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How to do business with Invesco Perpetual
A guide for financial advisers
This document is for Professional Clients only and is not for consumer use
At Invesco Perpetual we aim to make doing business with us as
simple and efficient as possible. This document is intended to
provide you with an overview of the operational information you
need when working with us.
We will update this service guide each year and we may also
publish updates when a new product or service is launched,
or following legal or regulatory changes.
We hope you will find this guide a useful overview of the information
you may need. The latest version of this guide will always be
available to request from us or to download from our website,
www.invescoperpetual.co.uk. If you have any questions regarding
this document, or any of our products and services, please call us
on 0800 028 2121.
Contents
Contact information
04
Broker Services Team
Investor Services Team
Callback service
Correspondence and registered addresses
Dealing and valuation lines
Website
Invesco Perpetual agent codes and account numbers
05
Agent codes
Advised and non-advised business
Account numbers
The Invesco Perpetual product range
06 - 07ICVCs
Investment Trust Savings Scheme
Stocks and shares ISA
Cash ISA
Cash held
ISA annual subscription limits
Accumulation shares
Income shares
No Trail shares (Accumulation and Income)
Gross shares (Accumulation and Income) and No Trail equivalents
X, Y and Z shares (Accumulation and Income)
X, Y and Z Gross shares (Accumulation and Income)
Commission
08 - 09
02
How to do business with Invesco Perpetual
A guide for financial advisers
Initial commission (non-advised business only)
Renewal commission (non-advised business only)
Calculation basis for renewal commission
Transaction/share types that are not eligible for renewal commission
Payment methods
Renewal commission statements
Buying, selling and switching shares
10 - 14 Investment levels
Account designation
Joint holders
Shares bought on behalf of a trust
Discount terms
Special ICVC promotional discount terms
Making an investment
Cancellation rights
ISA transfers
Monthly savings
Prices/valuations
Invesco Perpetual fund switches
Mandatory switch of No Trail shares
Investment trust switches
Switches between funds and investment trusts
Selling shares
Confirmation of transactions
Settlement
Online valuations, illustrations, reporting and electronic dealing
15 Online valuations
Illustration service
AdviserOnline Reporting (AOLR)
Electronic dealing
Account maintenance
16 - 17
Statements
Income payments
Income payment methods
Payment details
Accumulation share classes
Interest distributions within an ISA
Tax vouchers and remittance advices
Change of address
Change of name
Changing Direct Debit instructions
Changing income instructions
Invesco Perpetual anti-money laundering requirements
18 - 19 Documentation for UK residents
Documentation for overseas clients
Documentation for UK and overseas Corporate clients
20
Sharing account information with Her Majesty’s Revenue and Customs
21Invesco Perpetual data protection
Management of the Invesco Perpetual fund range and products
Important information
22
Client classification
Conflicts of interest
Best execution
Appropriateness
Complaints
Business entertainment and gifts
23
03
How to do business with Invesco Perpetual
A guide for financial advisers
Invesco Perpetual ICVC fund range guides
Contact information
Broker Services Team
We offer a dedicated support team
for financial advisers, available every
business day between the hours of
8.30am and 6pm.
Dealing and valuation lines
For your convenience, and to minimise
waiting times, the following dealing and
valuation lines are available:
ICVC dealing 0800 085 8571
You can contact the team by
ICVC ISA dealing 0800 917 7581
telephone on 0800 028 2121, by
Automated valuations
fax on 0844 620 1029 or by email at
0800 028 4050
adviserenquiry@invescoperpetual.co.uk
Our telephone dealing services can be
Investor Services Team
used to make lump sum investments in
We also offer a dedicated support
ICVCs1 (by both agents and clients) and
team for your clients, available every ICVC ISAs (by clients only). The service
business day between the hours of
can also be used to sell ICVCs by both
8.30am and 6pm.
agents and clients.
Website
Our website is available at
www.invescoperpetual.co.uk. We
have dedicated content for financial
advisers which you can easily access by
selecting the ‘financial adviser’ audience
type. The site offers a wealth of topical
commentary, information and business
tools and services including:
– Insights and events – all the latest
fund, market commentary and
topical articles from our investment
teams, details about our Investment
Intelligence Seminars and online live
events
– Blog – our forum to instantly provide
Your clients can contact the team
you with ‘of-the-moment’ insights
For clients, these services are only
by telephone on 0800 085 8677,
direct from our fund managers and
available to those who can
by fax on 0844 620 1029 or by email at confirm that they have been provided
product directors, together with the
enquiry@invescoperpetual.co.uk
means to share your own thoughts
with the relevant, most up to date
on the subjects they raise
fund and share class-specific Key
Callback service
Investor Information Document(s), the – Comprehensive product area which
contains details on all
Our callback service operates when we Supplementary Information Document
our funds and the investment trusts
are experiencing a higher than expected and in the case of ISA investments, the
we offer including, performance,
level of enquiries. The system enables
ICVC ISA Key Features and Terms &
factsheets, fund manager
financial advisers and clients calling us
Conditions document.
biographies, literature and other
to contact us easily without waiting in a
fund specific information
queue. The facility is easy to use – when Please note it is your obligation to
prompted leave your name and phone
provide your clients with the most up to – A ‘Resources’ area for fund and
investment trust prices, Frequently
number (including mobile numbers) and date fund and share class-specific Key
Asked Questions and illustrations
you will receive a callback from Invesco Investor Information Document(s).
(for ICVCs and ICVC ISAs only)
Perpetual within 15 minutes.
For ICVCs, the request for settlement by – Online valuations for your clients’
Invesco Perpetual investments
Correspondence and registered
cheque will be made when the contract
(you’ll need to register for this
addresses
note is issued.
service before accessing client
For all correspondence the
specific information)
For ICVC ISAs, we can only accept
Administration centre address is:
payment by debit card. The debit card
Invesco Perpetual
must be registered in the client’s own
PO Box 11150
name and to their home address.
Chelmsford
CM99 2DL
The service is not available for cash
ISAs, investment trust ISAs and Savings
For your information, our registered
Schemes or ICVC/ICVC ISA monthly
address is:
saving investments.
Perpetual Park
Perpetual Park Drive
We will record telephone calls to our
Henley-on-Thames
dealing and valuation lines and other
Oxfordshire RG9 1HH, UK
calls may also be recorded.
Please note this excludes
investments in the Invesco Perpetual
Money and Children’s funds.
1
04
How to do business with Invesco Perpetual
A guide for financial advisers
Invesco Perpetual agent codes and account numbers
Agent codes
Invesco Perpetual provides each financial
adviser with an agent code(s) that should
be included in all communication with us to
ensure a prompt and efficient service.
– In order to meet the requirements of the
Retail Distribution Review (RDR), from 31
December 2012 all existing agent codes
defaulted to ‘advised’ which prevents the
payment of initial and renewal commission
except where we received written
instructions from you to set your agent
code(s) to non-advised.
– As the RDR requirements do not currently
apply to non-advised (execution-only)
transactions, Invesco Perpetual can
continue to pay commission related
to non-advised transactions. It is your
responsibility to ensure you are permitted
to receive such commission payments.
