In these Terms of Business, references to ‘we’, ‘us’ or ‘our’ are to InvestEngine (UK) Limited, a company incorporated in England and Wales under company number 10438231, and references to ‘you’ or ‘your’, or to a ‘customer’ or ‘client’, are to any person or Corporate Investor opening or operating a Client Account with us. Certain other words and expressions have been given specific meanings, either in the text of these Terms or as set out in clause 23 below, and have those meanings when used in these Terms, unless the context suggests or requires otherwise.
Our registered office is 3rd Floor, Lawford House, Albert Place, London, N3 1QA, and principal place of business is Office 327, The Metal Box Factory, 30 Great Guildford Street, London SE1 0HS. We are authorised and regulated by the Financial Conduct Authority (‘FCA’) to carry on investment business in the United Kingdom. Our FCA registration number is FRN 801128.
These Terms, together with the Client Profile completed by you in connection with your application to open a Client Account, together with our Fee Schedule, and the Risk Disclosure Statement we have provided, constitutes ‘the agreement’ between you and us for the provision of investment services in relation to that Client Account. These Terms take effect as soon as we have accepted your Client Profile. Submission of your Client Profile constitutes your acceptance of these Terms in relation to any Client Account opened for you. Please read these Terms carefully before accepting them. These Terms detail the services which we will provide and set out obligations and rights applying between ourselves and you. If there is anything you do not understand or with which you do not agree, please contact us either by telephone on 0800 808 5771 or +44 (0) 208 051 9 501 or by email at firstname.lastname@example.org.
2.1 These Terms cover the provision of discretionary investment management services, ISA management services and related custody services to you in relation to your Client Account.
2.2 Subject to these Terms, the only investments covered by our services are Exchange Traded Funds and other similar exchange traded products.
2.3 We may decline to accept the Client Profile or to open a Client Account for you unless the Client Profile has been completed fully, assessed by a member of our team, and the appropriate identification and verification procedure is complete. If we are satisfied with all the information we have received from you, referred to in clause 20, we will notify you of acceptance and you may start to use our services. However, in the event that we refuse to accept any Client Profile, based on the information provided, we will do this in our absolute discretion.
2.4 Once we accept your Client Profile and open a Client Account for you, you agree that we are authorised to carry out discretionary investment management services in relation to the Client’s account in accordance with these Terms.
2.5 We do not provide personal advice or recommendations with our services; we are an investment platform and only offer services to those individuals who have experience with the types of investments we offer. We would like to express for any individuals who do not have any experience with our investment products, we will decline their application in accordance with clause 2.3. Any information we provide on our website does not constitute as advice or personal recommendation. We are not authorised to provide investment advice.
2.6 Under these Terms, you operate at your own level of risk whilst using our services. We require all of our clients to have read and confirmed our Risk Disclosure Statement provided. We do not have any influence over individuals’ profiles who wish to operate at high risk levels; this is at the sole discretion and instruction of the individual themselves. You are solely responsible for deciding the mandates to be followed.
2.7 Where you have requested in the Client Profile that the Client Account is to be held in the name of more than one person, we will identify and verify each individual, and your liabilities under the agreement are joint and several.
2.8 Certain jurisdictions, including the United States of America, may require additional or extended due diligence to be carried out where required by the appropriate authorities before we can deal with securities in those jurisdictions. We will advise you of any additional documentation required if it becomes necessary.
2.9 Where an Account is held in the name of a UK registered Limited Company we will only take instructions from a director of the Limited Company or the authorised persons or representatives notified to us by a Director of the Limited Company in writing, and in each case for whom we have completed anti‑money laundering checks in accordance with clause 20. It will be the Director’s or the authorised person’s responsibility to ensure the legal entity is able to make those investments offered by us and where necessary has taken necessary legal and tax advice in relation to our investment products.
2.10 For a Corporate Investor to transact into Exchange Traded Funds (ETF’s) you are required to supply us with a Legal Entity Identifier (LEI) for transactional reporting purposes. Trading cannot take place without a LEI. It is your responsibility to maintain a LEI and notify us should this change.
3.1 The terms and conditions set out in this clause 3 apply if you subscribe to an ISA. These additional terms and conditions should be read in conjunction with the general terms and conditions and where there are inconsistencies, these additional terms will prevail.
3.2 We offer Stocks&Shares ISA accounts (‘Stocks&Shares ISA’), and are authorised to offer Stocks&Shares ISA under HMRC reference number Z2012 To subscribe for a Stocks&Shares ISA, you must be a UK resident aged 18 or over. Corporate Investors will not be eligible for the Stocks&Shares ISA.
3.3 You are subscribing to a Stocks&Shares ISA for the current tax year in the UK (‘Tax Year’) and each subsequent Tax Year by sending funds from your bank or transferring a current Tax Year ISA.
3.4 You can only subscribe to one Stocks&Shares ISA within each Tax Year.
3.5 The maximum amount that can be added to a Stocks&Shares ISA in each Tax Year is prescribed by the ISA Regulations.
3.6 The ISA investments contained within your Stocks&Shares ISA will be, and will remain in, your beneficial ownership and will not and cannot be used as security for a loan except to the extent permitted by the ISA regulations.
3.7 The title to your ISA investments, in the case of investments in registered form, will be registered in the name of the Nominee and in the case of investments in book entry form, held in Client Accounts with CREST.
3.8 We will make sure that any person to whom we delegate any of the functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.
3.9 We will notify you by email as provided for at clause 5.6 if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA held by you has, or will, become void.
3.10 The contract between you and us in relation to your Stocks&Shares ISA will commence on the day we have both a valid application and receipt of your first subscription, or where you are transferring to us from another ISA manager, on the day we have both a valid transfer application form and receipt of the cash proceeds of transfer from your previous ISA manager. To open an ISA in a specific tax year it is your responsibility to ensure a valid application and subscriptions are received in good time before the tax year end.
3.11 You authorise us to disclose to HMRC all such information as required by law.
3.12 At your request, we will transfer all or part of your ISA investments (with the associated rights and obligations) to another ISA manager, in accordance with the ISA Regulations relating to transfers.
