These Terms set out the requirements and obligations imposed by OpenMoney Adviser Services Limited (which incorporates our three trading brands, "OpenMoney", "evestor by OpenMoney" and "Home by OpenMoney") (collectively referred to in this policy as "OMAS", "we" or "us") in relation to our product and services and the access or otherwise use our websites (including www.open-money.co.uk, www.evestor.co.uk, } (the "Websites"), the Portal on our Websites and / or our Apps for provision of these services.
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.
These are our standard terms of business upon which we intend to rely (the "Terms"). 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 Websites. Alternatively, send us an email to firstname.lastname@example.org and we will get back to you.
These Terms, together with (a) the information we have provided to you via the relevant Websites, Apps and Portal (together the "OMAS Systems") about our services and fees; and (b) the information you have provided to us via the OMAS Systems in relation to your OMAS Account (including the financial foundation questions and advice journey), constitute the agreement between you and us in the provision of our services to you (the “OMAS Agreement”).
The OMAS Agreement will be legally binding when you accept these Terms. However, we will only be legally obliged to and start to provide our services to you after we have notified you that your OMAS Account with us has been opened and, accordingly, the terms relating to your OMAS Account will only be applicable after that time. The OMAS Agreement has no minimum duration period.
We reserve all rights not expressly granted to you in these Terms. Nothing in these Terms grants you or any third party any intellectual property rights or other right, title or interest in or to the Websites, services, Apps or the Portal.
Across our three brands we provide products and services relating to money management, investment as well as insurance and mortgage advice and products through our nominated providers.
Our investment advice service offers initial advice given via the OpenMoney system (which could include the OpenMoney Money Management App, or the OpenMoney website), together with annual reviews, or more frequently if your circumstances change.
You can choose to receive advice (recommendation of which product or products, as well as which underlying investment portfolio) or recommendations based on your financial expenditure through the OpenMoney Money Management App (see section 2.4 below). You can request a telephone appointment with one of our advisers at any point.
We will make a personal recommendation for you via the OpenMoney system, based on the information you have supplied to us. In certain circumstances advice may be provided outside of the OpenMoney system. In these instances, you will receive a personal recommendation from one of our financial advisers after a meeting via telephone.
We only offer restricted advice under OpenMoney. If you choose to receive advice from OpenMoney, we will only recommend products from our selection of OpenMoney ISAs, SIPPs and GIAs, which are all provided by our Product Provider. We may recommend a combination of any of these 3 products, however at your request we can focus our advice on a specific OpenMoney product, or combination thereof. We will only recommend to invest in one of our OpenMoney model portfolios. If you choose to receive advice, we won't recommend a product unless it's suitable, which means we may advise you to pay off outstanding debts or continue paying into an existing product if it's more suitable for your needs.
We will be responsible for advising you regarding the selection of the model portfolios and their initial and continued suitability for you.
We instigate regular contact with you to ensure that the arrangements made remain suitable. If you choose to accept advice from OpenMoney (rather than the non-advisory services of evestor), we will contact you to reassess the suitability of your investment every 12 months. You have a responsibility to let us know if your circumstances or goals change between review periods. We monitor performance of the underlying investments and, as per the terms described in section 3.3 (Risk warning – your providers [link]), may make changes to the portfolio or rebalance at any time. There is no regulatory responsibility to review a mortgage/protection. However, we will be in regular contact with our customers.
When providing you with evestor services, we will not provide any advice or exercise any judgment as to the merits or suitability of the transaction, instead we will arrange the transactions on your behalf. If you have any questions regarding investments, including the risks associated with investing in a particular product or market, you should consider seeking a suitably qualified professional advisor. This might include, but not limited to financial advice, investment, legal and tax advice. evestor cannot give you investment, legal, taxation or other advice in connection with your investments.
By agreeing to these Terms applicable to the evestor services we provide you, you are confirming you have sufficient knowledge and experience to make your own investment decision. You are confirming that you understand that we will not give any advice on the suitability of the product in relation to your circumstances. We will facilitate your non-advised investment with our Product Provider.
Through Home, OMAS offers an advice service on all the necessary and relevant products required to buy your home, including: mortgages, home insurance, life insurance, income protection and conveyancing. You can request a telephone appointment with one of our advisers at any point. On top of advising on these products, we will take control of the full process until the day you move into your property. Once moved into your property we will continually review your personal circumstances and ensure the products remain suitable to you.