If you require a new agent code(s), please
complete and return the ‘Agency business
type declaration form’ available from our
website or by contacting us.
Alternatively, please send us the following
information in writing:
–Agency name – Company and Registered
individual (if required)
– Firm reference number
– Full address including post code
– Telephone number
–Fax number (if dealing confirmation is
required by fax)
– VAT number (if applicable)
–Bank account details (for commission,
where permissible, to be paid by BACS)
You may be required to sign a confirmation
that you have read and accepted
our ‘Terms of Business’ prior to your
Advised and non-advised business
agent code being set up. Our Terms
Our agent codes default to ‘advised’ and it is
of Business document and the appropriate
your responsibility to ensure that any nonconfirmation form can be requested from us
advised transactions are clearly marked or you on 0800 028 2121 or downloaded
can request a separate agent code(s) for your from our website.
non-advised business.
If you are an appointed representative we will
Alternatively, if all business is non-advised,
need confirmation of the requirement for an
you can request that your agent code(s) is
agent code(s) from your principal (network
set to non-advised.
or authorised body), who will also receive
commission payments in instances where the
In transacting non-advised business, you
current regulations allow.
undertake to Invesco Perpetual that the
transaction is non-advised retail investment Please note we can only accept this
business and therefore falls out of the scope information in writing.
of the RDR commission ban.
Account numbers
In order to facilitate the efficient on-going
It is important that you and your client
processing of business from financial
always quote the relevant account number
advisers, Invesco Perpetual will be monitoring and name the relevant investment and
the level of advised and non-advised business product in all correspondence with us.
which is transacted via a single agent code.
In instances where a high proportion of
Your client may have more than one account
business is being placed as non-advised on
with us, and therefore, more than one
an advised agent code, we will suggest a new account number.
non-advised agent code is set up.
In addition, a client may hold more than one
product within an account. For example, they
may hold both ISA and ICVC investments in
one account.
05
How to do business with Invesco Perpetual
A guide for financial advisers
The Invesco Perpetual product range
ICVCs
Our range of ICVC funds offers investment
across all the major asset classes and regions.
Lump sum and monthly saving investment
options are available, along with a choice
of share classes. Please refer to page 7 for
further information.
Stocks and shares ISA
A wide range of ICVC funds are available
both for lump sum and monthly savings
investments within our Stocks and
Shares ISA.
Income1 and accumulation shares are
available, along with the flexibility to transfer
Full details of our ICVC lump sum and monthly in existing ISAs and switch investments
saving investment levels are listed in the
between funds.
‘Invesco Perpetual ICVC fund range guide’
located at the back of this document.
In addition, a range of investment trusts are
available for both lump sum and monthly
Investment Trust Savings Scheme
saving investments.
A range of investment trusts are available for
1
investment through the Invesco Perpetual
Income shares are not available for
Investment Trust Savings Scheme. Lump
monthly saving investments.
sum and monthly saving investment options
are available. Full details of our lump sum
Cash ISA
and monthly saving investment levels are
Clients can invest in the Invesco Perpetual
listed in the ‘Invesco Perpetual investment
Money Fund, with a minimum initial lump
trusts’ brochure.
sum of £500. No monthly savings
investment option is available.
Cash held
Please note, no charge is applied, or credit
interest accrued, on cash held in respect of
our ICVCs, ISAs or the Investment Trust
Savings Scheme.
ISA annual subscription limits
The ISA investment allowance for the
2014/2015 tax year is £15,000.
Clients can choose to invest up to this limit in
a stocks and shares ISA or a cash ISA or any
combination of the two.
06
How to do business with Invesco Perpetual
A guide for financial advisers
The Invesco Perpetual product range (continued)
ICVC fund share classes
Accumulation shares
Accumulation shares are net paying
shares, where any income allocated from
the underlying investments is credited
periodically to capital, and is reflected in the
share price of an investment.
Income shares
Income shares are net paying shares, where
income allocated from the underlying
investments is distributed periodically to
the holders of the shares.
No Trail shares (Accumulation and Income)
No Trail shares work in exactly the same
way as the Accumulation and Income shares
mentioned above. However, they do not pay
renewal commission to financial advisers
and are priced to reflect this fact. No Trail
shares are available on all Invesco Perpetual
ICVC funds, with the exception of the Invesco
Perpetual Children’s and Money funds.
X, Y and Z shares (Accumulation and Income)
X, Y and Z shares work in exactly the same
way as the Accumulation and Income shares
mentioned opposite. However, the X, Y and
Z shares do not pay commission to financial
advisers, nor do they make rebates of the
ongoing charge. The X, Y and Z share classes
are only available to investors who satisfy
certain criteria such as nominees and fund
platforms which have a written agreement in
place with us to buy the X, Y and Z share classes.
X, Y and Z Gross shares (Accumulation
and Income)
X, Y and Z Gross shares work in exactly the
same way as the Gross shares (Accumulation
and Income) mentioned opposite. However,
the X, Y and Z shares do not pay commission
to financial advisers, nor do they make
rebates of the ongoing charge. The X, Y
and Z share classes are only available to
investors who satisfy certain criteria such
as nominees and fund platforms which have
a written agreement in place with us to
buy the X, Y and Z share classes. They are
available to investors who are eligible for
gross interest distributions and who invest
a minimum of £1 million. A declaration of
eligibility must be completed prior to any
deals being placed. This declaration can be
obtained from us on request.
Gross shares (Accumulation and Income)
and No Trail equivalents
Gross shares work in exactly the same way
as the Accumulation and Income shares
mentioned above and No Trail Gross shares
work exactly the same way as the No Trail
Accumulation and Income shares mentioned
above. However they pay any distributions
gross of tax. Gross share classes are available
for funds in our Fixed Interest and Fixed
Please refer to the Prospectuses for further
Interest 2 Investment Series (except the
Information.
European High Income Fund) and also the
Money Fund. They are available to investors
who are eligible for gross interest distributions
and who invest a minimum of £1 million. A
declaration of eligibility must be completed
prior to any deals being placed. This declaration
can be obtained from us on request.
07
How to do business with Invesco Perpetual
A guide for financial advisers
Commission
Initial commission (non-advised business only)
We do not pay initial or renewal commission on new business where a personal recommendation has
been provided on an investment on or after 31 December 2012. For new business from this date, we
only pay commission on non-advised transactions.
For investments made prior to 31 December 2012, renewal commission will continue to be
payable where it was paid historically. However, for lump sum investments, neither a top
up to the existing investment nor a switch into another fund will be eligible for either initial
or renewal commission, except on non-advised transactions. For regular savings plans,
where the investments are switched into a new fund, the monthly contribution is increased
or invested into a new fund, the monthly payments (including any increase to that payment)
invested from that point onwards, will not be eligible for either initial or renewal commission,
except on non-advised transactions. With regard to switches, any investments remaining in
the original fund invested in will continue to be eligible for renewal commission.
Please see our initial and renewal commission rates below.
