Important Information
For further details, please read the disclosures below.
The following policies and regulations are in relation to all European legal entities of J.P. Morgan
Introduction
The Common Reporting Standard (“CRS”) is a global tax transparency and reporting regime designed for the automatic exchange of information (“AEI”) between tax authorities, developed by the Organization for Economic Cooperation and Development (“OECD”) to combat tax evasion.
It requires reporting financial institutions that are located in a participating jurisdiction (i.e. a jurisdiction that has implemented CRS) to comply with certain identification and reporting requirements.
CRS came into effect in certain jurisdictions from 1 January 2016 (so called “first adopter jurisdictions”) with the first reporting made during the year 2017. Other jurisdictions decided to implement CRS one year after (so called “late adopter jurisdictions”), with the first reporting to be made during the year 2018.
Implications for Clients
Financial Institutions located in CRS participating jurisdictions are required to determine whether clients/account holders (including controlling persons of certain types of entity account holders) are reportable either by collecting information through a self-certification document or, in the case of accounts opened before the implementation of the CRS, by reviewing the information previously collected.
Further to the due diligence process described above, where the client/account holder is tax resident in a reportable jurisdiction the financial institution will report its personal and financial information to the Tax Authorities of the jurisdiction where the financial institution is located. The Tax Authorities will then exchange the information received from the financial institution with the Tax Authorities of the jurisdiction of tax residence of the client/account holder.
The list of reportable jurisdictions is determined by the jurisdiction in which the financial institution is located.
CRS implementation in Switzerland
Switzerland adopted the CRS by enacting the Federal Act on the International Automatic Exchange of Information in Tax Matters (or “AEI Act”) on 18 December 2015 with an implementation date of 1 January 2017. That means the first period in which financial accounts are reportable in Switzerland is 1 January 2017 to 31 December 2017 with the first reporting to be made by 30 June 2018.
The list of Reportable Jurisdictions, i.e. of Jurisdictions with which Switzerland will exchange information can be found at the following address, which is kept up to date by the Swiss Tax Authorities:
Please note that the exchange of information under CRS will be performed annually.
For more detailed information about CRS and the account information that will be exchanged, please contact your J.P. Morgan representative.
List of Participating Jurisdictions
List of jurisdictions that are participating to CRS: https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
In accordance with the requirements of the Markets in Financial Instruments Directive (2014/65/EU) and associated regulatory technical standards, J.P. Morgan SE (JPMSE) is required to meet certain obligations in relation to what is called Best Execution. Best Execution relates to the way in which we execute, place or transmit orders on our clients' behalf.
A description of the approach taken by J.P. Morgan to achieve Best Execution when executing or transmitting client orders is available here.
The information explains the strategies and tools used by JPMSE to effect and assess the quality of execution of transactions in the asset classes listed.
Should you have any questions, please do not hesitate to contact your J.P. Morgan representative.
The new Payment Services Directive (PSD2) which came into effect on 13 January 2018, is a European legislation which aims to improve and encourage safer and innovative payment services across the European Union (EU).
What you need to know
The original PSD legislation of 2007 established a single market for payments in the EU, and encouraged the ease and efficiency of cross-border payments. Since 2007, changes and modernisation in the payments sector has heralded an update to the original scope of PSD.
The new directive represents a step further towards complete harmonisation of the EU payments market. For further information on the new legislation and its enhanced features, please refer to the Frequently Asked Questions on the European Commission website.
Information for Third Party Providers
In line with the Payment Services Directive 2 / UK Payment Services Regulations, J.P.Morgan Private Bank offers a dedicated interface that allows eligible clients to interact with their online payment accounts via regulated Third Party Providers (TPPs).
Authorized TPPs are able to connect to J.P.Morgan Private Bank’s dedicated interface to provide the following services:
- Account Information Services (AIS)
- Payment Initiation Services (PIS)
- Payment Instrument Issuer Service Provider (PIISP)
Prospective TPPs can test the provision of services by accessing our sandbox environment here:
https://developer.openbanking-sandbox.privatebank.jpmorgan.com/
If you decide to offer services to our clients, technical specifications and onboarding details for our production Dedicated Interface can be found here:
https://developer.openbanking.privatebank.jpmorgan.com/
If you have any trouble accessing the APIs or would like further information, please contact us at openbanking.privatebank@jpmorgan.com.
Consumer rights when making payments in Europe are available here.
Availability & Performance of Dedicated and Direct Interface
We publish the performance and availability metrics of the Dedicated Interface used by Third Party Providers and the direct interface used by our clients every quarter.
Availability of each interface is reported as a percentage of uptime and downtime. Performance of each interface is based on the daily average time taken per request in milliseconds, to respond either to payment service user requests or Third Party requests.
Q4 2023 Availability & Performance report.
Q1 2024 Availability & Performance report.
Effective from 1 January 2018, the PRIIPs Regulation requires the creation of a of a Key Information Document for certain product types.
The Key Information Documents aim to help you understand the nature, risks, costs, potential gains and losses of a product. The Key Information Documents are also intended to give more clarity to the key features of a product, so that you can compare it to other products.