We will make a personal recommendation to you via the Home mortgage journey, based on the personal information you have supplied us with, as well as our in-depth mortgage suitability questions. Dependent upon the answers to some of these question, you may need to speak to one of our mortgage advisers who will provide you with a personal recommendation outside of the journey.
We provide advice on mortgages from all banks, building societies and lenders that deal with mortgage intermediaries and we are not limited to any specific lender or panel. We offer life insurance and income protection from all providers with no restrictions. With regards to home insurance we recommend Uinsure, who provide the most cost effective and suitable policy available to that customer from six providers. We have partnered with O’Neill-Patient Solicitors to provide the conveyancing service.
The OpenMoney app gives you a complete picture of your finances with all your accounts in one place. The app. uses Open Banking technology to securely connect to your current accounts, savings accounts, credit cards and more. The smart money management tools in the app let you set budgets, see your forecasted spend and set savings goals to give you more control of your finances.
The evestor app can track the performance of your investments wherever you are with the evestor companion app. The app allows you to see exactly how your investments are doing, view your key documents and speak to the support team on live chat.
Administrative support will be included as part of our ongoing service to you. We will maintain records of your arrangements, assist with any queries you may have and pass on instructions to or from providers.
We will provide OMAS Services to you in connection with the set up and operation of your OMAS Account including the provision of the Apps and access to the Portal. We will provide the OMAS Services to you in accordance with the Terms of the OMAS Agreement, all applicable laws and the FCA Rules.
We will do our best to ensure the Websites, Apps and the Portal and your OMAS Account are 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, the Portal and / or your OMAS Account are not available or where we may not be able to facilitate your investment instructions for our OMAS Services. 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 Websites. If this is not available, please email email@example.com.
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.
By agreeing to these Terms you are confirming you understand the use of the OMAS Services and information, products and content (including that of third parties) in or accessible from the service is at your sole risk. OMAS makes no warranty that the OMAS Services (including that provided through the OpenMoney Money Management App) will meet your requirements or that the service will be uninterrupted, timely, secure and error-free. We cannot guarantee the results obtained from the use of the service will be accurate or that any products or services made available to you through the OMAS Systems will meet your requirements or expectations. Any information obtained from the OMAS Services 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 OMAS Service may not meet your requirements, and you are confirming you understand this.
The use of an account aggregation app provided through the OpenMoney Money Management App, including the OMAS Services, may breach the Terms of your financial service provider (i.e. Bank or Building Society). The use of the Service is at your own risk and OMAS will not accept any liability, in any circumstances, in the event 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. OMAS takes no responsibility for the use of the service beyond its statutory responsibilities.
We may communicate with you at any time about your account using the information you have given us, including, when appropriate, by telephone, SMS text message, by email, through the Websites via the Apps and Portal.
It is your responsibility to ensure the contact information we have for you is up to date. In particular, you must ensure we have a current and valid email address for you so that we can notify you when important documents are delivered to you via the Apps or Portal. You accept that where either we or the Product Provider are required to provide you with written notice then this will be given to you by means of electronic correspondence.
We cannot guarantee that electronic communications will be successfully delivered, or that they will be secure and virus free. Except for cases of negligence or where we have breached applicable law or the FCA Regulations, we will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered or for failing to be delivered for any reason beyond our control.
We will record and monitor telephone conversations that we have with you for
All communications in relation to the services provided under this Agreement will be in English.
We may amend the OMAS Agreement:
If we make a change to these Terms that may be detrimental to you, we will provide you with at least 30 days’ prior notice (unless we are required to make the change sooner, for example, for legal or regulatory reasons, in which case we will make information available about the change within 5 days of making the relevant change).
If we make any change that is detrimental to you, you may notify us within 30 days from the date of such change to terminate your OMAS Agreement and close your OMAS Account without charge.
We will base our recommendations on the information you have provided us with; whether this is via the OMAS Systems, adviser or telephone calls, or email. As such, 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.
When you use any of our OMAS Systems or open an OMAS Account with us to use or have access to our services, you agree that you shall remain responsible and liable for all uses of the services resulting from access provided by us, directly or indirectly and whether such access or use is permitted by or in violation of these Terms.
OMAS will provide you with security details to access your OMAS Account. You must keep these details safe and confidential and notify OMAS immediately if you think that someone else may know these details and/or may have unauthorised access to your OMAS Account (otherwise in accordance with these Terms).
You must not undertake any action that could compromise the security or effective working of the OMAS Systems and / or OMAS Services. Any such action will be considered a material breach of these Terms.
