Legal & Regulatory
It explains how we use and process your personal information (such as your name, date of birth, credit or debit card numbers, address, telephone number, email address, preferences, your accounts and products/services).
How We Collect and Use Your Personal Information
Kleinwort Benson is committed to protecting your personal information and will take all reasonable steps to ensure that your personal information is kept secure against unauthorised access, loss, disclosure or destruction.
When you make enquiries with us, sign up to any of our products and/or services and/or communicate with us about these, and/or throughout your relationships with us you may be asked to provide your personal information in order to:
- authenticate your identity and credit status;
- register you, administer and manage the relevant products and/or services including co-ordinating with other partners in order to do so and to manage our relationship with you;
- allow us to improve our products or services to you or to develop new offerings;
- provide you with marketing materials (unless you have agreed to “opt out” of marketing communications);
- operational and administrative purposes, updating your information, including record keeping and audits, processing any query or complaint, ensuring compliance with our internal policies and to monitor risks and report on them; and
- compliance with any Applicable Law, regulatory requirement and/or any voluntary code we decide to adopt
By providing such personal information, you fully understand and consent to the collection and processing of your personal information by Kleinwort Benson.
We may record or monitor calls made by you to our customer service desks for quality assurance and training purposes. However, we will always inform you if such recording or monitoring is taking place.
Information Sharing, Marketing and Disclosure
Where you have shared your personal information with us for the purposes of signing up to our products and/or services or where you are a prospective client we are permitted to share your personal information with a member of our group.
Where you are a Client and have agreed not to “opt out” from receiving marketing information, either we or a member of our group companies and/or third parties may send you details of selected products and services.
We may for this purpose communicate with you from time to time by email, phone or by post, to provide you with information, offers, invites and other material from us which you may find of interest.
We may also use your information to conduct market research, for example to ask you to participate in a survey conducted by us. We will always try to tell you before you participate in the survey how any information you provide in the survey will be used. Sometimes we may enable third parties acting on our behalf to analyse your information, in a non-personal identifying form, (generally in the form of statistics), so that we can identify trends about usage of our website(s) or services and improve them. We may also from time to time request non-personally identifiable information from you and may use this data to improve and enhance your experience with us.
Additionally we reserve the right to access and disclose your information in order to comply with applicable laws, lawful requests from governments, law enforcement agencies or parties whose request we reasonably consider to be justified.
Please note that if you communicate with us electronically, including by e-mail, telephone or fax, this communication may be monitored and/or recorded to protect the interests of our business and our customers. This includes for the purposes of maintaining customer/service quality standards, detection of and/or prevention of crime and to ensure that Kleinwort Benson employees comply with legal obligations and Kleinwort Benson policies and procedures (including our customer relations practices).
This website contains hypertext links to other websites which are hosted and maintained by third parties and which are not, or may not be, regulated by the Financial Conduct Authority. When you activate any of these links you leave the Kleinwort Benson website and we have no control over the content or security of any third party site. You use such links entirely at your own risk and Kleinwort Benson accept no responsibility or liability for the content, use, or availability of such websites or for any loss or damage, however arising, as a result of their use.
Requests for access to Personal Information
We are happy to provide you with details of the personal information, which we process about you. To protect our customers' personal information, we follow strict storage and disclosure procedures, which mean that we will require proof of identity from you prior to disclosing such information. We may charge a small administration fee in relation to any requests for access to personal information. Please direct any such request to the Data Protection Officer, Kleinwort Benson, 14 St. George Street, London, W1S 1FE, United Kingdom.
Please help us to keep your Personal Information current and accurate by contacting us if your Personal Information is or becomes inaccurate and/or out-of-date.
If you need to advise us of any changes to your personal information, or would like any more information about the way in which we collect and use your Personal Information, please refer to our Privacy.
As you may be aware, no data transmission over the internet can be entirely secure. As a result, while we will always use reasonable endeavours to protect your Personal Information, we cannot guarantee the security of your personal information and the use of our Site (including the e-mail facilities) and which is at your own risk.
- What is a cookie? A cookie is a data file often saved in a specific folder in the hard drive of your device* whenever you consult an online service via your browser. The cookie file is used to identify the computer in which it was saved, and for the duration of the file's validity. * Device refers to the equipment (computer, tablet, smartphone, etc.) you use to consult or view a website, an application, advertising content, etc.