Should you have any questions, please do not hesitate to contact your J.P. Morgan representative.
FX Forwards (EU) – 6 months
FX Forwards (UK) – 6 months
Effective 3 December 2024
This Notice is issued by JPMorgan Chase & Co. on behalf of itself, its branches, its subsidiaries and its affiliates, identified as Controllers in the table in Section 13 below (together, "J.P. Morgan", "we", "us" or "our") and is addressed to individuals outside our organisation with whom we interact, including visitors to our websites (our "Sites"), customers, Personnel of corporate customers and vendors, and other recipients of our services (together, "you"). Defined terms used in this Notice are explained in Section 14 below.
This Notice may be amended or updated from time to time to reflect changes in our practices with respect to the Processing of Personal Data, or changes in applicable law. We encourage you to read this Notice carefully, and to regularly check this page to review any changes we might make in accordance with the terms of this Notice.
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Introduction
This policy sets out how we integrate shareholder engagement into our investment strategy when managing client portfolios under a discretionary investment mandate. In accordance with such mandates we, J.P. Morgan S.E. (“JPMSE” and including our branches, “J.P. Morgan Private Bank”) may invest directly in shares issued by companies with their registered office in an EU member state and whose shares are admitted to trading on a regulated market situated or operating within an EU member state.
J.P. Morgan Private Bank typically invests in shares indirectly via third party managed portfolios (i.e. mutual funds and exchange traded funds) and also invests in shares directly via separately managed accounts in relation to which a third party investment advisor is appointed (together “Third Party Portfolios”).
J.P. Morgan Private Bank has also delegated the investment management of certain discretionary portfolios in shares to J.P. Morgan Asset Management (UK) Limited (“JPMAM”) or third party Asset Managers. This engagement policy only applies to engagement activities directly carried out by J.P. Morgan Private Bank.
For information on JPMAM’s approach to engagement please see the JPMAM website: https://am.jpmorgan.com/gb/en/asset-management/per/about-us/investment-stewardship/
How we monitor the companies that we invest in
J.P. Morgan Private Bank does not directly undertake monitoring of investee companies. However, J.P. Morgan Private Bank undertakes monitoring of Third Party Portfolios, including the approach of Third Party Portfolio advisors or managers (“Third Party Portfolio Managers”) to monitoring investee companies.
Prior to on-boarding a Third Party Portfolio, J.P. Morgan Private Bank undertakes a detailed due diligence exercise of qualitative and quantitative assessments that reviews, amongst other issues, the investment merits, Environmental Social and Governance (“ESG”) eligibility and principal adverse impact (“PAI”) considerations and priorities of the Third Party Portfolio. Information is collected and analyzed by due diligence teams until such time as the due diligence and portfolio management teams are satisfied that sufficient information has been received to meet J.P. Morgan Private Bank’s on-boarding criteria. Information is then presented to the Investment Review Committee, which decides whether to approve the relevant Third Party Portfolio.
Approved Third Party Portfolios are monitored periodically. The due diligence and portfolio management teams maintain a dialogue with Third Party Portfolio Managers, including a series of questions designed to assess and review the information previously provided. The due diligence and portfolio management teams regularly review collated information received about Third Party Portfolios and conduct interim assessments. These assessments include, but are not limited to, the Third Party Portfolio Manager’s implementation of the stated strategy, ESG eligibility (including review of information on ESG/PAIs), financial and non-financial performance and risk, capital structure and corporate governance, as well as the Third Party Portfolio Manager’s assessment of investee companies. From these reviews, a recommendation for watch, probation, termination or retention of approved status is made to the J.P. Morgan Private Bank Investment Performance Governance Committee. This Committee may challenge, and then either approve or reject, the recommendation.
How we engage with the companies that we invest in
J.P. Morgan Private Bank does not directly undertake shareholder engagement activities with investee companies (because of the nature of its private wealth business and client base). However, J.P. Morgan Private Bank engages with Third Party Portfolio Managers both before and during the period of investment as part of the selection and ongoing monitoring processes described above, including requesting information about Third Party Portfolio Managers’ approaches to engagement with investee companies.
Due diligence teams collect information on Third Party Portfolios via requests for information and questionnaires. These questionnaires may include requests for information on ESG integration and on engagement/stewardship, as well as other ad hoc or thematic questionnaires.
Voting rights and use of proxy voting advisors
At present, J.P. Morgan Private Bank does not exercise voting rights on behalf of clients and is not currently engaged with any proxy voting advisors. However, clients of JPMSE may exercise their votes, on the shares they hold in their account(s), via J.P. Morgan Online International (“JPOI”) at no cost.”
Actual or potential conflicts of interest
J.P. Morgan Private Bank has policies and procedures in place to address material conflicts of interest. These policies and procedures apply to all of its engagement activities.
