Modern Merchant Banking

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1 Modern Merchant Banking Sapphire SIPP fixed term deposit account Application form and guidance notes Applying for the Sapphire SIPP fixed term deposit Please retain pages 1 and 2 for your information. A SIPP is a Self Invested Personal Pension. A SIPP will be set up by an individual in order to save for their retirement (SIPP Member). However, the assets of the SIPP will be legally owned by the SIPP s trustee(s) or in some cases the SIPP s provider (the SIPP Trustee ). A SIPP Member may be a co-trustee of his SIPP or his allocated fund within his SIPP. Some SIPPs will be administered by the SIPP Trustee. Other SIPPs will be administered by a separate administrator or operator (the SIPP Administrator ). Depending on the way that your SIPP has been established, one or more of the SIPP Trustee, the SIPP Administrator and the relevant SIPP Member may have the power under the governing provisions of the SIPP to open and operate bank accounts (Legal Applicant). All applications for the Sapphire SIPP fixed term deposit account (Account) must be made by the appropriate Legal Applicant. Where the Legal Applicant for an Account is the SIPP Trustee either solely or jointly with a SIPP Member as co-trustee, references in the application form to you and your means the SIPP Trustee and, where applicable, any SIPP Member co-trustee. Where the Legal Applicant for an Account is the SIPP Administrator, references to you and your means the SIPP Administrator. References in this application form to our and us means both of Close Brothers Limited and Close Brothers Savings, or either of them as the context requires. Important information Our agreement with you ('Agreement') comprises the following documents: 1. this application form, including the Additional Conditions set out; and 2. the Customer Agreement Terms and Conditions including any amendments to any of these documents that may be made from time to time. A copy of the Customer Agreement Terms and Conditions is provided with this application form and can be found on our website ( A copy is also available upon request by telephoning or ing our Customer Services team using the details below. The Agreement is a contract between us and you. By signing and returning the application form to us, you are signifying that you agree to the terms of the documents that comprise the Agreement, as set out above. For your benefit and protection, you must read the documents comprising the Agreement carefully before agreeing to them by signing and returning the application form to us. If you have any questions about this application or the Agreement or do not understand anything, please contact our Customer Services team on (opening hours: Monday to Friday, 9am - 5pm, excluding UK bank holidays) or savings@closebrothers.com. Please: (a) (b) (c) carefully read the information and Additional Conditions on pages 1 and 2 (retain these for your information); and complete the details requested on pages 3 to 5 in pen using BLOCK CAPITALS; and sign the declarations in Section 6 on page 5. All fields in the application form are mandatory, unless stated otherwise. We may have to return incomplete or incorrectly filled application forms which may delay the processing of your application. Please send the completed application form, together with any documentation that we have requested (see documentation checklist in Section 5) to Close Brothers Limited, 4th floor, 10 Crown Place, London, EC2A 4FT. Sapphire SIPP fixed term deposit acceptance criteria The Account is a fixed term deposit with interest paid annually (excluding 9 month fixed term) and at maturity (all terms). This offer is limited and subject to availability. Please note that no early withdrawals are permitted. Interest payments will automatically be paid by electronic transfer to a designated bank account in your name to which repayments from the Account will be made by us (the SIPP Account ). We will write to you approximately four weeks ahead of the maturity of the Account notifying you of options to either have the principal deposit and final interest payment repaid or reinvested into a new fixed term deposit account which may be available at that time. The balance (the principal sum deposited) will therefore not change during the term of the Account. The Account terms of deposit are 9 months, 1 year, 18 months, 2 years, 3 years, 4 years and 5 year (the Term ) We will only accept deposits and documentation from an FCA approved SIPP Administrator or SIPP Trustee. The Account is open to funds held in a UK registered SIPP only. Application is subject to availability and we may withdraw the offer at any time without notice. We reserve the right to refuse a deposit or decline to open an Account. For the application to be considered, we must receive both a fully completed signed application form and an electronic transfer of funds or alternatively an instruction to transfer funds from an account with us in your name. The total amount to be deposited with us must be received by us in one single payment. Page 1 of 5

