MiFID II

  • You may have recently received a letter from us informing you about a new regulation coming into force in January 2018. Due to the introduction of new regulations we are now required to capture additional customer data that we may not have asked for when you opened your account. If you have recently received this letter requesting outstanding information, we ask that you return the completed response form to us as soon as possible. 

    The regulation will be introduced in January 2018, and any accounts that do not have the required information may have restrictions applied until the necessary information is received. As well as primary account holders, this can include anyone else associated with the account, such as joint holder, donor, power of attorney or executor. If we do need this from anyone else named on your account we will write to them separately. If we have notified you of any other restrictions on your account these are not affected by this request. 

    Should you require any further assistance on this, please contact us on: 0345 600 6166 or email us at investor.enquiries@fandc.com.
  • What do you need from me?

    The new regulation requires us to hold the Nationality, National Insurance Number, (or Local Identity Number if you don't have a National Insurance Number) and Date of Birth for every individual named on an account. As well as account holders this can include anyone else associated with the account, such as a donor, power of attorney or executor.

    Where an entity (e.g. a Company, Charity or Will Trust) is named on an account the new regulation requires us to only hold their Legal Entity Identifier (LEI).

    We are in the process of writing to all customers who we don't hold this information for. If you've recently received a letter asking for information it's important that you return the enclosed form to us otherwise restrictions may be placed on your account.

    If there is more than one person named on the account we will write to each individual separately if we need information from them.

    What is the new regulation that requires this?

    This is part of MiFID II, which expands on MiFID (Markets in Financial Instruments Directive) and comes into effect on 3 January 2018. This is EU legislation that regulates firms providing services to customers linked to various types of investments, including Investment Trust savings plans. As an Investment Trust savings plan provider we are required to comply with this regulation. Although the UK is in the process of leaving the EU we are required to adhere to this regulation. 

    MiFID II is being introduced as a direct result of the 2008 financial crisis and is designed to improve the functioning of financial markets and increase customer protection. The specific section that requires us to ask for this information concerns 'Transaction Reporting' and prevents us from carrying out transactions when the information we have requested is not held.

    When do I need to provide this information by?

    We suggest sending the Regulatory requirements form back to us as soon as possible to avoid the restrictions noted below being applied. The regulations come into force on 3 January 2018 and we need to hold this information for you before this date.

    What happens if I don't provide this information?

    If we don't receive the required information then we may need to apply the restrictions below on any F&C account you are named on. If we have notified you of any other restrictions on your account these are not affected by this request.

    • Shares cannot be bought or sold
    • Regular monthly payments will be collected but held as cash and not invested
    • Lump sum investments will be rejected (payments may still be made to Child Trust Fund and Junior ISA accounts but these will be held as cash and not invested)
    • Dividends due to be reinvested will be held on the account as cash
    • Account administration will stop, meaning changes such as amending regular savings or options for dividend payment will not be possible
    • Shares cannot be transferred out of the account to another person
    • Management fees paid by the sale of shares will not be collected but will accrue until shares can be sold to cover them (those paid by direct debit will still be collected)
    • Instructions received, but not completed, by 3 January 2018 will not be processed

    Please be aware that no interest is paid on cash held on the account if these restrictions are put in place.

    Anti-Money Laundering (AML)

    Anti-Money Laundering (AML) Regulations mean we are required to verify client's identity and permanent address. Therefore we may need to verify your identity through a credit reference agency or write out to you for additional documentation confirming your identity and permanent residential address and in certain circumstances request additional information or documentation. We may also need to verify the identity of any joint holders or other third parties linked to the account such as Power of Attorney. 

    To ensure that we meet money laundering regulations and protect your investment from unauthorised access and fraud we may not be able to release any proceeds or take further instructions or payments due if satisfactory AML verification is outstanding. We will contact you if anything further is needed.

     

  • Your questions answered

    Below we have answered some further questions you may have about our request for additional information. If you have a question we have not answered you can contact us by phone on 0345 600 6166 or email investor.enquiries@fandc.com and we'll be happy to help you.

  • Can i provide this information to you by email or phone?

    No, we are only able to take this information in writing so please use the form we sent to you to provide this.

    I've lost the form you sent me, how can i get a replacement?

    Please contact us using the telephone number / email address above and we can send a replacement to you.

    I have received more than one form, do I need to complete them all?

    If you have more than one account with us we have tried to consolidate all your account information into one form. However if you have received more than one form please complete and return all of them to ensure all of your accounts are updated.

    There's more than one person named on my account, do I need to provide this information for them too?

    No, please provide only your own information on the form you have received. If we need this information for anyone else named on your account we will write to them separately.

    Why are you not writing to all customers to ask for this information?

    We already hold the required information for some customers. We have only written to people if we do not hold all of the information.

    Why do you hold this information for some customers and not others?

    Until now there has not been a requirement for us to hold all this information. We have recently started asking for this information if someone is opening a new account or making changes to an existing account so some customers have provided this to us already.

    What is a Legal Entity Identifier (LEI)?

    This is a unique identifier for legal entities or structures including companies, charities and trusts. If you are an entity and do not have an LEI you can find out how to apply for one through the Global Legal Entity Identifier Foundation (www.gleif.org).

    What happens after I return my form to you?

    We will update your account and record that this information has been received. We will not acknowledge receipt in writing but if we need anything else from you we will contact you.

  • MiFID letter

  • Existing Investment Trust customer queries

    Tel:
    0345 600 6166

    Lines open weekdays 9am - 5pm.


    F&C Management Ltd.

    PO Box 11114
    Chelmsford
    Essex
    CM99 2DG
    United Kingdom

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