FAQs

This section contains answers to some of the most common questions we get asked, to help you with any queries you may have.

If the information you need is not included below, please contact our Customer Relations team.

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Frequently asked questions

Sharing information about your M&G investments with the tax authorities

In an effort to combat tax evasion, Automatic Exchange of Information (AEOI) regulations have been introduced by governments around the world to increase the transparency of financial affairs and for information to be exchanged between governments and tax authorities of different countries.

Here you will find some answers to common questions about the regulations, what M&G are obliged to do and how this may impact you.

What are the AEOI regulations?

There are two sets of regulations which M&G and other similar financial institutions are obliged to comply with: FATCA (Foreign Account Tax Compliance Act) and the CRS (Common Reporting Standard).

FATCA was introduced by the United States to identify US persons (US citizens, residents or entities) who use non-US funds and other non-US financial organisations to avoid paying US tax on their income and assets. The regulations require non-US financial institutions to report information about US persons to the tax authorities where their investments are held. The tax authorities will then pass this information to the US Internal Revenue Service.

CRS regulations expand on FATCA and require information to be passed to other countries that have signed up to the CRS. Information about any person who is tax resident in a country that has signed up to the CRS, who holds an investment in a foreign CRS country will be reported to the foreign tax authority where their investment is held. That foreign tax authority will then pass details about that person to the tax authority where the person is tax resident.

What will M&G need to do?

On an annual basis, M&G will be required to report information on investors who are tax resident in either the United States or any country that has signed up to the CRS. This will apply to both existing investors and new investors. This information will be passed to the local tax authority where the M&G fund is located and that local tax authority will pass the information to the foreign tax authority where the investor is tax resident. As an example, our UK funds will report information about a French investor to HM Revenue & Customs, who will pass this information to the French tax authorities.

We are required to review our investor base to determine who may be reportable. As far as possible we will try to do this based on information we already have about you but we may need to write to you to request further information or documentation if we have any doubt about your tax status.

Is M&G the only company to be affected?

No, all financial institutions (e.g. banks, insurers, investment managers) need to comply with these regulations.

What do I need to do?

If you are a new investor, the information we need to collect will be requested as part of the application process, whether by telephone, application form, or online.

If you are an existing investor, we may contact you by post to obtain any additional information we require.

What information will be reported about me?

If M&G is required to report information about you, the following information will be reported:

  • Name
  • Address
  • Date of birth
  • Taxpayer Identification Number
  • M&G Account number
  • Account balance or value as of the end of the calendar year (or other reporting period)
  • Gross income paid or credited to the account and aggregate amount of redemption payments made

What if I hold my investment jointly?

Each holder will be asked to provide information about themselves to determine their tax status.

What if I hold the investment in trust for a beneficiary?

If the investment is held on behalf of a trust, the trust will be treated as an entity holding the investment. The trust will need to determine its tax status for AEOI purposes and we will send you the relevant forms to provide us with this information. We may also need to know further details about the other trustees and beneficiaries.

Please contact your tax adviser or the Society of Trust and Estate Practitioners if you have any questions about the tax status of the trust.

What will M&G do if I do not provide the information when requested?

M&G is committed to being fully compliant with all tax regulations.

Consequently, we may not accept your investment if you choose not to send us the documentation we require to establish your tax status.

If information is not provided when requested, we will need to report all of the information we hold about you to the local tax authorities who may share this information with multiple foreign tax authorities.

Where can I get more information?

If you have questions about a request for information you have received from us, or have any concerns about whether the enquiries you have received are genuine, please call our Customer Relations team on 0800 390 390. Please be aware that we are not in a position to give you tax advice or investment advice.
   
If you would like to understand more about AEOI, you can visit the following websites for further information:

HMRC have issued guidance which explains why you are being asked questions about your tax residence status. This can be found by searching for ‘automatic exchange of information’ here https://www.gov.uk/

You can also visit The Organisation for Economic Co-operation and Development (OECD) portal on Automatic Exchange of Information here http://www.oecd.org/tax/aoutomatic-exchange/

General questions

How do I get a valuation of my investment?

You can call our Customer Relations team for an up-to-date valuation of your investment, or alternatively you can mail a written valuation request to the address below:

M&G Customer Relations

PO Box 9039

Chelmsford

CM99 2XG

How can I find out how my fund is performing?

Latest prices for M&G funds can be found on our prices page.

