Established in 1817, BMO Financial Group is a diversified financial services provider based in North America. With total assets of CAN$801 billion and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.*
*Source: BMO Financial Group, 200th Annual Report
If for any reason, we have fallen short of your expectations, please give us the opportunity to put it right. For details on how to contact us with a complaint, see below.
Rename to BMO
We officially changed to BMO on 12 November 2018.
Our customers are increasingly looking for strong global investment solution providers. Our goal is to provide effortless access to investments and having the majority of our investment capabilities under a single brand helps us to provide that as well as simplify the way we communicate.
BMO has a long, proud history and very strong brand in North America and one that we have started to build here in Europe over the past three years. Under the BMO name we will continue with our ambitious plans to expand our business, and ensuring it is centred around our customers.
The investment we have already made in the business and the BMO brand in Europe over the past four years has provided us with a solid platform to move towards our simplified brand ambition. It’s a logical step for BMO, as we look to continue our growth in the UK, Europe, and globally.
Seven of the Investment Trusts changed name to align with BMO. For the remainder, we continue to have ongoing dialogue with each of these Boards in relation to the changes. The Boards understand our ambition to align to a global brand. However, any decision to change the name of the remaining trusts is one for each of the independent Boards to make at the appropriate time.
My BMO investment trust account
Please write to us with your new details and sign the letter with both your old and new signatures.
You will also need to enclose documentary evidence of the change – for example your marriage certificate. Any documents should be copies certified on each page. This means that a copy is made by a professional (e.g. lawyer, bank, financial adviser, postmaster) who then signs the form and certifies that they have seen the original. Please note that we cannot accept photocopies that you have made yourself.
We will then write to you to confirm that the changes have been made and return the documentation to you. You will normally receive this within ten working days of sending your request.
You have received an email/call/letter or a text message that seems to be from a company you know well, like BMO. It’s urging you to act and asking for personal information. It might claim there is something wrong with your account or that your details need to be updated.
Fraudsters use a scam called phishing for email, and smishing for texts. They copy communication or forms from real companies to try to steal your data or send your computer or phone a virus.
Below we share some ways to help protect yourself, and recognise a scam email or text message.
Is the email, text, letter or call asking you for financial and personal info?
Fraudsters pretend to be companies who you may have relationships with such as BMO. Be wary even if you think you recognise the sender. Genuine companies never ask for financial details in an email/text or unsolicited call. Don’t reply, and don’t click on any links or attachments.
Do you know who really sent the communication, or made the call?
If in doubt, phone the company on a trusted number or visit their website by typing their web address directly into the address bar. Don’t click on a link or copy and paste from the email/text itself. Do not try to contact the company on a number, address or email provided on the suspected communication.
Is the email/text/letter or call trying to scare you into action?
Communications from reputable companies should sound reasonable and calm. Fraudulent messages often contain threats of account suspension or immediate risk of fraud. If you’re not sure about a communication you have received purporting to be from BMO, you can always phone us on 0345 600 3030.
How to tell a suspicious email/ text from a real one:
- We never ask you to confirm personal or financial information in an email/ text.
- Scam emails/ texts often look strange, with a messy layout and spelling mistakes.
- Our email addresses always end with bmogam.com. All genuine emails come from bmoinvestments.co.uk or bmogam.com.
- We never ask you to carry out a test payment online or transfer money.
- We will never ask you to send personal information or identity documentation to an address which isn’t listed on our website.
If you are the only account holder you can notify us of your new address by phone on 0345 600 3030 or by using our online account management service, if you have registered.
Alternatively, you can send us a written instruction to: BMO Asset Management Limited, PO Box 11114, Chelmsford, CM99 2DG.
If your account is held by more than one person, then any notification of address change must be in writing to the address above and signed by all account holders who are changing their address.
Please note that, for your security, we are unable to accept address changes by e-mail.
