You are here: AdviserArchive: June 2011

Archive: June 2011

This page is for Professional Financial Advisers only Latest from Cofunds - week commencing 27 June 2011

Key Investor Information Documents

From 1 July 2011 you'll begin to see Key Investor Information Documents (KIIDs) replacing simplified prospectuses for all UCITS funds.

KIIDs are being introduced across the industry - they're straightforward, two page documents that clearly and transparently set out the characteristics, risks and nature of a fund in an easily digestible way to investors.

Not all UCITS funds will have a KIID from day one.

Coming from an industry-wide, UCITS 4 directive, the two page Key Investor Information Document (KIID) is to be provided to investors prior to or at the point of sale, setting out the characteristics, risks and nature of a fund.

European policymakers have implemented a change to the UCITs regulations to ensure that information on specific funds is clear and transparent, written in plain English and enabling investors to easily understand necessary documentation without confusion.

All NEW UCITS funds require a KIID from July 1 - existing UCITS funds will need to replace their simplified prospectuses within the next year - please take a look at the timeframes below:

Timeframes

1 July 2011 - All NEW UCITS funds domiciled in Europe that are launched after this date are required to have a KIID.

1 July 2011 - 30 June 2012 - During this time all UCITS funds domiciled in Europe are required to replace Simplified Prospectuses with KIIDs.

30 June 2012 - All UCITs funds domiciled or distributed within Europe should all have replaced their simplified prospectuses with KIIDs by this date.

How are we making KIIDs available?

Each Fund KFD illustration will have the individual fund KIID inserted at the end of the document.

This will mean that the volume of paper within Fund Key Features Documents will increase depending on the number of UCITS funds your clients invest in.

We're working with FundsLibrary to ensure all the KIIDs are collated as they become available through the 12 month transitional period. KIIDs will be made available at the research centre within the 'Simplified Prospectus' column.

Updated disclosure documents

The Adviser Agreement and the Cofunds Adviser SLA have been updated to clarify our services and to stay consistent with the changes we made to the Cofunds Terms & Conditions in May.

The Sale for Regular Payment Instruction form has also received an update to remind you and your clients how trading between the calculation date and sale date can affect this service.

These changes will apply to you and your clients from 29 June 2011. None of these changes are detrimental to you or your clients; they simply bring our disclosure documents in line with the services we offer.


View the highlights from this summer's conference

Take a look at all the best bits from our recent Investment Forum - hear from Investec's Alastair Mundy on how he makes money by buying stocks no one else loves, Bill McQuaker from Henderson on the dire investment climate and William Littlewood on why Artemis thinks central bankers aren't as tough on inflation as they say they are, plus other expert views from the rest of our panel.


Statements will be sent from the start of July

Your clients' annual statements will be landing on doormats very soon. They will be issued in batches over the course of a week, but should be available for you to view at the Correspondence section of our website from Monday 4th July.

Unfortunately, in order to upload the annual statements to the website, some sections will be unavailable between 10am - 4pm on Sunday 3rd and Sunday 10th July. We apologise for any inconvenience this may cause.

During this time the following areas of the website will not be available:

  • Online Customer Correspondence
  • New Customer Registrations
  • Existing Bond & Pension Quotes
  • Online switching for insured funds.

We're sorry for any inconvenience this may cause and we do try and keep site maintenance to off peak times to minimise the impact on you. Please make sure you save anything you're working on before that time.

If you have any queries call us today on 0345 604 4001*, or contact your account manager.


Financial Adviser Service Awards 2011

Voting is now open for the Financial Adviser Service Awards 2011. These awards recognise the importance of quality service from product providers to their clients. Please show your support for Cofunds by visiting the Financial Adviser Service Awards 2011 website.


Corporate actions

View details of recent and upcoming corporate actions.
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