App Terms & Conditions

Updated on:

June 6, 2024

Section 1: General Terms

Section 2: Platform Terms

Section 3: Stocks and Shares ISA

Section 4: Stocks and Shares Junior ISA

Section 5: Savings Terms

Section 6: Summary of Conflicts Management at NuWealth

Section 7: Custody Terms

Section 8: Order Execution Policy

Section 9: Client Investments and Risks

Section 10: Glossary

Section 1 - General Terms

Important Information

1.1 In these terms, references to NuWealth, us, our and/or we mean NuWealth Ltd. References to client, you and/or your means any person who opens a NuWealth account(s) with us.

1.2 In these terms, a NuWealth account(s) means the account we will open for you which will enable you to set aside money to invest through the mobile application (the mobile app) which allows us to provide the NuWealth services.

1.3 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 get in touch with us. You can email us at: support@nuwealthapp.com. A glossary of defined terms used in these terms is set out in Section 10.

Your Agreement with us

2.1 These terms, together with:

(a) The information we have provided to you via the mobile app about our services and our charges; and

(b) The information you have provided to us via the mobile app and/or any other permitted means under these terms in relation to your NuWealth account(s) constitutes the agreement (the NuWealth Agreement) between you and us in the provision of our services to you.

2.2 NuWealth are authorised and regulated by the Financial Conduct Authority (FCA), whose address is 12 Endeavour Square, London, E20 1JN. Our FCA registration number is 955775. Our registered address is at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ (Companies House company registration no. 10966427).

Commencement and status of the NuWealth Agreement

3.1 The NuWealth 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 NuWealth account(s) with us has been opened and, accordingly, those terms relating to your NuWealth account(s) will only be applicable after that time. The NuWealth Agreement has no minimum duration period.

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

Your right to cancel your NuWealth account(s)

4.1 You may cancel your NuWealth account(s) at any time.

Complaints

5.1 Should you have any complaints in relation to the services provided by us then please notify us by email at: support@nuwealthapp.com. We will acknowledge your complaint promptly and arrange for the matter to be investigated in accordance with the rules of the FCA (the FCA rules) and report the results to you.

5.2 If your complaint is unresolved or not settled to your satisfaction within 8 weeks from the date you first made the complaint, you may refer it directly to the Financial Ombudsman Service (fos). The address of the FOS is Exchange Tower, London E14 9SR. You can also telephone the fos at: 0800 023 4 567, or email the FOS at: complaint.info@financial-ombudsman.org.uk. You can find out further information about the FOS on its website: www.financial-ombudsman.org.uk.

Compensation

6.1 NuWealth is covered by the Financial Services Compensation Scheme (FSCS).

Client Categorisation

7.1 Services provided to you under the NuWealth Agreement will be on the basis that NuWealth will treat you as a retail client under the FCA rules. This means that you are entitled to certain protections that are required to be provided to retail clients under the FCA rules and under applicable laws.

The NuWealth Account(s) and the NuWealth Services

8.1 We will provide services (the NuWealth services) to you in connection with the setup and operation of your NuWealth account(s) including the following:

8.1.1 The provision of the mobile app or, in the unlikely event that the mobile app is not available, such alternative means as we may specify from time to time to allow you to:

8.1.1.1 Open your NuWealth account(s), purchase investment products and manage your selected investments;

8.1.1.2 Receive your instructions to transact in investments in accordance with the investment selections you have made through your NuWealth account(s);

8.1.2 The provision of information about your NuWealth account(s), investment product(s) and investments held by the relevant issuer for the benefit of your NuWealth account(s) (including the value of your portfolio);

8.1.3 The provision of the round up services (as described in more detail below) and other features and services as we may specify from time to time that help you to make decisions and place instructions with or through the mobile app in relation to your savings;

8.2 We will provide the NuWealth services to you in accordance with the terms of the NuWealth Agreement, all applicable laws and the FCA rules.

8.3 We will do our best to ensure the mobile app and your NuWealth account(s) 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 mobile app and your NuWealth account(s) 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 by email at: support@nuwealthapp.com.

8.4 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.

NuWealth Instant Account Partner Terms and Conditions

If you open a NuWealth instant account with NuWealth ltd, you not only agree to these terms & conditions laid out by us, but you also agree to the terms & conditions set out by our partners. By opening a NuWealth instant account, you will automatically become customers of Seccl, Drivewealth and Currency Cloud. Links to their terms are below:

For the Drivewealth terms of use, click here.

