Key Facts about our services and costs - Advised and Managed services

Transcription

1 1. What is the purpose of this document? The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services. The FCA has asked us to provide this important information to help you decide if our products and services are right for you. It identifies key features about our services and how you will pay for them. It does not contain all the features of our services. More detailed information can be found on our website in the Terms of Business document appropriate for each of our services and in the key features and Key Investor Information Documents for funds and our SIPP. Please read this document carefully and keep it for future reference. 2. What services does Tilney offer? a) Service choices i) Bestinvest Online Investment Service The Bestinvest Online Investment Service is an online, execution-only investment service. We will provide you with the features of this service (as contained in our Key facts about our services and costs n-advised services document) separately if you decide to avail of it. ii) iii) Investment Management and Advisory Services We offer a range of managed and advised solutions designed to suit different needs. Depending on your service selection, we will either manage a portfolio of investments on your behalf or advise you on how to manage your portfolio: Investment Advisory Service: With the Investment Advisory Service we will review your financial objectives and attitude towards risk before recommending a selection of investments that are designed to match the Tilney asset model that has been agreed with you. You will be nominated a personal adviser who will provide you with your initial investment recommendation and if you avail of our ongoing service they will contact you on a regular basis with updates and notifications regarding your own investments, for example fund rating changes. Your adviser will also contact you to offer a formal review of your portfolio every year. Managed Portfolio Service: With this service we will manage on a discretionary basis an investment portfolio that has been recommended to you by one of our investment managers. This recommendation will be based on our assessment of your financial objectives and attitude towards risk. Management on a discretionary basis means we will have full authority to buy or sell investments on your behalf without coming back to you each time to get your instructions. Investment Management Service: This service offers discretionary management of a bespoke investment portfolio that has been designed specifically to suit your preferences, financial objectives and attitude towards risk, or using our own range of funds (see next paragraph) to manage your portfolio without any individual customisation, where this is suitable for your needs. We will have full authority to buy or sell investments on your behalf without coming back to you each time for your instructions. IFSL Tilney funds: we manage a range of funds structured as OEICs (Open- Ended Investment Companies). These provide a simple and convenient way of accessing our active approach to asset allocation using a carefully blended selection of investments. You can find further information on these funds on our website or by contacting our client services team. iv) Financial Planning The Bestinvest service may also include advice under its Financial Planning Service. This is provided by Bestinvest (Consultants) Limited and we will provide you with the features of this service separately if you decide to avail of it. b) Investment types Each of our services can involve one or more of any of the following investments: Units and shares in collective investment schemes (funds); Shares in UK listed companies; Exchange Traded Funds (ETFs); and Investment trusts. Other products will be made available, as required, during the course of you holding an account with us. c) Account types In order that you can manage your money and, should you wish, take advantage of the tax benefits that are normally available with ISAs and SIPPs, each of our services enables you to have up to three different types of account: i) Investment Account: we open an Investment Account for all clients using any of our services. This account enables you to invest money in any of the investments offered by our services and hold cash. This is also the account from which we may deduct any fees or charges arising from any of your accounts that are not covered by product charges. ii) ISA Account: this account is for investments that you wish to hold in our stocks and shares Individual Savings Account. We also offer Junior ISAs. iii) SIPP Account: this account is for investments that you wish to hold within our Self-Invested Personal Pension Account. 1 of 18

