Terms and Conditions

1. INTRODUCTION    

             

  1. These are the standard client agreement terms and conditions (“Terms”) for investing with us. It is important you read these Terms carefully before making any investments, because we will rely on them in all our dealings with you. Our Terms and any Personal Investment Report you receive can be found in the documents section accessible in the web application. However, you should also print off a hard copy, and then keep it safe for future reference.

  2. If you hold or are considering holding a Stocks and Shares ISA with us please note the terms for a Stocks and Shares ISA as set out in Clause 21 in addition to these Terms. To the extent that there is a conflict between these Terms and Clause 21, Clause 21 will take priority over these Terms.

  3. We provide the following services:

    1. Guidance to assist you in selecting the account and product type that best suits you

    2. Execution-Only Service

    3. Arranging, through our third party service provider, execution and custody services

(together, the “Services”).

  1. “We”, “us” or “our” in these Terms refer to Wealth 8 Limited and its employees. “Client”, “you” and “your” refer to any person operating or intending to operate an account with us.

  2. In these Terms, unless the context otherwise requires: references to Clauses, Sub-clauses and Schedules are to Clauses, Sub-clauses of, and Schedules to, these Terms; the singular includes the plural and vice versa; “person” denotes any person, partnership, corporation or other association of whatever nature; and any references to any directive, statute, statutory instrument or regulations shall be references to such directive, statute, statutory instrument or regulations as from time to time amended, re-enacted or replaced and to any codification, consolidation, re-enactment or substitution thereof as from time to time in force and any reference to the FCA and rules made by it shall, apart from in this Clause, include its successor as regulator and rules made by the successor as regulator in substitution for those rules. References to any rules by number will include references to the corresponding rules (if any) made by the successor.

  3. In these Terms references to any law, statute or statutory provision will include any subordinate legislation made under any of them and will be construed as references to such statute, statutory provision and/or subordinate legislation as modified, amended, extended, consolidated, re-enacted and/or replaced and in force from time to time. For the avoidance of doubt, any such references include references to the preservation, continuation of effect, conversion or incorporation of any of them into the law of England and Wales, Scotland and Northern Ireland, whether by the European Union (Withdrawal) Act 2018 or any other legislation relating to the withdrawal of the UK from the EU.

  4. Headings are for convenience only and have no bearing on the interpretation of these Terms.

 

2. YOU MUST BE A UK RESIDENT    

          

In order for us to provide you with our Services, you must be a UK resident. We shall treat the address which you provide us when signing up to our Services as your permanent residential address for Tax residency purposes.

3. FEES

  1. We charge a management fee of 0.83% per annum (including VAT where applicable) of your total assets under management invested with us.

  2. Please note that other taxes, costs and charges may also apply which are not charged through us. These include but are not limited to fund charges, taken directly from the fund provider.

  3. Whilst we quote the fee as ‘annual’ this is taken quarterly in arrears directly from your assets under management. Fees will be debited in the first week of each month. If you add or withdraw funds partway through a month, you will only be charged for the time it was invested with us during that month. An itemised breakdown of our costs and charges is available on request.

  1. TRANSFERING FUNDS TO US

    1. We only accept funds from a UK bank account in your name (your “Account”). Unless we agree specifically in writing otherwise, all transfers into and out of your account will be in cash and payments by you will be direct debit, bank transfer or standing order to us, or through the open banking integration between our App and your banking app or website. When you make a payment via open banking, your payment will be processed by a third party.

    2. Domestic bank transfers within the UK are typically processed within 1 to 3 days, although it may take longer. We will only start providing you with Services in relation to funds once we have actually received the relevant funds.

    3. You may only invest amounts that are wholly owned by you and to which no other person has rights. When determining whether to accept a payment from you, in accordance with our legal and regulatory obligations regarding financial crime, we reserve the right to reject any payments were it is found you are not the beneficial owner of the funds.

5. CLIENT PROTECTION AND COMPLAINTS    

        

  1. We will treat you as a retail client. This means that you will have the highest level of protection under the rules made by the Financial Conduct Authority (the “FCA Rules”). You will also have the right to take any complaint which you cannot settle with us to the Financial Ombudsman Service. You may at any time ask us to re-categorise you as a professional client or an eligible counterparty, but it is not our general policy to re-categorise retail clients and we can reject your request. When we refer to the FCA and the FCA Rules we also mean any regulator which may replace the FCA and the rules it may make to regulate our business.

  2. We are covered by the Financial Services Compensation Scheme (“FSCS”). This means you may be entitled to compensation from the scheme if we cannot meet our obligations. The level of compensation depends on the type of business and the circumstances of your claim, and you are covered up to a maximum of £85,000 per person.

