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Important Information

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.

ISA – Important Dates for Tax Year End

The last day to 'Bed and ISA' a certificate (not in the office) is the 20th March

The last day to 'Bed and ISA' a certificate (in the office with a signed Crest transfer from) is the 27th March

The last day to 'Bed and ISA' a nominee holding (on a T+1) is the 2nd April

Payments for subscriptions can be made online up until 23:59 on the 5th April (Sunday)

Investor Protection

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:-

Regulatory Protection

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.

Additional Protection

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.

Client Money

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.

Client Assets

All assets are either held directly through our Nominee company (JIM Nominees Ltd) or with external custodians, in line with the FCA's custody rules. This means your investments are identifiable as client assets. Your investments may be pooled with the investments of other clients at external parties, however, we maintain detailed records of beneficial ownership.


Our internal system maintains detailed records of beneficial ownership of both client money & 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.

Order Execution

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.

Execution Factors

The execution factors that will be taken into account are:

  • price;
  • 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.

Execution Venues

Jarvis Investment Management Ltd will execute deals through:

  • Regulated markets
  • Multilateral Trading Facilities
  • Systematic internalisers
  • 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.

6. Top Venue Reports

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

The RTS 28 analysis for 2017 can be found under the following link.

Our Charges

Dealing commission £9.95
ISA administration fee Free
Transfer in of shares Free
Non-activity fee Free
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 £50.00
Late payment administration charge £20.00
Attendance at shareholders meetings £20.00
Unpaid cheque fee £20.00

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). Any counterparty charges will be shown separately on your contract note as a market side charge. Transactions over £10,000 are also subject to a £1 PTM levy.

Complaints Policy

  • 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 lsetrading@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 of 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:

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.

For further information about the risks involved as well as our Covered Warrants and Other Complex Instruments Risk Warning and Assessment, please download the Risk Warning documentation.

Complex Instruments

The Markets in Financial Instruments Directive's appropriateness requirements apply where firms sell products without advice. Defining a product as 'complex' means firms selling these products without advice will need to assess whether a potential purchaser has the necessary experience and knowledge to understand the product they wish to purchase - this is the 'appropriateness test'.

The following types of investment instrument are deemed 'Complex.'

Instrument Type  
Subordinated Debt Instruments Subordinated debt is a loan or security that ranks below other loans and securities with regard to claims on a company's assets or earnings. Subordinated debt is also known as a junior security or subordinated loan.
Unlisted Equity An unlisted security is a financial instrument that is not traded on an exchange, but through the over-the-counter (OTC) market. Market makers facilitate the buying and selling of unlisted securities in the OTC market. Because they are not exchange traded, unlisted securities can be less liquid than listed securities.
Index-Linked Debt An index-linked bond is a bond in which payment of interest income on the principal is related to a specific price index, usually the Consumer Price Index. This feature provides protection to investors by shielding them from changes in the underlying index.
Callable Bonds A callable bond (also called redeemable bond) is a type of bond (debt security) that allows the issuer of the bond to retain the privilege of redeeming the bond at some point before the bond reaches its date of maturity.
Asset Backed Securities An asset-backed security (ABS) is a security whose income payments and value are derived from and collateralized (or "backed") by a specified pool of underlying assets. The pool of assets is typically a group of small and illiquid assets which are unable to be sold individually.
Participating Capital and Convertible Preference shares The term participating convertible preferred stock refers to a security commonly issued as part of venture capital financing. Participating convertible preferred stock provides the holder with the rights to both dividends as well as a conversion feature.
Perpetual Bonds Perpetual bond, which is also known as a perpetual or just a perp, is a bond with no maturity date. Therefore, it may be treated as equity, not as debt. Issuers pay coupons on perpetual bonds forever, and they do not have to redeem the principal.
Convertible Debt In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value.
Subscription Shares Newly issued securities that an investor has agreed or stated their intent to buy prior to the issue date. When investors use rights, they expect to own the designated number of shares to which they have subscribed once the offering is complete.
Puttable Bonds A Puttable bond is a bond with an embedded put option. The holder of the puttable bond has the right, but not the obligation, to demand early repayment of the principal. The put option is exercisable on one or more specified dates.
Stepped Coupon Bonds An interest paying bond whose coupons change to pre-determined levels on specific dates.
Equity Linked Notes An equity linked note (or ELN) is a debt instrument that varies from a standard fixed-income security in that the coupon is built on the return of a single stock, basket of stocks, or equity index, otherwise known as the underlying equity.
Derivatives and Structured/Hybrid Products In structured finance, a structured product, also known as a market-linked investment, is a pre-packaged investment strategy based on a single security, a basket of securities, options, indices, commodities, debt issuance or foreign currencies, and to a lesser extent, derivatives. A hybrid product is a combination of two or more types of financial products. The combination of annuities and long-term care insurance provides an example of a hybrid product.
Mortgage Backed Securities A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages. The mortgages are sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.
Exchange Traded Commodities Commodity ETFs are exchange-traded funds (ETFs) that invest in physical commodities, such as agricultural goods, natural resources and precious metals. A commodity ETF is usually focused on either a single commodity, holding it in physical storage, or it is focused on investments in futures contracts.
Composite Units A composite unit is a set of different products grouped together in proportion to their sales mix. In other words, its' a way to categorize and group products from different business segments together in an effect to manage sales, inventory levels, and break-even points.
Defaulted Bonds In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.
Contingent Convertible Debt (CoCo Bonds) Contingent convertible securities, otherwise known as 'CoCos', are hybrid securities issued by banks as debt instruments (e.g. bonds) and automatically converted into equity shares if a contractually pre-defined 'trigger event' occurs.

Key Information Documents

From 1st January 2018 the Packaged Retail and Insurance-based Investment Products Regulation ("PRIIPs Regulation") will come into force which aims to increase the transparency and comparability of certain investment products through a Key Information Document (KID). Examples of investments covered by the PRIIPs regulation include:

  • Non-UCITs* Retail Schemes
  • Exchange Traded Derivatives
  • Structured Products

*Undertakings for Collective Investment in Transferable Securities (UCITS)

A KID will provide you with essential information about costs, potential risks and performance to enable you to better understand the product and make an informed investment decision.

The regulation applies to PRIIPs and purchased by an EEA Resident Retail Investor, regardless of their nationality and is applicable worldwide, no matter where a PRIIP is purchased as long as it is purchased by an EEA Resident Retail Investor.

If you already hold a PRIIP in your portfolio you will be able to sell it without referring to us.

However, if you are purchasing a PRIIP online, you will receive the following warning:

You have not confirmed that you have read the Key Investor Information Document for this fund. For further assistance, please contact the Dealing Desk quoting reference 475

In this instance you will need to call the Dealing Desk

Terms & Conditions

LSE Share Dealing - Click here to view/download (.PDF).

Self Invested Personal Pension (SIPP) - Click here to view/download (.PDF).

Cookie Policy - Click here to view/download (.PDF).

Privacy Policy - Click here to view/download (.PDF).

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