J.P. Morgan ISA and J.P. Morgan Investment Account

Transcription

1 GB H Key Features (24pp A4).qxp: /6/15 14:35 Page 1 Key Features and Terms and Conditions Effective from 25 September 2015 J.P. Morgan ISA and J.P. Morgan Investment Account For J.P. Morgan WealthManager+ Account holders

2 Contents Key Features Its aims, your commitment and risks 3 Questions and answers 3 Charges Schedule 9 Terms and Conditions Part A J.P. Morgan WealthManager + General Terms and Conditions 10 Part B J.P. Morgan ISA Specific Conditions 21 Annex 1 Data Privacy Policy 22 Annex 2 Order Execution Policy 23 Getting in touch + Visit our website jpmorgan.co.uk/investor + Call us on or Our UK-based Investor Service team is available Monday to Friday, 9am to 5.30pm. Our fax number is Write to us J.P. Morgan Asset Management Client Administration Centre 60 Victoria Embankment London EC4Y 0JP All our application forms are available to download online at jpmorgan.co.uk/forms or you can telephone us to request a copy. We cannot accept instructions from anyone else on your behalf except where permitted and all letters and fax instructions must include your account number and be signed. Telephone calls may be recorded for training and monitoring purposes. 2

3 Key Features The Financial Conduct Authority is a financial services regulator. It requires us, J.P. Morgan Trustee & Administration Services Limited, to give you this important information to help you decide whether our J.P. Morgan Asset Management Individual Savings Account ( J.P. Morgan ISA ) and/or our J.P. Morgan Asset Management Investment Account ( J.P. Morgan Investment Account ) is/are right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. If you have any questions please contact us using the details on page 2 of this Key Features Document; or alternatively you may wish to speak to your financial adviser. Please note if you have a J.P. Morgan Classic Account different key features and terms and conditions apply. Please contact us if you are unsure which account you have. Its Aims To provide you with a simple and tax-efficient way of investing in a range of J.P. Morgan OEICs and J.P. Morgan Investment Trusts. See What investments are available? on page 5 for more information. To allow you to carry out transactions online, by telephone and/or by post. The J.P. Morgan Stocks and Shares ISA allows you to invest in a taxefficient way. See What about tax? on page 6 for more information. The J.P. Morgan Investment Account has no limit on how much you can invest but it doesn t have any tax advantages. See What is the J.P. Morgan Investment Account? below and What about tax? on page 6 for more information. To allow you access to your money at any time. Your commitment You should satisfy yourself that you understand the features and risks of the J.P. Morgan ISA and the J.P. Morgan Investment Account, so that you can decide whether they are likely to meet your investment objectives. See Do I need to have a financial adviser? on page 4 for more information. You may contribute whenever you wish, as long as you remain eligible to do so. See Who can invest? on page 4 for more information. You must satisfy our minimum investment requirements. See What are the minimum investment levels? on page 5 for more information. You should be willing to invest in your J.P. Morgan ISA and J.P. Morgan Investment Account for the medium to long term, usually meaning for at least five years. You should review the investments you hold within your J. P. Morgan ISA and J.P. Morgan Investment Account regularly to ensure that they meet your current investment objectives. Risks The value of your investment and the income from it is not guaranteed and can fall as well as rise. Past performance is not a guide to future returns and when you sell your investments you may get back less than you originally invested. The value to you of current tax advantages depends on your personal circumstances which may change in the future. The government may change the way ISAs and investments are taxed, which may be less favourable to you. Withdrawals from your J.P. Morgan Investment Account may be subject to tax. Taking income or making withdrawals from your J.P. Morgan ISA and J. P. Morgan Investment Account may reduce their capital value, especially when investment returns are low and income and/or withdrawals are high. The charges you have to pay may change in the future and this may reduce the value of your investment. If you cancel your J.P. Morgan ISA or J.P. Morgan Investment Account within the cancellation period you may get back less than you invested if the value of your investments has fallen. See Can I change my mind? on page 6 for more information. Questions and answers What is the J.P. Morgan WealthManager + Account? The J.P. Morgan WealthManager + Account (your Account) allows you to invest online, by postal application and over the telephone. (unless stated otherwise in this document). We also provide you with education pieces to help you understand your financial goals. You can visit our website or contact us for more information. What is the J.P. Morgan ISA? The J.P. Morgan Stocks and Shares ISA is a tax efficient savings account. It allows you to invest money without having to pay any capital gains tax on gains made or income tax on any income received from the investments you hold within your ISA. In any tax year you can either invest the full annual ISA limit in a stocks and shares ISA or you can split this limit between a cash ISA and a stocks and shares ISA but you must not subscribe to more than one of each type of ISA in each tax year, either with us or different providers. We only offer a stocks and shares ISA in our WealthManager + Account. Please note that these tax benefits and liabilities will depend on your individual circumstances and may change in the future. What is an Additional Permitted Subscription? Additional Permitted Subscriptions are available to the surviving spouse/civil partner of a person who has died and who held an ISA with us or another ISA manager at the date of their death. You will be entitled to make Additional Permitted Subscriptions if the following apply: you are the surviving spouse/civil partner of an ISA holder who died on or after 3 December 2014; and Key Features 3