  3. Further details of the Financial Services Compensation Scheme are available fromwww.fscs.org.uk

 

  1. We are committed to providing you with a first class service. If anything does go wrong, we aim to put it right quickly and efficiently. If we cannot resolve a problem immediately, we will contact you to tell you what we are doing about it. If you wish to complain about any aspect of our service, please contact us by emailing [email protected] and we will provide you with a summary of our complaints process and procedures.

  2. If we do not deal with your complaint to your satisfaction, you can refer it to the Financial Ombudsman Service. This does not prevent you from taking legal proceedings. The Financial Ombudsman Service’s contact details are:

Financial Ombudsman Service

Exchange Tower

London E14 9SR

Tel: 0800 023 4567

Email: [email protected]
www.financial-ombudsman.org.uk

6. WHO REGULATES US?     

  1. Wealth 8 Limited is an Appointed Representative of Wealthkernel Limited, which is authorised and regulated by the Financial Conduct Authority (“FCA”), and whose Firm reference number is 723719 and the full FCA Register is available on the FCA’s website http://register.fca.org.uk/s/. Wealth Kernel Limited are authorised by the FCA for the main business concern of managing investments, as well as arranging savings and investment products

  2. Wealth8 Limited is registered in England and Wales, no.12513370, with a registered office at 51 Holland Street, London, England, W8 7JB. Our FCA registration number is FCA 934478.

  3. We will provide all required information to regulators and operators of trading venues to satisfy our reporting obligations.

 

7. ANTI-CORRUPTION, PROHIBITED ACTS AND ANTI-TAX EVASION 

           

DEFINITIONS

  1. The following definitions shall have the meaning as set out below for this Clause 6.

  2. “Adequate Procedures” means in respect of any person, adequate procedures designed to prevent persons associated with it from undertaking conduct causing it to be guilty of an offence under section 7 of the Bribery Act and complying with the guidance published under section 9 of the Bribery Act.

  3. “Anti-Bribery Laws” means any and all statutes, statutory instruments, bye-laws, orders, directives, treaties, decrees and laws (including without limitation any common law, judgment, demand, order or decision of any court, regulator or tribunal) applicable in the United Kingdom which relate to anti-bribery and/or anti-corruption including without limitation the Bribery Act.

  4. “Authority” means any government instrumentality or agency or any government-funded entity (including any multilateral development bank) or any subdivision thereof that is wholly or partially responsible or empowered to review, consider, analyse or investigate any person’s activity, and/or regulate, sanction and/or prosecute any person for compliance or non-compliance with law, regulation or best practice.

  5. “Bribery Act” means the Bribery Act 2010.

  6. “Prohibited Act” means:

    1. directly or indirectly offering, promising or giving any person working for or engaged by us a financial or other advantage to:

      1. induce that person to perform improperly a relevant function or activity; or

      2. reward that person for improper performance of a relevant function or activity;

    2. directly or indirectly requesting, agreeing to receive or accepting any financial or other advantage as an inducement or a reward for improper performance of a relevant function or activity in connection with these Terms; or

    3. committing any offence:-

      1. under Anti-Bribery Laws;

      2. under legislation creating offences concerning fraudulent acts;

      3. at common law concerning fraudulent acts relating to these Terms or any other contract with us; or

    4. defrauding, attempting to defraud or conspiring to defraud us.

  7. “Regulations” means the Act, the AIFM Regulations, the Level 2 Regulations, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 and the applicable rules and principles contained in the FCA Rules.

  8. “Tax Evasion Offences” includes:

    1. any offence of cheating the UK or a foreign public revenue;

    2. any offence under the law of any part of the United Kingdom consisting of being knowingly concerned in, or in taking steps with a view to the fraudulent evasion of tax or in the facilitation of the evasion of tax; and

    3. any other equivalent offences under the laws of other jurisdictions.

  9. Words and expressions given a particular meaning in the Regulations (in their latest version from time to time, and including any waivers or dispensations given, except as expressly set out herein) shall have such meanings in these Terms (unless it expressly states otherwise).

ANTI-CORRUPTION AND PROHIBITED ACTS

  1. Each party will, and will take reasonable steps to ensure that its agents and delegates will:

    1. not do or omit to do any act or thing which constitutes or may constitute a Prohibited Act;

    2. without prejudice to Clause 6.10.1 not do or omit to do any act or thing which causes or may cause the other party to be guilty of an offence under section 7 of the Bribery Act (or would or may do so if the other party was unable to prove that it had in place Adequate Procedures designed to prevent persons associated with it from undertaking such conduct);

    3. have, and comply with, Adequate Procedures;

    4. from time to time, at the reasonable request of the other party, confirm in writing that it has complied with its undertakings under Clauses 6.10.1 to 6.10.3 inclusive) and will provide information reasonably requested by the other party in support of such compliance; and

    5. promptly give written notice to the other party upon a breach, or suspected breach, of any of its obligations under Clauses 6.10 to 6.12.

  2. If we or to our actual knowledge, acting reasonably, anyone acting on our behalf commits any Prohibited Act in relation to these Terms or any other contract with you or in relation to any matter or activity pertaining to any public body in the United Kingdom, we shall promptly inform you of the occurrence of such Prohibited Act and render all such assistance to you as you may reasonably require in investigating such acts.

  3. You agree and confirm that our Chief Operating Officer, Information Officer and Compliance Officer are authorised as persons to whom you may make a qualifying disclosure under the Public Interest Disclosure Act 1998 and declare that any of our representatives and employees making a protected disclosure (as defined by that Act) shall not for that reason be subjected to any detriment or disadvantage.

ANTI-TAX EVASION

  1. We will, and will use all reasonable endeavours to procure that our officers, employees, agents, sub-contractors and any other persons who perform services for or on our behalf will:

    1. not do or omit to do any act or thing which constitutes or may constitute a Tax Evasion Offence;

    2. not do or omit to do any act or thing which causes or may cause us or you to commit a Tax Evasion Offence;

    3. without prejudice to Clause 6.13.1 and 6.13.2, not do or omit to do any act or thing which may cause us to compromise the reasonableness of the prevention procedures we have in place to prevent tax evasion or the facilitation of tax evasion; and/or

    4. provide you (at our cost) with such assistance or any information as you may require from time to time to enable you to:

      1. perform any activity or provide any information required by any relevant Authority in any relevant jurisdiction for the purpose of compliance with any proceeds of crime, anti-money laundering, prevention of tax evasion or prevention of facilitation of tax evasion law, guidance, investigation and/or Authority or court direction, or

      2. self-disclose any conduct to or to co-operate with any Authority in its sole discretion acting reasonably.

  2. We warrant to you that we have not, and that to our knowledge our officers, employees, agents, sub-contractors and any other persons who perform services for or on behalf of us in connection with these Terms have not:

    1. been convicted in any jurisdiction of any Tax Evasion Offence or been the subject of any agreement (including without limitation any deferred prosecution agreement or similar arrangement) with any Authority concerning any such offence or alleged offence;

    2. done or omitted to do any act or thing which caused or may cause any person to commit a Tax Evasion Offence (or would or may do so if the relevant person was unable to prove that it had in place prevention procedures that were reasonable in all circumstances to expect the person to have in place); and/or

    3. been, and are not, the subject of any investigation, enquiry or enforcement proceedings by any Authority regarding any Tax Evasion Offence.

  3. We will promptly give written notice to you:

    1. upon a breach, or suspected breach, of any of our obligations at Clause 6.13 occurring;

    2. upon becoming aware of a breach of any of our warranties at Clause 6.14; and

    3. upon becoming aware of any event or circumstance which would cause us to be unable to repeat any of the warranties at Clause 6.14 at any time.

  4. You may terminate our Services immediately by giving written notice to that effect to us if we are in breach of any of our obligations under Clause 6.13 or of any of our warranties under Clause 6.14 or if you have reasonable cause to believe that we have facilitated a Tax Evasion Offence.

  5. You will be entitled, by giving written notice to that effect to us, to require us to remove from the performance of our Services any of our officers, employees, agents, sub-contractors or any other person who performs services for or on behalf of us in connection with our Services and in respect of whom we are in breach of any of our obligations under Clause 6.13 or any of our warranties under Clause 6.14.

  6. We will include, in any sub-contract which we enter into in connection with these Terms, clauses materially equivalent to Clause 6.13 to 6.18 and will procure that any such subcontractor entering into a further sub-contract in relation to these Terms will include clauses materially equivalent to Clauses 6.13 to 6.18 in the sub-sub-contract.

8. CHANGING OR REPLACING THESE TERMS       

  

  1. We may make changes to these Terms for the following reasons:

    1. Changes to relevant law or regulation, or a decision of the Financial Ombudsman Service.

    2. Changes to the way we are taxed (including the requirement to pay any government or regulatory levy), or you and your product are taxed.

    3. Changes required by any regulatory or tax authority or industry guidance or codes of practice.

    4. Changes in the way investment markets work, including changes in investment/securities dealing or administration which may affect your account.

    5. To make the Terms easier to understand and any other changes that are not detrimental to you.

    6. If it becomes impossible or impractical, in our reasonable opinion, to carry out any of the Terms as a result of circumstances beyond our reasonable control.

    7. To reflect changes to our services or the manner in which we provide them to you.

    8. To reflect changes to the level of charges applicable to your account.

    9. To reflect changes to the range of investments we make available to you from time to time.

    10. To reflect improvements to our online service that technological, service or propositional enhancements have allowed us to make.

  2. Changes to these Terms which are due to reasons outside our control (eg changes in legislation) or are not detrimental to you (eg improvements to the service we are able to offer you) will take effect immediately and we will notify you at the next appropriate opportunity. We will not be liable to you for any failure or delay in performing our obligations under the Terms if such failure or delay is due to any cause outside our reasonable control. Events outside our reasonable control include, but are not limited to:

    1. Acts of God, fire, earthquake, storm or flood.

    2. Explosion, nuclear accident or collision.

    3. Sabotage, riot, civil disobedience, strikes, terrorism.

    4. Epidemic, national emergency (whether in law or fact), or act of war.

    5. Any change to the law or regulation of a governmental or regulatory body.

    6. Market conditions affecting the execution or settlement of transactions in respect of your account.

    7. Any targeted network attack or interruption of the internet or other telecommunications service.

    8. Loss of supply of essential services including electrical power and third party services. Any other cause beyond our reasonable control which prevents us administering your account for a given period of time.

  3. Otherwise, we will write and tell you about any material changes at least 30 calendar days before a change becomes effective and where this is reasonably possible. If it is not, we will write to you at the earliest opportunity after the change has taken place. 

9.DO WE HANDLE YOUR MONEY AND INVESTMENTS?     

  1. WealthKernel Limited are your custodian. This means they are responsible for holding your cash and investments safely. They are regulated by the Financial Conduct Authority (FCA). They hold your cash and investments separately from their own (ring fenced) in accordance with the FCA’s client asset rules. Their custodian terms can be find here. Please see Section II of this document for the terms governing their service to you as custodian (“Custodian”).

10.WHAT ARE YOUR OBLIGATIONS?  

     

  1. To the extent relevant to the service we provide, to enable us to provide you with a proper service, we require you to do the following for us:

    1. agree these Terms which govern our relationship;

    2. confirm that you have not supplied us with information in your suitability questionnaire or otherwise which is inaccurate or misleading;

    3. notify us promptly of any change to the information supplied by you to us;

    4. supply us with all information, documentation or copy documentation that we require in order to allow us to carry out our account opening procedures;

    5. provide us with any additional information which may be reasonably required in order that we can fulfil our legal, regulatory and contractual obligations;

    6. confirm that the investments and cash within your account portfolio are within your complete ownership and free from all liens, charges and any other encumbrances;

    7. not, except through us, deal, or authorise anyone else to deal in the investments in your account; and

    8. undertake to sign and/or produce, by the time we ask you to, any documents we need to enable us to carry out our duties on your behalf.

11. WHAT ARE THE SPECIFIC RISKS OF THE PRODUCTS YOU ARE INVESTING IN?    

  1. It is very important to us that you understand the risks involved when making an investment. In addition to our general description of the relevant risks we set out in our Terms and Personal Investment Report, we set out here the risks of investing in the different types of asset we may select for you:

    1. General risks:

Please note that the value of your investments can fall as well as rise and you may not get back the full amount you invested. The price and value of investments may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance.

  1. Bonds have the following risks:

    1. the price of bonds can go down as well as up, for example the price of bonds tends to fall when interest rates rise;

    2. if the proceeds from holding bonds are reinvested in bonds, the new bonds may not provide as large an investment return as the previous bond;

    3. the interest rate provided by bonds can be fixed, in which case you may receive a return that does not keep up with inflation;

    4. if the provider of the bond becomes insolvent or otherwise unable to pay its debts, then the bond may become valueless; and

    5. there is the risk, if selling a bond back into the marketplace, that there is difficulty finding someone willing to buy it, lowering the value of the bond.

  2. Company equity (also called company shares) has the following specific risks:

    1. share prices can go down as well as up – this is particularly so for smaller companies, as the combination of both less shares and less buyers of those shares means the share price can change more rapidly;

    2. dividend growth is not guaranteed, nor are companies obliged to pay a dividend to you as an investor;

    3. companies may go insolvent rendering the shares you hold valueless;

    4. the market for equity may decline in value;

    5. the company’s earnings and financial markets generally may be volatile; and

    6. for smaller companies, shares may not obtain their full value on sale if there is difficulty finding a buyer for those shares.

  3. Overseas investments:

these have the risk that they are priced in a currency other than pound sterling (this being the currency of your initial investment). If the exchange rate between pound sterling and other overseas currency changes, such that the same value of overseas currency is worth less pounds sterling, this will cause your investment to lose value. Also the opposite may happen, in which case there will be an increase in the value of your investment. Please note that the effect of investing overseas is separate to and in addition to the actual investment itself.

  1. Investments in emerging markets:

have, in addition to the risks involved in investing overseas, significant political, regulatory and economic risks. These may differ in kind and degree from the risks presented by investments in the world’s major markets. These investments have a greater risk of a sudden fall in value, for example if there is difficulty selling them, or as a result of governmental interference.

  1. Please note that there may be other risks in addition to those outlined above in relation to your investment, and there may be further risks that arise in the future.

  2. If any of the risks outlined above are unclear or if you would like to discuss the risks you face in further detail, please let us know by sending an email to [email protected].

12. CONFLICT OF INTERESTS

  1. We will always endeavour to act in your best interests as our client. However, circumstances can arise where we or one of our other clients may have some form of interest in business being transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interests, we will write to you and obtain your consent before we carry out your instructions. We will also describe the steps we will take to ensure fair treatment.

  2. We have a compliance department which is responsible for ensuring that our control structures and procedures are adequate to ensure compliance with all relevant laws, regulations, codes and practices relating to our business activities. We are committed to operating in the best interests of our clients and managing conflicts of interest fairly. Where there is a conflict of interests, we will not knowingly deal or advise unless we have taken reasonable steps to ensure fair treatment for our clients.

Minor non-monetary benefits

 

  1. As part of providing our service to you, we may receive acceptable minor non-monetary benefits. Minor non-monetary benefits are those which:

    1. are capable of enhancing the quality of service provided to you;

    2. is of a scale and nature that it could not be judged to impair our compliance with our duty to act honestly, fairly and professionally in your best interests;

    3. is reasonable, proportionate and of a scale that is unlikely to influence our behaviour in any way that is detrimental to your interests; and

    4. consists of:

  2. information or documentation relating to a financial instrument or an investment service, that is generic in nature or personalised to reflect the circumstances of an individual client;

 

  1. written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the company, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the material and that the material is made available at the same time to any firms wishing to receive it, or to the general public;

 

  1. participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service;

 

  1. hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training events mentioned under Paragraph c;

 

  1. research relating to an financial instruments issued by an issuer, which is:

    1. produced:

      1. prior to the issue being completed; and

      2. by a person that is providing underwriting or placing services to the issuer on that issue; and

    2. made available to prospective investors in the issue; or

 

  1. research that is received so that we may evaluate the research provider’s research service, provided that:

    1. it is received during a trial period that lasts no longer than 3 months;

    2. no monetary or non-monetary consideration is due (whether during the trial period, before or after) to the research provider for providing the research during the trial period;

    3. the trial period is not commenced with the research provider within 12 months from the termination of an arrangement for the provision of research (including any previous trial period) with the research provider; and

    4. we make and retains a record of the dates of any trial period accepted under this rule, as well as a record of how the conditions in (i) to (iii) were satisfied for each such trial period.

 

13. ANTI-MONEY LAUNDERING        

          

  1. The anti-money laundering regulations require us to verify your identity, to gather information as to the purpose and nature of the business which we conduct on your behalf, and to ensure that the information we hold is up-to-date. We use electronic identity verification systems, at the beginning and throughout our relationship with you.

This means your personal information will be shared with third parties, ie the relevant agencies who operate the identity verification systems. In addition, we will verify the validity of your bank account information and this will involve us sharing your personal and financial information with the third party. Their services compare your data against: bank account data, electoral roll, UK Companies House (and this includes the bankruptcy and insolvency register and database of disqualified directors), and other publicly available information such as media reports. Please note that we cannot provide our services to you until you have passed our money laundering checks.

 

14. DATA PROTECTION  

       

All of your personal information and financial information (called ) will be processed in accordance with our Privacy Policy available at www.wealth-8.com/privacy-policy

15. HOW WILL WE COMMUNICATE?    

    

  1. We will communicate with you in English by email and/or through the chat, and reserve the right to call you by telephone. You may communicate with us in English by email to [email protected], in accordance with procedures notified to you by us (including security procedures and use of passwords).

  2. You accept that we are deemed to have received any email correspondence at the time we access it. You accept that there may be a delay in responding to correspondence received via email. You also acknowledge and accept the risks inherent in email, particularly of its unauthorised interception and of its not reaching the intended recipient.

  3. Although we take all reasonable care to ensure all electronic communications and attachments we send to you are free from any known virus or bug, we will not be responsible for any loss or damage resulting from any attack by a third party on our systems, any computer virus or any other malicious or technologically harmful material that may infect your computer equipment, computer programs, data or other material due to your use of our service.

  4. We will communicate with a third party, who you authorise, at the address(es) you notify us in writing. As long as we act reasonably you authorise us to rely on instructions by whatever means transmitted which appear or purport to be sent by you or a third party authorised by you.

  5. We may record and monitor conversations we have with you, and we will keep a record of all communications for as long as required by law or we feel appropriate.

16. COMMUNICATION BY SOMEONE NOT SIGNED UP TO THESE TERMS    

If you authorise us to accept the instructions of a person not signed up to this agreement, such as your Introducer, we will do so until we receive notice to the contrary from you. The same rules (set out under , above) apply to instructions received from this authorised person as they do to instructions received from you and you must ensure that your authorised third party complies with these rules.

17. WHEN MAY WE NOT ACT ON YOUR INSTRUCTIONS?  

  1. We reserve the right not to act on your instructions if:

    1. to do so may involve us or you in a breach of legal and/or regulatory requirements; or

    2. we believe on reasonable grounds that to do so would be impracticable or against your interests; or

    3. to do so would run the risk of us suffering financial loss

We will endeavour to advise you promptly if such circumstances arise, subject to our obligations under applicable law and regulation.

 

18. OUR LIABILITY          

         

  1. We are committed to providing you our Services with reasonable skill, care and diligence under these Terms. As long as we do this, we cannot and do not accept any liability for loss (or the loss of an opportunity to gain) which arises from the exercise of our discretionary investment management for and on your behalf.

  2. Please note we do not provide, nor do we accept responsibility for, legal, tax or accounting advice. Your tax treatment depends on your individual circumstances and may be subject to change in the future.

  3. Please note, however, that despite the above we do not limit or exclude our liability for fraud or death or personal injury as a result of our negligence or that of our employees.

19. CANCELLATION RIGHTS  

  1. We will always honour your statutory rights. After agreeing to invest with us, you are still entitled to cancel your investment for up to 14 calendar days after having opened your account (the “cancellation period”). This is done by sending us written notice of the cancellation to [email protected].

  2. If you cancel your investment within the cancellation period, we will sell your investments and return the money from any sale to you. We will sell your investments within 2 business days (on which the relevant markets are open) of receiving your cancellation instruction, subject to circumstances beyond our control.

  3. Please be aware that if the value of your investment(s) has fallen you will not get back the full amount you invested. You will also be liable for any costs we have to pay on your behalf in order to sell the investments.

20. TERMINATION      

             

  1. You or we may terminate our Services at any time, without penalty. If you wish to terminate the Services, you must notify us in writing by email to [email protected] and termination will take effect from the date of receipt.

  2. Please note that if and when our Services are terminated, unless we agree with you otherwise, we will sell your investments and return the money we receive as a result to you. Subject to circumstances beyond our control, we will sell your investments within 2 business days (on which the relevant markets are open) of receiving your termination notice/our decision to exit you from our system.

  3. Please note that by terminating a Stocks and Shares ISA, and therefore selling the investments within it, will have the effect of the Stocks and Shares ISA losing its tax free status. Should you instead wish to transfer a Stocks and Shares ISA please do so in accordance with Clause 21.8 to ensure its tax free status is maintained.

  4. If the value of your investment(s) has fallen you will not get back the full amount you invested. Also, please be aware that we offer no refunds for payments already made to us.

21. OTHER INFORMATION? 

  1. Trade confirmations

When you make your first investment into our service, we will confirm our instruction to you in writing, usually by email.

  1. Transfers

Unless we agree specifically in writing otherwise, all transfers into and out of your account will be in cash and payments by you will be by direct debit or bank transfer to us.

  1. If you the client are more than one person

Each of you will be jointly responsible for complying with your obligations, and each of you bear full liability for any breach of these obligations. Any notice given to any of you will be deemed to be given to all of you, and we may act on the instructions of any of you.

  1. If you die

We will suspend taking instructions in relation to your estate. This means that we will continue to manage your account in accordance with any instructions you have given us so far. We also reserve the right to exercise our absolute discretion to make payments to HMRC to help you deal with inheritance tax. Otherwise, we will only take further instructions once we have been presented with a valid grant of representation from a court.

  1. Assignment is prohibited

You may not assign or transfer any of your rights or responsibilities in relation to your account with us.

  1. Only parties to this contract may enforce it

Unless and to the extent we agree otherwise in writing, a person who is not a party to this investment management agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

  1. ENTIRE AGREEMENT

These Terms constitute the entire agreement between the parties to it and supersedes any prior agreement or arrangement in respect of its subject matter and:

  1. Neither party has entered into these Terms in reliance upon, and it will have no remedy in respect of, any misrepresentation, representation or statement (whether made by the other party or any other person and whether made to the first party or any other person) which is not expressly set out in these Terms;

  2. the only remedies available for any misrepresentation or breach of any representation or statement which was made prior to entry into these Terms and which is expressly set out in these Terms will be for breach of contract; and

  3. nothing in this clause will be interpreted or construed as limiting or excluding the liability of any person for fraud or fraudulent misrepresentation.

22. TERMS FOR THE STOCKS AND SHARES ISA        

  1. This Clause 21 applies in addition to the rest of these Terms if you hold or are considering holding a Stocks and Shares ISA with us. If there is a conflict between this Clause 21 and the rest of these Terms, this Clause 21 will take priority.

  2. If you are an individual aged 18 or over you may subscribe for a Stocks and Shares ISA with us, if you are:

    1. a UK resident;

    2. performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or

    3. married to, or in a civil partnership with, such a person

Please note that, if you decide to hold a Stocks and Shares ISA with us, you and we are required to comply with the terms set out in this section. Please note that WealthKernel Limited will be the ISA Manager and be entirely responsible for the provision of ISA manager services.

  1. How do I invest in an ISA?

    1. You may subscribe to an ISA for the current tax year and each subsequent tax year by sending funds from your bank or transferring a current tax year ISA. You may do so by cheque, bank transfer, transfer of cash from an existing portfolio held with us or by transfer from another ISA Manager (subject to HMRC's ISA transfer rules).

    2. You can only subscribe to one Stocks and Shares ISA within each tax year. The total of contributions to be invested in any tax year cannot be more than the maximum permitted to be invested in a stocks and shares ISA by the Individual Savings Account Regulations 1998 (“Regulations”) for that tax year.

    3. Your ISA investment 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.

  2. How do we manage your ISA?

    1. We will invest your Stocks and Shares ISA in accordance with your instructions and these Terms, and subject always to the requirements of HMRC.

    2. For each new tax year, all contributions to your account will be allocated first to your Stocks and Shares ISA account until the maximum subscription is reached for that year, or until your own pre-set limit. Once the maximum subscription or your own pre-set limit is reached, future contributions are allocated to the non-ISA remainder of your account.

    3. If we decide to delegate any of our functions or responsibilities under the terms agreed with you, we will first satisfy ourselves that any person to whom we delegate is competent to carry out any of those functions and responsibilities.

  3. Ownership

    1. You must always remain the beneficial owner of any investments held in your Stock and Shares ISA and you must not dispose of or transfer any interest in any investment while it is held in your ISA account. Additionally you must not create any charge or security on or over any investments held in your ISA account; for example you must not use them as security for a loan.

    2. Your investments will be registered in the name of our nominee company. Share certificates and other documents evidencing title to ISA investments will be held by us in our capacity as Custodian or as we otherwise direct. Please see Section IV below for the terms governing our service as Custodian to you.

  4. Shareholder rights

You can ask us to arrange for you to:

  1. attend and/or vote at shareholders’ and securities holders’ meetings; and

  2. receive annual report and accounts, and any other information issued to shareholders and security holders

Please note that we reserve the right, on providing prior notice, to charge you a fee purely to cover our administrative costs in making these arrangements.

  1. Disclosure

You authorise us to disclose to HMRC all such information as required by law. We will notify you by email if, by reason of any failure to satisfy the provisions of the Regulations, your Stocks and Shares ISA has or will become void.

  1. Transfers

    1. You can transfer all or part of your ISA, together with all rights and obligations, to another ISA Manager (the new ISA Manager). If you want to transfer your whole ISA to the new ISA Manager then we will transfer all subscriptions you have made in the current tax year and previous tax years. If you only want to transfer part of your ISA to the new ISA Manager then you can transfer any part of the previous tax years’ subscriptions but if you want to transfer your current tax year subscriptions then all of these must be transferred as it is not possible to transfer only part of your current tax year’s subscriptions.

    2. When we receive your written instructions we will transfer all or part of your ISA to the new ISA Manager in accordance with the Regulations. We will carry out the transfer within according to regulations, which will not exceed 30 calendar days.

    3. Withdrawals and cancellation

    4. You can also instruct us to transfer to you all or part of your ISA investments and any interest, dividends, rights or other proceeds arising from them, or sell all or some of the investments in your ISA and pay you the sale proceeds in respect of your investments (a “withdrawal”). We will complete the withdrawal within a reasonable period that may take up to 30 calendar days from the date we receive your instruction.

    5. Please note any withdrawals will cause the withdrawn investments to lose their tax-efficient status. Amounts invested into your ISA and later withdrawn will still count towards your relevant annual ISA allowance.

