Terms & Conditions

Hargreaves Lansdown Stockbrokers Ltd (HLSB) Hargreaves Lansdown Asset Management Ltd (HLAM), & Hargreaves Lansdown Pensions Direct Ltd (HLPD) collectively referred to as ‘the company’ are authorised and regulated by the Financial Services Authority (FSA), 25 The North Colonades, Canary Wharf, London, E14 5HS, and bound by its rules. HLSB, HLAM and HLPD are entered on the FSA register and their registration numbers are 149970, 115248 and 189627 respectively. Registration can be checked on the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

HLSB is a member firm of the London Stock Exchange and PLUS, and is regulated as an independent agency stockbroker, in the provision of both stockbroking and other investment services.

HLAM is an independent broker and advisor and is authorised as an investment intermediary and investment manager in respect of UK listed and unlisted securities, foreign securities, collective investments, pension funds, life assurance, ISAs and as an ISA Account manager and administrator. We are able to offer life policies and life assurance from the whole market.

HLPD is an independent broker and adviser and is authorised as an investment intermediary to act as agent in respect of pension funds. We are able to offer life policies from the whole market.

It is essential that you read and understand these Terms & Conditions prior to applying for our services. Your use of our services will confirm your acceptance of these Terms & Conditions. The Terms & Conditions for the HL Stockbrokers Classic Share Dealing Account are set out further on. Additional Terms & Conditions may apply to specific services provided, including the HL Vantage Service.

GENERAL TERMS AND CONDITIONS – Hargreaves Lansdown Asset Management Ltd & Hargreaves Lansdown Pensions Direct Ltd

1. DOCUMENTATION. All investments will be registered in the client's name, unless otherwise agreed in writing. Contract notes in respect of investments will be forwarded to the client within two business days of the transaction. The company will forward title documents within two business days of receipt.

   When title documents are held for longer than 48 hours, they will be held in our safe facilities. Appropriate entries will be made in the register maintained in accordance with FSA rules. The company will not accept liability for default by a third party who is the nominal holder of clients registered investments, or has in their possession client cash, title documents, or certificates evidencing title to any investment.

   All documents, cheques, etc may be sent by post at the client's risk. We shall at the clients request and expense, send documents by registered post. In the absence of such a request, the client shall pay all charges incurred for the recovery or replacement of lost documents.

   As a 'Retail Client' you will receive the very highest levels of investor protection when dealing with Hargreaves Lansdown.

   Services will be provided on an execution only basis, unless the company has personally advised a client to deal as a result of an assessment of their personal circumstances. Once investments or arrangements are in place, the company shall not provide further advice unless requested to do so.

   The company or its client may terminate authority to act for a client by providing notice of termination in writing. This shall be without prejudice to any transaction already in progress.

2. DUE CARE AND DILIGENCE. The company will exercise due care and diligence in conducting their business, but will not be liable for any depreciation of investments arranged by them.

3. COMPLAINTS PROCEDURE. We have a written policy for handling complaints and how we ensure we deal with each complaint promptly and fairly. You can obtain a summary from us should you so request. Should you have cause to complain for any reason a copy of our policy for handling of complaints will be automatically sent to you. Please direct your complaint to the Client Services Manager at the company address. Clients should be aware that if they are unhappy with any response to a complaint received from the company, they may complain directly to the Financial Ombudsman Service If you are an eligible claimant under the rules of the Financial Services Authority, your account will be protected by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. Compensation is provided for the first £30,000 of any claim in full and 90% of the next £20,000 so the maximum compensation from this scheme would be £48,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. The Financial Services Compensation Scheme also provides awards if any third party institution we may use is declared in default or insolvent.

4. LEVEL OF SERVICE. Unless explicitly stated in writing, we do not provide advice and therefore do not have a duty to ensure suitability, thus you will not be entitled to compensation from us if it is established that the service or product is not suitable. It is your responsibility to take into account your circumstances and objectives and then form a judgement as to suitability. Investments can go down in value as well as up and you could get back less than you invest. The past is not a guide to future performance.

