Schroder Asian Income Fund Interim Report and Accounts July 2018

Schroder Asian Income Fund Interim Report and Accounts July 2018

Schroder Asian Income Fund July 2018 Contents Fund Information 1 3 Investment objective and policy 3 Financial highlights 3 Fund information 4 Ongoing charges figure 4 Total purchases and sales 4 Review of Investment Activities 1 5 Risk Profile 1 6 Risk and reward indicator 6 Specific risks 6 Net Asset Value and Comparative Tables 1 7 Unit price range 7 Net revenue 8 Net asset value 9 Fund performance 10 Portfolio Statement 1 11 Summary of Portfolio Transactions 1 15 Largest purchases 15 Largest sales 15 Statement of the Manager s Responsibilities 16 Statement of Total Return (unaudited) 17 Statement of Change in Net Assets Attributable to Unitholders (unaudited) 17 Balance Sheet (unaudited) 18 Notes to the Accounts (unaudited) 19 Basis of preparation 19 Accounting policies 19 Distribution Table (unaudited) 20 Interim distribution for the six months ended 15 July 2018 20 Corporate unitholders 20 Equalisation 20 General Information 1 21 Authorisation 21 Other information 21 1 Collectively these comprise the Manager s report. 2 Schroder Asian Income Fund

Fund Information Investment objective and policy The Schroder Asian Income Fund (the fund ) aims to provide income and capital growth over the long term by investing in equity and equity related securities of Asia Pacific companies excluding Japan but including Australia and New Zealand. The fund invests at least 80% of its assets in equity and equity related securities of Asia Pacific companies, excluding Japan but including Australia and New Zealand, which offer dividend payments. The fund may also invest in collective investment schemes, fixed income securities, warrants and money market instruments, and hold cash. The fund may use derivatives with the aim of reducing risk or managing the fund more efficiently. Financial highlights Selling price 13.7.18 15.1.18 % change A Income units 279.60p 290.90p (3.88) A Accumulation units 470.80p 481.80p (2.28) L Income units 69.10p 71.60p (3.49) L Accumulation units 82.09p 83.67p (1.89) S Income units 75.00p 77.61p (3.36) Z Income units 74.19p 76.91p (3.54) Z Accumulation units 98.74p 100.70p (1.95) 15.9.18 15.9.17 Interim distribution per Z Income unit 1.6528p 1.5407p Schroder Asian Income Fund 3

Fund Information (continued) Fund information Launch date 19 February 1990 Launch price 50.00p per A Income unit Launch date 11 May 2011 50.00p per A Accumulation unit Launch price 50.00p per Z Income unit Launch date 1 October 2013 50.00p per Z Accumulation unit Launch price 50.00p per L Income unit 50.00p per L Accumulation unit Launch date 4 September 2015 Launch price 50.00p per S Income unit Interim Final Accounting dates 15 July 15 January Revenue allocation dates 15 September 15 March Ongoing charges figure For the period For the year to 15.7.18 to 15.1.18 A Income units 1.68% 1 1.68% A Accumulation units 1.68% 1 1.68% L Income units 0.85% 1 0.85% L Accumulation units 0.85% 1 0.85% S Income units 0.55% 1 0.56% Z Income units 0.93% 1 0.93% Z Accumulation units 0.93% 1 0.93% 1 The Ongoing charges figure is annualised based on the fees incurred during the accounting period. Total purchases and sales For the period For the year to 15.7.18 to 15.1.18 000 s 000 s Total purchases 180,853 322,671 Total sales 120,445 193,632 4 Schroder Asian Income Fund

