Your Portfolio. 3.1 This Agreement commences on either the date of our welcome letter notifying you that all account opening formalities have been satisfactorily completed, or the date on which we receive monies from you for your investment in the Portfolio, whichever is later. 3.2 The Service invests in collective investment schemes, the provider of which may be a Lloyds Banking Group company, or an external third party. 3.3 We will advise you of the initial value and composition of your Portfolio as soon as reasonably practicable after such Portfolio is completed. 3.4 Placing your investment money under our management to invest in a Portfolio constitutes a representation upon which we may rely that: 3.4.1 you have the power to enter into and perform your obligations under this Agreement and that it is valid, legal and binding upon you; 3.4.2 save as disclosed to us in writing, the monies introduced into the Portfolio are your own property or property over which you have control free from any Encumbrance; 3.5 You can add further monies to your Portfolio at any time, provided that the further monies meet the minimum amount set by us and are accepted by us at our discretion; 3.6 You undertake that, unless with our prior consent, you will not dispose of, encumber or otherwise deal with any of the Assets in the Portfolio before the relevant Asset has been withdrawn from the Portfolio; 3.7 We may from time to time give advice on investments or money outside your Portfolio but we are under no duty to manage such investments or money or to keep them under continuous review; 3.8 Depending on your Investment Objectives, the collective investment schemes in which your Portfolio will be invested could include: 3.8.1 equity funds; 3.8.2 gilt funds; 3.8.3 corporate bond funds; 3.8.4 cash funds; 3.8.5 index tracking funds, including exchange traded funds; 3.8.6 property funds; 3.8.7 high yielding bond funds; 3.8.8 interest rate-hedged corporate bond funds; 3.8.9 absolute return bond funds; 3.8.10 absolute return equity funds; 3.8.11 emerging market equity funds; and 3.8.12 commodity funds. 3.9 Your Portfolio could be invested in collective investment schemes and securities: 3.9.1 the price of which may be affected by currency fluctuations; 3.9.2 which are exposed to leverage; 3.9.3 the price of which may be being stabilised; and/or 3.9.4 on which performance fees may be payable. Your attention is drawn to the risk warnings in Appendix A. 3.10 You can give instructions to withdraw money (including both capital and income) from your Portfolio at any time on reasonable notice and on giving us such information as we may require. Withdrawals will be made from the account nominated in your Application Form, as amended from time to time. There are no charges for withdrawing money from your Portfolio, however at any point withdrawals are made, market movements may have resulted in a reduction in the value of your Portfolio (see attached risk warnings in Appendix A). Withdrawals will be subject to the minimum level set by us as may be amended from time to time. This is necessary, for example, because of the administrative costs involved in arranging partial withdrawals and because your Portfolio needs to be of at least a certain value for it to be effectively managed in accordance with the Investment Objectives that you have chosen for your Portfolio. 3.11 Capital accounts and income accounts (applicable where income has been nominated in the Application Form) will be opened to facilitate the administration of the Portfolio. You will earn interest on credit balances, other than in circumstances set out below, and you agree to pay interest on debit balances. The relevant interest rates will be determined by the Bank and will vary from time to time. Interest will not be paid on certain accounts if the credit balances fall below a stipulated minimum. These minimum amounts are described in the Bank’s current interest rate sheet, a copy of which will be sent to you on request. 3.12 In managing the Portfolio we may at our absolute discretion, enter into sale and purchase contracts of currency (whether on a spot, forward or other basis) on your behalf. 3.13 In the event of you having a liability in one currency which is to be matched by an asset in a different currency, or where an asset under management is denominated in a currency other than the agreed base currency of the Portfolio, you acknowledge and are aware that a movement of exchange rates may have an independent effect, which may be favourable or unfavourable, on the gain or loss otherwise experienced on the asset. 3.14 You understand and agree that the value of each holding in your Portfolio as well as the value of your whole Portfolio may go down as well as up as a result of market or currency movements. Income from the Portfolio may be similarly affected. 3.15 We shall be under no obligation to arrange for you to receive copies of unitholders’ annual reports and accounts, circulars to shareholders or notices. 3.16 We shall have no responsibility to arrange for you to attend shareholders’ or unitholders’ meetings or to direct how we or our nominee should vote on your behalf at such meetings. 3.17 We shall not become involved in or have any responsibility for any shareholder, class or similar actions in respect of Securities registered in the name of a nominee or custodian. However, we may at our discretion notify you of such actions affecting your Securities which have come to our attention, where it is reasonable and practicable to do so.
Appears in 1 contract
Sources: Terms and Conditions
Your Portfolio. 3.1 This Agreement commences on either the date of our welcome letter notifying you that all account opening formalities have been satisfactorily completed, or the date on which we receive monies from you for your investment in the Portfolio, whichever is later.
