London South East Trading is a simple, low cost service for buying and selling shares online. London South East Trading is a trading name of Jarvis Investment Management Ltd. Share dealing services are provided by Jarvis trading as London South East Trading, to whom you have been introduced by London South East Limited. All dealing, administration and settlement in relation to these services is undertaken by Jarvis Investment Management. You and Jarvis, not London South East Limited, will be counterparties to each transaction. Jarvis is a member of the London Stock Exchange, and is an HM Revenue & Customs Approved ISA Manager.
One of our most important responsibilities is to ensure your assets are both safe and secure.
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 level 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 £75,000 in compensation for losses across all their deposits with that institution.
The FSCS also provides clients of Jarvis (and other organisations regulated by the FCA), compensation of up to £50,000 per investor for UK securities.
In addition to the Regulatory Protection, as a client of ours you will enjoy further protection in the event of negligence, fraud or misappropriation through our professional indemnity policy. This provides further cover in excess of £3 million. The Financial Conduct Authority (FCA) dictates the terms and conditions of the policy and the level of protection to Jarvis.
This protection only comes in to play should something happen, but of equal importance is the protection afforded to clients by the regular financial monitoring procedures of the FCA, HM Revenue and Customs and our Auditors, all of whom conduct regular reviews.
In the unlikely event that Jarvis ceased trading for any reason, creditors would not have any claim on client assets, either cash or stocks.
Jarvis Investment Management Ltd 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 Investment Management Limited's order execution policy is provided to you as a retail client of London South East Trading, which is a trading name of Jarvis Investment Management Ltd.
1. General Principles
When executing or routing orders on your behalf in relation to financial instruments we will take all reasonable steps to achieve what is called 'best execution' of your orders. This means that we will have in place a policy and procedures which are designed to obtain the best possible execution result, subject to and taking into account the characteristics of you as a client, your client classification 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 you with best execution does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.
2. Order Execution Policy
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:
costs of the transaction;
speed of execution;
likelihood of execution and/or settlement;
size and complexity of the order; and
characteristics and nature of the order.
Ordinarily price and overall costs for transacting the deal will merit a high importance in obtaining the best execution result for your order. However, in some circumstances we may determine that other factors listed above may be more important in determining the best execution result for your order. We will exercise our own discretion in determining these factors.
Jarvis Investment Management Ltd will execute deals through:
Multilateral Trading Facilities
Market makers for their own account
Other liquidity providers
Non-EU entities performing similar functions
For certain transactions, such as those where the security is traded by a limited number of entities, Jarvis Investment Management Ltd may use alternatives where we consider it is in your best interests to do so.
You should note that where we have obtained your prior express consent, your order might be executed outside a Regulated Market or Multilateral Trading Facility even where that order could be executed through a Regulated Market or Multilateral Trading Facility.
3. Delivering Best Execution
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.
Whenever there is a specific instruction from you, Jarvis Investment Management Ltd will carry out the order in accordance with that specific instruction and Jarvis Investment Management Ltd will be deemed to have complied with the best execution requirement to the extent of that instruction.
4. Review and Monitoring
Jarvis Investment Management Ltd 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.
5. Limit Orders
We are required that, 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, 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.
ISA administration fee
Transfer in of shares
Certificated withdrawal of shares from nominee (re-registration) and transfer out of shares to another broker
£15.00 per line of stock
ISA account closure fee
Late payment administration charge
Attendance at shareholders meetings
Unpaid cheque fee
All charges are subject to VAT at the prevailing rate with the exception of Dealing Commission, which is exempt.
All purchases of UK stocks and Equities are currently subject to 0.5% Stamp Duty (1% on Irish Stocks)
Transactions over £10,000 are also subject to a £1 PTM levy
In the event of a complaint regarding our service, please write to: The Compliance Officer, 78 Mount Ephraim, Tunbridge Wells, Kent TN4 8BS.
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 of the FOS leaflet will also be included.
You may contact the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR
General Risk Warning
The past performance of any investment is not necessarily a guide to future performance. The value of investments or income from them may go down as well as up. As stocks and shares are valued from second to second, their bid and offer value fluctuates sometimes widely. The value of shares may rise as well as fall due to, and not just including, the volatility of world markets, interest rates, economic conditions/data and/or changes in the rate of exchange in the currency in which the investments are denominated. You may not necessarily get back the amount you invested.
As an execution only client, any decisions on investments are purely your own choice and Jarvis Management Investments will not provide any advice on these investments. We will execute the transactions for you only. You will therefore be responsible for loss with the investments chosen. Please ensure you fully read and understand the risks involved in any decision you make. If you have any doubt whether any investment is suitable for you, you should obtain expert advice.
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