Initial commission (non-advised business only)
Investment type
Payment rate
Payment dates/basis
Lump sum
or monthly savings
plans (ICVC/ ICVC ISA)
Up to 3% of the investment made
Fortnightly
Part or all of the initial commission can be rebated in 0.25% increments
Transfers in
Up to 3% of the investment made
Fortnightly
(ICVC ISA in the form
of cash only)
Part or all of the initial commission can be rebated in 0.25% increments
Switches
(ICVC/ICVC ISA)
1% of each investment made
Clients will receive a 4% discount
Fortnightly
Part or all of the initial commission can be rebated in 0.25% increments
lease note: initial commission is only paid once payment has been received and the shares are registered.
P
Once settled the accrual will take effect from the date of the investment and not the date of settlement.
Initial commission is not payable on advised transactions on or after 31 December 2012.
Initial commission is not payable for the Invesco Perpetual Money Fund in any circumstances.
Please note: we do not pay initial commission in respect of investments in our investment trust ISA or Savings Scheme.
Renewal commission (non-advised business only)
We pay annual renewal commission on non-advised transactions to the value of investments
of 0.5% each year on equity funds, the Invesco Perpetual Balanced Risk 6, 8 and 10 funds and
the Global Targeted Returns Fund, along with the following bond funds: the Invesco Perpetual
Distribution, European High Income, Global Distribution, Global Financial Capital, High Yield,
Monthly Income Plus and Tactical Bond funds. We pay annual renewal commission of 0.25%
each year on the Invesco Perpetual Corporate Bond and Global Bond funds. We do not pay
annual renewal commission on the Money and Children’s funds, or where clients are invested in
No Trail or X, Y and Z shares.
With regard to non-advised transactions in investment trust shares, we pay renewal commission
on shares held within an ISA, however, we do not pay renewal commission on shares held within
a Savings Scheme.
Payment rate
Standard rate of 0.5% per annum, 0.25%
on the Invesco Perpetual Corporate Bond
and Global Bond funds. No commission
is payable on investments in the Invesco
Perpetual Money Fund, the Children’s
Fund and on No Trail and X, Y and Z
share classes.
08
How to do business with Invesco Perpetual
A guide for financial advisers
Payment dates/basis
Calculated daily and paid twice yearly for the six
month periods: 1 April to 30 September and
1 October to 31 March. Renewal commission
payments will be despatched within 25 working
days of the end of the period.
Commission (continued)
If you receive your initial or renewal commission by cheque, payment will be made when the
commission amount due to the head agent/payee agent reaches £30. We will accrue any
amounts less than this and make a payment once the threshold has been exceeded.
For BACs payments, there is no minimum commission payment and commission will get paid
directly into your bank account regardless of the amount.
Calculation basis for renewal commission
(for investments in fund shares only)
Renewal commission is calculated daily using
the following calculation:
(E x N x R)
3651
366 days in a leap year
1
E = Eligible shares
N = NAV price
R = Annual renewal commission rate
Renewal commission is then totalled up and
paid out six monthly.
Shares cease to qualify for renewal
commission immediately on redemption.
Calculation basis for renewal commission
(for investments in investment trust
shares only)
The calculation for investments in investment
trust shares is the same as for investments
in fund shares, except that the calculation is
based on the market value of the investment
trust(s) rather than their NAV.
Transaction/share types that are not
eligible for renewal commission:
–any advised transaction made on or after
31 December 2012
– reinvestment of dividends or tax credits
–shares purchased as ‘direct’ (ie. without
the involvement of a financial adviser)
– No Trail or X,Y and Z shares purchased
–all former Invesco unit trusts purchased
outside an ISA before 23 April 1994
–all former GT unit trusts purchased outside
an ISA before 14 December 1998
–all former Perpetual unit trusts purchased
outside an ISA before 1 April 2000
–all former Perpetual unit trust monthly
savings plans purchased outside an ISA
prior to 8 October 2001
09
How to do business with Invesco Perpetual
A guide for financial advisers
lease note investments will qualify for
P
renewal commission for lump sum and
regular investments once payment
has been received and the shares have been
registered.
Once settled, commission accrual will take
effect from the date of the investment and
not the date of settlement.
Payment methods
Renewal commission can be paid directly to
a bank account via BACs. This will ensure
that cleared funds are available to you
immediately. To take advantage of this
facility, please complete a ‘Commission
payment instruction’ form. This can be
downloaded from our website, or requested
by telephoning us. This form should also be
completed if you change your bank details for
commission payments.
We can pay renewal commission by cheque.
You will be sent a commission statement
relating to the commission paid to you,
regardless of the payment method.
Renewal commission statements
We will issue a statement for all product
groups, ICVCs, ISA and the Investment
Trust Savings Scheme. These will be
despatched at the same time as the
payment within 25 working days of the end
of the period. Alternatively/in addition, you
can access the statements via AdvisorOnline
Reporting, a secure online portal (developed
by IFDS). To register please visit our website
www.invescoperpetual.co.uk/aolr.
For more information, please contact us.
Buying, selling and switching shares
Investment levels
Details of investment levels for our ICVC funds
are available in the ‘Invesco Perpetual ICVC
fund range guide’ located at the back of this
document. Details of investment levels for the
investment trust range are available in the
‘Invesco Perpetual investment trust’ brochure.
Account designation
ICVC and Investment Trust Savings Scheme
accounts can be set up with a designation
to aid identification for the client or adviser.
Account designations can be up to eighteen
characters long.
Joint holders
ICVC and Investment Trust Savings Scheme
accounts can be set up in joint names. The
signatures, addresses and dates of birth of all
holders will be required to set up the account.
Signatures of all holders will also be required to
redeem holdings and for other instructions.
Please note, when deciding on the first named
holder and the joint holder(s) it is important to
note that it is the first named holder who will
receive income payments and sale proceeds.
Shares bought on behalf of a trust
A trust cannot be registered as a shareholder and
therefore any shares bought on behalf of a trust
will be registered in the names of the individual
trustees (maximum 4). Normally payment will
be made to the individual trustees and not in
the name of any trust. Any appointment of new
trustees or resignation of existing trustees should
be notified to us in writing as soon as possible
after the change and should be accompanied
by the relevant related documentation. It will be
necessary to complete a ‘Stock Transfer Form’
and a new application form for the relevant
product in order to reflect the change on the
Register. Failure to do this may result in a delay in
releasing the proceeds of any sale of shares.
Discount terms
For advised business made on or after
31 December 2012 in respect of our No Trail
shares, please note a discount will be applied to
the entry charge.
The discount rate applied will be equivalent to
the rate of initial commission that would have
been paid by us on advised business prior to
31 December 2012. For commission rates on
current non-advised business which are the
same as those of advised business prior to
31 December 2012 please refer to the section
entitled ‘Commission’ in this booklet.
