Updated: 29 September 2022
Multiply AI Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) (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 the FCA on 0800 111 6768. Our Registered Office is: 3rd Floor, Rise London, 41 Luke Street, London, England, EC2A 4DP (Company Registration Number: 10470734).
To provide our products and services to you, we partner with other firms as detailed in Schedule 1 (“Partners”). You authorise us to communicate with and instruct our Partners on your behalf and agree that we will only take instructions from you and communicate with you unless we agree with you otherwise.
More simply put: By using the services provided through the Multiply App or websites, you’re agreeing to follow Multiply’s rules and those of our partners, 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. Your agreement and acceptance of the Terms constitutes the Client Agreement.
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 or the country which you access or use the Service 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 except as set out in the Terms, with a clear explanation of how the changes will affect you.
In the case of changes that we have to make for the purposes of complying with Regulatory Requirements, we may vary the Terms with immediate effect.
Whenever we give you notice of a material amendment that is to your disadvantage, you will be able to close [and terminate] your Product or stop using our Service during the notice period specified in accordance with the Terms applicable to your Product or Service. If you do not close or terminate your Product or stop using our Service after the end of such notice period, you’ll be deemed to have accepted the change.
We may assign or otherwise transfer this Client Agreement to someone else. If it is necessary for us to, we will tell you in writing and ensure that such assignment or transfer will not affect your rights under the contract.
We may delegate the performance of our obligations under this Client Agreement with you to a third party. Before doing so, we’ll take reasonable care to make sure the third party will competently perform the obligations delegated, and we will monitor the performance of the third party’s activities and will remain primarily responsible for the obligations delegated.
We may also assign or otherwise transfer all or part of our rights and obligations under this Client Agreement with you to a third party (a “Transferee Firm”). We don’t need your consent to do this, but will only do so if we receive undertakings from that third party that you’ll be no less favourable treated than before the transfer was effected.
You may not assign or otherwise transfer any of your rights or obligations under this Client Agreement to anyone else unless we have given you our prior written consent.
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. Further, you cannot assign or otherwise transfer this Client Agreement to anyone else, however, we can assign or otherwise transfer our rights and obligations under this Client Agreement to someone else.
After we’ve fully assessed your needs and preferences, we will provide you with personalised Advice in the following areas and we 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. Financial guidance is a service which will help you to identify your options and narrow down your choices but will not tell you what to do or which specific provider’s regulated product to buy; the decision is yours. Providers of guidance are responsible for the accuracy and quality of the information they provide but not for any decision you make based on it.
Our recommendations do not cover the whole of the market, i.e. we do not cover all product types. With the exception of Lifetime ISAs (LISA), where we are restricted to the use of the product outlined in “Schedule Overview – Our Products and Partners”, 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 product 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. If you need tax or legal advice we recommend that you consider obtaining your own independent advice from specialists in those areas.
We will not hold your money or assets (whether as client money or client assets or otherwise) at any stage. This will instead, if applicable, be done by one of our Partners who is authorised and regulated to provide that service.
If you do not go through our Advice journey, meaning we have not fully assessed your needs and provided you with personalised recommendations. You may be able to open some financial products based on your own declaration that you understand the risks and believe the product is right for you. In these instances, Multiply may be paid a fee by the product provider.
What money does Multiply receive when we provide our service?
The only thing we want to get paid for is connecting people to products. Multiply is fiercely independent and is not affiliated to any product providers, platforms or price comparison sites.
At Multiply, we:
**Retail Investment Products **
If you purchase an Investment on the Multiply App then our charges (“Charges”) will be:
Our charges will be collected on the fifteenth day of each month if it is a Working Day, and if not then on the next Working Day thereafter.
Note: For any Investments in Funds you make, the Fund provider may also levy charges. Those charges are disclosed separately to you at the time you make your Investment, and they are also in the Key Investor Information Document which we will provide to you to read before deciding to buy any Funds.
Please see Schedule 1 for further details on how our Charges are determined and collected for our Multiply branded products.
We won’t charge you any extra for:
If you open or transfer in a Unity Mutual Lifetime ISA without taking our Advice then we will receive £50 from Unity Mutual.
In an instance where you open an Investment product through a non-advised journey, we will charge a £1 implementation fee and an ongoing £1 per month services fee. These fees will then be waived should you go through an advised journey, with our advisor charges then applying.
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:
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.
We have partnerships in place with mortgage brokers such as, but not limited to, Mojo. If you are referred to us by one of them and take out a mortgage with them, we might receive a fee
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.
Lasting Powers of Attorney
We don’t make any money from recommending Lasting Powers of Attorney.
Closing your account
If you choose to withdraw most of your money from your Retail Investor Products, you should assess whether keeping any remaining Investment is worthwhile taking into account our charges as we’ve explained above.
In the unlikely event that Multiply was to cease trading, there may be additional charges to pay to our Partners in relation to the administration of your plan. These are to cover the fact that we will no longer be able to act as intermediary between you and our Partner. We don’t anticipate that these charges will need to be applied, but please note that our Partner reserves the right to set the level of those charges and to apply them.
Save as detailed in 3. above, 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: [Save as detailed in 3. above,] 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.
Suspending or 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 the 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 email@example.com.
You may close your Multiply user account, thereby terminating this Client Agreement through your account settings or by giving us written notice at firstname.lastname@example.org.
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.
You should read the relevant Key Investor Information Documents for any fund before you decide to invest, as these will contain important information that could influence your decision.
Laws and tax rules may change in the future without notice.
Future returns aren’t guaranteed. What you receive when you sell your investments isn’t guaranteed. It depends on how your investments perform and the charges applied.
Investments may be negatively affected by changes in interest rates and expectations of inflation. They may be subject to credit, liquidity and duration risks. Adverse changes in the financial position of the investment issuer can affect an investment’s liquidity.
