evestor Terms & Conditions
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 evestor Account and receive the evestor Services.
Any Monday, Tuesday, Wednesday, Thursday or Friday which is not a Bank Holiday in England.
Current Tax Year
The current period between 6th April and 5th April of the following year.
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.
OpenMoney Adviser Services Limited, trading as evestor.
Means your agreement with OpenMoney Adviser Services Ltd (trading as evestor).
The services that OpenMoney Adviser Services Ltd (trading as evestor) will provide to you.
“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.
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.
Her Majesty’s Revenue & Customs.
Previous Tax Year
Any previous period between 6th April and the following 5th April.
Gaudi Regulated Services Limited.
Any third party used to enable OpenMoney Adviser Services Ltd to perform the Services.
British Pounds Sterling (the lawful currency of the United Kingdom, as at the date of this Agreement).
These Terms, which govern the relevant services provided to you by OpenMoney Adviser Services Ltd (trading as evestor) and the Product Provider and which form part of your agreement with each of them.
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 “evestor”, “us”, “our” and/or “we” means evestor, a trading style of OpenMoney Adviser Services Limited.
In these Terms, reference to an “evestor 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 firstname.lastname@example.org 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 evestor Account constitutes the agreement (“the evestor Agreement”) between you and us in the provision of our services to you. evestor 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 evestor Agreement
The evestor 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 evestor Account with us has been opened and, accordingly, those terms relating to your evestor Account will only be applicable after that time. The evestor Agreement has no minimum duration period.
The evestor Agreement is governed by the laws of England and Wales. If any provision of the evestor Agreement is or becomes invalid or unenforceable, the relevant provision will be treated as if it were not in the evestor Agreement, and the remaining provisions will still be valid and enforceable.
2.0 How evestor provides services
2.1 The evestor Account and the evestor Services
We will provide services (the “evestor Services“) to you in connection with the set up and operation of your evestor Account including the provision of the App. We will provide the evestor Services to you in accordance with the Terms of the evestor Agreement, all applicable laws and the FCA Rules.
We will do our best to ensure the App and your evestor 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 evestor 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 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.
2.2 Your use of our app
evestor will provide you with security details to access your evestor Account. You must keep these details safe and confidential and notify evestor 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 evestor Services. Any such action will be considered a material breach of these Terms.
You are responsible for monitoring your evestor 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 evestor 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.
2.3 Opening your evestor Account
Before we can open your evestor Account and provide the evestor Services to you, we are required to verify your identity in accordance with UK regulation. We will use various third-party services to do this and you expressly authorise us to do this, acknowledging that this will involve us transmitting your personal information 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 OpenMoney Adviser Services Ltd being used to further financial crime. We may also repeat these checks periodically throughout your relationship with OpenMoney Adviser Services Ltd.
You warrant and represent to us and to the Product Provider on an ongoing basis that:
- You are aged 18 or over;
- You are UK resident for tax purposes; and
- You are not a US Person.
You agree to notify us immediately if any of the above warranties cease to be correct.
2.4 Client Classification
We will treat you as a “retail client“ or “consumer“ and you will be afforded the highest level of regulatory protection available.
2.5 Retail Investment Products
The range of regulated financial services we can provide, through evestor, includes arranging deals in ISAs, GIAs and SIPPs on a non-advised basis. You are able to invest in the evestor ISA, evestor GIA and evestor SIPP, all of which are packaged by our chosen Product Provider.
You can choose to make payment into your evestor account in four ways. You may transfer a product from another provider, such as an existing Stocks and Shares ISA into your evestor 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 GBP 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.
2.7 Model Portfolios & Dealing
We run 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 or more of the model portfolio(s) selected by you. Subscription deals will be placed in the funds within the model portfolio in the proportion detailed in the portfolio factsheet.
2.7.1 Rebalancing the model portfolios
Apart from acting on your instructions to arrange for you to invest in the model portfolios, our role is to rebalance the model portfolios that you have selected 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). Subsequent payments into products will be invested in the funds (in the model portfolio) that are most underweight first, with a view of moving the model portfolio back towards its target; any withdrawals from products will result in the most overweight funds being sold down first, with a view of moving the model portfolio back towards its target. 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 that 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, you agree that we are authorised to buy, vary and sell the investments held within the model portfolio from time to time, at our absolute discretion, provided that 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. 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 judgement.
Property and some other investments can take some time to sell. Funds holding these investments may sometimes experience liquidity problems that can delay the return of sale proceeds to investors.
Some funds invest in non-investment grade bonds which have an increased risk of default on repayment when compared to investment grade bonds. This translates into a greater risk that the capital value of the fund will be affected.
