Updated: 3 February 2020
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 (www.fca.org.uk/firms/financial-services-register) 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).
Multiply is acting as an agent of TrueLayer who is providing the regulated Account Information Service and who is authorised by the FCA as an Authorised Payment institution (Financial Register Number 793171).
More simply put: By using the services provided through the Multiply app or website, you’re agreeing to follow our rules, so please read them carefully.
In order to use the Service, you must agree to the Terms. You may not use the Service if you do not accept the Terms. You can accept the Terms by simply accessing the Service.
You may not use the Service and may not accept the Terms if you are a person who is barred or otherwise legally prohibited from receiving or using the Service under the laws of the country in which you are resident or from which you access or use the Service.
More simply put: You’re not allowed to use this Service if you don’t agree to our Terms, or if laws in your country prohibit you from doing so.
We will notify you of any changes which we think may affect your rights or obligations under the Terms by email and/or within the app at least 30 days before they come into force, with a clear explanation of how the changes will affect you. Your continued use of the Service after the changes have been implemented will be constituted as acceptance.
More simply put: Sometimes we need to update our Terms. If we do and the change is likely to affect you, we’ll tell you in advance. If you continue to use our Service after these updates, we’ll assume you have agreed to the changes.
As part of the Service, we may provide you with one or more services (including advice) relating to financial instruments. Full details of the services we provide in this respect are set out in the Service and Costs Disclosure (available in the Settings section of the app, or at https://www.multiply.ai/terms#services).
At Multiply, we:
We sometimes receive fees from third parties in connection with the Service. Further information about such fees and how they relate to the Service we provide is available in the Service and Costs Disclosure.
The Service is made available free of charge. We do not guarantee that the Service, or any content within it, will always be available or be uninterrupted. Access to the Service is permitted on a temporary basis. We may suspend, withdraw, discontinue, or change all or any part of our Service without notice.
The Service is only for users over the age of 18 who are resident and domiciled in the United Kingdom (England, Wales, Scotland and Northern Ireland). We do not represent that content available on or through our Service is appropriate for use or available in other locations.
More simply put: We don’t charge you for using our service, and we can’t promise it will always be available. We provide our service to people who are over 18 and are based permanently in the UK.
Creating your account
In order to access some features of the Service, you will need to create a Multiply user account. You may create a Multiply user account with your email address and a password of your choice.
You must keep your Multiply user account secure and confidential. Do not share your password or allow others to access your Multiply account. You agree that you will be solely responsible for all activity that occurs under your Multiply user account.
Closing your account
We have the right to disable your user account at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these Terms. If you know or suspect that anyone other than you knows your login information, or has accessed your user account, you must promptly notify us at firstname.lastname@example.org.
You may close your Multiply user account, thereby terminating the agreement between you and us, through your account settings or by giving us written notice at email@example.com.
Once your account is closed, you will not be able to access the Service.
When you purchase financial products or related services recommended or referred to by Multiply as part of the Service, while we might make a recommendation, the contract relating to that sale is between you and the service provider or vendor of that product. You will not purchase products from Multiply and you will have no sale agreement with Multiply. If you have any queries with respect to the product(s) you have purchased, please contact the service provider or vendor directly.
In most cases, you will probably be able to exercise a right to cancel the contracts for financial contracts we have recommended by withdrawing from them within certain time periods. Whether you can do so, and how you can do so, will be set out in the terms and conditions provided to you by, or your agreement with, that service provider or vendor.
More simply put: When you buy a financial product, you will be buying it from a third party, not from us. You should ask them any questions you have about the product, including what cancellation rights are available to you.
Although we make reasonable efforts to update the information within the Service, we make no representations, warranties, or guarantees, whether expressed or implied, that the content within our Service is accurate, complete, or up-to-date, or provides a full picture of all services, products, or offers that are available elsewhere.
More simply put: We’re not always able to keep all parts of our service up to date so please don’t rely on it.
Please be aware that the value of financial investments, and the income from them, can fall as well as rise, and that you may not get back the full amount you invest into any product. The price of investments we recommend 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.
More simply put: Be aware that you can lose money from the investments you make.
We are the owner or the licensee of all intellectual property rights in our Service, and in the material and content published on it by us (“Content”). Copyright laws and treaties around the world protect those works. All such rights are reserved.
You may print off one copy, and may download extracts, of any page(s) from our Service for your personal use and you may draw the attention of others to Content posted within our Service. You must not modify the paper or make digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text. You must not use any part of the Content from our Service for commercial purposes without obtaining a licence to do so from us or our licensors.
Multiply respects copyright and other intellectual property rights. Content which is determined to be infringing or violating such rights will be removed in accordance with applicable laws. Claims of alleged intellectual property infringement should be submitted by contacting firstname.lastname@example.org.
