Global Prime Partners Ltd, registration number 06962351 whose registered office is at 101 Wigmore Street, London W1U 1QU, authorised and regulated by the FCA, firm reference number 533039 (“GPP”, “we”, “our” or “us”).

You are an Eligible Child, JISA client or potential client, the Registered Contact for the JISA or have parental responsibility for the Eligible Child and are the recipient of these Terms and Conditions (“you”, “your” and “yours”).

These Terms and Conditions are governed by the law of England and Wales and are subject to the exclusive jurisdiction of the Courts of England and Wales.

All communications between you and GPP will be in English.

Once you have submitted a signed JISA Application, the below Terms and Conditions will have deemed to be accepted for all intended purposes. Upon this acceptance, and in consideration of the mutual benefits set out below, the following terms apply.

Defined Terms

“Crown Employee/Spouse” means a non-resident having general earnings from serving overseas subject to UK tax by virtue of Section 28 Income Tax (Earnings and Pensions) Act 2003, or a person married to or in a civil partnership with such an individual.

“CTF” means Child Trust Fund.

“Eligible Child” means a UK resident under the age of 18 in whose name and for whose benefit the JISA is held, and who otherwise satisfies the conditions for eligibility as stated in the ISA Regulations.

“FCA” means the Financial Conduct Authority or any successor or predecessor body

“FCA Rules” means the FCA’s Handbook of rules and guidance as amended from time to time

“HMRC” means Her Majesty’s Revenue & Customs or such other taxing authority as may succeed it from time to time.

“Independent Financial Advisor” means professionals who offer independent advice on financial matters.

“JISA” means a Junior Individual Savings Account opened in accordance with the Regulations.

“JISA Account/GPP JISA Account” means your Stocks and Shares JISA opened with GPP.

“JISA Application” means an accurately completed application form or transfer form to open/transfer an JISA Account with/to us

“Qualifying Investments” means those investments, including where relevant cash, which under the Regulations are qualifying investments for the purposes of a stocks and shares JISA, with the exception of holdings registered in the United States.

“Registered Contact” means a person who is over 16 and has parental responsibility as set out in the ISA Regulations in relation to the Eligible Child and either makes the application to open the JISA or assumes responsibility for the Junior ISA; or is the Eligible Child over the age of 16 who holds the JISA, where that Eligible Child has assumed responsibility in accordance with the ISA Regulations;

“Regulations” means the Individual Savings Account Regulations 1998, as amended or replaced, and any other applicable statutes and regulations.

“Rules” means HMRC Rules and Regulations as amended or replaced

“Subscription” means any contribution made by you to an JISA Account during a Tax Year

that counts towards the annual JISA allowance under the Rules and Regulations.

“Tax Year” means a year beginning on 6 April in any one year and ending on 5 April of the following year.

1. Eligibility

a) To subscribe to a GPP JISA Account you must be aged 16 or over and be resident or ordinarily resident for tax purposes in the United Kingdom or be a non-resident Crown Employee/Spouse.

b) You shall promptly notify GPP in writing of any change of address or United Kingdom taxation status which may render you ineligible to subscribe further to the JISA Account. You shall inform GPP immediately if you cease to be a UK resident for tax purposes, or if being a non-resident you cease to qualify as a Crown Employee/Spouse.

c) Investments eligible for inclusion in the GPP JISA Account are restricted to Qualifying Investments.

d) Provided that your application is approved by GPP, your JISA Account will open upon receipt by GPP, of a duly completed application.

e) Your JISA Account will cover the current tax year and remain open for subsequent tax years in which GPP receives a subscription from you, subject to any changes in legislation.

f) Your National Insurance Number and date of birth must be quoted on your application form.

g) You may subscribe up to the allowable limit in each tax year, but the limit is subject to legislative change.

h) GPP will notify you if for any reason you fail to satisfy the Regulations and that an JISA Account has, or will, become void. GPP will not be responsible or liable for any loss that occurs should a termination of an JISA Account be required.

i) Qualifying Investments to your JISA Account must either comprise cash subscriptions, transferred cash or Qualifying Investments. It is your responsibility to determine whether any Qualifying Investments you wish to transfer to your JISA Account meet these criteria.

j) If a non-qualifying investment is bought by on or behalf of the JISA Account, GPP shall be entitled to transfer it to your trading account (without notice). Such transfer will be treated as a withdrawal from the JISA Account.

k) You must not subscribe and have not subscribed to another stocks and shares JISA in the same tax year applicable to the same stocks and shares.

l) You must not have exceeded the overall subscription limit in the tax year in which you apply to open your JISA Account.