Review of Investment Activities From 15 January 2018 to 13 July 2018, the price of Z Accumulation units on a selling price to selling price basis fell 1.95%. In comparison, the MSCI All Country Pacific ex Japan Index generated a negative net return of 3.07% 1 in sterling terms. Fund Manager: Richard Sennitt 1 Source: Thomson Reuters Datastream. Asian equities fell over the first six months of 2018 as volatility increased markedly. This was caused largely by trade tensions between the US and China after President Trump introduced tariffs on a raft of imported goods, particularly many from China. The fund outperformed its benchmark over the period, despite posting a negative return. Stockpicking in China drove returns on a geographic basis. Selection and our overweight to Hong Kong also added value. While, looking at sectors, performance was driven mainly by stock selection in real estate, consumer discretionary and energy. On the other hand, stock selection in Australia and Singapore, and our zero weight in health care, detracted. Amid the increased volatility, we think dividend investing remains relevant, especially in view of heighted uncertainties and risk aversion, given its strong quality bias and some defensive qualities. In Asia, dividends have scope to increase as profitability and free cash flows rise. Structural improvements to corporate governance, aided by regulatory changes in some markets, further underpin longer term rises in dividend payouts. Joined Schroders in 1993 Investment career commenced in 1993 As fund manager for Pacific Equity and Global Small Cap Equity accounts, Richard is co-manager of Schroder Asian Income Maximiser and manager of Schroder Asian Income Fund Associate member of the UK Society of Investment Professionals (UKSIP). Member of the CFA Institute BA, Oxford University In terms of portfolio strategy, we continue to be invested across a well diversified portfolio. Our preferred areas of investment remain in select blue chip names in Australia, Hong Kong and Taiwan, across sectors including real estate, technology, consumer discretionary and banks. We maintain a bottom up investment approach and we continue to look for good companies where we can see a strong income case and potential for capital growth. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. Schroder Asian Income Fund 5

Risk Profile Risk and reward indicator Lower risk Potentially lower reward Higher risk Potentially higher reward 1 2 3 4 5 6 7 The risk category was calculated using historical performance data and may not be a reliable indicator of the fund s future risk profile. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. The fund s risk category is not guaranteed to remain fixed and may change over time. A fund in the lowest category does not mean a risk free investment. Specific risks The fund invests in assets which are exposed to currencies other than sterling. Exchange rates may cause the value of overseas investments and the revenue from them to rise or fall. The fund invests in less developed markets which are generally less well regulated than the UK. They may be less liquid and may have less reliable custody arrangements. The fund invests in emerging markets and the Far East. This involves a high degree of risk and should be seen as long term in nature. The fund may invest in a wide range of derivatives in order to meet its investment objectives. As a result of the expenses being charged wholly to capital, the distributable revenue of the fund may be higher, but the capital value of the fund may be eroded which may affect future performance. For these reasons, the purchase of units should not normally be regarded as a short term investment. 6 Schroder Asian Income Fund

Net Asset Value and Comparative Tables Unit price range Financial year to 15 January A Income units A Accumulation units Highest Lowest Highest Lowest buying selling buying selling p p p p 2016 244.20 184.50 363.90 281.00 2017 270.60 187.80 430.50 292.60 2018 295.30 258.50 489.10 419.20 Financial period to 15 July 2018 292.40 269.00 492.40 452.90 Financial year to 15 January L Income units L Accumulation units Highest Lowest Highest Lowest buying selling buying selling p p p p 2016 58.74 44.51 61.77 47.84 2017 66.05 45.47 74.14 50.00 2018 72.68 63.13 84.93 72.23 Financial period to 15 July 2018 72.21 66.35 85.78 78.82 Financial year to 15 January S Income units Z Income units Highest Lowest Highest Lowest buying selling buying selling p p p p 2016 54.38 49.50 63.22 47.90 2017 71.37 49.00 71.00 48.91 2018 78.77 68.23 78.07 67.86 Financial period to 15 July 2018 78.36 71.95 77.54 71.25 Financial year to 15 January Z Accumulation units Highest buying p Lowest selling p 2016 74.48 57.67 2017 89.28 60.26 2018 102.20 86.98 Financial period to 15 July 2018 103.20 94.83 Schroder Asian Income Fund 7

