection Act 1998 (as amended), and to monitor our internal procedures periodically to ensure compliance.
Identity checking, verification and telephone recording
18.4 We may use various commercially available identity checking and verification searches to assess your application, verify your identity and to periodically check that the information that we hold for you is up to date and accurate. Members of our group and other companies may use credit searches and other information supplied to us and/or credit reference agencies about you. Any of this information may also be used for identification purposes, debt tracing, preventing money laundering and managing your Interactive Investor Account.
18.5 We may disclose any information you provide to us to a licensed credit reference agency that may retain a record of the search. We may use the results of the search to check your identity, although we will not extend a line of credit to you.
18.6 We have systems that protect our clients and ourselves against fraud and other crime. Client information can be used to prevent crime and trace those responsible. We may check your details with fraud prevention agencies. If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information. We and other organisations may also access and use this information to prevent fraud and money laundering.
18.7 We reserve the right to search credit reference and fraud prevention agency files as well as our own internal group records to manage your Interactive Investor Account and take decisions such as whether to offer or continue to offer the Interactive Investor Service. Lenders who may assess your ability to obtain credit may see these searches.
18.8 Please write to us c/o Data Protection Officer at Interactive Investor Trading Limited, Standon House, 21 Mansell Street, London, E1 8AA if you want details of those credit reference agencies and fraud prevention agencies from whom we obtain and with whom we record information about you.
18.9 We may record telephone conversations to fulfill regulatory record keeping requirements, to monitor Trading and to offer you additional security, resolve complaints and improve our service standards. Conversations may also be monitored for staff training purposes. Charges for the provision of transcripts of call can be found on our Website. If we have been at fault, there will be no charge.
18.10 When you view the Website or use our mobile applications, we may store some information on your computer or mobile device. This will be in the form of a cookie file and other tracking software such as Google Analytics (referred to here as “Cookies”).
18.11 To enable us to provide the services available on the Website and to monitor and improve the Website, we may gather certain information about you, including details of your operating system, browser version, domain name and IP address, the details of the web site you linked from to the Website.
18.13 Third party advertising cookies: some of the advertisements you see on the Website are generated by third parties. Some of these third parties generate their own “anonymous cookies”, for the same reasons we do: to track how many unique users have seen a particular ad, and how many times they have seen it and provide you with advertisements that are more relevant to your interests. Additionally, the companies that generate these cookies have their own, very strict, privacy policies but we don’t have access to these cookies; other than allowing them to be served, we have no role to play in these cookies at all (although we may use statistical information arising from these third party cookies and provided to us by third parties, to improve the targeting of advertisements to users).
18.14 We may use pixels, or transparent GIF files to help manage online advertising. The GIF files are provided by our ad management partners to enable them to recognise a unique cookie on your web browser, and to display adverts which are of relevance to you. The information collected is anonymous and is not personally identifiable.
Use of your Personal Information
18.15 Our main use of your Personal Information is to look after your Interactive Investor Account or to provide the specific service you require. We may use your details to inform you by letter, telephone, e-mail or otherwise about any special shareholder offers, products or services offered by us and selected third parties, unless you ask them not to do so. If you do not wish to hear about these please go to the secure area of the Website to amend your profile. Remember, however, that opting out could stop you hearing about our special account holder offers or products and services which may benefit you.
18.16 Personal Information may be transferred to countries outside the European Economic Area in order to perform the Interactive Investor Services. In using the Interactive Investor Services you consent to such a transfer. In addition, if you put Personal Information on publicly available parts of the Website, this will be accessible to persons in countries outside the European Economic Area, which may not have data protection laws as comprehensive as those that exist in the European Economic Area.
18.18 You can find out what Personal Information we hold about you by writing to: Data Protection Officer, Interactive Investor Trading Limited, Standon House, 21 Mansell Street, London E1 8AA. Your request must be accompanied by a cheque made payable to Interactive Investor for £10.00. We will acknowledge your request within 40 calendar days. If any of the Personal Information that we hold about you is incorrect or needs updating, or if you want us to delete any of your Personal Information, please contact us in the same manner. We may request that you provide further information and identification to enable us to comply with this request.
18.19 We regard our databases of customer information (which will include your Personal Information) as a valuable asset. Should we sell or transfer any of our business assets this may include the sale or transfer of such databases of information to third parties. In addition, such a transfer or sale may mean that your Personal Information is transferred to countries outside the European Economic Area. In using the Website you consent to such use of your Personal Information.
18.20 If you send us e-mail over the Internet, remember that it will be ‘unsecure’ and could be intercepted. If you do send us ‘unsecure’ e-mail, please keep the amount of confidential information you include to a minimum. We suggest that secure messaging via the Website is used whenever possible.
18.21 Certain information collected may be classified as sensitive and we can only use such data where we have your explicit consent. This data relates to racial or ethnic origin, political opinions, religious beliefs, trade union membership, physical or mental health, sexual orientation, criminal proceedings and offences and will only be processed in order to provide the service requested.
19 Your Rights to Cancel the Agreement
19.1 Where the Agreement with you has been concluded at a distance (for example, through the Website or other than by a face to face meeting) you may have a right to cancel the Agreement. The right to cancel remains open to you for a period of up to 14 calendar days from the later of:
- the date of its commencement (as defined in Clause 1.6); and
- the date on which the Agreement was received by you.
