Website terms and conditions
This website is owned and operated by Witan Investment Services Limited (WIS). WIS is registered in England no. 5272533 of 14 Queen Anne’s Gate, London SW1H 9AA. WIS provides investment products and services and is authorised and regulated by the Financial Conduct Authority.
Entry to and any use of this website constitutes your agreement to comply with and be bound by the terms and conditions set out below (the Terms and Conditions) and as amended from time to time. Furthermore, due to the legal and regulatory restrictions applicable to the promotion of investment saving schemes, it is essential that you read, understand and accept these Terms and Conditions. These Terms and Conditions are in addition to any other agreements entered into between you and WIS and/or its affiliates.
If you do not agree to accept these Terms and Conditions, please leave this website immediately. If you have any queries relating to these Terms and Conditions, please write to us at Witan Investment Services Ltd, 14 Queen Anne’s Gate, London SW1H 9AA.
This website is intended for your personal, non-commercial use only, unless you and WIS have agreed otherwise in writing.
WIS's investment products are available through this website to UK residents only and the information and products contained within this website should only be accessed by UK residents. By proceeding, you are representing and warranting that you are resident for tax and investment purposes in the United Kingdom. If you are unable to make this representation and to give this warranty, you should leave this website immediately. The information contained in this website is not an offer or invitation to deal in or acquire an investment, and should therefore not be relied upon by any person anywhere other than in the United Kingdom or by any person in any jurisdiction where such an offer or invitation would be unlawful.
Where access to any part of this website or a linked website is restricted or requires possession of a valid password, no unauthorised person should attempt to gain access to such part of the website. Any prices and other information on this website or a linked website are provided solely to enable you to make your own investment decisions and do not constitute personal recommendations or advice.
An application for any of WIS’s investment products should be made having read fully not only the relevant application form, but also, for UK investors, the relevant terms and conditions of the Key Information Document, brochure, and latest annual or semi-annual report applicable to the chosen product. All these relevant documents can be found on this website. It is your responsibility to review such documentation and in any event by making an online application for any WIS products you will be deemed to be representing that you have read such applicable documentation and agree to be bound by its contents.
Our affiliates, officers and/or employees may have holdings in WIS’s investment products and may otherwise be interested in transactions that you effect in those products.
Please remember that past performance of an investment is not a guide to or indicative of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes, and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences.
If you are unsure about the meaning of any information provided on this website, then please consult your financial or other professional adviser. We do not offer investment advice. It is your responsibility to determine the suitability of any investment for you based on your objectives and your personal and financial situation. You are strongly recommended to take independent financial, tax and/or legal advice before entering into any financial transaction or applying for any of our products.
INTELLECTUAL PROPERTY RIGHTS
The intellectual property rights in this website, and any information or other materials made available on this website, are owned by WIS and/or used under licence. Unless otherwise expressly permitted, the information on this website must in no circumstances be copied, reproduced or redistributed in whole or in part. You may download or print copies of some of the documentation contained on this website for your own personal non-commercial use only, provided that you do not change any copyright, trademark or other proprietary notices. All intellectual property rights relating to this website and its content shall continue to be held by WIS or its licensors and no rights of any kind in it shall pass to you.
WIS's website uses the Morningstar, Inc. (Morningstar) ratings on its literature, to which the following copyright notice and disclaimers apply: © 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions (Information) contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is not guarantee of future results. The value and income derived from investments may go down as well as up.
WIS's website also features information relating to the Witan Investment Trust Benchmark Source: FTSE International Limited (FTSE). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors do not accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings for underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.
We will retain and use all personal data (for example name, e-mail, address, data of birth and financial details) that you provide to WIS including by telephone, email, in person or via this website (for example, when you register for the WIS's Online Service, request a brochure, or apply for an account). We may combine the information that you give to us with information we collect about you. We may use your personal data for the purposes set out below (depending on the types of information we receive).
Use of Your Personal Data
We endeavour to treat all customer information in a confidential and secure manner. We comply with the Data Protection Act 1998, which lays down a set of standards that must be followed whenever personal data is processed.
We may use your personal data to check and verify your identity, and the identity of any other persons that may provide monies on behalf of any investments made in your name. We may provide this information to associated companies, credit reference companies, government agencies, regulatory bodies, law enforcement officials and fraud prevention agencies that will record this information and may make this information available to others in order to verify identities. If we are unable to verify your identity initially, we may request further information from you. If you provide false or inaccurate information that result in us suspecting fraud, we will notify the relevant authorities.
We may use your personal data:
(a) to process any applications you make and to provide you with the products and services that we have agreed to provide to you;
(b) for assessment, security, improvement and analysis purposes, including for the purposes of developing, offering and delivering WIS's products and services, and analysis of the use of this website;
(c) to allow you to participate in interactive features of our website, when you choose to do so; and
(d) to notify you about changes to our services.