During periods of high volatility investment values can rise or fall sharply in a short space of time.
Funds may invest in:
Some risks can be specific to a fund or type or investment.
The risks discussed above aren’t exhaustive. You should read the relevant Key Features Document and Key Information Document of any Product or Fund or PRIIP that you wish to invest in, as these will contain important information that could influence your decision.
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 Products, 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 email@example.com.
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 firstname.lastname@example.org.
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.
You are responsible for ensuring that any devices (like your mobile phone or email) you use to access our Service and Products or to communicate with us are working correctly and kept secure.
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 suspicions or concerns about content within the Service or your Products, you should contact us immediately.
We recommend that you use anti-virus software on any electronic device that you use to access our Service or Products.
Communications between us by email isn’t guaranteed to be secure or reliable. For that reason, we advise that you don’t include your Product numbers in any email communication with us.
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 may rely on any instructions that we receive whilst any Products you may have are activated using your Security Details. We will act on any instructions given in accordance with our stated procedures that appear, in our reasonable opinion, to be valid, and we have no duty to make any further enquiries in relation to such instructions. The only exception is if we acted on the relevant instruction after you told us, or we otherwise had actual notice, that your Security Details were in jeopardy.
We or our Partners will only be liable to you for any loss you may suffer as a direct result of our fraud, gross negligence, material breach of the 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:
The only losses you suffer in relation to the Service that we provide that we’ll accept responsibility for are if:
Any dispute with our Partners should be handled in accordance with their terms. Our Partners’ terms set out their liability to you, and Multiply will have no liability in the event of any claim for which our Partner has responsibility.
We aren’t responsible for the default, insolvency or other failure by a third party bank or settlement agent, clearing agent, depository, clearing or settlement system or any participant in any one of them, or any Fund Provider or Fund Provider’s agent with whom any order that you give us is placed; but where we have acted in good faith but have not correctly executed any instructions that you have given us in accordance with the Terms, we will restore you Product to the condition it would have been in had the incorrect transaction not take place. Once we have done so, we will have no further liability to you.
We will only be liable to you, the Product holder and not to any third party you may have authorised.
You will be liable:
You do not have any liability to us for claims, demands, liabilities, losses, expenses or costs (including costs of any third party) that we bear as a result of a breach of our obligations to you (including breach of FCA Rules) or of our negligence, wilful default or fraud.
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. This includes how you feel about taking investment risk, and if that changes it’s important that you let us know by updating your Risk Profile in the App.
More simply put: We provide advice and recommendations based on the information you give us, so please 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 the 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. through our App or by text message) or email, and all our communications will be made in English. We prefer instructions to be given in writing, by email.
You must tell us without delay if your contact details change.
You agree that we may record and/or monitor email or other communications between us to comply with applicable Regulatory Requirements, to record instructions that you have given us and for training or research purposes. These records form part of the information that we hold about you and will be handled in accordance with Regulatory Requirements and related Policies.
We will make reasonable efforts to contact you using the contact details that you give us, but if our emails bounce or our correspondence is returned marked, “gone away” or your phone number (if provided) is no longer active we will not make any further attempts to communicate by those means. We'll take reasonable steps to try to contact you to get your new details, but we do not have to send further communications until you provide us with correct details. The Terms provide further information on the action we may take if your Products contain unclaimed Investments.
This Client 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 this Client 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 the Terms.
Each of the paragraphs in the Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
Even if we delay in enforcing the Terms, we can still do so later. If we don’t insist immediately that you do anything you’re required to under the Terms, or if we delay in taking steps against you in respect of your breaking the Terms, that doesn’t mean you won’t have to do those things and we’ll be prevented from taking steps against you at a later date.
More simply put: The law that governs your agreement with us is the law of England and Wales. Any legal proceedings relating to this Client Agreement will be brought in the courts of England. Only you or Multiply can enforce anything in this agreement. Any delay by us in enforcing the Terms is not a waiver of our ability to enforce our rights against you at a later time.
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 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 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.
Where your complaint relates to one of our Partners we may pass your complaint on to them to deal with.
If you cannot settle your complaint with us or our Partners, you may be entitled to refer it to the Financial Ombudsman Service (“FOS”). 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
Telephone: 0800 0234 567
Further information is available at www.financial-ombudsman.org.uk
If there is any change to these contact details, you will be able to find those from the FOS.
FSCS protects customers when authorised financial services firms fail. You may be entitled to compensation 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). Please note that the FSCS does not protect against market volatility.
Different types of claims may bring different levels of compensation. These limits may vary from time to time.
Note: Limits are per claimant and apply to your total holdings with an organisation in relation to each category of claim. Therefore, each limit includes all the investments or all the cash you hold across your accounts with one organisation. Depending on your claim, limits may apply to each of our Partners separately.
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 email@example.com
The Multiply App and Websites 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 Websites, 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 Websites, or by corresponding with us by email or otherwise. This includes information you provide when you use our App or Websites, subscribe to our email newsletter, submit contact forms via our App or Websites, 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 (for example, the name and date of birth of your child), and other personal descriptors.
With regard to each of your visits to our Websites or App, we may automatically collect the following information: - Technical information, including the Internet protocol (IP) address used to connect your computer or device to the Internet, your login information, browser type and version, time zone setting, browser plug-in types and versions, operating system and platform. We collect this information from visitors to our App and Websites for various technical and statistical purposes such as to block disruptive use and to establish the number of visits from different locations. We may analyse this data to understand our users and how they use the Service, such as which parts of the Service users are visiting and how long they spend there, in order to make our Service better. - Information about your visit, including the full Uniform Resource Locators (URL) clickstream to, through, and from our site (including date and time); content you viewed or searched for; page response times, download errors, length of visits to certain pages, page interaction information (such as scrolling, clicks, and mouse-overs), and methods used to browse away from the page – all of this information is stored only in aggregate form and you are not identifiable from the information retained.