19.2 If you choose to cancel the Agreement you will be relieved of all duties and obligations arising from the Agreement. You will not incur any cancellation fee, charge or penalty except for any shortfall (where we carry out transactions on your behalf during the cancellation period you will bear the applicable market risk).
19.3 If you wish to cancel the Agreement, you must send a notice in writing to us addressed to: Cancellation Notice, Interactive Investor Trading Limited, 1st Floor, 2 West Regent Street, Glasgow, G2 1RW (you may not use email or other electronic communications for this purpose unless we have agreed otherwise). If you do not exercise the right to cancel, the Agreement will remain in effect until otherwise terminated in accordance with its terms.
19.4 If you decide to cancel the Agreement, termination will be subject to the provisions of the Agreement including in particular Clauses 15 and 16.
19.5 If you cancel the Agreement, we will transfer any Investments we hold for you into your own name or as you instruct. Where this is not reasonably practicable, you agree that we may sell the Investments at the prevailing market price. The amount you get back will be reduced by any market loss from when your initial investment was made to when we receive the cancellation notice. The proceeds will be returned to you no later than 20 Working Days from the date you sent the notice of cancellation.
20 Amendment, Assignment and Delegation
20.1 If we give you at least 20 Working Days’ advance notice we may change the Agreement for any valid reason and if it is reasonable to make the change. If we have accepted your instructions to carry out a Trade before we give this notice, we will carry out and settle that Trade in line with the conditions before the change is made.
20.2 Your Interactive Investor Account is personal to you and you may not transfer, assign or charge your accounts or any of your rights or obligations under the Agreement. We may transfer our rights under the Agreement to any member of our Group without your further consent as set out at Clause 20.3 below.
20.3 Where we propose to transfer a material part of our assets to a member of the Group, we may also transfer all of our rights, powers, obligations and liabilities under or in connection with the Agreement without your further consent, provided that we reasonably consider the member of the Group is capable of performing the Agreement. On the date specified in the notice, the member of the Group will acquire all the rights, powers, obligations and liabilities it would have had if it had been an original party to the Agreement in substitution for us, you will be released from any further obligation to us, and we will be released from any further obligation to you.
20.4 We may delegate any of our functions and responsibilities under the Agreement to a member of the Group (with or without a power further to sub-delegate), provided that we reasonably consider it capable of discharging those functions and responsibilities. Any such delegation or sub-delegation may be to persons or agents outside the jurisdiction where we provide the services to you. Our liability to you for the matters delegated will not be affected as a result.
20.5 We may employ members of the Group and third parties to perform dealing and administrative services that are necessary to enable us to perform the Agreement without further notice or consent and on such terms as we think fit.
21 Severability and Entire Agreement
21.1 Each provision of the Agreement is severable. To the extent that any provision is or becomes invalid, unenforceable or contrary to any applicable law, it will be given no effect and will be deemed not to be included in the Agreement, but without invalidating any of the remaining provisions of the Agreement.
21.2 The Agreement sets out the entire agreement and understanding between you and us with respect to its subject matter. It supersedes all previous agreements and understandings between you and us with respect to its subject matter, which will cease to have any further force or effect on the effective date of the Agreement. This Clause will not exclude or limit any liability or remedy in respect of fraudulent misrepresentation.
22 Third Party Rights
A person who is not a party to the Agreement will have no rights under the Contracts (Rights of Third Parties) Act 1999 in the UK, any equivalent law in other jurisdictions, or otherwise to enforce any of its items.
23 Governing Law and Jurisdiction
It is agreed that the Agreement and any obligations (including any non-contractual obligations) arising out of it shall be governed by English law and that any dispute (including any non-contractual dispute) will be subject to the non-exclusive jurisdiction of the English courts.
SECTION B Interactive Investor Portfolio Builder
1.1 If the General Terms and Conditions or any additional terms which apply to your Interactive Investor Account conflict with these Additional Terms and Conditions (the “Portfolio Builder Terms and Conditions”), the Portfolio Builder Terms and Conditions shall apply with respect to the Portfolio Builder only.
1.2 References to “Clauses” in these Portfolio Builder Terms and Conditions set out in this Section B shall be to clauses in this section B unless specifically stated otherwise.
In these Portfolio Builder Terms and Conditions the words and phrases in bold type have the defined meanings which are explained below. The defined meanings of the words and phrases set out in the General Terms and Conditions also apply.
Available Cash Balance - the cash balance in your Interactive Investor Account which is the total of cleared cash funds credited to the Interactive Investor Account and uncleared cash funds awaiting Settlement in respect of Investments we have sold for you
Eligible Portfolio Builder Investments - The range of Investments as are available from time to time for purchase through Portfolio Builder. A list of Portfolio Builder Investments is published on our Website and is updated from time to time
Portfolio Builder Amount - the amount to be applied to acquire an Available Investment within an Interactive Investor Account each month which includes our fees, commission and Charges applicable to any such purchase
Portfolio Builder - the facility to invest an amount of money in a Eligible Portfolio Builder Investment at regular intervals into an eligible Interactive Investor Account, as described on our Website, in these Portfolio Builder Terms and Conditions, and the General Terms and Conditions
Trade Date - the date on which Investments are purchased using the Portfolio Builder service. This date is specified on our Website for both monthly and other payment intervals, except where that day falls on a day that is not a Working Day, when Investments will be purchased on the next Working Day.