4 you were living together at the time of their death. The amount of the Additional Permitted Subscriptions which you may make will be the same as the value of the deceased s ISA as at the date of their death and is known as your Additional Permitted Subscription Limit. If the deceased held an ISA with more than one ISA manager then you will be entitled to make Additional Permitted Subscriptions with each of those ISA managers or you can choose to make these with another ISA manager who will accept them, and the Additional Permitted Subscription Limit will be the combined value of these ISAs at the date of the deceased s death. We may accept Additional Permitted Subscriptions in respect of the value of all ISAs held with another ISA manager provided you have not already made Additional Permitted Subscriptions with that other ISA manager. If you decide to make Additional Permitted Subscriptions with us in respect of the value of an ISA the deceased held with another ISA manager then you will need to complete an Additional Permitted Subscription Payments Subscription form so that we can arrange for you to make subscriptions with us. If you are entitled to make Additional Permitted Subscriptions and you decide to make these with us then you can invest these into a stocks and shares ISA you already have with us or, if you don t have a stocks and shares ISA with us, open a new stocks and shares ISA with us. Please note that Additional Permitted Subscriptions cannot be made to or from a Junior ISA. Additional Permitted Subscriptions are in addition to the overall amount you can pay into an ISA each tax year. This means that you can add your Additional Permitted Subscriptions to your existing ISA with us, or if you don t already have an ISA with us, to a new stocks and shares ISA you open with us, without impacting your annual ISA allowance for the current tax year. In addition, Additional Permitted Subscriptions are treated as subscriptions to a previous tax year s ISA which means that if you open a new stocks and shares ISA with us purely to make Additional Permitted Subscriptions in addition to contributing to a stocks and shares ISA with another ISA manager in the same tax year, then this will not breach the `one-isa-ofeach-type-a year rule. If you open an ISA with us purely to make Additional Permitted Subscriptions but then decide to also invest your annual ISA allowance into this ISA, this may be possible provided you do not already have a stocks and shares ISA for that tax year but you will need to complete a different application form in respect of these payments. In order to help us recognise when you are making an Additional Permitted Subscription, rather than a subscription as part of your annual ISA limit, you will need to complete a declaration at the time of making the Additional Permitted Subscription. You will be entitled to your Additional Permitted Subscription Limit even if you did not inherit the assets or cash held in the deceased s ISA(s). Additional Permitted Subscriptions can be made to a stocks and shares ISA with us by using any cash you have available. We do not accept in-specie Additional Permitted Subscriptions (these are subscriptions made using the actual assets which have been inherited). Additional Permitted Subscriptions must be made in cash within: three years from the date of death of the deceased ISA customer (or by 5 April 2018 in respect of any customers that died between 3 December 2014 and 5 April 2015); or 180 days of the administration of the deceased ISA customer s estate being completed whichever is the later. You can make one Additional Permitted Subscription to the value of your Additional Permitted Subscription Limit, or you can make a series of Additional Permitted Subscriptions provided these are made within the times set out above and you do not invest more than your Additional Permitted Subscription Limit. Once you have made an Additional Permitted Subscription that amount becomes part of your ISA balance and you can transfer this in accordance with the usual provisions for transferring an ISA (please see further below). However, if you transfer your ISA to another ISA manager and you have been making Additional Permitted Subscriptions, you will only be able to make further Additional Permitted Subscriptions to us, not the new manager. This is provided that you have not used up the full Additional Permitted Subscription Limit and are within the time limits, set out above, for making these subscriptions. What is the J.P. Morgan Investment Account? The J.P. Morgan Investment Account is an investment account that allows you to invest in a range of investments, depending on whether you choose to transact on your Account online, or by post, or by phone. See What investments are available? on page 5 for more information about this. You can open as many J.P. Morgan Investment Accounts as you wish and there is no limit to the amount that you can invest in any single account. However, unlike the J.P. Morgan ISA, the J.P. Morgan Investment Account does not have any tax advantages and all income and capital gains within your J.P. Morgan Investment Account will be subject to income tax and capital gains tax in accordance with your individual tax position. You should speak to your specialist tax adviser for more information about this. See What about tax? on page 6 for more information. What is the Cash Account? When you open your Account we will automatically open a Cash Account for you. You can use your Cash Account: To hold money pending investment into your individual J.P. Morgan ISA and Investment Account. To hold income received from your investments. To transfer money to your nominated bank account. Your nominated bank account is the UK bank or building society account in your name to which you want us to make payments from your Account. To pay our charges. See What are the charges? on page 5 for more information. Please note that the Cash Account is not a bank account. Who can invest? The J.P. Morgan ISA and Investment Account are available to individuals who are aged 18 or over and are UK residents. You must also not be a US person. You can find an explanation of what a UK resident and