Terms and conditions. Santander Sharedealing. A. General conditions TERMS AND CONDITIONS

Transcription

1 TERMS AND CONDITIONS Terms ad coditios Satader Sharedealig A. Geeral coditios 1 Itroductio 1.1 Abbey Stockbrokers Limited tradig as Satader Sharedealig ( SSD ) provides a executio-oly sharedealig service allowig you to buy ad sell shares ad other securities ( Ivestmets ). This documet details the geeral terms ad coditios (the Geeral Coditios as detailed i Sectio A) ad the additioal specific terms ad coditios (the Specific Coditios as detailed i Sectio B Pershig Securities Limited s Geeral Terms of Busiess, Sectio C Foreig Dealig, Sectio D James Hay ad Sectio E ISA s) that apply to your Satader Sharedealig Accout, whether it be the Share Orgaiser or Certificate Trader Accout (referred to throughout as your Accout ). Where referece is made to Coditios, we mea both the Geeral Coditios ad Specific Coditios. 1.2 These Coditios cover the provisio of SSD s services to you through a arragemet (the PSL Agreemet ) with Pershig Securities Limited ( PSL ). Uder this PSL Agreemet, PSL provide clearig ad settlemet, safe custody, omiee ad other associated services for those cliets of SSD which we may itroduce to PSL from time to time. These Coditios set out the cotract betwee the Accout holder ( Accout Holder, you or your ) ad SSD ad also betwee you ad PSL, ( we, us or our beig SSD ad/ or PSL as appropriate). By acceptace of these Coditios you agree that we are authorised by you to eter ito the PSL Agreemet o your behalf ad that these Coditios will costitute the formatio of the cotract betwee you ad SSD ad also betwee you ad PSL ad that you will be boud by the terms of the PSL Agreemet ad the PSL Terms of Busiess as summarised i these Coditios. Please refer to Sectio B (PSL Terms of Busiess) for more details. These Coditios are i additio to ay other coditios, which are implied or icluded by law, such as your statutory rights as a cosumer, eve if they do ot appear i these Coditios. These Coditios apply to your Accout ad use of the SSD services accessed either by the Satader Sharedealig Website ( the Website ), by telephoe or by post, whichever is appropriate to the facilities you use. 1.3 These Coditios may refer to iformatio which we may also give to you separately, for example i the SSD literature ( Brochure ) ad SSD scale of charges ( Scale of Charges ), which may chage from time to time. Ay referece to the Scale of Charges is a referece to the oe that is prevailig at the time. A copy of the Scale of Charges is available from us. These details also form part of the cotract betwee you ad us. If you use your Accout i respect of Foreig Dealig, i relatio to your SSD ISA, or your James Hay SIPP, the Specific Coditios i other Sectios will also apply. If a Specific Coditio differs from the Geeral Coditios, the Specific Coditio will apply.

2 1.4 These Coditios ad all trasactios o your Accout are subject to the rules of the Fiacial Coduct Authority ( FCA ) ad ay successor thereto ad will be etered ito i accordace with the rules ad regulatios of the Lodo Stock Exchage ( LSE ) or other recogised exchages. If you ask, we may also deal for you i circumstaces i which the relevat deal is ot regulated by the rules of ay exchage, but if so, you should be aware that you forego the protectios of exchage regulatios. 1.5 We have a Coflict of Iterest policy ad Ati- Bribery ad Corruptio policy to prevet us makig a fiacial gai or avoidig a fiacial loss at the expese of a cliet or from favourig oe cliet at the expese of aother. This policy covers such potetial risks as might arise i: The aggregatio of orders from more tha oe cliet. The matchig of oe or more cliet s orders with those of aother cliet or cliets (agecy crossig). The executig of our staff trades. The receipt of ay iducemets other tha from the cliet. The recogitio ad maagemet of ay actual coflicts that may arise ad their resolutio. We will take every possible step to elimiate ay coflicts of iterest, ad will esure at all times that the iterest of the cliet is give precedece. A copy of our Coflict of Iterest Policy is available o request. 1.6 We also have a Executio policy which should be read i cojuctio with these Coditios. 2 The Services 2.1 If you choose to ope a Certificate Trader Accout, you will eed to complete the relevat sectios, sig ad retur the applicatio form ( Applicatio Form ). Oce accepted by us this will eable you to buy ad sell UK shares i certificated form oly. 2.2 If you choose to ope a Share Orgaiser Accout, you will eed to complete the relevat sectios, sig ad retur the applicatio form. Oce accepted this will eable you to buy ad sell UK ad foreig Ivestmets usig the Nomiee Facility (a Nomiee Facility is where your Ivestmets are registered i the ame of Pershig Nomiees Ltd (PNL) (the omiee compay of PSL)) (ad usually held i electroic form) but you remai the beeficial ower (see Coditios 11 ad 12 below ) ad you may also use your Accout i respect of your ISA or SIPP. You may also deal i certificated form where permitted. 2.3 The SSD service is geerally oly available to residets of the Uited Kigdom ( UK ) (Eglad, Scotlad, Wales ad Norther Irelad) that are aged 18 years or over ad hold a sterlig bak accout. If we agree that you may operate your Accout from elsewhere i Europe we will require additioal details from you ad may require you to deposit cleared fuds prior to ay purchases. If you receive ay savigs icome from us, your details ad the details of the icome will be reported to Her Majesty s 2

