Services & Costs Disclosure

Services & Costs Disclosure

1. What services will we provide to you and what products do we cover?

After we have fully assessed your needs and preferences, we will provide you with personalised advice* in the following areas and may enable you to purchase products which we recommend.

  • Investments: We will advise and make a recommendation as to the amount you should invest, and the investment product we think you should invest in. We will also recommend the investment platform and fund we think you should invest in, where applicable.
  • Pensions: We will advise and make a recommendation as to the amount you should invest in and/or contribute to a pension. In some cases, depending on your circumstances, we may recommend you the pension product we think you should invest in.
  • Insurance: We will advise and make a recommendation as to the amount of cover you are likely to need, and the type of insurance product we think you should take out. Where applicable we will also advise and make a recommendation on the length of term and type of policy. Our advice will cover life, critical illness, family income benefit, and income protection insurance.
  • Savings: We will advise and make a recommendation as to the amount we think you should save, and where we think you should put that money. We will provide a selection of recommended savings products.
  • Wills: We will advise and make a recommendation as to whether you should make a will and the types of provisions you should make in your will. We will recommend a third-party provider which offers will writing services.

We may suspend, withdraw, discontinue, or change all or any part of our Service without notice. In particular, we may temporarily suspend or withdraw financial advice and provide you with financial guidance** where we deem it appropriate, for example in cases where essential maintenance is needed. Where you are receiving financial guidance, this will be communicated to you in the app at the time your plan is provided to you.

Our recommendations do not cover the whole of the market, i.e. we do not cover all product types. Our recommendations will be based on a fair and comprehensive analysis of the available market within a specific product type, which means that our advice will qualify as “restricted advice”. For example, we do not consider products or providers which you as a consumer are not likely to be able to implement, such as an investment only available through a private bank.

We will not provide you with any execution or investment management services. We are not tax specialists and we will not provide you with legal advice. We will not hold your money or assets (whether as client money or client assets or otherwise) at any stage.

  • Advice means we make a set of personal recommendations that are specific to your personal circumstances, advising you on a specific course of action (e.g. buy or sell) regarding a specific financial product.

** Guidance means we provide you with information about different types of financial products, without telling you what specific product to buy.

2. What money does Multiply receive when we provide our service?

The only thing we want to get paid for is connecting people to the best products for them, at the right time, in the right amount. Multiply is fiercely independent and is not affiliated to any product providers, platforms, or price comparison sites.

At Multiply, we:

  • do not charge an upfront fee to use our app;
  • do not charge for providing advice;
  • do not sell customer data; and
  • do not allow advertising or allow companies to pay to appear on the app.

Non-Retail Investment Products If you purchase a non-retail investment product (e.g. current and savings accounts (including Cash ISAs and Cash Lifetime ISAs), insurance, wills, and mortgages) we recommend, and implement it through Multiply, we may receive a fee from the product provider depending on the product we connect you to. The details of these products and the fees that Multiply may receive from providers are listed below:

  • Savings: When you follow our recommendation regarding a savings product, we may make money if you click through an ​'affiliate link' and open a savings account we have recommended to you. These links look and work in the same way as normal links, but if you click through and open an account, the link is tracked and the provider may pay us a fixed fee of between £20 and £80 on average, depending on the product and the amount you save.
  • Wills: When you follow our recommendation regarding a Wills product, we may make money if you purchase a Will through an affiliate link. These links look and work in the same way as normal links, but if you click through and purchase, the link is tracked and the provider may pay us a fixed fee of between £41 and £59 on average, depending on the product you purchase.

Retail Investment Products Currently Multiply is unable to implement recommendations on retail investment products (e.g. shares, stocks & shares ISAs, bonds, funds, some types of insurance, and pensions) so there is no implementation cost at this time.

In future Multiply will be able to implement recommendations on your behalf and at that time Multiply will charge you an implementation charge. The amount to be charged will vary depending on the product but will be very competitive and made clear to you at that time.

Third Parties In certain instances, we may refer you to a regulated independent financial advisor (IFA) or solicitor. This will only take place where you expressly consent to such a referral, and none of your data will be passed on without your express consent. Where we make such a referral, we may receive a fixed referral fee from the IFA or solicitor of between £25 and £150.

3. What to do if you have a complaint

We will always try to provide you with the best possible service, but we recognise that there may be occasions where we fail to meet your expectations.

If you need help with any aspect of our service, then please contact our customer service team straight away by emailing support@multiply.ai. If you are not happy with our response and would like to make a complaint, you should email your complaint to complaints@multiply.ai.

If we receive a complaint from you, we will carry out an investigation and provide you with an initial response within three business days.

We will try to address all aspects of your complaint within eight weeks, and we will update you when we believe the issue is resolved. If we are unable to resolve your complaint within eight weeks we will explain to you why this has happened and will keep you updated about all measures being taken to resolve your complaint thereafter.

If you have been unable to resolve your complaint, or you are unhappy with the resolution we have provided, you may be entitled to refer it to the Financial Ombudsman Service.

Their contact details are below:

  • Phone number: 0800 023 4 567 (Monday to Friday – 8am to 8pm, Saturday – 9am to 1pm)
  • Postal address: Exchange Tower, Harbour Exchange, London, E14 9SR

4. Who regulates us?

Our legal name is Multiply AI Limited. Multiply AI Limited is authorised and regulated by the Financial Conduct Authority (Financial Register Number 801053), which can be confirmed by visiting the financial register website (https://register.fca.org.uk) or by contacting them on 0800 111 6768. Our Registered Office is: 3rd Floor, Rise London, 41 Luke Street, London, England, EC2A 4DP (Company Registration Number: 10470734).

5. Financial Services Compensation Scheme (FSCS)

The investments you make through us are covered by the FSCS. You may get compensation from the FSCS if we cannot meet our obligations. Different types of claims may bring different levels of compensation, which include:

  • Insurance: this type of claim does not have any upper limit;
  • Investments: most types of investment business are covered up to a limit of £50k;
  • Deposits: Cash deposits are covered for up to the limit of £85k;
  • Structured Deposits: these are covered for up to the limit of £85k;
  • General Insurance: you can get up to 90% of the claim with no upper limit. Compulsory Insurance is covered without any upper limit.

Further information about the compensation scheme arrangements for the above or other financial products from the FSCS please visit​ here​.

Anything else you want to know?

Get in touch and we'll be happy to answer any questions you have.