Ethical Charitable Junior ISA

Transcription

1 Key Features & Terms and Conditions Provided by Avalon Investment Services Ltd

2 provided by Avalon Investment Services Ltd The Children s ISA, in partnership with The Children s Society, have introduced the. The key advantage of investing in an Ethical Charitable Junior ISA, is that not only are you getting all the bene ts of a normal Junior ISA for your child, but with our ISA, you are assisting other vulnerable children. How can you do this? For every opened, The Children s ISA will make a donation of between 20-50, depending on referral route, to The Children s Society. By saving, you can create change for children. About The Children s Society The most disadvantaged children rarely suffer on just one front. We work with these children to ensure that they are loved, valued and listened to. With them we ght childhood poverty, harm and neglect. Our network of programmes includes drop-in services for runaways, children s centres and support for young carers. We support children who are refugees from violence, and we give those in care a voice. We transform children s lives by pressurising central and local government to protect them, and we challenge attitudes that perpetuate harm and injustice. In hard times, children are among the hardest hit. We don t just help them survive - we help them ourish. A better childhood. For every child. 2

3 provided by Avalon Investment Services Ltd Tax ef cient saving for your children's future The is a stocks and shares Junior ISA which will provide your children with a vital kick start to their adult life. By gifting contributions into their Junior ISA you will be giving them a tax free lump sum when they reach 18. This can be invaluable in helping them with the growing cost of: ü ü ü ü university fees the deposit for their rst home their rst car driving lessons Contributing A parent, grandparent, in fact anyone wishing to assist in the child's nancial future well-being can make a subscription. Contributions can be made by lump sum or on a regular monthly or yearly basis. You can pay in as much as you wish up to the maximum permitted each year by Revenue and Customs. For the tax year 2014/15 this has been set at 3,840. Every contribution you make into an becomes a gift to the child and it is important to remember that these funds cannot be accessed by anyone other than the child nominated on the application form when they reach age 18. Investing your gift The, invests in the Amity International Fund run by renowned fund management group, Ecclesiastical Investment Management Limited. The Amity International Fund invests principally in International Companies, and only invests in those companies which make a positive contribution to society and the environment through sustainable and socially responsible practices. 3

4 Key Features The has been developed to offer you and your children the opportunity to invest throughout their childhood and teen years. Its Aims By investing in the, you can increase the value of the contributions you gift to your child whilst being certain that your money will only be invested in companies which make a positive contribution to society through sustainable and socially responsible practices. The Investment You can gift contributions to the child either by lump sum or by monthly contribution. You may also transfer any existing Cash or Stocks and Shares JISA's held with other plan managers to the. Past performance is not necessarily a guide to future performance and the value of your investment may fall as well as rise, and any income received in the form of dividends may uctuate. The child may not get back the full amount when the account is closed. The Risk Factors If assumed investment growth is not achieved, the effect of charges on the investment may be higher than projected. If paying regular monthly contributions please bear in mind that if contributions are not maintained the child will be less likely to achieve the investment amount that was originally projected. 4

5 Your Questions Answered What is an Ethical Charitable Junior ISA? An is a Junior Individual Savings Account. It is a tax ef cient wrapper which can hold various types of investment. The tax bene ts of opening an can be summarised as follows: Ÿ Ÿ Ÿ No tax payable on any of the income the child receives from their savings and investments. No tax payable on capital gains. No tax is payable by any subscriber on the income generated by money paid into a Junior ISA even where that income exceeds the 100 limit which applies to gifts from parents. Generally, Junior ISAs are made up of two basic components, which are: Stocks and Shares Ÿ Cash Ÿ With effect from April 2014 you can invest up to 3,840 each year in a Stocks and Shares Junior ISA less anything paid into a Junior Cash ISA for that year. With effect from April 2014 you can invest up to 3,840 each year in a Junior Cash ISA less anything paid into a Junior Stocks and Shares ISA for that year. The is a stocks and shares ISA only. Who can open an Ethical Charitable Junior ISA? To be eligible for an Ethical Charitable Junior ISA your child must be under 18, live in the UK and been born after 3 January 2011 or before September Children who already hold a Children's Trust Fund (CTF) cannot also have a Junior ISA. However, the person contributing to the does not need to be a UK resident. As long as the guardian or parent opens the account, anyone can make additional contributions. Unlike adult ISA's, a child can only hold up to two Junior ISA's (no more than one of each component type) throughout their childhood. The person applying for the Ethical Charitable Junior ISA must have parental responsibility for the child as they will become the 'registered contact' with Avalon and will receive any correspondence associated with the account. The registered contact can be changed with the consent of the existing registered contact. Please contact us for details of how to proceed. Stocks & Shares ISA - what are the investment limits? The has the following investment limit for 2014/15: Maximum contributions Lump sum Monthly 2014/15 3, Minimum contributions Lump sum Monthly Minimum top-ups Lump sum Monthly