3.13 We will process any withdrawal or transfer request promptly and in any event within the 30‑day maximum period as per the ISA Regulations. If you request your withdrawal or transfer to be affected at a specific time, we will take all steps reasonably practicable to meet your request; for ISA transfers, we are dependent upon the receiving ISA manager and cannot guarantee to meet your request.
3.14 This is not a flexible ISA product, so if you withdraw funds from your ISA, that portion of your allowance remains used up. As a result, if you have already invested the maximum amount in the ISA as set out in clause 3.5, you will not be able to replace the funds withdrawn.
3.15 Our default ISA settings will automatically renew your ISA for the subsequent tax year provided you make at least one contribution to your ISA in each tax year. For the avoidance of doubt, should you fail to make a contribution to your ISA in a given tax year, your ISA will lapse for the following tax year and a new ISA Application would be required from you.
3.16 For details on accessing information relating to Shareholders please refer to clause 21.7
4.1 Our Risk Disclosure Statement sets out the risks associated with investing into Exchange Traded funds and similar exchange traded products, including the provision of our services. We may amend the Risk Disclosure Statement from time to time; the current version can be viewed at any time on our website.
4.2 By agreeing to these Terms you confirm that you have read and understood the latest version of the Risk Disclosure Statement. By continuing to use our service you also agree to any amended versions that we post to our website in the future. We will notify you of any material amendments that are made to these Terms.
4.3 In addition to agreeing to the Risk Disclosure Statement, you acknowledge and agree that:
4.3.1 the value of investments made for the Client Account may go down as well as up and are not guaranteed;
4.3.2 we have not made and are not making any guarantees, including without limitation a guarantee as to any specific level of performance of the Client Account;
4.3.3 any discretionary investment made on behalf of your Client Account by us are subject to various market, currency, economic, and business risks as well as the risk that those investment decisions will not always be profitable.
4.3.4 past performance results achieved by accounts supervised or managed by us are not indicative of the future performance of the Client Account; and
4.3.5 investments are subject to investment risk, including the possible loss of principal amount invested.
5.1 All communications from all parties in relation to services provided by us will be in English. Our current contact information is available from our website.
5.2 Unless you notify us otherwise, we may accept instructions from anyone whom you have named as being authorised to give instructions on your behalf. Where the Client Account is in the name of more than one person, any communication may be given by any Client Account holder, including any instruction to close the Client Account or to transfer any cash to an approved bank account we have on file (as defined in clause 5.11). We will need the prior consent of all relevant Client Account holders in writing before instructions from an authorised person will be accepted.
5.3 We may communicate with you at any time, including by telephone where we wish to discuss your Client Account with you. We will endeavour to make such calls to you between 0900hrs and 1700hrs, Monday to Friday.
5.4 You can give us trading instructions via our website. For all other notifications these can be communicated to us by email or via the website. All instructions received from you under this clause will continue to be effective until cancelled by you using our website or by email.
5.5 We may record and monitor any telephone conversation that we have with you for training purposes or where otherwise required by law. We will store recordings in compliance with applicable law and for so long as is necessary for such purposes.
5.6 We may, until we receive notice from you to the contrary, rely upon any email address provided by you being active and up‑to‑date and upon the integrity of communications to and from that email address and, accordingly, we may (at our discretion) accept instructions from that email address and will be entitled to send notices and communications to you at that email address We cannot guarantee that electronic communications will be successfully delivered, or that they will be secure or virus free. To the fullest extent permitted by law, we will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered or for failing to be delivered for any reason beyond our control.
5.7 Where you elect to do so, we will also send communications or notices to your postal address, as set out in your Client Profile for the time being or as subsequently notified to us in writing. It is your responsibility to notify us of any changes to your details we hold as part of your overall profile.
5.8 Any communications or notices that we send to you will be deemed to have been received by you (if sent by email) when we have received confirmation from our server that the relevant message has left our systems or (if sent by post) 2 Business Days after posting. Any communications or notices that you intend to send to us will only be effective upon receipt by us and (where we advise you it is so required in our discretion) any additional verification required by us has also been received by us.
5.9 All physical documents that are sent by us to you or to any other person in connection with our services, or sent to us (by you or by any other person in connection with our services) are dispatched at your risk. In the case of documents sent by us, provided the document has been correctly addressed and placed into the postal system with postage paid, we have discharged our obligations in connection with that document. Unfortunately, some items are not received on time or never arrive at all and, in these circumstances, we are unable to accept responsibility; accordingly, provided (in the case of documents sent by us) we have discharged our obligations as set out in this clause, you agree that we have no liability to you or to any other person for any loss, cost, expense or liability arising (directly or indirectly) as a result of the late delivery or non‑delivery of any physical document and you agree to indemnify us against any loss, cost, expense or liability that we may incur as a result. If you would like a duplicated version of the original information we have sent to you, please email your instructions to email@example.com.
5.10 Your details for access to our website are personal to you and you must not disclose them to a third party. If you suspect that your details have been obtained by someone who has not been authorised by you, you should contact us immediately by email to firstname.lastname@example.org.We will not be responsible for any loss suffered by you as a result of you disclosing your log in details to a third party or as a result of a third party obtaining your log in details (save as a result of our negligence) and in each case you did not inform us of the third party gaining access to your log in details.
5.11 We will only accept funds transferred from, or drawn on, UK clearing bank account in your name (s) or, where you are a Corporate Investor, your name registered with Companies House or other official company register in any jurisdiction other than the United Kingdom (as applicable) in respect of which we are satisfied (in our discretion) that we hold sufficient due diligence information and documentation to discharge our regulatory obligations to identify the source of funds as ‘an approved account’. We only accept the transfer of cash to your Client Account; we cannot accept the transfer of investments or other assets.