5. RIGHT TO AMEND. We reserve the right to amend these terms and will give you notice in good time before making material changes.

   * Incidental changes will be notified via an update to the Terms & Conditions on the Hargreaves Lansdown Website and in printed form via the Investment Times at the time the changes are made.

   * Material changes will be notified to you at least 30 days in advance of the change taking place.

6. DATA PROTECTION. The company ensures that all data will be held in compliance with current and future legislation. You consent to us releasing information about you to regulated entities in order to obtain any quotations/arrange investments or insurance at your request.

   The company will keep you informed of financial products and services by email, telephone, fax, post or other reasonable means. If you do not wish to receive marketing material from the company please let us know.

   The company will maintain records of data held on clients for a period of 6 years from the date of their last transaction.

   For your security, and training purposes, telephone calls may be recorded. They may be used as evidence in the event of any dispute with the company.

   You agree to us sharing any information that we hold about you with a fraud reference agency should it be required.

7. DELAY IN PROCESSING. The company will not be held responsible for any delay beyond its control, or as a result of a failure by any party (including the client) to complete all the necessary steps to process a transaction.

8. ANTI-MONEY LAUNDERING. The company reserves the right to approach a third party in order to verify the identity of a client, or any other person providing funds on behalf of an investment made in the client's name.

   Where further information is required, to verify identity, the company reserves the right to delay applications or withhold settlement until sufficient identification has been provided.

9. OUR APPROACH TO MANAGING CONFLICTS OF INTEREST. We are determined to treat our clients fairly at all times. In case conflicts arise between the interests of Hargreaves Lansdown, our employees and our clients and also between clients, we have a specific policy in place to ensure that we identify and handle conflicts fairly and treat our clients with honesty and integrity at all times. You can read a copy of our full Conflicts Management Policy on our website at www.H-L.co.uk/conflicts.

10. OUR ORDER HANDLING POLICY. When you ask us to buy or sell investments we will abide by what is known as our 'Order Handling Policy'. This sets out our approach to obtaining the best results for our clients. When we deal for you we consider a range of factors including price, costs, the speed at which we will be able to complete your deal, the likelihood of being able to place the deal and settle it, the size of your deal, the nature of your order and other relevant considerations. The most important factor is the price because we believe this is our clients' key consideration. Please bear in mind that if you give us specific instructions regarding the way in which you would like us to place your deal, we may not be able to obtain the best results for you.

    We deal through the London Stock Exchange, PLUS Markets and a number of Retail Service Providers and Market Makers. We may occasionally need to place your deal outside a regulated market, for example if you wish to buy or sell overseas shares and by agreeing to these terms you give your consent and agreement to this.

    When you buy and sell unit trusts, OEICs and other open ended investment funds we already deal directly with the fund manager.

    You can read a copy of our Order Handling Policy, which includes full details of the exchanges and Market Makers we deal with, on our website at www.H-L.co.uk/orders. If you give us a dealing instruction, we shall assume that you are happy with, and agree to, our Order Handling Policy.

11. LAW. These Terms & Conditions will be governed by and construed in accordance with English law.

    We shall communicate with you in English. All documents will be provided to you in English and it is expected that you will communicate with us in English. There is no minimum duration for the contract.

12. CLIENT MONEY. All HLAM client money is held in separate client settlement accounts or interest bearing client accounts with Lloyds TSB Bank, or other authorised institution nominated by the company. Client accounts are trust accounts, and are segregated from HLAM's funds, however, clients are not entitled to interest unless otherwise specified. The company reserves the right to retain interest. All client account balances not committed to investment are returned to the client immediately on request.

    Acquisition costs, currency conversion costs, management charges and tax shall be the responsibility of the client, and if appropriate may be deducted from account balances. Interest earned on cleared client balances in client settlement accounts shall be deemed to be that of HLAM.

    Cheques must only be made payable to 'HLAM Ltd Client Account - ref. Your Name' OR the product provider concerned, as specified on their application form. For pension policies, cheques should be made payable to the product provider concerned. HLPD DO NOT HANDLE CLIENT MONEY.