The cookies we send allow us to: - get statistics on the volume of traffic and consultation of the parts making up our website (consulted sections and content, browsing history) so that we can make our services more relevant and ergonomic; - adapt the presentation of our website to the display settings (language, screen resolution, operating system, etc.) of your device while you consult our website, and according to your device's viewing and playback equipment and software; - store the information you filled in on a form on our website; - give you access to exclusive and personal pages on our website using the login IDs or information provided to us at an earlier stage; - set up security measures, especially when connecting to your exclusive page after a period of inactivity, in which case you are required to re-enter your login ID.
- Which cookies do we use? Functional cookies or cookies used strictly for the website:
Name of cookie
What data is collected and for how long?
To what end?
No personal information, expires after 1 year
This cookie records the visitor’s acceptance of website terms
No personal information, expires after 1 year
This cookie records the visitor’s acceptance of website terms
No personal information, session only and will expire after you close your browser window
This cookie is used when you log in to both secure areas of the website
- Analytics cookies
We use these cookies to establish the use and performance of our website, statistics, the volume of traffic and utilisation of the parts making up our website (content consulted, browser history) so that we can improve the relevance and ergonomics of our services (most consulted pages and sections, most-read articles, etc.).
We also use these cookies to count the number of visitors per page, as well as the total number of adverts we display. These cookies come from Google Analytics.
- Sharing cookies (connection with social networks)
Our website contains links for LinkedIn and other similar social networks that allow you to share content from our website with other people. Whenever you use these share buttons a third-party cookie is installed.
- Third party cookies
Over their period of validity, this type of cookie sent by third parties allows third parties to draw up statistics by counting the number of content displays on our websites, identify which content was displayed and the number of users clicking on specific content.
The cookies that are sent and used by third parties are subject to the third parties' cookie policies. We inform you of the purpose of the cookies we are aware of and the means at your disposal to apply your preferences.
Name of cookie
For more information:
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These cookies are used to collect information about how visitors use our site. We use the information to compile reports and to help us improve the site. The cookies collect information in an anonymous form, including the number of visitors to the site, where visitors have come to the site from and the pages they visited.
Related to the Google Analytics - For more information read Google's overview of privacy and safeguarding data [External Link]
- How to refuse/delete cookies
Essentially, users can decide whether or not cookies can be stored on their device, and they can choose to change their settings at any time, free of charge. If you have allowed cookies to be saved on your device through your browser, the cookies integrated in the pages and content you consult may be temporarily stored in a designated folder on your device.
If you refuse to have cookies saved on your device, or if you delete the cookies already saved on your device, you will no longer be able to benefit from a number of features offered by our website.
Below are instructions on how to accept/refuse or delete the cookies on our website:
Most web browsers allow some control of most cookies through the browser settings. You can find them under the Help menu of your chosen browser, and they will give instructions on how to change your cookie preferences [External Links].
- Internet Explorer cookies information
- Chrome cookies information
- Firefox cookies information
- Safari cookies information
- Opera cookies information
To find out more about cookies, including how to see what cookies have been set and how to manage and delete them, visit http://www.aboutcookies.org/ [External Link] or http://www.allaboutcookies.org/ [External Link].
In terms of the cookies used to measure our website traffic, please click on the following link for more information on analytics cookies and on how to deactivate them:
https://support.google.com/analytics/answer/181881?hl=en [External Link]
https://tools.google.com/dlpage/gaoptout [External Link]
Conflicts of Interest Policy
Kleinwort Benson comprises a securities business and a bank engaged in securities trading, as well as providing investment management and private banking, financing and financial advisory services and other investment management banking products to a wide range of corporations and individuals.
The proper management of conflicts of interest is critical to Kleinwort Benson's business and reputation. Kleinwort Benson's Management Committee takes responsibility for conflicts management and maintenance of the appropriate policies, systems and controls.
Due to the nature of our business, a number of situations might arise in which a client's interests conflict (or could be perceived to conflict) with our interests, those of our associates or those of our other clients. In order to identify and manage these potential conflicts of interest, we have established, implemented and maintain an effective conflicts of interest policy, as required by applicable law. Where applicable law requires a lesser standard of management of conflicts of interest than the FCA Rules, we have established, implemented and maintain our policy in accordance with the FCA Rules.
The policy identifies, by reference to the specific services and activities carried out by or on our behalf, the circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of one or more clients, including but not limited to the activities of investment research and advice, proprietary trading, portfolio management, and underwriting or selling in an offering of securities. The policy also specifies procedures to be followed and measures to be adopted in order to manage such conflicts.
Identification of potential conflicts of interest
Our internal policies and procedures are designed to ensure that we identify potential conflicts of interest that arise or may arise between us and our clients and between one client and another.