10
How to do business with Invesco Perpetual
A guide for financial advisers
Special ICVC promotional discount terms
For new ICVC lump sum investments and
regular saving plans, the Invesco Perpetual
Balanced Risk 6, 8 and 10 funds and the Global
Targeted Returns Fund currently have a 2%
discount and the following Invesco Perpetual
ICVC funds have a 1.75% discount:
– Corporate Bond Fund
– Distribution Fund
– European High Income Fund
– Global Bond Fund
– Global Distribution Fund
– Global Financial Capital Fund
– High Yield Fund
– Monthly Income Plus Fund
– Tactical Bond Fund
We are also currently offering a 2% discount
across the Invesco Perpetual ICVC fund
range for new ISA lump sum investments,
ISA monthly savings investments and ISA
transfers in the form of cash, excluding
investments into the Money Fund (which has
no entry charge) within the cash ISA.
There are no promotional discounts on
investments into our investment trust ISA
and Savings Scheme investments.
Making an investment
Applications for all products can be
made by post using an Invesco Perpetual
application form. These should be returned
to Invesco Administration centre address:
Invesco Perpetual, PO Box 11150,
Chelmsford, CM99 2DL.
Cheque payee names are as follows:
ICVC applications –
Invesco Fund Managers Limited
ISA applications –
Invesco Asset Management Ltd Client a/c
Investment Trust Savings Scheme –
Invesco Asset Management Ltd Client a/c
Please note it is your obligation to provide
your clients with the most up to date fund
and share class-specific Key Investor
Information Document(s).
Clients investing in our ICVC funds must receive
the relevant most up to date fund and share classspecific Key Investor Information Document(s),
the Supplementary Information Document (SID)
before they invest and if the funds are to be held
within an ISA, they must also receive our ICVC
ISA Key Features & Terms and Conditions. Clients
investing in our investment trusts through our
investment trust ISA or Savings Scheme must
Buying, selling and switching shares (continued)
receive the Investment Trust ISA and Savings
Scheme Key Features and Terms & Conditions.
In addition, we can accept some buying and
selling instructions over the telephone. Please
see the section entitled ‘Dealing and valuation
lines’ on page 04 of this brochure for full details.
Cancellation rights
Clients will only receive cancellation rights if
their investment is classed as ‘advised’ - ie. they
have received a personal recommendation
from an authorised financial adviser. In this
case, they are generally allowed a period in
which to cancel their investment. This applies
when:
– they first make a lump sum investment;
–they open an account into which they
make regular payments;
–they switch into a fund or an investment
trust they have not previously invested in,
through an existing Account;
–they transfer a Cash ISA to a Stocks and
Shares ISA;
–they transfer a Stocks and Shares ISA to a
Cash ISA: and
–they transfer an ISA to us from
Another Manager in the form of cash.
end of the same business day and for those
instructions received after 12.00 noon, the
valuation at the end of the next business day.
For ISA transfers in the form of cash, any
money returned to your client will lose its
tax-exempt status and they will be unable to
re-subscribe this for the tax year(s) in which
they made their original investment.
ISA transfers
Transfers into Invesco Perpetual
Clients’ existing ISAs can be transferred
in the form of stock (providing you are
currently invested in Invesco Perpetual funds
or Investment Trusts that are offered within
our ISA) or sold and transferred to Invesco
Perpetual in the form of cash, by completing
the relevant transfer application form.
Current tax year transfers in
Stocks and shares ISA investors must
transfer their whole current tax year stocks
and shares ISA into the Invesco Perpetual
stocks and shares ISA or Cash ISA, and cash
ISA investors must transfer their whole
current tax year cash ISA into either the
Invesco Perpetual cash ISA or the Invesco
Perpetual stocks and shares ISA. If you are
Where applicable (instances where your clients
have received a personal recommendation from moving from a cash ISA to a stocks and
shares ISA or vice versa this can only be
you in respect of their Investment), your clients
will be able to cancel their investment for a period done in the form of cash.
of 14 days after they receive the ‘Cancellation
Previous tax year transfers in
Form’. This form will be sent to your client along
ISA investors can transfer some or all
with their contract note or acknowledgement
of their previous tax year stocks and shares
letter on the next business day after the
investment has been made. This will include more ISA(s) into the Invesco Perpetual stocks and
shares ISA or into a cash ISA, and some or
detailed information of when the cancellation
all of their previous tax year cash ISA(s) into
period begins and ends, and how they can
the Invesco Perpetual cash ISA or the Invesco
exercise their cancellation rights. Please note if
Perpetual stocks and shares ISA. If you are
your clients invest on a non-advised transaction
moving from a cash ISA to a stocks and shares
basis, these cancellation rights will not apply.
ISA or vice versa this can only be done in the
form of cash.
If your clients decide to cancel, they
must return the signed form (or a written
Transfers out of Invesco Perpetual
equivalent) to us at our Administration
Clients who wish to transfer their ISA
centre address: Invesco Perpetual, PO Box
investment to another provider must
11150, Chelmsford, CM99 2DL.
contact the new provider to obtain the
We will reimburse the client with any payment relevant transfer-in forms. Once the client
has completed these forms they should be
we have received from them but where
returned to the new provider, who will contact
they have made a lump sum investment or
Invesco Perpetual to request the transfer.
transferred an ISA from another manager
(in the form of cash) to us, we will deduct the
amount by which the value of that investment Clients and financial advisers should read
the new provider’s terms and conditions
has fallen (if any), calculated at the next
before completing documentation as some
valuation after we receive their cancellation
providers have specific requirements for
instructions. For fund shares this will be the
next 12.00 noon valuation, and for investment accepting transfers.
trust shares, for those instructions received
before 12.00 noon, the valuation at the
11
How to do business with Invesco Perpetual
A guide for financial advisers
Buying, selling and switching shares (continued)
Current tax year transfers out
Stocks and shares ISA investors must transfer
their whole current tax year stocks and shares
ISA into another manager’s stocks and shares
ISA or into a cash ISA, and cash ISA investors
must transfer their whole current tax year cash
ISA into either another manager’s cash ISA or
stocks and shares ISA.
Previous tax year transfers out
Stocks and shares ISA investors can transfer
some or all of their previous tax year stocks
and shares ISA investments to another
manager’s stocks and shares ISA or into a
cash ISA, and cash ISA investors can transfer
some or all of their previous tax year cash
ISA investments to either another manager’s
cash ISA or stocks and shares ISA.
Product
Monthly collection date
ICVC9th1
ISA 28th1
Investment trusts
28th
Children’s Fund
1st
Direct Debit collection dates set up prior
to November 2006 may differ from those
shown in the table. If the specified date is not
a business day, payment will be collected on
the next business day.
Investments can be transferred as either
stock or cash subject to the new manager’s
acceptance.
Please note for fund shares, monthly saving
investments can only be invested
in accumulation share classes only.
New providers may offer a cooling off period,
however this does not apply to the ‘old’ provider
Invesco Perpetual. Any cancellation will result
in a cash transfer back to Invesco Perpetual and
as investments are subject to price movements,
this means clients will not hold the same number
of shares that they held prior to the transfer.
1
Transferring an Invesco Perpetual
cash ISA to an Invesco Perpetual stocks
and shares ISA
Clients may transfer their Invesco Perpetual
cash ISA to an Invesco Perpetual stocks and
shares ISA, at any time, by completing our
‘Application to transfer an existing Invesco
Perpetual cash ISA to an Invesco Perpetual
stocks and shares ISA’ form. This can be
downloaded from our website, or requested
by telephoning our Broker Services Team. The
investment into the stocks and shares ISA will
not be made until the business day after the
cash ISA is sold. As a result, clients will be out
of the market for one business day.
