Questions and answers

PIP

What are the Aims of the Personal Investment Portfolio?
The Personal Investment Portfolio:
• Lets you invest in a range of permitted investments, including stocks and shares, bonds and gilts, as well as collective funds, which includes a range of funds at discounted rates.
• Allows you to make regular or one off withdrawals, if required, as you continue to invest. 

What is your Commitment?
• There is no set term, and you can invest for as long as you wish.
• You can invest regular and/or single lump sums.
• You can stop or change your regular payments at any time.
• Your payments will buy shares and/or units in the ‘Permitted Investments’ of your choice. ‘Permitted Investments’ are assets which can be bought in accordance with the Terms & Conditions and Permitted Investments List applying to your Personal Investment Portfolio.
• You should regularly review your investments with your Financial Adviser.
 
What are the Risk Factors?
• Past performance is not a guide to future returns. What you get back is going to depend on the performance of the investments you have chosen, and will vary from day to day.
• The value of your Personal Investment Portfolio and any income from it can fall as well as rise, and is not guaranteed at any time. It could also fall below the amount you originally invested, particularly in the early years. Stocks that promise high returns could be at an increased risk of default.
• Our fees may change in the future, and this could reduce the value of your investment.
• If you withdraw money from your Personal Investment Portfolio, this will affect the amount of any income and capital growth you receive, and you may not get back your original capital.
• Any foreign investments will be affected by fluctuations in currency exchange rates.
• Any change in general interest rates could affect the value of your investment.

What is the Personal Investment Portfolio?
Within the Wealthtime Private Client Service, the Personal Investment Portfolio is where you can hold a wide range of investments which do not normally attract the benefit of favourable tax treatment.
We will:
• Set up arrangements with your chosen Execution Only Stockbroker so that you can buy, switch or sell a wide range of investments
• Where applicable settle trades on your behalf
• Set up arrangements with your chosen Discretionary Investment Manager
• Keep up-to-date records of your transactions
• Provide you with half yearly valuations. 

Who can have a Personal Investment Portfolio?
Anyone who is aged 18 or over and is resident and ordinarily resident in the UK for tax purposes can open a Wealthtime Personal Investment Portfolio. It cannot be opened on behalf of anyone else. 

How much money do I need to open one?
There is no minimum amount required to set up a Wealthtime Personal Investment Portfolio.
When you open a Wealthtime Personal Investment Portfolio, we will set up a Designated Personal Investment Portfolio Bank Account in your name, provided by Barclays. You can pay money into your Personal Investment Portfolio by cheque or electronic bank transfer. We will place all deposits in your Designated Personal Investment Portfolio Bank Account. This Designated Personal Investment Portfolio Bank Account is not designed for general banking transactions, so you will not receive a cheque book or a cash card and you will not be able to pay in or withdraw money at a Barclays branch.
 
How much can I save?
You can choose to save as much as you wish.
There are no minimum or maximum limits. 

Will I receive interest?
Yes. Interest is calculated daily, using your balance at that time. Barclays will pay the interest into your account every quarter, in arrears. All interest received on your Designated Personal Investment Portfolio Bank Account is credited to this Account in full. No margins are retained by Wealthtime. The gross interest rate is currently 0.05% below base rate. Interest will be paid net of tax, unless you are a non-taxpayer and you have registered to have your interest paid gross. Interest rates can change. Speak to your Financial Adviser for details of Barclays current rates or contact us.
 
Can I make further deposits?
Yes. You can add to the Personal Investment Portfolio at any time. There is no limit to the number, or amount, of further deposits you can make. 

How do I make further deposits?
By cheque or electronic bank transfer at any time. This money can then be used to buy your chosen investments. Please contact your Financial Adviser if you want to make any further deposits or contact us. 

Where can I invest my money?
You can choose from investments including Stocks and Shares, OEICs (Open Ended Investment Companies), Unit Trusts, Investment Trusts, and Gilts. Please refer to the Personal Investment Portfolio Permitted Investments List, available in the Literature Library. 

