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Skipton Invest Direct is a trading name of Skipton Building Society who are authorised and regulated by the Financial Conduct Authority (FCA) under register number 153706 and is accordingly bound by its rules. We are permitted by the FCA to advise on, and transact business in, Life Assurance, Pensions, Unit Trusts, Open Ended Investment Company (OEIC) and Individual Savings Accounts (ISA).

An important FCA rule requires that before Skipton Building Society conduct business with you, they must ensure that you understand the form that their service will take, how they will be paid and your rights in the relationship. Accordingly, we now take the opportunity to clarify such matters.

Skipton Building Society has chosen to offer Restricted advice. However, on this occasion Skipton Invest Direct is providing access to the Fidelity Funds Network platform, from which you can select an ISA, Unit Trust or OEIC. Services offered by Skipton Invest Direct are provided on a direct offer basis only. This means that we will not give you any financial advice regarding the suitability of the investments for your personal circumstances nor will we keep your investments under review. Financial advice is however available through Skipton Building Society for an additional charge, should you wish to receive advice in the future.

About the Charges 

 

Initial charges

Skipton Building Society will not take an initial charge if you invest into a fund or ISA via this site. However, some funds may still apply an initial charge, which will reduce the value of your initial investment. These charges are disclosed on the buy online section of the website.

Platform charge

To cover FundsNetwork’s costs of administering your investment, you will also pay a platform charge of 0.225% of the value of your investment on an annual basis. This charge is automatically deducted from your account.

Annual Management Charge (AMC)

All funds will apply an Annual Management Charge (AMC), which is typically a percentage of your investment value (usually between 0.2% and 1.0%). The AMC covers expenses incurred by the fund manager in running the fund; for example fees, administration costs and investment management costs. The AMC is taken into account in the price of the fund, and is calculated daily.

Ongoing Charges Figure (OCF)

There will be additional expenses, which include depositary fees, plus legal and audit costs. The AMC and additional expenses together comprise the Ongoing Charges Figure (OCF). Depending on the type of the fund, the OCF can range from 0.2% to 2.0% and will typically vary from year-to-year.

Example of ongoing charges

Assuming a £10,000 investment the following charges could apply to you. A Ongoing Charge Figure of 1% has been assumed for the purposes of this example;

 

% charge each year

Equivalent £ charge each year

Ongoing Charge Figure

1.00%

£100

Platform Charge

0.225%

£22.50

Total Ongoing Charge

1.225%

£122.50

The above information is for example purposes only, you could pay more or less than this depending on the value of your investment and the AMC applied by the fund manager. The value of your investment can go down as well as up and this will impact on the monetary value of the charges you will pay.

Record Keeping

We maintain records for all our business transactions for at least six years from the date the last piece of business was transacted. You have the right to inspect copies of our records, whether paper based or computerised, relating to your transactions. A small administration fee may be charged for this service.

To avoid possible disputes, we normally require instructions to act for our clients to be in writing.

We may however, accept verbal instructions at our discretion. 

Skipton Building Society does not handle customer money

Skipton Building Society is unable to accept cheques for the business you transact through this service, all investments will be made by payment to Fidelity Investments. In addition, all paperwork associated with investments you choose to transact through this service will be administered by FundsNetwork Investments.

The agreement to which these Terms of Business relate may be terminated, without penalty, at any time by either party giving written notice to the other party, which will be effective upon receipt of that notice.

You may be entitled to take a claim to the Financial Services Compensation Scheme, in the event that any of the fund management companies are unable to meet their liabilities. Details of the cover provided by the scheme are given in a leaflet which we will send to you on request. Further information is available direct from the Financial Conduct Authority and the Financial Services Compensation Scheme. We will be happy to provide contact details on request.

Telephone calls to/from Skipton Building Society may be recorded and/or monitored.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

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