6 Your Questions Answered What are unit trusts, OEICs and investment trusts? Unit trusts The main feature of a unit trust is that the price you pay for each unit always directly re ects the value of the underlying shares or bonds in the portfolio. OEICs An OEIC, or Open Ended Investment Company, is a collective investment which works in a similar way to unit trusts. The main difference between the two is that OEICs charges are not included in the single buying price but are shown separately for greater clarity. OEICs have a exible umbrella structure offering a variety of subfunds between which investors can switch to vary their investment objectives. Like unit trusts, OEICs are open ended (they can continue receiving funds from investors for putting into the market) and they have clearly de ned rules on what investments the manager may make. Investment trusts Whilst investment trusts provide the same basic service as unit trusts and OEICs, their structure gives them a higher risk/reward pro le. One key difference is that the price you pay for investment trust shares does not directly re ect the value of investments in the portfolio. It could be higher or lower depending on whether or not that investment trust is in demand. This feature gives an opportunity for greater rewards but with added risk when compared with unit trusts and OEICs. Investment Trusts are not available to monthly paid Junior ISAs. Can I change my mind about investing in an Ethical Charitable Junior ISA? If you have received advice prior to applying for an Ethical Charitable Junior ISA or applied on-line, you will have 14 days from receipt of the Acknowledgement or letter in which to change your mind. Full details are in the Terms and Conditions. What is a Key Investor Information Document? A Key Investor Information Document, or KIID, gives you details of the objective, the risk and reward pro le, special risk factors and charges associated with a fund you are thinking of investing in. From July 2012 a KIID must be provided by the nancial adviser to anyone who invests in a collective fund, such as an OEIC or unit trust, prior to investment. Fund managers must produce a KIID for all collective investment schemes. These are available from the Avalon website: The charges shown in a KIID are speci c to the fund you are investing in, and do not include Avalon s charges or any remuneration you have agreed with your nancial adviser. Full details of charges for speci c Avalon investments are available on request. The content and format of a KIID is prescribed by the European investment regulator. You should read the KIID for your fund selection prior to investment with us. 6 How can I keep track of my investment? When we receive your on-line application we will send you an to acknowledge it. The will direct you to our website where your full acknowledgement pack will be waiting for you. On-line valuations and transaction statements are available at any time by simply logging on to Please phone to obtain your user name and password if you do not already have one. We will also send you an every 6 months to advise you that your 6 monthly statement is ready to be viewed on-line. This single summary statement will detail every transaction since the previous statement and they are issued as at 5th April and 5th October each year. Any ad hoc transactions requested by you will be con rmed by us in writing showing full and clear details of the transaction in question. Who can contribute to an Ethical Charitable Junior ISA? Once a parent or guardian opens the account for their child, anyone, friend or family, is able to make a contribution up to the annual limit. Can my child receive an income from an Ethical Charitable Junior ISA? No. Bene ts can only be taken from the when the child reaches age 18.