Potential conflicts of interest that could arise in the course of our providing services to our clients include, but are not limited to, the following:
a) being the other party to the transaction, or acting as agent for another client or investor, or acting as principal selling our own property to a client or buying property from a client, and thereby making a profit (or loss) or taking a mark-up, mark-down or credit for our or an associate's own account;
b) acting as agent or arranging a transaction for an associate or another client or investor and also acting as agent for another client in the same transaction, and receiving and retaining commission or other charges from both parties, and the price of the transaction being different from the bid or, as appropriate, offer price;
c) executing a transaction for or with a client in circumstances where we have knowledge of other actual or potential transactions in the relevant security;
d) having a holding in, or trading, dealing or market-making in, securities purchased or sold by or for a client;
e) sponsoring, underwriting, sub-underwriting, placing, purchasing, arranging, acting as stabilising manager for, or otherwise participating in, the issue of securities purchased or sold by or for a client;
f) acting as adviser to or having any other business relationship with, or interest in, the issuer (or any of its affiliates or advisers) of any securities purchased or sold by or for a client or advising or acting as banker to any person in connection with any merger, acquisition or take-over by or for any such issuer (or one of its affiliates);
g) being the issuer of any securities purchased or sold by or for a client or being adviser or banker to, or having any other business relationship with, the trustee, custodian, operator or manager of, or investment adviser to any form of Collective Investment Scheme in which interests are purchased or sold by or for a client;
h) providing research in relation to an issuer (or any of its affiliates) to which it also provides investment banking services;
i) extending credit to a client;
j) matching a client's transaction with that of another client or investor by acting on that person's behalf as well as on behalf of the first client; or
k) advising and providing other services to associates or other clients or investors who may have interests in securities or underlying assets which conflict with those of another client.
Procedures and measures adopted to manage conflicts
We have implemented and maintain a number of procedures and measures for managing conflicts of interest that arise in the course of our business and for ensuring that our employees engaged in different business activities involving a conflict of interest carry on those activities with the requisite degree of independence. These include, but are not limited to, the following:
a) information barriers - we have in place appropriate internal arrangements (including physical separation, Chinese walls and other information barriers) to regulate and restrict the flow of information between and within the different business areas;
b) segregation of duties - our business areas conduct their day-to-day business independently of each other. Employees in one business area do not have business responsibilities other than with respect to that area and its clients. Reporting lines are separate to prevent or limit any person from exercising inappropriate influence over how others carry out services or activities for the clients of their business area;
c) remuneration - our employees are remunerated on the basis of salary and bonus. Bonus may be based on the revenues and results as a whole and on individual performance;
d) personal account dealing - our employees may not deal in securities without obtaining the prior approval of the Kleinwort Benson Compliance Department and the relevant line manager or business head. Our personal trading policies and procedures are intended to ensure that at all times employees place clients' interests ahead of their own or those of their family or friends and that there can be no suggestion that an employee has benefited improperly from the misuse of non-public information;
e) outside business activities - our employees may not engage in outside business activities that might give rise to a real or apparent conflict of interest. All outside business activities have to be pre-approved;
f) gifts and entertainment - the giving and receiving of gifts (including entertainment) to or from those doing business with us can give rise to a real or apparent conflict of interest and is, therefore, generally prohibited subject to certain limited exceptions. Permissible gifts that are accepted must be reported to the Kleinwort Benson Compliance Department;
g) independence of research - all our research is produced in accordance with our policies and procedures for managing conflicts of interest that may arise in connection with research. These policies and procedures are designed to ensure that we identify and manage effectively the conflicts of interest which may otherwise affect the independence and objectivity of our research.
Where the procedures and measures and other organisational and administrative arrangements that we maintain and operate in order to manage potential conflicts of interest are not sufficient to ensure, with reasonable certainty, that risks of damage to the interests of one or more clients will be prevented, we will be required to clearly disclose the general nature and/or sources of the conflict of interest to the client(s) concerned before undertaking business with or for the client(s) and ask the client(s) to consent to us acting notwithstanding such conflict of interest or, if we believe there is no other practicable way of preventing damage to the interests of one or more clients, we may decline to act.
Further information on our conflicts of interest policy is available upon request.
Company & Regulatory Information
United Kingdom Entities
Kleinwort Benson and Kleinwort Hambros are the brand names of Kleinwort Benson Bank Limited. Kleinwort Benson is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm reference number is 119269 and Kleinwort Benson is a member of the London Stock Exchange. Kleinwort Benson is a company incorporated in England and Wales with company number 2056420 and VAT number GB 629 2807 22. Registered Office 14 St. George Street London W1S 1FE.