2. Appointment

Under the Regulations GPP will provide account management and administration services for your investments held within an JISA Account. You appoint us to provide services in accordance with the applicable Rules and Regulations and otherwise as set out in these Terms and Conditions.


3. Beneficial Ownership

a) The Eligible Child will remain the beneficial owner of the investments held in your JISA Account and the investments will not be used as security for a loan.

b) Share certificates or other documents evidencing title to investments will be held by us or as we may direct.

4. Investments

a) You authorise GPP to recover from the HMRC such tax credits on dividends that are reclaimable for the credit of the JISA Account.

b) All Qualifying Investments acquired on your behalf and in accordance with your instructions, which are subsequently found to be non-qualifying, HMRC may require the money or investment to be removed from your JISA Account and any losses or profits will be for your JISA Account.

c) The title to any investments in your JISA Account may be registered in:(i) our name;
(ii) the name of our nominee;
(iii) jointly in our name and your name; or
(iv) jointly in the name of our nominee and the Eligible child or Registered Contact.

5. Cash and Custody

a) All cash received in your JISA Account including subscriptions, monies pending investment, any balance of un-invested cash, cash resulting from the transfer in of an JISA, income payments, dividends, tax repayment or the proceeds of sale of investments will be held in a designated client JISA Account by GPP in accordance with the FCA Rules.

b) GPP will only retain cash within your JISA Account for the purpose of applying it on your behalf to purchase your chosen investments.

c) Dividends, interest payments and cash entitlements received in a currency other than Sterling will be converted to sterling as soon as reasonably practicable. We shall be entitled to charge you any foreign currency costs. The exchange rate used will be the appropriate prevailing commercial rate available from GPP’s bankers. GPP will round down to the nearest pound all converted dividends, interest payments and cash entitlements and shall be entitled to retain any amounts arising out of this rounding process for their own account.

d) Dividends, interest payments and cash entitlements due to you will be paid promptly to your JISA Account.

e) Your subscriptions or transfer proceeds will be deposited, awaiting investment, in a client money bank account with an approved bank selected by GPP. The money will be held in trust which means that in the event of GPP becoming insolvent, the money will be protected from any claims by the creditors of GPP. Interest will not be paid to you in respect of such deposits. GPP is not responsible for default by any bank which holds cash for your JISA Account. This means that if the bank were to become insolvent while your cash was held pending investment, you may lose some or all of it. However, you may be entitled to compensation as detailed in Section 19 of these Terms and Conditions.

6. Fees and Expenses

a) An administration fee may be levied for corporate action services under section 14.

b) GPP cannot reclaim the income tax from HMRC that is deducted from the income payment of an investment that earns its income primarily from dividends paid to it on the underlying investments.

c) Tax is subject to individual circumstances and tax legislation may be subject to change in the future.

7. Liability and Delegation

a) GPP shall not be responsible for any loss or damage or depreciation in value of the JISA Account or for its failing to produce a return on capital invested howsoever arising except insofar as the loss, damage or depreciation results directly from the fraud or wilful default or neglect of GPP or by reason of breach of any of the Rules and Regulations.

b) You acknowledge that the value of, and income from, any investment in the market may fall as well as rise and you may not get back the amount originally invested.

c) You also acknowledge that we have not given any advice as to the suitability of this investment service for you. You should consult an Independent Financial Advisor if you have any doubt that this investment service may not be suitable for you.

d) GPP shall not delegate any of our functions or responsibilities in respect of your JISA Account unless we are satisfied that the person to whom we may delegate is competent to carry out those functions or responsibilities.

