Terms and important information

Where foreign currency conversions are required (such as to facilitate the settlement of transactions), we will exchange the foreign currency at a rate set by our custodian, BNY Pershing. The rate applied to your transaction will include a Raymond James administration charge, which is dependent on the amount exchanged, and can be found below. Where the amount of the FX transaction is above the stated tier, the lower charge is effective for the full amount of the FX transaction.

View our rates and charges information

Safety and custody of assets

For Raymond James BNY Pershing (Pershing Securities Limited) custody clients

View the client protection document

Raymond James administers your accounts, and we have an arrangement with BNY Pershing (Pershing Securities Limited) to act as custodian for your investments. 

• BNY Pershing is part of the Bank of New York Mellon Corporation, one of the world’s strongest financial institutions, with over $50 trillion in client assets under custody and/or administration.
• In compliance with the Financial Conduct Authority’s Client Asset Rules, your investments are held on trust in accounts segregated from BNY Pershing’s own assets. In other words, they are ring-fenced from BNY Pershing’s own corporate assets. Therefore, in the unlikely event of default by BNY Pershing, your assets would be allocated to you as the beneficial owner.
• In addition, the FCA’s Client Asset Rules require BNY Pershing to perform regular checks to verify that client assets held in trust are accurately recorded.
• In the unlikely event that BNY Pershing had failed to properly apply the FCA’s Client Asset Rules and had also defaulted on its obligations, eligible clients would be able to make a claim to the Financial Services Compensation Scheme (FSCS) for any assets lost by BNY Pershing. The FSCS provides cover up to £120,000 per eligible claimant for investments.
• BNY Pershing also has additional insurance policies in force to protect against financial loss caused by events such as forgery, fraudulent alteration and computer crime. 

Note: Client account protection does not cover investment risk.

FSCS limits

We are covered by the UK’s Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the FSCS if we cannot meet our obligations to you. Whether you are entitled depends on the nature of your claim. If you are eligible, there will be a limit to the amount of compensation the FSCS can pay. You can find out more about the FSCS at www.fscs.org.uk, including on their eligibility criteria and the current limits in place on claims. You can also contact the FSCS by phone at 020 7741 4100 or 0800 678 1100, or email them at enquiries@fscs.org.uk.

Your cash is held in the BNY Pershing Cash Account

BNY Pershing holds your cash balances as Client Money, which means that money in your Cash Account is held by BNY Pershing acting as trustee. It is segregated from BNY Pershing’s own corporate assets and held in designated trust accounts at one or more banks. 

Should any of the banks that BNY Pershing uses fail, investor protection provided by the FSCS applies. The limit is currently £120,000 per eligible claimant per FCA authorised financial institution.

View the client protection document

National Identification

To ensure you provide us with the correct National Identifier details, please click below to view the list published in the Financial Conduct Authority Handbook. Should you require further assistance, please speak to your Wealth Manager.

View National Identification list

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FATCA/CRS

The globalisation of the financial sector now makes it much easier for individuals and entities to hold money and assets outside of their jurisdiction of tax residence. While the great majority comply with their tax obligations there are some who will use the availability of offshore financial structures to evade tax.

Automatic Exchange of Information (AEOI)

AEOI is about improving transparency in the fight against tax evasion and in so doing protecting the integrity of the tax systems of the Participating Jurisdictions. The UK has entered into a number of international agreements designed to provide tax administrations with details of financial accounts and assets owned by Individuals, Entities and Trust that are resident for tax purposes in their jurisdiction, but which are held by financial institutions in the other territory to help stop tax evasion.

The UK has legislation in place for the AEOI under the following regimes:

• The United States Foreign Account Tax Compliance Act – FATCA
• The Common Reporting Standard developed by the OECD – CRS
• The EU Directive on Administrative Cooperation in Tax Matters – DAC

Under these agreements, Raymond James and all UK financial institutions have a legal obligation to determine the tax residency of all its account holders.

Where an account holder is identified as tax resident in one of the participating countries, their account details must be reported to HM Revenue & Customs (HMRC) on an annual basis. This information is then expected to be shared with the relevant overseas tax authorities where the account holder is tax resident by HMRC.

In return, those participating countries are expected to supply HMRC with similar information on UK tax resident Individuals, Entities and Trusts holding accounts with their Financial Institutions. In order to achieve this, we require you to complete a Tax Residency self-certification form.

FATCA

The Foreign Account Tax Compliance Act (FATCA) is a United States legislation that has been designed to ensure tax compliance by US persons to ensure they report their worldwide income to the US tax authorities (IRS) even if they are not resident in the US. The agreement between the UK and USA which came into effect on 1st July 2014 requires UK financial institutions, like Raymond James, to provide reports on their account holders who are deemed to be ‘US persons’ for US tax purpose.

Please note that under this agreement Raymond James is required to report any client which is deemed to be US Person/account holders to HMRC who will share this information with the IRS. We do not report directly to the US IRS.

For more information about FATCA please visit the IRS website.

CRS

Common Reporting Standard (CRS) is a global standard developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information between tax authorities worldwide.

Under the CRS, we are required to identify and report all accounts that we hold for Individual, entities and Trust that are tax residents in any of the overseas participating CRS countries.

Please note that Raymond James is required to report the reportable information on these accounts directly to HMRC who will share this information with the overseas tax authorities where the account holders are identified as being tax resident. We do not report directly to the overseas tax authorities.

For more information, please visit the following website:

• HMRC website
• OECD website