You are responsible for monitoring your OMAS Account, ensuring that you read all messages that have been sent to you (whether through the notifications and messaging centers in the Apps and / or 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 OMAS Account or you suspect that it has been subject to unauthorised use.
4.3. Opening your OpenMoney Account
In particular, opening your OpenMoney Account may include transmitting your personal data to such third parties and carrying out credit checks that may leave a footprint on your credit file. Please note we only conduct these checks to verify identity, and so these 'soft' checks will only be visible by you on your credit file, it does not affect your credit rating.
We will also check your details against sanctions lists (HMT, EU and US) as part of our obligation to prevent OMAS being used to further financial crime. We may also repeat these checks periodically throughout your relationship with OMAS.
We may need to seek additional information from you in order to verify your identity, in which case we may:
You warrant and represent to us and to the Product Provider on an ongoing basis that:
You agree to notify us immediately if any of the above warranties cease to be correct.
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.
We will treat you as a “retail client“ or “consumer“ and you will be afforded the highest level of regulatory protection available.
The Product Provider's terms & conditions details your rights to cancel your products once you have taken them out. For any of the products that form part of the OMAS Services, you may be entitled to cancel your product within 30 days of either conclusion of the contract or receiving your documentation, whichever is later. If your funds are still within the client money account, you may receive a full refund, however if your funds are already in the process of being invested, you may get back less than your original investment if the value of the fund has fallen. For further information on how client money is handled please see section 7.3 below.
These Terms of the OMAS Agreement takes effect from the date you accept them on the OMAS System and will apply until terminated. In accordance with section 1.4 above, we will only be legally obliged to and start to provide our services to you after we have notified you that your OMAS Account with us has been opened.
You, or we, may terminate our authority to act on your behalf under this agreement at any time, without penalty. You may terminate your OMAS Agreement at any time and for any reason by providing us with notice, subject to the settlement of all outstanding transactions. Transactions already in progress will be completed in the normal course of business. We will close your OMAS Account as soon as practicable after receiving your notice to terminate the OMAS Agreement.
We may terminate this Agreement at any time by giving you 30 business days’ prior notice subject to the settlement of all outstanding transactions.
We may terminate this Agreement immediately, freeze your OMAS Account and take steps to freeze transactions through your Product(s) without giving you advance notice if we reasonably believe that you:
We may also terminate the OMAS Agreement immediately if we reasonably believe that providing you with a service exposes us to action or censure from any law enforcement, government or regulatory body (including, without limitation, the FCA).
Where we terminate the OMAS Agreement immediately or freeze your OMAS Account as set out above, we will inform you in writing immediately of our decision and our reasons for making that decision.
We will provide you with a breakdown of the fees we expect you will pay for your investment before you make a payment. These fees are based on past fee data, however are variable as the investments are held on a discretionary basis and the transaction costs in the underlying funds may vary.
There is no initial fee for receiving advice from OMAS. The ongoing fee for using our OpenMoney and evestor is fixed at 0.35% per year, not including the individual fund charge.
The fees are broken down for each of the OMAS Services as follows:
The OpenMoney Management Fee is 0.35% per annum, comprising:
There are no charges for use of the OpenMoney Money Management App.
The evestor Fee is 0.35% per annum, comprising:
The fund charges differ between the 3 portfolios. The exact charge may vary according to transaction costs, the assets held in the portfolio and their allocation. Details of expected portfolio costs will be made available in the ex-ante disclosure provided through the OMAS Systems.
Our fees are calculated as a percentage of the total value of your investment, so if your investment increases in value, you’ll pay more in fees. Fees will be taken directly from your investments monthly. We accept no liability for any tax incurred as a result of this method of remuneration.
There are no explicit charges here, but OMAS is remunerated via commission from the product provider.
Where appropriate, we may offer to refer you to third parties to provide certain additional services. We will not make any such referral without your agreement. We may pay (or receive from third parties) fees in relation to referrals of business. In making or receiving any such referral and making or receiving such payments, we will act in accordance with all applicable laws & regulations.
When benefitting from our OpenMoney services or evestor services the following payment provisions apply.
You can choose to make payment into your OMAS Account in four ways. You may transfer a product from another provider, such as an existing Stocks and Shares ISA into your OMAS Account. You may make a one-off payment via direct debit for any amount, or setup a regular payment via direct debit for any amount. You are able to make a debit card payment for amounts over £1000, however we cannot guarantee that the debit card functionality will be available.