Net Asset Value and Comparative Tables (continued) Net revenue A Income units A Accumulation units Financial year to 15 January pence per unit pence per unit 2016 9.2963 13.9646 2017 9.7723 15.4101 2018 10.6878 17.4944 Financial period to 15 July 2018 6.2356 10.5005 L Income units L Accumulation units Financial year to 15 January pence per unit pence per unit 2016 2.2525 2.4023 2017 2.3961 2.6573 2018 2.6187 3.0254 Financial period to 15 July 2018 1.5391 1.8283 S Income units Z Income units Financial year to 15 January pence per unit pence per unit 2016 1.2068 2.4170 2017 2.5753 2.5675 2018 2.8331 2.8141 Financial period to 15 July 2018 1.6697 1.6528 Financial year to 15 January Z Accumulation units pence per unit 2016 2.8705 2017 3.2083 2018 3.6418 Financial period to 15 July 2018 2.1996 8 Schroder Asian Income Fund

Net Asset Value and Comparative Tables (continued) Net asset value Net asset Net asset value value per unit Number of As at 15 January 000 s p units in issue 2016 A Income units 29,098 191.50 15,194,711 A Accumulation units 64,303 298.70 21,527,651 L Income units 31,535 46.35 68,041,366 L Accumulation units 141,695 51.02 277,746,237 S Income units 682 49.93 1,365,839 Z Income units 287,096 49.86 575,807,912 Z Accumulation units 137,423 61.48 223,513,874 2017 A Income units 20,495 264.53 7,747,707 A Accumulation units 64,700 429.00 15,081,446 L Income units 200,484 64.57 310,483,585 L Accumulation units 252,581 73.88 341,870,221 S Income units 822 69.77 1,177,709 Z Income units 314,829 69.41 453,578,968 Z Accumulation units 194,593 88.97 218,709,207 2018 A Income units 17,417 286.35 6,082,381 A Accumulation units 68,037 482.27 14,107,511 L Income units 284,055 70.49 402,979,256 L Accumulation units 264,572 83.75 315,909,119 S Income units 16,021 76.40 20,970,130 Z Income units 389,833 75.71 514,888,054 Z Accumulation units 250,635 100.78 248,694,671 2018 at 15 July A Income units 16,461 273.00 6,029,461 A Accumulation units 60,463 470.24 12,857,853 L Income units 310,025 67.48 459,439,359 L Accumulation units 243,831 81.99 297,385,125 S Income units 15,847 73.24 21,636,545 Z Income units 409,146 72.45 564,710,112 Z Accumulation units 249,979 98.63 253,453,087 Schroder Asian Income Fund 9

Net Asset Value and Comparative Tables (continued) Fund performance Net asset Net asset value per unit value per unit p p as at 15.7.18 as at 15.1.18 % change A Income units 273.00 286.35 (4.66) A Accumulation units 470.24 482.27 (2.49) L Income units 67.48 70.49 (4.27) L Accumulation units 81.99 83.75 (2.10) S Income units 73.24 76.40 (4.14) Z Income units 72.45 75.71 (4.31) Z Accumulation units 98.63 100.78 (2.13) Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. 10 Schroder Asian Income Fund

Portfolio Statement Holding at Market Value % of net 15.7.18 000 s assets Equities 96.86% (97.41%) Australia 15.23% (16.05%) Brambles 2,542,575 13,431 1.03 Iluka Resources 1,798,749 11,945 0.92 Incitec Pivot 8,095,598 16,906 1.29 Mirvac Group REIT 9,710,837 12,102 0.93 National Australia Bank 1,931,648 30,394 2.33 Orica 1,724,130 17,286 1.32 Suncorp Group 2,638,758 21,968 1.68 Telstra 9,950,853 15,361 1.18 Transurban Group 2,799,377 18,842 1.44 Westpac Banking 1,229,860 20,429 1.56 Woolworths Group 1,163,946 20,183 1.55 198,847 15.23 Bermuda 1.58% (2.34%) Kerry Properties 5,837,500 20,705 1.58 20,705 1.58 Cayman Islands 5.10% (5.09%) CK Hutchison Holdings 1,610,952 13,068 1.00 Pacific Textiles Holdings 10,457,000 6,823 0.52 Sands China 5,666,800 22,533 1.73 Shenzhou International Group Holdings 2,551,000 24,116 1.85 66,540 5.10 China 13.60% (13.70%) China Construction Bank H 36,399,000 24,380 1.87 China Petroleum & Chemical H 58,164,000 39,576 3.03 China Yangtze Power A 8,778,784 15,973 1.22 Hangzhou Hikvision Digital Technology A 1,055,034 4,394 0.34 Schroder Asian Income Fund 11