5.12 Instructions for making payments to your Client Account are set out on the website. When you first complete your Client Profile you will be asked to specify the initial amount which you propose to set up your Client Account with and (if you wish to do so) the amount and frequency of any regular payment that you wish to make to your Client Account as part of a ‘regular investment’. The amount with which you propose to set up your Client Account must be equal to or greater than the Minimum Investment. Once your Client Account is open, you may make additional ad hoc payments to your Client Account as ‘one‑off investments’ at any time. Whenever you wish to make a one‑off investment or to amend a regular investment arrangement, you must notify us by submitting the appropriate form via the website. All payments to your Client Account must be made from an approved bank account we have on file and must bear the reference that we provide to you; payments received by us from any other account (s) or without the necessary information may be returned by us.
5.13 If you wish to close your Client Account or to encash any of the value of your Portfolio for the time being, then you may only do so by submitting the appropriate form on our website, specifying (where relevant) the sterling amount (which cannot exceed the sterling value of the Portfolio for the time being) which you wish to encash. Any such request is irrevocable once submitted and constitutes an instruction to realise such amount of your investments, pro rata across your holdings, as is necessary in order to realise the requested sterling amount (net of fees). You should note that whilst such instructions will be actioned as soon as practicable, there may be fluctuations in the values of your investments and/or currency exchange rates between the point when your instruction is submitted and the point when it is executed. We may treat an encashment instruction that provides an encashment greater than the realisable value of your Portfolio, or which would result in your Client Account having a residual value of less than the Minimum Investment, as an instruction to close your Client Account. Subject to these Terms, settlement of encashment instructions will usually be made promptly after the relevant settlement period, normally two Business Days from the trade date in the relevant markets. For information on our fees, please refer to clause 11.
5.14 We will only pay amounts due electronically to an approved bank account in your name (s) or, where you are a Corporate Investor, your name registered with Companies House or other official company register in any jurisdiction other than the United Kingdom (as applicable). If you wish to make any changes to these arrangements, we require authorisation from all Client Account holders and may impose further requirements before implementing any such changes. We can only transfer cash out of your Client Account; we cannot transfer any investments to you or any third party on your behalf. We may need to undertake further due diligence checks and/or request further due diligence documents or information before releasing any funds.
6.1 You will not use our services for any purpose which is unlawful, abusive, defamatory or threatening and you must have the power and approval to enter into and perform your obligations under these Terms.
6.2 You will provide to us promptly on request a copy of any documentation as we may reasonably require from time to time.
6.3 You warrant that:
6.3.1 you or any person designated by you will at all times have due authorisation to enter into transactions and act in all respects in relation to these Terms;
6.3.2 you or the Corporate Investor are the sole owner of all assets in the Client Account and no option, charge, security or encumbrance exists over such assets; and
6.3.3 any information and/or documentation provided to us in the Client Profile or otherwise is true, accurate and complete and you will promptly notify us in writing of any occurrence that results, or threatens to result, in any representations by you already made becoming inaccurate, false, misleading or incomplete on you becoming aware of the same.
6.4 Please check that the information contained on contract notes, statements and other communications are correct. Where this is not the case please let us know as soon as possible.
6.5 You agree that you will keep us informed of any changes to personal circumstances, such as changing address of bank accounts. In addition, if you are a Corporate Investor, you will keep us informed of changes relating to the purpose of the business, share capital or other ownership structure of the business, members, beneficial ownership, directors or senior managers who have responsibility for the account with us. Upon these changes we may request additional due diligence as outlined in Section 20 Due Diligence.
7.1 Discretionary portfolio management means that we will make decisions to invest your money in the specific investments that make up your portfolio and we will make changes to these investments, without requiring your consent, during the lifetime of your investment.
7.2 We will manage the individual transactions and the overall composition of your Portfolio on the basis of the information set out in your Client Profile. Our discretionary management responsibilities only commence once all the cash within your initial Portfolio has been fully and effectively transferred to us.
7.3 We will treat you as a ‘Retail Client’ for the purposes of the Financial Conduct Authority (‘FCA’) Rule Book.
7.4 We will monitor your Portfolio on a continuing basis and shall have full authority without reference to you to manage, invest, realise or re‑invest any such investments and money; in particular:
7.4.1 to place your money with any recognised bank or other money market institution; and
7.4.2 subject to these Terms, to enter into transactions for your Client Account in the investments described in clause 2 (but no other types of investments or structures); and
7.4.3 to exercise as we see fit all and any rights attaching to any investments for the time being comprised within your Portfolio.
7.5 We will not undertake transactions in relation to your Portfolio in the following investments:
7.5.1 warrants in respect of any investments;
7.5.2 investments which are not quoted on any recognised exchange or which are not readily realisable investments; or
7.5.3 units in certain collective investment schemes and funds that are unregulated or which we decide to treat as such.
7.6 We will not enter into any of the following in relation to your Portfolio:
7.6.1 margined transactions or transactions which would result in you having a short position;
7.6.2 derivatives, contracts for differences or hedging transactions;
7.6.3 borrowing or granting security over any investments;
7.6.4 lending investment to, or borrowing investment from, third parties; or
7.6.5 participating in underwriting securities.
7.7 In managing your Portfolio, we will pay due consideration to your particular needs, having taken into account your preferences and objectives, your ability to tolerate losses and your knowledge and experience, based solely on the information set out in opening your Client Profile. All Investors are required to review our Risk Disclosure Statement provided on our website before entering into a Client Profile. By submitting your Client Profile to us, you confirm that you understand and agree to the risks associated with the types of investments we offer. If for any reason your circumstances change and you want to change the risk tolerance levels this must be completed via the website. If you require guidance please email your request to email@example.com.
7.8 Your Client Profile allows you to stipulate your investment, risk objectives. We will endeavour to take into consideration these objectives in providing our services. If you wish to amend your objectives at any time you may request this by updating your Client Profile. We will continue to take into consideration the objectives stipulated by you in your Client Profile until these objectives are amended by you by updating your Client Profile or you close your Client Account in accordance with clause 15.3.
7.9 Where we undertake a transaction in relation to your Portfolio for the purchase or sale of portfolio shares for the Client Account, you authorise us to select brokers or dealers as we deem appropriate, within regulatory constraints.
