Definitions

App

As the context requires, such mobile application(s) and/or website(s) as we may make available from time to time to enable you to access your OpenMoney Account and receive the OpenMoney Services.

Business day

Any Monday, Tuesday, Wednesday, Thursday or Friday which is not a Bank Holiday in England.

Connected account

Such bank, credit or debit account used in the course of providing the Account Aggregation Services.

Current tax year

The current period between 6th April and 5th April of the following year.

Data terms

The Privacy Policy and the Website & App Terms.

Delegate

A person or entity to whom we may delegate to in order that they perform the provision of certain services to you instead of us.

“FCA” or Financial Conduct Authority

The UK Financial Conduct Authority, or any applicable successor body. For OpenMoney Adviser Services Ltd, the FCA is both the conduct and prudential regulator.

FCA rules

The rules and guidance contained in the FCA handbook and supporting documents (as may be amended and updated from time to time).

“FOS” or Financial Ombudsman Service

The office to whom you may refer any complaint you have about the services provided to you if we cannot resolve or settle your complaint (to your satisfaction) within 8 weeks from the date you first make the complaint.

“FSCS” or Financial Services Compensation Scheme

A statutory compensation fund from which you may be able to make a claim in the event that a regulated firm, such as OpenMoney Adviser Services Ltd or the Product Provider, is unable or is likely to be unable to pay a claim against it.

HMRC

Her Majesty’s Revenue & Customs.

OpenMoney

OpenMoney Adviser Services Limited, trading as OpenMoney.

OpenMoney agreement

Means your agreement with OpenMoney Adviser Services Ltd (trading as OpenMoney).

OpenMoney services

The services that OpenMoney Adviser Services Ltd (trading as OpenMoney) will provide to you.

Previous tax year

Any previous period between 6th April and the following 5th April.

Product Provider

Gaudi Regulated Services Limited.

Service Provider

Any third party used to enable OpenMoney Adviser Services Ltd to perform the Services.

Sterling

British Pounds Sterling (the lawful currency of the United Kingdom, as at the date of this Agreement).

Terms

These Terms, which govern the relevant services provided to you by OpenMoney Adviser Services Ltd (trading as OpenMoney) and the Product Provider and which form part of your agreement with each of them.

US person

Any United States citizen or other person who is resident in the United States for tax purposes.

1.0 General terms

1.1 Important information

In these Terms, references to “OpenMoney”, “us”, “our” and/or “we” means OpenMoney, a trading style of OpenMoney Adviser Services Limited.

In these Terms, reference to an “OpenMoney Account” means an account that we will open for you which will enable you to track your investments through both the mobile application (the “App”) and through the web portal (the “Portal”).

This is our standard Terms of Business Agreement upon which we intend to rely. These Terms contain important information regarding the services that we provide to you so, for your own benefit and protection, please read these Terms carefully before accepting them. If there is anything contained in these Terms that you do not understand, please do not hesitate to contact us using the chat function on the website. Alternatively, send us an email to general@open-money.co.uk and we will get back to you.

1.2 Your agreement with us

These Terms, together with (a) the information we have provided to you via the App and Portal about our services and fees; and (b) the information you have provided to us via the App and Portal under these Terms in relation to your OpenMoney Account constitutes the agreement (“the OpenMoney Agreement”) between you and us in the provision of our services to you. OpenMoney is a trading style of OpenMoney Adviser Services Limited. OpenMoney Adviser Services Limited is authorised and regulated by the Financial Conduct Authority (“FCA”), whose address is 12 Endeavour Square, Stratford, London, E20 1JN. Our FCA registration numbers are 676331 for investment services and 792842 for payment services. OpenMoney Adviser Services Limited is registered in England & Wales under Company Registration Number 09407280; its registered address is WeWork, One St Peters Square, Manchester, M2 3DE.

1.3 Commencement and status of the OpenMoney agreement

The OpenMoney Agreement will be legally binding when you accept these Terms. However, we will only start to provide our services to you after we have notified you that your OpenMoney Account with us has been opened and, accordingly, those terms relating to your OpenMoney Account will only be applicable after that time. The OpenMoney Agreement has no minimum duration period.

The OpenMoney Agreement is governed by the laws of England and Wales. If any provision of the OpenMoney Agreement is or becomes invalid or unenforceable, the relevant provision will be treated as if it were not in the OpenMoney Agreement, and the remaining provisions will still be valid and enforceable.