Transferring an Invesco Perpetual
stocks and shares ISA to an Invesco
Perpetual cash ISA
Clients may transfer their Invesco Perpetual
stocks and shares ISA to an Invesco Perpetual
cash ISA, at any time, by completing our
‘Application to transfer an existing Invesco
Perpetual stocks and shares ISA to an
Invesco Perpetual cash ISA’ form. This can be
downloaded from our website, or requested
by telephoning our Broker Services Team. The
investment into the cash ISA will not be made
until the fourth business day after the stocks
and shares ISA is sold. As a result, clients will
be out of the market for four business days.
12
Monthly savings
The Direct Debit collection dates for monthly
savings investments are as follows:
How to do business with Invesco Perpetual
A guide for financial advisers
Clients invested in our ISAs and/or our
Investment Trust Savings Scheme can
also have their Direct Debit collected on
the 1st, 15th, 20th or 24th of each month
and clients invested directly in ICVCs can
have their Direct Debit collected on the
1st of each month. In order to amend
the date the Direct Debit is collected, we
require signed written instructions from
the client or their financial adviser.
New clients making monthly saving
investments are required to pay their first
month’s contribution by cheque (made
payable to ‘Invesco Asset Management Ltd
Client a/c’ for ISAs and for the Investment
Trust Savings Scheme or ‘Invesco Fund
Managers Limited’ for ICVCs). The cheque
must be drawn from the same bank or
building society account that the Direct Debit
will be collected from. Direct Debits will then
start to be collected the month following the
cheque payment.
lients can amend the amount they invest,
C
or the fund /investment trust they invest in,
at any time by writing to us, or by completing
the relevant product ‘Amendment to Direct
Debit’ form, available on request or from
our website. These amendments must
be notified at least three days before the
collection dates. Clients must give ten days
notice to change their bank account details
or reinstate a cancelled Direct Debit.
Certain changes to a Direct Debit are a
disturbance event, and when changes
are made on an advised basis Invesco
Buying, selling and switching shares (continued)
Perpetual will cease to pay commission on all
contributions made following and including
the disturbance event. A disturbance event
includes the following:
–Increasing a regular contribution to an
existing fund
–Commencing a regular contribution to
a new fund
For ICVC and ISA switches, clients will need to
confirm that they have been provided with the
relevant, most up to date fund and share classspecific Key Investor Information Document(s),
the Supplementary Information Document
and in the case of ISA investments, the ICVC
ISA Key Features and Terms & Conditions
documents pre-sale.
Clients can also suspend their monthly
contributions by sending signed written
instructions to us. If the contributions are
into an ISA and the client suspends them
across a tax year an amendment to Direct
Debit form is required to reinstate the Direct
Debit. If a complete tax year is missed,
the client will need to complete a new ISA
application form before the contributions can
be reinstated in the new tax year.
Please note it is your obligation to provide
your clients with the most up to date fund and
share class-specific Key Investor Information
Document(s) before they switch.
We will sell the existing investments at the
next 12 noon valuation point after receipt
of the instructions and immediately reinvest
the proceeds in the chosen fund(s). Except
for switches from an ICVC to an Invesco
Perpetual ISA and vice-versa, where the
proceeds will be reinvested at 12 noon on
the following business day.
Where clients are investing by Direct Debit,
the Direct Debit will automatically roll
over into the new tax year unless Invesco
Perpetual is specifically instructed otherwise. A 4% discount is available for switches between
the ICVC funds (excluding the Money Fund,
Prices/valuations
which has no entry charge) and up to 1%
commission is payable where permissible.
All our ICVC funds are single priced at their
Net Asset Value on a mid price basis and are
valued daily at 12 noon. All instructions to
Switches from the Invesco Perpetual Money
buy, sell or switch shares will be dealt at a
Fund into another Invesco Perpetual fund
forward price, this being the price calculated
will only attract the 4% discount if the
by reference to the next valuation point
Money Fund was purchased as the result of a
following receipt of the instruction.
previous switch.
Our investment trusts are also priced daily
based on the mid-market closing price of
the shares.
ICVC fund share prices and yields are
published daily on our Website. Current
prices and yields may also be obtained
by contacting us. This information is also
published for some of our ICVC funds in
The Financial Times. Prices can also be
despatched to you by email via our ‘Email
update’ facility available on our website.
For our investment trusts, you can find the
previous day’s mid-market closing price of
the shares, and the yields, each day in The
Financial Times. Prices can also be found on
our website: www.invescoperpetual.co.uk.
Invesco Perpetual fund switches
If your client wishes to sell shares in one of
our funds and buy shares in another of our
funds, they can do so by sending us written
instructions or calling our ICVC dealers on
0800 085 8571.
ISA investors will need to send us signed
written instructions.
13
How to do business with Invesco Perpetual
A guide for financial advisers
If a client is invested in income shares
and wishes to switch fund or share class, you
need to be aware that the income received for
the distribution period in which they switch
is likely to be substantially less than normally
received from the fund invested in. This is due to
the fact that some of the income payable for the
period will be received by the client in the form
of capital repayments.
Mandatory switch of No Trail shares
If you are removed from your client’s account
(whether at your or their request) or you
cease to meet the entry criteria applicable
to these Share Classes (see section 3 of our
Prospectuses for more details) for any other
reason, they will no longer be eligible to hold
No Trail shares. In these circumstances,
we will automatically convert your clients’
holdings to the equivalent Accumulation/
Income shares as applicable.
No conversion fee will be applied. A letter of
confirmation will be sent on the next business
day after the conversion has been effected.
Buying, selling and switching shares (continued)
Investment trust switches
If clients wish to sell shares in one investment
trust and buy shares in another within their
ISA or Investment Trust Savings Scheme,
they can do so by sending us their written
instructions. If their instructions are received
before 12 noon on a business day, their
existing investment(s) will be sold on that
business day. If their instructions are received
by us after 12 noon on a business day, their
investments will be sold on the next business
day. The purchase of their new investment will
be effected on the business day following the
sale transaction.
Selling shares
Investors can sell their shares at any time by
completing an ‘Instructions to sell’ form or
sending us their written instructions. A different
form is available for each product type.
For switching between the investment trusts
we offer, the standard dealing charges on
sales and purchases apply.
A stamp duty charge is also passed on to
your client by us on purchases (with the
exception of the City Merchants High Yield
Trust Limited and the Invesco Perpetual
Enhanced Income Fund Limited which are
domiciled outside of the UK).
The minimum redemption amount is
£100, and a balance of £500 must be left
in the client’s account to keep it open.
If your clients switch between the Invesco
Perpetual ISA and the Investment Trust
Savings Scheme, the standard dealing
charges on purchases and sales of investment
trusts and stamp duty on purchases also apply
(with the exception of the City Merchants High
Yield Trust Limited and the Invesco Perpetual
Enhanced Income Fund Limited which are
domiciled outside of the UK).