13. RECEIVING INSTRUCTIONS. The company requires written instruction to act on your behalf. Oral instruction will be accepted at the company's discretion, and we may require you to provide confirmation in writing.

14. PAYMENT FOR SERVICES. Our income comes from either commission from investment managers and other providers we place business with or fees paid to us by our clients for financial advice where this has been requested. You will be informed by us, the life office or the unit trust managers in writing of the maximum amount of commission payable. We may also receive reasonable gifts and hospitality from providers, these are closely managed to ensure client interests are not affected. We may share commission with professional connections at our discretion.

    Where we have agreed with you to charge a fee in relation to services, you will be notified in writing before chargeable work is carried out, with an explanation of the basis for fee calculation.

    Should you require further details in respect of our remuneration, commissions, payments and fee details of your transactions and investments then these are available to you should you so request.

    Where a client requests immediate reinvestment of proceeds of a unit trust/share sale, HLAM will reinvest once proceeds are received, or earlier, at its discretion.

15. CANCELLATION RIGHTS. You have the right to cancel the Vantage ISA/Fund & Share Account with us, and, if you bought the underlying investments following face to face advice from Hargreaves Lansdown you also have the right to cancel the underlying investments purchased under the agreement. You can exercise your right to cancel within 14 days of the date on which the contract is concluded. You can give notice that you wish to cancel the Vantage ISA/Fund & Share Account by writing to us at the address given. If you exercise your right to cancel the Vantage Account the underlying investments can either be sold or transferred out of HL Nominees name into either your own name or another nominee. There may be a charge for effecting these transfers (please see the Terms & Conditions for details). Where the underlying investments are sold, you could suffer a shortfall between the amount you invested and the amount raised by the sale of the investments. Hargreaves Lansdown will not be responsible for any shortfall that arises. Any shortfall will be borne by you. Where an ISA investment has been made by transferring funds from another provider, cancellation may result in the return of the ISA proceeds directly to you. This may mean that you lose those ISA allowances relating to the transfer. If you exercise your right to cancel the Vantage Cash ISA you will not incur any additional charges or be affected by any notice period.

    A life policy may attract a cancellation right of up to 30 days. For details of how to exercise this right see the terms of your chosen product. Normal 30 day cancellation rights apply to the HL Vantage SIPP wrapper and for subsequent pension transfers into the scheme. For details of how to exercise this right and the circumstances when cancellation rights apply please see the Key Features and Terms & Conditions of the HL Vantage SIPP.

G/WEB/04/08

CLASSIC SHARE DEALING ACCOUNT - TERMS & CONDITIONS

Hargreaves Lansdown Stockbrokers Limited (Hargreaves Lansdown) of 4 Brighton Mews, Clifton, Bristol, BS8 2NX Tel: 0117 980 9800 is a Member Firm of the London Stock Exchange/Plus and is authorised and regulated by the Financial Services Authority as an agency stockbroker in the provision of both stockbroking and other investment services. We are entered on the FSA register and our registration number is 149970.The FSA can be contacted at 25 The North Colonnade, Canary Wharf, London E14 5HS.

The following Terms & Conditions will apply to services supplied except insofar as additional or subsequent agreements are entered into with the company negating the following conditions. For instance these terms do not cover the Vantage Fund and Share Account Service. The provision of the Hargreaves Lansdown Classic Share Dealing Account Service is on an 'execution only' basis. We will not advise you about the merits of any transaction and when using the service you agree that you are not expecting such advice and are dealing on an 'execution only' basis.

All clients will be classified as Retail Clients. As a Retail Client, you will receive the very highest level of investor protection when dealing with Hargreaves Lansdown.

1. DEALING. There are two ways in which you can give us a telephone instruction and it is important to understand these:

   'At best' - this is the most common type of instruction. We normally check the current market price and deal whilst you are on the telephone. On some occasions we may have to place the order manually and we will be unable to confirm the deal on the telephone. As market prices can change at any time, it is possible that the price could have gone up or down since the price was quoted to you. If you are concerned about this you should consider the use of a limit order to protect your interests.