Portfolio Statement (continued) Holding at Market Value % of net 15.7.18 000 s assets China (continued) Hangzhou Hikvision Digital Technology (UBS) Warrant 25/05/2019 2,347,041 9,774 0.75 Industrial & Commercial Bank of China H 44,762,000 24,236 1.86 Midea Group A 2,187,624 11,849 0.91 Midea Group (UBS) Warrant 19/06/2019 3,750,355 20,375 1.56 PetroChina H 26,296,000 14,568 1.11 Qingdao Haier A 5,825,584 12,413 0.95 177,538 13.60 Hong Kong 12.59% (11.78%) BOC Hong Kong Holdings 6,343,500 22,286 1.71 China Mobile 4,210,500 28,040 2.15 HKT Trust & HKT 23,037,000 22,990 1.76 Hopewell Holdings 1,909,500 4,957 0.38 Link REIT 2,852,000 20,713 1.58 Sun Hung Kai Properties 2,154,000 24,510 1.88 Swire Pacific A 3,447,000 27,613 2.11 Swire Properties 4,738,200 13,285 1.02 164,394 12.59 Indonesia 0.74% (0.00%) Telekomunikasi Indonesia Persero 45,737,800 9,638 0.74 9,638 0.74 Italy 0.30% (0.81%) PRADA 1,154,500 3,984 0.30 3,984 0.30 New Zealand 1.16% (1.27%) Fletcher Building 4,247,460 15,208 1.16 15,208 1.16 12 Schroder Asian Income Fund

Portfolio Statement (continued) Holding at Market Value % of net 15.7.18 000 s assets Singapore 9.95% (10.60%) CapitaLand Commercial Trust REIT 9,086,200 8,762 0.67 CapitaLand Mall Trust REIT 11,509,100 13,522 1.04 Fortune Real Estate Investment Trust 18,332,000 16,525 1.27 Mapletree Commercial Trust REIT 15,373,363 13,631 1.04 Mapletree Industrial Trust REIT 12,554,100 13,706 1.05 Oversea-Chinese Banking 3,916,100 24,524 1.88 United Overseas Bank 1,249,900 18,391 1.41 Venture 2,291,600 20,827 1.59 129,888 9.95 South Korea 9.09% (8.14%) Hyundai Motor Preference 252,094 14,618 1.12 LG Chem Preference 152,180 20,625 1.58 NCSoft 58,618 15,612 1.19 Samsung Electronics Preference 2,107,462 53,004 4.06 SK Innovation 114,957 14,883 1.14 118,742 9.09 Taiwan 14.02% (14.44%) Asustek Computer 2,917,000 18,635 1.43 Far EasTone Telecommunications 8,626,000 15,601 1.19 Hon Hai Precision Industry 12,324,435 25,341 1.94 Largan Precision 73,000 9,119 0.70 Mega Financial Holding 24,778,613 16,567 1.27 Novatek Microelectronics 4,329,000 14,405 1.10 Taiwan Mobile 4,907,400 12,796 0.98 Taiwan Semiconductor Manufacturing 12,700,333 70,578 5.41 183,042 14.02 Thailand 4.82% (5.11%) Bangkok Bank 2,583,900 11,595 0.89 Bangkok Bank NVDR 3,495,300 15,327 1.17 Schroder Asian Income Fund 13