Contract notes are not issued for monthly
contributions but we acknowledge each new
instruction in writing. Nor are contract notes
issued for the reinvestment of dividends. All
transactions of this nature will be detailed
on the client statements which are sent to
clients twice a year.
Switches between funds and
investment trusts
If clients wish to sell shares in a fund and buy
shares in an investment trust, or vice versa,
they can do so by sending us their written
instructions. If their instructions are received
before 12 noon on a business day, their
existing investment(s) will be sold on that
business day. If their instructions are received
by us after 12 noon on a business day, their
investments will be sold on the next business
day. The purchase of their new investment will
be effected on the business day following the
sale transaction.
Settlement
Settlement of purchases is required to
be made within 4 business days for all
investments except the Money Fund, which is
within 1 business day.
For switching between funds and the
investment trusts we offer, the entry charge on
the purchase of any funds applies together with
the standard discount. The standard dealing
charges on purchases and sales of investment
trusts and stamp duty on purchases also apply
(with the exception of the City Merchants High
Yield Trust Limited and the Invesco Perpetual
Enhanced Income Fund Limited which are
domiciled outside of the UK).
14
How to do business with Invesco Perpetual
A guide for financial advisers
In the case of ICVC investments held outside
of an ISA, sale instructions can also be given
by telephone on 0800 085 8571 (with the
exception of shares in the Money Fund,
which cannot be sold by telephone). For
jointly held accounts all holders need to sign
a renunciation in order for us to release the
sale proceeds.
Confirmation of transactions
For lump sum investments, a contract note
showing details of the transaction will be sent
to the client and you on the next business
day, after the shares have been purchased.
Certificates are not issued for any investment.
Settlement of sales will normally be made
within 4 business days for all investments
except the Money Fund, which will be made
within 1 business day.
Online valuations, illustrations, reporting and electronic dealing
Online valuations
One of the key services available on our
website is the facility to view the previous
12 months’ transaction and value details of
your clients’ Invesco Perpetual investments
online. For security reasons, this service is
available to registered users only. Just follow
the steps outlined below:
Existing users
If you are already registered for
the online valuation service, visit
www.invescoperpetual.co.uk
AdvisorOnline Reporting (AOLR)
AOLR is a secure online portal (developed
by IFDS) for Financial Advisers, giving you
access to key reports across all investment
management companies who use this
IFDS service.
Once registered, you can access the
following electronically and securely:
–Initial and renewal commission
statements (for agents who receive
commission payments directly from us
only), downloadable in PDF format
–Copies of your clients’ half yearly
statements (for servicing agents only),
downloadable in PDF format
–Click ‘Log in’ and log into your account
with your existing username or email
address that you have always used
–Click on ‘Your account’ (displayed at the
You will also receive email notifications to
top of the page)
advise you when reports are available.
– Click ‘Access your online valuations’ where
you will be asked to enter your PIN number Electronic dealing
New users
If you are new to this service you will
need to register by visiting our website www.
invescoperpetual.co.uk/valuation
–Follow the registration steps
–We will then send you an ‘activation code’
within five working days
(via email)
–Once you have got your unique activation
code you will need to log back into the
website and ‘activate’ your account using
that number
EMXCo Message System
The EMXCo dealing and valuation service can
be accessed via the EMX Message System
using provider code – INVPL. Through the
EMX message system financial advisers can
buy and sell lump sum investments in any
of the Invesco Perpetual ICVC fund range.
Valuations can also be requested for any
Invesco Perpetual ICVC and ISA lump sum
and monthly savings investments held by
your clients. Further information regarding
the system including how to register is
available by calling us on 0800 028 2121.
Illustration service
Our illustration tool enables you to produce
multiple personalised ICVC or ICVC ISA
illustrations specific to your client. You do not
need to register to use this service, which is
available in the ‘Resources’ area of our website.
Calastone platform
Through the Calastone platform
intermediaries can place buy and sell lump
sum trades within our ICVC fund range.
Further details about the system are
available by calling us on 0800 028 2121.
Please note, we are unable to provide
projections which refer to your existing
clients’ investments as the system takes
the entry charge into consideration when
calculating the projection.
Please note electronic dealing is not available
for the investment trusts we offer.
Please note this illustration tool is not
available for the investment trusts we offer.
15
How to do business with Invesco Perpetual
A guide for financial advisers
Account maintenance
Statements
The statement dates for Invesco Perpetual
products are 5 April and 5 October. The
statements will normally be despatched
within 25 working days of these dates.
If you are the current agent, you will receive
valuation statements for your clients’
investments.
It is possible to suppress agent copy
statements. If you would prefer not to receive
copies, please let us know in writing.
Income payments
For ICVC investments, your clients will
only receive income if they are invested in
income shares.
A full schedule of payment dates for
individual ICVC funds is available in the
‘Invesco Perpetual ICVC fund range guide’
located at the back of this document.
16
Income payment methods
We can only credit the bank or building
society accounts, or send cheques to, the
registered holder of the ISA and to the first
named holder of ICVC and investment trust
investments held outside an ISA1.
Please note, if clients would like payments
made to their bank or building society
accounts it must be a personal account in
their own name or a joint account which
includes their own name.
There is no minimum income payment. We
will pay out all income each time a fund or
investment trust distributes regardless of
the amount.
1
This does not apply to Will Trusts, SIPPs,
SSASs or accounts set up on behalf of
charities. For more information on these
types of accounts, please visit our website
or contact us on 0800 028 2121.
For investment trusts:
-for monthly savings investments income
can only be reinvested; and
-for lump sum investments, income can be
reinvested or paid out to the client.
Payment details
Income payments will be credited to the
client’s bank account or sent by cheque when a
dividend is paid by a fund or investment trust.
We do not hold this cash on behalf of investors.
For details of dividend payment dates for
individual investment trusts, please see the
‘Invesco Perpetual Investment Trust ISA and
Savings Scheme Key Features and Terms
& Conditions’.
Accumulation share classes
For clients invested in the accumulation
share classes, any fund distributions will be
reflected as a permanent increase in the
share price of the accumulation share class
relative to the income share class price.
How to do business with Invesco Perpetual
A guide for financial advisers
Account maintenance (continued)
Interest distributions within an ISA
Interest distributions from our Fixed Interest
and Fixed Interest 2 Investment Series
funds2 and our Money Fund are received into
the ISA gross of income tax.
If your client takes an income from these
funds in an ISA they will receive one gross
payment on each fund’s distribution pay
date. If they are invested in accumulation
shares in these funds in an ISA, tax credits
will be reinvested on each fund’s distribution
pay date.
With the exception of the Invesco
Perpetual European High Income Fund
which pays dividend distributions.
2
Tax vouchers and remittance advices
Tax vouchers
We issue tax vouchers for all share classes,
for all products3, except for investments held
within ISAs. The tax vouchers are issued for
each income payment, whether the income
payment is reinvested or paid out.
Investors with holdings in Invesco
Perpetual UK Smaller Companies
Investment Trust plc within a Savings
Scheme, who reinvest their income, or
have income paid into their bank accounts,
will receive a consolidated annual tax
voucher covering the bi-annual dividends.