   'At limit' - this means that in the case of a purchase we will not pay more than the limit price and in the case of a sale we will not sell for less than the limit price. All limit instructions placed over the telephone will be kept until the end of the working day on which the instruction is given. All limit instructions are accepted on a 'best endeavours' basis and are accepted only at the discretion of the dealer. Where limit instructions are accepted an additional charge of £10 will be made on the contract.

   When giving instructions to us by telephone our representative may repeat back to you what they understand are your instructions. You must correct these repeated back instructions if they do not reflect your desired instructions and/or you change your mind. If you do not correct these repeated instructions then those instructions last repeated back to you will be deemed to be your instructions and they will be actioned. You will be bound by any such instructions last repeated back to you if you do not correct them even if they do not reflect your intended instructions. This applies whether or not you confirm them or remain silent.

   Classic Account holders cannot use the Hargreaves Lansdown Online Stockbroking service. No instructions will be accepted by fax or email.

   Hargreaves Lansdown reserve the right not to accept a deal. You may only give dealing instructions to sell securities which you own and are in possession of a share certificate for. We will not accept short sales, i.e. the selling of shares which the client does not own. Should this be found to happen the sale will be reversed by repurchasing the stock. Full commission will be charged and you will be liable for any additional costs or charges incurred. Your account may also be terminated.

   We reserve the right, at our sole discretion, to review and revise your trading limits, seek references or request cleared funds and/or share certificates to be provided by you at any time before and/or after a transaction. This may result in your transaction not being processed by us immediately and may mean that you are unable to deal immediately. You will be sent a Contract Note for all dealing instructions dealt through Hargreaves Lansdown Stockbrokers. If there are any details on which you disagree or are unsure or you receive confirmation of a trade you do not recognise you must contact us immediately.

   When you ask us to buy or sell investments we will abide by our 'Order Handling Policy'. This sets out our approach to obtaining the best results for our clients. When we deal for you we consider a range of factors including price, costs, the speed at which we will be able to complete your deal, the likelihood of being able to place the deal and settle it, the size of your deal, the nature of your order and other relevant considerations. The most important factor is the price because we believe this is our clients' key consideration. Please bear in mind that if you give us specific instructions regarding the way in which you would like us to place your deal, we may not be able to obtain the best results for you. We deal through the London Stock Exchange, PLUS and a number of Retail Service Providers and Market Makers. You can read a copy of our full Order Handling Policy, which includes full details of the exchanges and Market Makers we deal with, on our website at www.H-L.co.uk/orders. When you give us a dealing instruction we shall assume that you are happy with, and agree to, our Order Handling Policy.

   We may combine your order with orders of other customers. We will only do this if we reasonably believe that by doing this we will obtain a more favourable price. However, on occasions such aggregation may result in a less favourable price. We will give notice before aggregating orders.

   Where the processing of a transaction is affected by a trading halt on the relevant exchange we shall complete the transaction as soon as reasonably practicable after trading resumes. However, we have no control over the effect the trading halt and/or any consequent delay may have on the price at which your transaction is executed. Any instructions to buy or sell investments, once accepted by us forms an irrevocable commitment by you to buy or sell in accordance with your instructions. Your instructions cannot subsequently be amended and/or revoked by you. Clients will not be entitled to receive cancellation rights.

   We reserve the right to require payment in full prior to accepting a deal. From time to time we may need to execute your order outside a Regulated Market or a Multilateral Trading Facility. Should this be necessary we will gain your prior express consent before executing the transaction.

2. COMMISSION RATES. A certificated charge of £10 will be levied on each transaction. In addition, for most investments, commission is charged at 1% on the first £10,000, 0.5% on the next £10,000 and 0.25% thereafter, subject to a minimum commission charge of £15 per deal. Plus markets (formerly OFEX Stocks)/Unlisted shares, residual shares, Permanent Interest Bearing Shares ,Venture Capital Trusts and Equity warrants will be charged at a commission rate of 1.5% subject to a minimum commission charge of £25 per deal. A flat 1% commission will be charged per deal when we carry out a transaction for a hedge fund not listed on the LSE/Plus or AIM.

