We believe that our most important responsibility to all our clients is to ensure the safety and security of the assets entrusted to us - both shares and cash.
With this in mind, we have put in place a policy with a major insurance company, which provides substantial protection in addition to that offered by the Financial Services Compensation Scheme (FSCS).
In general terms, as a client you will enjoy the following types of protection of your assets:-
Under the Financial Services Compensation Scheme (FSCS), in the unlikely event that any of the banks that we use is declared in default, each individual client is entitled to up to a total of £85,000 (or £150,000 for joint accounts) in compensation for losses across all their deposits per institution.
The FSCS also provides clients of Jarvis (and other organisations regulated by the FCA), compensation of up to £85,000 per investor per firm for investments. The amounts covered under this scheme are revised from time to time. Further information can be found on the FSCS website at www.fscs.org.uk.
All client money is placed within client money bank accounts - this means that your money is segregated from our own funds, in line with the FCA's client money rules. The banks where client money is placed are subject to due diligence checking in order to ensure the security of your funds - this includes only placing funds with banks that are covered by the FSCS. We may place client funds within term deposits that require a notice of up to 95 days for withdrawal - this will not affect your ability to deal on funds deposited with us.
In addition to the regulatory protection, under the FSCS, our professional indemnity policy provides protection against loss arising in the event of negligence, fraud or misappropriation. The Financial Conduct Authority (FCA) dictates the terms and conditions of the policy and the level of protection to Jarvis.
This protection would only come into play if a financial loss was incurred.
In the unlikely event that Jarvis ceased trading for any reason, creditors would not have any claim on client assets, either cash or stocks.
Our internal system maintains detailed records of beneficial ownership of both client money and assets. As well as the built in functionality within our systems, we carry out a number of procedural controls in order to ensure accuracy of these records. We also have a Compliance Committee that meet on a regular basis in order to ensure compliance with the FCA's client money and custody rules. The Committee's actions are overseen by our Board, who receive reports from the Committee at each Board meeting.
Jarvis Investment Management Ltd ("Jarvis") is required to establish and implement an order execution policy and to provide appropriate information on its order execution policy to its clients. This information about Jarvis's order execution policy is applicable to all retail clients of Jarvis.
When executing or routing orders in relation to financial instruments on your behalf, we will take all reasonable steps to achieve what is called 'best execution'. This means that our policy and procedures are designed to obtain the best possible execution result, subject to and taking into account your characteristics, client classification (categorisation as a retail client) and the characteristics of the order, the financial instruments that are the subject of that order and the Execution Venues to which that order can be directed.
Our commitment to provide our clients with best execution does not mean that we have any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted to.
Subject to any specific instructions from you, when executing orders on your behalf or transmitting them to another entity for execution, we shall take all reasonable steps to achieve the best possible execution result for your order taking into account the execution factors listed below:
The execution factors that will be taken into account are:
Ordinarily price and overall costs for transacting the deal will merit a high importance in obtaining the best execution result for the order. However, in some circumstances we may determine that other factors listed above may be more important in determining the best execution result for the order. We will exercise our own discretion in determining these factors.
Jarvis will execute deals through:
For certain transactions, such as those where the security is traded by a limited number of entities, Jarvis may use alternatives where we consider it is in your best interests to do so.
Where we consider it preferable, we may execute you order outside a Regulated Market or Multilateral Trading Facility even where that order could be executed through one of these.
Having given consideration to the Execution Factors and General Principles referred to above, we will select the most appropriate venue(s) from those available and execute your order accordingly.
If you give a specific instruction with regard to order execution, you should be aware that this may mean that you will not achieve the best outcome on that trade. Jarvis will carry out the order in accordance with your specific instruction and will be deemed to have complied with the best execution requirement to the extent of that instruction.
Jarvis will monitor execution quality and compliance with our Execution Policy on an on-going basis and will at least once a year make a formal assessment of its dealing policies. You will be notified of any material changes to the Execution Policy.