What are the permitted investment options?
You decide how your money is invested. There is a wide range of investments available. Below is a summary of the investments allowed:
Stocks and shares quoted on the London Stock Exchange (e.g. equities, gilts and debentures), including securities on the Alternative Investments Market
Stocks and shares quoted on HM Revenue & Customs or FSA recognised overseas stock exchange
Unit trusts and investment trusts
UK & EEA based Open Ended Investment Companies (OEICs)
UK Real Estate Investment Trusts (REITs) 
Insurance company managed funds and unit linked funds
Deposit accounts and money market accounts

For full details on the range of permitted investments please refer to the Personal Investment Portfolio Permitted Investments List, available in the Literature Library.
Wealthtime does have the final say on whether any specific investment may be made by your Personal Investment Portfolio. 

Is Wealthtime regulated to give advice?
Wealthtime is not regulated to provide investment advice to you, and you and your Financial Adviser are responsible for ensuring any investments made are in accordance with the rules. 

Do you have a fund supermarket facility?
As part of your investment choice Wealthtime offers your financial adviser access to a fund supermarket facility known as the Wealthtime Light Fund Supermarket. This facility provides access to a range of collective funds from many leading fund managers at discounted rates.

The funds are a range of mostly retail unit trusts and OEICs. 

Can I invest outside the Wealthtime Light Fund Supermarket ?
Whilst the Wealthtime Light Fund Supermarket offers a wide range of funds, the lists are not exhaustive and you are still free to choose to invest in other collective funds  elsewhere in the market at the fund managers’ standard rates or to choose your own fund supermarket facility.

What is the investment process?
When you open the Personal Investment Portfolio, Wealthtime  opens an interest bearing account  designated in your name to receive and pay monies as required. This is known as the Designated Personal Investment Portfolio Bank Account. Please note Wealthtime receives no payment from Barclays in respect of this account and takes no margin on the interest. Wealthtime Trustees Limited, as Nominee, will be the sole authorised signatory on the account. Monies will start to earn interest as soon as they are cleared in your designated account. Any other income, such as dividends, are also paid into this account. Monies will be applied in accordance with your instructions or those of your authorised agent. All monies received will be held on deposit in your Designated Personal Investment Portfolio Bank Account until investment instructions are received.  

Letter of Instruction
Our aim in providing this service is to relieve you of as much of the administrative burden of holding your investments as possible. In most cases, the Letter of Instruction contained in the Personal Investment Portfolio Application Form should be sufficient to enable us to act on your behalf but on those occasions when an investment manager requires greater authority it may be necessary for us to ask you to grant us a Power of Attorney. Should this become necessary we will discuss the requirements with you at the time. The investments will normally be held in your name unless your adviser is using the Wealthtime Light Fund Supermarket in which case the investments will normally be held in our Nominee name, Wealthtime Trustees Limited.

Specific investments
The following outlines our requirements in relation to the more common investments permitted within the Wealthtime Personal Investment Portfolio.
 
Deposit Accounts and Money Market Accounts
We do not require you to hold all cash with Barclays. For monies to be held on deposit for the longer term you may be able to obtain better rates elsewhere. The process will depend on the requirements of the particular institution. Generally, the account will be set up in your name with ourselves as the authorised signatories. You will need to complete the forms and send them to Wealthtime for onward transmission. Please note that each deposit and withdrawal will count as a Transaction for fee purposes. Not all financial institutions will accept ourselves –a corporate body - as authorised signatories so you need to check with them first.

Unit Trusts and OEICS other than through the Wealthtime Light Fund Supermarket
We will require a letter signed by you or similar authorised instruction, giving details of the amount to be invested and the funds in which the investment is to be made. Alternatively, you may provide us with written authority to act upon your Financial Adviser’s instructions. In either case, we will also need an application form from the fund manager completed as far as possible. This will also include details of any commission arranged with the fund manager inserted by your Financial Adviser. Wealthtime will then send the application form with payment to the fund manager or, if instructed, back to your Financial Adviser for onward transmission.
Alternatively, if your appointed Financial Adviser is able to place deals with the Fund Manager by telephone, they may do so. Please note the units purchased must be registered in “Your name / Wealthtime / Client number / Product number”. The contract note should be sent directly to Wealthtime for settlement. 
Please note that if the Financial Adviser is unsure of the amount available for investment it is essential that he/she check with Wealthtime otherwise any loss occasioned by the need to sell excess units is their responsibility. 