J.P. Morgan Private Bank Code statement
J.P. Morgan Bank SE and its branches ("J.P. Morgan Private Bank") is a member of the JPMorgan Chase & Co. group of companies ("JPMC Group"), an international, multi-service banking group. J.P. Morgan Private Bank provides a range of private banking services to its clients, including discretionary investment management.
Application of the Code
While the majority of J.P. Morgan Private Bank's clients are categorised as retail clients, or are natural persons, discretionary investment management is also carried out for some professional clients that are legal persons. This activity is therefore in scope of the UK Financial Reporting Council's Stewardship Code (the "Code"). This statement sets out J.P. Morgan Private Bank’s policy in relation to the Code [and is publicly available on its website].
Nature of commitment to the Code
J.P. Morgan Private Bank does not commit to the Code, although it does broadly support the Code’s aims of promoting the long-term success of companies in such a way that the providers of capital also prosper. With respect to discretionary investment management for professional clients in scope of the Code, J.P. Morgan Private Bank will generally not exercise voting rights. However, J.P. Morgan Private Bank may from time to time choose to exercise its discretion to vote in circumstances where it believes this to be in its clients' best interests. Any voting activity that J.P. Morgan Private Bank undertakes is treated as a strictly confidential matter between itself and its clients, and, accordingly, such activity will not be publicly disclosed.
J.P. Morgan Private Bank’s investment strategy
J.P. Morgan Private Bank's overall objective for its discretionary investment management service is to deliver risk-adjusted returns that are appropriate and commensurate with the financial goals and risk tolerances of its clients over time. J.P. Morgan Private Bank implements a holistic investment approach for its clients, and considers a range of assets when undertaking portfolio construction. Where the portfolio construction process determines that exposure to equities is required, this exposure will typically be through vehicles that are managed by JPMC Group or third-party investment managers, such as mutual funds or hedge funds. Each vehicle will be subject to due diligence by full-time specialist due diligence teams before it can be invested in by J.P. Morgan Private Bank portfolio managers, in a process that measures each vehicle against a broad range of attributes. This process has been designed to help deliver sustainable, risk-adjusted returns for J.P. Morgan Private Bank’s clients when investing in equities on a discretionary basis.
The Best Execution Summary sets out information on the order execution policy that we maintain in connection with our obligation to provide Best Execution to you (the Order Execution Policy).
In relation to J.P. Morgan SE legal entity
J.P. Morgan operates a complaints management policy that aims to ensure all complaints are dealt with fairly, consistently and promptly.
Making a complaint
If you are unhappy with any aspect of the provision of our products or services, please contact your usual JP Morgan representative in the first instance. Alternatively, you may wish to contact our independent Complaints function:
- In writing by letter: IPB Client Experience Team, J.P. Morgan SE, 6 route de Treves, Building C, Senningerberg, LU-LU, L-2633, Luxembourg
- In writing by email: ipb.client.experience@jpmorgan.com
Handling your complaint
All complaints received will be handled by the International Private Bank’s (IPB) Client Experience Team, an independent office of J.P. Morgan which was not originally involved in the matter giving rise to your complaint.
Once we have received your complaint, we aim to resolve the matter as quickly as possible and in a consistent manner. Your complaint will be promptly acknowledged within a maximum of 10 business days from receipt. Throughout the investigatory process we will aim to keep you up to date with our progress and provide you with a final response as soon as practicable. You should receive a final response within one month of receipt of the complaint, however where this is not possible, you will be advised of this and given a likely resolution date.
In respect of complaints related to payment services, a final response will be sent within 15 business days after the day on which your complaint is received. In exceptional circumstances where a final response cannot be sent within this timeframe, you will receive a holding response by the end of 15 business days, clearly indicating the reasons for the delay and specifying the deadline by which a final response will be sent; which will be no later than 35 business days after the day on which your complaint was received.
Alternative Dispute Resolution
If you have not received a final response within the given timeframes or remain dissatisfied with our response, you may have the right to refer your complaint to the , free of charge within six months of your complaint resolution / final response. Further details; including eligibility, can be found on the website of the Ombusdman in financial conflicts: https://www.ombudsfin.be/fr/particuliers/introduire-une-plainte/
You can also contact the Ombudsman in Financial Conflictsin writing at:
Ombudsfin
North Gate II, Boulevard du Roi Albert II, n°8, bte. 2
1000 Bruxelles
Should you remain dissatisfied, you have the right to take civil action and may wish to seek independent legal advice on this.
J.P. Morgan maintains records of the complaints it receives and the measures taken for their resolution. A summary of this information is reported to the Financial Conduct Authority twice a year.
If you have any queries in relation to our internal complaint handling procedure, please contact the IPB Client Experience Team.
J.P. Morgan operates a Complaints Handling Policy that aims to ensure all complaints are dealt with fairly, consistently, and promptly.
Making a complaint
If you are unhappy with any aspect of the provision of our products or services, please contact your J.P. Morgan representative or alternatively, our Client Experience Team through the following channels:
- In writing: Client Experience Team, J.P. Morgan SE (London Branch), at 60 Victoria Embankment, London EC4Y 0JP, United Kingdom
- In writing by email: ipb.client.experience@jpmorgan.com
Please ensure you indicate your account number (where applicable), name, contact details and a brief description of your complaint.