7 Your Questions Answered What happens when the child reaches age 16? When the nominated child reaches age 16 they can apply for an adult cash ISA which they can subscribe to in addition to any subscriptions made to their Ethical Charitable Junior ISA up to the maximum permitted for an adult Cash ISA. They can also ask to become the 'registered contact' for the Ethical Charitable Junior ISA without the existing registered contacts permission but may not receive any bene ts from the Ethical Charitable th Junior ISA until their 18 birthday. What happens when the child reaches age 18? th On their 18 birthday, the child can access any savings in the account as they see t and they will become the registered contact. Any savings that are not withdrawn will stay within the ISA wrapper and the same tax advantages will apply. The speci c rules fall away and the will effectively become an adult ISA and will be subject to the normal subscription limits. Avalon will write th to the child before their 18 birthday to advise them of their options. What are the charges? Our charging structure is very simple and completely transparent. Initial Charge We will take 5% of every initial contribution made however we will donate a minimum of 20 to The Children s Society for every account opened. Annual Charges An annual transaction charge of just 0.6%* of the value of your account will be taken to cover all transaction processing associated with the account. *VAT applies to 50% of the annual transaction charge. This transaction charge is taken proportionately at the end of each month. If you have taken advice and agreed remuneration with your nancial adviser their fees should be added to the above charges. There are additional charges associated with the purchase and management of your investment selection. The annual fund management charge taken by Ecclesiastical for running the fund is 1%. This fee should be added to the annual transaction charge when considering the total cost. Please contact us for further information or go to for details of the fund charge for the Ecclesiastical Amity International Fund. How are the account charges met? Avalon will retain a 2% cash reserve to meet ongoing transaction charges from the account. This reserve may be topped up from dividend income and interest but if there is not enough cash in the account to meet charges Avalon will sell units proportionately across the portfolio to meet the shortfall. How do I apply? You can apply simply and easily on-line or by completing one of our application forms which are available from the website at 7

8 Your Questions Answered Further Information Documents for inspection Avalon can obtain copies of the Scheme Particulars of the underlying fund and their Annual Report and Accounts on request. Avalon reserves the right to make a charge for providing this service. Governing Law The Terms and Conditions of this account are governed by the law of England and Wales. Full details of the can be found in the Terms and Conditions of business included in this brochure. What do I do if I wish to complain about the account? The is provided by Avalon Investment Services Ltd. If you wish to complain about any aspect of the service received, please contact the Compliance Of cer at Avalon. If your complaint is not dealt with to your satisfaction then you may refer the matter to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Making a complaint will not prejudice your right to take Legal proceedings. If you make a valid claim against Avalon and we are not able to meet our liabilities you may be covered by the Investor s Compensation Scheme, details of which are available on request. This Key Features document is issued by: Avalon Investment Services Ltd. Registered no: England. Registered of ce: 2 Market Place Tetbury Gloucestershire GL8 8DA Authorised and Regulated by the Financial Conduct Authority. Charges explained The following charges will apply to your investment: Initial Charge The non-advised initial charge of 5% is a one-off charge taken from every initial contribution to cover the administrative costs of setting up your Ethical Charitable Junior ISA and purchasing your Amity International Fund. For every account opened, we will donate a minimum of 20 to The Children s Society. Agreed Adviser remuneration If you have been given advice, your nancial adviser will make a charge for this service. This is typically 3% of the amount you are investing in your Ethical Charitable Junior ISA and will be added to our initial charge. You may also be charged for any ongoing advice provided in the form of renewal commission, normally 0.5% of the fund value each year. If you apply online, no additional advice fees are charged. Annual Transaction Charge This charge of 0.6%* will cover the cost of processing all transactions associated with the running of your. * VAT applies to 50% of the annual transaction charge. Annual Fund Management Charge There is an additional annual fund charge of 1% made by the fund management company, Ecclesiastical Investment Management Limited. 8

9 Amity International Fund Since March 1988, Ecclesiastical Investment Management Limited has been at the forefront of socially responsible ethical investments. Ecclesiastical uses its vast experience and in-house research team to analyse both a company's nancial and socially responsible activities, ensuring that it follows our socially responsible investment philosophy of pro t with principles. Investment Objective and policy The Fund aims to achieve long term capital appreciation and a reasonable level of income by investing principally in International companies. The Amity International Fund seeks to invest in a portfolio of companies which make a positive contribution to society and the environment through sustainable and socially responsible practices. Fund Stats. Launch Date 13/09/ years past performance Fund size at 30/09/ m Top Ten Holdings (as at 30/09/2013) Name Weighting Ezion Holdings 2.84% Glaxosmithkline 2.73% Vodafone Group 2.46% General Electric 1.95% Minth Group 1.72% Tesco 1.58% Sumitomo Mitsui Finl.GP. 1.57% Sano 1.51% GDF Suez 1.49% Intel 1.46% 9