a US person are in our terms and conditions. Can I open a joint Account or an Account on behalf of a child? You can open a joint J.P. Morgan Investment Account with up to five other individuals. You can open a J.P. Morgan Investment Account in your name and designate it for your child, but you will remain the beneficial owner. You will also remain liable for income and capital gains tax on investments within the Investment Account. You can transfer the Investment Account into your child s name when they reach age 18 but you may have to pay tax on this transfer. You cannot open a J.P. Morgan ISA with anyone else. Do I need to have a financial adviser? No. You do not need to have a financial adviser to open an Account. However we will always carry out your instructions to buy and sell investments on an execution-only basis, and we will not assess the appropriateness or suitability of any product or investment for you. If you 4 Key Features

5 have any doubt about whether an investment is suitable for you, you should speak to a financial adviser. You can find one in your area by going to If you have a financial adviser they can have online access to view your Account including all the relevant documents within your personal document library. Please note we are unable to take instructions from your financial adviser in relation to your Account or facilitate the payment of any fee you have agreed to pay them from your Account. What investments are available? Stocks and Shares ISA and Investment Account You can invest in the following investments: J.P. Morgan Investment Trusts J.P. Morgan Open Ended Investment Companies (OEICs) What are investment trusts and OEICs? Investment trusts An investment trust is a public company, listed on a stock exchange that invests in other companies to make money for its shareholders. You should refer to the relevant J.P. Morgan Investment Trust profile or report and accounts before investing. OEICs OEICs are funds which have the structure of a company and use the pooled money of their shareholders to invest in a range of investments which are set out in each fund s objectives. You should refer to the fund s Key Investor Information Document (KIID) and prospectus for more information. How much can I invest? ISA Details of the current tax year ISA allowance are available from our website. Please note you cannot subscribe to the J.P. Morgan Stocks and Shares ISA and another Stocks and Shares ISA with another ISA manager in the same tax year. Additional Permitted Subscriptions are in addition to the overall amount you can pay into an ISA each tax year. This means that you can add your Additional Permitted Subscriptions to your existing ISA with us, or if you don t already have an ISA with us, a new stocks and shares ISA you open with us, without impacting your annual ISA allowance for the current tax year. In addition, Additional Permitted Subscriptions are treated as subscriptions to a previous tax year s ISA which means that if you open a new stocks and shares ISA with us purely to make Additional Permitted Subscriptions in addition to contributing to a stocks and shares ISA with another ISA manager in the same tax year, then this will not breach the one-isa-ofeach-type-a year rule as detailed in the regulations which govern ISAs. Investment Account There is no limit to the amount that you can invest in our Investment Account. What are the minimum investment levels? The minimum lump sum you can invest is 500 per investment. The minimum you can invest to top up an existing investment is 100. The minimum regular savings contribution is 50 per investment (please note that you cannot make regular contributions in relation to any Additional Permitted Subscriptions). The minimum balance permitted in your J.P. Morgan ISA/J.P. Morgan Investment Account is 500. Please note we may close your Account if your Account falls below the minimum balance or you stop paying regular contributions before you reach the minimum balance. We will try our best to contact you before we do, so we can discuss your options with you. How do I invest? You can invest either a lump sum or make regular investments, or a combination of both. Lump sum investing You can make lump sum investments: online by debit card, direct debit or cheque; or by post. Simply complete an application form and return it to us with your cheque; or phone us and invest using your debit card (please note that we cannot accept instructions over the phone for any Additional Permitted Subscriptions, these must be made online or by post). Regular contributions You can invest regular contributions by direct debit monthly, quarterly, halfyearly or yearly. You can set up your direct debit on line or by completing and sending us an application form and a direct debit mandate. We collect direct debits on the 1st or 16th of the month (or next business day) and you must set up your regular contribution payments at least nine business days before the first contribution date. Please note that in some circumstances we may ask you to provide a cheque for the first payment. You can also: edit an existing investment instruction for your next contribution up to three business days before the contribution date; and edit the payment collection of, and/or cancel, your next contribution up to nine business days before the next contribution date. Any changes to, or cancellation of, contributions outside the above time limits will take effect on the next scheduled contribution date. (Please note that we cannot accept instructions over the phone for any Additional Permitted Subscriptions, these must be made online or by post). What are the charges? The different types of charges that are applicable to your Account are set out in the Appendix on page 9. How are charges collected? Transaction charges We take transaction charges directly from your lump sum or regular contribution which will reduce the amount invested. Annual Account charge We will take our Annual Account Charge (if applicable) as follows: From your Cash Account on the earlier of the 28th of each month or the monthly anniversary of the opening of your Account. If you do not have enough cash in your Cash Account we will take it from the cash facility within your ISA or Investment Account, depending on which product generated the charge. If you do not have enough cash in your product cash facility we will sell investments within your Account (chosen by us) equal to the value of the charge you owe us plus an extra 5% to account for any market movements. You will also have to pay our associated transaction costs. We will normally do this in June and December. Key Features 5