Handling your complaint
All complaints received will be handled by our Client Experience Team, an independent office of J.P. Morgan who was not originally involved in the matter giving rise to your complaint.
Once we have received your complaint, we aim to resolve the matter as quickly as possible and in a consistent manner. Your complaint will be promptly acknowledged within seven business days from receipt. Throughout the investigatory process we will aim to keep you up to date with our progress and provide you with a final response as soon as practicable. You should receive a final response which will clearly set out our position within eight weeks of receipt of the complaint. However, if we are unable to resolve your complaint within eight weeks, we will contact you to advise why we require additional time and provide you with a likely resolution date. Please note that you may be able to refer your complaint to the Financial Ombudsman Service (FOS) and other alternative dispute resolution regimes if the complaint has not been dealt with within eight weeks.
Complaints related to payment services will be sent a final response within 15 business days after the day on which your complaint is received. In exceptional circumstances where a final response cannot be sent within this timeframe, you will receive a holding response by the end of 15 business days, clearly indicating the reasons for the delay and specifying the deadline by which a final response will be sent; which will be no later 35 business days after the day on which your complaint was received.
Alternative Dispute Resolution
If you have not received a final response within the given timeframes or remain dissatisfied with our response, you may have the right to refer your complaint to the Financial Ombudsman Service (FOS) within six months of your complaint resolution/final response. Further details, including eligibility, can be found on the website of the Financial Ombudsman: http://www.financial-ombudsman.org.uk/.
You can also contact the FOS in writing at:
- Financial Ombudsman Service, Exchange Tower, London E14 9SR.
- Telephone: 0800 023 4567 or 0300 123 9123 or +44 (0)20 7964 0500
- Email: complaint.info@financial-ombudsman.org.uk
Any complaint which remains unresolved, in relation to the services we provide to you under these Private Client Terms, subject to General Term 13.7, and notwithstanding General Term 4.1, the following alternative dispute resolution regimes may also be available:
As J.P. Morgan SE participates in the dispute resolution scheme run by the consumer arbitration body, you may have a right to refer your complaint to the German Private Banks’ Ombudsman (www.bankenombudsmann.de). Further details on the German Private Banks’ Ombudsman’s procedures are available on request or can be downloaded from www.bankenverband.de.
In addition, you may have the right to refer your complaint to the BaFin out-of-court complaint resolution procedure, either by post, fax or email addressed to Bundesanstalt für Finanzdienstleistungsaufsicht, Graurheindorfer Straße 108, 53117 Bonn, Fax: +49 (0)228 4108-1550, email: poststelle@bafin.de or by using the online form available via www.bafin.de.
Furthermore, the European Commission has set up a European Online Dispute Resolution platform (ODR platform) which is available via www.ec.europa.eu/consumers/odr. A consumer can use the ODR platform to settle a dispute out of court arising from an online contract with a company established in the EU.
Should you remain dissatisfied, you have the right to take civil action and may wish to seek independent legal advice on this.
J.P. Morgan maintains records of the complaints it receives and the measures taken for their resolution. A summary of this information is reported to the Financial Conduct Authority twice a year.
QUESTIONS
If you have any queries in relation to our Complaints Handling Policy, please contact our Client Experience Team
J.P. Morgan SE – Luxembourg Branch (“JPMSE – Luxembourg Branch”) operates a complaint handling procedure that aims to ensure all complaints are dealt with fairly, consistently and promptly.
All complaints received will be handled by the International Private Bank’s Client Experience Team, an independent office of J.P. Morgan which was not originally involved in the matter giving rise to your complaint (“IPB Client Experience Team”).
We will acknowledge receipt and respond to all your complaints in writing via our J.P. Morgan Online International platform, which you have access to via your J.P. Morgan Online (International) account available under https://jpmpb001.jpmorgan.com (“Website”), or by any other form of electronic communication qualifying as a durable medium, such as email (“Electronic Communication Medium”), unless you expressly specify to us in writing when making your complaint that you wish to be communicating with us as regards to the complaint handling procedure via mail. In this case we will communicate with you via mail, but you will also be receiving our acknowledgements of receipt and responses to your complaints via the Website or an Electronic Communication Medium.
MAKING A COMPLAINT
If you are unhappy with any aspect of the provision of products or services by JPMSE – Luxembourg Branch, please contact in the first instance your Private Bank relationship manager. Alternatively, you may wish to contact our IPB Client Experience Team by indicating your account number (where applicable), name, contact details and a sufficiently detailed description of your complaint:
- In writing by email to ipb.client.experience@jpmorgan.com; or
- In writing by mail to IPB Client Experience Team, J.P. Morgan SE – Luxembourg Branch, Building C, 6 route de Treves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Please note that if a product or service is being provided to you by a different branch of J.P. Morgan SE or a different entity of J.P. Morgan, then you should consult and follow the complaint handling procedure pertaining to such branch or entity. The relevant complaint handling procedures for the European legal entities are available under https://privatebank.jpmorgan.com/eur/en/disclosures/emea-important-information.
