Verifying your identity guide

M&G’s Verifying Your Identity Guide provides useful support and information on the measures we use to protect you and your data from financial crime.

The ability to prove your identity is an important part of the fight against financial crimes such as money laundering. As a regulated financial services company, M&G must verify the identity of all new customers. We may also ask existing customers to verify their identity in some circumstances.

Why have I been asked to prove my identity?

We have asked you to verify your identity for one or more of the reasons below:

  • You’re a new customer
  • You’re applying for a new product or service
  • You were a customer before identity checks became law and your recent transaction has prompted the requirement
  • We haven’t been able to successfully verify your identity in the past
  • We want to ensure our records are up to date to avoid possible delays in administering your account in the future, such as when you wish to receive proceeds of a withdrawal
  • We didn’t hold your correct contact details for a substantial period of time
  • We want to protect you and us from fraud

We will always try to confirm the identity of our customers using an electronic verification system which checks your name and address against several databases including the electoral roll. However, if we can’t verify your identity in this way, we’ll ask you to provide documentation.

Our Verifying your Identity Guide is designed to help you provide the correct documentation and avoid any future delays in administering your investment.

We’ll ask you to provide two pieces of identity documentation:

  • One to prove your personal identity – such as a driving licence or passport
  • One to prove your address – such as a utility bill or bank statement.

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Frequently asked questions

We've put together some of the most popular answers categorised by topics.

Company Information

Who is M&G?

M&G’s origins extend right back to 1870, when a US construction engineer called J G White founded his subway construction company - JG White Inc.

A second important character in the M&G story was George Booth. An intellectual born in 1877, he later became Munitions Minister in Lloyd George’s cabinet. After the war, George Booth bought the UK subsidiary of JG White. It built many famous buildings like the Ritz and the Waldorf Hotel in London, as well as many tramways throughout Britain. To raise the finance to pay for these projects, Booth set up a subsidiary company of JG White called Municipal and General Securities – the forerunner of M&G.

Using the Municipal and General (M&G) part of the JG White business (now renamed White-Drummond) George Booth took inspiration from the mutual fund concept pioneered in the USA which allowed investors to spread their risk over a range of companies. M&G adapted this concept for the UK to produce the First British Fixed Trust. The ‘fixed’ element meant that shares were bought from a fixed range of stocks.

The new fund was launched on St George’s Day, 23 April 1931. George Booth recruited Ian Fairbairn, the third most influential figure in M&G’s genesis, to manage that first fund. Ian Fairbairn’s eventual claim to fame was that he became the father of the unit trust industry in Britain, the architect of M&G and guardian of the whole industry.

Find out more about our history

What does M&G stand for?

Today, we’re simply known as M&G. It used to stand for Municipal & General who were a construction and engineering company.

What are your head office contact details?

M&G's Head Office is located at:

Governor’s House
Laurence Pountney Hill

Fund administration

How can I carry out a share exchange into one of your funds?

We’ll arrange for your client’s shares to be sold through a stockbroker (The Share Centre Limited). The stockbroker’s commission will be paid by your client and is deducted from their proceeds before reinvestment. The shares are normally sold in the afternoon of the day we receive your client’s certificate(s).

The net proceeds will be reinvested in your client’s chosen M&G fund(s) on the day settlement is received (usually three days after the sale). This means that your client’s shares will be out of the market until we receive settlement for the sale.

You (or your client) will need to complete the following forms:

Share Exchange Authority Form

ISA application form


OEIC/Unit trust application form

Crest transfer form(s)(one for each share being sold)

Read more about our share exchange scheme.

When does my client’s fund pay income?

See pages 4-5 of our Important Information for Investors document for a list of which funds pay when.

How do I switch funds on behalf of my client?

If your client’s investment needs change or they decide that they’d like to invest in a different fund, you can switch between funds on their behalf at any time and keep their investment in the same product. This can only be done on behalf of your client on the OEIC product, for an ISA the instruction needs to come from your client.

Switching between funds may incur a charge. Please call customer relations on 0800 328 3191 (8am – 6pm) to find out more (including minimum switching limits) and to request a switching pack free of charge.

Unless you specify otherwise, your client will automatically be allocated the same share/unit class that they currently hold in the new fund. However, if they want to change the share/unit class, you must let us know.

Please note that switching between funds within an OEIC or unit trust is a chargeable event for capital gains tax purposes.

Find out more about switching between M&G products and funds

When do you pay renewal commission?

We pay renewal commission once a year in November, following the accrual date of 30 September.

Which funds can my clients have in the M&G Savings Plan?

A wide range of funds are available for your clients

How do I surrender a holding on behalf of a client?

