J.P.Morgan safeguarding of client money and assets statement

J.P.Morgan have provided the following statement on the safeguarding of client money and assets:

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The FCA (Financial Conduct Authority) has set out specific rules on how firms are required to safeguard their clients’ money and assets (shares) and to make clients aware of the arrangements that are in place. For further details please see the documentation for your product.

Where we hold your money as client money, we hold it in accordance with the FCA Rules which require us to have in place adequate record keeping, accounts and reconciliation procedures to safeguard it. We also have in place procedures to cover the selection, approval and monitoring of the bank(s) we use to hold your money.

J.P.Morgan Direct OEIC Holding
All money relating to a buy or sell transaction will not be protected for the 24 hour period during which the transaction is processed. Thereafter, all money will be held in a client money bank account in accordance with FCA client money rules. Income distributions are processed by the Depositary of the Fund and are not subject to FCA client money rules. Please note that if distributions remain unclaimed for a period of more than six years, they will be paid back into the Fund in accordance with the Fund Prospectus. As your OEIC shares are held directly in your name on the Funds share register, the FCA client asset rules do not apply.

ISA, Investment Account and Legacy Cash
All cash in your account is held on your behalf in a client money bank account. All shares are held on your behalf within a Nominee company. Both are subject to FCA client money and asset rules respectively.