HANDLING YOUR COMPLAINT RELATED TO PAYMENT SERVICES
In respect of complaints related to payment services, a final response will be received by you within 15 business days, i.e. days on which banks are generally open for business in the Grand Duchy of Luxembourg (“Business Days”), after the day on which your complaint was received by us. In exceptional circumstances where a final response cannot be given within this timeframe, you will receive a holding response by the end of the 15 Business Days, clearly indicating the reasons for the delay and specifying the deadline by which a final response will be sent; which will be no later than 50 Business Days after the day on which your complaint was received.
HANDLING YOUR COMPLAINT RELATED TO ANY OTHER MATTER
Once we have received your first instance complaint (“First Instance Complaint”), we aim to resolve the matter as quickly as possible and in a consistent manner. Your First Instance Complaint will be promptly acknowledged within a maximum of 10 Business Days from receipt, unless the answer itself is provided to you within this period. Throughout the investigatory process we will aim to keep you up to date with our progress and provide you with a final response as soon as practicable. You should receive a final response within 1 month of receipt of the First Instance Complaint, however where this is not possible, you will be advised of this and given a likely resolution date.
If you are still not satisfied with our response, you will have the right to appeal directly to the management of JPMSE – Luxembourg Branch; appropriate contact details of the responsible senior person will be provided upon your request in such instances.
Your complaint at the level of the management of JPMSE – Luxembourg Branch (“Management Level Complaint”) will be promptly acknowledged within a maximum of 10 Business Days from receipt, unless the answer itself is provided to you within this period, and you shall receive a final response within 1 month of receipt of the Management Level Complaint, however where this is not possible, you will be advised of this and given a likely resolution date.
ALTERNATIVE DISPUTE RESOLUTION
If you are not satisfied with the answer provided to you as regards to your Management Level Complaint, you will be informed by us of the existence of the out-of-court complaint resolution procedure at the Luxembourg financial sector supervisory authority (Commission de Surveillance du Secteur Financier, “CSSF”), which is free of charge (each party bearing its own costs). You will also be informed that such procedure can be initiated by you if you file a request to the CSSF within 1 year of making your Management Level Complaint.
Please note that if within 1 month after the receipt by us of your First Instance Complaint or Management Level Complaint, you have not received a response or been advised of a likely resolution date you may directly resort to the out-of-court complaint resolution procedure with the CSSF.
We may also undertake to resort to the out-of-court complaint resolution procedure with the CSSF, after having provided you with an answer to your Management Level Complaint, in which case we will send you a reference to the CSSF’s page on their out-of-court complaint resolution available on their website at www.cssf.lu/en/customer-complaints, as well as the different means to contact the CSSF to file a request.
You have the right to take civil action on the matter and may wish to seek independent legal advice in respect of your complaint. Please note that a request for the the out-of-court complaint resolution procedure at the CSSF will not be admissible if your complaint has been previously or is currently being examined by another alternative dispute resolution body, arbitrator, arbitration tribunal or a court, in the Grand Duchy of Luxembourg or abroad.
As J.P. Morgan SE participates in the dispute resolution scheme run by the consumer arbitration body, you may have a right to refer your complaint to the German Private Banks’ Ombudsman (www.bankenombudsmann.de). Further details on the German Private Banks’ Ombudsman’s procedures are available on request or can be downloaded from www.bankenverband.de.
In addition, you may have the right to refer your complaint to the BaFin out-of-court complaint resolution procedure, either by post, fax or email addressed to Bundesanstalt für Finanzdienstleistungsaufsicht, Graurheindorfer Straße 108, 53117 Bonn, Postfach 1253, 53002 Bonn, Germany, Fax: +49(0)228 / 4108 1550, email: poststelle@bafin.de or by using the online form available via www.bafin.de.
Furthermore, the European Commission has set up a European Online Dispute Resolution platform (“ODR platform”) which is available via www.ec.europa.eu/consumers/odr. A consumer can use the ODR platform to settle a dispute out of court arising from an online contract with a company established in the EU.
J.P. Morgan maintains records of the complaints it receives and the measures taken for their resolution. A summary of this information is also shared with CSSF on an annual basis.
QUESTIONS
If you have any question or query in relation to our complaint handling procedure, please contact the IPB Client Experience Team.
J.P. Morgan SE is a participant in the UK Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to claimants if an institution is unable to meet its financial obligations. The FSCS is only available to certain types of claimants and claims. Payments to eligible claimants under the FSCS will vary depending on the type of protected claim the claimants hold with respect to the relevant institution. Payments under the FSCS in respect of protected deposits are subject to a limit on the maximum compensation that any eligible depositor is entitled to claim. Payments under the FSCS in respect of Designated Investment Business (as defined under the FSCS) are subject to a maximum payment per eligible investor. Details of these deposit and investment limits can be found at https://www.fscs.org.uk./what-we-cover/investments/. The compensation limits relate to the combined amount in all the eligible claimant’s accounts with the relevant J.P. Morgan firm.