7.10 Where we deal on your behalf, we will normally (and where the circumstances permit) be required to provide best execution, meaning that transactions entered into should be on the best terms reasonably available. To achieve best execution we will deal in accordance with our order execution policy (‘Order Execution Policy’), as detailed in Appendix 1.
7.11 By accepting the terms, you agree to the Order Execution Policy in Appendix 1
7.11 Unless otherwise expressly agreed in advance in writing, either we or our Broker may deal on any regulated markets or exchanges and with any counterparties that we believe provide the best outcome reasonably available. All transactions will be carried out in accordance with the rules and regulations of the relevant market or exchange, and we may take any steps as may be required or permitted by such rules and regulations and/or by appropriate market practice.
8.1 Whilst you hold a Client Account with us we will provide you with such information as we are required to provide from time to time including (but not limited to) statements made up to the end of each quarter in the applicable tax year in relation to your Portfolio setting out:
8.1.1 the current valuations of the investments and money held in your Portfolio on your behalf as at the valuation date;
8.1.2 a comparison with the movement of a relevant market or benchmark; and
8.1.3 any transactions undertaken for the account of the Portfolio since the last valuation date.
8.2 Valuations are available via the website and are prepared at the close of business on the relevant valuation date using the mid‑market price for the underlying securities. In the event that there is no mid‑market price available we may use another source in our discretion, such as the last traded price. We will not send you individual contract notes in respect of transactions undertaken for the account of your Portfolio.
8.3 We will provide you with a consolidated tax voucher in relation to your Portfolio in respect of each tax year (ending 5 April) promptly after the end of the relevant tax year.
9.1 We will provide or procure custody services in relation to all investments held for you in accordance with these Terms.
9.2 Your investments will be held as follows and dealt with in accordance with this agreement:
9.2.1 in the case of investments in registered form, they will be registered in the name of the Nominee; or
9.2.2 in the case of investments in book entry form, they will be held in Client Accounts with CREST.
9.3 Our duties in relation to the custody of any investments only extend to investments actually received by us or placed under our control.
9.4 We hold the same level of responsibility for any Nominee controlled by us.
9.5 Where investments are registered in the name of our Nominee, all dividends and other rights accruing to you will be allocated to your Client Account.
9.6 In respect of investments held on your behalf through our Nominee
(a) Such investments may be held on a pooled basis. ‘Pooled’ means that all investments of the same type held for multiple clients will be treated as a single holding.
(b) An important consequence of pooling is that in the event of the default of a third party custodian, and there being an un‑reconcilable shortfall, clients may share in that shortfall in proportion to their original share of the assets in the pool. By accepting these Terms you agree to your investments being held in our Nominee on a pooled basis.
(c) Another consequence of pooling is that in a corporate action, you may not receive the same treatment as you would if your investment were held by you in your own name or in a ‘designated’ nominee. An example of this would be the issue of rights whereby your share of the pooled investment results in a fractional entitlement which would be lost.
9.7 Various investor rights are attached to shared ownership, some of which may not be possible to pass on to you when your investments are held through our Nominee.
9.8 Under certain circumstances as detailed in the FCA CASS Rule Book We may pay Assets to a Charity of our choice.
10.1 Money controlled by us on your behalf will be dealt with in accordance with the FCA’s Client Assets ‘CASS’ Rule book. It requires us to control your money through a third party who will act on our behalf. Client Money may be subject to ‘pooling’ arrangements as set out in the Rule Book, however we will not co‑mingle your money and it will be identifiable to you at all times. Further information in connection with clients’ money can be found on our Client Money Information Sheet, the current version of which can be viewed at any time on our Website.
10.2 If you are concerned about the implications of the client money arrangements set out in clause 10.1, or have any further queries relating to it, we recommend that you seek independent legal advice.
10.3 No interest is payable on Client Money held on your behalf.
10.4 Under certain circumstances as detailed in the FCA CASS Rule Book we may pay Client Money to a Charity of our choice
11.1 You agree to pay all fees, charges and expenses set out in the Fee Schedule. In particular (but without limitation) you agree to pay us a management fee at the annual percentage as per our Fee Schedule. Our Fee Schedule can be found at the following link: https://investengine.com/fees/.
11.2 The management fee accrues from day‑to‑day and is payable in arrears on the last Business Day of each month (and on the closure of your Client Account) based on the total value of your Portfolio (determined in accordance with these Terms) as at that date. Your portfolio will hold a sufficient portion of cash enough to pay for the fee monthly and without the need to sell investments which is maintained from the opening of your account and when the rebalancing of the portfolio is undertaken. Fees are deducted from this cash portion with the intention that we do not sell investments to raise cash for fees. Your management fee is payable as soon as it has been determined and will be settled by deduction from any cash standing to the credit of your Client Account. If you do fall into arrears with any management fee, we will work with you in finding a solution to complete this payment. We may also sell investments within your Portfolio in order to generate cash to pay the management fee at our discretion.
11.3 We shall pass on all levies, duties and third party costs to you in full. Examples of these additional costs are CHAPs payments, telegraphic transfers, currency conversion charges and other miscellaneous expenses. We cannot be specific about all possible third party costs, but will inform you in advance if a specific charge is material.
11.4 We reserve the right to make a reasonable charge for the provision of information to third parties (such as information provided to your accountants or auditors or additional tax reporting information), additional valuations or our involvement in any legal proceedings brought by or against you.
11.5 We reserve the right to charge interest at 4% per annum above the relevant published base rate of the Bank of England (compounded quarterly) on any amounts unpaid by you under any provision of the agreement after the due payment date.
11.6 We may vary the Fee Schedule applicable to your Client Account, and/or our fees generally, from time to time by giving you not less than 30 days prior notice. If you do not agree with the changes made to the Fee Schedule, you must provide notice to terminate your Client Account within the notice period. By continuing to hold a Client Account following this notice period, you are deemed to agree to the variation in the Fee Schedule.
11.7 All our fees and expenses are inclusive of value added tax (VAT), which (where applicable) will be levied in addition thereto.
