Terms and Conditions of the MPFS ISA

Assignments or Loans

This ISA investment will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan. Therefore, you cannot take out this ISA for or on behalf of anyone else, and you cannot assign the ISA to anyone else (e.g. by way of a mortgage, divorce settlement, ordinary assignment or as a gift).

Delegation of MPFS duties

We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.

Voiding the ISA by mistake

We must notify you if, by reason of any failure to satisfy the provisions of the ISA regulatons, an ISA has, or will, become void.

Transfers to another ISA provider

On your instructions and within the time you stipulate (subject to a minimum period of 30 days), an ISA or that part of an ISA which relates to any set of whole certificates, shall be transferred to another ISA manager. Our MPFS ISA will consist of a set of separate "certificates", each with its own individual "certificate number". We give the contributions made in any tax year and any increases during a tax year a separate certificate number. You can only transfer part of your MPFS ISA if the part consists only of whole certificates - you cannot transfer just part of an individual certificate. We normally make transfers on the Wednesday following the end of the week in which we receive all completed documents, except where there are intervening Bank holidays affecting clearing banks' systems.

Cashing in your ISA

On your instructions and within the time you stipulate (subject to a minimum period of 30 days), an ISA or that part of an ISA which relates to any set of whole certificates, shall be transferred or paid to you. Your MPFS ISA will consist of a set of separate "certificates", each with its own individual "certificate number". We give the contributions made in any tax year and any increases during a tax year a separate certificate number. You can cash in part of your MPFS ISA if the part consists of whole certificates - you cannot cash in just part of an individual certificate. We normally make all payments on the Wednesday following the end of the week in which we receive valid written instructions, except where there are intervening Bank holidays affecting clearing banks' systems.