2 Sapphire SIPP fixed term deposit Additional Conditions All deposits placed with us are subject to the terms of the Agreement (as may be varied from time to time) which include these Additional Conditions. If there is any conflict between the Customer Agreement Terms and Conditions and the Additional Conditions, the Additional Conditions will apply and are overriding. 1. You may not withdraw funds or deposit additional funds into the Account during the Term. 2. We will only accept instructions on the Account from you and not the SIPP Member or his Financial Adviser. 3. Interest rates are reviewed on a weekly basis and are available on our website or by calling our Customer Services team on The interest rate applied to your Account will be the rate advertised on our website ( on the date we receive your completed application form and will be fixed until the first maturity date. Please note, we reserve the right to cancel your application if we do not receive all cleared funds within 5 working days of us receiving the application form. 4. The interest rate is fixed for the Term. We will not change any other terms of the Agreement except for a reason listed in conditions and of the Customer Agreement Terms and Conditions. 5. Interest is accrued daily at the agreed rate and is payable annually (excluding 9 month fixed term) and at maturity (all terms). Interest payable on the Account will be paid into the SIPP Account. Please note, interest is not compounded. The confirmation of our acceptance of this application form will show the projected interest that will be earned over the Term. 6. Whenever a payment is due on a day that is not a working day in the UK, we will make that payment on the next working day. Interest will be calculated up to the end of the day prior to the day on which payment is made. 7. All interest earned will be paid gross of tax. 8. Once we have accepted your application form, you will not have a right to cancel the Agreement. 9. You cannot close or amend the Account before the maturity date. Once the Account has been opened, you may not in any way transfer it into another person s name or remove a person from the Account. However you may, with our written consent, assign the benefit of the Account to the trustees of another UK registered pension scheme of which you are a member provided that you enter into any documents (including a deed of assignment) or provide such information or take such steps as we may require as a condition of that consent. 10. The minimum balance is 25,000 and the maximum balance (the principal sum deposited) is 2 million per Account. 11. We will only accept one single remittance of funds into the Account, using electronic transfer only. 12. The Account will be opened within 10 working days of receipt of the completed application form and cleared funds. However, we may require additional documentation for anti-money laundering purposes, in order to finalise our account opening procedures. 13. We will write to you four weeks prior to the maturity of the Account giving you notification of the options that are available at the time. If we have not received instructions from you on maturity, the principal deposit and the final interest payment will be repaid into the SIPP Account. 14. In the event of: (a) the death of the SIPP Member to which the Account relates; or (b) an effective pension sharing order within the meaning of section 28 of the Welfare Reform and the Pensions Act 1999 being made in relation to the SIPP assets of the SIPP Member to whom the Account relates and which are held by you under the SIPP to which the Account relates, and you providing us with such documentary evidence as we may reasonably request, we will terminate the Account and send the deposit, plus any interest accrued to the date of the death/pension sharing order (as applicable), to the SIPP Account. Processing of applications We make every effort to process all application forms as soon as we receive them, but in the event of high demand it could take up to 10 working days to open the Account. Interest is payable upon receipt of cleared funds which in the case of electronic transfers is the value date our account is credited. If your application is rejected, funds will be returned to you within 5 working days (from the date the application was rejected). How to send funds Funds must be deposited by way of electronic transfer, sent to 'Close Brothers Limited' using our direct Sort Code quoting Account No , and referencing the scheme number in the reference box. Please send funds so they are available when we process your application. We require both an original completed application form and cleared funds in order to open the Account. Deduction of tax on interest All interest will be paid gross of tax. SIPP Account Please note that the SIPP Account nominated for repayments is the account to which we will make repayments of principal and interest from the Account. The SIPP Account must be in the same name as the Account or a pooled client account. For verification purposes, please enclose a photocopy of a recent bank statement dated within the last 3 months for the SIPP Account with the account holder's name, account number and sort code clearly visible or alternatively a paying in slip or a voided cheque. Please be advised that any originals may be retained for our records. Any changes to the SIPP Account must be received by us in writing and must be signed by all Legal Applicants who have signed this application form, at least 10 days prior to any repayments being made by us. The request must be accompanied by a photocopy of a bank statement for the SIPP Account dated within the last 3 months confirming the amended repayment details. Close Brothers Treasury and Close Brothers Savings are trading styles of Close Brothers Limited ('CBL'), a subsidiary of Close Brothers Group plc. CBL is registered in England and Wales with company number and registered office at 10 Crown Place, London EC2A 4FT. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number CBL is a member of the Financial Services Compensation Scheme ('FSCS') which protects up to 85,000 of an eligible depositor s funds held with CBL. The FSCS limit relates to the total funds held by a depositor with CBL, including their share of any joint account and not to each separate account. Page 2 of 5

3 Modern Merchant Banking Sapphire SIPP fixed term deposit account Application form SIPP Please complete this form in BLOCK CAPITALS and then return to Close Brothers Limited, 4th floor, 10 Crown Place, London EC2A 4FT. All fields are mandatory, unless stated otherwise. We may have to return incomplete or incorrectly filled forms which may delay the processing of the application. For any questions regarding the application, please contact us on Section 1. About the scheme Account holder (name of scheme): Please note that the Account holder must be the same as the attached bank statement Person(s) authorised under scheme s rules to open the account Account designation (e.g. ABC1234) Account holder contact details Please tick the appropriate contact boxes above to confirm where correspondence should be sent to. If no box is ticked, we will automatically send correspondence to the Trustee or where appropriate the Scheme Administrator. SIPP Trustee Full name Address Postcode Telephone number Contact name address SIPP Co-Trustee Full name Address Postcode Telephone number Contact name address SIPP Administrator Full name Address Postcode Contact name Telephone number address Financial Adviser Please fill in the boxes below if you consent for us to contact the Financial Adviser on this deposit with account specific information (e.g notification of a deposit maturity). Full name of regulated firm Contact name address Address for correspondence Postcode Name of regulator Regulator reference number Page 3 of 5 Continued overleaf