Where can I find the latest prices for my M&G fund(s)?

Latest prices for M&G funds can be found on our prices page.

How do I change the name on my account?

To reflect your change of name in our records, we need to receive a completed Change of personal details form accompanied by the appropriate legal document(s), according to the reason for your name change.

The Change of personal details form lists commonly accepted documents, or you can contact our Customer Relations team to confirm what other documentation may be acceptable.

Original documents will be returned by Recorded Delivery.

How can I change my address?

To update your address in our records, you can call our Customer Relations team or complete a Change of personal details form and return it to us.

We are also able to accept a letter, provided it includes:

  • your name
  • your client reference
  • your new address
  • your signature

If you have changed your name or address in the 30 days prior to sending this request, please call our Customer Relations team to confirm whether there will be any further requirements.

How do I change my bank details?

If you have an existing Direct Debit, you can update your bank details by sending us a completed Direct Debit/Additional contribution form. We must receive the new bank details at least ten working days prior to the Direct Debit collection date for it to take effect at the next collection.

If you wish to change the bank account that your distribution payments are transferred to, please send us a completed Request for income payments by direct credit form.

What is this year’s annual ISA limit?

For the 2016/2017 tax year the ISA allowance is £15,240. You can choose to invest all or part of this allowance. You can choose to invest as little or as much of this allowance in cash, stocks and shares, an Innovative Finance ISA or a combination, depending on your individual investment objectives. Please refer to our tax-efficient investing page for more information on The M&G ISA.

Please note that The M&G ISA is a stocks and shares ISA and due to our focus on long-term investing The M&G ISA is not a Flexible ISA.

What is this year’s annual Junior ISA limit?

For the 2016/2017 tax year the investment limit for a Junior ISA is £4,080. One cash and one stocks and shares Junior ISA can be held at a time. Please refer to our tax-efficient investing page for more information on The M&G Junior ISA.

I want to receive regular information from M&G on markets and funds – is this possible?

You can choose to receive the annual and interim fund reports (approximately six months apart) for each fund you invest in. You will also receive a statement of accounts for your M&G investments every six months.

How can I register a Power of Attorney on my account?

In order to register a Power of Attorney, we need to receive either the original legal document or an appropriately certified copy. If the Power of Attorney has been registered with the Court of Protection, the document must be stamped by either the Office of the Public Guardian or the Court of Protection.

For information on our requirements around certified copies, including who can certify them, please call our Customer Relations team. Original documents will be returned by Recorded Delivery.

Investing - new investments with M&G

What are the Key Investor Information Documents (KIIDs) and the Important Information for Investors document and where do I find them?

The KIID is a two-page document describing the key information you need to know about a fund before you invest, such as the nature of the fund, its charges, and the risks associated with investing into it. Information contained in the KIIDs is required by law and enables easy fund comparison across different asset management companies. Each share class of every fund will have a KIID. The information is concise and specific, so it’s quick and easy to decide if the fund meets your needs.

The Important Information for Investors document is not specific to individual funds, and provides information on the products within which you can invest in M&G funds. It also contains M&G’s Terms and Conditions.

For the Important Information for Investors document and the KIIDs for our fund range, please refer to our Literature Library.

Why am I required to read the relevant KIID and the Important Information for Investors document before I make my investment?

You are required to read the KIID and the Important Information for Investors document so that you have all the information you need to make your investment decision about M&G products and M&G funds, prior to investing. It is a Financial Conduct Authority requirement that investors must receive and read both documents before investing.

How do I invest with M&G?

Please refer to our invest with M&G page for further information.

How do I invest in a Junior ISA for someone else’s child?

Please refer to our Junior ISA section for further information.

What is the minimum/maximum investment in an M&G fund?

The minimum initial lump sum investment into an M&G fund is £500. Minimums for regular investment amounts and additional lump sums vary according to the product and fund invested in. Full information on minimums can be found in our Important Information for Investors document.

There are no maximum investment limits.

Where can I get an application form from?

All forms can be downloaded from our Literature Library.

How do I transfer an existing stocks and shares ISA at a different provider to The M&G ISA?

This information can be found on our transfer your ISA to M&G page.

What confirmation will I receive of my investment?

Once you have invested with M&G, you will receive a welcome pack through the post. This will contain a Welcome Brochure and, most importantly, a formal acknowledgement detailing the investment that has been made. Please check this document carefully.