   We may receive reasonable gifts and hospitality from product providers, these are closely managed to ensure clients' interests are not affected.

3. PAYMENT.

   a. Payments for purchases and other fees
   
   CLEARED FUNDS TO PAY FOR THE TRANSACTION MUST BE AVAILABLE ON SETTLEMENT DATE. IN PRACTICAL TERMS THIS MEANS THE CHEQUE MUST BE RECEIVED IN OUR OFFICES 3 BUSINESS DAYS BEFORE THE SETTLEMENT DATE (SEE SECTION 5). FAILURE TO ARRANGE THIS WILL RESULT IN AN ADDITIONAL CHARGE OF £20 AND MAY BE INTERPRETED AS A BREACH OF YOUR CONTRACT WITH US.

   In practical terms, this means that cheques need to be sent first class mail by return (don't forget the possibility of postal delays and cheque clearance times).Where we do not have sufficient cleared funds by the settlement date we may sell the shares at the prevailing market price and charge you 2% commission subject to a minimum charge of £25 and we shall look to you for any deficits. We retain an unconditional right of sale of any stocks under our control where funds have not been paid to us by the due date. We require a minimum of 25% upfront via a debit card on all new client purchases, this is at the discretion of the dealer at the time and can be increased depending on the nature of the stock, the market volatility and the total consideration. By using a debit card to pay for your purchase or other fees, you confirm that the card being used is yours. If the issuer of your card refuses to authorise payment we may not accept your order and we will not be liable for any delay in dealing.

   We reserve the right to impose limits on the number of transactions or amounts which may be charged on an individual debit card or by you during any time period. We reserve the right to refuse to process payments in respect of clients with a prior history of questionable transactions.

   We reserve the right to charge interest on any outstanding sums due for payment to the company which are not paid in full by the settlement date. Interest will be charged at a 20% flat rate and may be calculated and charged on a daily basis. Any interest charge may be deducted from client monies held by the company at our discretion.

   If you fail to pay us the monies relating to a specific purchase transaction in respect of which we have purchased the relevant investments then we may treat the transaction as repudiated by you and you will accordingly forfeit all rights in respect of such investments. We may sell such investments to discharge such monies and if the sale of such investments realises a net value higher than the amount of monies due to us relating to the purchase of those investments, we shall be entitled to retain for our benefit this additional value. We shall not be required to apply it against any other monies or liability that you may have to us. If the sale of such investments realises a lower value than the amount of monies due to us relating to the purchase of those investments then the net difference in value shall become a debt due from you to us and payable immediately. In addition our charges and the costs of making any such sale shall apply. If you fail to make a payment in full on or before the due date for payment we may make other member firms of the LSE and other relevant exchanges, other financial institutions and/or credit agencies aware of your identity and your payment record. Please note this may affect your future dealing status.

   If you fail to make a payment in full on or before the due date for payment we may immediately cancel, terminate and/or suspend any contract with you without having any resulting liability to you.

   Cheque Payments - It is vital that cheques received from clients can be paid in immediately on receipt and are met on first presentation. If payment is not made by personal cheque from your own account then additional identification procedures may be required (i.e. if a building society cheque is used or the funds are a gift). Cheques should be made payable to 'Hargreaves Lansdown Stockbrokers Ltd Client A/C'. Where cheques contain errors which mean they are not (or would not) be met, we will make an additional charge of £20. These errors include misdated and unsigned cheques or where the 'words and figures' differ. If any cheque is returned unpaid from a bank we will charge £20 and you will be expected to make good the payment immediately.

   Postal Dealing - In the event where cheques for postal deals result in a difference of less than £1, the amount will be retained by us; if over £1 the difference will be returned to you by way of a cheque.

   b. Settlement of Sales
   
   Cheques for settlement will be sent by first class post at your risk on the settlement date providing valid share certificates and transfer forms have been received at least 3 business days beforehand as outlined in section 5 of these terms, otherwise 3 days from receipt of these documents.

   c. General
   
   Where you have a Bank of Scotland Account held through us, you should inform the dealer of this at the time of dealing, or in the case of a postal deal at the time of writing. We will then settle the transaction, and any subsequent transactions through that account unless alternative arrangements are put in place.