2.0 How OpenMoney provides services

2.1 the OpenMoney account and the OpenMoney services

We will provide services (the “OpenMoney Services”) to you in connection with the set up and operation of your OpenMoney Account including the provision of the App. We will provide the OpenMoney Services to you in accordance with the Terms of the OpenMoney Agreement, all applicable laws and the FCA Rules.

We will do our best to ensure the App and your OpenMoney Account is available and up and running for you to use at any time however, this is not something we can guarantee. There may be times where the App and your OpenMoney Account may not be available and where we may not be able to facilitate your investment instructions. There may be interruptions and/or delays to our services. If this happens we will do our best to contact you to let you know what you should do. You can also contact us using the chat function on the website. If this is not available, please email general@open-money.co.uk.

We may suspend the operation of our services where we consider it necessary, including (but not limited to) where we have to suspend operations for technical problems, emergencies, maintenance, regulatory reasons, where we decide it is sensible for your protection, in periods of exceptional trading activity or to ensure the continued availability of other services. If this happens, we will do our best to contact you to let you know what you should do.

2.2 Your use of our app

In addition to the Terms set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy and the Portal & App Terms relating to the use of our App (together, the “Data Terms“). If there are any terms contained in the Data Terms that are inconsistent with or conflict with the terms, conditions and provisions set out in these Terms then, the relevant term, condition or provision set out in these Terms shall prevail.

OpenMoney will provide you with security details to access your OpenMoney Account. You must keep these details safe and confidential and notify OpenMoney immediately if you think that someone else may know these details and/or may have unauthorised access to your Account (otherwise in accordance with these terms).

You must not undertake any action that could compromise the security or effective working of the OpenMoney Services. Any such action will be considered a material breach of these Terms.

You are responsible for monitoring your OpenMoney Account, ensuring that you read all messages that have been sent to you (whether through the notifications and messaging centres in the App and the Portal, via the email address you have provided to us, or via any other means as agreed between us) and informing us if there is something wrong on your OpenMoney Account or you suspect that it has been subject to unauthorised use.

You may download or print information and documents that we provide to you strictly for personal use, provided that you keep all copyright and proprietary notices intact. You must not otherwise reproduce or distribute any material without our written consent.

You acknowledge and agree that all intellectual property rights in the App, the Portal, all documents and related technology anywhere in the world belong to us or our licensors - you have no rights in or to the App, the Portal, the documents and related technology other than the right to use each of them in accordance with these Terms and the Data Terms.

3.0 Account aggregation specific terms

3.1 Outline of service

OpenMoney provides a personal finance information service that allows customers to combine financial information for their various service providers. By combining this information, we want customers to see exactly how much they have, how much they owe and how much they are spending – and on what. We use a company called Yodlee Inc. to obtain the necessary information from your financial institutions; this includes your balance and transaction data. Once you have setup your external account(s), your account information is updated each time you login. The processing time for this process is almost instant, and you will be able to be see up-to-date balance and transaction information every time you access your account.

3.2 Details of service

The Service requires you to log into any external accounts you wish to add, through the application. This will allow the Service to request balance and transaction information from Yodlee Inc., which will then be presented in the account aggregation application.

Once you are logged into your OpenMoney account your balance and transaction information will automatically update. Your OpenMoney account will show the balance and the most recent transaction data available from your financial service provider; depending on your provider, there may be a delay in recording transactions and updating balance information, however OpenMoney does not have any control over this. Your OpenMoney account will show you when we last updated your balance and transaction information. You will remain logged into your accounts with each service provider, however OpenMoney do not keep a record of the login details or passwords you use to access your financial service provider(s).

As part of the Service, OpenMoney may also provide information (itself or using suppliers) relating to third party products or services based on the financial information you access.

Personal information will be processed and stored in accordance with the OpenMoney Data Protection Policy, the Privacy Policy and Cookies Policy. These are updated annually at minimum and reflect the current requirements imposed by UK and EU regulation.

You will set up login details as part of the registration, you must treat this, and any other piece of information as part of the Service’s security procedures, as confidential and you must not disclose this to third parties. You must not disclose your OpenMoney account login information to anyone, to help prevent unauthorised access.