3
Remittance advice (ISAs only)
Remittance advices are only sent to ISA
clients who have their income paid by cheque.
For ISA clients who receive their income by
BACs, details of the income payments are
shown on their half yearly statements.
Change of address
When a client moves they should inform us
of their new permanent residential address
by writing to us, or by completing a ‘Change
of address’ form, which can be downloaded
from our website. Financial advisers can also
notify us of a change of address for one of
their clients by writing to us. For security
reasons, confirmation of the change of
address will be sent to the client’s new and
old addresses within 5 working days.
17
How to do business with Invesco Perpetual
A guide for financial advisers
Change of name
If your client wishes to change their account
name to their married name, the original
marriage certificate or a certified copy will
be required. If a client wishes to change
their name back to their maiden name, the
original or a certified copy of the marriage
certificate, decree absolute and birth
certificate will be required. If a client changes
their name by Deed Poll, the original change
deed or an original certified copy of the deed
will be required.
If a client changes their name, they
must send us an original legal document
or a copy, certified as a true copy by a bank,
solicitor or an authorised financial adviser. A
letter to confirm the change
will be sent to the client.
Changing Direct Debit instructions
To change a Direct Debit, an ‘Amendment to
Direct Debit’ form is required from the client.
A different form is available for each product
type and these are available from us and from
our website. A letter confirming the change
will be sent to the client.
Changing income instructions
To make an amendment to income
instructions, an ‘Amendment to income
instructions’ form is required from the client.
Again, a different form is available for the
different product types and these can be
obtained from us or via our website. A letter
of confirmation will be sent to the client.
Invesco Perpetual anti-money laundering requirements
Under current laws, firms conducting
Documentation for UK residents:
investment business are required to maintain
procedures to combat money laundering.
Evidence of name:
In order to implement these procedures, we
–Current full EEA/UK photo or old style
require proof of identity from all our clients,
driving licence 1
including joint holders.
– Current passport
– EEA member state identity card1
If necessary, we will use a credit reference
(UK identity cards are not acceptable)
agency to verify clients, however, we will use
– Northern Ireland voters card 1
any information we obtain in this way only
–Resident permit issued by Home Office
for verification of the client’s identity, and
– Firearms certificate
not for any other purpose. In some cases, we
may need documentation from the client.
Evidence of address:
– Current full UK driving licence 1
In such cases, one document from each list,
–Recent utility bill (note: mobile phone bills
as proof (or evidence) of name and address
are not acceptable)2
will be required. Items on the ‘Evidence of
–Current local authority council tax
name’ list must be either originals or certified
statement or demand letter
copies. Photocopied documentation is only
– EEA member state identity card1
acceptable if it has been certified.
(UK identity cards are not acceptable)
– Northern Ireland voters card 1
The certifier must date and sign the
–Solicitor’s letter confirming completion
document stating ‘this is a true copy of
of house purchase or land registration
the original that I’ve seen’. In addition,
–Local council rent card or tenancy
the documentation must be accompanied
agreement
by an ‘Anti-Money Laundering Document
–State pension or benefits notification letter
Return Slip’ and the following details of the
– Recent credit card statement2, 3
certifier must be provided therein: name,
–Recent bank/building society statement or
capacity, contact address and daytime
letter2, 3
telephone number. The certifier must be
–HM Revenue & Customs (formerly the
easily contactable, not a family member, not
Inland Revenue) Tax correspondence
retired and the documentation slip must be
(note: P45s and P60s are not
dated within the last six months.
acceptable) 1
All documents returned by overseas clients
must be in English and translated by an
accredited translator.
We will only be able to release sale proceeds
when we’ve completed the verification
process. If the client remains unverified
they will not be able to make any further
investments with us, including regular
savings investments.
These items may be used to evidence either
‘Name’ or ‘Address’ but cannot
be used for both.
2
Not more than 3 months old.
3
Statements printed from the internet are
not acceptable.
1
Certifiers
We can accept copies certified by authorised
signatories in the UK for the following list:
UK regulated Financial Adviser, Lawyer
or Solicitor (registered in the UK), Banker,
Chartered accountant (who is a member of the
Institute of Chartered Accountants), Doctor
of medicine, Police officer, Post master / sub
post master and Teacher.
Postage
All valuable documents (eg. original passports)
will be returned by recorded delivery. All other
documents are returned by first class mail.
18
How to do business with Invesco Perpetual
A guide for financial advisers
Invesco Perpetual anti-money laundering requirements (continued)
Documentation for overseas clients:
Evidence of name:
– Current passport
– Photo driving licence1
–EEA member state identity card1
(UK identity cards are not acceptable)
Evidence of address:
– Mortgage statement (most recent)3
–Recent bank/building society statement or
letter2, 3
– Recent credit card statement 2, 3
–Recent utility bill 2 (note: mobile
phone bills are not acceptable)
– Photo driving licence1
–Local authority tax bill
(valid for the current year)
Private company – each of the following:
–Certificate of Incorporation/partnership
agreement
–One of: a tenancy agreement, a recent
bank/building society statement, or
a recent utility bill that shows that
company’s business address1,2
– Authorised signatory list
– List of all directors/partners
–List of all shareholders/beneficial owners/
partners/proprietors with interests of 25%
or greater
Trust or charity
For a trust, we require confirmation of the
type of trust (will trust, discretionary trust
etc.), the nature and purpose of the trust and
its country of establishment. For a charity,
we require confirmation of the purpose of
the charity. And the following:
1
These items may be used to evidence either
–The organisation’s constitutional
‘Name’ or ‘Address’ but cannot
document.
be used for both.
–One of: a tenancy agreement, a recent
2
Not more than 3 months old.
bank/building society statement/letter,
3
Statements printed from the internet are
or a recent utility bill that shows the
not acceptable.
organisation’s business address.2
Certifiers
We can accept copies certified by authorised
signatories outside the UK from the following
list: Lawyer, solicitor, notary public, member
of the judiciary, embassy or consular staff.
Postage
Valuable documents (eg. original passports)
will be returned by registered post. All other
documents are returned by airmail.
Documentation for UK and
Overseas Corporate clients3:
Public company
Either:
–Details of any exchange on which its
shares are listed and an authorised
signatory list
OR the following three items:
–Certification of Incorporation
–One of: a tenancy agreement, a recent
bank/building society statement, or
a recent utility bill that shows that
company’s business or registered
address2
– Authorised signatory list
19
How to do business with Invesco Perpetual
A guide for financial advisers
Not more than 3 months old.
Statements printed from the internet are
not acceptable.
3
In relation to private companies, on
receipt of the documentation, we may
request additional information including
documentation to enable us to verify the
identity of individual directors.
1
2
Certifiers
For UK clients, we can accept copies
independently certified by a UK regulated
Financial Adviser, lawyer, banker, accountant or
auditor.
For overseas clients, we can accept copies
independently certified by a lawyer, notary
public or a member of the judiciary, embassy
or consular staff.
Postage
As above (UK or overseas as appropriate).