Portfolio Statement (continued) Holding at Market Value % of net 15.7.18 000 s assets Thailand (continued) Glow Energy 2,882,400 6,107 0.47 Intouch Holdings 1,002,600 1,247 0.09 Intouch Holdings NVDR 11,768,300 14,640 1.12 Land & Houses NVDR 53,842,000 14,069 1.08 62,985 4.82 United Kingdom 8.68% (8.08%) BHP Billiton 2,854,249 47,095 3.61 HSBC Holdings 6,763,200 47,847 3.66 Standard Chartered 2,713,300 18,344 1.41 113,286 8.68 Equities total 1,264,797 96.86 Portfolio of investments 1,264,797 96.86 Net other assets 40,955 3.14 Net assets attributable to unitholders 1,305,752 100.00 The comparative percentage figures in brackets are as at 15 January 2018. Unless otherwise stated, all securities are admitted to official stock exchange listings. 14 Schroder Asian Income Fund

Summary of Portfolio Transactions Largest purchases For the six months ended 15 July 2018 Cost 000 s Midea Group (UBS) Warrant 19/06/2019 24,439 SK Innovation 15,495 China Yangtze Power A 10,903 Hangzhou Hikvision Digital Technology (UBS) Warrant 25/05/2019 10,564 BHP Billiton 10,273 Telekomunikasi Indonesia Persero 9,224 Telstra 8,679 CapitaLand Commercial Trust REIT 8,548 China Mobile 7,722 CapitaLand Mall Trust REIT 7,226 Largest sales For the six months ended 15 July 2018 Proceeds 000 s Midea Group (UBS) Warrant 22/06/2018 24,439 Hangzhou Hikvision Digital Technology (UBS) Warrant 07/05/2018 15,754 Amcor 11,159 Delta Electronics 10,736 PRADA 9,880 Li & Fung 9,342 Singapore Telecommunications 9,015 Computershare 7,493 Sands China 5,143 Iluka Resources 4,490 Schroder Asian Income Fund 15

Statement of the Manager s Responsibilities The Financial Conduct Authority s Collective Investment Schemes sourcebook (COLL) requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the fund and of its net revenue and the net capital losses on the property of the fund for the period. In preparing the accounts the Manager is required to: select suitable accounting policies and then apply them consistently; comply with the disclosure requirements of the Statement of Recommended Practice (SORP) for UK Authorised Funds issued by the Investment Management Association (IMA (now the Investment Association (IA))) in May 2014; follow generally accepted accounting principles and applicable accounting standards; prepare the accounts on the basis that the fund will continue in operation unless it is inappropriate to do so; keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; make judgements and estimates that are prudent and reasonable. The Manager is responsible for the management of the fund in accordance with its Trust Deed, the Prospectus and the COLL, and for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations. The Manager s report and accounts for the period ended 15 July 2018 were signed on 7 September 2018 on behalf of the Manager by: J.A. Walker-Hazell Directors R.E. Stoakley 16 Schroder Asian Income Fund

Statement of Total Return (unaudited) For the six months ended 15 July 2018 15.7.18 15.7.17 000 s 000 s 000 s 000 s Income Net capital (losses)/gains (52,915) 46,291 Revenue 32,313 25,895 Expenses (5,993) (5,231) Net revenue before taxation 26,320 20,664 Taxation (2,033) (1,317) Net revenue after taxation 24,287 19,347 Total return before distributions (28,628) 65,638 Distributions (28,963) (23,989) Change in net assets attributable to unitholders from investment activities (57,591) 41,649 Statement of Change in Net Assets Attributable to Unitholders (unaudited) For the six months ended 15 July 2018 15.7.18 15.7.17 000 s 000 s 000 s 000 s Opening net assets attributable to unitholders 1,290,570 1 1,048,504 Amounts receivable on issue of units 103,241 120,010 Amounts payable on cancellation of units (43,569) (67,721) 59,672 52,289 Dilution adjustment 739 1,068 Change in net assets attributable to unitholders from investment activities (57,591) 41,649 Retained distribution on Accumulation units 12,362 11,722 Unclaimed distributions 0 11 Closing net assets attributable to unitholders 1,305,752 1,155,243 1 1 The Opening net assets attributable to unitholders for the current period do not equal the Closing net assets attributable to unitholders for the comparative period as they are not consecutive periods. Schroder Asian Income Fund 17