2 3. Whose products do we offer? The services provided by Bestinvest (Brokers) Limited in these Key Facts are predominantly investment advisory and portfolio management services. They are underpinned by our research capability which looks at funds across the whole market, but the service does not extend to all retail products and is therefore designated a restricted advice service. The ISA offered by each of our services is managed by Bestinvest (Brokers) Limited. The trustee and scheme administrator for our SIPP, known as The Best SIPP, is EBS Management plc. We may also utilise other ISA managers and SIPP providers/administrators when providing our services to you; this will be made clear to you before you invest. The Funds available via our services cover most of the market and include the IFSL Multi-Asset Portfolio Funds for which we are the investment manager. 4. What will you have to pay for our services? a) Charges that apply to all services: Charges applied by the funds: i) Initial charge: for most funds offered by us through our services there is no initial charge our website will confirm this, or tell you before you buy it if an initial charge applies. ii) Ongoing Charge Figure (OCF): this is the Fund Manager's annual management charge, plus additional third party costs and is taken annually by the fund manager from the value of the fund and for new purchases will normally be around 0.9% for equity funds, 0.3% for tracker funds and 0.6% for bond funds (although it could be higher or lower than this, as it is not set by us, but by the fund provider). For funds purchased historically, some fund managers charge a higher OCF but use part of it to pay Bestinvest an annual commission. Typically the commission is 0.5% a year but it can be anything between zero and 1% a year. We will rebate any commission we receive to you in full. iii) Stamp Duty Reserve Tax: this is currently 0.5% and applies to purchases of mainland UK registered companies that are UK listed (this does not apply to ETFs, OEICs, gilts, debentures, loan stock and Offshore companies, such as Guernsey registered companies, that are UK listed). iv) PTM Levy: is a flat rate charge of 1 on all trades over 10,000, collected by the Panel on Takeovers and Mergers, (POTAM), who oversee all takeovers and mergers within the UK. Please see the fee tables from page 8 onwards for other fees that may apply to your account(s). b) Charges specific to each service i) Investment Advisory Service a) If you opt to receive the one-off advice service, we charge a one-off advice fee of 1% (subject to a minimum fee of 500 and a maximum fee of 5,000). The one-off advice fee will be applied once you have made your first investment through us or cash and/or stock/units have been received into your investment account. If you decide not to proceed with opening an account with us after receiving our investment recommendation, the fee for our initial advice will be invoiced to you and be payable within 10 business days. Once you have made your first investment through us or cash and/or stock/units have been received into your investment account, we will apply a tiered ongoing platform charge beginning at 0.4% (or 0.3% for the Best SIPP), where custody is provided by SEI, based on the value of all assets that are subject to our Letter of Engagement. Where custody is provided by Pershing or a third party the ongoing platform charge is fixed at 0.45%. By way of illustration, on 100,000, where SEI provides custody, the Investment Advisory Service fee would be calculated as follows:- Year 1: One-off advice on 100,000 at 1% ( 1,000) and ongoing platform charge at 0.4% ( 400) = 1,400. Subsequent years: 100,000 at 0.4% = 400 per annum. Where Pershing or a third party provides custody, the Investment Advisory Service fee would be calculated as follows:- Year 1: One-off advice on 100,000 at 1% ( 1,000) and ongoing platform charge at 0.45% ( 450) = 1,450. Subsequent years: 100,000 at 0.45% = 450 per annum. 2 of 18

3 b) If you opt for the on-going advice service we charge an advisory fee (currently no VAT applies to this fee) based on the value of all assets that are subject to an Investment Advisory Service Agreement (IASA). The fee we levy varies according to your choice of custodian and the value of your assets. For assets under 150,000 on our platform, where SEI or Pershing provides custody, we charge a flat rate of 1.50%. By way of illustration, on a 100,000 Investment Advisory portfolio the Investment Advisory fee would be calculated as follows:- 100,000 at 1.50% = 1,500 per annum We will periodically monitor your portfolio for any lump sum credits. If your portfolio increases in value over 150,000 we may contact you to arrange to place you onto our tiered charging structure detailed below. For assets over 150,000 we charge on a tiered basis. By way of illustration, for assets on our platform where SEI or Pershing provides custody, on a 250,000 investment advisory portfolio the Investment Advisory fee would be calculated as follows:- 250,000 at 1.25% = 3,125 per annum. On a 2,500,000 investment portfolio the Investment Advisory fee is tiered and would be calculated as follows: - First 250,000 at 1.25% = 3, , ,000 at 1.00% = 5, ,001-2,000,000 at 0.75% = 9,375-2,000,001-2,500,000 at 0.50% = 2,500 - Total = 3, , , ,500 = 20,000 per annum Fees charged where SEI provides custody are based on the value of each Investment Advisory Service account, accrued daily and levied monthly in arrears. Fees charged where Pershing provides custody are based on the value of each Investment Advisory Service account, accrued and levied monthly in arrears. The charges applicable to your account(s) will be confirmed in writing in the IASA. If using a third party platform you will be charged a fixed fee of 1.10%. By way of illustration on a 250,000 investment advisory portfolio the Investment Advisory fee would be calculated as follows: 250,000 at 1.10% = 2,750 per annum. Fees charged where a third party platform is used and which provides custody are based on the value of each Investment Advisory Service account, accrued daily and levied monthly in arrears. In addition there will be third party platform charges. Your advisory fee will begin to accrue when you have signed your Investment Advisory Agreement and once you have made your first investment through us if moving from an existing Bestinvest service; or if outside Bestinvest, once cash and/or stock have been received into your investment account. Where custody is provided by SEI or Pershing (see section 10), our advisory fee is inclusive of our charge for the administration of your account(s), including all custody and settlement. Where custody is provided other than by SEI or Pershing, our advisory fee will be exclusive of any platform fee which may instead be levied separately by the relevant Third Party Platform. Dealing in funds and securities: There are no dealing fees or switching charges on investments in unit trusts and OEICs, or in other securities, for example, stocks and shares, ETFs and investment trusts where custody is provided by SEI or Pershing. Where investments are held by other Third Party Platforms, charges may be applied. See Tables 1-3 for a list of all charges applicable to the Investment Advisory Service depending on who provides custody. Tables 7 and 8 also display additional standard administration charges depending on custody and Table 9 is applicable for SIPP accounts. Please ask your adviser to confirm which tables apply to your account. Where advice under our Financial Planning Service is involved this is provided by Bestinvest (Consultants) Limited and we will provide you with the fees and features of this service separately if you decide to avail of it. 3 of 18