Sharing account information with Her Majesty’s Revenue and Customs
Invesco Perpetual is required under Tax Regulations1 to comply with investor due diligence
and reporting requirements by obtaining documents and/or information from clients
regarding for example their tax residency. For this purpose:
–Clients opening new accounts after 30 June 2014 are required to complete the
section(s) regarding their tax residency on the application form.
–We will review accounts opened prior to 30 June 2014, and may send the client a selfcertification form to complete regarding their tax residency.
All clients are required to advise us of any changes of the details on their account(s). Should
any such change indicate that the client’s tax residency may have changed we may send the
client a self-certification form for completion.
If we make a request for a self-certification form to be completed, or any other required
documentation, and the client does not return the documentation to us within 90 days of
our request, their account(s) will be treated as reportable to the HMRC (who may in turn
report to the relevant local tax authority).
If your clients have any questions about their tax residency, they should contact a tax adviser.
T
he term “Tax Regulations” refers to regulations created to enable automatic exchange of
information and include FATCA2, various Agreements to Improve International Tax Compliance
entered into between the UK and its Crown Dependencies and its Overseas Territories.
1
The term “FATCA” refers to The Foreign Account Tax Compliance provisions contained in
the US Hire Act 2010.
2
20
How to do business with Invesco Perpetual
A guide for financial advisers
Invesco Perpetual data protection
There is a section on all Invesco Perpetual product application forms that allows your clients
to state whether or not they wish to receive information from us about our other products and
services. This section states that:
Any information you (or your representative) provide to us (or which we observe from the
use you make of our products and services) may be processed and held by us, or transferred
to other Invesco Ltd companies or to the group’s service providers, business associates or
agents, credit reference agencies and used for administration, assessment and analysis
purposes (including market and product analysis and behaviour scoring, to check your identity,
prevent and detect fraud and/or money laundering and to recover debts). We may also use
it to develop and inform you about financial and other products and services we offer, and
to protect the group’s interests. This may involve transfers outside the European Economic
Area (EEA), including the USA, to countries where data protection laws may not be as strong.
However, it will be processed and maintained to the same standards as if it were still within the
EEA. By providing us with this information, you consent to these transfers and uses, and to any
disclosure required by law. Our Privacy Policy is available upon request.
Management of Invesco Perpetual products
Invesco Perpetual ICVC fund range
Invesco Perpetual Investment Trust
ISA and Savings Scheme
Authorised Corporate Director (ACD)
Invesco Fund Managers Limited
Manager
Invesco Asset Management Limited
Depositary
Citibank International plc
Investment Adviser
Invesco Asset Management Limited
Auditor
Ernst & Young LLP
21
How to do business with Invesco Perpetual
A guide for financial advisers
Important information
Client classification
Under the FCA Conduct of Business rules we classify
your clients as retail clients. Please note, retail clients
that are not individuals, or individuals that represent
entities, may not necessarily have rights under the
Financial Ombudsman Service or the Financial Services
Compensation Scheme. We classify nominee clients as
‘Professional Clients’.
Conflicts of interest
In the normal course of business, circumstances
resulting in conflicts of interest may arise.
Where a potential conflict arises, we are committed
to managing these to prevent abuse and protect our
employees, clients and other counterparties and to
ensure that transactions and services are effected on
terms which are not materially less favourable to the
client had the potential conflict not existed.
The circumstances in which conflicts of interest might
arise include where we deal on your client’s behalf with
another company in the Invesco Group, where we act
for other investors with an interest in such investments
or where the transactions are in shares of a fund or an
investment trust for which the company in the Invesco
Group is the adviser of the Authorised Corporate
Director (ACD).
Appropriateness
We are not required to assess the suitability of the
investment or service provided or offered to your
clients and, as a result, your clients will not benefit from
the protection of the FCA rules on assessing suitability.
Therefore, we will not assess whether:
–the investment or service meets your client’s
investment objectives;
–your clients are able financially to bear the risk of
any loss that the investment or service may cause;
or
–your clients have the necessary knowledge and
experience to understand the risks involved.
Complaints
If any of your clients have a complaint, they should write
to the Head of the Contact Centre. If the complaint is
not resolved by us to their satisfaction, they may be
entitled to refer it to the Financial Ombudsman Service
at Exchange Tower, London E14 9SR, UK. We will inform
clients of their rights when answering their complaint.
A summary of our internal process for dealing with
complaints is available on request.
Business entertainment and gifts
The Invesco Group and its employees can give and receive
gifts, benefits and entertainment of a reasonable value
to and from our suppliers, service providers and clients.
Invesco Perpetual lays down written standards regarding
We are required to identify, manage, record and, where the nature of gifts, benefits and entertainment, with strict
relevant, disclose actual or potential conflicts of interest monetary and frequency limitations. Only gifts, benefits
and entertainment which comply with the regulations
between ourselves and our clients and between one
and internal standards, are designed to enhance the
client and another. Invesco Perpetual has a written
quality of service provided to clients and that do not
Conflicts of Interest Policy and further details are
impair compliance with the firm’s duty to act in the best
available on request.
interests of the client, can be given and received. Subject
to regulatory requirements and internal limits, the
Best execution
types of benefits which may be given or received by the
When buying and selling underlying securities for our
Invesco Group include: gifts, hospitality and promotional
funds and investment trusts, we endeavour to achieve
competition prizes; joint marketing exercises; participation
the best result for each transaction.
in seminars and conferences; provision of technical
services and information technology; training; and travel
A variety of factors will be considered to ensure that
and accommodation expenses.
the best possible result is achieved. These include, but
will not be limited to, price, cost, size of order, nature
1 July 2014
of order and speed and likelihood of execution and
settlement. Where we consider these factors are not
met on a consistent basis we will cease placing orders
with that counterparty.
Details of our best execution arrangement are included
within our Trade Execution Policy which is available
upon request.
22
How to do business with Invesco Perpetual
A guide for financial advisers
Contact us
Financial advisers
Please contact our Broker Services Team
Telephone 0800 028 2121
Facsimile +44 (0)1491 417 165
Email adviserenquiry@invescoperpetual.co.uk
www.invescoperpetual.co.uk
Administration centre address:
Invesco Perpetual
PO Box 11150
Chelmsford
CM99 2DL
For more information on our funds, please refer to the relevant most up to date fund and
share class-specific Key Investor Information Document(s), the Supplementary Information
Document (SID), the ICVC ISA Key Features and Terms & Conditions, the Prospectuses and the
latest Annual or Interim Short Reports.
For more information on the investment trusts we offer, please refer to the Investment
Trust ISA and Savings Scheme Key Features and Terms & Conditions and the latest Annual
and Half-yearly Financial Reports.
All the literature referred to above is available using the contact details shown.
Telephone calls may be recorded.
Invesco Perpetual is a business name of Invesco Fund Managers Limited and
Invesco Asset Management Limited
Authorised and regulated by the Financial Conduct Authority, Firm Reference
Nos. 119298 and 122674 respectively
Registered in England Nos. 898166 and 949417 respectively
Registered address: Perpetual Park, Perpetual Park Drive, Henley-on-Thames,
Oxfordshire RG9 1HH, UK
56077/PDF/140714