3 Reveue & Customs ( HMRC ) as required uder the EU Savigs Tax Directive. 2.4 Your citizeship ad use of your Accout 2.4 (a) US Persos By acceptig these Coditios you cofirm that you are ot a US perso for the purposes of Uited States of America ( US )federal icome tax, ad that you are ot actig for, or o behalf of, a US perso. The defiitio of a US perso icludes, but is ot limited to, US citizes, US residets, US tax payers or those who hold US dual atioality. A false statemet or misrepresetatio of tax status by a US perso could lead to pealties uder US law. I the future, should you become a US perso, you agree to iform us immediately, to istigate the closure of your Accout. 2.4 (b) Should iformatio come to our attetio which gives us reasoable cause to believe you are a US perso, we will give you otice ad close your Accout. 2.4 (c) You agree that you will ot place orders for the Accout from the US, or allow ayoe else to do so (a) We may be legally obliged to disclose iformatio about you ad your Accout/s to HM reveue ad Customs ( HMRC ), who may i tur pass this o to other tax authorities i lie with iteratioal agreemets or treaties that may be i force. You agree that we may provide ay documetatio or iformatio to HMRC that they may be obliged to share with a overseas Tax Authority i accordace with ay law, legislatio or regulatio of the UK. 2.5 (b) You agree to provide us with persoal iformatio, declaratios or certificates that we are required to retai by law withi 30 days of us makig a request to you to eable us to determie whether your Accout/s details will eed to be reported to HMRC or aother Tax Authority i lie with this coditio (c) You agree to iform us promptly i writig if ay of your persoal iformatio chages or there is ay chage i the circumstaces followig ay certificatio that you may have provided to us. 2.5 (d) We will ot be liable to you for ay loss you may suffer if we disclose iformatio i accordace with our legal obligatios. 2.6 As the SSD service is a executio-oly service we will ot provide stockmarket, tax or ay other ivestmet advice. The decisio to buy, sell or hold Ivestmets will be your resposibility. You should ot ask for advice from our staff as they will ot be able to assist you. If you eed advice or are i ay doubt about the merits of ay trasactio, or whether the use of the SSD service by you is suitable for your eeds, please cotact a idepedet fiacial adviser. Buyig or ivestig i ay istrumet ivolves risk. The value of 3

4 ivestmets ca go dow as well as up ad you are ot guarateed to get back all or part of your origial moies ivested. Past performace is ot a reliable idicator of preset or future performace. I udertakig your istructios we are ot required to assess the suitability or otherwise of such istructios for you ad you should always seek advice from a idepedet fiacial advisor authorised by the FCA before udertakig ay trasactios of which you are usure. Certai istrumets may be urealisable at the time you wish to sell them or may have become illiquid ad therefore be subject to a restrictive market ad it may be difficult or impossible to realise some or all of these. 2.7 Iformatio o the features of your Accout ad the facilities available ca be foud i the Brochure or o our Website. If you are uclear as to what facilities are available o your Accout please cotact us. 3 Varyig these Coditios ad the Scale of Charges 3.1 We may remove, chage or add to these Coditios, the Scale of Charges, or to ay details formig part of the cotract betwee you ad us by givig you at least 30 days prior persoal otice i writig: to coform with or aticipate ay chages i the law, or regulatory requiremets, Codes of Practice or recommedatios of the FCA, or a decisio or recommedatio by a court or relevat Ombudsma; to maitai the competitiveess of our busiess as a whole, takig accout of actual or aticipated chages i market coditios, or to esure that our busiess is ru prudetly, or to reflect our exposure to risk; to provide for the itroductio of ew or improved products, systems, chages i techology, methods of operatio, services or facilities; to eable us to harmoise or chage our chargig arragemets; to reflect chages i the direct costs that we are required to pay others, or take accout of iflatio; to make them clearer or more favourable to you; or to rectify ay mistakes that might be discovered i due course. 3.2 We may also remove, chage or add to these Coditios or the Scale of Charges by givig you at least 30 days prior persoal otice i writig, for ay other reaso which is valid, provided you are the free to close your Accout immediately, subject to Coditio However, if the chage to these Coditios or the Scale of Charges is to your advatage we will give you otice withi the 30 days followig the chage. 3.4 Ay amedmet which is made to comply with a chage of applicable law or regulatio shall take effect immediately uless we specify otherwise. 4

5 4 Opeig a Accout 4.1 You ca oly apply to ope a Accout by completig, sigig ad returig the Applicatio Form. 4.2 Oce your applicatio has bee accepted by us ad by PSL, we will ope your Accout with the telephoe password supplied by you ad give you a Cliet Referece Number. You are persoally resposible for maitaiig the security of your Accout details ad must ot reveal these details to ay perso uless they have a joit Accout with you or are authorised by you to have access to such iformatio. 4.3 We reserve the right to refuse ay applicatio to ope a Accout ad shall ot be obliged to provide ay reaso for our decisio. 4.4 As a private idividual you may beefit from the Fiacial Services Compesatio Scheme (FSCS) (see Coditio 21 for details). We will categorise you as a retail cliet which meas that you will be afforded the highest level of regulatory protectio. However, you may ot have access to the Fiacial Ombudsma Service (FOS) or the FSCS uless you are a private idividual. 5 Joit Accouts 5.1 If your Accout type ca be held i joit ames with aother perso ad you apply for a joit Accout, you agree that we may accept istructios to operate the joit Accout from either party. You are resposible idividually ad together for complyig with these Coditios ad for activities occurrig o your joit Accout, which icludes beig joitly ad severally liable for ay outstadig amouts owed o your Accout. You must otify us immediately i writig if you o loger wish trasactios to be udertake for the joit Accout. We will the sed you the relevat forms to be siged by all parties to the Accout to trasfer over the title of the Ivestmets held i your joit Accout. 5.2 If a joit Accout Holder should die, owership of all assets held i the joit Accout shall pass to the survivig joit Accout Holder(s), who must provide us with a certified copy of the death certificate. 5.3 We will ot be liable i the evet of ay loss to ay party uless we have acted with egligece, fraud or wilful default i acceptig istructios from ay party to the Accout. 5.4 Customers opeig joit Accouts ca oly deal i the ames of all Accout Holders. If you wish to deal at ay time i a sigle ame, you will eed to ope a separate Accout. 6 Cotets ad use of the SSD Website 6.1 Olie access is oly available to omiee Share Orgaiser Accouts, ad will oly be permitted oce you have read the coditios displayed o the Website ad selected I accept/i agree as appropriate. 6.2 The Website is iteded for viewig ad use by Accout Holders who reside i the UK, who are aged 18 years or over ad hold a sterlig bak accout. We shall ot be liable if the cotet 5