4 ii) Managed Portfolio Service We charge a management fee based on the value of all assets that are subject to an Investment Management Agreement (IMA). For assets under 150,000 on our platform, where SEI or Pershing provides custody, we charge a flat rate of 1.50%. By way of illustration, on a 100,000 investment management portfolio the Managed Portfolio Service fee would be calculated as follows:- 100,000 at 1.50% = 1,500 per annum We will periodically monitor your portfolio for any lump sum credits. If your portfolio increases in value over 150,000 we may contact you to arrange to place you onto our tiered charging structure detailed below. For assets over 150,000 we charge on a tiered basis. By way of illustration, for assets held on the Bestinvest platform, where SEI or Pershing provides the custody, on a 250,000 investment management portfolio the Managed Portfolio Service fee (excluding Financial Planning) would be calculated as follows:- 250,000 at 1.25% = 3,125 per annum + VAT. On a 2,500,000 investment portfolio the Managed Portfolio Service fee is tiered and would be calculated as follows:- - First 250,000 at 1.25% = 3, , ,000 at 1.00% = 5, ,001-2,000,000 at 0.75% = 9,375-2,000,001-2,500,000 at 0.50% = 2,500 - Total = 3, , , ,500 = 20,000 per annum + VAT Fees charged where SEI provides custody are based on the value of each Managed Portfolio Service account, accrued daily and levied monthly in arrears. Fees charged where Pershing provides custody are based on the value of each Managed Portfolio Service account, accrued and levied monthly in arrears. Your management fee will begin to accrue when you have signed your Investment Management Agreement and once cash and/or stock has been received into your investment account. Custody fee: Custody fees are included in the overall management fee. Dealing in securities: There are no dealing fees or switch charges on investments in unit trusts and OEICs, or in other securities, for example, stocks and shares, ETFs and investment trusts. See Table 4 or 5 for a list of all charges applicable to the Managed Portfolio Service depending on who provides custody. Tables 7 and 8 also display additional standard administration charges depending on custody and Table 9 is applicable for SIPP accounts. Please ask your relationship manager to confirm which tables apply to your account. Where advice under our Financial Planning Service is involved this is provided by Bestinvest (Consultants) Limited and we will provide you with the fees and features of this service separately if you decide to avail of it. iii) Investment Management Services a) We charge a management fee based on the value of all assets that are subject to an Investment Management Agreement (IMA). By way of illustration on a 250,000 investment management portfolio the Investment Management Service fee would be calculated as follows:- 250,000 at 1.25% = 3,125 per annum + VAT On a 2,500,000 investment portfolio the Investment Management Service fee is tiered and would be calculated as follows:- - First 250,000 at 1.25% = 3, , ,000 at 1.00% = 5, ,001-2,000,000 at 0.75% = 9,375-2,000,001-2,500,000 at 0.50% = 2,500 - Total = 3, , , ,500 = 20,000 per annum + VAT Dealing in funds and securities: There are dealing fees and switching charges on investments in unit trusts and OEICs, and in other securities, for example, stocks and shares, ETFs and investment trusts where custody is provided by Pershing for s over 1,000. This is 15 per. By way of illustration, for a portfolio with 15 buy or sell s in a year the charges would be 225 (15 trades at 15 per ). 4 of 18