You can do this either through our online service (dependent on account type – please see the Q&A section specific to your account type to see if this is available) using a debit card or by sending us a cheque in the post. If posting a cheque please also complete the relevant Top-Up Form and send this along with your cheque.
Your money is invested on the next available dealing day after receipt of your payment (subject to online dealing cut-off times).
You can view the value of your account through our online service at any time (dependant on account type – please see the Q&A section specific to your account type to see if this is available), we also quote the share prices of all our trusts on our website. Alternatively, you can call us and we can confirm this information to you by phone.
You can send a letter to us or use our online account management service to send us your instruction (please note that joint investors or accounts registered under company names cannot do this online). If you are sending us instructions by letter or fax, please remember to include your account number. Alternatively, you can download a Sale of Shares form from our website or obtain a copy from the Investor Services Team, and fill in the form and return to us.
We will acknowledge receipt of your request in writing and your shares will be sold on the next dealing day after we receive your instructions (this is usually the next business day).
You will normally receive a cheque to your home address within eight business days (if you fax your instruction, we’ll sell on the next dealing day but for security, we will require the original request to be sent to us before we can send the proceeds to you).
If you would prefer the proceeds to be paid directly into your UK bank/building society account, you must provide proof of your bank details at the time you request the sale. Please note that you cannot withdraw sales proceeds from either a CTF or JISA account.
Yes, you can switch your investment between trusts at any time. If you’ve registered for our online service and are the only account holder you can make the change yourself online. If not you can also use the Change of Investment Instructions form on our website or obtain a copy from our Investor Services Team.
A summary of the available funds, their objectives and recent performance can be found in our Investment Trust guide. You can also find fund details and performance details in the investment trust section of our website. We’re not able to recommend a trust for you so if you are unsure, you should speak to a professional financial adviser.
We will acknowledge receipt of your request in writing. We will then carry out the sale, and purchase of the new shares, on the next dealing day (this is usually the next business day). We will then write to you with details of the transactions and your new holdings – you will normally receive this within ten working days of your original request.
We will deduct the charge firstly from any uninvested cash held on your account, then sell shares. If you’d prefer, you could set up to pay the annual management charge by direct debit. Setting up a direct debit is easy – simply complete the relevant form and return it to us.
– If you have an existing direct debit, complete the ‘Instruction to pay account charges using an existing direct debit‘ form. Using this, you can amend your existing direct debit to include the annual management charge.
– If you do not have an existing direct debit, complete the ‘Instruction to pay account charges using a new direct debit‘ form.
If the account is held in your name and the direct debit is paid from a bank account in your own name, you can change your direct debit amount by logging on to your account on our online account management service by clicking here. Alternatively, you can call us on 0345 600 3030 to change your direct debit amount.
You can also download and fill out a Top-Up form, signed by all of the bank account holders and the BMO account holders. If you cannot download a Top-up form, you can request a copy by contacting our team on 0345 600 3030. We will confirm the changes in writing to you, and you will normally receive this within ten working days of sending your request. Please note that, for security, we are unable to accept direct debit changes by e-mail.
If the account is in your own name and the direct debit is coming from a bank account in your own name, you can set up a new direct debit mandate using our online account management service which can be accessed by clicking here.
Alternatively, you can send a completed mandate by post. You can use the Top-up form which can be downloaded from this website or obtain a copy from our Investor Services Team. You should send this to BMO Asset Management Limited, PO Box 11114, Chelmsford, CM99 2DG, along with proof of your bank/building society details.
You will need to allow at least 14 days for the mandate to be sent to you and then set up by your bank. You are welcome to send a cheque for any missed payments. This cheque (which can double up as proof of your account details) should be made payable to BMO Asset Management Limited.
We will confirm the details of the new direct debit in writing to you. You will normally receive this within ten working days of sending your request.
Please note that, for security, we are unable to accept direct debit changes by email.
We automatically use any dividends received from your investments to purchase more shares.
For accounts other than a CTF or JISA, if you would prefer the dividends to be paid into your bank account, we can arrange this for you.