3.3 Your duty to disclose information

We will base our recommendations on the information you have provided us with; whether this is via the OpenMoney system, telephone calls, or email.

You must be over 18 years of age and a resident of the United Kingdom to register for and use the service. You agree to provide true, accurate and complete information about yourself, your current circumstances and your Accounts. You are required to check the information we have recorded to ensure it is complete and accurate and update us whenever there is a change to your personal circumstances or details, or if you notice an error in the information stored.

3.4 Proprietary rights

You may download or print information and documents that we provide to you strictly for personal use provided that you keep all copyright and proprietary notices intact. You must not otherwise reproduce or distribute any material without our written consent.

You acknowledge and agree that all intellectual property rights in the App, the Portal, all documents and related technology anywhere in the world belong to us or our licensors - you have no rights in or to the App, the Portal, the documents and related technology other than the right to use each of them in accordance with these Terms and the Data Terms.

3.5 Content you provide

You are licensing OpenMoney and its service providers, including but not limited to Yodlee Inc., to access, use and rely upon any information, data, passwords and other content (collectively known as ‘Content’) you provide to OpenMoney. OpenMoney and its service providers use, modify, display, distribute and create new material using such Content to provide the Service to you. OpenMoney and its service providers may also analyse any Content to provide information about third party products or services that may be relevant to you; and use the Content to create and analyse aggregated data about their users, provided that you are not identifiable from the aggregated data. By submitting Content, you automatically agree, or promise that the owner of such Content has expressly agreed that, without any particular time limit, and without the payment of any fees, OpenMoney and its Service Providers may use the Content for the purposes set out above. As between OpenMoney and its Service Provider, OpenMoney owns your Account Information.

3.6 How your data will be used

OpenMoney has to store your data in order to provide you with an ongoing service, however in line with Data Protection regulation, we will never keep more data than is absolutely necessary to provide you with our service. At any time, you can ask us what data we have stored on you, and we encourage you to keep us updated with changes in your information. Your data will be encrypted and stored electronically. Once you are an OpenMoney customer, there will be restrictions on what data we can permanently delete, in line with FCA regulations, however if you wish to request more information on this please contact: general@open-money.co.uk. At OpenMoney, we may share your data with companies we have third party agreements with or companies which we outsource to, for example Yodlee, however we will never sell your data or pass it onto third parties with whom we do not hold a current and valid agreement. We may also use aggregated data, which does not contain personal information, for marketing and research purposes.

3.7 How we’ll obtain your consent

By agreeing to these terms and conditions you are agreeing with our policies on how we use and store your data. If you do not agree to any of these terms and conditions or any other conditions listed in policies of either OpenMoney Adviser Services Limited or it’s group company; OpenMoney Limited, then please contact general@open-money.co.uk.

When you open your account we will ask whether you consent to receiving marketing communications. By consenting to receiving these communications, you will only be contacted by OpenMoney, or its sister companies, never by third parties. You can provide or withdraw your consent at any time, either by unsubscribing via an email received, or contacting us via webchat or emailing general@open-money.co.uk. We won’t ever sell your data or pass it on for marketing purposes.

When you access the website, you will be asked to consent to the use of cookies. If you do not consent to the use of cookies, please decline this request. Please note if you do not accept cookies this may affect the content which appears on the website and/or application.

3.8 Access to your OpenMoney account

OpenMoney will provide you with security details to access your OpenMoney Account. You must keep these details safe and confidential and notify OpenMoney immediately if you think that someone else may know these details and/or may have unauthorised access to your Account (otherwise in accordance with these terms). You must not undertake any action that could compromise the security or effective working of the OpenMoney Services. Any such action will be considered a material breach of these Terms.

You are responsible for monitoring your OpenMoney Account, ensuring that you read all messages that have been sent to you (whether through the notifications and messaging centres in the App and the Portal, via the email address you have provided to us, or via any other means as agreed between us) and informing us if there is something wrong on your OpenMoney Account or you suspect that it has been subject to unauthorised use.

3.9 Access to your financial services accounts

By agreeing to these Terms and Conditions, you are agreeing to allow OpenMoney and its Service Providers to access any accounts designated by you, on your behalf, to retrieve data requested by you, and to register for access to the accounts requested by you. For all purposes, you are agreeing to grant OpenMoney and its Service Providers with a limited power of attorney (POA). You are granting OpenMoney and its Service Providers with full power of substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve data and use this information, all as described in these Terms and Conditions, with full power and authority to do and perform each act necessary to fulfil the Service. foregoing authorization, agency and power of attorney granted by you. You understand and agree that the Service is not endorsed or sponsored by any third-party account providers accessible through the Service.