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.
2.8 Client Money
OpenMoney Adviser Services Limited is not authorised to accept client money, and so evestor will never accept a payment. All payments made through the evestor portal 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.
2.9 Client Assets
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 evestor system.
3.0 What evestor can provide
3.1 Execution only service (arranging)
We will arrange a contract for you without giving any advice. By agreeing to these terms, you are confirming that 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 execution-only investment with our Product Provider.
3.2 Administrative support
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.
4.0 Evestor Charges
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.
The fee for using our evestor service is fixed at 0.35% per year, not including the individual fund charge. The fee is broken down as follows:
- 0.25% is the evestor ongoing administration charge.
- 0.10% is for the provision of custody services, levied by our Product Provider.
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 Portal.
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.
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, via the App and web 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 App or web 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 monitoring and record keeping purposes. We will store recordings for a period required by law, the FCA Rules or for as long as we consider necessary to be able to provide the evestor Services to you, whilst complying with the General Data Protection Regulations (GDPR). In the event of a disagreement between you and us, we can give you a copy of our records on request. Please note that you cannot 'opt out' of communications being recorded as it is a regulatory requirement.
All communications in relation to the services provided under this Agreement will be in English.
6.1 How to complain
Should you wish to complain please contact Laura Thurston-Garry (Chief Governance Officer) either:
- In writing: Laura Thurston-Garry, evestor, WeWork, One St Peters Square, Manchester, M2 3DE
- By email: firstname.lastname@example.org
6.2 Referrals to the financial ombudsman scheme
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:
- Write: The Financial Ombudsman Service, Exchange Tower, London E14 9SR
- Tel: 0800 023 4567 or 020 7964 1000
- Email: email@example.com
- Website: financial-ombudsman.org.uk for further information on alternative dispute resolution
6.3 Referrals to the Online Dispute Resolution (ODR) Platform
Where your complaint refers to products or services purchased online, you may refer your complaint to the ODR Platform:
- Website: http://ec.europa.eu/odr
7.0 Financial services compensation scheme
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:
- For most types of investment business arranging is covered for up to £85,000
- Eligible deposits are covered up to £85,000
Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme ( www.fscs.org.uk).
8.0 Your information and data
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 details.
We may use your personal information, including sensitive personal information and store it on our systems and may otherwise process it for the purposes of providing the evestor Account and the evestor Services. We will never send you marketing materials and other information regarding any of our products or services without your explicit consent. You can provide or withdraw your consent at any time, either by unsubscribing via an email received, or contacting us via webchat or emailing firstname.lastname@example.org.
We will never share your personal information to a 3rd party, for that party to market its services and products to you, without your consent.
We may pass personal information relating to you to third parties appointed by us for the purpose of administration and verifying your identity and you confirm that you accept and consent to this. We may need to seek additional information from you in order to verify your identity, in which case we may:
- delay the opening of your evestor Account; or
- return and cancel your application; or
- withhold from you the ability to trade or withdraw any Funds until we have successfully verified your identity.
We are registered with the Information Commissioner for the handling and processing of personal information and shall comply at all times with applicable data protection legislation. We will take all reasonable steps to ensure that the database containing this information is constantly updated and is securely protected against unauthorised entry and that personal information is kept strictly confidential.
We may disclose your personal information if we are required to do so by law or we are requested to do so by the FCA, or any other relevant regulatory authority in any country.
Your personal data may be transferred to third parties outside the EEA as well as within it, solely in connection with our provision of the evestor Account and the evestor Services. You should be aware that in territories outside the EEA, laws and practices relating to the protection of personal data are likely to be different and, in some cases, may be weaker than those within the EEA. Where transfers outside of the EEA are necessary, evestor complies with stringent safeguards, required by law, to protect your personal data. By entering into the evestor Agreement you consent to such processing of your data.
You are entitled to see all personal data relating to you, which is held on any database controlled by us. Please contact us via email@example.com if you wish to request this information.
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.
9.0 amendments to the evestor agreement
We may amend the evestor Agreement:
- if we are required to do so to comply with the FCA Rules, or any other applicable law or regulation;
- to reflect changes in the costs and expenses that we incur (or reasonably expect to incur) in providing the services to you, including to take account of changes in the rates of inflation, taxes or interest;
- to make these terms fairer to you or easier to understand, or to correct mistakes;
- to reflect changes in market practice or conditions;
- to enable us to make reasonable changes to the way we provide our services as a result of changes in the financial services sector, technology, or available products;
- to reflect changes to our arrangements with the Product Provider or other Service providers; or
- If we propose to make a change to these Terms that is not detrimental to you, we can make the change immediately. We will make information available to you about the change within 30 days of the change.