6 of the Website or ay viewig of it by you is cotrary to the laws applyig i the jurisdictio where you access the Website. 6.3 You should be aware that the Website is ot a completely reliable or secure meas of commuicatio ad we make o warraties as to the availability of the Website. The use of the Website is at your ow risk. We shall ot be liable i respect of your iability to use or access the Website due to circumstaces beyod our reasoable cotrol ad this ca iclude circumstaces such as (but ot limited to) dowtime or lack of capacity. 6.4 The cotets of the Website are protected uder copyright, trademark ad other laws ad uauthorised use may ifrige these protectios. You must ot modify, cotamiate, violate or attempt to violate the security of the Website. Improper use of the Website may costitute a offece uder the Computer Misuse Act Ay price iformatio, ews, or other iformatio o the Website or liked to the Website is obtaied from idepedet data providers. We caot guaratee the accuracy, completeess, timeliess or correct sequecig of data. The iformatio is ot persoal ivestmet recommedatios. We do ot accept liability for loss or damage (icludig loss of profit) which may arise directly or idirectly from your use or reliace o such iformatio. 6.6 We will take all reasoable steps to esure the website is available for your use but will ot be liable for ay disruptios of service caused by circumstaces beyod our reasoable cotrol. I additio, there may be times whe urget upgrades or system maiteace require the suspesio of the website ad whilst we will edeavour to give otice of these iterruptios you ackowledge that this may ot always be practical or possible. 6.7 There are services ad areas of our Website provided by third parties. We take care i the choice of these suppliers but caot verify the iformatio they provide or guaratee that it is correct. 6.8 We eed to iform you that the market makers may cacel trades without prior otice to you if you are deemed to have dealt i multiples of the same shares withi a short space of time ad the aggregate of these trades exceeds the Maximum Quote Size i.e. the order has bee deemed to have bee split to allow executio electroically. Uder these circumstaces we will try to cotact you before we take ay actio. 6.9 Whilst we take every care to esure that the iformatio show o our Website i relatio to your holdigs is correct, there may be occasios whe your Ivestmets are i the process of beig updated ad cosequetly a icorrect holdig may be show, such as arisig from corporate actios. We do ot accept liability for ay loss suffered by you for trasactios carried out o these icorrect holdigs. We will always correct such trasactios with the market i accordace with the correct updated iformatio. We will always edeavour to cotact you first before takig such actio. 6

7 7. Buy or Sell Limit Orders 7.1 We may accept Limit Orders etirely at our discretio as to the ivestmet, price, actio ad timescale. I particular we will oly accept limits Good for the Day. 7.2 We will use reasoable edeavours to trade at the price you have set but caot guaratee that we ca execute your order at the give price especially whe prices are extremely volatile such as a fast market or other customers have placed orders prior to yours at the same price. I additio, market makers may reduce the relevat market size which they will trade electroically or have removed a stock from electroic tradig which may also prevet executio at the give price; ad ay other coditios beyod our cotrol. 7.3 A purchase limit order will be take ito accout whe calculatig your tradig limit. 7.4 We will oly accept sale limit orders for Ivestmets you hold i the Nomiee Facility. 7.5 We do ot accept limits i Foreig ivestmets see Sectio C. 8 Your resposibilities 8.1 You warrat whe applyig for a Accout ad at ay time you udertake a trasactio that you are ot isolvet, bakrupt or subject to ay such proceedigs or arragemets to do with your fiacial solvecy. 8.2 You are resposible for ay istructios you give to us. We will ot be liable for ay loss icurred as a result of carryig out your istructios provided we have ot acted frauduletly, egligetly or with wilful default. 8.3 You must otify us immediately if you become aware of ay of the followig: Uauthorised access to or use of passcodes. If you receive a cotract ote with the wrog details o it. If you fail to receive a cotract ote withi three days of makig a order. If you receive a cotract ote for a order that you did ot place. If you have ot received cofirmatio that a trasactio you wished to place had bee accepted; or that istructios ot yet executed had bee accepted for cacellatio. If you receive ay other iaccurate or coflictig iformatio. 8.4 Should ay of your details chage, or you wish to make ay amedmets, you must advise us i writig as soo as possible at the address i Coditio We may, at our sole discretio, accept telephoe otificatio iitially but will require subsequet cofirmatio i writig, for security reasos. 8.5 Oce we have accepted ad dealt o your istructios, legally bidig obligatios are created ad caot be revoked. Istructios ca oly be give i the Accout Holder s ame(s) 7

