Terms and Conditions

This page was last updated in June 2022, and replaces all previous versions. Vanguard may update this page at any time for legal or regulatory reasons, or to reflect changes in our services or practices.

To view the latest Vanguard Terms click here.

Use of this website

The material on this website is directed only at persons who are at least 18 years old and resident in the United Kingdom, and is not to be regarded as a solicitation for or offering of any investment product or service anywhere other than the UK. The distribution or use of the material displayed on this website may be restricted by law in countries outside the UK, and, accordingly, persons who access it are required to inform themselves about and to observe any such restrictions. None of the information on this website is intended to be published or made available in breach of applicable law and regulation in any jurisdiction.

This website only provides information. It does not provide advice of any kind. Any investment in a fund will be subject to Vanguard’s Client Terms (available at www.vanguardinvestor.co.uk), which you should read carefully before accepting them. Certain statutory or regulatory provisions, and other external restrictions, may also apply from time to time to the material on this website and your use of it, and you must comply where relevant.

Company information and regulation

This website is owned and operated by, and the material on it is issued by, Vanguard Asset Management, Limited (VAM). VAM is registered in England and Wales (no.07243412), and its registered office is at 4th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF. VAM is authorised and regulated in the UK by the Financial Conduct Authority (FCA). VAM’s VAT number is 100 1276 85. VAM is a member of the Vanguard Group of companies, of which the ultimate holding company is The Vanguard Group, Inc., incorporated in Pennsylvania, USA.

The Vanguard ISA and the Vanguard Junior ISA are provided and managed by VAM. VAM is an appointed distributor of certain investment funds operated by affiliated companies in the Vanguard Group and made available through this website, as detailed below. When you buy and sell shares in funds made available on this website, you will deal with VAM in all cases.

UK Funds

Vanguard Investments UK, Limited (VIUK) is the authorised corporate director of Vanguard Investments Funds ICVC and Vanguard LifeStrategy Funds ICVC, and the authorised fund manager of Vanguard FTSE U.K. All Share Index Unit Trust and Vanguard FTSE 100 Index Unit Trust. Each of these funds has been authorised by the FCA as an undertaking for collective investment in transferable securities (UCITS scheme). VIUK is authorised and regulated in the UK by the FCA.

Irish Funds

Vanguard Group (Ireland) Limited (VGIL) is the manager of Vanguard Investment Series plc, Vanguard Funds plc, Vanguard Common Contractual Fund, Vanguard Investments Common Contractual Fund, Vanguard Investments II Common Contractual Fund and Vanguard Investments III Common Contractual Fund. Each of these funds has been authorised by the Central Bank of Ireland as a UCITS scheme and registered for public distribution in certain EU countries, including the UK. VGIL is authorised and regulated by the Central Bank of Ireland.

Investment information

It is important to understand the risks before investing in any fund. The performance of investment funds is not guaranteed, and past performance is not a reliable indicator of future results. The value of investments, and the income from them, can fall as well as rise, and investors may get back less than they invest.

For information on a fund’s investment policy, expenses, the risks of investing, and other important matters, please refer to the relevant Key Investor Information Document (KIID) and Prospectus. These documents are available from VAM via this website. Prospective investors are also urged, if in doubt, to consult a professional adviser on the personal tax implications of investing in, holding or disposing of shares in a fund, the receipt of distributions relating to such shares, and other consequences of investing.

VAM only gives information on the products and services which it offers, and does not give investment advice based on personal circumstances. VAM may from time to time provide online tools and other materials designed to help personal investors choose funds. However, nothing on this website constitutes legal, tax or investment advice, or a recommendation to buy or sell a particular product, and prospective investors must not rely on the content of this website as if it were advice. Material on this website is provided for information purposes only, to help prospective investors decide whether an investment is suitable for them. The investor is responsible for evaluating the merits and risks associated with the use of any material on this website and for making any investment decision based on that material. In exchange for using the materials on this website you agree not to hold VAM and other members of the Vanguard Group of Companies responsible for the consequences of any decision which may be made based on the information provided on this website.