3.2 The Service invests in collective investment schemes, the provider of which may be a Lloyds Banking Group company, or an external third party. Authorisation is hereby given by you, to carry out transactions in collective investment schemes either managed or participated in by Lloyds Banking Group, or by an external third party.
3.3 We will advise you of the initial value and composition of your Portfolio as soon as reasonably practicable after such Portfolio is completed.
3.4 Placing your investment money under our management to invest in a Portfolio constitutes a representation upon which we may rely that:
3.4.1 you have the power to enter into and perform your obligations under this Agreement and that it is valid, legal and binding upon you;
3.4.2 save as disclosed to us in writing, the monies introduced into the Portfolio are your own property or property over which you have control free from any Encumbrance;
3.5 You can add further monies to your Portfolio at any time, provided that the further monies meet the minimum amount set by us and are accepted by us at our discretion;.
3.6 You undertake that, unless with our prior consent, you will not dispose of, encumber or otherwise deal with any of the Assets in the Portfolio before the relevant Asset has been withdrawn from the Portfolio;.
3.7 We may from time to time give advice on investments or money outside your Portfolio but we are under no duty to manage such investments or money or to keep them under continuous review;.
3.8 Depending on your Investment Objectives, the collective investment schemes in which your Portfolio will be invested could include:
3.8.1 equity funds;
3.8.2 gilt funds;
3.8.3 corporate bond funds;
3.8.4 cash funds;
3.8.5 index tracking funds, including exchange traded funds;
3.8.6 property funds;
3.8.7 high yielding bond funds;
3.8.8 interest rate-hedged corporate bond funds;
3.8.9 absolute return bond funds;
3.8.10 absolute return equity funds;
3.8.11 emerging market equity funds; and
3.8.12 commodity funds.
3.9 Your Portfolio could be invested in collective investment schemes and securities:
3.9.1 the price of which may be affected by currency fluctuations;
3.9.2 which are exposed to leverage;
3.9.3 the price of which may be being stabilised; and/or
3.9.4 on which performance fees may be payable. Your attention is drawn to the risk warnings in Appendix A.
3.10 You can give instructions to withdraw money (including both capital and income) from your Portfolio at any time on reasonable notice and on giving us such information as we may require. Withdrawals will be made from the account nominated in your Application Form, as amended from time to time. There are no charges for withdrawing money from your Portfolio, however at any point withdrawals are made, market movements may have resulted in a reduction in the value of your Portfolio (see attached risk warnings in Appendix A). Withdrawals will be subject to the minimum level set by us as may be amended from time to time. This is necessary, for example, because of the administrative costs involved in arranging partial withdrawals and because your Portfolio needs to be of at least a certain value for it to be effectively managed in accordance with the Investment Objectives that you have chosen for your Portfolio.
3.11 Capital accounts and income accounts (applicable where income has been nominated in the Application Form) will be opened to facilitate the administration of the Portfolio. You will earn interest on credit balances, other than in circumstances set out below, and you agree to pay interest on debit balances. The relevant interest rates will be determined by the Bank and will vary from time to time. Interest will not be paid on certain accounts if the credit balances fall below a stipulated minimum. These minimum amounts are described in the Bank’s current interest rate sheet, which will be updated on a regular basis and a copy of which will be sent to you on request.
3.12 In managing the Portfolio we may at our absolute discretion, enter into sale and purchase contracts of currency (whether on a spot, forward or other basis) ), on your behalf, and to which you expressly consent.
3.13 In the event of you having a liability in one currency which is to be matched by an asset in a different currency, or where an asset under management is denominated in a currency other than the agreed base currency of the Portfolio, you acknowledge and are aware that a movement of exchange rates may have an independent effect, which may be favourable or unfavourable, on the gain or loss otherwise experienced on the asset.
3.14 You understand and agree that the value of each holding in your Portfolio as well as the value of your whole Portfolio may go down as well as up as a result of market or currency movements. Income from the Portfolio may be similarly affected.
3.15 We shall be under no obligation to arrange for you to receive copies of unitholders’ annual reports and accounts, circulars to shareholders or notices.
3.16 We shall have no responsibility to arrange for you to attend shareholders’ or unitholders’ meetings or to direct how we or our nominee should vote on your behalf at such meetings.
3.17 We shall not become involved in or have any responsibility for any shareholder, class or similar actions in respect of Securities registered in the name of a nominee or custodian. However, we may at our discretion notify you of such actions affecting your Securities which have come to our attention, where it is reasonable and practicable to do so.
Appears in 1 contract
Sources: Terms and Conditions