8 ad caot be accepted from a third party, uless a Authority to Deal form (which has bee siged by the Accout Holder/s ad the desigated third party) has bee accepted by us. Where a third party has bee appoited you should be aware that this does ot cofer upo the third party the right to ay other iformatio o your fiacial positio. 8.6 Whe givig istructios you must ot exceed ay Dealig Limit that may apply o your Accout (please see Coditio 9). Please ote that if you exceed your Dealig Limit you remai liable for trasactios o your Accout. 8.7 If you lose ay share certificates or other Ivestmet documets you will have to pay for duplicates. Please keep a ote of the serial umbers of your share certificates ad the date you post them to us. We are ot resposible for ay documets util we have received them. 8.8 For ay Ivestmets that you trasfer to us to hold i the Nomiee Facility for you or ay Ivestmets you ask us to sell for you, you warrat that they are free from ay pledge, lie, charge or ecumbrace ad that you have a ucoditioal right to trasact i such Ivestmets. 9. Amout you ca deal 9.1 Upo opeig your Accout you may be give a sharedealig limit ( Dealig Limit ). This will be available for ormal market coditios ad o the basis of the ormal settlemet date as detailed i Coditio 11. You must still pay i full, before the settlemet date, for Ivestmets purchased usig your Dealig Limit. 9.2 We reserve the right to review ad vary, at our discretio, your Dealig Limit at ay time. We are ot obliged to provide ay reaso i exercisig such discretio. 9.3 Whe buyig Ivestmets, the amout you ca deal is the sum of: the value of ay cleared cash i your Accout (to the extet that it has ot already bee committed); plus your Dealig Limit to the extet that it is ot curretly beig used. We may add (i ormal market coditios) up to 50% of the value of the settled stock held i our Nomiee Facility. Oce your Dealig Limit has bee reached further dealig will ot be permitted util settlemet has bee completed o outstadig trasactios. If we have previously agreed a trasactio to proceed eve though i breach of this Coditio, we reserve the right to treat ay further breach idepedetly ad to refuse to trasact i such circumstaces. Please refer to Coditio 11.1 for Settlemet iformatio. Olie, the total of your Dealig Limit ad cleared cash will show as your available to ivest figure. (This will also iclude up to 50% of the value of your settled stock if appropriate). 9.4 Whe sellig ivestmets usig the Nomiee Facility, you ca oly sell Ivestmets that you already hold i it ad which you have a ucoditioal right to sell. If you breach this Coditio you agree to compesate ad idemify us for ay losses that we may icur as a result of your breach. 8

9 9.5 You ca oly sell certificated shares to the extet that your Dealig Limit is ot curretly beig used for either buyig or sellig shares. You may oly give istructios to sell Ivestmets that you ow or have the right to sell. Each time that you istruct us to sell Ivestmets you represet ad guaratee to us that you ow or have the right to sell those Ivestmets ad agree to compesate us for ay losses that we may icur if you do ot ow or have the right to sell the Ivestmets. 10 Dealig 10.1 If you ope a Certificate Trader Accout you ca oly deal by telephoe, i UK shares, ad oly i certificated form. If you ope a Share Orgaiser Accout you ca deal i UK ad foreig ivestmets by telephoe ad UK Ivestmets olie Whe dealig by telephoe or olie we will give you a idicatio of the price, but that price may differ from the price at which we deal for you, reflectig price movemets or because of the size of your order. We do ot geerally accept dealig istructios by facsimile, telex or The price at which your order is fulfilled will be otified to you at the time of dealig where possible or appropriate, ad o the relevat cotract ote. We will dispatch a cotract ote o later tha the busiess day followig ay trasactio. A olie versio of the cotract ote will also be available through the Website by the ed of market tradig hours the same day. For overseas orders the cotract ote may ot appear olie util the ext workig day. Please also refer to Coditio Whe placig a order we reserve the right to ask for advace paymet for all or part of the purchase value. This may be required as either fuds o your Accout or cleared fuds to be deposited prior to dealig. This may be required eve if you are withi your Dealig Limit We reserve the right to refuse to accept ay order, carry out or allow ay trasactio. This may be, but ot limited to, for evets such as rights issues or capital reorgaisatios; where we do ot have the documetatio to eable us to proceed (icludig share certificates); have icomplete istructios that do ot comply with these Coditios or the Accout i questio (icludig joit Accout istructios ad istructios o behalf of other persos); or if we are ot reasoably satisfied that a trasactio is legal, is allowed by relevat laws or regulatios or where we are uable to verify your idetity. We will advise you promptly if we declie to deal, but are ot obliged to provide ay reaso for our decisio or to reimburse you for ay loss you may suffer as a result The rules of the FCA require us to have a policy for achievig best executio whe we execute trasactios for your accout, ad for actig i your best iterests whe we pass trasactios to third parties for executio. Uder this policy we will seek to achieve the best terms we ca for your deal through the market we deal i. A copy of our Best Executio policy is attached at the ed of these Coditios. By acceptig these Coditios you coset to our Best Executio policy ad give express coset to us to execute your orders outside of a EU regulated market or multilateral tradig facility if appropriate. 9

10 10.7 You may give us specific istructios over the telephoe or olie as to how we are to deal, i particular you may give us a Limit Order (a order to buy or sell at a specified price limit or better ad for a specified size) or a At Best Order. Your specific istructios may ot eable us to follow our best executio policy. Telephoe Limit Orders: ca oly be accepted if you have a Share Orgaiser Accout. These are filled o a best edeavours basis. If a Limit Order is ot immediately executed uder prevailig market coditios, you istruct us ot to make it public immediately uless we cosider that it is i your best iterests to do so. Such Limit Orders are good for the day, ad cease to exist at close of market tradig o the day take, without further referece to you. With limit orders there is a greater chace of securig the price you wish to achieve, however there may be less chace of executio as your specified price may ot be reached. At Best Orders: Trasactios will be carried out by us as soo as practicable at the best price that ca reasoably be obtaied i the market at the time of dealig. You should ote, however, that share prices could chage materially betwee the time you give istructios to buy or sell ad the time we are able to deal for you. With At Best Orders there is a greater chace of executio, however you caot secure a specific price, as you are happy to proceed at the best possible price at the time of executio Your trasactios may be aggregated with those of other customers, which may operate o some occasios to your disadvatage Istructios to deal i more tha oe compay or class of shares will be trasacted separately, ad commissio will be charged o each trasactio If you wish to trade i complex istrumets you must first complete a Appropriateess Form, which is available o request from us ad read the relevat risk warigs eclosed with it. If we cosider you have appropriate experiece ad therefore uderstad the risks ivolved i makig such a ivestmet, you may the be allowed to trade i complex istrumets. If you do ot provide us with sufficiet iformatio for us to make such a judgemet, we will be uable to allow you to trade i complex istrumets. If you isist that we proceed we may allow this, at our absolute discretio, but you ackowledge that you may be tradig i istrumets which expose you to risks you are uable to assess ad cotrol. We are ot required to esure that trasactios i o-complex istrumets are a appropriate ivestmet for you. Examples of o-complex istrumets are shares admitted to tradig o a regulated market, moey market istrumets ad bods (except those icorporatig a derivative elemet) ad uits i a UCITS (Udertakigs for Collective Ivestmet i Trasferable Securities) scheme Uit Trusts ad OEICs We ca o loger accept purchase orders i Uit Trusts ad OEICs. For those existig customers who hold Uit Trusts ad OEICs through us with PSL we will cotiue to hold these ad will carry out ay sales o your istructios. 10

