‘Key Features Document’ has the ‘Units’ – units in a unit trust of which meaning given by the FCA Rules. a Schroders Company is the manager ‘Key Investor Information Document’ specified from time to time by Schroders (KIID) or ‘Key Information Document’ as available for inclusion in a Schroders (KID) – a document that provides ISA so long as the securities of which are Terms and information about a specific fund. It is permitted by the Treasury Regulations to required by law to help you understand be held in an ISA. the nature and the risks of investing in ‘US Person’ – any person defined as a Conditions that fund. US person under Regulation S of the ‘MiFID’ means the European Parliament United States Securities Act 1933. Unit Trust, OEIC and Council Directive on markets in ‘Year’ – a year beginning on 6 April in financial instruments (No. 2014/65/EU) any year and ending on 5 April in the and Investment and the Markets in Financial Instruments following year. Regulation (Regulation 600/2014) and any References to any statutory provision or to associated delegated or implementing regulations made there under include any Trust ISA legislation, technical standards and modification or re-enactment thereof. guidelines, as amended from time to time. Investments ‘OEIC’ – an open-ended collective investment scheme formed as a 2. Introduction corporation under the Open-Ended Reference guide to Investment Company Regulations 2001 (a) Schroder Unit Trusts Limited is in the United Kingdom. authorised and regulated by the Financial Terms and Conditions ‘Schroders’ – Schroder Unit Trusts Limited Conduct Authority and is entered on the as the ISA Manager. FCA register under register number 197288 Section 5 – Explanation of cancellation to act as ISA Manager. All communications ‘Schroders Company’ – any holding rights passing between you and Schroders must company of the ISA Manager or subsidiary – How income reinvestments be in English. Section 6 of any such holding company. and distributions are made (b) The Schroders ISA will, subject to ‘Schroders ISA’ – an Individual Savings – How the purchase of Units or the Treasury Regulations, be managed Section 7 Account (ISA) operated in accordance with Shares is determined by Schroders in accordance with your these Terms and Conditions representing directions as set out in the application form. Section 10 – The issue of valuations, subscriptions made by you over one reports and accounts or more Years whether or not such These are Schroders’ standard ISA Section 18 – An explanation of how the ISA subscriptions are made in consecutive Terms and Conditions upon which we may be transferred to another manager Years. A Schroders ISA will be made up intend to rely. For your own benefit entirely of stocks and shares (for the and protection you should read these Section 19 – How Schroders can terminate purpose of the Treasury Regulations) to carefully before investing in a Schroders the ISA be invested in Units of the Unit Trust(s) ISA. If you do not understand any point Section 26 – How complaints and queries or Shares in Investment Trusts or OEICs please ask for further information. are dealt with and further details of selected by you. Your Schroders ISA will be compensation arrangements designated as a Stocks and Shares ISA. 3. Applications to Open a ‘Shares’ (Investment Trust) – shares in 1. Definitions an investment trust of which a Schroders Schroders ISA Company is the manager specified from time to time by Schroders as available for ‘Account Investor’ or ‘you’ – an individual (a) In order to open a new ISA with inclusion in a Schroders ISA so long as the who subscribes to a Schroders ISA or the Schroders, you must submit to Schroders a securities of which are permitted by the applicant for a Schroders ISA. properly completed and signed application Treasury Regulations to be held in an ISA. form together with a cheque or banker’s ‘ACD’ – an Authorised Corporate Director is ‘Shares’ (OEIC) – a share in an OEIC draft or a direct debit instruction to your an FCA authorised firm that is responsible represents an equal fraction of the bank or building society, for the amount for dealing with the day-to-day operation OEIC’s assets. specified on the application form. of an OEIC, managing the OEIC’s investments, buying and selling the OEIC’s ‘Supplementary Information Document’ (b) You may also apply to transfer an shares on demand, and ensuring accurate (SID) – a document that provides existing ISA to Schroders. The ISA to be pricing of shares at net asset value. information about dealing in the relevant transferred must be converted to hold only funds, the associated tax implications, cash at the point of transfer but can only ‘Authorised Fund Manager’ has the the right to complain, the right to cancel be invested in stocks and shares ISA on meaning given by the FCA Rules. (where