Tax rules referred to are those which currently apply. They are subject to change in the future. Their effect on an investor, including the eligibility to hold an Individual Savings Account (ISA) or Junior ISA and the value of any other tax savings or benefit, will depend on the investor’s personal circumstances.

The investment products and services offered on this website may not be suitable for all investors. If you are unsure of the suitability or appropriateness for you of any investment, you should obtain personal advice from an authorised financial adviser. Information about finding an adviser is available at www.vanguardinvestor.co.uk.

Vanguard Group (Ireland) Limited has implemented the EU Sustainable Finance Disclosure Regulation (EU) 2019/2088 (“EU SFDR”), as appropriate. Vanguard has introduced an internal product classification framework that helps to identify whether certain Vanguard funds promote, among other characteristics, environmental and/or social characteristics, or whether a fund has sustainable investment as its objective. Vanguard also considers the degree to which sustainability risks are integrated into the investment decision making process. Statements explaining Vanguard’s approach to the integration of sustainability risk, including into its remuneration policy and a transition statement to support the consideration of Principal Adverse Indicators (this is the impact of its investment decisions on sustainability factors, commonly referred to PAI), will be available on the policy page of Vanguard’s global website.

Accuracy of information

Vanguard takes all reasonable care in compiling and maintaining the information on this website. Errors and omissions may nonetheless occur from time to time for technological and other reasons outside Vanguard’s reasonable control. Vanguard does not warrant or guarantee the accuracy, timeliness or completeness of the information, that the supply of information to users will be uninterrupted or free from error, or as to any results to be obtained.

All information on this website is presented only as of the date published or indicated on the relevant page, and it may be superseded by subsequent market events or for other reasons. Users are responsible for refreshing their browsers each time they visit the site, to ensure that they receive the most up to date information available.

All figures provided in investment illustrations are examples only, and are not guaranteed. How much money you need to invest in order to achieve a specific amount or target, and what you may get back, depends on how your investment performs. You may get back more or less than the amount shown for illustration.

Vanguard may from time to time suspend operation of this website for repair, maintenance or improvement work, or in order to update or upgrade the content or functionality. Vanguard may also change the format or content of the site from time to time at its sole discretion.

Third party content and links to other websites

This website includes certain material identified as originating from third parties, and links to (and from) websites maintained by third parties. Vanguard accepts no liability for the accuracy, reliability or usefulness of any such information. Investor protections may not apply on such other sites. Your use of other websites will be subject to the provider’s terms and conditions. You should read the applicable legal information, and you should familiarise yourself with the privacy policy on a website before you provide any personal or confidential information.

Intellectual property rights

All copyright, trademarks and other intellectual property rights in the materials and information on this website (including, but not limited to, text, graphics, photographs and other images, audio clips, digital downloads, data compilations, software, and code) are owned or licensed by the Vanguard Group or by relevant external content providers. Nothing on this website should be regarded as granting any licence or right to or in any trademark or service mark of the Vanguard Group or any third party.

Vanguard’s exchange traded funds (ETFs) are not sponsored, endorsed, sold or promoted by Bloomberg Barclays. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS® is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL“) (collectively, “Bloomberg“), or Bloomberg's licensors own all proprietary rights in the Bloomberg Barclays Indices.

The products are not sponsored, endorsed, issued, sold or promoted by “Bloomberg or Barclays“. Bloomberg and Barclays make no representation or warranty, express or implied, to the owners or purchasers of the products or any member of the public regarding the advisability of investing in securities generally or in the products particularly or the ability of the Bloomberg Barclays Indices to track general bond market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the products with respect to any person or entity. Bloomberg's only relationship to Vanguard and the products are the licensing of the Bloomberg Barclays Indices which are determined, composed and calculated by BISL without regard to Vanguard or the products or any owners or purchasers of the products. Bloomberg has no obligation to take the needs of the products or the owners of the products into consideration in determining, composing or calculating the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the products to be issued. Neither Bloomberg nor Barclays has any obligation or liability in connection with the administration, marketing or trading of the products.

London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell”, and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor their licensors for any errors or for any loss from use of this information. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressedly or impliedly, either as to the results to be obtained from the use of the FTSE indexes or the fitness or suitability of the indices for any particular purpose to which they may be put.