11 10.12 We caot accept istructios i Uit Trusts if we believe you are egagig i short-term or excessive tradig i such istrumets There are o cacellatio rights as laid dow by the FCA after you have placed a order with us ad have accepted our executio of your order Please be aware that the value of ad/or the amout of shares permitted to be traded olie via our Website is ot withi our cotrol. This is set by the Market Makers/Retail Service Providers that we trasact with. A idividual ivestmet s tradeable amout may be subject to chage without ay otice to us or by us depedet upo market coditios Usig our Olie Tradig Facility You may place a Limit or Stop loss order olie for a period up to 90 caledar days. A Stop Loss is whe you place a order to sell shares at a certai price or below i order to limit losses. We reserve the right to cacel these limits without prior otice if we have reaso to believe the trasactio is illegal or fraudulet Limit Orders/Stop Loss Orders If you place a Limit Order or a Stop Loss olie you are required to: review these orders o a regular basis to esure you are aware of your outstadig commitmets ad that they remai i lie with your curret ivestmet objectives. We will use reasoable edeavours to trade at the price you have set but caot guaratee that we ca execute your order at the give price, especially whe prices are extremely volatile or other customers have placed orders prior to yours at the same price. I additio, market makers may reduce the relevat market size which they will trade electroically or have removed a stock from electroic tradig which may also prevet executio at the give price. We also may ot be able to execute the order at a give price if ay other coditios beyod our cotrol prevet this. A purchase limit order will be take ito accout whe calculatig your tradig limit ad oce a limit is set the fuds will be rigfeced util the order is traded or cacelled. We will oly accept sale limit orders for Ivestmets you hold i the Nomiee Facility. Oce the sale limit is set, this stock is rigfeced util the order is traded or cacelled. Limit Orders are desiged to trigger trades whe your price coditios are met ad Stop Losses if the price falls to your set price. Such orders may still execute if the share price falls below your stop loss price ad we will cotiue to attempt to place your order as soo as possible which may result i us tradig at a lower price depedig o market coditios. We do ot accept ay liability for ay loss, costs or expeses icurred as a result of usig the Limit Order ad Stop Loss service. Please see the Website for further details of our Limit Order ad Stop loss facility. You may cacel or amed your olie Limit Order or Stop Loss order providig that it has ot bee executed or is ot i the process of beig executed. It is your resposibility to check 11

12 that your istructio to cacel or amed has bee registered o the Order Maagemet Page o the Website. We reserve the right to cacel ay outstadig trasactio without otice where we believe there is sufficiet reaso ad/or if there is a breach of these coditios This may iclude, where we receive a request from the relevat exchage, or where we believe it is ecessary to maitai a orderly market or, where it is deemed you have dealt i multiples of the same shares withi a short space of time ad the aggregate of these trades exceeds the maximum quote size i.e. the order has bee deemed to have bee split to allow executio electroically. We shall ot be resposible for ay loss or expeses icurred as a result of the cacellatio of a trasactio i such circumstaces provided we have ot acted egligetly. We will ot be liable i the evet that the Limit Order ad Stop Loss Service becomes uavailable due to dowtime or lack of capacity. Please also refer to coditio Routig Olie Orders to a Dealer ca be submitted either to be traded At best or with a limit price that is good for the day. At Best Orders: Oce a At best order has bee submitted to a dealer, this will be traded as soo as practicable at the best price that ca reasoably be obtaied i the market at the time of dealig. Oce submitted to our Dealers, this order caot be cacelled. Limit Orders: If you choose to route a failed electroic order for executio to our Dealers with a limit price, this will be doe o a good for the day basis. If the order is ot trasacted it will be cacelled at 4.30pm that day. If you wish to amed the limit price you will eed to cotact us by telephoe for our Dealers to chage this. Bod orders: Some Corporate ad Govermet Bods ca oly be dealt i uits e.g. i 1000 lots or have a miimum order value requiremet. If you submit a order to our Dealers i a bod that does ot meet the order requiremets, we will roud dow the order to the earest uit. If the order you submit is below the miimum order value, we will edeavour to cotact you by , secure message or telephoe to discuss your order. I the evet we caot cotact you, we will cacel the order if it caot be fulfilled. 11 Settlemet 11.1 Settlemet i geeral 12 If you attempt to trade olie ad a electroic quote is ot possible you will be able to submit your trade to a dealer for executio. This order The ormal settlemet period for UK shares held i certificated form is 10 busiess days. For UK shares held i the Nomiee Facility the ormal settlemet period is 5 busiess days.