3. Description of the Portfolio Builder Service
3.1 The Portfolio Builder Terms and Conditions come into effect when your valid Portfolio Builder instruction made in accordance with the procedures set out on the Website is accepted by us.
3.2 The Portfolio Builder is a service offered by Interactive Investor where eligible Interactive Investor Accounts may be used to purchase Portfolio Builder Investments using cash available in your CA at regular intervals.
3.3 The list of Eligible Portfolio Builder Investments is notified on our Website and is updated by us from time to time.
3.4 You can use the Portfolio Builder in relation to your Interactive Investor Account as shown on our Website if you have submitted a Portfolio Builder instruction that is accepted by us. We reserve the right to reject any instruction without having to specify a reason provided that we will endeavor to notify you of such rejection.
3.5 When using the Portfolio Builder:
3.5.1 you will set up an instruction to regularly take cash or select a particular date on which cash is to be taken from your CA to be invested through the Portfolio Builder, in accordance with the selections you have set up through our Website;
3.5.2 you can instruct us (in accordance with Clause 4 below) to draw a regular monthly payment into your Interactive Investor Account using specified payment methods in order to fund such regular acquisitions; and;
3.5.3 you can select the Eligible Portfolio Builder Investments you wish to purchase and you can either allocate a percentage of your Available Amount to buying certain Portfolio Builder Investments or you can select the amount of Available Amount you wish to allocate to buying certain Eligible Portfolio Builder Investments.
We will, to the extent applicable, debit your regular monthly payments and debit the appropriate amount from the CA forming part of your Interactive Investor Account using your selected subscription method prior to carrying out the Portfolio Builder instruction.
3.6 If we accept your instruction to use the Portfolio Builder, we will purchase Portfolio Builder Investments on your behalf using the available cash in the CA forming part of your Interactive Investor Account on the Trade Date in accordance with your instructions. (Whether or not the purchase is effected will be determined by the overall Available Cash Balance regardless of whether your instruction to transfer cash into your CA for this purpose has been effective.)
3.7 If, for any reason, we do not carry out a Trade on a particular Trade Date, it will not be carried over to the following Trade Date.
3.8 By sending your Portfolio Builder instruction to us, you are:
3.8.1 instructing us to arrange to purchase the Portfolio Builder Investments for you using the available cash, if any, in the CA forming part of your Interactive Investor Account, in accordance with the Portfolio Builder Terms and Conditions and authorise us and our Nominee or sub-custodians or agents to take such administrative actions as are reasonably necessary to facilitate this; and
3.8.2 instructing us to deduct from your Interactive Investor Account the charges and fees (as described below) payable in respect of the Portfolio Builder Investments purchased for you on each occasion that we make a purchase.
3.9 Portfolio Builder Investments purchased for you under the Portfolio Builder will be held in the same manner as the other Investments held in your Interactive Investor Account.
3.10 Should an error be made in purchasing Portfolio Builder Investments for your Portfolio Builder, you agree that we may take any action reasonably required to rectify the error.
3.11 You are reminded that we provide an execution-only service and the decision to invest through the Portfolio Builder or in Portfolio Builder Investments is your own. To ensure that an investment is made through the Portfolio Builder on your behalf in any one period, you should ensure that the Available Cash Balance in the Interactive Investor Account within which you wish to invest as at 10.00 p.m. on the Working Day prior to the Trade Date is adequate to cover your Portfolio Builder Subscription or amount which you have notified us of as detailed below. In the event that the Available Cash Balance in your Interactive Investor Account on the Trade Date is less than the total of the Portfolio Builder Subscription, we will not purchase Portfolio Builder Investments for you for that Interactive Investor Account. If we are unable to make investments on your behalf for three consecutive months as a result of there being insufficient available cash in your Interactive Investor Account on the Trade Date, we may stop your use of the Portfolio Builder in conjunction with any of your other Interactive Investor Accounts. You are reminded that our charges and a dealing fee will be deducted from the Portfolio Builder Subscription before it is invested.
4. Funding your account and Excess funds
4.1 The Portfolio Builder Amount will not be deducted from the Available Cash Balance in your Interactive Investor Account until the trades have been executed on the Trade Date. You should ensure that the total of the Portfolio Builder Amount that you have requested us to invest is available in the Interactive Investor Account on the Trade Date. In the event that the cash balance of your Interactive Investor Account becomes overdrawn following the allocation of Portfolio Builder Investments to the Interactive Investor Account (for example, as a result of your having purchased other Investments) we will treat your order under the Portfolio Builder as received first. In such circumstances we may sell other investments from the Interactive Investor Account, sufficient to clear the overdrawn cash balance. We will charge you for this sale. Our rights set out in the General Terms and Conditions will also apply. We may also, in such circumstances, prevent your use of the Portfolio Builder with that Interactive Investor Account or your other Interactive Investor Accounts.
4.2 You can choose within certain limits when a Portfolio Builder Amount will be debited from your Interactive Investor Account via the available payment methods. Our Website will detail the timetable for these payments to be deducted. If a subscription day is not a Working Day, the relevant Portfolio Builder Amount will be collected on the next Working Day.