Morningstar data © 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. The prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with Vanguard and any related funds.

S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P“) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Vanguard. The S&P Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by Vanguard. The Vanguard Fund(s) is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such product(s).

SEDOL Data has been provided from the London Stock Exchange's SEDOL Masterfile® SEDOL and SEDOL Masterfile® are registered trademarks of the London Stock Exchange Group PLC.

Visa and Plus are trademarks of Visa International Service Association.

Mastercard and Maestro are trademarks of MasterCard International Incorporated.

For further information, please contact Vanguard Asset Management, Limited at personalinvestors@vanguard.co.uk.

Issued by Vanguard Asset Management, Limited, which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2019 Vanguard Asset Management, Limited

Online Security Policy

Vanguard is committed to protecting your online security. We devote significant resources to the provision of safeguards designed to keep your information and investments secure, so that you can use our website materials and enjoy the benefits of your account with confidence.

This policy explains some of the many ways in which we keep your details secure and confidential. It informs you about potential threats and other risks which may affect you, and it outlines the additional steps which you can take to protect yourself.

If you believe that your Vanguard account has been compromised or may be at risk, please email us at personalinvestors@vanguard.co.uk or contact our Personal Investor Services team.

If you have been a victim of identity theft, you should contact us immediately. You can email or call us at the above email address or phone number; please include your name, the circumstances of the criminal activity, and a phone number where we can reach you. As described further below, identity theft occurs when a criminal steals your personal information to access your accounts or opens new accounts under your name. Some common ways in which unauthorised people can get your information include breaking into your house, intercepting your postal mail or email, and sending you phishing emails.

Security features of your Vanguard account

Vanguard takes very seriously the importance of maintaining your personal information and investments securely at all times. We use a broad range of physical and electronic controls, which we regularly review in order to keep abreast of changing needs and advances in technology. Some of our key account security controls are highlighted below.

Accessing your account

As part of the process of signing up for an online account with Vanguard, you will set up a password and various other security credentials for use when you access your account. This information is encrypted to protect it from third parties, and it will remain confidential and known only by you provided you do not disclose it. For your protection and to ensure security, we always verify your identity before granting you access to your account.

Encryption and preventing unauthorised access

Vanguard’s website employs some of the strongest currently available encryption technology to protect your online activity with us. All account information passing between your computer and our systems is securely encrypted.

Our systems are protected by firewalls which block unauthorised entry. Firewalls are barriers which permit only certain types of approved traffic to enter our systems.

Someone acting fraudulently may obtain some of your security details and try to access your account by guessing the rest. As a precaution, we will temporarily disable your account if too many incorrect attempts to log in are made. If you accidentally do this yourself, or if you forget your password, you will be able to reactivate your account by following the online account security re-set procedure available at www.vanguardinvestor.co.uk. Alternatively, or if you are unable to reset access your account, please contact our Personal Investor Services team on 0800 587 0460.

You should always log out of your account when you have finished using the website, to ensure that the secure connection is closed.

Time-out features

For added security, Vanguard’s system will automatically log you off after a certain period of inactivity on your account, to reduce the risk of wrongful access by someone else.

Additional security code for account changes

If you wish to make certain changes to the personal information stored in your account (such as your password, home address or bank details), you will be asked first to enter a unique security code. This will be generated and sent to your nominated telephone number, and acts as an additional level of protection against unauthorised dealing with your investments, even if someone has managed to gain access to your account.

Secure online withdrawals

To protect you against the risk of fraudulent withdrawals of money from your Vanguard account, we ask you to nominate a single bank account for the purpose of receiving payments from us. This means that, even if someone accesses your account wrongfully, the only bank account to which money can be sent is the one nominated by you. If you wish, you may change your nominated bank account online at any time, but for security you must verify the change before a withdrawal from your account may be authorised subsequently, using an additional security code which we will provide to you as described above for dealings.

We will also send a message to your phone and email when certain other activities take place on your account. Please contact us immediately if you receive notification of a change or other activity which you did not initiate yourself.