13 However, you may request ay other period up to 10 days, though this may affect the price obtaied. Your Dealig Limit may ot apply i such circumstaces ad you may be requested to provide a advace paymet for part or all of the purchase stock value. Each sale or purchase will be treated separately for settlemet purposes, with the exceptio of udertakig closig bargais usig the Nomiee Facility Payig for shares you have bought a. Uless sufficiet fuds are held o your Accout, paymet must be received by us for the full amout show o the cotract ote o later tha 3 busiess days before the settlemet date. The oly methods of paymet are: By Direct Debit from your bak accout a madate is available upo request. By Debit Card. The debit card must be i the same ame as the Accout Holder. We are uable to accept paymets by third parties. By cheque made payable to Pershig Securities Limited. This must be a sterlig cheque draw o a UK Bak or Buildig Society accout i the same ame as the Accout Holder(s). We are uable to accept third party cheques. By baker s draft or couter cheque issued by a UK Buildig Society or Bak with the ame ad address of the Accout Holder(s) formally cofirmed by the issuer of the draft or cheque. b. We are uable to receive from, or pay to, a o UK bak accout. c. We reserve the right to charge you a hadlig fee to cover the costs of admiistratio ivolved i processig ay dishooured paymet. Please see our Scale of Charges. d. If we receive fuds o or after the settlemet date you may be required to pay additioal charges i the form of admiistratio fees ad iterest i accordace with the Scale of Charges. You will also be liable for ay fies or additioal charges levied by the relevat exchage, clearig, depository or settlemet service. If moey owed is overdue we may keep ay of your ivestmets uder our cotrol util the moey is paid. If we have ot received the fuds required by the settlemet date we may re-sell or buy back ay outstadig deal. We will ot be resposible to you for doig or ot doig so, ad you will be resposible for all costs ad liabilities icurred. We may also remove your Dealig Limit ad require you to have cleared fuds i your Accout before we accept ay further tradig istructios. 13

14 11.3 Settlemet for shares you have sold Your etitlemet to a divided or other beefit is determied by the date you buy or sell. I geeral the right to a divided or other beefit moves with a security uless it is quoted exbeefit o the date of dealig. For shares sold cum-divided (with beefit), we may retai the amout of divideds (or beefits) due ad pay you the value of the sale less this amout (ad our commissio o the sale). If you receive divideds or other beefits that you are ot etitled to, you must retur them to us. We will sed these amouts o to the perso that is etitled to them. We may take these amouts from your Accout or claim them from you. Where a trasactio is carried out o a exchage it will be settled i accordace with the rules of that exchage. The date of settlemet is o the cotract ote. For the sale of certificated shares, you agree to provide us with all the ecessary certificates, trasfers ad other appropriately completed documets for the purpose of settlemet. If we are required to provide evidece of your authority to sell shares (for example Grat of Probate or Power of Attorey), we may apply a additioal charge, details of which are i our Scale of Charges. We will eed to receive the ecessary documets at least three busiess days before settlemet date if you are to be paid o time. If we receive documets o or after the settlemet date you may be charged extra as detailed i our Scale of Charges. You will also be liable for ay fies or additioal charges levied by the relevat exchage, clearig, depository or settlemet service as a result of your failure to deliver stock. If we have ot received complete ad valid documets by the settlemet date we may buy back or re-sell ay outstadig deal. We will ot be resposible to you for doig or ot doig so, ad you will be resposible for all costs icurred. We may require you to sed us the certificate ad a siged trasfer form before we udertake the sale. However, you should ote that if you subsequetly decide you do ot wish to proceed with the sale we caot keep the certificate ad will retur it to you immediately. We ca oly settle your trasactio whe we receive settlemet from the market. For ivestmets bought ad the subsequetly sold durig the iitial settlemet period (closig bargais) we will edeavour to lik these bargais wherever possible but caot guaratee this. Where settlemet is delayed this may affect your ability to use your Dealig Limit to trade further util full settlemet has take place. The available et proceeds will be set to you by cheque uless you have opted to retai them o your Accout, or trasferred electroically to your bak accout (which ca take approximately three busiess days to clear). 14

15 We may retai the proceeds of your sales to the extet ecessary to pay purchase costs due withi oe busiess day followig the sold settlemet date or otherwise if you owe us ay moey. Your preferred method of paymet will be that agreed at the time you opeed your Accout, or as subsequetly agreed with us i writig. No paymets to a third party will be made. 12 Custody Services We do ot accept from, or sed istructios to, third parties uless a valid Power of Attorey has bee established for this purpose or you have completed a valid Authority to Deal form ad this has bee accepted by us. Corporate actio advice (otificatio) letters will oly be set to the correspodece address, which may ot be the address of the Attorey. If there is a compulsory acquisitio otice issued i respect of a take over we will accept the basic offer We will ot be resposible for takig actio if your istructios: Please refer to Sectio B clause Nomiee Facility: etitlemet to divideds ad other beefits are ot received by us by the stated time; are received too late for processig; or you have isufficiet fuds i your Accout We will be resposible for claimig ad receivig divideds, iterest paymets ad other rights accruig. We will oly accept divideds i the form of cash (uless there is o cash optio available) other tha for Satader shares We will edeavour to otify you promptly of impedig corporate actios ad will seek your istructios to: exercise coversio ad subscriptio rights; deal with takeovers or other offers or capital chages; or exercise votig rights. All istructios regardig the admiistratio of Ivestmets held by PSL should be made to us i accordace with Sectio A Coditio 8 above. I this case we will allow the evet to lapse. We shall have o liability if ay corporate actio advice fails to reach you or if we are uable to cotact you If a compay has a bous or similar issue, we will automatically credit your Accout with the ew ivestmet. The proceeds of ay redemptio will be credited to your Accout ad we will let you kow this has bee doe You may take up rights outside your Accout, i which case we will do this for you ad arrage for the shares to be re-registered i your ame. We may charge for doig this. If you do ot give us eough time to act o your istructios, we will ot act o the rights issue ad will credit ay proceeds to your Accout. 15