By agreeing to these Terms and Conditions you are confirming you understand that OpenMoney and its Service provider is acting only as your Agent, and not the Agent or on behalf of the third party, when accessing and retrieving information from third party sites.

3.10 Encryption

The Service uses a very high level of encryption. The use of such levels of encryption, or this Service, may be illegal in jurisdictions outside the UK. We only accept customers who are based in the UK, and so any use of the application outside of the UK is entirely at your own risk; it is your responsibility to ensure that, if outside the UK, your ability to use the Service is permitted by local law. Neither OpenMoney or its Service Provider will be liable for any loss or damage suffered by you as a result of not being able to use or not being permitted to use the Service in jurisdictions outside the UK.

3.11 Disclaimer

By agreeing to these Terms and Conditions you are confirming you understand that the use of the Service and information, products and content (including that of third parties) in or accessible from the service is at your sole risk. OpenMoney makes no warranty that this Service will meet your requirements or that the service will be uninterrupted, timely, secure and error-free. We cannot guarantee that the results obtained from the use of the service will be accurate or that any products or services made available to you through the Service will meet your requirements or expectations. Any information obtained from the Service is done at your own discretion and you are solely responsible for any damage or loss of data that results from the downloading of such material. Any products or services made available through the Service may not meet your requirements, and you are confirming you understand that this is not an advised service.

3.12 Risk warning – your providers

The use of an account aggregation app, including the Service provided by OpenMoney, may breach the Terms and Conditions of your financial service provider (i.e. Bank or Building Society). The use of the Service is at your own risk and OpenMoney will not accept any liability, in any circumstances, in the event that your financial service provider refuses to compensate for any fraud associated with your account with them. This includes instances where the fraud is suspected or known to be connected in any way with use of the Service. OpenMoney takes no responsibility for the use of the service beyond its statutory responsibilities.

3.13 Liability

Nothing in these Terms and Conditions shall limit the liability for death or personal injury resulting from the negligence of either party or for fraud or any other liability that cannot be excluded or limited by law. By agreeing to the Terms and Conditions, you confirm that neither OpenMoney or its Service Providers, or any affiliates will be liable for damages for loss of profits, goodwill, data or other intangible losses. OpenMoney and its Service Providers cannot be liable for any losses incurred due to inability to use the Service for any reason including, but not limited to; suspension, technical difficulties or a disaster situation.

3.14 Indemnification

You agree to protect and fully compensate OpenMoney and its Service Provider and their affiliates from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable attorney’s fees) caused by or arising from any misuse by you of the Service, your violation of these Service Terms and Conditions or your infringement of any intellectual property or other right of anyone.

3.15 Suspension of the service

OpenMoney may at any time suspend your use of the Service if it has reasonable grounds to believe that your use of the Service is in contravention of these Terms and Conditions or any reasonable instruction provided to you by OpenMoney or its Service Provider. It may be necessary to suspend your use of the Service if we have reason to believe that it may be imposing risk to the security of the Service, including suspected unauthorised or fraudulent use of the Service. Where possible, you may be given advance notice of the suspension via email. Please note that there may circumstances where we are unable to provide notice or details of why the action is being taken.

3.16 Variation of service

OpenMoney reserves the right to change or continue; temporarily or permanently, the Service at any time without notice. By accepting these Terms and Conditions, you are agreeing that you understand that OpenMoney cannot be held liable to you or any third party for any modification or discontinuation of the Service.

3.17 Cancellation

You may cancel your subscription to the Service at any time without notice.

3.18 Rights of service provider

You acknowledge that OpenMoney’s Service Providers are third party beneficiaries of the above provisions, with all rights to ensure such provision as if they were a party to this agreement.

3.19 Precedence

In addition to the Terms and Conditions set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy and the Portal & App Terms relating to the use of our App (together, the “Data Terms”). If there are any terms contained in the Data Terms that are inconsistent with or conflict with the terms, conditions and provisions set out in these Terms then, the relevant term, condition or provision set out in these Terms and Conditions shall prevail.