You can withdraw all, or part, of your client’s investment at any time by phone or by post. However, we must receive your withdrawal instruction before 12 noon (the valuation point) on any business day. All withdrawals are subject to minimum limits, which are available from our Customer Relations team on 0800 390 390. We will also require written confirmation from your client that this was their intention. For the ISA product we will need the client to instruct us, this can be over the telephone or in writing.

Can I arrange a telegraphic transfer of funds?

We can make payments directly to your client’s bank account by BACS on request. When you instruct us, you must provide your client’s bank account number and sort code.

If your client does not have a valid Direct Debit mandate in place that M&G has claimed on within the last 12 months, we’ll also need one of the following:

  • An original bank statement dated within the last three months
  • A blank cheque that has been marked as void for the account that your client wishes to use

If we can’t confirm these details in time to make payment electronically, we will send a cheque to your client’s home address

How long will my client have to wait for their money?

The proceeds of sales of shares are released on the fourth business day after the valuation point following receipt of your instruction. Alternatively, we’ll release the proceeds once we receive information we may have requested when you sent your withdrawal instruction. We’ll normally pay your client by cheque to their home address unless otherwise specified. See below for specific rules relating to the M&G ISA and M&G Junior ISA:


Proceeds will be paid no later than five business days after we receive your instruction or after we receive further information we requested when you sent your withdrawal instruction. We’ll normally pay by cheque to your client’s home address unless otherwise specified.

Under the current rules for debit card payments, if a withdrawal is requested within 30 days of a purchase by debit card payments, we will sell the shares in accordance with your instructions and hold the sale proceeds relating to the subscription via debit card in a client account until the 30 days have elapsed. Withdrawals have no effect on the subscription limits. Once you have reached the limit for the tax year, you can’t make any further subscriptions, regardless of withdrawals.

The M&G Junior ISA

You can’t normally make withdrawals from The M&G Junior ISA unless the child is terminally ill. In this case, we can only take instruction from Her Majesty’s Revenue & Customs (HMRC) to sell investments held in an M&G Junior ISA. You can make a withdrawal on behalf of your client in the event of the child’s death.

How do I set up a bare trust for my client?

A bare trust is a simple type of legally binding trust. In a bare trust an individual holds assets, such as shares in an OEIC fund, on behalf of someone else. It is a formal and legally binding way of registering an investment you have made for someone else.

At M&G, we believe that in order to avoid any potential tax issues, it’s safest to encourage your client to make a formal declaration of trust to HMRC. This can be arranged through a professional Adviser, such as a solicitor, who normally draws up deeds.

What should I do when a client dies?

Our brochure talks you through everything you need to know about taking care of a client’s investments when they die. We guide you through the crucial first steps, including:

  • How to notify us in writing
  • Which documents we’ll need to see
  • Which procedures to follow for joint holdings, sole holdings and ISAs
  • How to obtain a Grant of Representation
  • How to transfer your client’s investments to their beneficiaries
  • How to sell your client’s investments

Download our brochure to find out more:

When an M&G investor dies (includes stock transfer form)


How do I switch from an OEIC to an ISA?

Your client may sell an existing M&G OEIC (Open-Ended Investment Company) or M&G Unit Trust and reinvest the proceeds into an M&G ISA.

Your client can switch between products on line and in writing.

To switch between products on line, your client will need to register for ‘My Account’. We recommend you confirm any charges applicable to your switch by calling our website Helpline on 0800 316 6570* and by reading relevant Key Investor Information Documents (KIIDs) before making a transaction.

For more information, see how to switch between M&G products and funds.

How do I transfer an ISA to M&G?

If your client has an investment with another provider, you can transfer all or part of that investment to M&G.

Moving an ISA to M&G won’t affect its tax status, nor will it affect your client’s ISA allowance. For the short period of time that a stocks and shares ISA is in the process of being transferred, your client may lose out on some income and/or growth if the market rises. Depending on the fund your client chooses, there may be an entry charge and there may be an annual management charge.

For more information, see how to transfer an ISA to M&G.

How do I invest in a junior ISA?

A Junior ISA is an Individual Savings Account opened on behalf of a child. Junior ISAs offer investors a straightforward way to save for a child's future. They are available to all UK resident children who do not have a CTF (Child Trust Fund) account.

Download the documents below to get started:

M&G Junior ISA - Give your child a head start

Junior ISA application form

Junior ISA Direct Debit and additional contribution form

Asset Classes

How do I choose the right fixed interest asset class?

Investors often just think of bonds as a broad asset class. That means they only think about how much they should allocate to bonds, equities and property.