applicable) and further details on transfer. The minimum transfer value for ‘Business Day’ – any day on which the range of funds available. transfers into a Schroders ISA is £1,000. the London Stock Exchange is open ‘Terms and Conditions’ – these terms and (c) If you subscribe by cheque or banker’s for business. conditions together with the application draft your Schroders ISA will (subject to ‘FCA’ – the Financial Conduct Authority. form for a Schroders ISA. (a) above and (d) below) come into force on the day of its receipt by Schroders if ‘FCA Rules’ means the rules made by ‘Treasury Regulations’ – the Individual it is received before the valuation point the FCA under the Financial Services and Savings Account Regulations 1998 as or dealing period set by Schroders, or Markets Act 2000. amended from time to time. otherwise on the following Business ‘Investment Trust’ – an investment trust ‘Unit Trust’ – an authorised unit trust Day. If you subscribe by direct debit your of which a Schroders Company is the scheme of which a Schroders Company is Schroders ISA will come into force on the investment manager and/or Secretary the manager and which is specified from day Schroders draws on your direct debit and which is specified from time to time time to time by Schroders as available for mandate. Direct debit subscriptions to by Schroders as available for inclusion in inclusion in a Schroders ISA so long as a Schroders ISA will be collected on or a Schroders ISA so long as the securities such units are permitted by the Treasury around the 10th of each month. of which are permitted by the Treasury Regulations to be held in an ISA. Regulations to be held in an ISA. 1 Schroders Investment Trust ISA (d) Schroders reserves the right at its or Shares on your behalf but is unable registered unitholder/shareholder. Please absolute discretion to reject any application to establish your correct banking details, note that we may require your signature (including transfer applications). Schroders will issue a cheque. If you hold and may request bank verification (e) All applications to open a Schroders ISA accumulation Units or Shares in your documents prior to payment. in respect of a Year must be received by Schroders ISA, the increased price of such Schroders no later than the last day of the Units or Shares will reflect the income 8. Best Execution relevant Year on which Schroders is open accumulated and no additional Units or for business. Shares will be purchased. Any income tax repayments will be reinvested in the When executing orders on your behalf in (f) There is no minimum duration to your purchase of additional accumulation Units relation to financial instruments (as defined agreement with Schroders. or Shares. by MiFID) we will take all reasonable steps Investment Trusts to achieve what is called ‘best execution’ 4. Appropriateness of your orders. Our policy and procedures If you are a lump sum Investment Trust therefore are designed to obtain the best investor who has requested that your possible result for your orders subject to In certain circumstances, firms providing income is reinvested, then if you are a and taking into account what category of investment services and products are regular saver, or if you apply to open client you are (under the FCA Rules), the required to assess the appropriateness of a Schroders ISA and do not specify a financial instruments concerned, the nature the investment services or products they bank or building society account on your of your orders, the nature of the markets provide. This requirement does not apply application form, Schroders will purchase and any specific instructions from you. where, as in this case, the service only additional Shares with this income. Income consists of execution and/or the reception arising in respect of Investment Trust As the ISA Manager is also the Authorised of client orders, relates to particular Shares will be paid out depending on the Fund Manager it will deal directly when non-complex financial instruments, and distribution frequency of the relevant buying or selling Units in the Schroder is provided at the initiative of the client. Investment Trust. authorised Unit Trusts and when buying or selling Shares in the Investment Trusts Accordingly, clients should note that they In accordance with the Treasury do not benefit from the protection of the or the OEICs. Units and OEIC Shares will Regulations, Schroders will make all be bought and sold daily on a forward rules on assessing appropriateness and necessary claims for relief from tax relating should therefore ensure that they seek pricing basis and prices will be calculated to Units or Shares held in your Schroders by reference to the value of the property independent financial advice if unsure ISA. Lump sum and regular savings about whether a product is appropriate.