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 Websites 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 to deliver to 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 to 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 in 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 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: - entering into standard contractual clauses with the recipient of your personal data based outside of the EEA. A copy of the standard model clauses is available at the following link: https://ec.europa.eu/info/law/law-topic/data-protection/international-dimension-data-protection/standard-contractual-clauses-scc_en; or - transferring to recipients in jurisdictions that the European Commission has determined to offer adequate protection for your personal data; or - transferring to recipients that have agreed to comply with schemes approved by the European Commission to protect your personal data.
For more information about the safeguards we use when transferring personal data outside of the EEA, please contact us by emailing firstname.lastname@example.org.
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):
Right of access: You can ask us for a copy of the information we hold about you. We will not charge you if we provide you with a copy, but we may charge a reasonable administrative fee if you request further copies.
Right to correct: You have the right to ask us to correct any inaccurate or incomplete information we hold about you.
Right to object: You can object to us using your information, if we are using it on the basis of our legitimate interests.
Right to withdraw consent: Where we have asked your permission to use your personal data, you can withdraw your permission at any time by contacting us.
Right to erasure: You can ask us to erase or remove your personal information if there is no need for us to keep it, subject to our legal and regulatory obligations.
Right to restrict use: You can ask us to restrict or suspend our use of your personal information in certain circumstances. For example, in the period where we are in the process of responding to your request to correct the information we hold about you.
Right to move: You can ask us to transfer certain personal data to another third-party service provider.
Right to complain: You have the right to submit a complaint to the ICO if you think we have breached our obligations under this Privacy Statement or if you think we haven’t processed your personal data in accordance with data protection law. For more details, please see the ICO website at the following link: https://ico.org.uk/make-a-complaint.
For more information, please contact us by emailing email@example.com.
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 firstname.lastname@example.org.
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 email@example.com.
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 Websites traffic that is represented in aggregate, anonymised format through cookies, and through third parties such as Google Analytics. This helps us to improve our Websites and to deliver many of the functions that make your experience on our Websites more user-friendly.
|Our Products and Partners||Schedule|
|If you have a Multiply-branded Product (“Product”) then our Product Terms and Conditions apply to you. Our Products include: Stocks and Shares Individual Savings Accounts (S&S ISAs), General Investment Accounts (GIAs), Multiply Accounts and direct debit services||1|
|Seccl Custody Limited (“SCL”) as Custodian who is authorised by the FCA to provide custody services.||2|
|Seccl Custody Limited (“SCL”) as ISA Manager who is authorised by HMRC to provide ISA management services.||3|
|Modulr FS Limited (Modulr) who is providing the Multiply Account and who is authorised by the FCA to provide regulated electronic money services (Financial Register Number 900573).||4|
|Independent Order of Oddfellows Manchester Unity Friendly Society Limited (Unity Mutual) who is providing the Stocks and Shares Lifetime ISA and who is authorised by the FCA to provide investment services (Financial Register Number 109995).||5|
References to terms and the agreement within Schedules 2, 3, 4 and 5 are specific to those schedules and comprise your agreement with our partners SCL, Modulr and Unity Mutual respectively.
Within the Service links are provided to terms and conditions of these additional Partners:
This schedule applies to Multiply branded Products including S&S ISAs, GIAs and Multiply Account and also services like direct debits and AIS.
If you have a Multiply Product you can use the Service to see certain information. That includes:
For the Multiply Account and direct debits
OPENING A PRODUCT
We will arrange to open a Product for you if you make an Application and qualify, subject to the Terms.
YOUR CONTRIBUTIONS AND TRANSFERS INTO YOUR PRODUCT
FEES AND CHARGES
We’re required to hold this information in order to meet our Regulatory Requirements.
DEALING IN INVESTMENTS & POLICIES FOR YOUR PRODUCT
OUR RIGHTS IF YOU DON’T COMPLY WITH OUR AGREEMENT
CLOSING YOUR PRODUCT
LEGAL AND TAX MATTERS
SYSTEM OPERATION - APPLYING AND TRANSACTING
CONFLICTS OF INTEREST
FORCE MAJEURE EVENT
USE OF THIRD PARTIES
NOTICES OF CHANGE/VARIATIONS
These ISA Terms apply to the Stocks & Shares ISA (Individual Savings Account) that you have with the “the Investment Services Provider” or “the ISP” and are supplementary to any terms you have with them.
In the event of any conflict between these ISA Terms and any other Terms, the ISA Terms will apply.
In these terms SCL means Seccl Custody Limited, who is the ISA Manager. SCL is registered in England and Wales No 10430958. Registered Office 20 Manvers Street, Bath, BA1 1JW. Seccl Custody Limited is authorised and regulated by the Financial Conduct Authority, registration Number 793200 and is a wholly owned subsidiary of Seccl Technology Limited.
1.1 Your ISA account will not start until your first subscription or transfer amount is received by us.
2.1 Your ISA is a stocks and shares ISA (the “ISA”).
2.2 Your stocks and shares ISA is subject to the Individual Savings Account Regulations 1998 (“ISA Regulations”) and, in the event of any inconsistencies between the ISA Regulations and these ISA Terms, the ISA Regulations will prevail.
3.1 SCL is approved by HM Revenue & Customs for these purposes.
3.2 SCL will manage your ISA in line with the ISA Regulations.
3.3 SCL does not provide any investment advice to you in relation to the investments you wish to hold in your ISA. All investment decisions that you take in respect of the investments that you wish to hold in your ISA will be yours or those of the ISP where you have authorised the ISP to take such decisions on your behalf.
4.1 In order to open and maintain a Stocks and Shares ISA, you must satisfy the requirements set out in the ISA Regulations. You must
4.1.1 be 18 years or over and
4.1.2 resident in the UK or are a UK Crown Servant, are married to or in a civil partnership with a Crown Servant, or are a dependant of a Crown Servant and
4.1.3 be a UK taxpayer
5.1 The maximum annual subscription into an ISA is subject to the ISA Regulations, as amended. You are responsible for ensuring that the ISA subscription limit is not exceeded for every tax year subscriptions are paid.