Kleinwort Hambros is the brand name of SG Kleinwort Hambros Trust Company (UK) Limited. Kleinwort Benson is a company incorporated in England and Wales with company number 514879 and VAT number GB 629 2807 22. Registered Office 5th Floor, 8 St. James's Square, London, England, SW1Y 4JU.
Channel Islands Entities/ Operations
Kleinwort Benson is the brand name of Kleinwort Benson (Guernsey) Limited which is a company incorporated in Guernsey with company number 670. Registered Office Dorey Court Admiral Park St Peter Port Guernsey GY1 3BG. It is regulated by the Guernsey Financial Services Commission for the conduct of investment business.
Kleinwort Benson is the brand name of Kleinwort Benson (Channel Islands) Investment Management Limited which is a company incorporated in Guernsey with company number 59377. Registered Office Dorey Court Admiral Park St Peter Port Guernsey GY1 3BG. It is regulated by the Guernsey Financial Services Commission for the conduct of investment business.
SG Kleinwort Hambros Trust Company (Channel Islands) Limited which is registered in Jersey under number 4345. The company’s registered office and principal place of business is at PO Box 78, SG House, 18 Esplanade, St Helier, Jersey JE4 8RT. SG Kleinwort Hambros Trust Company (Channel Islands Limited is regulated for the provision of trust company business and fund services business by the Jersey Financial Services Commission (JFSC).
SG Kleinwort Hambros Trust Company (Channel Islands) Limited whose address in Guernsey is PO Box 86, Hambros House, St Julian’s Avenue, St Peter Port, Guernsey, GY1 3ED. SG Kleinwort Hambros Trust Company (Channel Islands) is regulated as the holder of a fiduciary licence by the Guernsey Financial Services Commission (GFSC) under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick or Guernsey) Law, 2000.
Kleinwort Benson is the brand name of Kleinwort Benson Custodian Services Limited which is a company incorporated in Jersey with company number 76955. Registered Office Kleinwort Benson House Wests Centre St Helier Jersey JE4 8PQ. It is regulated by the Jersey Financial Services Commission.
Kleinwort Benson is the brand name for Kleinwort Benson (Channel Islands) Limited which is a company incorporated in Guernsey with company number 52103. It is regulated by the Guernsey Financial Services Commission for Banking and Investment Services. It is regulated by and authorised by the Financial Conduct Authority in respect of UK regulated mortgage activities and its firm reference number is 310344.
Complaints and Compensation
Kleinwort Benson strives to provide the highest standard of service to its clients. However we recognise that occasionally, unfortunately, we do make mistakes. In these instances we encourage our clients to contact us as soon as possible so that we have the opportunity to correct the situation. We value all feedback received and use it continuously to improve the quality of the services that we provide.
You may contact us either verbally or in writing. If you choose to inform us of your concerns or complaint by letter, then please write to the relevant Kleinwort Benson company using the address reflected on the statement or the correspondence that you have received from that company.
United Kingdom (UK)
We aim to resolve all complaints as quickly as possible using dedicated and experienced staff that have the resources to investigate complaints across the organisation. If we are unable to resolve your complaint by the close of business on day three following your complaint, we will formally acknowledge your complaint in writing within five business days of receipt.
When acknowledging your complaint we will advise you of the details of the independent person at Kleinwort Benson who is appointed to investigate the matter. On conclusion of their investigation they will contact you and provide a formal written response, this will advise you of any redress or corrective action that either will or has been taken. It will also advise you, if applicable, how to contact the Financial Ombudsman Service (FOS) to request that they review your case if you feel it appropriate. We will also send you a copy of the FOS leaflet which provides information about their service and contact information alternatively you can visit their website directly here http://www.financial-ombudsman.org.uk/ [External Link]
As mentioned above, our aim is to address any concerns as soon as possible; there is a regulatory timeframe of eight weeks to provide a final response to you which we aim to exceed. Should your concerns take us longer to resolve than we initially anticipated, we will contact you to update you on progress. In exceptional circumstances, where your complaint is particularly complex, matters may take longer than eight weeks to resolve. If this occurs, we will advise you in writing what investigation has taken place so far and provide you with a reason as to why the complaint has not been resolved. Additionally, we will provide a realistic timescale as to when you can expect to receive the final response.
Details of our complaint handling procedures in the Channel Islands (being Jersey and Guernsey) can be found in the attached document.
The FCA has stated that all firms that manage investments for professional clients should produce a statement of commitment to the Stewardship Code or explain why it is not appropriate.