How can I invest in Stocks and Shares?
Wealthtime has arranged integrated telephone and online execution only dealing facilities with Selftrade and Barclays Stockbrokers for stock and share transactions. Once you have signed an Agreement with Selftrade or Barclays Stockbrokers and returned it to Wealthtime, you will be given a unique dealing reference by Selftrade or Barclays Stockbrokers. Trades can then be placed by you, contacting Selftrade or Barclays Stockbrokers directly and quoting this reference. 

Please note that in no circumstances will we accept instructions for onward transmission for stocks and share transactions including corporate actions. Contract notes will be sent to us for settlement with copies to the correspondence address on Wealthtime’s record. 

The Selftrade and  Barclays Stockbrokers service covers UK quoted stocks and some, but not all, overseas stocks. 

Can I appoint my own Stockbroker?
If you prefer, you may use your own stockbroker but Wealthtime must agree to their appointment. You will need to enter into the stockbroker’s Terms of Business Agreement and then return it to us. To establish an account we will then forward this to the Stockbroker under the Letter of Instruction subject to our limitation of liability. All shares must be registered in your stockbroker’s nominee name. Wealthtime will not hold share certificates.
Whether Selftrade, Barclays Stockbrokers or your own stockbroker is used, you or your Financial Adviser will be responsible for giving instructions. You may only use a stockbroker regulated by the Financial Services Authority, a stockbroker based overseas is not acceptable. Wealthtime will also require its own liability to be limited to the value of your Personal Investment Portfolio. 
If you wish to deal in investments with potentially open ended liability, this is subject to our agreement and to a full indemnity from the broker/Investment Manager you use. Please note many brokers/Investment Managers will not accept this if you wish to deal in these products but Wealthtime cannot proceed without this protection.
Wealthtime will make payment on each purchase to, and receive payment on each sale from, the stockbroker unless it has been agreed the stockbroker can hold cash balances.
Please note that it is important to ensure that there are sufficient funds available to complete a purchase. If in doubt, you should check with Wealthtime before making a purchase. 

Can I appoint an Investment Manager?
Yes. As part of your investment choice, Wealthtime offers access to a range of discretionary or advisory fund management services. 

Can I appoint my own Investment Manager?
Yes. You are free to choose an alternative discretionary or advisory Investment Manager. If you choose to appoint an Investment Manager to manage a portfolio on a discretionary or advisory basis, you will need to enter into a Terms of Business Agreement with the Investment Manager and then return it to us. To establish an account we will then forward this to the Investment Manager under the Letter of Instruction subject to our limitation of liability. Once the account is opened, we will transfer the amount of money you have instructed to the Investment Manager for investment at their discretion (if discretionary) or in consultation with you (if advisory).Any Investment Manager used must be regulated by the Financial Services Authority. An Investment Manager based overseas is generally not acceptable. Wealthtime must limit its liability in these agreements to the value of your Personal Investment Portfolio. 

How will the investment management relationship work?
All investments purchased by the Investment Manager must be registered in their nominee name. The investment management agreement will continue until you notify Wealthtime in writing that the appointment is to be terminated. We will then make arrangements to effect this termination in accordance with the terms of the agreement.Wealthtime does not accept liability for any loss as a result of any action by a Discretionary Investment Manager, Financial Adviser, Selftrade, Barclays Stockbrokers, Execution Only Stockbroker or any other person or body responsible for any investment management or associated ancillary services. The fees and charges relating to investments are payable from funds within your own Personal Investment Portfolio.