4.3 Where applicable to your Interactive Investor Account and subject to Clauses 4.4 and 4.5 below, you may instruct us to draw a regular monthly payment into your Interactive Investor Account using the payment methods set out on the Website. You can arrange for the regular payment by completing the instruction page on our Website. The amount that you enter on the page will replace any regular payment instructions that are already in operation.
4.4 Where you are investing via Portfolio Builder through your Interactive Investor ISA, you are responsible for ensuring that you do not pay into the account more money than the maximum subscription amounts in any one Tax Year for the type of ISA that you hold with us.
4.5 Where you are investing via Portfolio Builder through a SIPP account, the cash to fund your Portfolio Builder Amount will require to be transferred from your SIPP account to your Interactive Investor CA prior to any purchase of Investments being made via Portfolio Builder. The process for instructing such cash transfers in respect of an Interactive Investor SIPP is set out on the Website.
4.6 Any part of the Portfolio Builder Amount which is not invested, will remain in your Interactive Investor Account as part of your cash balance; it will not be carried forward and used for future purchases under the Portfolio Builder. If your Portfolio Builder is spread across more than one Eligible Portfolio Builder Investment this may mean that your excess cash funds may exceed the value of one Investment in one of your Portfolio Builder schemes.
5. Dealing and Order Execution
5.1 You must tell us the exact name, number or value of Eligible Portfolio Builder Investments you want to be in your Portfolio Builder.
5.2 A minimum Portfolio Builder Amount applies, details of which are published on our Website. You must decide the amount you subscribe to the Portfolio Builder which must be in excess of the minimum amount.
5.3 Investments through the Portfolio Builder are made by us on the Trade Date, not the date cash funds are collected from your Interactive Investor Account.
5.4 Eligible Portfolio Builder Investments will be purchased for you using Available Cash Balance in the CA forming part of your Interactive Investor Account after deduction of a dealing charge and other applicable Charges (please see below).
5.5 All purchases will be made on an execution-only basis and you are not able to specify any price at which the Eligible Portfolio Builder Investments will be purchased. It may be necessary to execute several market transactions in order to acquire the Eligible Portfolio Builder Investments and the prices at which the Eligible Portfolio Builder Investments are purchased may therefore vary. The Eligible Portfolio Builder Investments will be acquired at the best price available at the time of dealing in accordance with our Order Execution Policy.
5.6 All deals will be averaged with all of our clients receiving the same price; this aggregation may operate to your advantage or disadvantage. You will receive the highest whole number of Portfolio Builder Investments for shares and when investing in funds the most amount of units which can be bought with the amount you instruct us to invest, either as a fixed sum or expressed as a percentage of your available cash balance on the date of purchase. (Further details on such aggregation procedures are set out in our Order Execution Policy, a copy of which is available on the Website) As described below, any cash balance that cannot be used to purchase a whole share will be retained in your Interactive Investor Account and will not be carried forward and used for the next Portfolio Builder purchase.
5.7 We will endeavour to process Portfolio Builder instructions as soon as practicable after receipt provided that we receive your Portfolio Builder instruction after 10.00 p.m. on the Working Day prior to the Trade Date, an investment will not be made on your behalf on that Trade Date, but instead will be made on the next available Trade Date for the relevant Investment.
5.8 A Contract Note will be sent to you showing the date, number, purchase price and associated costs of each Trade in accordance with the General Terms and Conditions.
5.9 When we are executing a Portfolio Builder purchase of Investments for you, we will start the process of purchasing those Investments on the relevant Trade Date selected by you on the Website. If for any reason we are unable to purchase the Investments on the relevant Trade Date we will do so as soon as practical afterwards. You can change your instructions to make a Portfolio Builder purchase at any time before the relevant Trade Date on which the Portfolio Builder purchase is due to take place.
6.1 Purchases of Investments made through this Portfolio Builder are subject to our Portfolio Builder dealing commission as specified on our Website. Charges, commissions and dealing fees are subject to change, in accordance with the General Terms and Conditions.
6.2 The dealing commission applied in accordance with the Charges (as set out on our Website) to each purchase will be shown on your Contract Note.
7. Cancellation and Termination
7.1 You have the right to cancel your instruction for the Portfolio Builder within 14 days after the day on which we accept your instruction by updating your account preferences in accordance with General Terms and Conditions. This may require two cancellation instructions:
7.1.1 cancellation of your direct debit or similar payment instructions set up to fund payment of amounts in to your CA in order to fund Portfolio Builder Amounts; and
7.1.2 cancellation of the Portfolio Builder purchase instructions.
7.2 If we have already arranged for your direct debit or similar payment instructions to be effected, or for the purchase of Eligible Portfolio Builder Investments for you, before your notice is received that purchase will be binding on you. This means we may complete your direct debit or similar payment instructions and/or make a purchase of Eligible Portfolio Builder Investments for you before we receive your notice of cancellation. Any Charges that may apply if you cancel are set out on our Website.
7.3 After we have accepted your instruction, we will continue to collect cash funds and to make purchases of Investments in accordance with your instructions until you stop or vary your instructions, and until the Portfolio Builder is terminated or suspended by us or by you.
7.4 We retain the right, at any time by giving at least 20 days’ advance notice (either by email, in writing through the Website or by SMS) in accordance with the General Terms and Conditions:
7.4.1 to terminate or suspend the Portfolio Builder for any reason;
7.4.2 to withdraw the availability of the Portfolio Builder from any Interactive Investor Account and cancel any existing instructions you have in place in respect of the Interactive Investor Account specified in the notice; and
7.4.3 to withdraw from the Portfolio Builder any Eligible Portfolio Builder Investments in which you have chosen to invest.