We may transfer your information to a jurisdiction outside the European Economic Area but we will only do so if that jurisdiction ensures an adequate equivalent level of protection for your rights and freedom in relation to the processing of your information, in accordance with the Data Protection Act 1998.
We may record telephone calls for our mutual protection and to improve customer service.
We may also use your personal data to provide you, or permit selected third parties to provide you, with information about goods or services we feel may interest you. If you are an existing customer, we will contact you by electronic means (e-mail or SMS) with information about goods and services similar to those which you acquired previously or which you enquired about. If you are a new customer, and where we permit selected third parties to use your data, we (or they) will contact you by electronic means only if you have consented to this. If you do not want us to use your data, or to pass your details on to third parties, for marketing purposes, please tick the relevant box situated on the form on which we collect your data.
Your rights (in relation to personal data)
You have the right to ask us not to process your personal data for marketing purposes. You can exercise your right to prevent such processing by checking certain boxes on the forms that we use to collect your data or by writing to us at Witan Investment Services Ltd, 14 Queen Anne’s Gate, London SW1H 9AA.
You have the legal right to find out what information, if any, is held by us about you and the details of the agencies that we may obtain information from and may record information with about you. A request for this information may be subject to a fee by us and by the agencies and must be in writing to us at Witan Investment Services Ltd, 14 Queen Anne’s Gate, London SW1H 9AA.
EMAIL SECURITY AND CONTENT
You should be aware that the internet is not a completely reliable and secure transmission medium. Although WIS seeks to protect your personal data, it cannot guarantee the security of your data transmitted to its website; any transmission is at your own risk. We shall not have any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein. Once we have received your information, we will use procedures and security features to try to prevent unauthorised access.
Messages that you send to us by e-mail are not secure. We recommend that you do not send any confidential information to us by e-mail. If you choose to send any confidential information to us via e-mail you do so at your own risk with the knowledge that a third party may intercept this information. Instructions sent by you via e-mail and to the website are processed exclusively at your risk.
This website may contain or be linked to websites, advice or statements of third parties. We are not responsible for the content or privacy practices of any third party websites. We make no representations as to the accuracy, completeness, timeliness or suitability of such information, and we have not and will not review or update such information and caution you that any use made of such information is at your own risk. Some of the information contained on this website may also have been prepared or provided by third parties and may not have been verified by WIS. WIS hereby excludes any liability arising out of any preparation or provision of such information for the website and makes no warranty as to the accuracy, suitability or completeness of any such information.
The information, content, materials and functions contained in this website are provided on an "as is" basis, and to the fullest extent permitted by law, WIS accepts no liability in respect thereof and WIS does not warrant that any defects or inaccuracies will be corrected. WIS reserves the right at any time and without notice to change, amend or otherwise vary the content of this website. WIS accepts no liability for any loss or damage suffered by you as a result of reliance upon such amendments or updates.
Nothing in these Terms and Conditions shall be deemed to limit WIS's liability for death or personal injury caused by WIS's negligence, its directors, agents, officers or representatives, fraud or fraudulent misrepresentation, or any liability which cannot by law be restricted or limited.
Subject to the paragraph above, WIS shall not be liable for (a) the following types of loss or damage from claims arising out of or relating to this website, howsoever caused and whether such claims are based on negligence, breach of contract, strict liability, breach of statutory duty or otherwise: (i) loss of profits, business, contracts, revenue, goodwill or anticipated savings (whether such loss is direct or indirect, foreseeable or otherwise); or (ii) indirect or consequential loss; (b) any loss or damage which may arise from or in connection with the use of or inability to use, interruption to, delay or the unavailability, operation or transmission of, this website, or from a computer virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of this website or to your downloading of any content on it, or on any website linked to it; or (c) any loss arising as a result of a cause which is beyond the control of WIS, including failure of equipment, communication systems, unauthorised access, theft, operator error or any other event of force majeure.
SUMMARY OF CONFLICTS OF INTEREST POLICY
Conflicts of Interest
A regulatory requirement arising from the implementation of the Markets in Financial Instruments Directive on 1 November 2007, as amended, is the need for us to provide you with a summary description of our policy on conflicts of interest and when a material interest or conflict of interest may or does arise, to disclose to you the manner in which we will ensure your fair treatment.