16 13.6 Where a compay or registrar issues offer documets i respect of a optioal corporate actio, we are ot obliged to forward such documets to you. To obtai offer documets you should cotact the registrar of the compay cocered If you have accepted a takeover i respect of a ivestmet you should ot sell such ivestmet or accept ay further takeover offer uless the origial offer lapses. Where ivestmets have bee sold i these circumstaces it may be ecessary to repurchase the relevat ivestmet o your behalf. You will be liable for ay charges, costs ad/or expeses we icur as a result Fractioal beefits: Ay ivestmet you receive as a result of a takeover, coversio or other offer will be rouded dow to the earest whole share or uit. We will keep ay amout remaiig. A effect of poolig ca be that followig a allocatio or share issue that favours the small ivestor, your allocatio may be less tha it otherwise would have bee. See Sectio B clause If you have set a olie Limit Order or Stop Loss ad there is a subsequet corporate actio i the shares, it is your resposibility to cacel this order via the olie Order Maagemet page o the Website. You will be liable for ay charges, costs ad/or expeses icurred. 14 Charges, commissio ad other fees 14.1 Commissio, charges ad fees etc. are charged i accordace with the prevailig Scale of Charges as updated from time to time i accordace with Sectio A Coditio 3 above. You may icur costs or taxes that are ot paid via us or imposed by us. Your tax positio depeds o your idividual circumstaces ad may be subject to chage i the future You agree to pay all duties, taxes (icludig VAT where applicable) or other charges levied by the Uited Kigdom Govermet, LSE, Irish Stock Exchage or other authorities, arisig from dealig istructios give by you. I the evet of fees due remaiig upaid we may apply ay cash or sell or realise ay ivestmets i paymet of taxes, fees, commissios ad/or expeses payable by you Other tha as provided for i Sectio A Coditio above we may share with, or receive from, third parties fees or commissios. O certai fuds held i the Nomiee Facility over a qualifyig period we may receive a reewal or trail commissio. This differs depedig o the fud provider ad the particular fud ad is retaied by us I the evet that a service is required which the curret Scale of Charges does ot provide for, we reserve the right to charge you for that service at a rate which will be otified to you before the service is udertake Should you fail to settle ay outstadig fees, duties, taxes or other charges i a timely 16

17 maer, we may apply cash from your Accout, or sell ay Ivestmets from your Accout, to cover the outstadig amout. We will ot be resposible to you for doig or ot doig so, ad you will be resposible for all costs icurred, icludig commissio If you have completed a Direct Debit Istructio form for your Sharedealig Accout, ay outstadig fees, duties, taxes or other charges will be collected by direct debit, uless there are sufficiet fuds to cover the fee o your Sharedealig Accout. 15 Default 15.1 If you fail to settle by the date show o your cotract ote, or a valid certificate ad stock trasfer (CREST) form are ot received by us by the settlemet date, you are i breach of these Coditios ad we or PSL will take a geeral lie or security iterest over your Ivestmets held i safe custody. We may (without prejudice to ay other right or remedy ad without liability for ay loss or loss of profit or gai you may icur): cacel, close out, termiate or reverse all or ay cotracts; ad/or sell, charge, pledge or otherwise dispose of or deal with ay ivestmet or other asset held for you; ad/or Buy I stock from the market to close a outstadig sale where we have ot received a valid certificate or CREST trasfer by the settlemet date. Note: if closig out or a Buy I results i a profit, you will ot be etitled to receipt of the proceeds I the evet of the above we (or PSL) are etitled to: full reimbursemet of ay costs or expeses which we icur; retai or offset moies due to you agaist moies due to us; do or ot do aythig (icludig the applicatio of cliet moey held for you) which would or could have i our opiio the effect of reducig or elimiatig liability uder ay trasactio, positio or commitmet udertake for you; pass ay outstadig debt to a third party to pursue; ad charge you extra i the form of admiistratio fees or iterest, i accordace with the Scale of Charges ad pass o ay stock exchage, clearig, depository or settlemet service fies or levies if: you fail to pay ay moey or provide shares due or your bak refuses to pay o your behalf I exercisig our rights uder this Coditio 15, we shall ot be liable to you i respect of ay choice made by us i selectig the Ivestmet/s sold. The proceeds of sale (et of costs) will be applied i or towards discharge of your liabilities ad we will accout to you for ay balace. I the evet that such proceeds are isufficiet to cover the whole of your liabilities, you remai liable for the balace I additio to the provisios of Coditios 15.1 ad 15.2 above we may also remove your Dealig Limit ad require cleared fuds to be deposited with us prior to actioig ay further 17