7.5 You may vary the Portfolio Builder Amount or stop using the Portfolio Builder with an Interactive Investor Account or as regards any Eligible Portfolio Builder Investments at any time by updating the settings on your preferences on the Website.
7.6 Where you vary your instructions or stop using the Portfolio Builder or we stop your use of it, if we have already arranged for the purchase of Eligible Portfolio Builder Investments for you before your instructions are processed or our notice takes effect, that purchase will be binding on you. This means that we may make a purchase of Eligible Portfolio Builder Investments for you after we have received your instructions.
7.7 If you wish to resume using the Portfolio Builder after you or we have terminated your use of the service, you will need to complete a new Portfolio Builder instruction on the Website.
7.8 If all of your Interactive Investor Account(s) used with the Portfolio Builder are closed, your use of the Portfolio Builder as described will cease.
SECTION C Dividend Reinvestment Plan
1.1 If the General Terms and Conditions or any additional terms which apply to your Interactive Investor Account conflict with these Additional Terms and Conditions (the “DRIP Terms and Conditions”), the DRIP Terms and Conditions shall apply with respect to the DRIP only.
1.2 References to “Clauses” in these DRIP Terms and Conditions set out in this Section C shall be to clauses in this Section C unless specifically stated otherwise.
In these DRIP Terms and Conditions the words and phrases in bold type have the special meanings explained below. The special meanings of the words and phrases explained in the General Terms and Conditions also apply.
DRIP Eligible Investments - a specified range of Investments for which dividend reinvestment is available from time to time as published on our Website
Description of the DRIP Service
2.1 Using a DRIP in respect of your Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP offers you the ability to invest dividends received from a particular DRIP Eligible Investment to purchase further shares/units of that particular DRIP Investment.
2.2 Our DRIP service is only available in respect of DRIP Eligible Investments as specified on our Website from time to time.
2.3 Where dividends, interest payments and cash entitlements are paid net of standard rate Income tax you will be responsible for accounting to HMRC for any further tax payable. Where we receive a gross payment of dividend in respect of a DRIP Eligible Investment and you have elected to include that DRIP Eligible Investment as part of your DRIP, we will re-invest that gross dividend payment as part of your DRIP and you will be responsible for accounting to HMRC for any tax payable.
2.4 These DRIP Terms and Conditions apply as soon as your DRIP instruction is accepted by us. We reserve the right to reject any application or instruction without having to specify a reason.
3. Operation of the DRIP
3.1 If you instruct us, using the Interactive Investor Service, to effect a DRIP in respect of a particular DRIP Eligible Investment then any cash dividends received in respect of any units/shares of that DRIP Eligible Investment held within your Interactive Investor Account will be used to acquire as many whole units/shares of that DRIP Eligible Investment as possible (after taking into account relevant trading costs, Charges and taxes). The relevant DRIP Investments will be purchased as soon as practicable on or after the relevant dividend payment date. Purchases will generally be made within 1 Working Day after credit of the dividend to your account, but we do not promise they will be made within this period.
3.2 All purchases will be made on an execution-only basis and you cannot specify the price or the maximum or minimum price at which the DRIP Eligible Investments will be purchased. Owing to the nature of these trades, it may be necessary to carry out several market transactions in order to complete the investments. The prices at which the DRIP Investments are purchased may therefore vary. The DRIP Investments will be acquired at the best price available at the time of dealing. The prices will be averaged in order that all customers receive the same price. This aggregation may operate to your advantage or disadvantage. You will receive the highest whole number of the relevant DRIP Eligible Investments which can be bought with your available cash dividend for that DRIP Eligible Investment (less transaction costs) on the date of purchase. Any cash dividend that is surplus will remain in your account and will not be carried forward for use in the next DRIP.
3.3 We will send you a Contract Note showing the date, number, purchase price and associated costs and Charges as described in the General Terms and Conditions. Where tax is deducted as part of a relevant dividend payment, the dividend payment will be recorded in the consolidated tax voucher a copy of which will be supplied in accordance with the General Terms and Conditions
3.4 Investments purchased for you using the DRIP will be held in the same way as the other Investments that you currently hold in your relevant account.
3.5 You may join the DRIP by instructing us via the account preferences area of the Website. Once you have chosen to participate in the DRIP all future dividends on DRIP Eligible Investments that you specify will be reinvested under the DRIP until you remove your DRIP instruction for a particular DRIP Eligible Investment. (Unless removed, a DRIP instruction will continue to apply even if you sell your entire holding of a particular DRIP Eligible Investment and later purchase further units/shares of that Investment). If you have more than one account type (for example an Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP), you must give separate DRIP instructions for each account.
3.6 You may stop using the DRIP at any time for an Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP by updating your preferences on your Interactive Investor Account via the Website or by calling us. When you cease using the DRIP or if we terminate or withdraw your use of it, we may already have arranged for the purchase of DRIP Investments for you under the DRIP before your instructions are processed or our notice takes effect. In this event, that purchase will be binding on you. This means that we may make a purchase of DRIP Eligible Investments for you after we have received notice that you wish to stop or vary your instruction.