4 Sapphire SIPP fixed term deposit account - application form Section 2. Nominated SIPP account for repayments All requested repayments will be sent solely to the SIPP Account. Bank name & address Sort code Account number Roll number Section 3. Account requirements Term of deposit Deposit amount ( ) Example: 9 month 1 year 18 month 2 year 3 year 4 year 5 year 100,000 Please complete details of the deposit(s)*: 9 month 1 year 18 month 2 year 3 year 4 year 5 year 9 month 1 year 18 month 2 year 3 year 4 year 5 year 9 month 1 year 18 month 2 year 3 year 4 year 5 year *If you require additional pages for multiple deposits, please print supplementary copies of this page and submit with the application form. Sterling deposits may only be made by electronic transfer direct to 'Close Brothers Limited': Sort Code , Account No referencing the SIPP Member's surname and scheme number. Please send funds so they are available when we process your application. We require both the completed and signed application form and cleared funds in order to open the Account. We cannot accept faxed or ed application forms. Please note that initial deposits must originate from the SIPP Account as detailed in Section 2 above. Financial information - Source of funds We are required by anti-money laundering guidelines to ask for the source of the SIPP Account funds (which may be from inheritance, a property sale, maturing deposit etc). Please provide this information below, and note that we reserve the right to request reproductions of supporting documentation. Existing pension funds Please tick if appropriate Other (please specify) How did you hear about Close Brothers Savings and / or our Pension deposits range? from Close Brothers Data protection act 1998 Google search Investmentsense.co.uk Financial Adviser Close Treasury team Citywire.co.uk Other (please specify below) Section 4. How we use your information Please note that Close Brothers Limited will hold and use your personal information for the purposes of providing our services to you and for other purposes connected with our relationship with you, and we may share your personal information with others, including credit reference agencies and fraud prevention agencies, for certain purposes. Please see condition 11 of the Customer Agreement ('How we use your information'), which describes the information we will be using and sharing, who we may share it with and the purposes that we and they will use it for. We may also use your personal information and share it with other companies within Close Brothers Group for us and them to send you information about products or services that we or they think may be of interest to you. By signing this application form you agree to this. You may contact us at any time to ask us not to use your information in this way. If you do not want to receive marketing information from Close Brothers Limited in this context, please tick here: If you do not want to receive marketing information from other companies in our group in this context, please tick here: From time to time we would like to offer you products and services that we believe may be of interest or benefit to you and are offered by companies outside of Close Brothers Group. We will not disclose your details to third parties, unless you specifically opt-in to this type of mailing. To opt in, please tick here: You may contact us at any time to ask us not to use your information in this way by writing to us either by at savings@closebrothers.com or by post at Customer Services, Close Brothers Treasury, 4th floor, 10 Crown Place, London, EC2A 4FT. Page 4 of 5 Continued overleaf