In the case of client limit orders in respect of shares admitted to trading on a regulated market which are not immediately executed under prevailing market conditions, unless you expressly instruct otherwise, we are required to take measures to facilitate the earliest possible execution of that order by making public immediately your limit order in a manner which is easily accessible to other market participants. Such publication may not always be in your interest so unless you give explicit instructions to publish at the time that you place the order with us, we shall deem that you have instructed us not to publish.
The circumstances when we can publish your Limit Order(s) are:
Jarvis assigns a high level of importance to price and overall costs in obtaining the best execution result for an order. However, in some circumstances we may determine that other factors, such as speed of execution, likelihood of execution and/or settlement, the size and complexity, or other characteristics of the order may be more important in achieving the best possible result.
Jarvis does not have any close links with the external brokers used to execute client orders, and there are no special arrangements in place with such brokers.
Jarvis applies the same level of rigour to orders for professional clients as it does for retail clients.
Jarvis uses monitoring tools to compare execution results with official market prices.
At Jarvis, we expect our business activities to be conducted honestly and with integrity. We believe that it is good business practice to try to identify and manage conflicts of interest which could harm our client's interests.
We are committed to identifying and managing the risk of a conflict of interest to make sure that we treat our customers fairly and comply with the law and regulations.
As part of this, we consider conflicts involving Jarvis Investment Management and the firm's individuals. For example:
We provide a wide range of services to many different clients. Sometimes circumstances may arise where our duties to customers differ from what is best for us or for another client. This is a conflict of interest. We take our responsibility to identify and manage conflicts of interest fairly between us and our client's, or between two different clients, very seriously.
Principal 8 of the FCA's Principles for Business states that "a firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client".
A conflict of interest could result in Jarvis having an unfair advantage over you that you are not aware of. For example where we:
The first step in dealing with conflicts of interest is to make sure that we can identify any real, or potential conflicts. To do this, we have procedures in place to prevent, identify and report conflicts of interest between us and our clients, and conflicts between one customer and another. These include:
While we do everything we can to avoid a conflict, where this is not possible we make sure we manage any conflicts of interest to avoid any material risk, disadvantage or loss to clients. In every case, a senior member of staff will own and manage any conflict of interest we have identified. We also keep a written record of conflicts and potential conflicts of interest that involve a risk of damage to the interests of one or more clients.
If we believe we may not be able to effectively manage a potential or actual conflict of interest that affects clients, we will tell them about this. We will also tell them what steps we will take to reduce the risk of damage to their interests. We will give clients enough information to allow them to decide whether to do business with us regardless of the conflict.
To help you understand the way we work to manage potential conflicts of interest we've included a few examples of our activities:
The European Union Capital Requirements Directive introduced a revised regulatory capital framework governing the amount and nature of capital that must be maintained by credit institutions and investment firms. In the UK the directive has been incorporated by the FCA into its regulations through the General Prudential Sourcebook ('GENPRU') and the Prudential Sourcebook ('BIPRU') for banks, building societies and investments firms. See our Pillar 3 disclosure.
In the event of a complaint regarding our service, please write to:
The Compliance Officer Jarvis Investment Management Ltd 78 Mount Ephraim Tunbridge Wells Kent, TN4 8BS
Or email sellmysharecertificates@jarvisim.co.uk
When we receive your complaint we will log it in our register and try to resolve the matter straight away. If we are unable to do this, we will normally provide a written acknowledgement of your complaint within 3 business days of its receipt.
Once our investigations are complete, we will write to you with our final response. Unless we have been able to resolve the matter straight away, our final response will notify you of your right to refer your complaint to the Financial Ombudsman Service (FOS) if you remain dissatisfied - a copy if the FOS leaflet will also be included.
You may contact the Financial Ombudsman Service at:
The Financial Ombudsman Service Exchange Tower London E14 9SR
You can also contact them online via their website at: http://www.financial-ombudsman.org.uk/consumer/complaints.htm
Please download our terms and conditions document.