Welcome to Meteor

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Our investment products can provide both individual and institutional investors with flexible investment vehicles, which can accommodate varying appetites for risk, asset exposure and capital protection.

It is important that you understand the risks attached to each of the investments. The key risk areas are summarised below, but please remember that these are general risks and those relevant to a particular product are set out in the product literature.

Meteor does not provide financial advice or guidance on tax issues and we recommend that you talk to a financial adviser if you are considering investing. Some products require you to seek professional financial advice. Such products will be highlighted on the website and in the brochure.

Any investment should only form part of your total investment portfolio. You should also maintain savings you can access immediately and without penalty to meet any emergency cash needs that may arise during the investment term.

Availability and Residence – due to local regulatory and legal requirements, not all products described on this website are available in all jurisdictions and some may be available on a limited basis only.

The securities mentioned on this website are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. person. The term U.S. person shall have the meaning as defined in Regulation S under the United States Securities Act of 1933 and includes, among other things, U.S. residents and U.S. corporations and partnerships.

Cancellation Risk – the risk that if you decide to cancel the investment after assets have been purchased you could lose some of your money if the market(s) or asset(s) to which your contract is linked have fallen since the purchase date.

Counterparty Risk   – the risk that a financial institution with whom we arrange the assets to provide investment returns does not, or cannot, pay the amounts due, which could cause you to lose some or all of your money and any investment returns that would have otherwise been payable.

Early Encashment Risk – the risk that if you decide to encash the investment before maturity you could get less back than you invested. Administration charges for early encashment will increase any losses.

Inflation Risk – the risk that inflation will reduce the real value of your investment over time.

Investment Risk – The risk that the market(s) or asset(s) to which your investment is linked fall in value, which could cause you to lose money.

ISA Transfer Risk – if you wish to transfer an existing ISA this must be done in cash, which means your existing ISA manager will sell your investments and you may be charged an exit or transfer fee. There is the potential for loss of income or growth if markets should rise while your transfer remains pending.

Liquidity Risk – the risk that you may not be able to immediately access the value of your investment.

Pricing Risk – the risk that a financial institution with whom underlying investments have been arranged may not be able to quote regular prices making it difficult to value your investment and delaying any early encashment request you may make.

Product Risk – the risk that the product design could produce a return that is lower than a direct investment in the market(s) or asset(s) to which the product is linked.

Tax Risk – The values of any tax reliefs will depend on your individual circumstances. You should note that the levels and bases of taxation could change in the future and these changes may be applied retrospectively.

It is important that you read any product literature carefully and in full so that you understand how the product works and can decide whether or not you are prepared to accept the risks and the possible consequences of investing in a particular contract, before proceeding with an investment.

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Regulation & Corporate Actions

MiFID II & PRIIPs

2018 heralds the implementation of MiFID II and PRIIPs.

2018 heralds the implementation of MiFID II and PRIIPs. This bulletin summarises our current position regarding a range of areas affected by these new regulations.

Key Information Documents

These will now be available for all Plans and can be found on the literature page for each Plan.

We will be using the KIDs produced by each Issuer and have amended the brochures to make reference to the document. We haven’t seen the final documents from all Issuers but from what we have seen to date it’s clear that the terminology in each will be slightly different, which makes it even more important that our brochures are clear and give a full explanation of the product features. The main changes are listed in the ‘Brochure Update’ section below and we’re sure these will be subject to changes during the early stages of the regime.

Click here to view the FCA’s PRIIPs disclosure on KIDs.

Legal Entity Identifiers

The need for LEIs has continued to be contentious across Europe and as evidence that confusion is reigning, ESMA has announced a 6-month transition period, from 3 January 2018, during which time we can accept applications and sale instructions from corporate entities which do not have an LEI, as long as we have confirmation one is being applied for.

For clarification, an LEI isn’t needed for existing business – until maturity or earlier encashment or re-registration.

Click here for more information on LEIs.

Target Market identification

It’s almost 3 years ago since we introduced the ‘Is the Plan right for me?’ page of the brochure, to set out the type of investor for whom a plan’s profile might be suitable. Target Market identification is a key part of the MiFID Product Governance requirements and in light of this, we have updated this section of the brochure to cover in more detail the knowledge and experience of a retail investor and their high level investment objectives; obviously intermediaries will be able to assess this at client specific level as they give investment advice.

The categories of retail investor that we describe are taken from ESMA guidance. Please note that taking financial advice can change the categorisation of someone who might have otherwise been a ‘Basic investor’ to an ‘Informed Investor’.

Click here to read the ESMA final guidance report.

Brochure Update

In addition to simplifying some of the text, we have made the following key changes:-

Important Information

  • Has a new section signposting readers to the Key Information Document (KID).

Plan Summary

  • The Securities section references the name of the Note/Certificate, as well as the linking to any Preference Share,
  • The costs and charges section references the KID.

Product Analysis

  • Has been removed as the information is now contained in the KID.

Applications

  • Corporate entities are asked for an LEI – the transition period means we can continue to take business if there isn’t one, as long as the intermediary can confirm that they have the information to obtain an LEI on their client’s behalf.

Posted: 4 January 2018
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