12.1 A conflict of interest is a situation in which someone in a position of trust has competing professional or personal interests. Such competing interests can make it difficult to fulfil his or her duties impartially. A conflict of interest may exist even if no unethical or improper act results from it.
12.2 We are committed to identifying, monitoring and managing all actual and potential conflicts of interest that can arise between you and us and any of our Associates.
12.3 We maintain a conflicts of interest policy which is reviewed on a regular basis and designed so that we take all reasonable measures managing our affairs to minimise the probability of conflict. The conflict of interest policy identifies circumstances which give rise to conflicts and documents the procedures to be followed in order to deal with such conflicts. These include, amongst other things, arrangements relating to personal account dealing by our staff, remuneration and incentives. A copy of our conflicts of interest policy is available on request.
12.4 We will not advise you to use the services of another person who is an Associate of ours without disclosing the existence and nature of that relationship.
13.1 You are responsible for your own taxation affairs and you acknowledge that we will transact on your behalf without consideration as to any implications for your tax position. We recommend that all relevant documentation should be retained by you for the purpose of assisting you in discharging your tax reporting obligations.
13.2 We do not accept any liability whatsoever for any taxation implications that may arise from our services to you.
13.3 You confirm that your residence for tax purposes (and that of any person controlling, beneficially owning or otherwise directly or indirectly interested in your Client Account) is as set out in your Client Profile or as otherwise provided by you and documented on our records. You undertake to notify us promptly in the event that any of this information ceases to be accurate or complete.
13.4 You may be required to complete and return forms required by tax authorities in order to receive a reduction in withholding tax. You agree that we will not be liable to you for any over deduction of tax, or for the recovery of such tax, when this is caused by you failing to fully complete and return to us any required documentation.
13.5 You agree and authorise us to make (and remit) any deduction or withholding in respect of tax from your Client Account that may be required of us by law or any competent authority and acknowledge that we have no liability to you in relation thereto.
14.1 We and the Nominee have a right of security and or/lien over all cash and investments held or controlled by us in respect of any amount or liability that is owed, or which may become due or owing, to us by you or in relation to the Client Account based upon the provision of services provided. We will not grant any security interest, lien or right of set‑off to any third parties over the cash and investments held on your behalf save as provided for by applicable law or regulation.
14.2 If you are subject to an ‘Event of Default’ in respect of your Client Account and these Terms, we reserve the right to take any appropriate action to protect our interests which may include selling investments purchased for you and/or terminating our agreement with you and closing your Client Account in accordance with clause 15.
14.3 We also reserve the right to retain any monies held by us for you to offset any liabilities you may have to us.
14.4 If you have more than one Client Account with us, we reserve the right (without notice to you) to offset any debit on one Client Account against the credit on another. If any of your cash balances (including cash balances across different Client Accounts held by you) are in different currencies we may also (without notice to you) set those balances off against one another, they shall be converted to sterling at the current rate of exchange for the purposes of any set off. We may exercise the rights, set out in this clause, upon the occurrence of any of the events referred to in paragraphs (c) to (f) of clause 14.5.
14.5 The following constitute ‘Events of Default’ on your part for the purposes of these Terms:
(a) You fail to pay any amount owed to us by the due date;
(b) You fail to perform any obligation in relation to your Client Account and/or required by these Terms in the manner and by the time required;
(c) You suspend, or threaten to suspend, payment of your debts or are unable to pay your debts as they fall due or admit inability to pay your debts or (being a company or limited liability partnership) are deemed unable to pay your debts within the meaning of section 123 of the Insolvency Act 1986 (‘IA 1986’) as if the words ‘it is proved to the satisfaction of the court’ did not appear in sections 123(1) (e) or 123(2) of the IA 1986, or (being an individual) are deemed either unable to pay your debts or as having no reasonable prospect of so doing, in either case, within the meaning of section 268 of the IA 1986, or (being a partnership) have any partner to whom any of the foregoing apply;
(d) You commit an act of insolvency or are declared bankrupt or have a receiver, manager, administrator or administrative receiver appointed over your assets, undertakings or income or if an order is made, a petition is presented to any Court or a resolution is passed for your liquidation and winding up (except that where a winding up is for the purposes of amalgamation or reconstruction and the resultant company is or agrees to be bound hereby)
(e) A creditor or encumbrancer of you attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of your assets and such attachment or process is not discharged within 14 days; or
(f) Any action similar those described under paragraphs (c) to (e) above is taken in any other jurisdiction.
15.1 If you subsequently withdraw funds to bring the value of one of your portfolios below the minimum investment threshold of £2,000, we reserve the right to sell the holdings in that portfolio and hold your investment as cash. You may withdraw this cash at any time, or you may top up to a minimum of £2,000 at which point it will be reinvested.
15.2 Closure of your Client Account will not affect any outstanding transaction, balances, any rights, or obligations which may already have arisen between you; us, and these Terms, will continue to apply in relation to any actions taken in the process of closing your Client Account.
15.3 You may close your Client Account by submitting the appropriate form on our website as described in clause 5.13. If your Client Account is held in joint names we will require written instructions signed by all holders to close the Client Account.
15.4 Subject to our lien, we will arrange to close your Client Account as soon as is reasonably practicable after notice of termination has been given or received (as the case may be).
15.5 Upon closure of a Client Account for any reason, we will sell all investments in your Portfolio and we will only transfer cash in accordance with these Terms; in particular to clause 5.2. We will transfer to you any amount due and owing minus any fees or outstanding liabilities due at the date of closure of your Client Account.
15.6 We may terminate the Agreement by giving you 30 days' notice by email, subject to the settlement of all outstanding transactions
15a.1 You have 14 days to cancel your Client Account or ISA. The cancellation period will begin on the later of (a) the date on which the relevant Account was opened; and (b) in the case of an ISA, the cancellation period will begin on the date when you make your 1st subscription.
15a.2 If you wish to cancel, you must send us an email to firstname.lastname@example.org, expressly stating that you wish to cancel.
15a.3 If you cancel a product, we will sell the investments in accordance with clause 5.13. We will not be responsible for any market loss you incur as a result.