Payment cards

Debit card transactions on Vanguard's website are supported by the Cybersource secure payments gateway. Cybersource transmit your debit card details to Worldpay, a provider of payment services within the UK which collects the payment from your card issuer. The transmission of debit card data occurs within a secured encrypted network between Cybersource, Worldpay and your card issuer. Both Cybersource and Worldpay are certified under the Payment Card Industry Data Security Standards (PCI DSS) and regulated by the Financial Conduct Authority. Your debit card details are not received or stored by Vanguard.

What you can do to stay secure

While Vanguard will do all it reasonably can to keep your account safe, you are urged to take steps yourself to avoid the risks which can arise when transacting online. Some practical tips to bear in mind are recommended below.

You should take steps to use the internet safely and securely at all times. Free, expert advice may be obtained at www.getsafeonline.org. To obtain further advice, or to report a fraud, you should contact the UK’s Action Fraud Centre (www.actionfraud.police.uk).

You should ensure that you have robust, up-to-date firewall, anti-virus and anti-spyware software installed on your PC, as a critical means of protecting your personal information. Also, if you connect to the internet via a wireless network, including a smart phone or tablet, ensure that it is secure. Regardless of how good your anti-virus software and other protection may be, information passed to websites on an insecure network can be accessed by someone acting fraudulently.

It is critical that you keep your account password and other security details secret. You should not disclose them to anyone, and you should be careful not to write them down or store them unsafely. If you do make a record of your password or other log-in details, make sure that these are kept securely, and above all never store your username, full password and transactional password details in the same place. Remember, once your account is set up Vanguard will never ask you to divulge your full password. If you are ever asked to provide this, whether on our website or by email or phone, you should stop immediately and contact us on 0800 587 0460 or by email at personalinvestors@vanguard.co.uk.

We advise against the use of a shared email address if you also register a contact telephone number with Vanguard which is used by another account holder, for instance a family member. This may impact the management of your account or expose it to activity not under your direct control. Vanguard cannot be held responsible for any unauthorised activity due to use of shared email used with a shared telephone number.

It is recommended that you change your password regularly, as a means of reducing the risk of harm through someone gaining unauthorised access to your account. You can change your password details at any time by logging in to your account and saving the new password which you choose.

To keep your account secure generally, you should also not give out any personal or financial information unless you are completely sure that the request for it is legitimate. Vanguard will never contact you to encourage you to trade on your account, to authorise a transfer of money to a third party, or to request any confidential or account security information from you. If you have any doubt as to whether a personal call is genuine, you should end it and contact our Personal Investor Services team on 0800 587 0460.

Be very cautious in your treatment of emails, in particular. You should never send us any personal or account information by email, as it is not a secure method of communication. We have provided a secure means whereby you can send us messages via your account when you are logged in (click the “contact us” link), and information sent in this way is secure. Also, be alert to the risks posed by unsolicited emails which you receive, as these may not be genuine. Fake or “phishing” emails are designed to appear as if they come from a reputable company, and they attempt to obtain your personal information for criminal purposes (identity theft). Such scam emails can be difficult to tell apart from authentic ones, and if you are in any doubt you should delete them. Do not click on any embedded links, which seek to take you to a website, and do not reply to the email.

Threats and scams

You should remain vigilant at all times to ensure that you are not caught by one of the many internet-based and other scams attempted by criminals. We have already highlighted some of the main risks, and we list below the most common examples of these threats.

“Phishing” emails – which claim to be from your bank or another organisation and attempt to trick you into unwittingly providing sensitive personal information by email or by clicking on links to fake websites. Be aware that sharing certain personal information through social media may increase the risk of targeted phishing emails.

Advance fee scams (also known as “419 fraud”) – these involve requesting you to make advance payment for services which are not subsequently provided, or promise you a share of the gains from, for example, participating in the transfer of money from another country.

“Boiler room” scams – these attempt to defraud unsuspecting investors by selling worthless or completely bogus company shares, usually via a telephone cold-calling approach and bogus websites.

Malware (malicious software) – this describes generally various kinds of harmful software installed on your computer by criminals to obtain access to information held there. Specific types of malware include trojans, spyware, and virus.

In addition to the sources of information already mentioned, visit the UK Police Action Fraud website (http://www.actionfraud.police.uk/) for up to date information about protecting yourself from identity theft, fraud and cyber-crime. There is also useful advice regarding identity fraud and other scams on the Financial Conduct Authority’s ScamSmart website (http://scamsmart.fca.org.uk/).