6 You can make sure you have enough money in your Cash Account to pay our charges by topping up your Cash Account online or by sending us a cheque before a charge is due. We will also always take any charges you owe us before we pay you the proceeds of any investment sales, or carry out any investment purchase or pay or reinvest any income, or transfer any investments to another provider. Please note that if we sell any investments you hold in your Investment Account you will need to take this into account when calculating any capital gains liability. If you withdraw money from your ISA the amount withdrawn will no longer benefit from the tax-free status of being held within an ISA and the amount withdrawn will still count towards the relevant annual ISA allowance or Additional Permitted Subscription Limit, as applicable. Also if you contributed the maximum allowance for that tax year you will not be able to subscribe an equivalent amount of cash to your ISA to take you back up to the maximum allowance for that tax year. How will charges affect my investments? We have set out in the Appendix on page 9 examples of how charges and expenses on your investments can affect how much you get back. Can I change my mind? After I have subscribed to my J.P. Morgan ISA/Investment Account If you open a J.P. Morgan ISA or J.P. Morgan Investment Account and you change your mind, you may cancel within 14 days of receiving your cancellation notice. We will return any charges you paid us to you where applicable. Your ISA allowance will not be affected. Please be aware that if the value of your investment(s) has fallen you will not get back the full amount you invested. If you decide not to cancel, your ISA and Investment Account will continue in force in accordance with the J.P. Morgan WealthManager + Terms and Conditions. Please note if you close your ISA after the cancellation period, the subscriptions you made count as subscriptions to an ISA and you will not be able to subscribe to another ISA of the same type in the current tax year (unless the ISA you closed was opened with us for the purposes of Additional Permitted Subscriptions only). After I have transferred an existing ISA/Investment Account to my J.P. Morgan ISA/Investment Account You can withdraw your application at any time during the 14 day cooling-off period, which starts on the day we receive your valid transfer instruction. You can: Transfer the ISA back to the original ISA manager, who is not obliged to accept the transfer back. Transfer the ISA to a new ISA manager. Close your ISA and have the investments/proceeds returned to you. If you decide not to cancel your transfer request, your transfer will form part of your J.P. Morgan ISA which will continue in force in accordance with the J.P. Morgan WealthManager + Terms and Conditions. How will I know how my investments are performing? You can check how your investments are performing online. You will also receive statements with details of your J.P. Morgan ISA and J.P. Morgan Investment Account as at April and October, showing all transactions over the previous six months. You can also request a valuation statement, at any time, online or by contacting us. Factsheets, Key Investor Information Documents and annual reports for J.P. Morgan OEICs and investment trusts can be viewed on our website. Prices are quoted daily in the Financial Times and other broadsheet newspapers. How will I receive my documentation? We will send all documentation to you by post unless you opt to receive our online paperless service. You can change your preference at any time. If you opt for our paperless service we will send you an whenever we put a document in your document library. However, we will continue to send some documents to you by post when required for regulatory or security reasons. Can I change the investments within my Account? Yes. You can sell your investments and invest the proceeds into any of the other investments available within the J.P. Morgan Stocks and Shares ISA and J.P. Morgan Investment Account. The process and timescales involved will depend on whether you are switching investments within a product or moving them from one product to another. Due to stock market movements the value of your Account, and the number of shares you hold, may go down during the process. Switching your investments within a product If you transact on your Account online, you can switch online between any investments. Depending on the investments and the timing of the transactions, this process will generally take place on the same business day or over two business days. If you transact on your Account by post or telephone, you can switch between investments by sending or faxing a signed written instruction with your Account number to us or by calling us. Depending on the investments and the timing of the transactions, this process will generally take place over one or two business days following the business day we receive your instruction. Moving your investments from one product to another If you would like to move your investments from your J.P. Morgan Investment Account to your J.P. Morgan Stocks and Shares ISA, you will need to sell the investments and settle the proceeds to your Cash Account. Once the deal has settled, you can then use the available cash to buy investments in your J.P. Morgan Stocks and Shares ISA. You can do this online as two separate transactions or instruct us by post, fax or telephone. If you would like to move your investments from your J.P. Morgan Stocks and Shares ISA to your J.P. Morgan Investment Account, you can instruct us to transfer the investments without having to sell them and buy them back. You cannot place this transaction online and will need to contact us by post, fax or telephone. What about tax? The information set out below is based on our understanding of current law and HMRC practice, which may change. Future changes in law and tax practice, or your own financial circumstances, will affect how much tax you have to pay. Your tax adviser can give you more information about your tax position. J.P. Morgan ISA Any income or capital gains from investments held within your J.P. Morgan ISA is free of UK income and capital gains tax. Although there is no income tax liability on interest or dividend distributions within your ISA, such distributions may be subject to tax before they are credited to your ISA. 6 Key Features