We only accept payment via a transfer in from another provider, a debit card or direct debit. We do not accept payment from a credit card, via cash or cheque. All payments must be in British Pounds Sterling and must come from a UK Bank or Building Society account. We do not accept payments in any other currencies.
Payments into a SIPP must be made by an individual. We cannot accept payments from a company.
Fees in relation to facilitating a mortgage, for example solicitors fees, can be made over the phone with one of our mortgage advisers.
The range of regulated financial services we can provide includes offering guidance if you are an evestor client, advising on if you are an OpenMoney client, researching and arranging deals in ISAs, GIAs and SIPPs. The guidance and advice we provide, and products we offer, are restricted to the OpenMoney ISA, OpenMoney GIA and OpenMoney SIPP, which are packaged by our chosen Product Provider. We will only recommend and give guidance to invest in one of the three OpenMoney portfolios.
We run three model portfolios that are made up of collections of investment funds, selected in line with different risk profiles. Each model portfolio comprises a portfolio of investments selected by us using asset allocations designed to represent a particular portfolio objective or investment strategy and to reflect prudent diversification.
Your money will be invested into one of the model portfolio(s) selected by you as an evestor client or recommended by us through OpenMoney. Subscription deals will be placed in the funds within the model portfolio in the proportion detailed in the portfolio factsheet.
Apart from acting on your instructions to arrange for you to invest in the model portfolios, our role is to rebalance the model portfolios as explained below.
Each model portfolio aims to keep the investment funds that make up that model portfolio within certain target proportions. As the proportions of the invested funds within the model portfolios will vary over time with movements in the market, the level of investment within some funds will become lower than the target proportion for those funds (underweight), whilst investment in other funds will become higher than the target proportion for such funds (overweight). The process of buying and/or selling funds in the model portfolio in order to ensure that the model portfolio is within the target proportions is called "rebalancing" the model portfolio.
We expect each model portfolio will need rebalancing at least once a year, and this may require us to sell or buy more funds that make up the model portfolio. We may make these changes in the model portfolios, on your behalf, without consulting you as described below.
For the purposes of rebalancing each model portfolio, we are authorised to buy, vary and sell the investments held within the model portfolio from time to time, at our absolute discretion, provided we remain within the portfolio objective or investment strategy of the model portfolio.
Investments in the model portfolios will be limited to FCA authorised or recognised unit trusts, OEICs and ETFs at our discretion. Cash balances will typically be held from time to time. There are no restrictions on the value of any single underlying investment purchased within the model portfolio or the proportion of the model portfolio represented by any single underlying investment. We will manage each model portfolio on a pooled basis with other clients' model portfolios and will take common discretionary management decisions for all clients in the same or similar model portfolios.
We invest your monies within the model portfolio into a range of funds with varying levels of risk. Higher risk and lower risk funds may be purchased for the model portfolio in a balance which meets the portfolio objective or investment strategy for the model portfolio as a whole.
Some funds invest in property and the valuation of that property will be subject to an element of judgment. Property and some other investments can take some time to sell. Portfolios and Funds holding these investments may sometimes experience liquidity problems that can delay the return of sale proceeds to investors.
The value of funds which hold overseas investments will usually be affected by changes in exchange rates.
Some funds may invest in countries, sectors or companies which can carry higher risk or which may be less liquid.
Unlike bank and building society deposits, stock market-based investments do not provide capital guarantees and can fall in value as well as rise. Ultimately, you could get back less than you invest.
Any yields will vary over time so income is variable and not guaranteed. We believe you should only invest for the long term.
All investments can go down in value as well as up and we are not responsible for any losses you incur or any tax liabilities which arise as a result of your investment in the model portfolio.
You are able to change which of our model portfolios you are invested in, if you wish to change your model portfolio, you should contact us to discuss this as soon as possible. Any such change will not impact any transaction already entered into and which you will continue to be bound by.
Although we will exercise reasonable skill, care and diligence in our selection of investments for a model portfolio, changes in their value or market conditions may prevent or hinder us from achieving the portfolio objective or investment strategy of the model portfolio and consequently we cannot undertake that portfolio objective or investment strategy will be achieved.
OMAS is not authorised to accept client money, and so OMAS will never accept a payment. All payments made through the OMAS Systems go straight to the Product Provider, where they are held in a client money account until they are invested. The client money account is held with Barclays.