8. Subscriptions, Withdrawals, Terminations and Transfers

a) Subscriptions may be made at any time to your JISA Account subject to the maximum annual subscription permitted by the Rules and Regulations.

b) Transfers to us must be from an JISA registered in the name of the Eligible Child.

c) Subject to the Rules and Regulations, the settlement of outstanding investment transaction(s), and any tax liabilities, charges and expenses, you may withdraw part or all of the investments in your JISA Account at any time by giving us written instructions. Such withdrawal will take place as soon as reasonably practicable.

d) In the event of a withdrawal from your JISA Account any annual charges paid to us will not be repaid to you whether in whole or in part.

e) You may apply to transfer either the whole of an existing current years JISA to us, or the whole of your previous years’ JISA, in accordance with the Rules and Regulations. Your application to transfer an ISA will need to be made in conjunction with an application to open an ISA Account with us.

f) At your request the JISA Account and all rights and obligations of the parties hereto may be transferred to another account manager by you giving notice in writing to us and on receipt of written confirmation from the new plan manager, accepting the Account.

g) If you wish to transfer your JISA Account out to a new JISA plan manager partially or in full, we will transfer your investments to a different JISA plan manager within 30 days of receiving written instructions to that effect, provided that all fees and charges have been paid in full.

h) You shall be entitled to transfer your JISA Account, fully or in part, or make withdrawals without restriction.

i) If your JISA Account holds units in or shares of a UK UCITS, recognised UCITS or non-UCITS retail scheme, and dealings in the units or shares are suspended in accordance with Rule 7.2 of COLL, or any direct foreign equivalent of that Rule, we may extend the period for fulfilling a transfer or withdrawal instruction to 7 days after the end of such suspension.

j) We may terminate the JISA Account in the event that: GPP ceases or intends to cease to be an JISA manager or where it is no longer possible, practical or reasonable for GPP to manage the JISA in which event we shall provide you with 30 days prior notice. If you materially breach these Terms and Conditions or we reasonably consider that you have committed fraud or we reasonably suspect fraud, we shall be entitled to terminate forthwith.

k) We may at our discretion complete any transactions commenced prior to receipt of a notice of termination.

l) We shall notify you if by reason of failure to comply with the Rules and Regulations, the JISA Account has or will become void.

m) Partial sales of stock or withdrawals will be deemed to be capital for taxation purposes.

n) In the event that you terminate your JISA Account, any interest accumulated during that quarter will not be calculated nor applied to the JISA Account before account closure.

o) We offer no advice in respect of the investments you purchase within your JISA Account.

p) Where you subscribe to an JISA component in more than one tax year, each year’s Subscription will be merged together as one portfolio, however, if there is a break in your Subscriptions such that no Subscription is made to that JISA Account in a given tax year, you will need to make a new JISA Application.

q) Cancellation and Withdrawal of your JISA Account will be permitted within the first 14 days after successfully applying for an JISA Account with us. If you cancel without making a subscription to your JISA Account, the Rules and Regulations permit you to retain an JISA subscription allowance for the current tax year.

r) If you subscribe by transferring funds or assets into the JISA Account or transfer an existing JISA into your new JISA with us, you will be deemed to have invested in the JISA for that tax year. If you cancel your JISA and do not transfer it to another provider, you will lose your subscription allowance for that tax year.

11. Eligible Child’s 18th Birthday or Death

a) On the Eligible Child’s 18th birthday the account ceases to be a JISA, but any investments held at that date remain in the tax-free ISA wrapper until the former child closes the account. An ISA application must be made if fresh subscriptions are to be made.

b) After age 18, the investments will become subject to the terms and conditions of the GPP ISA Terms and Conditions.

c) When GPP are notified that the Eligible Child has died, we will terminate your JISA in accordance with Rules and Regulations and your investments will be converted to shares held outside of an JISA Account in the same fund(s). Any income tax credits received after the date of death will be returned to HMRC by us.

d) Any subscriptions made after the date of death are not valid subscriptions to the JISA. In addition, where the Eligible Child dies the interest, dividends or gains in respect of investments in their JISA which arise after the date of death to the date of closure are not exempt from tax.

e) Shares will continue to be held by GPP until proof of death and proof of entitlement has been received by us. Any income generated will be held within a noninterest bearing client money account until it can be released. On receipt of the death certificate, the sealed grant of probate and/or other documents required by GPP, shares can be either:

(i) transferred to your personal representatives or named beneficiaries (GPP may require verification of their identity in order to meet our obligations under UK anti- money laundering rules); or

(ii) sold and the proceeds paid out in accordance with these Terms and Conditions which are binding on your personal representatives.

The Eligible Childs personal representatives must account for any tax that may be due.


12. Records of Your Account

GPP will make all such returns to HMRC for the purposes of taxation and provide all taxation and certificate details to you, on receipt of a written request, as may be required under the Rules and Regulations.

13. General

GPP reserve the right to refuse any application to subscribe to an JISA or open an Account without giving a reason for so doing.