7 We will reclaim the tax on interest distributions paid net of 20% income tax. Dividend distributions are paid with an associated tax credit which cannot be reclaimed. Please note that the current favourable tax treatment of an ISA is not guaranteed and may not be maintained in the future should HMRC rules change. J.P. Morgan Investment Account Your J.P. Morgan Investment Account does not have any tax advantages. You will receive notification of dividend distributions paid (or for accumulation shares, deemed to be paid) and the appropriate tax voucher in May following the end of the tax year. You should include details of this income and any associated tax credits or other tax suffered in your tax return as appropriate. You may be liable for capital gains tax when you sell your investments and the cost of investments purchased is shown on your transaction statement and this should be used when calculating any capital gains tax due. You should speak to your tax adviser if you need any further information. What happens to the income from my investments? If you choose an investment which pays income you can: select to have it sent to your nominated bank account (i.e. the UK bank account you told us to make any payments due to you); or opt to have this reinvested into additional shares of the same investment; or pay the income into your Cash Account; or leave the income as cash in your J.P. Morgan ISA or J.P. Morgan Investment Account. You can specify your income preference when opening your J.P. Morgan ISA or J.P. Morgan Investment Account online or on your application form. You can select different income preferences for each product and these can be updated online or by contacting us. Please note that taking income from your investments will reduce the potential for capital growth. Will I receive interest on the cash balances held in my Account? You can find details of the interest we pay on our website or by contacting us. When due, interest is paid monthly on your Account. Can I withdraw cash from my J.P. Morgan ISA and Investment Account? Yes. You can withdraw cash from your Account at any time by selling your investments and transferring the proceeds to your nominated bank account. You can do this online or by contacting us. Alternatively you can leave the sales proceeds in your ISA or Investment Account cash facility or your Cash Account. Please note if you take money out of your J.P. Morgan ISA the amount will still count towards your relevant annual ISA allowance, or Additional Permitted Subscription Limit, as applicable,and will no longer have the tax exempt status of being held in an ISA. If you decide to reinvest the money into your ISA, it will count as part of your current year ISA subscription allowance, or Additional Permitted Subscription Limit, as applicable. Please note that making withdrawals from your investments will have the effect of reducing the value of your ISA and Investment Account over time if the money your remaining investments make does not amount to the same value as the amount that is withdrawn. How do I sell my Investments? You can sell your investments online or you can instruct us to sell your J.P. Morgan funds and investment trusts by writing to us, or by phone or by fax. How long will it take before I get the proceeds of my investment sales? The investment sale proceeds will be paid on the settlement date, (which is up to four business days after the date you sell your investments) and you will normally receive the sale proceeds in your nominated bank account three to five business days after the settlement date. What happens if I die? Once we are notified of your death we will not accept any instructions in relation to your Account until we receive the appropriate documents e.g. grant of probate, establishing who is entitled to give us instructions. If a joint owner of a J.P. Morgan Investment Account dies we will treat the surviving owner(s) as the only person(s) with rights to the investments in the Investment Account. Please be aware that the value of your ISA may be included in your estate for inheritance tax purposes. If you held an ISA at the date of your death, following your death your surviving spouse/civil partner may be entitled to make Additional Permitted Subscriptions up to the value of your ISA. How do I transfer my investments to my J.P. Morgan ISA and Investment Account from another provider? Stocks and Shares ISA Subject to our acceptance you can transfer a cash ISA or a Stocks and Shares ISA from another provider into a J.P. Morgan Stocks and Shares ISA either online or you can complete an ISA transfer form and return it to us by post. If you are transferring cash you can also choose which J.P. Morgan investments you want to invest in. Please note you can transfer: your current year cash ISA or Stocks and Shares ISA subscriptions (and any related income) and/or all of or part of your cash ISA or Stocks and Shares ISA subscriptions made in previous tax years (and any related income), which can include any Additional Permitted Subscriptions, if applicable, without affecting your current annual ISA limit. If you transfer an ISA to us and you have been making Additional Permitted Subscriptions to that ISA you need to remember that you can only make further payments in respect of your Additional Permitted Subscriptions Limit to the original ISA manager, we cannot accept these. If your ISA contains current year subscriptions only, the entire account must be transferred. Investment Account transfers You can transfer available investments into the J.P. Morgan Investment Account online. Alternatively, you can complete a transfer form and return it to us. Some or all of the available investments you are transferring may have to be sold and transferred as cash depending on the provider you are leaving and the types of investments being transferred. If you are transferring cash you can also choose which investments you want to invest in. How do I transfer my investments to another provider? J.P. Morgan Stocks and Shares ISA Upon your signed written request, and within such time as requested by you, which must not be less than 30 days we will transfer all or part of your J.P. Morgan ISA to another ISA manager. If you arrange for a transfer and you are, or have been, making Additional Permitted Subscriptions, you will only be able to make any further Additional Permitted Subscriptions to us, not to the new ISA manager. This is provided that you have not used up the full Additional Permitted Key Features 7