10 Terms & Conditions 1. De nitions 1.1 An Account is an Ethical Charitable Junior Individual Savings Account (JISA). The Ethical Charitable Junior ISA allows investment into any qualifying unit trust, OEIC and investment trust. 1.2 A Transaction Statement is a written record giving details of a transaction(s). 1.3 A Transaction may be any change to the Account, or a change recording new or different circumstances of the account holder. 1.4 References to 'we', 'us', 'our' or 'Avalon' is Avalon Investment Services Ltd. 1.5 The FCA is the Financial Conduct Authority or its successor. 1.6 The Regulations are the Individual Savings Account Regulations 1998 as amended. 1.7 Reference to 'You' or 'the investor' shall mean the registered contact of the Account. 1.8 Reference to the 'child' shall mean the nominated bene ciary of the account. 1.9 An Investment is units or shares in any collective investment scheme or a company including investment trusts as permitted by the Regulations An af liate is a third party introducer HMRC is Her Majesty s Revenue and Customs. 2. Appointment 2.1 We are authorised and regulated by the FCA and bound by the rules of the FCA. 2.2 We provide Account management and administration as permitted by the FCA and HMRC on a non-discretionary basis. 2.3 When we accept your application(s) the Company will manage Account money and Investments subject to the Regulations, as an Account and otherwise as set out in this agreement. 3. General 3.1 You must provide us with any information we may require to enable us to carry out our duties. In particular, you need to tell us of any change of address. 3.2 You must be at least 16 years of age and have parental responsibility for the child in order to apply for a stocks and shares JISA. 3.3 The child must be an eligible child. An eligible child is under 18 years old, born before September 2002 or on or after 3 January 2011, resident and ordinarily resident in the UK and not in possession of a Child Trust Fund. 3.4 Avalon will, at its discretion, request documentary evidence to con rm the registered contacts and nominated child's date of birth and status. 3.5 We do not provide advice about our products or allowable investments. You must seek suitable advice from an independent nancial adviser. 3.6 There may be circumstances which require us to review these Terms and Conditions and the charges being made. In this event, we will write to you advising you of any amendments to these Terms at least one month prior to the changes taking effect. 3.7 Any instructions received from you must be in a form acceptable to us and must bear your authority for the instruction to be valid. 3.8 You authorise us to provide HMRC with all relevant information about the Junior ISA and its Investments. 3.9 We reserve the right to sell Investments if there is insuf cient cash to meet the amount of any costs or charges Whilst we will always make every effort to meet the service standards detailed in these Terms and Conditions, Avalon cannot be held responsible for third party delays (such as the processing of sale and purchase transactions for the units/shares by fund management companies) that fall outside of our control In accordance with the Markets in Financial Investments Directive (MiFID) which became effective on 1 November 2007, we are required to inform you that you are categorised as a Retail Client. As a Retail Client you will bene t from the greatest level of protection available under the regulatory system Subject to certain qualifying criteria you have the right to amend your categorisation but this will affect the level of statutory protection provided by Avalon. If you do elect to change category, Avalon has the right to decline to provide the service on that basis. 4. Starting the Account 4.1 Your Account will be set up when we receive your correctly completed application and valid subscription or when all of our requirements have been met if this is later. We reserve the right to refuse your application. 4.2 We will send you an Acknowledgement letter or within 2 working days of receipt of your JISA application. If you have been given advice by a nancial adviser prior to applying for a JISA or applied on-line on a non-advised basis, you will be provided with a cancellation notice which gives you the right to change your mind. If you do not wish to proceed with the Account the cancellation notice must be signed and returned to us within fourteen days of receipt. 4.3 If you decide to cancel your Account, we will return your payments to you once they have cleared. If units have already been purchased and their value has fallen when we receive your cancellation notice you will not receive the full amount invested and cancellation will occur in accordance with Section 9 of these Terms and Conditions. 4.4 If you have applied on-line the acknowledgment pack will include a copy of the application details submitted. You will have 30 days from the date of issue of the acknowledgment pack in which to advise Avalon of any corrections to your application. Avalon will assume agreement to the application details and JISA Declaration after this time. 5. Cash 5.1 Account money will be segregated from our other funds and held in a designated client account 10

11 Terms & Conditions with HSBC or with any other authorised institution that we nominate. 5.2 In accordance with The Financial Services (Client Money) Regulations 1991 (as amended) interest shall be paid on cash balances held as a result of these Terms and Conditions. Any interest shall be paid after deduction of tax subject to the relevant tax legislation and regulations at the time. Interest on Account money shall be credited to your Account at the relevant HSBC published rate. 5.3 The interest payable to you will not be less than the minimum deposit rate publicly offered by HSBC at the time. Any interest due will be credited to your account every 6 months. 6. Investments 6.1 We will invest money held in the Account in Investments speci ed by you or your authorised nancial adviser. 6.2 We are required to seek to achieve the best possible result for you when dealing with any order to buy or sell nancial instruments and to set out arrangements for this purpose in a trade execution policy. We are required to consider various factors when deciding how best to deal with orders from clients. These include price, cost, speed, likelihood of execution and settlement, size, nature and other relevant matters. As we have classi ed you as a Retail Client we will usually consider price and cost to be the most important factors for you. However, for orders relating to shares in the Funds, the only method available for dealing is to transmit them to the appropriate fund manager for execution: the fund management group will be deemed to be the execution venue for these purposes. Where there is only one execution venue that we can use in practice to deal with your orders, we will have to use that venue regardless of the impact of the execution factors listed above. When it is necessary to buy or sell shares in Investment Trusts for you, these orders will generally be transmitted to, or executed with Quilter. Due to the relatively illiquid nature of the shares, our preference and policy will always be to transmit orders to, or execute orders with, Quilter. Consequently, we believe that they are best placed to provide us on a consistent basis with a competitive market price and the required level of liquidity. 6.3 We are not required to assess the suitability of the investment or service provided or offered to you and, as a result, you will not bene t from the protection of the FCA Rules on assessing suitability. Therefore, we will not assess whether: - the investment or service meets your investment objectives; - you are able nancially to bear the risk of any loss that the investment or service may cause; or - you have the necessary knowledge and experience to understand the risks involved. 6.4 On receipt by us of a properly completed application form the initial speci ed Investments will be purchased for the Ethical Charitable Junior ISA within ve working days. 6.5 In the case of regular monthly subscriptions, contributions will be collected on the 1st of the month or the closest working day. Investments will not be purchased until 10 working days have passed from the day of collection to enable funds to clear prior to dealing. Investment Trusts and equities cannot be purchased on a monthly basis. 6.6 In the event of cheques or payments being returned from your bank or building society unpaid, we will make a charge of 20 to cover the costs associated with this transaction. 6.7 We shall tell you of any changes to any Investment in the Account resulting from a take-over or other offer where rights or similar bene ts arise. 6.8 Where exceptional circumstances apply (for example, where no accurate price is available) then we may defer any transaction involving buying or selling an Investment to the earliest business day we consider to be appropriate and reasonable. 6.9 Your existing Investments may be changed at any time by way of a switch. Any request to switch must be made in a form acceptable to Avalon and must not breach the Regulations. We will sell units or shares held in your Account within two business days of receiving your instructions. We will use the proceeds of the sale to buy the new eligible Investments of your choice We will collect dividends, interest on Account money and other distributions for the Account. You authorise us to recover from HMRC any interest on dividends that are reclaimable for the credit of your Account Any cash received by us for dividends or interest after the plan commences will be reinvested into the same fund(s) or used to replenish the cash reserve Investments within the account shall at all times be bene cially owned by the nominated child. 7. Custody 7.1 All Investments held in the Account shall be separately designated and, as required by the Regulations, be registered investments in the name of Avalon Investment Services (Nominees) Ltd, or any other nominee that we appoint. Avalon Investment Services (Nominees) Ltd is not itself authorised under the Financial Services Act 1986 but we accept responsibility for its acts and omissions. 7.2 We may not lend to a third party the document of title held by or on behalf of us and money may not be borrowed on your behalf against the security of these documents. 7.3 You have agreed that the Investment in your Account will be registered in the same name as those of other clients. As a result, as part of normal settlement procedures where investments are pooled, the Investments in your Account may be used with those of other customers to settle various transactions. The Investments in your Account will not necessarily be immediately identi able by separate certi cates and, if we were to 11