Kleinwort Benson is a private wealth manager and investment manager and our clients are predominantly retail clients under FCA rules. Retail clients are not covered by the terms of the Code. A small number of clients are classified as Professional clients under the rules, and their portfolios are managed within the terms of our standard services.
Whilst we recognise our responsibilities that come with the stewardship of client assets, we do not believe that the purpose of the Code was to encourage firms like Kleinwort Benson to attempt to manage the affairs of our investee companies.
The steps we have taken to comply with the Code are detailed below:
Institutional investors should publicly disclose their policy on how they will discharge their stewardship responsibilities.
Kleinwort Benson does not have a specific policy on how we will discharge our stewardship responsibilities. Our policies and information regarding voting is included within our Terms and Conditions, which are provided to all clients. Kleinwort Benson is not a listed company, therefore the UK Corporate Governance Code is not applicable.
Institutional investors should have a robust policy on managing conflicts of interest in relation to stewardship and this policy should be publicly disclosed.
Kleinwort Benson has a policy for managing conflicts of interest. A summary of this policy is available to all clients.
Institutional investors should monitor their investee companies.
Kleinwort Benson has an Equity Research team which actively monitors the companies that are on our list of investments approved for purchase for our clients.
Institutional investors should establish clear guidelines on when and how they will escalate their activities as a method of protecting and enhancing shareholder value.
Where Kleinwort Benson’s shareholding in a company is significant enough to warrant attention from the company, and where there is a specific concern around a company’s strategy or performance , then the Chief Investment Officer may decide to engage with the company. The individual circumstances of each situation will determine the chosen method of intervention.
Institutional investors should be willing to act collectively with other investors where appropriate.
Kleinwort Benson may work with other investors when we consider it appropriate to do so. Although there is not a specific policy with regard to collective action, we would expect to engage with other investors when it is clearly in the best interests of our clients. At such times, we would also pay close regard to our policies on conflicts of interest and on insider information.
Institutional investors should have a clear policy on voting and disclosure of voting activity.
Kleinwort Benson does not have a defined policy on voting. Our Terms and Conditions detail how we deal with voting. These state that we may vote if the assets are held under the Discretionary Investment Management service. However, if the clients’ assets are held under other services, then (other than for Extraordinary or Annual General Meetings) we will take reasonable steps to seek and will act upon timely instructions from clients. We would not, however, generally disclose details of our voting history. This is due to the diverse and predominantly retail nature of our client base. The combination of discretionary and advisory services may mean that on occasion we have some clients voting in favour and some voting against any particular resolution at any given time. This could give rise to unnecessary confusion to the public or the media.
Institutional investors should report periodically on their stewardship and voting activities.
Kleinwort Benson does not report periodically on stewardship and voting activities. This is because our client base is predominantly made up of retail investors. Each client has either one or both of a Relationship Manager and an Investment Manager, whose responsibilities are to understand the client’s particular circumstances. The Investment Manager will be regularly reviewing the portfolios of the discretionary clients and will report on all investment activities within the portfolio. For non-discretionary clients, there is communication between the Relationship and/or Investment Manager and the client before any investment decisions are made. Our clients would therefore not need these reports.
Foreign Account Tax Compliance Act (“FATCA”)
FATCA was signed into U.S. law in 2010 as part of the Hiring Incentives to Restore Employment Act of 2010 (“HIRE Act”). The legislation is concerned with improving tax information sharing, principally in respect of U.S. individuals that hold assets overseas.
As a FATCA requirement, Kleinwort Benson must review its client base in order to identify U.S. persons and potentially report annually any relevant information about accounts belonging to U.S. persons to the U.S. tax authorities i.e. the Internal Revenue Service (“IRS”). In order to lessen the administrative burden on non U.S. financial institutions, the IRS has allowed certain authorised non U.S. financial institutions to comply with FATCA by reporting information to their local tax authorities annually which will in turn transmit the information to the IRS.
Accordingly, Kleinwort Benson Bank Limited (“KBBL”) in the UK and Kleinwort Benson (Channel Islands) Limited (“KBCIL”) in Guernsey are each required to undertake enhanced due diligence procedures and to conduct pre-existing account searches for U.S. indicia to determine whether or not its account holders are U.S. persons. Where account holders are identified as U.S. persons, KBBL and KBCIL are further required to report information relating to such account holders and their accounts to their local tax authorities, who will then share this information with the IRS.
The list of the Group’s financial entities registered with the IRS for FATCA purposes and their corresponding GIINs are on the following Documents: