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 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 408 The Print Rooms, 164 - 180 Union Street, London SE1 0LH. 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.
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”). To subscribe for a Stocks & Shares ISA, you must be a UK resident aged 18 or over.
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 proceeds of transfer from your previous ISA manager.
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.
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), but we will need the prior consent of all relevant Client Account holders.
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 instructions and notifications electronically using our website and/or by communicating by email. 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 for 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.
5.11 We will only accept funds transferred from, or drawn on, UK clearing bank account in your name(s) 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 with 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). If you wish to make any change 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, libellous 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 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.
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, please email your instructions 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 16.3.
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.
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 sent by email 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 either by 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.
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 funds 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; acceptance of these Terms constitutes your acknowledgement that you had read and understood the current version of the Client Money Information Sheet and your agreement that you will promptly read any amended versions that we post to our Website in the future.
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.
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 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.
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) A petition is presented, or other steps are commenced, for your bankruptcy, winding up or dissolution (as appropriate);
(d) You apply to make a compromise or voluntary arrangement with your creditors generally;
(e) A receiver or administrator is appointed over you or any of your assets; 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 written notice to us 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 due at the date of closure of your Client Account.
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 wilful 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.
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 firstname.lastname@example.org or confirmed in writing to based at our office at 408 The Print Rooms, 164-180 Union Street, London SE1 0LH.
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.
18.6 You are entitled to 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, or likely to be unable, to pay claims against it. The FSCS is an independent body set up under the Financial Services Markets Act 2000; it is a free service for individual consumers 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 19.1, 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 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.
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 risen.
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.
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 “Business Day” a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business
23.7 “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.
23.8 “Client Money 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.
23.9 “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).
23.10 “Event of Default” has the meaning given at clause 13.5
23.11 “Fee Schedule” means our schedule of fees and charges, as the same may be amended from time to time.
23.12 "ISA Regulations" means the Individual Savings Account Regulations 1998 as may be amended, supplemented or replaced from time to time.
23.13 “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.
23.14 “Nominee” means InvestEngine Nominees Limited that is run solely for the purpose of providing safe custody and nominee services to our clients.
23.15 “Portfolio” means, the portfolio of cash and investments in respect of which we are providing services to you in accordance with these Terms.
23.17 “Retail Client” has the meaning afforded to the expression “retail investor” in the Rule Book.
23.18 “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.
23.19 “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.
23.20 “Terms” means these terms of business, as amended, varied and/or replaced from time to time.
23.21 “Website” means our website with the URL www.investengine.com.