5.2 If you open an ISA in the UK and then go to work and/or live abroad, you cannot continue adding money into the ISA (unless you are a Crown employee working overseas or the spouse or civil partner of a crown employee working overseas). If you subsequently become a UK resident, you will be able to apply to subscribe to an ISA in the tax year following your return.
6.1 You may hold such investments in your ISA as are permitted under the ISA Regulations. Eligible investments may for example include certain UK and overseas equities, a range of UK gilts and fixed interest securities and a range of shares or units in unit trusts, open-ended investment companies and investment trusts. If any investment in your ISA is or becomes ineligible, you must sell or transfer it out. SCL reserves the right to sell or transfer such investment on your behalf if you fail to do so within 30 days of SCL notifying you.
6.2 Once the ISA subscription limit for a tax year has been reached (taking into account all permitted ISA types that you may hold) and subject to paragraph 6.3 below, you may not make any further subscriptions into your ISA or any other ISA in the same tax year.
6.3 As your Stocks and Share ISA is a flexible ISA, you may replace (in whole or part) a previous withdrawal from your ISA with a replacement subscription to that ISA in the same tax year.
6.4 The Declaration you accept on opening the ISA creates an application in the tax year you first subscribe and all future tax years until you cancel, transfer or pay no subscriptions for an entire tax year.
6.5 In accordance with the ISA Regulations, SCL will register the investments held in your ISA in the name of one of its nominees.
6.6 You must be, and remain as, the Beneficial Owner of ISA Assets. ISA Assets must not be used as security for a loan.
6.7 We will make available to you on request copies of reports and accounts, scheme particularsor meeting and voting information issued by the providers or issuers of investments or managers where necessary due to legislative or regulatory requirements. We will not exercise any voting rights attaching to your investments, if you ask, we may request from the relevant company that you attend investors’ meetings, vote and receive any other information issued.
7.1 If you wish to withdraw any cash or investments from your Stocks and Shares ISA, you (or the ISP on your behalf) must provide the SCL with written instructions. SCL will, subject to the ISA Regulations, transfer all or part of the investments and any proceeds arising from those investments to you. This will be completed within the time stipulated in your instructions, subject to any reasonable business period required by SCL to implement them, which should not take longer than 30 days from the date your instructions were received by SCL.
7.2 The Stocks & Shares ISA is a Flexible ISA. This means that you can withdraw money and replace it in the same tax year without affecting your current year’s ISA allowance.
8.1 You may transfer an existing ISA from a different ISA manager to SCL and, subject to the ISA Regulations, SCL may in its sole discretion decide to accept such transfer provided the investments can be held in a SCL ISA.
8.2 You may request SCL to transfer your ISA from SCL to a different ISA manager and subject to the ISA Regulations, SCL will effect such transfer, provided the other ISA manager has given its consent.
8.3 SCL will effect such transfer within such time as stipulated in your instructions, subject to any reasonable business period required by SCL to implement them, which should not take longer than 30 days from the date your instructions were received by SCL.
8.4 SCL does not currently facilitate the partial transfers of ISAs.
8.5 You (or the ISP on your behalf) will be required to complete the relevant transfer application form and provide SCL and the other ISA manager with your instructions in writing.
9.1 You agree to inform SCL as soon as reasonably practical that you have either ceased to be resident in the UK or a Crown employee serving overseas, or have ceased to be married to, or in a civil partnership, with such a person. In such cases, you are required to cease subscriptions into your ISA except in specific circumstances permitted by HMRC.
9.2 We accept no liability for any tax charges or penalties arising from changes in your residency.
10.1 Subject to the ISA Regulations, you may end your Stock and Shares ISA at any time by withdrawing your funds and requesting closure of the account. In that case, SCL will liquidate the investments in your ISA and transfer the proceeds to you. Alternatively, and subject to the ISA Regulations, SCL may re-register the investment in your name or transfer them to another non-ISA account.
10.2 SCL may terminate your ISA if it has ceased or will cease to comply with the ISA Regulations and becomes void. SCL will notify you of these circumstances and must inform HM Revenue & Customs accordingly. When your ISA becomes void, you may lose part or all of your tax exemption relating to the ISA.
10.3 SCL may terminate its services as your ISA Manager by giving you 30 days written notice.
10.4 In the event of termination:-
10.4.1 SCL is entitled to deduct any such amounts as it is permitted or required to deduct under the ISA Regulation, these ISA Terms or the Client Agreement; and
10.4.2 these ISA Terms will continue to apply to your ISA until all transactions or transfers have been effected and relevant payments made.
11.1 If your Account has or will become void for tax purposes because the provisions of the ISA Regulations have not been met we will notify you.
11.2 When we receive your instructions we will:
11.2.1 transfer your ISA account to another ISA manager; or
11.2.2 sell the relevant portion of Assets held within your ISA account and pay the proceeds, directly to you.
11.3 For more information on the reasons an Isa might become Void please speak with your Adviser.
12.1 Subject to the ISA Regulations, SCL may delegate any of its functions under these ISA Terms to another organisation which SCL, exercising due skill, care, and diligence, has determined as being competent to exercise such functions.
12.2 Where SCL decides to delegate its functions, you consent to SCL providing that organisation with such information about you and your ISA as that organisation may reasonably require for the purposes of exercising the delegated functions
14.1 All copyright, trademarks and other intellectual property in the materials and information on our website are owned or licensed by Seccl Technology Limited or by external content providers. Nothing in these Terms & Conditions or on the website should be regarded as granting any licence or right to or in any trademark or service mark of Seccl Technology or any third party.
15.1 If you have a complaint about any element of the ISA, please contact us at firstname.lastname@example.org
15.2 Your complaint will be handled by a person of appropriate competence and experience. That person will not have been directly involved in the matter which is the subject of the complaint
15.3 We will endeavour to resolve any complaint as soon as possible
15.4 If a final response has not been issued within four weeks of receipt of your complaint, we will write to you providing a holding response that will indicate when we will make further contact. This further contact will be within eight weeks of receipt of the complaint
15.5 By the end of the eight weeks, we must send you either a final response or a response which explains that we are still investigating the complaint, giving reasons for the delay and likely timescales. We will also, where appropriate, provide you with details of the Financial Ombudsman Service, along with a copy of their leaflet ‘Your Complaint and the Ombudsman’ and a statement confirming that an approach can be made by you to the Financial Ombudsman Service if you are dissatisfied with the outcome or the length of time the matter has taken.
Financial Ombudsman Service Exchange Tower Harbour Exchange Square London E14 9SR Telephone: 0800 023 4567 (call charges will vary) Email: email@example.com Website: www.financial-ombudsman.org.uk
15.6 The ISA is covered by the FSCS. You may be entitled to compensation from the FSCS if we are no longer trading or are declared to be in default and cannot meet our obligations to you. This may apply separately to your ISA, its Assets and any Cash held in your ISA and the maximum amount of compensation available will depend upon the type of investment business, the FSCS compensation limits applying at the time of any failure and the circumstances of your individual claim. The current compensation limits are as follows:
15.7 for Cash, such as the money in your ISA bank account - £85,000 per eligible claimant, per Bank;
15.8 for Assets, £85,000, per eligible claimant, per financial institution (where the relevant financial institution is also covered by the FSCS).
15.9 Our current banking partner is Lloyds Bank plc and we will inform you if this changes. For more information about how the FSCS might apply to you, please contact us or visit the FSCS website at fscs.org.uk. The FSCS’s address is 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU.
16.1 You agree to us transferring all or any of our rights and obligations under these Terms & Conditions to any one or more appropriate Seccl companies or any third parties which are appropriately regulated and authorised under Applicable Law. If we do this, we will give you at least 90 days’ advance written notice of the transfer. In each case, we shall cease to have any responsibilities to you or your ISA from the time that the change takes effect to the extent that those obligations applied to our appointment. The new administration company, will take on our obligations to provide the services under these Terms & Conditions in our place. We will not transfer our rights and obligations unless we are satisfied that you will not be in a worse position or receive a poorer service.
16.2 We may make reasonable and appropriate changes to these Terms & Conditions at any time whilst your ISA is open as follows:
16.2.1 to meet any current or future change in law, including rules established by the FCA, HMRC, or regulation, guidance or regulatory approach;
16.2.2 to make these Terms & Conditions easier to understand, including to correct any inaccuracies, omissions, errors or ambiguities;
16.2.3 to take account of any reorganisation of the Seccl companies, or a transfer of rights as outlined at 11 above;
16.2.4 to reflect any improvements to the services which we offer under these Terms & Conditions, or changes to our systems, our processes and procedures, market practice or customer requirements;
16.2.5 to reflect any changes to terms agreed between us and any third parties which are relevant to your ISA;
16.2.6 to make reasonable increases to our charges to reflect any changes to the costs that we incur;
16.3 If we do make any changes to the Terms & Conditions, the latest version will always be available on our website at www.seccl.tech and you should refer to them regularly. Where we reasonably consider that changes are material or detrimental to you we will give you a minimum of one month’s notice of the proposed change and our reasons for making the change, unless we are required to make the change sooner (in which case we will give as much notice as we reasonably can).
16.4 Notwithstanding clause 16.3, changes that are necessary due to reasons outside of our control (e.g. a change in legislation/regulation/ tax or interest rates or resulting from an act of a third party) may take effect on reasonable written notice and changes which are immaterial and not to your detriment may take effect immediately and without notice.
16.5 In either case, if you are not happy with any change we make or plan to make to the Terms & Conditions, you can transfer to an Authorised Scheme of your choosing. We will not charge you a fee for this if a fee ever becomes due.
Modulr is a provider of Modulr Products (as described in the Introduced Client Application Form), which includes the provision of an electronic account for businesses. These Introduced Client Terms of Business govern the Modulr Products that Modulr agrees to provide to the Introduced Client (named in the Introduced Client Application Form).
These Introduced Client Terms of Business, together with the Introduced Client Application Form and the Modulr Account Terms and Conditions set out the terms on which the Modulr Products are provided and constitute the Agreement between Modulr and the Introduced Client.
Accessing Modulr Products through a Partner Platform
Term and Termination
Assignment Transfer and Subcontracting
Changes to the Agreement
The Modulr Account Terms and Conditions; Important information you need to know
The Modulr Account Terms and Conditions
Please read these Terms and Conditions carefully before you agree to use an Account or any related services provided by or through us.
These Terms and Conditions, together with the Introduced Client Terms of Business and the constitute the entire agreement between Modulr and you.
By signing the Modulr Account Terms and Conditions you accept the terms of the Agreement, or by agreeing to open an Account and/or using our services, you accept these Terms and Conditions. If there is anything you do not understand, please contact Customer Services using firstname.lastname@example.org.
Account – The electronic account, also known as Modulr Account provided by us in accordance with these Terms and Conditions.
Account Information Service Provider – means a third party payment service provider who is authorised by or registered with the Financial Conduct Authority or another European regulator to provide online account information services, who, with your permission will be able to access certain online account information on one or more payment accounts held by you to give you a consolidated view of your payment accounts.
Account Limits – Maximum limits you can have in relation to your Account, such as account maximum balance, and limits on receiving and sending payments from your Account as referred in paragraph 2.
Account Manager - The individuals elected by the Account Owner to be responsible for the management of the Account, also known as an “Authorised User”.