Please note that financial instruments and other Investments which are not deposits for UK regulatory purposes are not protected in the same manner as deposits. This means that should the issuer or product provider of such a financial instrument or other Investments fail to pay under the instrument or should the instrument fall in value, you would not be entitled to any protection under the FSCS solely on the basis of such a failure or such fall in value. FSCS cover may be available for claims against a party who provides investment business to you where the claim is directly related to the provision of that investment business, for example, if you have a claim against J.P. Morgan SE in relation to such investment business and we are unable to meet our obligations under that claim.
A detailed description of the FSCS (including information on how to make a claim, eligibility criteria and the procedures involved) is available from the FSCS, who can be contacted at 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU or accessed online at www.fscs.org.uk.
In addition, deposits with J.P. Morgan SE are covered by the German private banks’ statutory compensation scheme for depositors and investors (Entschädigungseinrichtung deutscher banken, EdB).
The EdB (Burgstraße 28, 10178 Berlin, Germany, http://www.edb-banken.de) protects deposits and certain liabilities arising from securities transactions at certain credit institutions to the extent provided for under the German Deposit Guarantee Act, and if applicable, in connection with the German Investor Compensation Act. Private individuals as well as partnerships and corporations are entitled to compensation. Deposits of banks and institutional investors, such as financial institutions and investment firms, undertakings for collective investments in transferable securities, insurance undertakings and deposits of public authorities are not covered. The EdB protects deposits up to a limit of EUR 100,000 per depositor and 90% of liabilities arising from investment business, limited to the equivalent of EUR 20,000. Liabilities in respect of which a bank has issued bearer instruments such as bearer bonds and bearer deposit certificates are not protected. Compensation is provided in connection with investment business particularly if, contrary to its duties, a bank is unable to return monies owed to a customer in connection with securities transactions and/or financial instruments owned by the customer and held in custody on its behalf.
We have become aware of certain scams and attempted fraud relating to the offer of bogus investment opportunities with J.P. Morgan Private Bank. Potential investors may be contacted by people claiming to be from J.P. Morgan Private Bank who try to persuade them to invest with them. They may contact you through various channels such as email, phone calls, texts, WhatsApp and others to offer you advice, request payment from you, or they may provide links to websites or marketing material relating to bogus investment products.
The products they may try to sell you may bear the official J.P. Morgan Private Bank branding or logos to appear legitimate. When potential investors are contacted and pressured to buy a product or invest their money, this is often known as a boiler room scam. The approach may be gentle with the individual being very friendly and reassuring, or they may take a more urgent tone, encouraging you to buy in quickly or risk losing money. These scams happen from time to time so it is best to be vigilant. For more details on these scams, please see the Action Fraud website.
If you receive a call from an individual representing J.P. Morgan and you have concerns about their identity, then please end the call. If you are a client of J.P. Morgan Private Bank please contact your designated J.P. Morgan Private Bank representative. If you are not a client of J.P. Morgan, please be aware that J.P. Morgan does not carry out cold calling activity.
Details on how to contact the Financial Conduct Authority can be found here.
What you can do to protect yourself:
- Research the company, investment and salesperson to ensure they are legitimate. Don’t be pressured or rushed into buying an investment before investigating the “opportunity”
- Be wary of investments that promise spectacular profits or “guaranteed” returns. If an investment seems too good to be true, then it probably is
- Be cautious when responding to special investment offers, especially through unsolicited communications, as fraudsters are increasingly targeting investors online. Protect yourselves by limiting the information you share
- Be wary of emails that contain urgency, misspelling and grammatical errors
- Be wary of sharing personal details such as PINs, passwords or answers to your security questions, even during the course of business. You should not assume a request or provided information is genuine. J.P. Morgan will never ask you for this type of information via email.
- Take the Financial Conduct Authority’s ScamSmart test to check if any investment opportunity you’ve been offered could potentially be a scam.
SFDR Article 5 Remuneration Disclosure
Date of Publication: 30 April 2024 (updated from prior version of 10 March 2021)
Summary of changes from prior year: Disclosure language updated to provide additional detail on the Firm’s pay-for-performance framework, including the performance assessment of its Portfolio Managers.
The Firm’s pay-for-performance framework focuses on Total Compensation – base salary and incentive pay – based on the performance of the Firm, the LOB or function and the individual. This includes a balanced and holistic evaluation of an employee’s performance across four broad Performance Dimensions, business results, client/customer/stakeholder, teamwork and leadership, and risk, controls and conduct. These performance dimensions appropriately consider short, medium and long-term priorities that drive sustained shareholder value, while accounting for risk, controls, and conduct objectives. To promote a proper pay-for-performance alignment, the Firm also considers other relevant factors, including market practices. No single performance dimension in isolation determines total compensation; however, it is possible for a single significant shortcoming in any performance dimension to have a downward impact on variable compensation without limitation.