What are the timescales for processing investments?
Investment instructions can only be processed when a valid investment instruction and application form (if appropriate) has been received:

Other Investment Manager/Stockbroker accounts - Wealthtime will complete and send the paperwork to establish this type of account to the Investment Manager/Stockbroker within 3 business days of receiving your instruction and account opening forms. The Investment Manager/Stockbroker will have their own timescales for opening the account. Once we have been notified the account is open and the Investment Manager/Stockbroker has agreed to our terms we will endeavour to send any monies you have requested to your Investment Manager/Stockbroker within 2 business days.

All other investments - Wealthtime will endeavour to action your instruction within 2 business days of receiving a valid investment instruction and application form. We will normally send any documentation and payment by post to the investment provider.

How will I receive confirmation of investment transactions?
You will receive confirmation of investment transactions directly from your chosen Execution Only Stockbroker, Selftrade, Barclays Stockbrokers, Discretionary Investment Manager,or Fund Manager in line with their relevant Terms and Conditions. If your Financial Adviser is using the Wealthtime Light Fund Supermarket facility then confirmation of trades will be displayed on the Wealthtime Online Service within your Secure Online Document Store.

Can I switch funds within my Personal Investment Portfolio?
Yes. You can decide how your money is invested and switch funds within your Personal Investment Portfolio at any time. Each investment provider has their own limits for switching and how much must remain within a particular investment and they, or your Financial Adviser should be able to give you more information. If you switch from one fund manager to another then there may be a delay in purchasing units until the sale proceeds have been received by the new fund manager which may affect the number of units that can be purchased.
 
What could I get back?
You will get back the value of your investments held in your Personal Investment Portfolio at the time the investments are sold. There is no guaranteed amount.
The amount you receive will depend on the following factors:
• How much you invested
• The fund performance
• Any fees
• Any income or withdrawals you have taken
• The Terms and Conditions of the investment.
 
What fees can I expect?
The fees that take place in respect of your Personal Investment Portfolio and the operation of your Designated Personal Investment Portfolio Bank Account are described in the Personal Investment Portfolio Fees Schedule. Please refer to this schedule for further information. 


Are there any additional charges?
The following is a summary of additional charges which may be incurred: 

Bank Charges:
• There are no Barclays Bank charges for operating the Designated Product Bank Account other than CHAPS or Foreign Payment charges.

Financial Adviser:
• Commission/Adviser Fee.

Stockbroker/Investment Manager Charges:
• Your appointed Investment Manager’s own fees
• Stockbroker Commissions
• Barclays Stockbrokers charges
• Selftrade charges
• Fund Manager charges.

Please note that if in the future, additional services are offered, or additional forms of investment are permitted, the relevant fees may not be reflected in the Personal Investment Portfolio Fees Schedule applicable when opening your Personal Investment Portfolio. Please always refer to the latest Personal Investment Portfolio Fees Schedule for up to date information. 

Where are the fees deducted from?
All fees will normally be payable from your Designated Personal Investment Portfolio Bank Account. It is therefore necessary to ensure that sufficient cleared funds are available in your account to meet any prospective fees.In this respect, Wealthtime reserves the right to realise investments held within your Personal Investment Portfolio to pay outstanding fees if insufficient funds are available. 

How do fees and charges affect my Personal Investment Portfolio?
There is an annual transaction fee for administering your Wealthtime Personal Investment Portfolio.There may also be transaction fees when you buy, sell or switch investments or transfer them ‘in-specie’.
There will also be an amount to cover the fees or commissions that you have agreed with your Financial Adviser. These fees and expenses will be taken from your Personal Investment Portfolio. Please note if this is the first Product you have set up under the Wealthtime Private Client Service there may also be a set up fee payable. Please refer to the Personal Investment Portfolio Fees Schedule for more information. 

Will I pay tax on my Personal Investment Portfolio?
The Personal Investment Portfolio is not a tax-exempt product. The tax you pay will depend on the type of assets that you hold and your personal circumstances. At the end of each tax year we will provide you with information that you will need to include in your self-assessment tax return. For further information, please speak to your Financial Adviser or Tax Adviser. 

How will I know what my Personal Investment Portfolio is worth? 
Every six months, we will issue a statement showing the value of your Personal Investment Portfolio. 