Account Owner – The entity legally responsible for an Account.
Agreement - The agreement for your Account made up of these Terms and Conditions, together with the Introduced Client Terms of Business and the Introduced Client Application Form, which constitute the entire agreement between you and Modulr.
Application Programming Interface (API) – means the interfaces provided by Modulr to the Introduced Client (and the Partner Platform on the Introduced Client’s behalf) to directly instruct Modulr Accounts via the Introduced Client’s or the Partner Platform’s own application.
AML Policy - Modulr’s written policy on anti-money laundering and counter terrorist financing as may be amended from time to time by Modulr.
Applicant – A customer of the Partner Platform who applies for Modulr Products but is yet to be accepted by the Modulr as an Introduced Client.
Available Balance - The value of funds available on your Account.
Bacs Credit – Means Bacs Direct Credit. A service enabling organisations to make payments to an account which takes 3 Business Days for the funds to be cleared.
Business Days - Monday to Friday between the hours of 9am-5pm but does not include bank holidays, or public holidays in the United Kingdom.
CHAPS – the Clearing House Automated Payment System, a service enabling organisations to make same-day payments to an account within the UK, within the CHAPS operating days and times.
Commencement Date – the date set out in the Introduced Client Application Form.
Confidential Information - any information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to: the business, products, affairs, strategy, contracts, customer relationships, commercial pipelines, business contacts, prospective customers, existing customers, business models, customer pricing, management systems, business methods, corporate plans, maturing new business opportunities, research and development projects, marketing and sales information, sales targets and statistics, discount structures, suppliers and potential suppliers, source codes, computer programs inventions, know-how, technical specifications and other technical information relating to products and services.
Customer Services - The contact centre for dealing with queries about your Account. Contact details for Customer Services can be found in the Introduced Client Application Form.
Data Protection Laws – the following, to the extent they are applicable to a Party: the Data Protection Act 2018, the General Data Protection Regulation (EU) 2016/679, the Electronic Communications Data Protection Directive 2002/58/EC, the Privacy and Electronic Communications (EC Directive) Regulations 2003 and all applicable laws and regulations relating to processing of personal data and privacy (as amended or replaced from time to time), including where applicable the guidance and codes of practice issued by the Information Commissioner (in the United Kingdom) or other applicable supervisory authority;
Due Diligence Procedure - Modulr’s procedures for carrying out due diligence on Introduced Clients in order to comply with its policies and regulatory obligations.
Faster Payment – A service allowing you to make and receive electronic payments in the UK which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
Fees – those fees payable by the Introduced Client and set out in the Introduced Client Application Form.
Information – Means any information related to the organisation, and any personal information related to Account Manager.
Intellectual Property Rights – all patents, trademarks, service marks, trade names, domain names, business names, copyrights, design rights, database rights, rights to or in computer software, know-how, trade secrets, rights to or in confidential information and all other intellectual property rights and rights or forms of protection of a similar nature or effect which may subsist anywhere in the world whether or not registered or capable of registration, together with all applications for registration of, and any licence to use, any of the foregoing and "Intellectual Property" shall be construed accordingly;
Introduced Client Application Form – The application form identifying the parties, Modulr Products to be provided and commercial terms that forms part of the Agreement between an Introduced Client and Modulr.
Introduced Client – Any client of Modulr which has been introduced by the Partner Platform and whose account is operated by the Partner Platform based on instructions the Partner Platform receives from the Introduced Client (where relevant).
Introduced Client Terms of Business - The terms on which Modulr provides Modulr Products to the Introduced Client.
Modulr – Modulr Finance Ltd, a company registered in England and Wales with number 09897957 and whose registered office is at 1 Hammersmith Broadway, London, W6 9DL. Modulr Finance Ltd (FRN: 900699) is a registered agent of Modulr FS Ltd.
Modulr Account Terms and Conditions - This agreement, between Modulr FS and the Introduced Client which governs the terms on which the Introduced Client may use its Account.
Modulr Products – those products, including but not limited to the Account referred to in the Introduced Client Application Form.
Online Portal – means the interface provided by Modulr for the Introduced Client to access via the public internet, subject to applicability based on the Introduced Client’s relationship with the Partner Platform.
Payment Initiation Service Provider – means a third party payment service provider authorised by or registered with by the Financial Conduct Authority or another European regulator to provide an online service to initiate a Transaction at your request on your Account.
Partner Platform – A third party that is permitted by Modulr and Modulr FS to introduce and act on behalf of Introduced Clients, and permitted by you to act as an Authorised User.
Partner Platform Agreement - an agreement between the Account Owner and the Partner Platform for the provision of various services, under the terms of which the Introduced Client wishes to open an Account with Modulr to be used for the purpose and in accordance with the terms set out in the Partner Platform Agreement.
Regulator – the Financial Conduct Authority, located at 12 Endeavour Square, London, E20 1JN or any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services in the United Kingdom.
Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it.
TPP (Third Party Provider) – means an Account Information Service Provider or a Payment Initiation Service Provider.
we, us, our or Modulr FS - Modulr FS Ltd, a company registered in England and Wales with number 09897919 and whose registered office is at 1 Hammersmith Broadway, London, W6 9DL and who is regulated by the Financial Conduct Authority for issuance of electronic money under FRN 900573, or Modulr acting on Modulr FS Ltd’s behalf.
Website – means the customer portal that Introduced Clients can login to in order to use the Modulr Products.
you, your- The Account Owner, also referred to as an Introduced Client.