15a.4 We are not obliged to reverse a subscription to an ISA when we cancel these products.
16.1 Where the Client Account is in joint names, and in the event of the death of one person; the Client Account will continue in all respects in the name (s) of the survivor (s).
16.2 Upon us receiving notice of the death of a sole or the surviving individual Client Account holder, the Client Account will be suspended and no instructions may be given in relation to the Client Account unless we have received evidence to satisfy ourselves as to making an appropriate Grant of Probate (or equivalent) and as such, we will request further information and documents in order to verify the identity of the executor (s) (or equivalent persons) administering the affairs of the deceased, whereupon, we will act on the instructions of such person (s) regarding the Client Account.
16.3 Your ISA assets will continue their tax‑free status during the administration period of your estate and the income (interest or dividends) and capital gains on your ISA investments will be tax exempt. No further subscriptions can be made into your Client Account, the account will be suspended and the process will follow that as described in 16.2 above.
17.1 Subject to clause 17.2 below, if we fail to comply with these Terms:
(a) if you are a consumer:
(i) we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill, but we are not responsible for any loss or damage that is not foreseeable; and
(ii) we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity; or
(b) if you are a business:
(i) we will not be responsible or liable to you, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for any indirect or consequential liability, expense, loss or damage suffered or incurred by you in connection with your Client Account and our obligations to you under these Terms, including, but not limited to, any loss of profit, any failure to mitigate any loss, any liability to taxation, any loss of business opportunity, any financing or transaction costs; and
(ii) our total liability to you whether in contract, tort (including negligence), breach of statutory duty, or otherwise, arising in connection with your Client Account and our obligations to you under these Terms, shall be limited in aggregate to an amount equal to 10 times the aggregate amount of fees and commission received by us under this agreement during the period of one year prior to the date upon which such liability arises.
17.2 Nothing in these Terms shall limit or exclude our liability to you for:
(a) death or personal injury caused by its negligence, or the negligence of its personnel, agents or subcontractors;
(b) fraud or fraudulent misrepresentation; or
(c) any other liability which cannot be limited to or excluded by applicable law.
17.3 You acknowledge and agree that, except where stated in these Terms or on our website, no warranties are provided as to whether our services will be fit for purpose. Except where caused by our negligence or willful default, you assume all risk and liability resulting from the use of our services.
17.4 If our provision of the discretionary investment management services is delayed by an event outside our control then we will contact you as soon as possible to let you know and we will take steps to minimise the effect of the delay. Provided we do this we will not be liable to you for delays caused by the event, but if there is a risk of substantial delay you may contact us to close your Client Account in accordance with these Terms.
17.5 We will use reasonable endeavours to ensure that the content of our website and any other communication to you is accurate. We will also endeavour to correct any errors or omissions as soon as practicable after being notified of them. However, we are not responsible for any loss caused by inaccuracies in website content or other communications.
17.6 We do not guarantee 100% uptime for our website. We are not liable for losses caused by a lack of availability or delays in our service due to factors outside our reasonable control. In order to execute your instructions we are dependent on 3rd parties including your employer, your bank, our custodian, and fund managers. We are not liable (in contract, tort or otherwise) for any losses caused by 3rd parties failing to meet their obligations to you or to us.
17.7 We will not be liable for any loss suffered by you as a result of a security breach, except to the extent required by law and the FCA rules. You are responsible for all use of the site that is authenticated using your user name and password, whether or not the use is made by you or by someone else.
17.8 You are responsible for protecting and securing your user name and password from unauthorised use. This includes securing the computer you use to access the site against viruses and other malicious programs
18.1 If you have any complaints about the services we provide or how we handle your affairs please let us know immediately.
18.2 We take any complaint very seriously and have established internal procedures for investigating any complaint that may be made against us.
18.3 In accordance with our complaints procedure we would ask that any complaint is made by email email@example.com or confirmed in writing to based at our office at Office 327, The Metal Box Factory, 30 Great Guildford Street, London Street, London SE1 0HS.
18.4 We will provide a written acknowledgement together with a copy of our Complaint Handling Procedures within 7 Business Days of us receiving the complaint.
18.5 While we hope to resolve any complaint quickly and amicably, in the event you are not satisfied with our response and in accordance with our Complaint Handling Procedures, depending on your status, you may be able to refer the matter to the Financial Services Ombudsman Scheme (‘FOS’), details of which we will provide to you when we receive your complaint. The address of the FOS is Exchange Tower, Harbour Exchange, London E14 9SR www.financial‑ombudsman.org.uk. Certain customers, such as larger companies, may not have access to the FOS.
18.6 You may be entitled to access the FSCS UK Compensation Fund used by customers of authorised Financial Services firms. The FSCS can pay compensation in the event that a Financial Services firm is unable to pay claims against it. The FSCS is an independent body set up under the Financial Services and Markets Act 2000; it is a free service for eligible customers and may pay compensation in accordance with its Terms of Reference from time to time, to an eligible claimant.
18.7 We and our Nominee have in place the relevant Professional Indemnity Insurance (‘PI’) as required by the FCA.
19.1 We will treat all personal information and other confidential information that we hold about you as ‘Confidential’ and we will only disclose it to third parties if the following applies:
19.1.1 at your request or with your consent;
19.1.2 if required or permitted by any applicable law or regulation or if there is a public duty to disclose it (including, without limitation, requirements to disclose interests in shares under any applicable disclosure and transparency requirements);
19.1.3 if we are asked to do so by any exchange or any regulatory, taxation or other authority, agency or body;
19.1.4 to investigate or prevent fraud or any other criminal conduct; or
19.1.5 to any counterparties, agents, sub‑custodians and other parties in connection with the operation of your Client Account or the provision of our services.
20.1 In accordance with the law of England and Wales and other applicable laws, we are required to comply with the AML and the AEOI. We are required to obtain, maintain, review, and update certain documentation to identify and verify the identity and tax status of our clients. This further includes their officers, representatives, beneficial owners, controlling parties; and any persons on whose behalf they are acting. You acknowledge these requirements and agree promptly to do all things that we may request in order to assist us to discharge these responsibilities; you further acknowledge that we may determine that enhanced due diligence measures are required and agree to assist us in that regard.