5 b. Where we manage your Portfolio on a discretionary basis using our range of funds (OEICs) that we consider suitable for your needs, a reduced discretionary management fee is payable. Your investment in the fund will be subject to the deduction of the fund s Annual Management Charge (AMC), typically 0.75%, which is charged directly to the fund itself (along with other administrative charges) and is calculated against all assets under management of the fund in accordance with the funds prospectuses. Dealing fees do not apply under this arrangement. For assets under 150,000 where Pershing provides custody, we charge a flat rate of 0.75%. By way of illustration, on a 100,000 Investment Management portfolio the Investment Management fee would be calculated as follows:- 100,000 at 0.75% = 750 per annum We will periodically monitor your portfolio for any lump sum credits. If your portfolio increases in value over 150,000 we may contact you to arrange to place you onto our tiered charging structure detailed below. For assets over 150,000 we charge on a tiered basis. By way of illustration, for assets where Pershing provides custody, on a 250,000 investment management portfolio the Investment Management fee would be calculated as follows:- 250,000 at 0.50% = 1,250 per annum. On a 2,500,000 investment portfolio the Investment Management fee is tiered and would be calculated as follows: - First 250,000 at 0.50% = 1, , ,000 at 0.25% = 1, ,001-2,500,000 at 0.00% = 0 - Total = 1, , = 2,500 per annum + VAT Fees charged under options a) and b) where Pershing provides custody are based on the value of each Investment Management Service account, accrued and levied monthly in arrears. Your management fee will begin to accrue when you have signed your Investment Management Agreement and once cash and/or stock has been received into your investment account. Custody Fees: Custody fees are included in the overall management fee. See Table 6 for a list of all charges applicable to the Investment Management Service. Table 8 displays additional standard administration charges. Where advice under our Financial Planning Service is involved this is provided by Bestinvest (Consultants) Limited and we will provide you with the fees and features of this service separately if you decide to avail of it. iv) SIPP Accounts See Table 9 for charges applicable only to SIPP accounts (for assets under SEI custody on behalf of Bestinvest). For service specific charges please refer to the SIPP Account column for the corresponding service that you are using from the relevant table. Your SIPP provider may levy additional annual and ad hoc charges please refer to their terms and conditions for further details. v) Payment for ongoing services Where the Investment Advisory Service, Managed Portfolio Service and Investment Management Services are considered on going services fees will be applied on an annual basis in respect of the services provided. The ongoing services you receive may include one or more of the following: Day to day management of your investment portfolio. Periodic reviews of your portfolio, at least annually for the Investment Advisory Service and every months for the Managed Portfolio Service and the Investment Management Service. Access to your Investment Adviser/Manager by telephone and . Information on asset allocation themes 5 of 18

6 By way of illustration, a 250,000 investment portfolio with a Total Annual Management Fee for ongoing services of 1.25% would result in a charge of 3,125 per annum (plus VAT as applicable). As the fee for on-going services is based on the value of your investment portfolio it will increase/decrease in line with your portfolio. Therefore if your portfolio increases in value the fee for ongoing service will also increase. Details of these arrangements will be confirmed to you as part of the account opening process. vi) Your payment options for adviser charging (applies to Investment Advisory Service) Settling your adviser charge in a single payment: Fees attributable to the Investment Advisory Service will normally be collected through deduction of uninvested cash from your Investment Advisory Account(s), or if there is insufficient cash, by selling sufficient of your investments to cover our fees. In some circumstances we can deduct it from your chosen bank or building society account. You will be provided with the available options when you open your Investment Advisory Account(s). vii) Cancellation of ongoing services You may cancel the ongoing service you receive from the Investment Advisory Service, Managed Portfolio Service, Investment Management Services and Financial Planning at any time and change to another service of your choice, which may include a new ongoing service. Cancelling your ongoing service incurs no charge. We require any request to cancel to be made in writing. If you decide not to change to another service and wish to cancel your account there may be transfer fees. Please see the transfer fee section in the applicable table listed later in this document. You may also be liable for any fees, costs, charges or expenses that have accrued to the date of termination. You should also refer to the Termination clause in the applicable Terms of Business. 5. Fund-Based Commission i) Investment Advisory, Managed Portfolio and Investment Management Services For all fee paying clients, any commission or annual management charge rebates Tilney receives from funds held within these services will be passed on to you in full in the form of a cash payment or reinvested into the fund that generated the commission to purchase additional units/shares for your benefit. 6. Is interest paid on cash? Interest is calculated on the daily balance and paid monthly into your account. We may, at our discretion, vary the terms upon which interest is paid. We will notify you where we change those terms. For cash held on your behalf by SEI or Pershing (the Custodians ), Tilney will receive an interest payment from each Custodian. SEI may retain a portion of the interest earned in client bank accounts in certain circumstances. Tilney may (dependent on the amount of interest generated) retain some or all of the Custodian s payment before making an interest payment to you. Details on the amount and frequency of such withholdings are available on request. The current interest rates paid to you are: i) Assets held with SEI as custodian: Account Type Cash Balance Interest Rate (gross) Investment Account all balances 0% ISA/JISA Account all balances 0% SIPP Account all balances 0% Current interest rates (effective 01/03/2015) ii) Assets held with Pershing as custodian: Account Type Investment Account Cash Balance all balances Interest Rate (gross) Central Bank Base Rate less 0.5% ISA/JISA Account all balances Central Bank Base Rate less 0.5% SIPP Account all balances Central Bank Base Rate less 0.5% Current interest rates (effective 31/01/2014) iii) Assets held with other custodians: Please refer to the custodian or Third Party Platform s terms and conditions. 6 of 18

