Important information about your Smart Investor SIPP

Because SIPPs are generally set up as a trust and the “trustee” is the legal owner of the assets in the SIPP, we treat the trustee as our client under the Smart Investor Barclays SIPP Terms and Conditions. This also means there are certain rules around who can give us instructions depending on what the instructions are (please see the FAQ “How can you instruct us?” below for further details).

As a “member” of the Barclays Smart Investor SIPP (which means the assets in the SIPP are held for your benefit) the trustee delegates responsibility to you to make investment decisions in relation to your Barclays SIPP account. This means you’re responsible for certain instructions for example, selecting what investment products you wish to purchase. We’ll treat you as our client when we receive instructions to purchase certain investments for your Barclays Smart investor SIPP account.

As a member of your Barclays Smart Investor SIPP you’re able to:

• Provide us with instructions in relation to what investments you wish to purchase;
• Delegate authority to give Barclays Investment Solutions investment instructions to an “authorised party” (being someone you authorise to make decisions for you on your behalf); and
• Accept our charges (and any changes to our charges).

Outside of this, we’ll only take instructions from the pension services supplier, including:

• Transferring money or assets outside of the Barclays Smart Investor SIPP (we aren’t able to transfer money to you directly as a member of the Barclays SIPP).

The normal way of instructing us is online through the Smart Investor website or app (if you have registered for this). If you have any questions, you can call us on 0800 279 3667. We will tell you if there are any exceptions to this.

If your instruction relates to a time-sensitive deadline (for example, the end of an investment subscription period), you must give us reasonable time to act on your instruction.

Stopping instructions

We start processing instructions once we receive them, so we might not be able to stop or change them. If you want to stop or change an instruction, contact your Barclays Contact. If we’re able to cancel your instructions, we may charge a fee.

We can refuse your instructions

We’ll do our best to execute your instructions as soon as possible, but we do not always have to execute them (for example, if your instructions were not complete or clear, or if we do not think they came from you). We’ll normally, at the earliest opportunity, tell you our reasons for refusing instructions and what you can do to correct any errors.

We may also refuse your instructions, if it might expose us (or another Barclays company) to legal action or censure, such as sanctions, from any government, regulator, or law enforcement agency.

Unless we agree otherwise, we may upload to our online systems or send you:

• Client asset statements (custody services) at least once every three months
• Contract notes (confirmation statements) the next working day after we execute a transaction for you.

We will provide you with all of the above statements or reports via your chosen method of communication.

Please tell us immediately if you think there’s something wrong on a statement, report or contract note.

Our fees and tariffs are published here.

The pension services supplier’s fees and tariffs are also published on our website.

You can also use our cost calculator to estimate what you will pay to avoid any unexpected fees.

We’ll also provide you with information on the costs and charges for specific financial instruments at least once a year during the life of an investment.

You can always ask us for a copy of those documents.

We may charge default interest detailed in our fees and tariffs (see previous question).

We may use the cash or sell assets within your account to meet unpaid charges (and we will give you notice before we do).

We can also take legal or other action to recover the debts you incur by non-payment of charges.

Yes, we’re not able to purchase all types of investments on your behalf. This includes, for example, unregulated funds.

Instead, we’re only able to purchase or hold investments that we refer to as “permitted investments”. This includes, for example, cash or shares that are listed on a designated stock exchange.

Further information can be found in our SIPP Key Features Document.

The Barclays Smart Investor SIPP is provided on an “execution only” basis. So you’re deciding that you consider the Barclays SIPP to be appropriate for you and what investments you wish to purchase. You’re also deciding that both the Barclays Smart Investor SIPP, and any investment decisions you make in relation to your Barclays Smart Investor SIPP, will meet your objectives.

Barclays Investment Solutions doesn’t provide investment advice to you when it provides its execution-only dealing services. Because its execution-only dealing services are non-advised, we’re not obliged to ensure that any transactions we execute are suitable for you.

You can normally your relationship with us at any time, by giving us instructions to:

• If you’re over 55 years of age, asking us to sell all of the investments that are held within your Barclays Smart Investor SIPP and pay the proceeds to the pension services supplier; or
• Regardless of your age, you may transfer the assets held in your Barclays Smart Investor SIPP to another investment services provider (which must first be approved by the pension services supplier).

You must give us sufficient time to sell all investments in your Barclays Smart Investor SIPP, and pay the proceeds of sale to the pension services supplier, or transfer the assets held in your Barclays Smart Investor SIPP to another investment services provider.

We can normally end our entire relationship with you by giving you at least 30 days’ notice.

We can do this immediately under serious circumstances (for example, if we reasonably believe you have used the Barclays Smart Investor SIPP account or our services illegally for criminal activity).

We place cash which we hold for you in banks which we carefully select, which may include banks in the Barclays group. We hold your cash in your Barclays Smart Investor SIPP in our name, but our records will make it clear that the cash is separate from our cash. We do this to make sure your cash is protected and can be returned to you in the unlikely event that Barclays Investment Solutions becomes insolvent.

If there is not enough cash to pay all our customers what they are owed, your share of any cash that is available will be determined by the laws and regulations which apply where distributing client money.

Where we hold your assets in custody, we’ll keep your assets separate from ours. We’ll maintain records that show that the assets we’re holding belong to you, so that investments can be traced back to you, if we become insolvent. If we hold your cash and assets outside the UK, different laws may apply if the bank gets into financial difficulty.

Barclays Investment Solutions Limited and the pension services supplier are covered by the Financial Services Compensation Scheme (“FSCS”), the UK’s statutory deposit guarantee scheme. Compensation for eligible investment and banking business is subject to the £85,000 limit per person per company.

For more information about the FSCS scheme, amounts and scope of cover and how to claim please see the FSCS website.

The easiest way is by starting a chat with us via the app (if you are registered for it).

You can also call us at:

• (toll free) 0800 282 390 (from inside UK)
• +44 (0) 207 116 7488 (from outside UK)

For more information, please visit https://www.barclays.co.uk/complaints/

If we’re unable to resolve a complaint to your satisfaction, you may be able to refer your complaint to a financial ombudsmen for independent assessment. A financial ombudsman is a free and independent organisation that specialises in settling disputes between clients and financial firms.

The easiest way to do so is by contacting the pension services supplier:

• Telephone: 0800 279 3667
• Email: BarclaysSIPPadmin@ajbell.co.uk

More information can be found in your SIPP Key Features Document.

If the pension services supplier is unable to resolve a complaint to your satisfaction, you may be able to refer your complaint to the pensions ombudsmen for independent assessment. The pensions ombudsman is a free and independent organisation that specialises in settling disputes between clients and pension services suppliers.