Witan Investment Services Ltd – Conflicts of Interest Policy: A Summary Description
Our policy remains to always manage any conflict in your best interests, to always disclose any conflict where relevant and to not undertake the activity if a conflict cannot be effectively managed (and disclosure would not be appropriate). Our aim is to ensure that there is effective management of conflicts that may arise when our interests and yours differ or where discharging our duties to one client could make it difficult to comply with the duties owed to another client. For instance, a potential conflict could arise in instances where we aggregate your order to purchase or sell shares with those of another client or where we act for both the buyer and seller in a transaction. Additionally, a conflict could arise between our interests and yours when the underlying investment trusts undertake transactions in their own shares. We will ensure that we will not knowingly act on your behalf in relation to a transaction unless we have taken reasonable steps to ensure your fair treatment. Where we are unable to manage a specific conflict, we will notify you of the circumstances in order that you are able to take an informed decision of whether to proceed with the transaction or not.
We operate a Conflicts of Interest Policy which is communicated to all relevant employees and which identifies the types of conflict that may arise and provides instructions on the management of those conflicts. Under the Policy, we maintain a record of identified potential conflicts. Further, we regularly review our business to identify potential conflicts of interest and to assess whether we are taking appropriate steps to manage those that could have an adverse effect on clients. Formal reports are made to the Board and senior management. There are also specific policies and procedures on when and how employees are permitted to undertake personal account transactions, restrictions on the offering and receiving of gifts to or from clients, and an outright ban on any gift that could be construed as an inducement. As part of our conflicts management policy we also consider the way in which our staff are remunerated, in order to ensure that remuneration structures do not create a conflict between incentives given to staff and our clients’ best interests. Any client who wishes, may receive a copy of the full Conflicts of Interest Policy.
WIS reserves the right to terminate your access to and use of this website at any time and for any reason without prior notice.
These Terms and Conditions (Legal Information, including the privacy and cookie policies) may be updated from time to time. You agree that it is your responsibility to check if any such updates have been made since you last visited this website, as any changes will be binding.
These Terms and Conditions, and any agreements relating to online applications, will be governed by English law.
Tax Evasion Policy
Recent regulations have brought into force, with effect from 30 September 2017, two new corporate offences of “failure to prevent facilitation of tax evasion”. The offences are contained in the Criminal Finances Act 2017, which received Royal Assent in April 2017.
The new offences of failure to prevent facilitation of UK and foreign tax evasion are modelled on the offence of “failure to prevent bribery” in the Bribery Act 2010. A body corporate or a partnership (a “relevant body”) may be prosecuted for failure to prevent the facilitation of tax evasion if:
• a person evades tax;
• an associate of the relevant body, such as an employee, agent or subcontractor, criminally facilitates that evasion while acting in their capacity as an associate of the relevant body; and
• the relevant body is unable to show that they had in place reasonable prevention procedures (or that it was not reasonable for prevention procedures to be in place).
Liability can arise whether or not the relevant body had knowledge of the evasion or facilitation, and whether or not the associate intended to benefit the relevant body.
The Board of the Company has adopted a zero tolerance approach to the criminal facilitation of tax evasion. Accordingly, it expressly prohibits any Director or any associated persons, including suppliers, agents or third parties, when acting on behalf of the Company, from taking any action which would, or could be deemed to, facilitate tax evasion on behalf of the Company.
The Directors of the Company recognise their responsibilities in ensuring that the Company has a robust policy to avoid such practices and to ensure compliance with its legal obligations. The Board requires that it is informed immediately of any identified instances of tax evasion within any of its principal service providers and details of the corrective courses of action taken.
As part of a risk based approach, the Board will carry out an annual risk assessment on matters relating to tax evasion, involving due diligence enquiries in respect of persons who perform or will perform services for or on behalf of the Company, in order to mitigate identified risks. Due diligence records will be kept and be made available for inspection by compliance or statutory auditors.
The Board will review this policy at least on an annual basis and will ensure that it is publicly available on the Company’s website.
Anti-Bribery and Corruption Policy (Abridged)
Witan Investment Trust plc/Witan Investment Services Limited (“The Group”) is committed to the highest standards of ethical conduct and integrity in our business activities in the UK and overseas. It is our policy to conduct business in an honest way, and without the use of corrupt practices or acts of bribery to obtain an unfair advantage. This is not just a cultural commitment on the part of our organisation; it is a legal requirement.
The actions and conduct of all our officers, partners and employees (collectively, “all personnel”), as well as others acting on our behalf, are essential to maintaining these standards. To that end, all personnel, both permanent and temporary, must read, become familiar and comply with this Anti-Bribery and Corruption Policy (“the Policy”) and our written procedures on gifts and inducements included at Appendix IV of the Compliance Manual. We will also review the procedures of any third party providers, agents, consultants and contractors involved in providing services on or behalf to ensure that they have appropriate anti-bribery and corruption arrangements in place. We will only conduct business with firms or entities that we believe adhere to the same principles.