7 7. Who regulates us? Bestinvest (Brokers) Limited, 6 Chesterfield Gardens, London, W1J 5BQ is authorised and regulated by the Financial Conduct Authority. Our firm reference number is Our permitted business is advising on investments, managing investments, arranging custody, and dealing in investments as agents (including execution-only dealing). You can check this on The Financial Services Register by visiting the FCA s website fsa.gov.uk/register/ or by calling the FCA on What to do if you have a complaint? If you wish to register a complaint, please contact us: In writing: to The Compliance Officer, Bestinvest, 6 Chesterfield Gardens, London, W1J 5BQ. By phone: If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS) (financial-ombudsman.org.uk). If you wish to contact the FOS, please contact them; In writing: Exchange Tower, London, E14 9SR By phone: Are you covered by the Financial Services Compensation Scheme (FSCS) You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Should you be entitled to compensation from the Financial Services Compensation Scheme, you may be able to recover up to 100% of the first 50,000 that you have invested. Further information about compensation arrangements is available from the FSCS. Their address is FSCS, 10th Floor, Beaufort House, 15 St Botolph Street, London, EC3A 7QU and their website is fscs.org.uk. 10. Who holds my investments? For most of our services, the appointed custodian for your investments, including cash, is SEI Investments (Europe) Limited ( SEI ) whose address is First Floor, Alphabeta,14-18 Finsbury Square, London EC2A 1BR or Pershing Securities Limited ( Pershing ) whose registered address is Royal Liver Building, Pier Head, Liverpool, L3 1LL. Both are UK custodians that are authorised and regulated by the FCA. Your investments are held in segregated accounts held in the name of SEI Global minees Limited (re SEI), or Pershing minees Limited (re Pershing), in accordance with the client money and assets rules of the Financial Conduct Authority. Other custodians may also be used and this will be made clear to you in the supporting terms of business in relation to the applicable service(s). 11. How do I know you are giving me a fair deal on my investments? Our procedures are designed to ensure that we obtain the best possible result for you. We have our own best execution policy (see the Terms of Business) that you agree to as part of opening an account with us. Where we use a Third Party Platform to execute your order they will be regulated by the FCA and also have an obligation to us to obtain best execution. 12. What happens if I change my mind about buying an investment? Investment Advisory Service, Managed Portfolio Service and Investment Management Services You have 14 days from the account opening date to cancel an Investment Account, ISA Account or Junior ISA account; 30 days from the account opening date to cancel a SIPP Account and 30 days to cancel following each transfer of a pension from another provider to your SIPP (for SIPPs, full details of cancellation rights can be found in the Best SIPP Key Features Document). Please be aware that if you cancel any investments as a result of exercising your cancellation rights you may get back more or less than you put in as a result of price movements over the period. 7of 18

8 Please send any cancellation request to Bestinvest (Brokers) Limited, 6 Chesterfield Gardens, London, W1J 5BQ You do not have the right to cancel any other type of investment that you can make through our Services; in particular, you cannot cancel the purchase of funds or shares purchased within any type of account mentioned above, unless they are being cancelled as a result of the account itself being cancelled within the time periods specified above. Investments that you buy for your Investment Account or ISA Account can be sold and cash withdrawn at any time although you may get back more or less than you put in. 8 of 18

9 Table Appendices - Contents 1 Investment Advisory Service 1.1 Table 1 - Investment Advisory Service (for assets held on Bestinvest platform - SEI providing custody) Table 7 - applies for administration charges Table 9 - For SIPP accounts also applies regarding additional standard administration charges 1.2 Table 2 - Investment Advisory Service (for assets held on Bestinvest platform - Pershing providing custody) page Table 8 - also applies in respect of additional standard administration charges 1.3 Table 3 - Investment Advisory Service (for assets held with a Third Party Platform on behalf of Bestinvest) 12 2 Managed Portfolio Service 2.1 Table 4 - Managed Portfolio Service (for assets held on Bestinvest platform - SEI providing custody) Table 7 - applies for administration charges Table 9 - For SIPP accounts also applies regarding additional standard administration charges 2.2 Table 5 - Managed Portfolio Service (for assets held on Bestinvest platform - Pershing providing custody) Table 8 - also applies regarding additional standard administration charges 3 Investment Management Service 3.1 Table 6 - Investment Management Service (for assets held on Bestinvest platform - Pershing providing custody) Table 8 - also applies regarding additional standard administration charges 4 General Charging 4.1 Table 7 - Table of fees applicable to all accounts (on the Bestinvest platform - SEI providing custody) 16 Table 8 - Table of fees applicable to all accounts (on the Bestinvest platform - Pershing providing custody) Table 9 - Table of fees applicable to SIPP accounts (on the Bestinvest platform - SEI providing custody ['The Best Sipp']) of 18