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 evestor Agreement and close your evestor Account without charge.
10.0 Withdrawals and termination
10.1 Cancellation periods
The Product Provider Terms & Conditions details your rights to cancel your products once you have taken them out. For any of our products, 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.
10.2 COMMENCEMENT AND TERMINATION
This Terms of Business Agreement takes effect from the date it is given to you and will apply until terminated. You, or we, may terminate our authority to act on your behalf under this agreement at any time, without penalty. You may terminate your evestor 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 evestor Account as soon as practicable after receiving your notice to terminate the evestor 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 evestor Account and take steps to freeze transactions through your Platform Product(s) without giving you advance notice if we reasonably believe that you:
- have materially breached any of the terms of the evestor Agreement or have otherwise provided us with false or misleading information;
- are using, or allowing another person to use your evestor Account illegally or for criminal activity;
- have failed to pay any of the amounts owed under the evestor Agreement; or
- have become bankrupt, insolvent or are unable to pay your debts as they fall due.
We may also terminate the evestor 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 evestor Agreement immediately or freeze your evestor Account as set out above, we will inform you in writing immediately of our decision and our reasons for making that decision.
11.0 governing law
The evestor 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.
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 evestor Agreement or the Product Provider Agreement (including non-contractual disputes or claims).
12.0 third parties
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 Agreement under the Contracts (Rights of Third Parties) Act 1999.
13.0 summary of conflicts management
evestor 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.
13.2 nature of a conflict of interest
In essence, a conflict of interest is a situation in which evestor (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 evestor’s duty to one client conflicts with its duty to another.
13.3 identifying conflicts of interest
For the purposes of identifying the types of conflict and potential conflicts that arise which may entail a material risk of damage to the interests of a client, we must take into account whether evestor or its directors, employees or contractors (“evestor Personnel“) or any other person linked by control to evestor:
- is likely to make a financial gain, or avoid a financial loss, at the expense of a client;
- has an interest in the outcome of a service provided to a client or transaction carried out on behalf of a client, which is distinct from the client’s interest in that outcome;
- has an incentive to favour the interest of another client or group of clients over the interests of the client;
- carries on the same business as a client; or
- receives or will receive from a person, other than a client, an inducement in relation to a service provided to the client, in the form of remuneration, goods or services.
13.4 conflict situations
We have identified a number of situations which may give rise to a potential conflict of interest. These situations include, but are not limited to, the following:
- we receive gifts, entertainment or other monetary and non-monetary benefits from our service providers or business partners (for example, the fund managers of the Funds we make available to clients through the App), which could give rise to a conflict with respect to the duties that we owe to our clients;
- evestor Personnel, who have outside commitments (e.g. directorships or other outside business interests), may be influenced to act in a manner that conflicts with the interests of evestor or its clients; or
- where evestor Personnel invest for their own account in certain investments which are retained as investments for client accounts.
13.5 conflict avoidance
We seek to organise our business in such a way as to avoid conflicts of interest arising.
13.6 conflict management
For conflicts of interest which are unavoidable, we have put in place procedures which are designed to ensure that the management of any conflict takes place in such a way that evestor (and its personnel) are not advantaged and that no client is disadvantaged. All of our employees are provided with training in these procedures and the standards of conduct expected of them. evestor’s Board of Directors remain responsible for ensuring that such procedures are appropriate and that employees act accordingly. Specifically, we have put in place the following procedures to assist in our identification and management of conflicts of interest:
- Conflicts Log: we maintain a list of all potential conflicts of interest identified. With respect to each conflict, the log details the measure put in place to monitor and manage the conflict of interest;
- Gifts & Entertainment Policy: we ensure that all evestor Personnel are subject to appropriate restrictions and monetary limits for any gifts or entertainment received;
- Personal Account Dealing Policy: we ensure that all evestor Personnel pre-clear and report any personal trading activity which may conflict with the interests of our clients;
- Pre-approval process for all Outside Business Interests: we ensure that our personnel’s external commitments do not conflict with the interests of evestor or its clients;
- Separation of functions: where our internal functions might give rise to conflicts of interest, we put in place arrangements to separate such functions and ensure that separate management and reporting lines are established.
13.7 conflicts disclosure
If we are not reasonably confident that we can manage a particular conflict to adequately protect the interest of the client, we will disclose the conflict of interest before undertaking any business, so the client has an opportunity to decide whether or not to continue.
We may aggregate your personal data (including, if you sign up to the Account Aggregation Services, your transactions) with that of other clients and license or sell it to third parties in anonymised form.