3.7 If you sell units/shares in a particular DRIP Eligible Investment which are subject to a DRIP instruction after the ex-date (i.e. you will be entitled to the dividend), the DRIP instruction will continue until the DRIP instruction is cancelled. Any cash dividend received will be used to acquire further units/shares of that DRIP Eligible Investment.
3.8 If your Interactive Investor Account has been restricted by us for any reason your DRIP instruction will not be actioned and the dividend payment will instead be credited to your Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP, as the case may be.
3.9 You will receive the maximum whole number of DRIP Eligible Investments which can be bought on your behalf taking into account the dealing costs and stamp duty reserve tax for the purchase of the relevant DRIP Eligible Investments. We will not invest amounts less than the minimum amount, as stated on our Website. Any funds not invested will remain in your relevant an Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP.
3.10 If the cash dividend paid after taking into account deducting costs and Charges is not enough to buy at least one unit/share of the relevant DRIP Eligible Investment, your DRIP instruction will not be actioned.
3.11 Where you have given us a DRIP instruction, dividends will be reinvested on your entire holding of the relevant DRIP Eligible Investment in. Joining a DRIP for only part of your holding of a DRIP Eligible Investment in your Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP is not possible.
3.12 In the event that an error is made in the number of DRIP Eligible Investments purchased for you under the DRIP, you agree that we may take any action reasonably necessary to rectify any such error.
4.1 Purchases made through the DRIP are subject to our DRIP commission charges as specified on our Website and stamp duty reserve tax. Charges, fees and commissions may be subject to change, in accordance with our General Terms and Conditions.
4.2 The costs and Charges associated with each Trade effected as part of your DRIP will be shown on the Contract Note provided in respect of that Trade in accordance with the General Terms and Conditions.
5. Termination and cancellation
5.1 We retain the right, at any time by giving at least 20 days’ advance notice (either by email, in writing, through our Website or by SMS) in accordance with the General Terms and Conditions:
5.1.1 to terminate, or suspend the DRIP for any reason;
5.1.2 to terminate your use of the DRIP with your Interactive Investor Trading Account, Interactive Investor ISA or Interactive Investor SIPP (as the case may be) specified in the notice; and
5.1.3 to amend the list of DRIP Eligible Investments (including by withdrawing from the DRIP any DRIP Eligible Investment) and any such changes will take effect after the period as stated in the notice.
SECTION D Interactive Investor Individual Saving Accounts (ISAs)
1.1 Unless these Additional Terms and Conditions (the “ISA Terms and Conditions”) state that the General Terms and Conditions do not apply or they contain a different provision, the General Terms and Conditions will apply in relation to any dealings in Investments held in your ISA Account. Should the General Terms and Conditions conflict with the ISA Terms and Conditions, these ISA Terms and Conditions shall apply with respect to the Interactive Investor ISA only.
1.2 References to “Clauses” in these ISA Terms and Conditions set out in this Section D shall be to clauses in this Section D unless specifically stated otherwise.
In these ISA Terms and Conditions the words and phrases in bold type are explained below. The words and phrases explained in Clause 2 of the General Terms and Conditions also apply.
- Account or Interactive Investor ISA
- an Individual Savings Account (“ISA”) which is designated as a Stocks and Shares ISA under the Regulations subject to these Terms and Conditions
- Account Investments
- Investments and cash held in an Account as permitted by the Regulations
- Account Manager, we, us, our, Interactive Investor
- Interactive Investor which is a trading name of Interactive Investor Trading Limited which is an HM Revenue & Customs approved ISA manager, number Z1731 and which is responsible for administering your ISA in accordance with the Regulations;
- an Individual Savings Account in accordance with the Regulations;
- ISA Application Process
- the application process to be completed in applying for an Interactive Investor ISA (as available on the Website)
- ISA Transfer Process
- the application process for the transfer of investments from an existing ISA held by you to the Interactive Investor ISA (as available on the Website)
- the company which issues Account Investments
- Qualifying Investments
- Investments which can be held in an ISA in accordance with the Regulations
- the Individual Savings Account Regulations 1998 and the related HM Revenue & Customs guidance notes for ISA managers, as from time to time amended and in force
3. Provision of services
3.1 The Interactive Investor ISA is an execution-only self-select Stocks and Shares ISA. Decisions to buy or sell investments in your ISA are your own and the responsibility for such decisions is yours. If you have any doubts that an ISA or a particular Trade in a Investment is, or remains, suitable for you, you should contact an FCA authorised financial adviser to advise on such matters.
3.2 Your Account will be subject to the terms of the legal Agreement between us (as such term is defined in the General Terms and Conditions and including these the ISA Terms and Conditions) and to the Regulations. Your Account will be administered in accordance with the Regulations, which take precedence over these ISA Terms and Conditions.
4. Your application
4.1 To open an Account with us or to transfer an existing ISA to us, an ISA Application Process must be completed, and, where applicable an ISA Transfer Process. If your ISA Application Process is not completed in full, or we have not been provided with supporting documentation that we have requested, we will not open your Account until you have provided us with the missing details or documentation, which must be done within 30 calendar days of us notifying you of such missing details. Any ISA subscription received in the meantime will be returned. Please see section 7 below which applies to transfers of existing ISAs.