SCOPE OF THESE TERMS AND CONDITIONS
OPENING YOUR ACCOUNT
USING THE ACCOUNT
THIRD PARTY ACCESS
CLOSING YOUR ACCOUNT
YOUR LIABILITY AND AUTHORISATIONS
DISPUTES AND INCORRECT TRANSACTIONS
TERMINATION OR SUSPENSION
CONTACTING CUSTOMER SERVICES
Unity Mutual is a trading name of The Independent Order of Odd Fellows Manchester Unity Friendly Society Limited, Incorporated and registered in England and Wales No. 223F. Registered Office Oddfellows House, 184-186 Deansgate, Manchester M3 3WB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, registration No. 109995. Tel: 0161 214 4650
These Terms, together with the Application Form, form a legal agreement between you and us which sets out how the Lifetime ISA will be operated.
The following words and expressions, when used in these Terms, have meanings set out opposite them:
Accounts or Lifetime ISA – a Unity Mutual Lifetime Individual Savings Account governed by these Terms and which is a Stocks and Shares Lifetime ISA.
Account investments – shares, units and any other investments held in the Lifetime ISA Account.
Account Manager or Unity Mutual – The Independent Order of Oddfellows Manchester Unity Friendly Society Limited.
Application Form – an application form to open the Lifetime ISA or Unity Mutual Lifetime ISA Transfer Application form.
Assets – investments, income, interest, cash deposits and any other rights and entitlement from time to time held within the Account.
Business day – any day when the London Stock Exchange is open for business.
FCA – Financial Conduct Authority.
Fund – Unity Mutual Property Fund.
Lifetime ISA – a Lifetime Individual Savings Account managed under the Regulations.
Nominee – a person or entity who is appointed by another (the Nominator) to act on its behalf in a limited capacity or in a specific matter in accordance with any legal or regulatory requirements.
Price – the price of a unit in a Fund. This is the price determined on a valuation day.
Regulations – the Individual Savings Account Regulations 1998, as from time to time amended and in force.
Unity Mutual – a trading name of The Independent Order of Oddfellows Manchester Unity Friendly Society Limited.
Subscription – a payment, in sterling, to be applied to the Account.
Terms – these Terms & Conditions (as amended from time to time).
Unit – a proportion of a relevant Unity Mutual Fund, as determined by Unity Mutual.
Valuation day - any day on which the price of units in a Fund is calculated. Normally each working Monday.
We, us and our – Unity Mutual.
Year – a tax year beginning on 6 April in any calendar year and ending on 5 April in the following year.
You and your – an individual who has opened the Account under these Terms.
These Terms will be governed by and construed in accordance with the law of England and Wales. Reference to any statutory provision or regulation includes any modification or re-enactment.
Any headings and subheadings are not a legally binding part of these Terms.
Where appropriate, the words in the singular will include the plural, and the masculine will include the feminine.
a) Unity Mutual agrees to act as Account Manager for your Account. We do not review the Account portfolio and we do not give advice about your Account. We are regulated by the FCA in the conduct of our investment business.
b) Our address is The Unity Mutual, Oddfellows House, 184-186 Deansgate, Manchester, M3 3WB.
c) We may appoint any person to advise on or perform any of its functions or responsibilities under these Terms and may provide information about you and the Account to any such person. We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under these Terms is competent to carry out those functions or responsibilities.
d) We may amend these Terms by writing to you. Any amendments will comply with the Regulations and the rules of both HMRC and the FCA.
Application to Open an Account
a) An application to open an Account must be made via Multiply AI Limited. Subject to the Regulations, the Account will be managed in accordance with your directions set out in your Application via Multiply AI Limited or as you tell us.
b) These Terms will come into force when your Application is accepted by us, and your first investment is made. On acceptance, each new Account will be designated by us as a Lifetime ISA. You can only subscribe to one Lifetime ISA per tax year.
c) We reserve the right to reject any application.
d) Payments into the Account can be from any source of funds.
e) You may invest one or more lump sums in the Account during the Tax Year. In addition, or alternatively, you may make regular contributions by the payment methods specified by Multiply AI Limited.
f) You will be sent an acknowledgement when you make a lump sum contribution or set up a monthly contribution.
Minimum initial investment
The minimum initial investment is £1.
The maximum you can subscribe to the Stocks & Shares Lifetime ISA in each tax year is the limit set by HMRC for that tax year.
If we receive a payment which takes the account over this limit within 14 calendar days of the end of the tax year, we will not invest the payment or the part of that payment that exceeds the limit. Instead, it will be held and invested as soon as the new tax year starts.
At any other time, we will reject any payment or part of that payment that exceeds the limit and return it.
Under current HMRC ISA regulations, if you do not subscribe to your Lifetime ISA for a whole tax year or longer, you will be required to complete an application to recommence subscriptions.
You have the right to cancel your application within 30 days of acknowledgement of receipt of your application.
If you exercise your right to cancel, any contributions you have sent to us will be sent back to you.
If we do not hear from you within the 30 day cancellation period your cancellation rights will expire. Under these circumstances the Lifetime ISA will remain open.
Any additional contributions paid into the Lifetime ISA after the cancellation period has expired will have no cancellation rights.
The Account will hold a Unity Mutual life policy, which invests in Unity Mutual Property Saver Fund.
The Account includes investments and any cash balances, all income and other rights, and the benefit of any tax relief in respect of such investments.
Subject to any cancellation period, money received will be invested on the valuation date following the receipt and no interest will be paid on cash held pending investment. We do not accept liability for default by any bank which holds cash for the Lifetime ISA account.
We will automatically reinvest any income in respect of Account investments net of any tax liability.
Interest is earned on a daily basis.
Interest rates are set in March each year for the next tax year. The reasons for changing the interest rate could be:
To enable us to respond to changes in the return on the underlying investments, either in relation to the past or expected future returns;
Changes in the economic environment, including market volatility in bond, equity and property markets;
To enable us to respond to actual or reasonably expected changes to the cost of running our business;
To protect the financial strength of Unity Mutual, in the interest of all our customers; or;
To reflect, where appropriate, changes in market rates on other financial services products
This list is not exhaustive, and is only intended to give an example of the type of reasons that might result in changes.