   In the event that we need to undertake any legal action against you for recovery of a debt then you agree that you will be liable for any and all legal expenses incurred by us in recovery of that debt.

   If due to an administration error we pay you more than the correct amount of settlement monies and/or funds the amount of overpayment shall be a debt due from you to us and must be repaid to us immediately.

4. STOCK DELIVERY FOR SALES. You must ensure that signed transfer forms and certificates are sent to us by return of post. Instructions to sell shares must not be given if you have lost or mislaid your certificate - you must wait until you have a Letter of Indemnity and have lodged it with us.

   If your sale relates to shares bought recently through ourselves, but for which you have not yet received a share certificate, you must tell the dealer when giving your instruction. We are unable to sell shares recently purchased through another broker until you are in receipt of the share certificate. If we have not received your share certificates and valid signed transfer form by 3 working days before the settlement date then you will be deemed to be in breach of your contract with us and as such an additional charge of £20 may be made. We will endeavour to contact you but reserve the right to buy back the shares on your behalf at 2% commission subject to a minimum charge of £25. Any remaining outstanding balance will be your responsibility.

   Following a transaction, if delivery is delayed or not completed and the London Stock Exchange/Plus enforce buying-in procedures, you will be liable to account for all associated commission and costs we incur.

5. GENERAL SETTLEMENT. Clients will only be entitled to receive the benefits of 'netting' in respect of purchase and sale transactions effected on the same business day. Netting will not be permitted in any other circumstances. The settlement date for all transactions is shown clearly on the contract note and cannot be changed once the deal has been completed. Standard settlement on the London Stock Exchange/Plus is 'T+3' (i.e. settlement is due 3 business days after the trade date) but for certificated dealing we deal 'T+10' (i.e. settlement is due 10 business days after the trade date) for all clients unless agreed otherwise in advance.

   We will not be held responsible for any delay in the settlement of a transaction resulting from circumstances beyond our control, or the failure of any party (including you) other than ourselves, to complete all necessary steps to enable settlement to take place on the settlement date. You should be aware that if dealing in stocks outside of the CREST system (i.e. residuals), delays are likely to occur. We are acting solely as your agent and are not able to settle any transaction until settlement is received from the market counterparty.

   When dealing on any settlement date greater than 'T+3', the price obtained for shares traded is likely to be worse than the price for 'T+3' settlement. Deals for extended settlement beyond a 'T+10' basis cannot generally be accommodated.

   If you sell any investments through us and then receive a benefit in respect of the investment(s) to which you are not entitled you must give up the benefit to us. We will collect it and pass it on to the relevant exchange. Your entitlement is established by reference to the date recorded by the relevant exchange and not the date upon which the relevant Company Registrar registered the relevant transaction.

   If due to an administrative error we issue to you more than the proper amount of investments you must return all documentation to us for rectification immediately. If you do not return all documentation and/or investments to which you are not entitled then at our option we may purchase replacement investments. The purchase value and the costs of making such a replacement purchase shall become a debt due from you to us that must be paid to us immediately.

6. CLIENT MONEY. Except where clients hold a Hargreaves Lansdown Bank of Scotland Account, all client money accepted by us is held in a separate client settlement account with Lloyds TSB Bank or such other banks or authorised institutions as we may from time to time nominate. All settlement accounts are designated trust accounts and any client account balances are fully segregated from our own funds, however, you will not be entitled to any interest. All client account balances not committed for investment will be returned to the client on the relevant settlement day.

   Acquisition costs, currency conversion costs, taxation and any other costs associated with executing deals shall be your responsibility and where appropriate may be paid by deduction from your balance. All interest earned on cleared client balances held within a client settlement account will be deemed to be ours.

7. DOCUMENTATION & COMMUNICATION. All investments will be registered in the names of client(s). All contract notes in respect of investments will be forwarded to you. Documents of title will be forwarded following their receipt from the company subject to the deal being settled.