10 Table 1 Investment Advisory Service (for assets held on Bestinvest platform - SEI providing custody) (Table 7 and for SIPP Accounts Table 9 also apply regarding additional standard administration charges) FEE Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? DEALING AND ADVISORY FEES Ongoing Investment Advisory Fee (this includes dealing services and custody provided by SEI)* assets under 150,000 assets under 150,000 assets under 150,000 Paid monthly in arrears One-off advice fee 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) Within 10 business days Dealing fee - applies to the purchase/ sale of unit trusts and OEICS, stocks and shares and fund switches (please note a fund switch consists of a sale and a purchase) Stamp Duty Reserve Tax (SDRT) payable on mainland UK registered companies that are UK listed only. 0% on Exchange Traded Funds, OEICs, unit trusts, gilts, debentures, loan stock and offshore companies PTM Levy (applicable on certain s over 10,000 on the LSE) PRODUCT SPECIFIC FEES investment you buy At point of Account custody fee FREE FREE FREE - - TRANSFER AND ACCOUNT CLOSURE FEES Transfer in from another provider (including Protected Rights transfers into a SIPP) Transfer out of an investment to another nominee (to another pension scheme in the case of a SIPP Account) Transfer out to overseas pension scheme Transfer out of an investment as a share certificate Transfer out (please note "Transfer out of an investment to another nominee" fees detailed above also apply) FREE FREE FREE per asset per account 20 per asset - - Cash 75 In Specie Account closure FREE 50 If held more than 2 years: 75 If held less than 2 years: 175 CASH TRANSACTION FEES Dividend and interest receipt FREE FREE FREE - - Cash transfer between accounts FREE FREE FREE - - Income payment to your bank account FREE FREE MISCELLANEOUS FEES Paper contract notes (covers all accounts) Quarterly 10 of 18

11 Tiers First 250, % 250,001 to 750, % 750,001 to 2,000, % 2,000, % * This is discounted to a fixed 0.75% for existing Tilney clients when signing up to this service. An existing Tilney client is defined as someone who has an open account in any other service with Tilney for over one calendar year. Table 2 Investment Advisory Service (for assets held on Bestinvest platform - Pershing providing custody) (Table 8 also applies in respect of additional standard administration charges) FEE Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? DEALING AND ADVISORY FEES Ongoing Investment Advisory Fee (this includes dealing services and custody provided by SEI)* assets under 150,000 assets under 150,000 assets under 150,000 Paid monthly in arrears One-off advice fee 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) Within 10 business days Dealing fee - applies to the purchase/ sale of unit trusts and OEICS, stocks and shares and fund switches (please note a fund switch consists of a sale and a purchase) Stamp Duty Reserve Tax (SDRT) - payable on mainland UK registered companies that are UK listed only. 0% on Exchange Traded Funds, OEICs, unit trusts, gilts, debentures, loan stock and offshore companies PTM Levy (applicable on certain s over 10,000 on the LSE) At point of PRODUCT SPECIFIC FEES Account custody fee FREE FREE FREE - - TRANSFER AND ACCOUNT CLOSURE FEES Transfer in from another provider (including Protected Rights transfers FREE FREE FREE - - into a SIPP) Transfer out of an investment to another nominee (to another pension scheme in the case of a SIPP Account) Transfer out to overseas pension scheme Transfer out of an investment as a share certificate per account - Partial transfer out Account closure FREE FREE FREE of 18

12 Table 2 (continued) Investment Advisory Service (for assets held on Bestinvest platform - SEI providing custody) (Table 8 also applies in respect of additional standard administration charges) CASH TRANSACTION FEES Dividend and interest receipt FREE FREE FREE - - Cash transfer between accounts FREE FREE FREE - - Income payment to your bank account FREE FREE Tiers First 250, % * 250,001 to 750, % 750,001 to 2,000, % 2,000, % This is discounted to a fixed 0.75% for existing Tilney lients when signing up to this service. An existing Tilney client is defined as someone who has an open account in any other service with Tilney, for over one calendar year. Table 3 Investment Advisory Service (for assets held with a Third Party Platform on behalf of Bestinvest) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? Investment Advisory Fee (in addition there will be third party platform charges)* 1.10% of account value per annum 1.10% of account value per annum 1.10% of account value per annum Paid monthly in arrears One-off advice fee 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) 1% (min. 500 max. 5,000) Within 10 business days For details of fees and all other terms and conditions, please refer to the terms of business for Cofunds and FundsNetwork respectively. * This is discounted to a fixed 0.75% for existing Tilney clients when signing up to this service. An existing Tilney client is defined as someone who has an open account in any other service with Tilney, for over one calendar year. Table 4 Managed Portfolio Service (for assets held on the Bestinvest platform SEI providing custody) (Table 7 and for SIPP Accounts Table 9 also apply regarding additional standard administration charges) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? DEALING AND MANAGEMENT FEES Investment Management Fee (this includes dealing services and custody provided by SEI) Dealing fee - purchase/ sale unit trusts and OEICs assets under 150,000* assets under 150,000* assets under 150,000* FREE FREE FREE - - Paid monthly in arrears Fund switch fee FREE FREE FREE - - Dealing fee - purchase/ sale UK stocks and shares FREE FREE FREE of 18