20.2 Without limitation to the generality of clause 20.1, you agree to provide any information and documentation that we may request in a timely manner and also agree to inform us promptly should any such documentation become out of date or should any of the information previously provided to us by you (or contained or referred to in any documentation provided by you to us) become incorrect.
20.3 You acknowledge that we may undertake searches and checks in relation to you and any information and documentation provided by you and any person associated with your account or body corporate with third party agencies (including credit reference agencies) and public bodies. You acknowledge that such agencies and/or bodies may retain a record of any such enquiry and by entering into this agreement you accept us making enquiries that may result in such a record and that it will be your responsibility to notify any person associated with the account of these electronic checks.
20.4 In order to comply with the Money Laundering Regulations, we may occasionally need to ask for proof that a payment received by us has originated from your UK Bank Account. We may also have to ask for evidence that your wealth is from a legitimate source and you are the beneficial owner of the funds. You agree to comply with any reasonable request we make for these purposes.
20.5 We reserve the right to perform any of our obligations to you through the agency of an associate or any third party of our choosing. This means that we may appoint another person or entity to provide the Services to you under the Agreement. We will take all reasonable steps to satisfy ourselves that any person whom we appoint to provide any Services to you or to perform any of our obligations on our behalf is suitably competent to do so. We will ensure that all such parties commit to provide you with best execution as set out in the FCA Rules where this is applicable.
20.6 We may offer to refer you to third parties that can provide additional services. We will not do this without your agreement. We may also accept referrals from third parties.
21.1 From time to time we may vary these Terms. We will give you no less than one month’s prior notice of any amendment we make. If you do not agree with any amendments made to these Terms, you may terminate your Client Account in accordance with clause 15.3. No amendment will affect any outstanding transaction, legal rights or obligations which may already have arisen.
21.2 You do not have the right to assign or otherwise transfer to any other person your rights or obligations in relation to the Client Account.
21.3 We may give you no less than one month’s prior notice of our intention to transfer all our rights and obligations under the agreement to an alternative provider of services whom we are satisfied is subject to regulatory requirements no less stringent than those applicable to us. Unless (before expiry of that period of notice) you give us notice of termination of the agreement in accordance with these Terms, you agree to the transfer of the agreement in such fashion and to release us from our obligations under the agreement and to accept the substitution of equivalent or similar obligations from the alternative service provider. In connection with these arrangements you authorise us to take all necessary steps to transfer your Client Account (including any cash and investments) to the alternative service provider and to agree on your behalf to the novation of the agreement to the alternative service provider or to enter into a replacement agreement with them.
21.4 If we do not take action under these terms it shall not prevent us from taking action later on.
21.5 If any court or competent authority decides that any of the provisions of these Terms are invalid, unlawful or unenforceable to any extent, the Term will, to that extent only, be severed from the remaining Terms, which will continue to be valid to the fullest extent permitted by law.
21.6 These Terms constitutes the entire agreement between the parties and supersedes and extinguishes all previous drafts, arrangements, understandings or agreements between them, whether written or oral, relating to the Client Account.
21.7 If you ask us to do this in writing, we will arrange for you to receive the reports, accounts and other information issued by a relevant company; and information about a relevant shareholders’ meetings, so that you can arrange to attend and vote (if applicable), if you wish. We will also tell you what you need to do, if you want to exercise any rights attached to your investments in another way.
22.1 These Terms, the agreement between us, and any dispute or claim arising out of, or in connection with it (including non‑contractual disputes or claims), are governed by and construed in accordance with the laws of England and Wales.
22.2 Each of the parties hereby irrevocably agrees that the courts of England and Wales will have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Terms or the agreement between us (including any non‑contractual dispute or claim).
23.1 The words and expressions set out in this clause bear the following meanings when used in these Terms, unless the context suggests or requires otherwise. A reference to a statute or statutory provision is a reference to it as it is in force for the time being, taking account of any amendment, extension, or re‑enactment and includes any subordinate legislation for the time being in force made under it.
23.2 ‘Act’ means the Financial Services and Markets Act 2000 and the Bank of England and Financial Services Act 2016.
23.3 ‘AEOI’ means the Automatic Exchange of Information, rules and regulations made thereunder, international treaties and intergovernmental agreements entered into by the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion.
23.4 ‘AML’ means all and any applicable laws, rules, regulations, codes and guidance relating to the detection, reporting and prevention of money laundering, terrorist financing, bribery and corruption and other financial crime.
23.5 ‘Associate’ has the meaning afforded to that expression in the FCA Handbook.
23.6 ‘Broker’ means a counterpart who executes trades on our behalf to achieve Best Execution. We use Ramsey Crookall who is based and regulated in the Isle Of Man
23.7 ‘Business Day’ a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business
23.8 ‘Client Account’ means, as the context requires, the cash balances and investments held for you for the time being, and/or the transactions from time to time undertaken by us on your behalf, pursuant to the agreement.
23.9 ‘Client Money and Asset Information Sheet’ means the document issued by us setting out information in respect of our treatment of client money in accordance with the FCA, as the same may be amended from time to time.
23.10 ‘Client Profile’ means the information maintained by us in respect of you on the basis of, among other things, information submitted by you via the website, including (without limitation) the online application form submitted via the website whereby you request us to open or maintain the Client Account and any information set out therein or provided by you in connection therewith (as the same may be amended, supplemented or replaced from time to time).
23.11 ‘Corporate Investor’ means a client who is not a natural person but is a company, limited liability partnership, corporation or other body corporate, incorporated or established in the United Kingdom, the Isle of Man, Guernsey or Jersey.
23.12 ‘Exchange Traded Funds’ are investment funds traded on stock exchanges, much like stocks. They hold assets such as stocks, commodities, or bonds.
23.13 ‘Event of Default’ has the meaning given at clause 14.5
23.14 ‘Fee Schedule’ means our schedule of fees and charges, as the same may be amended from time to time.