How do I withdraw my money?
You can withdraw any amount from the Personal Investment Portfolio at any time.
There could be a charge from third party product providers. For example, some life assurance bonds may have an exit charge. Your Financial Adviser will be able to give you information on this.
You can make withdrawals from your Personal Investment Portfolio on a regular basis, or as a single lump sum. If you want to arrange any withdrawals, you can write to us or ask your Financial Adviser to arrange this for you:
• If you would like to make withdrawals on a regular basis, we will send money to you by BACS into a bank account in your name
• If you would like to take out a single lump sum, we will send you a cheque or pay it by BACS into a bank account in your name.
If you would like to make withdrawals on a regular basis, you will need to write to us at least 14 business days before the end of the month, prior to the date the first payment has to be made. We will send the money to you by BACS into a bank account in your name, nominated by you on the Regular Withdrawals Request Form. This payment will be made on, or around, the first business day of the month. 

Can I close my Personal Investment Portfolio at any time?
Yes. You must give us one month’s notice by writing to the Wealthtime Private Client Services Team.
We will make no charge to close your Wealthtime Personal Investment Portfolio although we will charge transaction fees on any investments sold or transferred in-specie. You should also remember that each investment provider has their own Terms and Conditions, so please check with your Financial Adviser. 

What happens if I die?
If you die, your personal representatives must close the Personal Investment Portfolio. On receiving appropriate proof of title, we will pay them the balance together with any interest earned up to the date we close the Personal Investment Portfolio, or if requested, we will transfer the Personal Investment Portfolio’s investments to them. The balance will take into account any gain or loss in the value of your investment.
The proceeds from your Personal Investment Portfolio will form part of your estate for inheritance tax purposes. 

Can I change my mind?
Yes. When we have accepted your application for a Personal Investment Portfolio, you will be sent a cancellation form. You will have 14 days, starting from the date this notice is issued, during which you have the right to change your mind.In order to exercise your right to cancel the Personal Investment Portfolio, you must send signed confirmation to the Wealthtime Private Client Services Team. If you cancel, this will have the effect of closing your Wealthtime Personal Investment Portfolio and you will get a refund of any monies paid into the Bank Account, less any amounts used to purchase individual investments. Your right to cancel will remain unaffected if any event beyond your control makes it impractical to communicate the wish to cancel. All decisions regarding your investments should be taken with your Financial Adviser. 

What if I have a complaint?
If your complaint is about the service you have received from us, please write to David Baker at the address shown in the ‘Contact Us’ section of the website.
You can ask us for a copy of our complaints procedure at any time.
If you are not satisfied with the way we deal with your complaint or if we have not dealt with it in eight weeks, you can contact:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London, E14 9SR
Telephone: 0845 080 1800
Any complaint regarding the advice given to you by your Financial Adviser should be referred to them for review under their own complaints process, details of which should already have been provided by them.
If you have a complaint regarding an individual investment, this should be directed to the individual fund manager concerned and again, details should be provided by your Financial Adviser.
Making a complaint will not affect your legal rights. For more information you will find our Complaints Leaflet in the Literature Library. 

Can I claim compensation?
If you make a valid claim against us in respect of your investments and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme (FSCS) by which we are covered and which enables an individual and small business to claim for 100% of any loss up to £50,000. We will send you details of the cover provided by the Scheme on request.

The individual Product Providers for your underlying investments may themselves offer protection under the FSCS in respect of their products held within your individual Products. Please enquire of your Financial Adviser or the product providers for further information.

In respect of the Bank Account(s) these are held with Barclays which is covered separately by the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors including individuals and small businesses are covered by the scheme and an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with Barclays including their share of any joint account and not to each separate account. For further information about the scheme including the amounts covered and eligibility to claim please refer to the FSCS website at www.fscs.org.uk.

Where can I see your Terms and Conditions?
Your rights as the holder of investments in the Personal Investment Portfolio are set out in the Personal Investment Portfolio Terms and Conditions and may be subject to change in the future. You can find the Personal Investment Portfolio Terms and Conditions in the Literature Library.



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