'My Account' – online investment management

Can I invest online with M&G?

If you are an existing M&G investor you can use our ‘My Account’ service to manage your investments, including making any new or additional investments.

For information on how to set up ‘My Account’ please refer to our register for My Account page.

Can I manage my account online?

‘My Account’ gives you round-the-clock, secure access to your M&G account. You can view instant account valuations, manage or switch existing investments, view transactions over the past six months and update your personal and payment details.

For information on how to set up ‘My Account’ please refer to our register for my account page.

Why can’t I invest in a Junior ISA online?

Because Junior ISAs are structured slightly differently to ISAs, in that there is a Registered Contact and potentially unlimited numbers of third party contributors, the current system is unable to accommodate the multiple contributors. This is, however, something we are looking to address.

Why can’t I transfer my investment online?

We cannot transfer investments online as we need a written instruction, with signature(s) of all holders, to process this type of transaction.

Investing - existing investments with M&G

How can I change the amount I invest with M&G?

You can amend the amount or regularity of your contributions by calling our Investment Helpline.

If you invest through The M&G Savings Plan, you can also amend your Direct Debit instruction by completing and returning The M&G Savings Plan Direct Debit/Additional contribution form.

If you invest through The M&G ISA you can amend your Direct Debit instruction by completing and returning The M&G ISA Direct Debit/Additional contribution form.

How can I sell all or part of my investment with M&G?

You can sell your investment by calling our Customer Relations team, or by sending us a completed M&G Withdrawal form.

If the amount you are selling is greater than the annual ISA limit, we will be able to process the sale over the phone but will require written confirmation before we can release the funds. If the investment is a joint holding, all signatures will be required.

If the amount you are selling is less than the annual ISA limit, but is a joint holding, we will be able to process the sale over the phone but will require written confirmation signed by all holders before we can release the funds.

In some instances we may need to request additional documentation from you, in order to verify your identity – this commonly happens if you became a customer before identity checks became law. 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. Sometimes it is not possible to verify customers using this method and we will ask you to provide documentation.

How can I top up my existing M&G investment?

You can top up an existing investment over the phone, by calling our Investment Helpline.

You can also top up your investment by completing and returning an additional contribution form, as relevant to the product you invest through:

M&G OEIC funds additional contribution form

The M&G Savings Plan Direct Debit/Additional contribution form

The M&G ISA Direct Debit/Additional contribution form 

The M&G Junior ISA Direct Debit/Additional contribution form

If you are making an additional contribution to your M&G ISA investment, and one full tax year has lapsed since your most recent M&G ISA subscription, you must use The M&G ISA application form, and cannot top up over the phone.

How do I transfer my investment to another M&G fund or product?

Transferring your investment between funds and products is called ‘switching’. You can find out more on our switch between M&G products and funds page.

Deceased Estates

How can I register the death of an M&G investor?

You can call our Customer Relations team to inform us of the death, however we also require written notification and the original death certificate so that we can be sure that we have recorded all the details accurately.

When you call us, we will send you a booklet to assist in handling the arrangements and procedures after an M&G investor has died. The booklet is intended to support, rather than replace, our personal service to you and our Customer Relations team is on hand to help with any further questions you may have. You can also download the booklet from our Literature Library.

Original documents will be returned by Recorded Delivery.

I am an executor – how do I request a valuation of the Estate’s holding with M&G?

When we receive written confirmation of the death, together with the original death certificate, we will send details of the investment (including the investment value at date of death) to the executor(s) of the estate within five business days.

Subsequent to this, current valuations can be requested by the executor(s) either in writing or by calling our Customer Relations team.

Statements

When will I receive statements?

We send statements twice a year. Your statement will be mailed within 25 business days of the ‘valuation date’ – 5 October and 5 April.

Your statement will detail all transactions since the previous statement, together with the value of your investment on 5 April or 5 October, as relevant. If these dates fall over a weekend, then the actual valuation date will be the value of your investment on the Friday before that weekend.

Why do they arrive so long after the valuation point?

We always endeavour to dispatch statements to our customers as soon as possible after the valuation date.

However, the production constraints associated with the preparation and mailing of statements for several hundred thousand customers means that not all statements can be delivered at the same time. Our priority is to mail statements to our customers as quickly as possible, but without compromising the quality and integrity of the information included in customer statements.

While your statement will be mailed no later than 25 business days after the valuation date, you may also receive it much sooner than that.