14. Corporate Action

a) If you elect to do so, we will arrange for you to receive a copy of the annual report and accounts issued by every company or other concern in respect of investments held in your JISA Account.

b) If you elect to do so in respect of the investments, we will arrange for you to be able to:

(i) attend shareholders’, securities holders’ or unit holders’ meetings to vote; and
(ii) receive, in addition to the annual report and accounts, any other information issued to shareholders, securities holders or unit holders.

15. Notices, Instructions and Information

a) Notices and instructions to GPP must be in English. Notices and instructions must be in writing and signed by you.

b) Notices and other documents to be given to you will be posted to your last registered address for your JISA Account and will be considered received by you three days after posting.

c) Before GPP acts on an instruction, GPP will take reasonable steps to check that the instruction is genuine (in other words given by you) and clear. Unless the person giving the instruction is an employee or agent of GPP, GPP will treat an instruction as genuine if:

(i) it is given in a document (for example a cheque) that has a signature on it which GPP reasonably believe is your signature or that of any person notified by you to us as authorised to give instructions on your behalf;
(ii) we are satisfied that you (or a person notified by you to GPP who has been authorised to give instruction on your behalf) are who you say you are when you give us instructions in person; or
(iii) we believe in good faith that the instruction is from you or any authorised person and there are no circumstances GPP are, or should reasonably be, aware of that cast doubt on the identity of the person giving the instruction.

d) You must provide GPP with all information which it reasonably requests in respect of your JISA Account and, in particular, you must immediately write and tell GPP about any change of tax status or other change in your circumstances, such as if you are no longer resident in the UK for some or most of the time.

16. Changes to Terms and Conditions

a) GPP may change these Terms and Conditions, subject to giving at least 30 days’ notice to you in writing, (although we may have to give you less where this is as a result of changes to FCA Rules, the Rules, the Regulations, or to other relevant changes in law and where we have not received more notice of the changes ourselves), and providing that such change does not breach any rules or regulations.

b) GPP can amend these Terms and Conditions for the following reasons:(i) to reflect changes in tax, regulations, other relevant UK or European legislation or reporting requirements;
(ii) to reflect improvements or enhancements to the existing services we provide;
(iii) to respond proportionately to change in circumstances or the occurrence of any event, which is outside of our control and means that the Terms and Conditions operate in a way that is unfair to you or other investors in the JISA Account;
(iv) to reflect a relevant recommendation, requirement or decision of any court, ombudsman, regulator or similar body;
(v) to make changes to the investments available in accordance with these Terms and Conditions or make new types of investments available;
(vi) to reflect reasonable changes to the services provided by third parties appointed by us or the appointment by us of alternative third parties;

c) If you do not agree with the changes that we are proposing to make you may close or transfer your JISA Account in accordance with these Terms and Conditions. GPP will not charge you for terminating in these circumstances.

17. FCA

The FCA can be contacted at:

Financial Conduct Authority
12 Endeavour Square
London
E20 1JN
United Kingdom.
Telephone from UK: 0800 111 6768
Telephone from overseas: +44 (0)20 7066 1000
Email: consumer.queries@fca.gov.uk

Website: www.fca.gov.uk

 

18. Complaints

a) If you are not satisfied with any aspect of the service that you have received from GPP, you can write to us at the address provided above. We have a written complaints handling procedure, a copy of which is available on request.

b) We try to resolve all complaints to your satisfaction. However, if you’re unhappy after receiving our final response, you may wish to refer it to the Financial Services Ombudsman. You will need to do this within six months of the date of our letter.

c) Complaints GPP are unable to settle may be referred to:

Financial Ombudsman Service
London
E14 9SR
United Kingdom.
Telephone: 0300 1239 123 / 0800 0 234 567
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

Making a complaint will not prejudice your right to take legal proceedings.

19. Compensation

a) GPP is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our or their obligations.

b) This depends on the type of investment business and the circumstances of the claim. Most types of investment business are covered for 100% up to a maximum compensation of £85,000.

c) Cash deposits are covered for 100% up to a maximum compensation of £85,000. The amounts in this section may be changed by the Government from time to time.

d) Further information about compensation arrangements is available from:

Financial Services Compensation Scheme
10th Floor, Beaufort House
15 St Botolph Street,
London, EC3A 7QU
United Kingdom
Telephone: 0800 678 1100 / 0207 741 4100
Website: www.fscs.org.uk