   Where documents of title are retained by us, they will be kept in our safe facilities and appropriate entries will be made in the register maintained under the rules of our regulators. We will not accept liability for default by any third party who is the nominal holder of your registered investments or those who have possession or custody on your behalf of cash, documents of title or certificates, evidencing title to your investments.

   We will supply on demand to you, or your agent, copies of contract notes, and copies of entries in books and records relating to you. A charge may be levied for this. We undertake to maintain such records for a period of 6 years from the date of each transaction for you.

   All contract notes, cheques and other correspondence may be sent by post and shall be sent at your risk.

   We may rely on any communication in any form which purports to have been made, and which we reasonably believe to have been made, by you or on your behalf. You will be bound by any transaction and/or service(s) entered into and/or expenses incurred on your behalf in reliance on such a communication.

   We shall have no liability in respect of any of your documents before they have been received by us and/or after they have been dispatched by us to you. We shall, at your request and cost send your documents to you by registered post. In the absence of such a request you shall pay all charges relating to the recovery or replacement of any of your lost documents.

   We shall have no liability to you for any delay or failure of delivery (for whatever reason) of any communication sent to you. You agree to us sharing any information that we hold about you with a fraud reference agency should it be required.

8. MISCELLANEOUS. We will exercise due care and diligence in the conduct of business but will not be liable to clients for any depreciation in the value of any investments arranged or purchased through us. Investments can fall in value and you could get back less than you invest. Past performance is not a guide to future performance. We reserve the right to amend these Terms & Conditions of Business at our discretion providing notice of any such changes are advised to you. Telephone calls may be recorded and used as evidence in the event of any dispute. If you are an eligible claimant under the rules of the Financial Services Authority, your account will be protected by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. Compensation is provided for the first £30,000 of any claim in full and 90% of the next £20,000 so the maximum from this scheme would be £48,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. These Terms & Conditions shall be governed by and construed in accordance with English law and the parties agree to submit to the exclusive jurisdiction of the English courts. We shall communicate with you in English. All documents will be provided to you in English and it is expected that you will communicate with us in English.

   OTHER CHARGES

   • Duplicate contract notes (if older than 6 months).
   • £10
   • Recording of telephone conversation, in the event that any complaint made by you is unfounded
   • £20
   • Telegraphic transfer of proceeds.
   • £25

   
   
   
   

   Other taxes or costs may exist that are not paid through Hargreaves Lansdown or imposed by us.

   Conflicts of interest- we have a conflicts of interest policy which covers our procedures for identification of conflicts, our policy of independence, how our analysts are remunerated, our editorial control over publication content, our research and general terms. This can be viewed on our website at www.H-L.co.uk/conflicts

9. DATA PROTECTION.

   All personal information provided by you and any other information relating to your Account will be treated in confidence by us and will not be disclosed to any third parties other than the Bank of Scotland for administration of your Cash Management Account (where applicable), except where permitted by law or where your consent has been received. However information may be shared with other financial organisations to protect us and our customers against fraud. The information will be held in our computer systems and may be used to provide the service for which you have applied and to keep you informed, by e-mail, telephone, post or other reasonable means, of other services which we consider may be of interest to you. Please advise us if you would prefer not to receive direct marketing information.

   Enquiries may be made with credit reference agencies and in such cases the agencies will keep a record of our enquiries. We will disclose to the agencies information about you in the event of you defaulting on debt. All information received and recorded by credit reference agencies may be used by other lenders in making credit decisions about you and other members of your household.

   These uses of your personal information are covered by the registrations of Hargreaves Lansdown under the Data Protection Act. Under the terms of the Act you have the right to obtain a copy of the information that we hold about you, upon payment of the appropriate fee.

10. COMPLAINTS PROCEDURE. We have a written policy for our internal handling of complaints and how we ensure we deal with each complaint promptly and fairly. You can obtain a summary from us should you so request. Should you have cause to complain for any reason a copy of our policy for handling complaints will be automatically sent to you.

    Please direct your complaint to the Client Services Manager ­at the company address. Clients should be aware that if they are unhappy with any response to a complaint received from the company, they may complain directly to the Financial Ombudsman Service.

C/WEB/04/08