4.2 We will open your Account when your application is approved by us and, we hold a valid subscription (see section 6.3 below). Where you apply to transfer an existing ISA we will open your Account when your application and ISA Transfer Application Process are approved by us and we receive the Investments and/or any cash to be transferred from your existing ISA manager. (Only those Investments that are eligible to be held as part of the Interactive Investor Service (as detailed on the Website) may be transferred from an existing ISA)
4.3 The provisions above also apply to Interactive Investor ISAs to be opened using cash funds from your Interactive Investor Trading Account. Cash funds will only be transferred from your Interactive Investor Trading Account to your ISA upon our acceptance of your ISA Application.
4.4 When you open an Interactive Investor ISA we will also open an Interactive Investor Trading Account for you (to the extent that such an account is not already held by you) through which all Trades for your Interactive Investor ISA will be effected. The Interactive Investor Trading Account will be subject to our General Terms and Conditions.
4.5 You have the right to close or suspend your Interactive Investor ISA in accordance with the General Terms and Conditions.
4.6 We reserve the right to refuse your application (including an application to transfer an existing ISA) without reason, including in circumstances where we believe that any information provided by you is incorrect or if we believe that you are not eligible for an Interactive Investor ISA or to transfer an existing ISA.
5. Fees and charges
Dealing fee(s) and charges for the Interactive Investor ISA are specified on our Website. Fees, charges and expenses due to us (or agents used by us) from you plus any applicable Value Added Tax in respect of your ISA will be collected in accordance with the General Terms and Conditions, save for any fees, charges or expenses which the Regulations require to be met from the Account Investments or cash funds in your Interactive Investor ISA.
- Investing in your Interactive Investor ISA
6.1 To open an Interactive Investor ISA, or to subscribe into an Interactive Investor ISA, you must:
- be aged 18 or over at the time of your application;
- not have subscribed to another ISA of the same type in the then current Tax Year;
- not have exceeded the subscription limits or made a disallowed combination of ISAs in respect of the then current Tax Year; and
- be resident and ordinarily resident in the United Kingdom for tax purposes or be performing duties as a crown employee, working overseas or be the spouse or civil partner of such a crown employee working overseas.
If, while you hold an Interactive Investor ISA, your circumstances change and you no longer fall within any of the qualifications listed above, you must inform us immediately.
Please note that it is not necessary to fall within the residence qualifications outlined at Clause 6.1(d) above in order to transfer an existing ISA into an Interactive Investor ISA. However, you must ensure that the residency requirement is met in order to subscribe further funds in your Interactive Investor ISA, whether in the current or future Tax Years.
6.2 In accordance with the Regulations, In each Tax Year, you may subscribe to only one Stocks and Shares ISA (whether with Interactive Investor or any other provider) and you may only subscribe up to the HMRC ISA limits for a Stocks and Shares ISA in any Tax Year. Details of the current limits that apply can be found on our Website, which limits may change from time to time as a result of legislation.
6.3 Subscriptions must be made in your own name and you may invest one or more lump sums in your Interactive Investor ISA during the Tax Year up to the annual subscription limit (as mentioned in Clause 6.2 above). Subscriptions may only be made in Sterling using the payment methods specified on the Website.
6.4 To the extent that you do not use you ISA subscription limit for a particular Tax Year, any unused portion cannot be carried forward to the next Tax Year.
6.5 Where Investments are held in Safe Custody for us as detailed in the General Terms and Conditions we may delegate some of the Account Manager’s administrative functions and responsibilities to a third party. If we do so, we will satisfy ourselves that such third party is competent to carry out the delegated functions and/or responsibilities. As Account Manager, we will remain responsible for the operation of your Interactive Investor ISA.
7. Transferring an ISA
7.1 You may transfer the whole of your current Tax Year’s ISA subscriptions and/or your previous Tax Years’ investments in whole or part to your Interactive Investor ISA provided that:
7.1.1 only Qualifying Investments may be transferred into an Interactive Investor ISA;
7.1.2 you can only transfer Investments that are acceptable to us (in our absolute discretion); and
7.1.3 we shall only accept ISA transfers from Stocks and Shares ISAs or Cash ISAs as specified in the Regulations and when you apply for a transfer of your current Tax Year’s subscriptions from a Cash ISA to a Stocks and Shares ISA, the subscriptions will be treated as if they were made to the Stocks and Shares ISA.
7.2 We may impose Charges (as specified on our Website) in order to effect any such transfer.
8. Account investments
8.1 Your ISA Account includes all investments and all Income and other rights and proceeds relating to the ISA Account Investments and any tax reclaimed on your behalf by us which has been received by us. Dividends, tax reclaimed and other Income on Account Investments that we collect is credited to your Account as soon as is practicable (except in the case of cash dividends that you instruct us to re-invest through our DRIP as detailed in Section C of these terms). We will not be held responsible for any loss of interest due to any delay outside our control in crediting any Income received to your Account. HMRC do not allow cash to remain un-invested in an Account indefinitely.
8.2 You can only invest in Qualifying Investments through your Interactive Investor ISA.
8.3 Account Investments will be held in accordance with the Safe Custody arrangements outlined in the General Terms and Conditions and Client money forming part of your Account Investments will be held in accordance with the Regulations and the Client Money Rules as set out in the General Terms and Conditions.
8.4 Information and valuations in respect of your Account Investments will be made available upon the terms set out in the General Terms and Conditions.