Where you have requested our evestor services or OpenMoney services, we will forward your order as soon as reasonably practical to our Service Provider in order to achieve timely execution for you and in line with their Best Execution policy.
For Unit Trusts, OEICs and ETFs they will be routed to the appropriate fund manager for execution at the next available valuation point for that particular fund. Your order may be aggregated with other orders received. The aggregation of orders may operate on some occasions to your advantage and on some occasions to your disadvantage.
Where applicable, contract notes and documents of title in respect of your investments or policies will be issued to you directly by the issuing company, via the OMAS Systems.
Should you wish to complain please contact us via one of the below methods:
Should you not be satisfied with our final response you may be entitled to refer the matter to the Financial Ombudsman Service (FOS) within six months of the date of our final letter:
Where your complaint refers to products or services purchased online, you may refer your complaint to the ODR Platform:
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim:
Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme (www.fscs.org.uk).
Nothing in these Terms will limit or exclude either party's liability to the other in respect of death or personal injury, fraud or fraudulent misrepresentation or any other liability that cannot be excluded by law. By agreeing to the Terms, you confirm that neither OMAS or its Service Providers, or any affiliates will be liable for damages for loss of profits, goodwill, data or other intangible losses.
OMAS 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.
You agree to protect and fully compensate OMAS 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 or your infringement of any intellectual property or other right of anyone.
The OMAS Agreement and the Product Provider Agreement and any dispute or claim arising out of or in connection with either of them (including non-contractual disputes or claims) will be governed by and construed in accordance with the law of England and Wales.
If any provision of the OMAS Agreement is or becomes invalid or unenforceable, the relevant provision will be treated as if it were not in the OMAS Agreement, and the remaining provisions will still be valid and enforceable.
The parties irrevocably agree that the courts of England and Wales will have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with either the OMAS Agreement or the Product Provider Agreement (including non-contractual disputes or claims).
Except for any relevant Service Provider who may enforce, as applicable, provisions herein for a person who is not a party to this agreement cannot enforce or enjoy the benefit of any term of this OMAS Agreement under the Contracts (Rights of Third Parties) Act 1999.
OMAS is committed to maintaining the highest professional standards and, therefore, we endeavour to identify, consider and manage potential conflicts of interest to ensure that we treat all of our customers fairly and in accordance with relevant regulation and best practice guidelines.
In essence, a conflict of interest is a situation in which OMAS (or any of its personnel) finds itself in a position where its own interests conflict with the duties and obligations owed to its clients or, a situation in which OMAS' duty to one client conflicts with its duty to another.
We have put in place a detailed Conflicts Management Policy which sets out how we avoid and manage potential conflicts of interest, which is available here [insert link]
As the context requires, such mobile application(s) as we may make available from time to time to enable you to access your OMAS Account and receive the OMAS Services. This could include the OpenMoney Money Management App, the evestor App
Any Monday, Tuesday, Wednesday, Thursday or Friday which is not a Bank Holiday in England.
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.
The evestor App which provides a breakdown of how your investments are performing.
The UK Financial Conduct Authority, or any applicable successor body. For OMAS, the FCA is both the conduct and prudential regulator.
The rules and guidance contained in the FCA handbook and supporting documents (as may be amended and updated from time to time).
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.
A statutory compensation fund from which you may be able to make a claim in the event that a regulated firm, such as OMAS or the Product Provider, is unable or is likely to be unable to pay a claim against it.
Her Majesty’s Revenue & Customs.
An account that we will open for you which will enable you to track your investments and the services we provide to you through both the relevant App and / or through the Portal.
These Terms, together with (a) the information we have provided to you via the OMAS Systems about our services and fees; and (b) the information you have provided to us via the OMAS Systems under these Terms in relation to your OMAS Account.
The provision of products and services in relation to our brands OpenMoney (including the OpenMoney Management App), evestor by OpenMoney and / or Home by OpenMoney.
The Websites, Apps and Portal
The OpenMoney money management app, which allows you to track your spending patterns and track your OpenMoney investments.
The portal on our Websites from which you access your Account.
Any previous period between 6th April and the following 5th April.
Gaudi Regulated Services Limited. [
The agreement you enter into with the relevant Product Provider when taking out an investment or purchasing a product through the OMAS Services
Any third party (other than a Product Provider) used to enable OpenMoney to perform the Services.
These Terms, which govern the relevant services provided to you by OpenMoney and the Product Provider and which form part of your agreement with each of them.