Specific points to note:

• Be particularly cautious regarding email correspondence with Vanguard (or other financial institutions with which you have a relationship). Email is a particularly vulnerable and commonly used medium for online fraud.
• Never provide your login details in full by email or over the phone – Vanguard will never request these in this way.
• Make sure your computer has up-to-date anti-virus software and a firewall installed. Consider using anti-spyware software. Download the latest security updates, known as patches, for your browser and for your operating system (e.g. Windows).
• Be wary of unsolicited emails requesting personal financial information.  You are responsible for keeping your login credentials safe; always be wary of unsolicited emails or calls asking you to disclose any personal details or card numbers. Vanguard, your bank, building society or the police would never contact you to ask you to disclose your details.
• Ensure your browser is set to a high level of security notification and monitoring. The safety options are not always activated by default when you install your computer.
• Know who you are dealing with – always access Vanguard’s internet site by typing the address (enter) into your web browser. Never go to a website from a link in an email and then enter personal details.
• Vanguard’s website’s login page is secured through an encryption process, therefore ensure that there is a locked padlock or unbroken key symbol in your browser window when accessing our site. The beginning of the internet address will change from ‘http’ to ‘https’ when a secure connection is made.
• Ensure you log off from your Vanguard account before you shut down, especially if you are accessing your online bank account from a public computer or at an internet café.
• Check your Vanguard statements regularly and thoroughly. If you notice anything irregular on your account contact us as soon as possible.

For further information about this security policy, please contact Vanguard Asset Management, Limited at personalinvestors@vanguard.co.uk.

Don’t forget to contact us immediately if you believe that your Vanguard account may have been accessed by someone else, may be at risk for any other reason, or if your believe that your identity has been stolen or used in connection with authorised activity with any other financial institution.

Issued by Vanguard Asset Management, Limited, which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2019 Vanguard Asset Management, Limited

Accessibility

Our commitment to accessibility

Vanguard’s mission is to take a stand for all investors, to treat them fairly and to give them the best chance for investment success. With diversity and inclusiveness among our core values, we are committed to ensuring that individuals with disabilities can access all of our products and services.

Web accessibility

Vanguard utilises the Web Content Accessibility Guidelines (WCAG), version 2 Level A and AA, as a guideline for website accessibility.

If you experience any problems while using our website, or if you wish to give us any feedback or suggestions for improving accessibility, please contact us at personalinvestors@vanguard.co.uk. Include as much of the following information as you can:

• Web page address / URL
• Directions on how to navigate to the page
• Specific accessibility problems you have encountered
• Screen reader
• Browser
• Desktop or mobile

Recommended screen reader and browser combinations

Different screen readers tend to be optimised to work with different browsers. For the best online experience, the following combinations work best together:

• JAWS and Internet Explorer
• NVDA and Firefox
• Safari and VoiceOver

While other browsers and assistive technology applications may work, at least in part, with our website, you may not have the best user experience if you decide to use software and browser versions that are not optimised to work together.

Tips

Look for directions on how to use accessibility features in desktop operating systems and mobile phones.

Change text size

To change the text size in a browser:

1. Open browser.
2. Press the Alt key to display the menu bar (in chrome, press Alt and then Enter).
3. Tap or click View, and then tap or click Text size or Zoom.
4. Choose to make text larger or smaller than the size on the screen.

To change the text size on a web page using a Windows Operating system: press CTRL and plus sign (+) to zoom in, or CTRL and minus sign (-) to zoom out.

To change the text size on a web page using a MAC Operating system: press COMMAND and plus sign (+) to zoom in, or COMMAND and minus sign (-) to zoom out.

Accessible alternatives

Vanguard is committed to meeting the needs of all of its clients. If you have a request for auxiliary aids or reasonable service modifications, you may contact us by email at personalinvestors@vanguard.co.uk or by calling us on 0800 587 0460 (Monday to Friday, 9am to 5pm).

Issued by Vanguard Asset Management, Limited, which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2019 Vanguard Asset Management, Limited