12 Terms & Conditions become insolvent, you might encounter delays in recovering your assets, and possibly an increased risk of loss if there is a shortfall. 8. Voting rights and Reports 8.1 We will not exercise voting rights for Investments held unless we receive written instructions from you. 8.2 If you send us a written request we will arrange for you to receive annual reports and scheme particulars or any other material issued by the companies to shareholders and unit trust managers to unit holders. We will also arrange for you to attend and vote at shareholders/unitholders meetings on receipt of a written request. 8.3 We reserve the right to make a charge to cover any administration costs incurred in complying with Section 8 of these Conditions. 9. Encashing your Account 9.1 The investor may not encash the account in part or in full at any time. 9.2 The nominated child may encash or partially encash the Account at any time on or after their eighteenth birthday on receipt by us of written instructions. 9.3 Avalon reserves the right to request evidence of age of the nominated child prior to encashment or any other documentation we deem necessary. 9.4 We will sell Investments within two working days of receiving valid instructions. We can only send payment when monies have been received from the fund management companies which can take up to 15 working days. 9.5 The minimum part encashment amount is 100. The minimum residual fund holding following an encashment must be at least 1,000 with at least 500 in any one fund. 9.6 When Avalon closes an Account or transfers the Account to an alternative fund manager, it will sell assets and pay away the proceeds to bring the account to a zero balance. If the accounts continue to receive cash (in the form of dividends, tax reclaims and interest payments) these will be forwarded in accordance with the original encashment instructions (but see 9.7). 9.7 If the cash to be forwarded in 9.6 is less than 5 Avalon will not make payment. 10. Transferring your Account 10.1 You may at any time give notice in writing to us of your intention to transfer the proceeds of the Account to another authorised JISA plan manager. We will sell the Investments and pay the proceeds to the alternative JISA manager Currently, you will not incur a charge for a cash transfer; however, we do reserve the right to review our charges from time to time Any transfer request will be actioned within two working days of receipt by the Company. We will send the transfer proceeds to the ISA manager within two working days of receiving the proceeds of the sale If a request to transfer assets inspecie is received, Avalon will impose a charge of 25 for each line of stock that is to be re-registered. This charge will be taken from any residual cash on the account or from sale of assets Avalon will not permit partial transfers of a JISA. 11. Changing the Registered Contact 11.1 The role of the Registered Contact can be passed to another person with parental responsibility on receipt of an acceptable application to Avalon If the child is between 16 and 18 years of age they can become the registered contact for their account at any time without the consent of the existing Registered Contact Once the child has assumed Registered Contact status, this cannot be passed to another person. 12. Actions on attaining age Avalon will contact the bene ciary of the account 30 days prior to their 18th birthday Unless instructed to the contrary, the investment, will remain in the The child will become the Registered Contact for the account on their 18th birthday and will be entitled to take withdrawals in accordance with Section 9 of the Terms and Conditions Any subscriptions made after the child s 18th birthday will be accepted subject to Avalon s ISA application requirements at the time. 13. Charges 13.1 Initial charges Account level The non-advised initial charge is 5% and is taken from every initial contribution. A minimum donation of 20 is made to The Children s Society for every account opened. Agreed Adviser remuneration If you have been given advice, your nancial adviser will make a charge for this service. This is typically 3% of the amount you are investing in your and will be added to our initial charge. You may also be charged for any ongoing advice provided in the form of renewal commission, normally 0.5% of the fund value each year. If you apply online, no additional advice fees are charged. Investment level Many unit trust managers operate a buying and selling price for the purchase and sale of units/shares in their funds of around 5% (although in many cases Avalon has negotiated a discounted rate). This is known as the spread. The market makers who buy and sell shares in investment trusts also operate a 'spread' (the difference between the buying price of the shares and the sale price). This does not apply to OEICs, as they are single priced investments although purchases are subject to a preliminary charge. To prevent large purchases or sales adversely affecting existing investors, OEIC fund managers sometimes apply a dilution levy to large purchases and sales. This will be paid into the fund to protect long term investors. The dilution levy for a fund will be calculated by reference to the costs of dealing in the underlying investments of that fund, including any dealing spreads, commission and transfer taxes. Investment trust 12

