STANDARD TARIFF OF FEES AND CHARGES

MiFID II costs and charges disclosure rules require that firms give clients information on all costs and associated charges in good time before they provide the relevant service to the client. Such disclosures are referred to as “exante” (before the event) disclosures.

This is our standard Fee Schedule and Tariff for all services provided by Enigma Strategy Ltd (“Enigma”) (as defined in our latest General Terms and Conditions of Business) and forms part of our legal contract with all Clients. It gives the typical cost of most chargeable transactions, services, and investment types provided to Clients and/or Investors under our General Terms and Conditions of Business. Different charges may apply in some circumstances and some charges for specialised services are not listed. If in doubt, please enquire. Discounts, if any, are always discretionary, and non-contractual and there is no entitlement to any discount being recurring. Discounts may be withdrawn at any time without notice. Enigma staff are not permitted to amend or vary charges unless authorised in writing by a statutory director or member of the Management Board.

If you have a Financial Adviser or carry out business with us through a third-party product provider, then they may have arranged and contracted a different fee schedule with you in this case this will have been provided by them and it will usually apply. In some circumstances, the third-party provider may pay fees on your behalf. In this case, Enigma maintains a lien over your client's money and client assets so that in the event of the third-party provider defaulting, these fees are due from you. This Fee Schedule and Tariff is current in its entirety as at the date of this revision and supersedes any previous Fee Schedule.

 

Discretionary Management Fees

CFD Discretionary Performance Fee	25%
Standard Performance Fee	30%
Performance Fee (Model Portfolio)	20%
Annual Account Management Fee	2%
Cash transfer/withdrawal (£) (per occasion)	£15
Transfer/withdrawal per line of stock)	£50
Payment return (per occasion)	£50
Same day payment (£) (per occasion)	£50
Transfer in of stock	No Charge
Foreign Currency account (per currency - annual)	No Charge
Stamp Duty on purchase (UK Equities)	0.5%
SIPP/ISA/JISA account opening	No Charge
Dealing commission of consideration	30%
SIPP/ISA/JISA account closure	£50

 

Discretionary Management Fees Explained

£10,000 investment – Assumed net growth rate of 5%	1 yr	5yr
What you might get back if there were no charges at all	£10,500	£12,762.82
What you might get back after the charges	£10,350	£11,876.86
Total monetary costs incurred	£150.00	£885.96

 

The average total charges incurred, taken from our discretionary portfolio offering was 1.5%

There are no 3rd party service charges or investment vehicle charges. Any external fees are absorbed by the charges detailed above.

All charges are subject to VAT at the prevailing rate with the exception of the Dealing Commission, which is exempt. The
Dealing Commission is taken at the time of the bargain. Any and all other charges are collected in four equal payments in
arrears or on closure if earlier including any balance for the current fiscal year.

Advisory Fees

Dealing commission of consideration	1.5%
Cash transfer/withdrawal (£) (per occasion)	£15
Transfer/withdrawal per line of stock)	£50
Payment return (per occasion)	£50
Same day payment (£) (per occasion)	£50
Transfer in of stock	No Charge
Foreign Currency account (per currency - annual)	No Charge
Stamp Duty on purchase (UK Equities)	0.5%
SIPP/ISA/JISA account opening	No Charge
SIPP/ISA/JISA account closure	£50

 

Advisory Fees Explained

£10,000 investment – Assumed net growth rate of 5%	1 yr	5yr
What you might get back if there were no charges at all	£10,500	£12,762.82
What you might get back after the charges	£10,328	£11,756.86
Total monetary costs incurred	£172.00	£1005.96

 

The average total charges incurred. There are no 3rd party service charges or investment vehicle charges. Any external fees are absorbed by the charges detailed above.

All charges are subject to VAT at the prevailing rate with the exception of the Dealing Commission, which is exempt. The
Dealing Commission is taken at the time of the bargain. Any and all other charges are collected in four equal payments in
arrears or on closure if earlier including any balance for the current fiscal year.

Execution only Fees

For CFD customers Enigma will receive ongoing remunerations on any account that is opened with the underlying broker(s) through the firm. This commission is agreed with brokers through a commercial business agreement and is between 40% - 60% of the spreads or commissions charged. Customers will see no difference in spreads or trading conditions whether opening a trading account directly with the broker or via Enigma Strategy.

Any commission due to us will be included within the normal costs of your trading activity with the broker, and you will not have to pay any further amount for our services broker. The commission to us is based upon your trading spread revenue.

For Exchange Traded investment products the fees for the clients vary but Enigma will not charge more than 0.50% Transaction fee and 1% AMC fee.

Structured Product Fees

Fees apply to all Enigma structured products.

New Investment and custody fees	Included in product price
Early redemption	Standard dealing fees apply 0.75%, minimum £30
Transfer or withdrawal of matured structured product proceeds	Standard transfer fees apply. For monies not withdrawn or transferred standard custody charges will apply to cash balances held after 30 days.

Dealing Charges

Annual Account Management Charge	1.00% (pro rata per quarter) minimum- £200 p/a
Dealing Fee –Equities, bonds and funds	0.75% subject to a minimum fee of £30 per trade
Bank charges for subscription payments	GBP £16 EUR €20 USD $33 Other currencies on a case by case basis and non-sterling rates may be adjusted without notice if exchange rates vary

Where dealing in Investments, local market charges, taxes and levies may apply and will be chargeable to the client. These can include, but are not limited to:

Stamp Duty:
UK	0.5%
Ireland	1%
Panel on Takeover & Mergers (PTM) levy on transactions over £10,000 in securities for companies incorporated in the UK, Channel Islands or Isle of Man	£1
Local dealing costs	Variable by market

When dealing in international investments, foreign exchange fees may apply. The charges will be stated on your contract note or electronic notification of trade when issued.

Other Account Charges

Paper based reporting (Quarterly paper statements (available electronically free of charge via an online account).	£10 + VAT per quarter or whenever a document is sent by post, to cover printing, stationery and postage costs.
Probate valuation (for normal market listed information, where dealing with unquoted instruments, additional work may be required in which case time charges will apply)	£50 + VAT and time charges may apply if we have to contact third parties to obtain values or perform due diligence checks on probate documentation provided
Provision of statements after account closed NB: We normally delete personal data shortly after an account is closed. Clients and advisers must download documents in their online account prior to closure as access will cease shortly afterwards. We do not guarantee to keep transactional history for former clients.	Time based charges
Provision of a company’s published annual report and/or any other relevant information	£25 + VAT per request (generally Clients can get this free if obtained online from the reporting company itself)
Corporate actions Note we have no obligation to notify execution only clients of corporate actions	Usually included in custody charge for listed securities. Special or unusual instructions may have a charge of at least £10 + VAT per collection per stock.
Cross-border transactions	£30 + VAT plus any registrar or agent fees
Re-materialisation of UK shares	£10 + VAT per stock
Dematerialisation of non-UK securities	Assessed and charged on a case by case basis and may include time charges
Transfers in	Free
Transfer fees to a new provider	Charged on a per line basis of £15 per stock line and £25 per cash balance
CHAPS payments	£25 (unless bank charges are higher, in which case that charge will apply)
BACS recall charge	£50
Non-trade related FX charges	£50 + VAT per instruction