More simply put: We own, or have a licence for, the Content we post to this Service. You can view, store, and share this Content for personal use only, but you can't modify it without permission. If you think any Content within this Service infringes your legal rights, contact us and we’ll review it.
You may use our Service only for lawful purposes. You may not use our Service in any way that breaches any applicable local, national, or international law or regulation.
You also agree not to reproduce, duplicate, copy, re-sell, disable, or otherwise harm or interfere with any part of the Service other than when we expressly permit you to do so in writing. In addition, you agree not to use the Service for commercial purposes.
More simply put: You cannot use our Service for illegal or commercial purposes, or try to damage our Service.
You may link to the Service, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it. You must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part where none exists. The Service must not be framed on any other site. We reserve the right to withdraw linking permission without notice. If you wish to make use of any Content within the Service other than that set out above, please contact email@example.com.
Where the Service contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources.
More simply put: Linking to our service is permitted so long as you act fairly and don’t try to exploit our service or pass content off as your own. Also, we are not and cannot be responsible for the content of sites we link to.
Multiply endeavours to operate a safe and secure platform, and implements appropriate security measures as much as possible. However, Multiply cannot guarantee that the security of the Service will not be compromised, for example by malicious third parties. In the event that user data or security is affected by a security breach, we will inform users and implement any additional safeguards we deem necessary.
Multiply cannot be held responsible for any malicious activity caused to your account or device as a result of you accessing third party links via the Service. If you have any security concerns about content within the Service, you should contact us immediately.
More simply put: We work hard to protect our users, but sometimes bad things happen that are out of our control. If you’re concerned about anything, let us know right away.
We will only be liable to you for any loss you may suffer as a direct result of our fraud, gross negligence, material breach of these Terms, or wilful default. By way of example only, this means we will not be liable for any losses, damages, liabilities or claims incurred as a result of events such as:
However, these terms will not exclude or limit our liability where it would be unlawful for us to do so, and as such do not exclude or limit our liability for death or personal injury caused by our negligence, or that of our employees, agents or subcontractors or for fraud or misrepresentation.
In any case, our total liability will be limited to the higher of:
More simply put: We put a limit on what we’re liable for, except where we’re not allowed to by law.
Any financial advice we provide will be based on your personal financial circumstances and objectives. You must give us accurate and complete information and a true reflection of your current circumstances. Any wrong or incomplete information that you provide to us may lead to wrong advice or the terms of your plan being invalidated. We strongly recommend that you check the information you provide before you submit it and that you keep it regularly updated thereafter.
More simply put: We provide advice and recommendations based on the information you give us, so make sure it’s correct and kept up to date.
Multiply does not, and is not permitted to, handle client money, and we cannot accept a cheque made out to us. We do not handle cash.
Where we are required to verify your identity in accordance with the applicable anti-money laundering requirements (i.e. those relating to the provision of financial services), parts of the Service will be withheld from you until such verification has been obtained, and none will be provided if the required verification is not forthcoming within a reasonable period. We may use and search the records of credit reference or fraud prevention agencies to check your identity. Such searches may leave a ‘soft footprint’ on your credit file, but this won’t be visible to lenders and won’t affect your credit rating.
By agreeing to these Terms you are consenting to Multiply AI validating your personal identification and address via these means.
More simply put: Because we’re providing financial services, we may be required to verify your identity to help prevent financial crime. Where we have to do such checks, you won’t be able to use parts of the Multiply service until we’ve been able to verify your identity. The checks we run may be visible to you on your credit report, but won’t be visible to lenders and won't affect your credit rating.
We will endeavour always to act in the best interests of our clients; however, circumstances can arise where we or one of our other customers may have some form of interest in business being transacted for you. To ensure we can properly identify these situations and manage them appropriately, we maintain a Conflict of Interest policy that is available to you upon request.
We will keep records related to your use of the Service in accordance with our legal and regulatory obligations, which can mean that we keep them for a period of years. Further details on our record retention policy is available upon request. You can inspect the records at any time. We treat all our clients’ records as confidential.
We may communicate with you by phone (e.g. text message) or email, and all our communications will be made in English. We prefer instructions to be given in writing, by email.
The Agreement and any dispute or claim (whether contractual or non-contractual) arising out of or in connection with it, its subject matter or formation shall be governed by, and construed in accordance with, the law of England and Wales. Any proceedings arising out of or in connection with the Agreement shall be brought only in the courts of England, and each party agrees that any such proceedings shall be conclusive and binding upon it and may be enforced in any jurisdiction.
Neither party intends that the Terms should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to these Terms.