The frequency of the payments will depend on the trusts that you are invested in. Income is paid within four days of receipt of the dividend if it is paid directly into your bank account, this could be slightly longer for cheque payments.
If you would like to have future income payments paid into your bank account, please complete the Dividend Mandate form or obtain a copy from our Investor Services Team. You should send this, along with proof of your bank/building society details, to the address shown below.
We will confirm your request in writing to you. You will normally receive this within ten working days of sending your request.
The proof needs to be pre-printed by your bank and show:
- Your sort code
- Your account number
- The name of the accountholder(s)
This is normally a pre-printed pay-in slip (which is usually found in the back of your cheque book but may be provided by your bank/building society separately) or cancelled cheques (i.e. a blank cheque that you have scored through so that it cannot be used). A cancelled cheque is sometimes referred to as a spoilt cheque or a voided cheque.
The first stage is for the person dealing with the estate of the deceased to send us written notification of the death. This should include their own contact details as well as the death certificate for the deceased and details of all accounts that are held with BMO.
We will then note the death on our records. For accounts held in joint names, the account will automatically pass onto the name(s) of the other account holder(s).
For accounts held in the sole name of the deceased, we will send back the probate value of the account (this gives the value at the date of death which can be used to apply for Grant of Probate), details of the options available and what the next steps are.
We do not have a team who are able to advise individuals on trusts or products to invest in. However, Independent Financial Advisers are able to recommend our funds and products.
If you don’t know an adviser, then getting a recommendation from friends or family can be a useful starting point. Alternatively, an organisation called IFA Promotions can provide you with details of advisers in your local area. You can obtain this information from their website www.unbiased.co.uk.
Introduction of Key Information Documents (KIDs)
It’s a short, 3 page document which is intended to help investors easily compare products marketed and sold within the EU on a like-for-like basis. The content and layout of the KID is prescribed by regulation and a KID must be provided to investors in good time in advance of any transaction activity.
KIDs were introduced on 1st January 2018, when a regulation known as PRIIPs came into force.
PRIlPs is the “Packaged Retail Investment and Insurance Products” regulation. As a European regulation, it is directly applicable across all EU Member States. It is a cross-sector regulatory initiative, affecting asset managers, insurance companies and banks. PRIIPs is aimed at creating a new standard common disclosure document for retail investors and policy holders – the KID.
From 1st January 2018, each of the investment trust funds will be required to publish a KID. The purpose of this is to help investors understand the nature, risks, costs, potential gains and losses of the product they invest in and to help them compare it with other products.
Because the content and layout is prescribed, the KID for all products will contain the following sections:
What is this Product?
This section gives a short description of the product that the KID relates to. In the context of what BMO offers, the ‘product’ is the trust that you invest in (e.g. F&C Investment Trust), and not the wrapper that sits round it (e.g. General Investment Account, Investment Trust ISA). This will include the product’s aims/objectives, and summarise how the assets are allocated.
What are the risks and what could I get in return?
You’ll see a highlighted number which is referred to as the summary risk indicator. This is a guide to the level of risk of the product compared to other products and is on a scale from 1 to 7, where 1 is lower risk and 7 is higher risk. The higher the risk classification, the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the product. The lowest classification does not mean ‘risk free’.
This section will tell you what rating the product has been given and why, and will also outline any other risks that the investment carries (see Q6 for information on other types of risk).
As part of this section, we must also illustrate how an investment might perform under different market conditions (scenarios) and over different time periods. The scenarios presented are an estimate of future performance, based on evidence from the past, but are not an exact indicator. You should bear in mind that past performance is not a guide to future results and the value of investments can go down as well as up.
If you are in any doubt about whether the product and the associated risks are right for you, we would recommend you consult an independent financial adviser. You can find advisers in your area at www.unbiaised.co.uk
What happens if the Company is unable to pay out?