8 Subscription Limit and still have time to make further Additional Permitted Subscriptions in line with the time limits set out above. J.P. Morgan Investment Account If you complete the relevant transfer form given to you by the new provider, you are authorising us to transfer your investments to them. We will not charge you for making this transfer. How do I close my Account? If you ask us to sell all of your investments and withdraw all the cash, your Account and online access will remain active unless you instruct us to close it. We do not issue closing statements at the time of closing an Account. The final statement showing the last transactions will be sent at the next statement date in April or October. How to contact us Our contact details are set out on page 2. Other information How to complain We are committed to providing you with a first class service. If anything does go wrong, we try to put it right quickly and efficiently. If we cannot resolve a problem immediately, we will contact you to tell you what we are doing about it. If you wish to complain about any aspect of our service, please contact us using any of the details set out on page 2. About us and compensation J.P. Morgan Trustee & Administration Services Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under number We are also approved by HM Revenue & Customs (HMRC) as an ISA manager. Your J.P. Morgan ISA and J.P. Morgan Investment Account are covered by the Financial Services Compensation Scheme. If we cannot meet our obligations to you, you may be entitled to compensation from the Scheme. The level of compensation will depend on the type of business and the circumstances of your claim. Most types of investment business are covered up to a maximum of 50,000. Further details are available from: Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU If we do not deal with your complaint to your satisfaction, you may refer it to: Financial Ombudsman Service Exchange Tower London E14 9SR Telephone: complaint.info@financial-ombudsman.org.uk This does not prejudice your right to take legal proceedings. A summary of our complaints process is available on request. Terms and conditions This Key Features Document provides a summary of your J.P. Morgan ISA and J.P. Morgan Investment Account. It does not contain all the definitions, exclusions, and terms and conditions relating to them. These are set out in the J.P. Morgan WealthManager + Terms and Conditions. Law and language Your Account is governed by the law of England and Wales and any matters arising under them will be subject to the exclusive jurisdiction of the courts of England and Wales. The J.P. Morgan WealthManager + Terms and Conditions are in English as will be all communications between us. 8 Key Features

9 Appendix 1. Charges Schedule The charges you pay depend on the products you have and the investments you hold within them. The following charges apply: Annual Account Charge We charge an Annual Account Charge for holding J.P. Morgan Investment Trusts within your J.P. Morgan ISA as follows: Amount Minimum Maximum 0.25% of value of investment 2 per month 10 per month The maximum total Annual Account Charge you will pay is therefore 120 per annum. Transaction charges The following charges apply when you place instructions on J.P. Morgan Investment Trusts: Charge Amount Applies to Brokerage charge * 10 per individual investment Buy and sell UK Stamp Duty 0.5% value of investments Buy only Panel of Takeover and Mergers (PTM) Levy 1 per investment purchase Buy only if greater than 10,000 * We will not charge a brokerage fee when you buy a J.P. Morgan Investment Trust as part of a switch within a product; or if you make regular contributions or dividend reinvestments into a J.P. Morgan Investment Trusts. Additional information We do not charge you for: Holding J.P. Morgan OEICs or cash within your account; Holding J.P. Morgan Investment Trusts within your J.P. Morgan Investment Account Buying or selling J.P. Morgan OEICs; Sending us cash; or Transferring investments to us or from us to another provider. 2. Effect of Charges - examples Example 1 - Investor makes a lump sum investment into an ISA The example below shows what you might get back from a 5,000 investment in the JPM Global Equity Income Fund. The following assumptions apply: There is no initial charge for buying the investment. There is no Annual Account Charge for holding the investment within your ISA. There is an Annual Management Charge of 1.5% of the value of your investment paid to the fund manager. There are also additional expenses of 0.18% of the value of your investment to cover the cost of services paid for by the fund such as the fees paid to the custodian, auditors and registrar. The investment grows at 5% per annum. Effect of charges If income is received If income is reinvested investment effect of what you effect of what you at end of to date income deductions might get deductions might get year (lump sum) received to date back to date back 1 5, , , , , , , , , ,000 1,887 1,055 6,574 1,786 10,086 The last line in the table shows that over 10 years the effect of total charges and expenses could amount to 1,055 if income is received or 1,786 if income is reinvested. Putting it another way, if the growth rate were to be 5.0% a year, which is in no way guaranteed, this would have the effect of reducing this growth