13 Table 4 (continued) Managed Portfolio Service (for assets held on the Bestinvest platform SEI providing custody) (Table 7 and for SIPP Accounts Table 9 also apply regarding additional standard administration charges) Stamp Duty Reserve Tax (SDRT) - payable on mainland UK registered companies that are UK listed only. 0% on Exchange Traded Funds, OEICs, unit trusts, gilts, debentures, loan stock and offshore companies PTM Levy (applicable on certain s over 10,000 on the LSE) At point of PRODUCT SPECIFIC FEES Account custody fee FREE FREE FREE - - TRANSFER AND ACCOUNT CLOSURE FEES Transfer in from another provider (including Protected Rights transfers into a SIPP) Transfer out of an investment to another nominee (to another pension scheme in the case of a SIPP Account) Transfer out to overseas pension scheme Transfer out of an investment as a share certificate Transfer out (please note "Transfer out of an investment to another nominee" fees detailed above also apply) FREE FREE FREE per asset per account 20 per asset - - Account closure FREE 50 CASH TRANSACTION FEES Cash 75 In Specie If held more than 2 years: 75 If held less than 2 years: 175 Dividend and interest receipt FREE FREE FREE - - Cash transfer between accounts FREE FREE FREE - - Income payment to your bank account FREE FREE MISCELLANEOUS FEES Paper contract notes (covers all accounts) (covers all accounts) (covers all accounts) Quarterly *Alternatively a bespoke fee arrangement may be arranged through your Adviser. The details of this will be agreed with you prior to providing the Managed Portfolio Service. Tiers First 250, % 250,001 to 750, % 750,001 to 2,000, % 2,000, % 13 of 18

14 Table 5 Managed Portfolio Service (for assets held on the Bestinvest platform - Pershing providing custody) Table 8 also applies regarding additional standard administration charges) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? DEALING AND MANAGEMENT FEES Investment Management Fee (this includes dealing services and custody provided by Pershing) assets under 150,000* assets under 150,000* assets under 150,000* Paid monthly in arrears Dealing fee - purchase/ sale unit FREE FREE FREE - - Fund switch fee FREE FREE FREE - - Dealing fee - purchase/ sale UK stocks and shares FREE FREE FREE - - Stamp Duty Reserve Tax (SDRT) - payable on mainland UK registered companies that are UK listed only. 0% on Exchange Traded Funds, OEICs, unit trusts, gilts, debentures, loan stock and offshore companies PTM Levy (applicable on certain s over 10,000 on the LSE) At point of PRODUCT SPECIFIC FEES Account custody fee FREE FREE FREE - - TRANSFER AND ACCOUNT CLOSURE FEES Transfer in from another provider (including Protected Rights transfers into a SIPP) Transfer out of an investment to another nominee (to another pension scheme in the case of a SIPP Account) Transfer out to overseas pension scheme Transfer out of an investment as a share certificate FREE FREE FREE per account - Partial transfer out Account closure FREE FREE FREE - - CASH TRANSACTION FEES Dividend and interest receipt FREE FREE FREE - - Cash transfer between accounts FREE FREE FREE - - Income payment to your bank account FREE FREE *Alternatively a bespoke fee arrangement may be arranged through your Adviser. The details of this will be agreed with you prior to providing the Managed Portfolio Service. 14 of 18

15 Table 5 (continued) Managed Portfolio Service (for assets held on the Bestinvest platform - Pershing providing custody) Table 8 also applies regarding additional standard administration charges. Tiers First 250, % 250,001 to 750, % 750,001 to 2,000, % 2,000, % Table 6 Investment Management Service (for assets held on the Bestinvest platform - Pershing providing custody) Table 8 also applies regarding additional standard administration charges) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? DEALING AND MANAGEMENT FEES Investment Management Fee (this includes dealing services and custody provided by Pershing) Tiered fee - see table below* Tiered fee - see table below* Tiered fee - see table below* Paid monthly in arrears Dealing fee - applies to the purchase/ sale of unit trusts and OEICS, stocks and shares and fund switches (please note a fund switch consists of a sale and a purchase) 15 per 15 per 15 per At point of Stamp Duty Reserve Tax (SDRT) - payable on mainland UK registered companies that are UK listed only. 0% on Exchange Traded Funds, OEICs, unit trusts, gilts, debentures, loan stock and offshore companies PTM Levy (applicable on certain s over 10,000 on the LSE) At point of PRODUCT SPECIFIC FEES Account custody fee FREE FREE FREE - - TRANSFER AND ACCOUNT CLOSURE FEES Transfer in from another provider (including Protected Rights transfers into a SIPP) Transfer out of an investment to another nominee (to another pension scheme in the case of a SIPP Account) Transfer out to overseas pension scheme Transfer out of an investment as a share certificate FREE FREE FREE per account - 15 of 18