23.15 ‘ISA Regulations’ means the Individual Savings Account Regulations 1998 as may be amended, supplemented or replaced from time to time.
23.16 ‘Minimum Investment’ means such sterling amount as may be specified on our website from time to time as being the minimum amount required in order to set up or maintain a Client Account (or its currency equivalent for the time being). This is currently set up as £2,000.
23.17 ‘Nominee’ means InvestEngine Nominees Limited that is run solely for the purpose of providing safe custody and nominee services to our clients.
23.18 ‘Portfolio’ means, the portfolio of cash and investments in respect of which we are providing services to you in accordance with these Terms.
23.20 ‘Regular investment’ and ‘one‑off investments’ are additional money invested into your portfolio. The amount received by InvestEngine will be allocated to your funds in the same proportions as your original investment. For ISA investors annual ISA limits will apply to additional investments.
23.21 ‘Retail Services Platforms’ provides retail brokers with the transparency and flexibility to streamline operations, delivering front‑to‑back automation in order to achieve Best Execution
23.22 ‘Risk Disclosure Statement’ means the document issued by us describing certain risks relating to investing and our services under this agreement, as the same may be amended from time to time.
23.23 ‘Rule Book’ means any rule book made by the FCA (Financial Conduct Authority) under the Act that is applicable to us for the time being.
23.24 ‘Terms’ means these terms of business, as amended, varied and/or replaced from time to time.
23.25 ‘Website’ means our website with the URL www.investengine.com.
23.26 ‘Withdrawal’ means an amount to be taken from your investment and should be taken from your funds pro‑rata to their valuations at the time of making the withdrawal. If the total amount to withdraw takes the account below the minimum investment threshold at 15.1 then we reserve the right to close the investment completely and cancel any direct debits.
24.1. Under the terms of the Markets in Financial Instruments Directive II (‘MiFID’), we are required to put in place an order execution policy and to take all sufficient steps to obtain the best possible result on behalf of our clients when executing orders.
We are a discretionary investment manager. We aggregate all client orders and trade on a consolidated basis.
When executing these orders, we or our Broker take all sufficient steps to achieve best execution. We have procedures designed to obtain the best possible result for you. If you provide us with specific instructions to deal for you, there is a risk we cannot achieve best execution in respect of that aspect covered by your specific instructions.
24.2. Execution Venues
Either we or our Broker will use our/their discretion will use their discretion to determine the appropriate execution venue for a trade, which may include, without limitation, any regulated markets or exchanges.
The main execution venue for your trades is the London Stock Exchange. Our Broker may also deal directly with certain execution counterparties which provide the best liquidity for the ETFs we use.
We may trade using Ramsey Crookall (The Broker), a shareholder of InvestEngine (UK) Limited. To mitigate any potential conflicts that may exist a service level agreement is in place and is monitored regularly to ensure best execution is achieved. Ramsey Crookall does not charge us for its services and utilises established Retail Services Platforms to produce the best results for investors.
24.3. We or our Broker will determine the best possible result by considering the price of the relevant investment, and the total cost of buying or selling it.
In executing an order under our execution policy, we will take into account and exercise our discretion in assessing the following execution factors:
(a) Size and nature of the order — to determine the most relevant execution platform/trading method;
(b) Likelihood of execution and settlement — to evaluate which counterparties InvestEngine should engage with;
(c) Price — InvestEngine will only accept the best available price when dealing with multiple counterparties
(d) Speed — Allowing sufficient time for competing quotes from counterparties
(e) Cost — Will be considered to evaluate what gives the best possible net outcome, and
(f) Any other relevant considerations.
(g) When executing a customer order, we will take into account and exercise our discretion in assessing the following criteria for determining the relative importance of the execution factors:
(h) The characteristics of the customer including the categorisation of the customer
(i) The characteristics of the customer order
(j) The characteristics of the financial instrument that are the subject of that order
(k) The characteristics of the execution venue to which that order can be directed
24.4. Review and Monitoring
We will review the effectiveness of our order execution arrangements (including the venues that we use) and the execution policy at least annually (and also on an ad hoc basis in response to any material change affecting a relevant execution venue). We will monitor our compliance with the policy, making enhancements to it or to our order execution arrangements where necessary and advising you of such changes and/or our on‑going compliance with the policy, as appropriate.
24.5. In exceptional circumstances, such as technical faults leading to loss of connections with an execution venue, we may have to use other execution methods than those listed above.
The instruments that we may trade in include UK and Non‑UK ETFs
The risks of these types of Investments are covered in Disclosure of Certain Risks Section and within the ETF’s FAQ on our Website.
24.6. We typically trade once daily. We reserve the right to trade more frequently if we regard it as necessary or desirable to do so.
24.7. A summary of our best execution will be published annually in accordance with our MiFID II obligations, detailing the quality of execution obtained and our top five execution venues.
24.8. Trade Aggregation&Allocation
24.8.1. Our policy is:
‑ To follow the requirements of the Financial Conduct Authority’s rules including in COBS 11.3.7A EU and COBS 11.3.8A EU relating to client order handling.
‑ To only execute transactions when checks confirm that the client and market orders are equal. Trades will only be executed on the basis that they can be filled 100% in volume. The trades will then be allocated to the clients in the proportion that was calculated before the trade was executed.
We do not trade on our own account but will aggregate one clients trade with another.
In addition, FCA rules require us:
‑ To not carry out a client order or a transaction for our own account in aggregation with another client order unless the following conditions are met:
‑ It must be unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any client whose order is to be aggregated;
‑ It must be disclosed to each client whose order is to be aggregated that the effect of aggregation may work to its disadvantage in relation to a particular order. This may on occasion result in the client obtaining a worse price than if the order was executed separately.
‑ It must allocate the related trades in accordance with its order allocation policy. This ensures all deals can be filled 100% in volume before execution and trades cannot be partially executed
24.9 Regulatory permissions
We will maintain such Financial Conduct Authority regulatory permissions as we may require from time to time.