rate to 3.45% a year if income is received, or 3.24% a year if income is reinvested. The example below shows what you might get back from a 5,000 investment in the JPMorgan Claverhouse Investment Trust. The following assumptions apply: There is a brokerage charge of 10 plus UK stamp duty of 25. There is an annual account charge of 0.25% of the value of your investment plus VAT (if applicable) for holding the investment within your ISA. This charge is subject to a minimum of 2 per month and a maximum of 10 per month (i.e. minimum 24 / maximum 120 per annum). There is an Annual Management Charge of 0.55% of the value of your investment. There are also additional expenses of 0.74% of the value of your investment to cover the cost of services provided for by the company such as fees paid to the custodian, auditors and registrar. The investment grows at 4.5% per annum. Effect of charges If income is received If income is reinvested investment effect of what you effect of what you at end of to date income deductions might get deductions might get year (lump sum) received to date back to date back 1 5, , , , , , , , , ,000 1,640 1,126 7,236 1,653 11,059 The last line in the table shows that over 10 years the effect of total charges and expenses could amount to 1,126 if income is received or 1,653 if income is reinvested. Putting it another way, if the growth rate were to be 4.50% a year, which is in no way guaranteed, this would have the effect of reducing this growth rate to 2.79% if income is received, or 2.70% if income is reinvested. Key Features 9

10 Example 2 Investor makes a lump sum investment into an Investment Account The example below shows what you might get back from a 5,000 investment in the JPM Global Equity Income Fund. The following assumptions apply: There is no initial charge for buying the investment. There is no Annual Account Charge for holding the investment within your Investment Account. There is an annual management charge of 1.5% of the value of your investment paid to the fund manager. There are also additional expenses of 0.18% of the value of your investment to cover the cost of services paid for by the fund such as the fees paid to the custodian, auditors and registrar. The investment grows at 4.5% per annum. Effect of charges If income is received If income is reinvested investment effect of what you effect of what you at end of to date income deductions might get deductions might get year (lump sum) received to date back to date back 1 5, , , , , , , , , ,000 1,840 1,009 6,306 1,705 9,616 The last line in the table shows that over 10 years the effect of total charges and expenses could amount to 1,009 if income is received or 1,705 if income is reinvested. Putting it another way, if the growth rate were to be 4.50% a year, which is in no way guaranteed, this would have the effect of reducing this growth rate to 2.97% a year if income is received, or 2.74% a year if income is reinvested. The example below shows what you might get back from a 5,000 investment in the JPMorgan Claverhouse Investment Trust. The following assumptions apply: There is a brokerage charge of 10 plus UK stamp duty of 25. There is an annual management charge of 0.55% of the value of your investment. There are also additional expenses of 0.74% of the value of your investment to cover the cost of services provided for by the company such as fees paid to the custodian, auditors and registrar. The investment grows at 4.5% per annum. Effect of charges If income is received If income is reinvested investment effect of what you effect of what you at end of to date income deductions might get deductions might get year (lump sum) received to date back to date back 1 5, , , , , , , , , ,000 1,513 1,280 6,111 1,843 8,612 The last line in the table shows that over 10 years the effect of total charges and expenses could amount to 1,280 if income is received or 1,843 if income is reinvested. Putting it another way, if the growth rate were to be 4.50% a year, which is in no way guaranteed, this would have the effect of reducing this growth rate to 2.54% if income is received, or 2.43% if income is reinvested. The information shown here is correct as at 19 May Please remember that the above examples are provided for illustrative purposes only and are designed to show the effect of charges and expenses on what you might get back from investment amounts in an ISA. The figures are not guaranteed and you may get back less. 10 Key Features

11 J.P. Morgan WealthManager + Account Terms and Conditions (including ISA Specific Conditions) Contents Part A J.P. Morgan WealthManager + General Terms and Conditions 1. Introduction Reading our terms and conditions Anti-Money Laundering and Identity Verification Opening your Account Nominated Bank Account Joint Accounts Your right to change your mind Investing into your Account How we deal with your cash Giving us instructions Buying and selling investments ( dealing instructions ) Dividends and distributions Withdrawals and payments to third parties Keeping you informed Shareholder information, meetings and voting Corporate Actions Protecting your investments and cash Your responsibilities in respect of your investments Online access Our charges Liability and risk Protecting your personal information Communications Complaints Termination and payments to you on the closure of your Account In the event of your death Third party claims Changing or replacing our terms and conditions Events outside our reasonable control Conflicts of interest Financial Services Compensation Scheme Governing law General provisions 21 Part B J.P. Morgan ISA Specific Conditions 21 Annex 1 Data Privacy Policy 23 Annex 2 Order Execution Policy 23 Terms and Conditions 11