13 Terms & Conditions shares purchased will be subject to stamp duty and stockbroker commission equal to 0.5% of the purchase value with a minimum of 20. These rates may be subject to change Annual charges Account level : Annual Transaction Charges Avalon takes an annual charge (deducted proportionately each month) to cover the cost of all transactions associated with the account. The Annual Transaction Charge is 0.6%*. *50% of the Annual Transaction Charge is subject to VAT. This will be taken proportionately on th 28 of each month or nearest preceding working day. Investment level This is a variable charge levied by the unit trust manager. There are also other management charges levied by the fund manager. Full details of annual management charges for your investment are available on request Avalon will hold 2% of the value of your Junior ISA as cash. Annual transaction charges will be met from this cash reserve which will be replenished by dividend income and tax reclaims from time to time. If there is still not enough cash in your Account to meet these charges we will sell units of suf cient value to cover outstanding annual transaction charges Any clients investing in investments that attract renewal commission from the fund management companies will have that commission reinvested to offset its annual management charge and replenish the cash reserve. 14. Death 14.1 In the event of the death of the nominated child the Ethical Charitable Junior ISA account and relevant tax bene ts will cease from that date. Accumulated JISA investments may be sold or transferred to personal representatives or a bene ciary Avalon will require sight of the original death certi cate We will accept instructions from the personal representatives of the child. 15. Void Accounts 15.1 Your Account will be managed in accordance with the Regulations, which take precedence over these Terms. We will notify you if, by reason of any failure to satisfy the Provisions of the Regulations, you no longer qualify for an Account. When an Account becomes void, we will sell the Account and pay the proceeds together with any cash balance held in the Account to the nominated child. We may deduct any charges or any tax liabilities under it, and any additional expenses incurred in terminating the account. 16. Statements 16.1 We will send you an advising you access your 6 monthly statement as at 5th April and 5th October. This statement will show the investments and value of your and all transactions that have occurred over the statement period You have the right to request paper statements and may view online valuations at (password required) at any time. 17. Law 17.1 These Terms and Conditions will be governed by the law of England and Wales. 18 Complaints 18.1 We have established rules and procedures for the handling of complaints in accordance with regulations laid down by the FCA. Any complaint should be made in writing to us at our head of ce marked for the attention of the Compliance Of cer. If you are not happy with the way in which your complaint is handled, then you have the right to refer the matter to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Avalon Investment Services Limited is authorised and regulated by the FCA. Registered in England number Registered Of ce: 2 Market Place Tetbury Gloucestershire GL8 8DA Please remember: The is intended as a long term investment and the child may not get back what you originally invested. Investors also need to understand that the value of investments can go down as well as up. 13

14 How to apply To apply for your Ethical Charitable Junior JISA please read through this brochure, including the Key Features, Key Investor Information Document(s) and Terms and Conditions. Study the application form and ll it out to the best of your knowledge or apply on-line at There is a checklist on the form to help you do this. If you are investing a monthly amount, please remember to complete the Direct Debit form. If you have any problems completing the application form or questions concerning this product you can speak to your Independent Financial Adviser or call Avalon direct on Thank you for your interest in the. The is a trading name of The Children s ISA Limited. The Children s ISA Limited is authorised and regulated by the Financial Conduct Authority. (FCA no: ). The Children s ISA Limited is a company registered in England and Wales. Registered Of ce: 1Lowry Plaza, The Quays, Manchester, M50 3UB. Registered Company Number: The is provided by Avalon Investment Services Limited. Avalon is the trading name of Avalon Investment Services Limited. Avalon Investment Services Limited is authorised and regulated by the Financial Conduct Authority. Avalon Investment Services Limited is a company registered in England and Wales. Registered Of ce: 2 Market Place, Tetbury, Gloucestershire, GL8 8DA Registered Company Number: enquiries@avaloninvestment.com Internet: AVALON