Scope and Purpose
The Group’s anti-bribery and corruption arrangements, included in this policy, cover all personnel and any third parties or agents providing services on its behalf. It also applies in all jurisdictions and covers both the public and the private sector. The policy covers the requirements of the Bribery Act 2010 in the United Kingdom but also other pre-existing legislation around the world such as the the United States’ Foreign Corrupt Practices Act (“FCPA”).
Bribery has been defined in guidance issued by the UK’s Ministry of Justice (“MoJ”) as “giving someone a financial or other advantage to encourage that person to perform their functions or activities improperly or to reward that person for having already done so”. So, for instance, this could cover seeking to influence a decision-maker by giving some kind of extra benefit to that decision maker, whether it be through the payment of a facilitation fee, a political donation or the provision of excessive hospitality.
The intention of the policy is to ensure that all financial transactions and activities undertaken by us and on our behalf do not violate global anti-bribery laws and do not represent unethical conduct. Violations of the Bribery Act can have significant consequences for you as an individual, us as a firm and any individuals associated with our business. This can include criminal investigations and prosecution, significant financial penalties, loss of reputation and business; and for individuals, substantial personal fines and potential imprisonment with a maximum term of 10 years.
Failure to comply with our Policy and any related arrangements could result in disciplinary action taken against you, including the termination of your employment and notification of your actions to the relevant authority.
Demonstrating the existence of “adequate procedures” is the main defence to an allegation of failure to prevent bribery and the guidance has set out six guiding principles within the Act which the Boards of the Group should consider. These are:
Proportionality: a group’s procedures to prevent bribery by persons associated with it are proportionate to the bribery risks it faces and to the nature, scale and complexity of its activities. They are also clear, practical, accessible, effectively implemented and enforced.
Top level commitment: the directors are committed to preventing bribery by persons associated with the company. They foster a culture within the organisation in which bribery is never acceptable.
Risk assessment: the group assesses the nature and extent of its exposure to potential external and internal risks of bribery on its behalf by persons associated with it. The assessment is periodic, informed and documented.
Due diligence: the group applies due diligence procedures, taking a proportionate and risk based approach, in respect of persons who perform or will perform services for or on behalf of the organisation, in order to mitigate identified bribery risks.
Communication: the group seeks to ensure that its bribery prevention policies and procedures are embedded and understood throughout the organisation through internal and external communication, including training that is proportionate to the risks it faces.
Monitoring and review: the group monitors and reviews procedures designed to prevent bribery by persons associated with it and makes improvements where necessary.
Hospitality and promotional expenditure: the Government has confirmed that it does not intend that genuine hospitality or similar expenditure that is reasonable and proportionate should be caught by the Bribery Act.
The Boards of the Group have adopted a zero tolerance approach to instances of bribery and corruption. Accordingly it expressly prohibits any Director or associated persons when acting on behalf of the Group, accepting, soliciting, paying, offering or promising to pay or authorise any payment, public or private, in the United Kingdom or abroad to secure any improper benefit for themselves or for the Group.
The Directors of the Group recognise their responsibilities in ensuring that the Group has a robust policy to avoid such practices and to ensure compliance with its legal obligations. The Boards have requested that they are informed immediately of any identified instances of bribery or corruption within any of its principal service providers, and that a copy of the anti Bribery and Corruption Policy and a report detailing any identified instances of bribery or corruption and details of the corrective courses of action taken are provided for their review on an annual basis.
As part of a risk based approach, the Boards will carry out an annual risk assessment on matters relating to bribery, involving due diligence enquiries in respect of persons who perform or will perform services for or on behalf of the Group, in order to mitigate identified risks. However, the Boards confirm that such a review will be carried out more frequently if, for example, Witan Investment Trust’s investment policy were to change, if a perceived low risk country of investment became a higher risk or if a new investment manager, manager or other principal service provider were appointed. Due diligence records will be kept and made available for inspection by compliance or statutory auditors.
Senior Management Responsibility
We have apportioned responsibility for the implementation and monitoring of this Policy to Witan Investment Services Ltd’s (“WIS”) Compliance Oversight Officer, as the Anti-Bribery and Corruption Officer (“the Compliance Officer”). However, the Policy is reviewed and approved by the senior management of the Group on an annual basis.
Senior management is responsible for ensuring that this Policy together with any related procedural arrangements and future updates is communicated to all personnel and where relevant to any third parties. Senior management is also responsible for ensuring that all personnel are adequately trained and are fully cognizant of the requirements of the Policy.
The Compliance Officer will be responsible for determining whether additional anti-bribery and corruption training will be necessary for specific personnel and or third parties or persons arising from specific proposed activities on our behalf. Such training will be implemented and must be completed prior to the commencement of any such activities. General anti-bribery and corruption training must be completed on an annual basis.
Last updated: March 2018