12 Part A - J.P. Morgan WealthManager + General Terms and Conditions 1. Introduction 1.1. The J.P. Morgan WealthManager + Terms and Conditions are made up of the general terms and conditions (the General Terms and Conditions) which apply to all our products and additional specific conditions which apply to your particular products. Our terms and conditions, the application forms you complete and our Key Features Documents together make up your agreement with J.P. Morgan Trustee & Administration Services Limited (our, us and we in these terms and conditions) for the services it provides to you. Please read all these documents carefully because we will rely on them in all our dealings with you and then keep them safe for future reference. Please contact us if there is anything you don t understand. You can find our contact details on page We will treat you as a retail client which means you will have the highest level of protection under the rules made by the Financial Conduct Authority (the FCA Rules). When we refer to the FCA and the FCA Rules we also mean its successor regulator and the rules it may make to regulate our business In our terms and conditions whenever we are required to exercise our discretion, make a decision or ask you for information, we will act reasonably and in a way that treats you and our other clients fairly. 2. Reading our terms and conditions 2.1. Some words and phrases have a technical meaning. They appear in bold when first used and if the meaning is not obvious, we provide a separate explanation of what they mean Please also bear in mind the following when reading our terms and conditions: Whenever we refer to any particular legislation, we also mean any amendment or replacement to it and any or other legislation, orders or provisions made under it. Whenever we use words and expressions like including, for example, in particular, such as we use them by way of illustration or emphasis only, and they do not limit the general meaning of any preceding wording. 3. Anti-Money Laundering and Identity Verification 3.1. As a company conducting investment business we are required to comply with all applicable money laundering requirements, and in particular the Money Laundering Regulations 2007 (the Regulations ). Our responsibility for compliance with the Regulations, including but not limited to, verifying the identity and address of our investors, is based on the guidance issued by the Joint Money Laundering Steering Group, as amended from time to time Should we need to verify your identity we may use a reference agency (this should not affect your credit rating) and may need to contact you to obtain further information and/or documentation about you. Until satisfactory proof of identity is provided, we reserve the right to refuse to process your instructions or make any payment to you. Any cash will be held in a client money account. We will not be held responsible for any losses caused by any delay in implementing an accepted application while establishing your identity, unless such delay is caused by our negligence Payments to third parties will only be made at our discretion. Evidence of identity of such third parties must be provided with the sale instruction. Normally we only make third party payments to personal or legal representatives into an appropriate bank account. Evidence of identity will need to be provided in such format that we may reasonably require. Until satisfactory proof of identity is provided of such third parties, we reserve the right to refuse to process any instruction that we have been given or make any payment If you change address, we reserve the right to request original or certified identification documents that verify your new address details as well as your identity, as appropriate To prevent financial crime, your details may be passed to governmental, regulatory or other bodies as required by law. 4. Opening your Account Our eligibility requirements 4.1. To open your J.P. Morgan WealthManager + Account (your Account) you must apply for one or more of the products available. Our products are only available to individuals who are aged eighteen (18) (subject to clause 4.3 below) and over and who are UK residents. The UK is made up of England, Wales, Scotland and Northern Ireland, but not the Isle of Man or the Channel Islands. UK residents are individuals who are resident in the UK for tax purposes or if they are not resident, they perform duties as crown employees serving overseas, or are married to, or in a civil partnership with, a person who performs such duties Due to regulatory and tax complexities we cannot accept applications from non-uk residents or US Persons. Please contact us if you think you may be a US Person. A US Person is an individual person who is a US citizen or a US tax resident of the United States You can open a Junior ISA for a child under eighteen (18) and if you are between sixteen (16) and eighteen (18) you can open a Junior ISA in your own name. Please see the Junior ISA Specific Conditions for more information You can open an Investment Account and designate it to be for the benefit of a child. You will remain the beneficial owner of all the assets within the Investment Account and will also be responsible to us for ensuring the Account is operated in accordance with our terms and conditions. If you move abroad or become a US Person 4.5. You must notify us as soon as reasonably possible if you move abroad or become a US Person. Please note that in such situations we may require you to provide us with such documentation as we may reasonably require If you do move abroad or become a US Person we will no longer accept any further investments into your products. Furthermore, if, after giving you thirty (30) days notice, you continue to hold investments in your products we may sell or transfer to another provider the investments and close your Account. You should also be aware that you may not be able to switch between investments and may be restricted as to the type of investments you can continue to hold within your Account. For example we may refuse to accept any further contributions into your ISA. You should speak to your tax/financial adviser about the possible tax implications of moving abroad or becoming a US Person If we reasonably believe that you are no longer permitted to hold particular investments or that we are unable to provide any of our products to you either because you have moved abroad or become a US Person, we may sell the investments and close your Account. We will do all we reasonably can to contact you before we do, so that we can discuss your options with you. Please see clause 18 which sets out your responsibilities in respect of your investments. 12 Terms and Conditions