18 purchases after the outstadig balace has bee cleared. 16 Liability 16.1 We do ot accept liability for ay losses suffered by you or ay other perso for whom you are actig arisig from ay actio, error or omissio o our part or from ay breach of our obligatios to you uder these Coditios or otherwise except where such losses are a result of fraud, wilful default or egligece by us or our omiees. We will ot be liable for ay idirect, cosequetial, reputatioal, market or dealig losses. Nothig i these Coditios shall exclude or restrict ay obligatio owed to you uder the regulatory system (as defied i the rules of the FCA). Your rights uder the regulatory system or ay other statutory rights you may have are ot affected i ay way by these Coditios. For further iformatio about these rights you ca cotact your local authority Tradig Stadards Departmet or Citizes Advice Bureau. The FCA website also has a cosumer sectio You agree to idemify us o demad (whether before or after termiatio of your cotract with us) agaist ay claims, liabilities or expeses icurred by us as a direct result of us actig uder these Coditios. This idemity shall ot apply to ay loss to the extet it arises or results from our egligece, fraud, or wilful default or ay cotravetio by us of ay applicable rules of the FCA or of the UK Fiacial Services ad Markets Act ( FSMA ) Our liability will be limited to the replacemet of Ivestmets or moies (icludig iterest) lost as a direct result of our act or failure to act We will ot accept resposibility for postal delays or resposibility for documets before we receive them or after they have bee set to you. Ay charges relatig to the recovery or replacemet of lost documets will be your resposibility Our liability for death or persoal ijury by our egligece (or that of our employees) or for fraudulet misrepresetatio shall ot be limited We will ot be resposible for ay delay i settlemet or issuace of share certificates resultig from circumstaces beyod our cotrol; or the failure of ay other party to complete all ecessary steps to eable settlemet to take place o settlemet date or the certificates to be issued. This icludes the failure of ay couterparty to the trasactio to settle o settlemet date, ad the share registrar or CREST from processig the trasactio promptly. 17 Iability to provide services 17.1 If we are uable to provide the Satader Sharedealig service geerally or ay particular elemet of the Satader Sharedealig service because of ay causes beyod our cotrol, icludig, but ot limited to, failure of commuicatio, computer systems, equipmet, power supplies, idustrial actio, or the 18

19 suspesio of tradig or service by ay exchage, clearig house or depository, or if there is a delay or chage i market coditios ad ay idicative price available to you before the trasactio was effected, we will ot be liable to you for ay loss or expese you may suffer Our telephoe or iteret lies may be egaged or otherwise uavailable. We accept o resposibility for ay adverse price movemets that may occur durig such delays or our iability to commuicate with you or ay difficulties i accessig or usig the Website. 18 Assigmet 18.1 Future developmets i the structure or orgaisatio of SSD or its paret compay (Satader UK plc) or ay other compaies withi the Satader Group or agets appoited by it or them may ecessitate us or PSL chagig the provider of all or part of the services provided by either us or PSL to a third party outside the Satader Group or PSL Group I which case SSD or PSL ( as applicable ) will however remai resposible for the performace of ay services so delegated by it i accordace with these Coditios but this will ot affect the agreemet you have etered ito with us or PSL. I the evet of this happeig we will give you advace otice of such a chage. Oce you have received such otice your cotiued use of the SSD service will be deemed acceptace of the chage. You may however termiate your agreemet with us at ay time after the otice is served if you are uhappy with ay of the arragemets put i place You may ot assig your obligatios uder these Coditios to a third party. 19 Termiatio 19.1 You may termiate your cotract with us at ay time by givig us otice i writig, which shall take effect from the date we receive the otificatio from you. If you have a joit Accout, both Accout Holders must sig the otice We may termiate your cotract by sedig you otice i writig to the last kow postal address we hold for you. We may termiate the cotract for ay valid reaso. We will, wherever possible, give you 30 days otice uless there are exceptioal circumstaces e.g. fraud. You may be prohibited from dealig durig this otice period. We may oly allow you to make sales from your existig Ivestmet portfolio Termiatio will ot affect the completio of ay trasactio at the date of termiatio, or will it affect your liability for ay charges properly icurred i the completio of such trasactios or moies otherwise owed to us Termiatio will ot affect ay of our rights or remedies i existece at the time of termiatio We may close your accout without writig to you or givig you otice if it remais uused ad is due for closure uder our prevailig dormacy policy (which is curretly oe year of iactivity). If you would like to kow the prevailig timescale of our dormacy policy, please cotact us. 19

20 19.6 You have the right to cacel your cotract with us if you are a atural perso ad you are eterig ito it without havig had face-to-face cotact with us or our represetative ad you are ot eterig ito it for the purposes of your busiess, trade or professio. You ca cacel your cotract with us withi 14 caledar days from the date o which we otified you that we have accepted you as a cliet (the Cacellatio Period ). Eglish Law forms the basis for the establishmet of our relatioship before the date o which we otify you that we have accepted your applicatio We will oly provide services durig the Cacellatio Period at your request. You make this request by istructig us to act o your behalf i relatio to a order. You may cacel your cotract with us at ay time durig the Cacellatio Period, uless the performace of our services uder these Coditios has bee fully completed at your request before we receive otice of cacellatio, but you will be obliged to pay our fees ad charges for services provided durig the relevat period ad will be liable for ay trasactios etered ito prior to cacellatio (whether or ot settled or completed) ad ay related costs we have icurred at your request To exercise your right to cacel your cotract with us you must write to the Customer Service Maager at the address i this Sectio A Coditio 22 withi the Cacellatio Period ad otify us of your cacellatio. If you have etered ito more tha oe cotract to which cacellatio rights apply please specify whether your cacellatio applies to oe or all of the 20 cotracts. If you do ot exercise your right to cacel we will provide the agreed services util our relatioship is termiated by you or us i accordace with this Coditio Complaits 20.1 If you wish to make a complait about Satader Sharedealig please sed this i writig to: Customer Service Maager Satader Sharedealig Kigfisher House Radford Way Billericay Essex CM12 0GZ 20.2 If you are still ot satisfied with our respose you may write to: The Fiacial Ombudsma Service South Quay Plaza 183 Marsh Wall Lodo E14 9SR Ay such actio will ot affect your right to take legal actio. 21 Fiacial Services Compesatio Scheme 21.1 We are covered by the Fiacial Services Compesatio Scheme (FSCS). You may be etitled to compesatio from the Scheme if we caot meet our obligatios. This depeds o the type of busiess ad the circumstaces of the claim. The maximum level of compesatio you ca receive from the Scheme for a claim agaist a ivestmet firm is 50,000. You