When conducting this balanced assessment of performance, for select employees in the Portfolio Management population regard is given, but is not limited to:
- investment performance, generally weighted to the long term, with specific consideration for portfolio managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods;
- the scale and complexity of their investment responsibilities
- individual contribution relative to the client’s risk and return objectives
- adherence with the Firm’s compliance, risk, regulatory and client fiduciary responsibilities, including adherence to the sustainability risk policies
In addition to the above factors for assessing the performance of investment professionals, the firm-wide pay-for-performance framework, together with the overall performance of the relevant business unit and investment team, is integrated into the final assessment of Incentive Compensation for an individual investment professional. Feedback from JPMorgan’s risk and control professionals is considered in assessing performance and compensation.
Sustainability-related information about financial products
Date of publication: 22 December, 2022
More information about our products that promote environmental and social characteristics or have a sustainable investment objective is available via JPMorgan Online or by contacting your J.P. Morgan Advisor.
For further information on our products which promote environmental and/or social characteristics or have a sustainable investment objective within the meaning of Article 8 and/or 9 of the SFDR, please see our SFDR Art 8 and 9 Product Disclosures, available at Sustainability Related Disclosures.
Principal adverse impacts
Dated 28 June 2024 (amendment to the version dated 8 March 2024)
Statement on principal adverse impacts of investment decisions on sustainability factors
This statement on principal adverse impacts on sustainability factors covers the reference period from 1 January to 31 December 2023.
No consideration of adverse impacts of investment advice on sustainability factors
JPMSE does not consider the adverse impacts of investment advice on sustainability factors as we are monitoring further regulatory guidance and the development of industry and market practice in this area.
Sustainability Risk Disclosure
SFDR Article 3 Disclosure
Date of publication: 03 October, 2023 (change description amended 12 July, 2024)
This disclosure required under Article 3 of the EU Sustainable Finance Disclosures Regulation (EU) 2019/2088 (“SFDR”), has been updated as follows:
Clarifications were made to how we describe our processes regarding the consideration of sustainability risks in discretionary investment management strategies and investment advice provided in relation to funds, specifying that we consider sustainability risks as part of the qualitative due diligence process for funds held in our discretionary strategies and sub-advisors of our discretionary strategies, and that the same process has been applied for certain Undertakings for Collective Investment in Transferable Securities (“UCITS”) funds and certain Alternative investment funds (“AIFs”) over which investment advice is provided.
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As part of the EU’s Sustainable Finance Disclosure Regulation (2019/2088) (SFDR), we are required to provide information about our policies on the integration of sustainability risk into our investment decision-making and investment advice.
“Sustainability risk” is defined in SFDR as an environmental, social or governance event or condition which, if it occurs, could cause an actual or potential material negative impact on the value of an investment.
J.P. Morgan SE (“JPMSE”) considers sustainability risks as part of its qualitative due diligence processes for:
- Funds held in its discretionary investment management strategies
- For the selection of third party providers of investment advice or discretionary investment management services in relation to such strategies
- Certain Undertakings for Collective Investment in Transferable Securities (“UCITS”) funds over which investment advice is provided
- Certain Alternative investment funds (“AIFs”) over which investment advice is provided
JPMSE’s policies on the consideration of sustainability risk have been incorporated into handbooks and procedures across its business. As part of these procedures, JPMSE’s portfolio managers are provided with information on sustainability risk and are encouraged to take it into account when making investment decisions.
Sustainability risk would not in itself prevent JPMSE from making or recommending an investment. Instead, sustainability risk forms part of JPMSE’s overall risk management processes, and is one of many risks which may, depending on the specific investment opportunity, be relevant to JPMSE’s determination of risk.
A link to the relevant disclosure statement for other areas of JPMSE’s activities outside of Wealth Management can be found here.
Change log
This change log provides a summary of updates and changes made to the Sustainability Related Disclosures on this webpage.
In relation to J.P. Morgan (Suisse) SA legal entity
The Terms and Conditions Applicable to Clients govern the business relationship between you and J.P. Morgan (Suisse) SA.
Effective 26 February 2024
This Booklet illustrates the scenarios under which J.P Morgan (Suisse) SA may be required to or allowed to share certain information to third parties or affiliates.
The Booklet may be amended or updated from time to time to reflect changes in our practices with respect to the disclosure of client data in Switzerland or abroad, or changes in applicable law. We encourage you to read this Booklet carefully, and to regularly check this page to review any changes we might make.
The financial markets present many different risks of which investors should be aware prior to investing. It is the policy of J.P. Morgan (Suisse) SA (the “Bank” or “J.P. Morgan” or “we”) to draw the attention of its client(s) (the “Client” or “Investor” or “you”) to the risk factors which may make certain investments more risky and/or more complex than standard investments. This Risk Disclosure Booklet forms part of the J.P. Morgan Terms and Conditions Applicable to Clients (the “Private Client Terms”).
What is it?
The Swiss Financial Services Act (FinSA), which came into effect on 1 January 2020, specifies the rules of conduct that financial service providers must adhere to in order to strengthen investor protection and increase market transparency.