This section tells you about any protection that applies in relation to your investment in the product. Important: in this section, ‘company’ refers to the investment trust, and the Financial Services Compensation Scheme (FSCS) does not apply to the trust itself. However, as an FCA regulated firm, FSCS does apply to BMO Asset Management Limited, so if that business failed and could not meet its liabilities, FSCS provides an element of protection. Investment losses are not covered.
What are the costs?
There are various costs associated with an investment into one of BMO’s products (again, in this context we’re referring to the investment trust funds that BMO offers). There are direct costs for investing into the product, as well as indirect costs that are incurred for the day to day operation of the product. These costs can have a reductive effect on the returns investors get over time, and in the spirit of greater transparency, the regulation requires firms to illustrate the potential impact.
Important: the KID will not contain details of the costs associated with the wrapper (e.g. Private Investor Plan, Investment Trust ISA). Those will continue to be illustrated in the relevant Key Features and Terms & Conditions document. There is also a pre-sales cost disclosure document which outlines the combined costs for the product and the wrapper. This document is available on the BMO website (bmoinvestments.co.uk)
How long should I hold it and can I take money out early?
This section will tell you if there is any minimum holding period or early encashment penalty
How can I complain?
This section will tell you how to contact BMO if you are unhappy and about any rights you have to take your complaint further.
The final section of the KID contains any other relevant information, which may include details of how to obtain literature or current prices.
There are many risks that affect how your investment might perform; some of them are inherent to investing generally while others are relevant to specific products. As with all investments, the value of an investment in any of our investment trusts, and the income derived from them, can go down as well as up. You may not get back the original amount invested.
In addition, our investment trusts, unlike some other investment vehicles, are able to use ‘gearing’ to meet their objectives. This means that the trust can use borrowed money to take advantage of wider investment opportunities. However, if a company is highly geared, its profits and losses can be greatly affected by even small changes in interest rates.
Each of our investment trust KIDs detail specific risks associated with the fund under the summary risk indicator (in the section of the KID headed ‘What are the risks and what could I get in return?’ and the risks are described in more detail here. Not all of the following risks will apply to every investment trust.
Credit Risk: the income and capital due from bonds is dependent upon the issuing company’s ability to pay and any default will adversely affect the value of your investment.
Interest Rate Risk (Fixed Income Risk): changes to interest rates affect the values of fixed income holdings (i.e. bonds) and may adversely affect the value of your investment.
(Foreign) Currency Risk: where the Trust holds investments in underlying securities in different currencies changes in rates of exchange may also reduce the value of your investment.
Liquidity Risk: certain investments may be difficult to sell or buy at a suitable time or at a reasonable price and may adversely affect the value of your investment.
Funding Risk: a company’s ability to raise funding to increase investments through borrowings or raising capital is usually dependent on the investment manager’s ability to liquidate any underlying assets to release cash to meet their financial commitments.
If you’re making a new investment or making changes to an existing investment, you will need to sign a declaration to say you’ve seen information about the product you’re investing into and the associated costs. This will need to be on one of our standard forms, even if in the past you’ve provided any such instructions in a letter. This includes setting up or amending a monthly contribution by direct debit, switching between investment trusts and making new investments by lump sum.
No, any existing arrangements will continue as normal. This regulation only applies to new transactions after 1 January 2018.
There’s no change to what currently happens for investments into our OEIC funds and we’ll continue to produce Key Investor Information Documents (KIIDs) for those funds in their current format.
Until the UK officially leaves the EU, UK based firms will still be bound by EU laws and regulations. Following the UK leaving the EU, the industry regulator, the Financial Conduct Authority, envisages that the PRIIPs Regulation will form part of the body of EU legislation that is converted into UK law*.
*FCA Policy Statement PS17/6
This section of the website is directed at persons who are located in the UK. Please read our full terms and conditions and the relevant Key Information Documents (“KID”) before proceeding with any investment product referred to on this website. Nothing on this website is, or is intended to be, advice to buy or sell any investments. If you are at all unsure whether an investment product will meet your individual needs, please seek advice.