Where interest rates are changed we will give you notice as follows :-
Where we reduce an interest rate and the balance of your account is £100 or more, we will give you at least 14 days’ prior written notice;
If we increase an interest rate we will notify you via our website as soon as possible following the increase.
The Account Investments shall be, and remain in the beneficial ownership of the Account Holder, and the Account Holder will be a member of Unity Mutual.
No share certificate will be issued. We (or a nominee) will hold any title documents or documents evidencing title to the Account Investments.
We will not lend Account Investments or the title documents to a third party and will not borrow against the security of Account investments or such documents.
We will make all necessary claims for tax relief relating to the Account.
Your Personal Savings Allowance (PSA) of £1,000 for basic rate tax payers, and £500 for higher-rate tax payers is not affected by subscriptions to your Account, and is available to you on-top of your Lifetime ISA allowance for non-ISA savings.
The tax situation may change in the future.
We will send you a statement shortly after the end of each tax year, showing the value of the Account and details of all transactions in the Account since the previous statement.
Death – on the death of an Account Holder the Account will pay 101% of the value of the account.
Life Cover shall be void in the event of the death of the Life Assured by his or her own hand or act within one year from the policy start date.
If you make a withdrawal from your Lifetime ISA it will be subject to a government charge, unless it is classed as an authorised withdrawal. Authorised withdrawals can be made in the following circumstances:
For a house purchase, 12 months after the first contribution has been received, provided:
the value of the house being purchased with a mortgage is less than £450,000;
it is your first property — if you have previously owned all or part of any property the withdrawal will not be authorised and will incur a penalty; and
the property is in the UK
For retirement provided:
If you are terminally ill subject to HMRC rules.
In all other circumstances a withdrawal will be classified as unauthorised and will be subject to a government charge of 25% of the withdrawal.
Transfer in from another provider
a) You may transfer an ISA/Lifetime ISA held with another provider to us.
b) Upon receipt of a completed Transfer Form, you will have 30 days in which to cancel the transfer. After this period has expired, the transfer will be processed.
Transfer out to another Provider
Upon your instruction and within the time stipulated by you, the Lifetime ISA, or part of the Lifetime ISA, shall be transferred to another Lifetime ISA manager in accordance with the Lifetime ISA regulations relating to transfers. The Account investments will be sold and the proceeds transferred together with all rights and obligations free of charge (except charges such as stamp duty and other dealing costs connected with the disposal or acquisition of investments) to the new provider.
There are no charges for the Account management.
a) The Account will be managed in accordance with the Regulations, which take precedence over these Terms.
b) We will notify you if, as a result of any failure to comply with the Regulations, the Account is or becomes void.
c) When an Account is voided, we will sell the Account Investments and pay you the proceeds together with any cash balance held in the Account. We may deduct any charges or other amounts due to us. Should this withdrawal result in any tax becoming payable, it will be for you to account for such tax to HM Revenue and Customs.
Notices and Instructions
a) Notices and instructions to us should be in writing and signed by you.
b) Notices and other documents will be posted to you at the last registered address and will be considered received two days after posting.
c) You must inform us promptly if you change your home address.
We are entitled to treat as valid instructions given by you, or on your behalf, even if that is not the case because of the wrongdoing of another person, unless that person is an employee or agent of the Account Manager.
a) You indemnify us against all liabilities incurred by us in connection with the Account, other than liabilities caused as a direct result of our negligence, knowing default, or breach of the rules of the FCA or of these Terms.
b) We are liable for our negligence, knowing default, and for any breach of the rules of the FCA or of these Terms. We are not liable for any loss caused through a fall in value of Account investments.
c) We accept no responsibility for the Account until cleared funds are received, nor for any loss or delay caused in the payment of funds to us.
d) For the purposes of section 22, references to you include your personal representatives and references to the Account Manager including its nominees.
e) You agree to indemnify us against any liability we may incur in connection with the Account arising from any action you take or fail to take.
a) The information you provide us will be held by Unity Mutual.
b) It will be used for setting up and administering your Account. This may include use of credit reference agencies used to establish your identity in accordance with anti-money laundering rules.
c) We may be required by law to disclose information regarding you or your account to the regulatory authorities.
d) We will not share your information with other third parties for marketing purposes.
We may contact you in the future by post, e-mail or telephone regarding your account unless you specify otherwise. Your contact details can be changed and updated at any time.
In legal disputes, the law of England and Wales will apply.
The contractual terms and conditions and all communications in relation to the Account will be supplied in English.
A contribution might be paid into your LISA upon the opening of your account or for transferring in an existing ISA or LISA product for the first time.
The contribution applies to LISA accounts opened through Multiply AI Limited only
The contribution applies whether you receive advice from Multiply or you proceed to open the LISA without taking advice from Multiply.
Should you cancel or transfer your LISA within 12 months from the date of account opening, Unity Mutual will deduct the contribution and the associated interest after any withdrawal charge has been returned to HMRC.
Only one contribution per LISA account only.
This offer may be withdrawn at any time.
The contribution is made by Unity Mutual. Unity Mutual is a trading name of The Independent Order of Odd Fellows Manchester Unity Friendly Society Limited, Incorporated and registered in England and Wales No. 223F. Registered Office Oddfellows House, 184-186 Deansgate, Manchester M3 3WB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, registration No. 109995.
From time to time, users may be eligible to receive a bonus payment from Multiply (“Bonus”) to reward some behaviours. A Bonus is not an interest payment and is not FSCS protected.
The payment of all Bonuses is at Multiply’s sole discretion. We retain the right to withhold the Bonus payment at any time, even if the Bonus is displayed as accrued in the app, and we are not obliged to give a reason for withholding.
We can change the Bonus offer or remove it altogether at any time.
The details of a Bonus offer will be explained in the app at the time it is marketed to you.
You are responsible for the declaration to HMRC of any Bonus paid.