FinSA applies both to financial services provided to clients domiciled in Switzerland as well as to financial services provided in Switzerland.
What does it mean for me?
Client Classification
One of the requirements under FinSA is for financial service providers to classify their clients as retail, professional or institutional. Retail clients are all clients that are not classified as professional clients. Institutional clients are a subcategory of professional clients. Depending on your knowledge, experience and financial expertise, you will fall within either one of these three categories.
Investor Protection
These three classifications have various effects on your protection and your investments with us. Retail clients benefit from the highest level of investor protection under FinSA with very stringent information, reporting and documentation duties but have a limited access to our products.
You may request to change categories at any time over the course of your relationship with us depending on whether you wish to access our full product range or whether you wish to benefit from a higher level of investor protection. Please note however that any request is subject to conditions.
If you would like to request a change in your classification or if you have any questions, please contact your J.P. Morgan Representative.
Complaints
If you are unhappy with any aspect of the provision of our products or services, please contact your J.P. Morgan Representative in the first instance whether in person, by telephone, email or in writing at:
J.P. Morgan (Suisse) SA
35, rue du Rhône
Case postale
1211 Genève 3
Switzerland
Please note that any communication to a legal entity other than J.P. Morgan (Suisse) SA is not covered by Swiss banking secrecy.
Swiss Banking Ombudsman
If no mutually agreeable solution can be found to a dispute with the Bank, you can apply to the Swiss Banking Ombudsman, a free and impartial information and mediation service.
Generally, the Ombudsman only gets involved after the client has made a complaint in writing to the bank and the bank has had the opportunity to respond.
Swiss Banking Ombudsman
Bahnhofplatz 9 Postfach
8021 Zurich
Phone: +41 43 266 14 14
Fax: +41 43 266 14 15
Additional Information
J.P. Morgan (Suisse) SA is authorized to operate as a bank in Switzerland. It is subject to the Swiss Federal Banking Act and is supervised by the Swiss Supervisory Authority (FINMA) with head offices in Bern.
Swiss Financial Market Supervisory Authority FINMA
Laupenstrasse 27
CH-3003 Bern
Phone: +41 31 327 91 00
Fax: +41 31 327 91 01
E-mail: info@finma.ch
Are my deposits protected under the deposit insurance esisuisse?
Yes, like any bank and any securities firm in Switzerland, J.P. Morgan (Switzerland) Ltd is required to sign the Self-regulation “Agreement between esisuisse and its members”. This means clients’ deposits are protected up to a maximum of CHF 100,000 per client. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at https://www.esisuisse.ch/en
J.P. Morgan operates a Complaints Management Policy that aims to ensure all complaints are dealt with fairly, consistently, and promptly.
MAKING A COMPLAINT:
If you are unhappy with any aspect of the provision of our products or services, please contact your J.P. Morgan representative in the first instance. Alternatively, you may wish to contact our Client Experience Team in writing by email to jpms.client.experience@jpmorgan.com
Please ensure you indicate your account number (where applicable), name, contact details, your arguments and concrete demands.
HANDLING YOUR COMPLAINT:
All complaints received will be handled by our Client Experience Team, a separate division which handles and reviews such complaints without any involvement of the business division concerned by your complaint.
Once we have received your complaint, we aim to resolve the matter as quickly as possible and in a consistent manner. Your complaint will be promptly acknowledged within a maximum of 10 business days from receipt. We aim to provide you with a final response as soon as practicable. You should receive a final response within 30 business days of receipt of the complaint, however where this is not possible, you will be advised of this and given a likely resolution date.
ALTERNATIVE DISPUTE RESOLUTION:
If you remain dissatisfied with our response, you can file an out-of-court complaint resolution with the Swiss Banking Ombudsman a free and neutral mediator. Additional information such as the Swiss Banking Ombudsman’s contact details, complaints procedure, and mediation form can be found via their website:
https://bankingombudsman.ch/en/complaint/
QUESTIONS:
If you have any queries in relation to our internal complaint handling procedure, please contact our Client Experience Team in writing by email: jpms.client.experience@jpmorgan.com.
This document is the non-financial report for J.P. Morgan (Suisse) SA (“JPM Suisse”) and is to be read as a standalone document and not in conjunction with the International Private Bank’s (“IPB”) ESG Report. This report has been published in accordance with article 964 a to c of the Swiss Code of Obligations, which aims to provide stakeholders with information to better understand the means by which in-scope organizations conduct their business activities and what impact these activities have on ESG matters. It sets out JPM Suisse’s activities across all lines of business, as they pertain to ESG matters, addressing points such as environmental matters, labor matters, human rights matters as well as anti-corruption.
At J.P. Morgan, our clients’ interests come first as we help you preserve and grow your wealth. We believe that consideration of relevant environmental,social and governance (ESG) factors adds value to the investment process, through mitigating risks, capturing opportunities, and benefitting from sustainability megatrends. In addition, should you wish to express your views related to ESG in your investments, we offer innovative and flexible products to reflect your preferences. Additional information can be found in the ESG Preference Summary.
