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T

Tied Agent

A type of *financial adviser* who can only sell you products from one financial institution, such as an adviser in a High Street bank who only sells that bank’s products.

TOISA

An *Individual Savings Account* which accepts transfers of the *capital* proceeds of mature *TESSAs* without using any of the annual ISA limit. See "*TESSA*".

Total Expense Ratio

A calculation of costs expressed as a percentage.  TERs provide investors with a clearer picture of the total annual costs for running a *unit trust* or *OEIC*. It consists principally of the *manager’s* *annual charge*, but also includes the costs for other services paid for by the fund, such as the fees paid to the *trustee*/*depositary*, *custodian*, *auditors* and *registrar*.

Tracker funds

See "*Index tracking funds*". 

Trust deed

This document establishes the legal constitution, structure and organisation of a *unit trust*.  The *OEIC* equivalent is known as an instrument of incorporation. 

Trustee

Responsible for overseeing the *fund manager's* activities in relation to a *unit trust*.  Usually a large bank, the trustee must be independent of the fund manager where the fund is authorised by the *Financial Services Authority*. It acts in the interests of the investors, owning the investments in the fund on their behalf. It also ensures the fund is invested according to its investment objectives and that the manager complies with the regulations. The *OEIC* equivalent is known as the *depositary*.