Balance Sheet (unaudited) As at 15 July 2018 15.7.18 15.1.18 000 s 000 s Assets Investments 1,264,797 1,257,172 Current assets Debtors 17,709 8,646 Cash and bank balances 46,287 38,223 Total assets 1,328,793 1,304,041 Liabilities Creditors Distributions payable (17,142) (11,895) Other creditors (5,899) (1,576) Total liabilities (23,041) (13,471) Net assets attributable to unitholders 1,305,752 1,290,570 18 Schroder Asian Income Fund

Notes to the Accounts (unaudited) Basis of preparation The accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the SORP for UK Authorised Funds issued by the IMA in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)). Accounting policies The accounting policies applied are consistent with those of the annual accounts for the year ended 15 January 2018 and are described in those annual accounts. Schroder Asian Income Fund 19

Distribution Table (unaudited) Interim distribution for the six months ended 15 July 2018 Group 1 Units purchased prior to 16 January 2018 Group 2 Units purchased on or after 16 January 2018 Net Distribution Distribution revenue Equalisation payable paid 2018 2018 15.9.18 15.9.17 p per unit p per unit p per unit p per unit A Income units Group 1 6.2356 6.2356 5.8577 Group 2 3.8602 2.3754 6.2356 5.8577 A Accumulation units Group 1 10.5005 10.5005 9.4991 Group 2 6.9857 3.5148 10.5005 9.4991 L Income units Group 1 1.5391 1.5391 1.4337 Group 2 0.9954 0.5437 1.5391 1.4337 L Accumulation units Group 1 1.8283 1.8283 1.6403 Group 2 1.2893 0.5390 1.8283 1.6403 S Income units Group 1 1.6697 1.6697 1.5504 Group 2 0.5717 1.0980 1.6697 1.5504 Z Income units Group 1 1.6528 1.6528 1.5407 Group 2 1.0889 0.5639 1.6528 1.5407 Z Accumulation units Group 1 2.1996 2.1996 1.9749 Group 2 1.4649 0.7347 2.1996 1.9749 Corporate unitholders Corporate unitholders receive the dividend distribution payments as detailed below: 100.00% of the total distribution is received as franked investment income. Equalisation Equalisation applies to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of Group 2 units and is refunded to the holders of these units as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. 20 Schroder Asian Income Fund

General Information Manager 1 Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority Investment Adviser 1 Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority Trustee J.P. Morgan Europe Limited Chaseside Bournemouth BH7 7DA Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority Registrar 1 Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority Administration Details Schroders FREEPOST RLTZ-CHSY-HBUT PO Box 1102 Chelmsford Essex CM99 2XX Investor Services 0800 718 777 investorservices@schroders.com Dealing 0800 718 788 Fax 0870 043 4080 Independent Auditors PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX 1 With effect from 4 September 2018, Schroder Unit Trusts Limited and Schroder Investment Management Limited changed address, previously it was 31 Gresham Street, London EC2V 7QA. Authorisation The fund is an authorised unit trust and is constituted pursuant to the COLL and is structured as a trust. The fund is a UCITS scheme for the purpose of the categorisation of the COLL. Other information The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website www.schroders.co.uk. Schroder Asian Income Fund 21

schroders.com @schroders For further literature please contact Schroder Investor Services on 0800 718 777 or at investorservices@schroders.com, or visit our website at www.schroders.co.uk. Issued in September 2018 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.