5 Sapphire SIPP fixed term deposit account - application form Sapphire SIPP 0517 Section 5. Documentation checklist To complete our account opening formalities, please enclose the following documents with the completed application form. If a Scheme Approval letter and signatory list have previously been provided, we do not need to receive these documents again unless there is a change to either (original documentation may be retained for our records). A copy of a bank statement, dated within the last 3 months, confirming the SIPP Account for repayments as detailed in Section 2. HMRC Scheme Approval letter (if a Scheme Approval letter is unavailable, please provide a certified HMRC Confirmation of Registration status screenshot) Current signatory list of the Authorised Officials (Legal Applicant) Section 6. Declarations by the SIPP Administrator / Trustee By signing this Section 6, you agree and confirm that: 6.i you are applying to open the Account as described in this application form and you have read and accepted the terms of this application form, the Additional Conditions, the Customer Agreement Terms and Conditions and all documents that constitute the Agreement and any other marketing material previously sent to you by us; 6.ii the information contained in this application form is true and complete and you will notify us promptly if any of the information changes and on request provide us with any revised documentation reasonably required by us; 6.iii once we have confirmed acceptance of this application form, you shall be bound by the Agreement in replacement of any other agreement with us relating to the Account; 6.iv you warrant that our appointment to provide the Account pursuant to the Agreement complies with the governing documentation of your SIPP in respect of which this Account has been applied for (your SIPP) and all relevant laws applicable to your SIPP; 6.v you warrant that the person(s) signing this application form and providing the information required by it are legally authorised to do so and open an Account as the relevant Legal Applicant(s) under the governing documentation of your SIPP, with authority and capacity to enter into and be bound by their respective obligations contained in the Agreement. Where the SIPP Member, on whose behalf your application has been made, is a co-trustee of your SIPP, then in signing this Section 6 the SIPP Member is signing both in his capacity as SIPP Member and as co-trustee of your SIPP. 6.vi you warrant that you have carried out all anti-money laundering checks legally required in relation to this application including in relation to the relevant SIPP Member and you will provide us, on demand, with certified copies of all evidence relating to such anti-money laundering checks; and 6.vii you confirm that the relevant SIPP Member has understood the extent of the compensation provided by the Financial Services Compensation Scheme (FSCS) in the event that we are unable to meet our financial obligations under the Agreement and that levels of protection under the FSCS can vary over time. You will indemnify us against all losses incurred by us, as a result of any breach by you of your obligations under this Agreement. Notwithstanding any other provision of this Agreement, your liability under this Agreement shall be limited to the value of the assets of the SIPP at the time that the liability in question must be satisfied by you based on the latest available valuation information for the SIPP s assets. Signed for and on behalf of SIPP Trustee / SIPP Administrator / SIPP Member whose names and (where applicable) FCA registration numbers are listed below.. Name FCA Number Financial Services Compensation Scheme ( FSCS ) Information Sheet and Exclusions List (mandatory) I confirm receipt of the enclosed FSCS Information Sheet and Exclusions List. Further, I confirm that I have provided the Scheme Member with a copy of the document. Name of Scheme Administrator / Trustee: Signature of Scheme Administrator / Trustee: PIease note, we cannot accept your deposit without receipt of this signed acknowledgement. For and on behalf of the Scheme Member, signature Scheme Administrator / Trustee For and on behalf of the Scheme Member, signature (if applicable) Scheme Administrator / Trustee Print name Date Print name Date Account officer SIP Page 5 of 5 Continue overleaf

6 Are you an existing or previous customer? Yes No Existing customer number (if applicable) Modern Merchant Banking End of application form Financial Services Compensation Scheme Information Sheet and Exclusions List follows

7 Modern Merchant Banking Financial Services Compensation Scheme Information Sheet and Exclusions List Customer copy (please retain) Please retain this FSCS Information Sheet and Exclusions List for your records. Basic information about the protection of your eligible deposits Eligible deposits in Close Brothers Limited are protected by: 1 the Financial Services Compensation Scheme ( FSCS ) Limit of protection: 85,000 per depositor per bank / building society / credit union2 The following trading names are part of your bank / building society / credit union: Close Brothers Treasury and Close Brothers Savings are trading styles of Close Brothers Limited ( CBL ), a subsidiary of Close Brothers Group plc. If you have more eligible deposits at the same bank / building society / credit union: All your eligible deposits at the same bank / building society / credit union are aggregated and the total is subject to the limit of 85,000.2 If you have a joint account with other person(s): The limit of 85,000 applies to each depositor separately.3 Reimbursement period in case of bank, building society or credit union s failure: 20 working days 4 Currency of reimbursement: Pound sterling (GBP, ) or, for branches of UK banks operating in other EEA Member States, the currency of that State. To contact Close Brothers Limited for enquiries relating to your account: Close Brothers Limited 4th Floor 10 Crown Place London EC2A 4FT Tel: Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU To contact the FSCS for further information on compensation: Tel: or ICT@fscs.org.uk More information: Additional information 1 Scheme responsible for the protection of your deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to 85,000 by the Deposit Guarantee Scheme. 2 General limit of protection If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum 85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with 80,000 and a current account with 20,000, he or she will only be repaid 85,000. This method will also be applied if a bank, building society or credit union operates under different trading names. Close Brothers Limited also trades under Close Brothers Treasury and Close Brothers Savings. This means that all eligible deposits with one or more of these trading names are in total covered up to 85,000. In some cases eligible deposits which are categorised as temporary high balances are protected above 85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including: (a) (b) (c) certain transactions relating to the depositor s current or prospective only or main residence or dwelling; a death, or the depositor s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity; the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction. More information can be obtained under Page 1 of 2 Continue overleaf

8 3Limit of protection for joint accounts In case of joint accounts, the limit of 85,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of 85,000. 4Reimbursement The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: or , ICT@fscs.org.uk. It will repay your eligible deposits (up to 85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply. Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under Other important information In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account. Exclusions list A deposit is excluded from protection if: (1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union. (2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering. (3) It is a deposit made by a depositor which is one of the following: credit institution financial institution investment firm insurance undertaking reinsurance undertaking collective investment undertaking pension or retirement fund 1 public authority, other than a small local authority For further information about exclusions, refer to the FSCS website at 1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded. Page 2 of 2