What many investors fail to realise is that the different bond asset classes can behave very differently, and often move in opposite directions. In fact, high-yield bonds are actually more closely correlated to equities than to government bonds.

Understanding bond market drivers

It’s very important to understand what drives bond markets - duration (or interest rate risk) and credit risk.

Interest rate risk or 'duration', measures a bond fund’s sensitivity to interest rates. The longer a fund’s duration, the more sensitive it is to interest rate movements.

How do I help my client choose the right assets?

Some assets, such as corporate bonds, allow both duration and credit views to be expressed, while others allow only one or other of the two types of views. Your client’s preference for duration and credit risk – and hence for the income streams offered by different assets – will depend on their outlook for interest rates and credit conditions.


Gilts have no credit risk. This is because they are backed by the UK government and hence effectively have no risk of default. They do, however, carry some duration risk, depending on the duration of the relevant individual security.

Investment-grade corporate bonds

Investment-grade corporate bonds have the same duration characteristics as gilts, but they also have credit risk. The degree of that credit risk can vary significantly. For example, an AAA-rated corporate bond has virtually none, while a BBB-rated bond that is likely to be downgraded to high-yield status carries a much greater risk of default.

High-yield bonds

High-yield bonds display greater default risk than investment-grade bonds. They also tend to have shorter maturities, and therefore lower duration, than their investment-grade counterparts.


Equities are the riskiest asset class. As undated securities, they have the greatest duration risk. They also have the highest credit risk as, if a company goes bankrupt, other creditors have prior claims on its assets and equity investors can be left with nothing.

Getting to grips with credit risk

Credit risk measures the certainty of the payment of the income stream from an asset. A good place to start with your client is to ask: do you want interest rate risk, credit risk, both or maybe neither?

Starting with the lowest levels of risk, we outline the main asset classes according to their level and type of risk.

Share Classes

What’s the difference between Class A, X and R shares?

There are currently three share classes available for investment in the majority of our funds. The exceptions are investments in The M&G Junior ISA and The M&G Savings Plan, where only one share class is available for each fund.

As of 1st January 2013 when RDR came into effect, A and X share classes are available for legacy business, direct business and intermediated execution-only business. New advised business is now directed into the ‘R’ or the 'I' share classes where available. Any new business that goes into the A or X share class will only generate a payment of commission to an intermediary where no advice has been provided.

Sterling Class A shares

These may carry an entry charge (deducted from the amount you are investing) and no exit charges.

Sterling Class X shares

These carry no entry charges, but have a exit charges that reduce each year from the date of each investment. See the table for fees. This applies to shares sold or transferred out of that share class (deducted from the sale/transfer proceeds). The fee does not apply when switching to another fund where you invest in Sterling Class X shares/units. The fee may apply in the event of your client’s death.

Exit fees – Sterling Class X Shares/Units
 Withdrawal before the stated anniversary of their purchase  Withdrawal fee
 1st year  4.5%
 2nd year  4.0%
 3rd year  3.0%
 4th year  2.0%
 5th year  1.0%
 Thereafter  Nil

How has the RDR impacted M&G's share classes?

  • In addition to our current ‘A’ share classes, we are now offering two further share classes.
  • We have extended the existing range of ‘I’ share classes on our funds. These are clean of commission and platform rebates. The Annual Management Charge (AMC) is 0.75% on a typical equity fund.
  • We have also introduced ‘R’ share classes for most of our funds. The ‘R’ is clean of commission and should be used as the default share class for all advised business. The AMC is 1% on a typical equity fund.

Prices and Yields

Where can I find prices and yields for your funds?

You can find the latest prices for our funds in our fund prices and yields. We value the funds each business day and display the daily price here from around 7pm on that day.

Clicking on the fund name or chart symbol to the right of the page will allow you to create your own performance chart.

We sometimes use data from third-party suppliers. These organisations may interpret data differently to M&G. This occasionally leads to inconsistencies between third-party and M&G data. Please be aware of this when comparing information on these pages.

What’s the difference between a redemption yield and a distribution yield?

Gross redemption yield is the total return on a security including capital growth and expected income if held to maturity. The gross redemption yield is also called the redemption yield or yield to maturity (YTM).

Gross distribution yield is the annual historical cash flow relative to the principle amount of a bond. This figure mostly represents the expected cash flow generated by interest over a year, but can also include return of principle distributions or capital gains.

For more investment terminology, see our glossary.

Website tools

Can I get an online valuation for my client’s funds?

We don’t currently offer online valuations, although we are always reviewing the services we offer.

Need further information?

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The value of investments will fluctuate, which will cause fund prices to fall as well as rise and investors may not get back the original amount invested. 
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