16 Table 6 (continued) Investment Management Service (for assets held on the Bestinvest platform - Pershing providing custody) Table 8 also applies regarding additional standard administration charges) TRANSFER AND ACCOUNT CLOSURE FEES Partial transfer out Account closure FREE FREE FREE - - CASH TRANSACTION FEES Dividend and interest receipt FREE FREE FREE - - Cash transfer between accounts FREE FREE FREE - - Income payment to your bank account FREE FREE *If your initial investment amount is 150,000 or less you will be charged a flat rate of 1.50%. By way of illustration, on a 100,000 investment management portfolio the Investment Management Service fee would be calculated as follows - 100,000 at 1.50% = 1,500 per annum. We will periodically monitor your portfolio for any lump sum credits. If your portfolio increases in value over 150,000 we may contact you to arrange to place you onto our tiered charging structure detailed below. Tiers First 250, % 750,001 to 2,000, % 250,001 to 750, % 2,000, % Tiers Where we use our own range of funds. First 250, % 250, , % 750, % Table 7 Table of fees applicable to all accounts (on the Bestinvest platform SEI providing custody) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? OTHER FEES BACS charge FREE FREE FREE - - CHAPS charge Cheque returned unpaid BACS collection failure Copy of tape of telephone conversation Online statements, valuations and contract notes Duplicate Valuation Statement or Contract te charge (for each contract note) Probate valuation FREE FREE FREE per holding (min 10 per holding (min 10 per holding (min 50) 50) 50) For all accounts other than those with SEI providing custody, please refer to the account provider s terms and conditions for details of their fees. 16 of 18

17 Table 8 Table of fees applicable to all accounts (on the Bestinvest platform Pershing providing custody) FEE (EXCLUDING VAT) Fee Type Investment Account ISA/JISA Account SIPP Account Is VAT payable? When is fee due? OTHER FEES BACS charge FREE FREE FREE - - CHAPS charge Cheque returned unpaid BACS collection failure Copy of tape of telephone conversation Duplicate Valuation Statement or Contract te charge (for each contract note) Probate valuation 10 (statement only) 10 (statement only) 10 (statement only) 10 per holding; 10 per holding; 10 per holding; min 50 min 50 min 50 For all accounts other than those with Pershing providing custody, please refer to the account provider s terms and conditions for details of their fees. Table 9 Table of fees applicable to SIPP accounts (on the Bestinvest platform SEI providing custody [ The Best SIPP ]) FEE TYPE FEE (EXCLUDING VAT) IS VAT PAYABLE? WHEN IS FEE DUE? SIPP ANNUAL FEES Annual administration fee Annual child SIPP administration fee Annual administration fee for plan in drawdown SIPP set-up fee BENEFITS AND PAYMENT FEES Sipps valued at 100,000 or greater (after tax-free cash) Sipps valued below 100,000 (after tax-free cash) FEE TYPE FEE (EXCLUDING VAT) FEE (EXCLUDING VAT) IS VAT PAYABLE? WHEN IS FEE DUE? Flexi-access drawdown fee 0 0 Initial calculation fee Annual charge for income payments after tax free cash) Ad hoc income payments Alteration of payment amount or frequency Annuity purchase through Bestinvest of 18

18 Table 9 Table of fees applicable to SIPP accounts (on the Bestinvest platform SEI providing custody [ The Best SIPP ]) FEE TYPE FEE (EXCLUDING VAT) FEE (EXCLUDING VAT) IS VAT PAYABLE? WHEN IS FEE DUE? Annuity purchase (external) Arranging death benefit At cost At cost Pension splitting on divorce At cost At cost Refund of overpaid contributions Drawdown Valuation 0 3 per line of stock CLOSURE FEES** If closed within one year If closed within two years thereafter free free **Drawdown closure fees are only payable if your SIPP is closed due to withdrawing all of the funds whilst utilising drawdown. Standard closure fees will apply if you transfer your SIPP to an alternative provider whilst in drawdown. For SIPP accounts held with custodians other than with SEI, please refer to the terms and conditions of the account provider and/or the SIPP provider. GO35V Tilney is a trading name for the following firms: Tilney Investment Management (Reg ), Tilney Asset Management Ltd (Company ) Tilney Investment Management Services Ltd (Reg ), Bestinvest (Consultants) Ltd (Reg ) and HW Financial Services Ltd (Reg ), each of which is registered in England and authorised and regulated by the Financial Conduct Authority. Registered office: 6 Chesterfield Gardens, Mayfair, W1J 5BQ. 18 of 18