More simply put: The law that governs your agreement with us is the law of England and Wales. Any legal proceedings relating to this agreement will be brought in the courts of England. Only you or Multiply can enforce anything in this agreement.
The FCA has three levels of client categories, and different levels of protection apply to each category. Unless we advise you otherwise, we will classify you as a “retail client” for regulatory purposes, which gives you the highest level of protection.
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 support team straight away by emailing firstname.lastname@example.org. If you are not happy with our response and would like to make a complaint, you should email your complaint to email@example.com.
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 endeavour 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 cannot settle your complaint with us, 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
FSCS protects customers when authorised financial services firms fail. You may be entitled to compensation of up to £85,000 from the FSCS if we cannot meet our obligations to you. In addition, the investments you make on the basis of the recommendations we provide to you may be covered by the FSCS and you may be able to claim compensation from the FSCS if the provider of any such product is unable to meet its obligations to you (e.g. if it can’t repay the amount you have provided to it to invest).
Different types of claims may bring different levels of compensation. Further information about the compensation schemes available from the FSCS in respect of different types of financial products please visit the FSCS’s website at www.fscs.org.uk.
To contact us, please email firstname.lastname@example.org
The Multiply App and Website are operated by Multiply AI, trading as Multiply. We are based in the United Kingdom and we have our office at 41 Luke Street, London EC2A 4DP.
More simply put: This is our Privacy Statement, which details how we use your data.
We collect the below information through your web browser and/or mobile device when you use our App, visit our Website, or through email or social media when you correspond with us via these means.
We fully respect your right to privacy in relation to your interactions with the Service and we will always be transparent in our dealings with you as to what information we will collect and how we will use your information.
We may collect and process the following data about you:
You may give us information about you by filling in forms and/or creating an account on our App or Website, or by corresponding with us by email or otherwise. This includes information you provide when you use our App or Website, subscribe to our email newsletter, submit contact forms via our App or Website, or participate in surveys, discussions, or other interactive functions within our Service or on our social media pages. The information you give us may include your name, address, email address, phone number, financial information, family and social circumstances, and other personal descriptors.
With regard to each of your visits to our Website or App, we may automatically collect the following information:
We are also working closely with third parties (including, for example, business partners, hosting providers, analytics providers, communication service providers) and may receive information about you from them. We collate information on all our App and Website traffic that is represented in aggregate, anonymised format through cookies, and through third parties such as, but not limited to, Google Analytics. This helps us to improve our Service and to deliver many of the features that make your experience on Multiply more user-friendly.
More simply put: We need to collect some technical information about your computer or mobile device so that you can use the Multiply Service, and to help us improve it. The information we collect is the same kind that most websites and online services collect.
We use your personal data in the ways detailed in the table below:
|What purpose do we use your information for?||What type of personal data?||What are the legal grounds for using your information?|
|Deliver the Multiply Service to you||Your name and email address||In order to perform the contract you enter into with us, we use your email address to create your unique Multiply account and deliver you the Multiply Service. You provide your email address when you sign up for a Multiply account.|
|Verify your identity for the purposes of providing financial services||Your full name, date of birth, and address, and, if you have a spouse or civil partner, their full name, date of birth, and address.||In order to comply with legal and regulatory requirements related to Anti-Money Laundering and preventing financial crime, and to achieve our legitimate interests in offering the Multiply Service to customers, we will use this information for identity verification. You provide this information when you create your Multiply account.|
|Make recommendations to you about financial products or services based on your personal circumstances and goals||Information about your life and family situation, and financial circumstances.||In order to perform the contract you enter into with us, and to achieve our legitimate interests in offering the Multiply Service to customers, we use information you provide to us when you fill out your Multiply profile, and which you confirm to be accurate and complete, to provide you with your financial plan and recommendations. You can update this information at any time via the Multiply app.|
|Notify you of changes or interruptions to the Service, such as updates to our Terms or technical issues which may affect your use of the Service||Your name and email address||In order to perform the contract you enter into with us, and to achieve our legitimate interests in offering the Multiply Service to customers, we may contact you by email to provide you important notices about the Service. You provide us your email address when you sign up to Multiply.|
|Notify you of changes in the suitability of your Multiply financial plan, including the suitability of any financial products we have recommended to you||Your name and email address||In order to perform the contract you enter into with us, and to achieve our legitimate interest in offering the Multiply Service to customers, we may contact you by email where there are important changes to your plan, for example if changes to legislation or regulation affects the suitability of recommendations we previously provided.|
|Send you essential communication relating to your account, such as account verification or password reset emails, that require your attention.||Your name, email address and/or mobile phone number||In order to perform the contract you enter into with us, and to achieve our legitimate interests in offering the Multiply Service to customers, we use your email address, and/or your mobile phone number where applicable, to authenticate your account and help you keep it secure. You provide this information when you create your Multiply account.|
|Contact you about new features in the Multiply Service||Your name and email address, and/or mobile device information||We rely on your consent to contact you by email, and/or push notification where you have allowed them, about new features and information about using the Multiply Service. You provide this consent when signing up to the app, or in your app’s Settings. You can opt out of News & Tips at any time through the Settings menu of the app or via the unsubscribe link in the emails.|
|Contact you about your plan||Your name and email address, and/or mobile device information||We rely on your consent to contact you by email, and/or push notification where you have allowed them, about your Multiply plan, for example to help you make progress towards your goals. You provide this consent when signing up to the app, or in your app’s Settings. You can opt out of Updates at any time through the Settings menu of the app or via the unsubscribe link in the emails.|
We may also use information about your browsing preferences on an aggregated basis (where you are not personally identifiable) in order to:
Other than as outlined below, we do not make personal data available to any third party and we do not sell any personal data to third parties.
We will not disclose any user’s personal data to any third party other than to our contracted service providers and business partners that help us deliver the Service. Our internal use of your personal data is limited to providing the Service to you with appropriate data protection and security measures in place.
Where you provide information about other people during the course of your use of the Multiply platform, please ensure that you let them know and direct them to this Privacy Statement.
More simply put: We only use this information to deliver you the Service and to help us make it better.
We may share your personal data with selected third parties including:
We may share aggregate data with analytics and search engine providers that assist us in the improvement and optimisation of our Service, however no individual is identifiable from this data.
More simply put: We may disclose your information to our business partners and in circumstances where our company or business is sold or where there is a legal obligation to do so.
We may store your personal data a destination outside the European Economic Area ("EEA"). Sometimes when we share your personal information with the third parties described above, it may be transferred to countries within the European Economic Area (EEA) or to countries outside of the EEA. If we transfer your information outside the EEA, we will take appropriate steps to protect that information, which include:
For more information about the safeguards we use when transferring personal data outside of the EEA, please contact us by emailing email@example.com.
More simply put: Information that we collect from you may be transferred outside the European Economic Area.
We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement. All information you provide to us is stored on secure servers. Unfortunately, the transmission of information via the Internet is not completely secure.
Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.
More simply put: We have security measures in place to protect your data. We cannot guarantee that your information will be secure due to the risks involved in transmitting information over the internet.
We will keep records of your personal data and transactions on the Multiply platform for as long as you have an account with us. If you opt to delete your Multiply account, we will retain your personal data for a period based on the following criteria before deleting it:
Beyond this, we will only retain anonymised data which cannot identify you and is used on an aggregated basis.
If you have subscribed to our email newsletter, we may contact you from time to time via email with news about Multiply, such as new services or upcoming events, or other information relevant to your use of our Service. If you wish to unsubscribe from these emails, you may do so by clicking the ‘unsubscribe’ link at the bottom of the email. If you unsubscribe from these emails, you may still receive essential emails from us, such as notifications relating to your account or important updates about the Service.
More simply put: You can opt out of any non-essential communications from us, like newsletters, at any time.
Our Service may, from time to time, contain links to and from the websites of our partner networks and affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.
Subject to certain exceptions, you have certain rights under current EU data protection law relating to your personal data. These include (among others):
For more information, please contact us by emailing firstname.lastname@example.org.
Some of our processes and systems use automated decisions based on personal information we have about you. This helps us to make sure we can make decisions quickly and fairly and run our platform efficiently.
You have the right not to be subject to certain types of decision making based solely on automated processing, including profiling, which produce legal effects for you or similarly significantly affects you. For more information, please contact us by emailing email@example.com.
Any changes we may make to our Privacy Statement in the future will be posted on this page, but we will contact you in the event that we make any material changes. Please check back frequently to see any updates or changes to our Privacy Statement.
Questions, comments, and requests regarding this Privacy Statement are welcomed and should be addressed to firstname.lastname@example.org.
A cookie/local storage is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies/local storage files contain information that is transferred to your computer’s hard drive.
We collate information on all our Website traffic that is represented in aggregate, anonymised format through cookies, and through third parties such as Google Analytics. This helps us to improve our Website and to deliver many of the functions that make your experience on our Website more user-friendly.
Updated: 1 December 2019
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.
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.
** Guidance means we provide you with information about different types of financial products, without telling you what specific product to buy.
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:
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:
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.
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 email@example.com. If you are not happy with our response and would like to make a complaint, you should email your complaint to firstname.lastname@example.org.
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:
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).
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:
Further information about the compensation scheme arrangements for the above or other financial products from the FSCS please visit here.