    6. In addition to the ability to withdraw from your ISA, you may also cancel your ISA, if you meet the requirements set out in “Cancellation Rights”, above. Exercising your cancellation rights within the relevant period will mean that your investments will be treated as never having entered the ISA, and so will not count towards your annual ISA allowance.

23. CLOSING COMMENT    

   

  1. These Terms apply to all investments you make with us through your Introducer, and provide information about the way in which we provide our service to you. The law of England and Wales governs your account with us and any matters or disputes related to these Terms will be subject to the exclusive jurisdiction of the courts of England and Wales. Our Terms are in English as will be all communications between us.

  2. If you have any questions or something doesn’t make sense please let us know by emailing us at [email protected]. Unless we agree otherwise in writing, these Terms apply to all services we provide to you and any associated work.

24. CONTACT US

                      

Please contact us by emailing [email protected] in case of questions about our processing of personal data, or about these Terms generally.

25. CONSENT 

  1. It is important to us that you understand and are happy with these Terms and any Personal Investment Report you receive. If you have any questions or something doesn’t make sense please let us know by emailing [email protected]. Unless we agree otherwise in writing, these Terms and any Personal Investment Report you receive apply to all services we provide to you and any associated work.

  2. If you are happy with both our Personal Investment Report and these Terms, please can you indicate below that you consent to be bound by these documents, in addition to our terms and conditions. We need this consent before we can provide you with our discretionary management service.

  3. Please note that by agreeing to these Terms:

    1. You acknowledge receipt of Terms and that these Terms apply to investments you make with us through your Manager.

    2. You acknowledge that you have read these Terms carefully.

    3. Elect not to receive information on every transaction we execute on your behalf, but rather to receive our reports every 3 months (unless we have agreed otherwise.

    4. Agree that any Personal Investment Report you receive is an accurate and fair description of your financial situation, and you agree to be bound by its requirements.

    5. You authorise the transfer of information, on a confidential basis, as required under these Terms, between third parties.

    6. Confirm that you have read, understood and agree to our Best Execution Policy (available in our FAQs section on the website), in relation to all transactions we execute on your behalf. Furthermore, you confirm that:

      1. If you have orders that may be executed outside a trading venue, we will inform you accordingly and you expressly consent to us proceeding with executing these orders;

      2. In relation to client limit orders, confirm that we have your express instruction not to take measures to facilitate the earliest possible execution of any unexecuted orders in a manner that is easily accessible to other market participants; and

      3. We may aggregate your order with those of other clients. Whilst we will act fairly, the effect of this aggregation may work to your disadvantage in relation to a particular order.

 

 

 

SECTION I

26.EXECUTION-ONLY SERVICE      

              

  1. Our service

    1. The Introducer has introduced you to us, and we provide you with investment options on a non-advised basis (our “Services”). We do not, therefore check whether investments you select are suitable or appropriate for you.

    2. You do not, therefore, benefit from the protection of the rules on assessing appropriateness. You must ensure together with your Introducer any investments you make are appropriate investments for you.

    3. Neither Wealth 8 Limited nor its employees are qualified to give legal, tax or accounting advice or to prepare any legal, tax or accounting documents. We are not responsible for dealing with any of the above matters when you use our Services.

  2. Executing transactions

    1. For an explanation of how transactions are executed on your behalf, please see our Execution Policy, available in the regulatory FAQs within the mobile application. This sets out how we ensure that, when executing transactions on your behalf, all sufficient steps are taken to obtain the best possible result for you on a consistent basis, taking into account relevant factors, including: price, cost, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of your order.

    2. Please note that we need to comply with the rules and regulations of the relevant investment markets and exchanges. As such, by agreeing to these Terms, you authorise us to take all steps that may be required or permitted by these relevant markets or exchanges, as well as to generally act in accordance with good market practice.

    3. You confirm that:

      1. If you have orders that may be executed outside a trading venue, we will inform you accordingly and you expressly consent to us proceeding with executing these orders;

      2. In relation to client limit orders, confirm that we have your express instruction not to take measures to facilitate the earliest possible execution of any unexecuted orders in a manner that is easily accessible to other market participants; and

      3. We may aggregate your order with those of other clients. Whilst we will act fairly, the effect of this aggregation may work to your disadvantage in relation to a particular order.

  3. Voting Rights

In providing our Services to you we may decide at our discretion whether or not to procure the exercise of any voting rights attaching to your investments. Unless you instruct us otherwise, we shall be entitled to exercise such rights at our discretion, providing that we are in compliance with our conflicts of interests policy, which can be found in our regulatory FAQs within the mobile application. Please note that, if we are managing a Stocks and Shares ISA on your behalf, this right is subject to your , as set out in the specific Stocks and Shares ISA Terms set out below.