8.5 The Interactive Investor ISA does not meet the Government’s CAT (charges, access and terms) standards.
8.6 Your Account Investments will be, and must remain, in your beneficial ownership. They must not be used as security for a loan except as permitted by the ISA Regulations.
9. Withdrawals and Closing your Account
9.1 At your written request to us in accordance with the General Terms and Conditions, all or a part of the Account Investments held in a Interactive Investor ISA or proceeds arising from the Account Investments may be transferred or paid to you or to an authorised third party. We will make the transfers and payments as soon as reasonably practicable after we receive your instructions. Withdrawals may be subject to the payment of an administrative fee, details of which are available on our Website.
9.2 We can suspend or close your Account in accordance with the General Terms and Conditions. You can close your Account at any time by giving us notice in accordance with the General Terms and Conditions.
9.3 If we or you close your Account, we will give you certain options and charges may apply, details of which are available on our Website. We will, in accordance with your instructions:
- sell the Account Investments and pay to you the net sale proceeds and any other cash we are holding for you in the Account (less any fees, Charges and other money you may owe us);
- transfer all or part of the Account Investments (less any fees, Charges or other money you owe us) to another ISA manager in accordance with the Regulations; or
- arrange for the transfer and/or payment to you of the Account Investments.
We will make such transfers and payments as soon as reasonably practicable after we receive your instructions. Further information is available on our Website.
9.4 We can also close or suspend your Account in the circumstances described in the General Terms and Conditions.
9.5 If you do not comply with any of the Regulations relating to an Interactive Investor ISA, you may lose the ISA tax benefits and the Account may become void. We will inform you if, by reason of your failure to satisfy the provisions of the Regulations, we become aware that this has happened.
9.6 We may, without your prior authorisation, dispose of any Account Investments held within the Interactive Investor ISA in order to return any tax credits to which you are not entitled to HMRC. If the Account is made void, we will transfer the Account Investments to your Interactive Investor Trading Account.
9.7 When your Account is being closed we may deduct any fees, Charges or other amounts outstanding on your account, and any tax liabilities arising in respect of the Account from the Account Investments to be transferred to you. We will complete any transactions that we have started before we receive your notice.
9.8 Your Interactive Investor ISA will automatically terminate on your death and any tax benefits will cease. We will deal with the Account Investments as instructed by your executors or personal representatives who should arrange to provide us with such documentary evidence as we reasonably require.
9.9 If you subscribe to an Account, the Regulations permit us to merge the investments of previous ISA subscriptions belonging to you with those of this Account (whether purely for administrative purposes or otherwise). If this happens, these Terms and Conditions will apply to all those Investments for all purposes for which the Regulations permit such a merger.
9.10 Please read carefully the sections of the General Terms and Conditions which set out our rights when you owe us money, our rights to close your Account in certain circumstances and also to take steps to recover any outstanding sums due to us, including a right to sell the Account Investments.
10. Our responsibilities to you
10.1 Interactive Investor is not responsible for any loss you may suffer caused by a fall in the value of Account Investments.
10.2 To the extent permitted by the FCA Rules, the Account Manager accepts no responsibility for the Account Investments in your Account (nor for assets and cash transferred to your Account if an ISA is transferred to us from an existing ISA Manager) until we receive cleared funds or investments transferred, nor for any loss suffered due to any delay in the payment or transfer of funds or investments to the Account Manager.
10.3 Please read carefully the sections of the General Terms and Conditions which set out our responsibilities to you and explain which matters we will not be responsible or liable for.
10.4 In the case of a transfer to an Interactive Investor ISA, it is your responsibility to ensure that the existing ISA manager complies with the transfer instructions given by us as the Account Manager.
11. Funding Your Account
11.1 You must ensure that there are sufficient cash funds in your Account to pay any tax liability incurred and any fees, Charges and expenses which may be due to us. Any charges, fees or expenses collected by us from the Account may reduce the tax benefits available to you.
11.2 You can fund your Interactive Investor Account ISA in a number of ways. Further details and instructions on how such payments/methods of funding are to be made are set out in the General Terms and Conditions and on the Website.
11.3 Investments may be transferred into an Interactive Investor ISA from a savings-related share option scheme, an approved profit-sharing scheme or a share incentive plan. We will transfer shares received under a savings-related share option scheme, an approved profit-sharing scheme or an approved employee share ownership plan into your ISA as soon as reasonably practicable after we have received your instructions to do so and any necessary documentation we have asked you to complete is properly completed. In the case of a savings-related share option scheme, you must make the transfer within  days of your exercise of an option. In the case of an approved profit sharing scheme, you must make the transfer within  days from the day on which you direct the trustees to transfer the shares to you or, if earlier, the day on which the shares are released from the scheme. In the case of a share incentive plan, you must make the transfer within  days after the shares ceased to be subject to the plan.
8.8 We will hold your Investments so that we comply with the FCA Rules in relation to the safeguarding of client assets. In the event of the nominee or one of our custodians being declared in default we will make a claim on your behalf, including, where applicable, through the Financial Services Compensation Scheme. Under the Financial Services Compensation Scheme, compensation may be paid to eligible claimants in respect of assets held with the relevant custodian, up to the FSCS investments limit (link to http://www.fscs.org.uk/what-we-cover/compensation-limits/investment-limits/ ) You should note that the limit applies to the aggregate of all your claims against the relevant custodian, including any claims you may have directly against the relevant custodian.