For the Drivewealth customer account agreement, click here.

For the Drivewealth limited purpose margin agreement, click here.

For the Drivewealth limited privacy policy, click here.

For the Drivewealth limited disclosures, click here.

For the Drivewealth limited tax disclosures, click here.

Payment services are provided by the Currency Cloud limited. Registered in England no. 06323311. Registered office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud limited is authorised by the Financial Conduct Authority under the electronic money regulations 2011 for the issuing of electronic money (FRN: 900199)

Currency Cloud terms of use:

Customers who set up an Instant GIA before December 1st 2023 click here

Customers who set up an Instant GIA after December 1st 2023 click here

NuWealth Savings Account Partner Terms and Conditions

If you open a NuWealth savings account with NuWealth Ltd, you not only agree to these terms & conditions laid out by us, but you also agree to the terms & conditions set out by our partners. By opening a NuWealth savings account, you will automatically become customers of GB Bank and Bondsmith. Links to their terms are below:

For the Bondsmith terms of use, click here.

For GB Bank Base Rate Tracker terms, click here.

For GB Bank 30 Day Notice terms, click here.

For GB Bank 95 Day Notice terms, click here.

Selecting Investments

9.1 Through your NuWealth investment account(s) you are able to self-select and invest in a number of investment products (the investment products) that we have arranged to make available to our clients. Please see the FAQs for more information about the investment products. Please note, however, that we do not provide financial advice to our clients and we will never make recommendations based on your personal circumstances. If you are not sure whether the NuWealth account(s), the NuWealth services, or the investment products are suitable for you then we recommend that you seek advice from a qualified financial adviser.

9.2 Prior to making any decision to invest you must read the relevant documentation such as the key investor information document or KIID relating to the relevant investment product (if applicable). Documents such as the KIID contain important information of which you should be aware. You can access the documents such as the KIID via the mobile app. You can also refer to the relevant issuers website for relevant documentation.

9.3 We will not provide nor be responsible for providing you with any financial, legal or tax advice.

Your use of our mobile app

10.1 In addition to the terms set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy. If there are any terms contained in the Privacy Policy 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.

10.2 NuWealth will provide you with secure access to your NuWealth account(s). You must keep your details safe and confidential and notify NuWealth 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).

10.3 You must not undertake any action that could compromise the security or effective working of the NuWealth services. Any such action will be considered a material breach of these terms.

10.4 You are responsible for monitoring your NuWealth account(s), ensuring that you read all messages that have been sent to you (whether through the in-app secure notification centre, 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 NuWealth account(s) or you suspect that it has been subject to unauthorised use.

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

10.6 You acknowledge and agree that all intellectual property rights in the mobile app, all documents and related technology anywhere in the world belong to us or our licensors - you have no rights in or to the mobile app, the documents and related technology other than the right to use each of them in accordance with these terms and the privacy policy.

Making a deposit through our instant payment open banking solution;

11.1 You are able to link your nominated bank account and fund your account directly from our mobile application using open banking. Your nominated bank account must be in your name and be the same bank account as recorded in NuWealth’s database. If you wish to change your nominated bank account you will be able to do so but any outstanding payments will need to be paid off. We use a tool provided by TrueLayer limited (www.truelayer.com) ("TrueLayer") to link your nominated bank account to your NuWealth account(s) and to initiate payments from your nominated bank account. When you link an account or initiate a payment via open banking, you will be redirected to your bank by TrueLayer in order to authenticate yourself. When you link an account or instruct a payment via our app using TrueLayer, TrueLayer's terms of service (“Terms of Service'') will apply.

11.2 The terms of service set out the terms on which you agree to TrueLayer initiating payment from your payment account and accessing information on your payment accounts for the purposes of transmitting that information to us. TrueLayer is subject to UK and EU data protection laws and is required to treat your data in accordance with those laws, as well as the terms of service and TrueLayer's privacy policy. TrueLayer is authorised by the UK Financial Conduct Authority under the payment services regulations 2017 to provide account information services and payment initiation services (Firm Reference Number: 793171). Once a transfer order has been sent, you will not be able to change the amount nor cancel it. Your transfer order will be processed as soon as reasonably possible. You will not be able to remove money from your NuWealth account(s) balance if this will result in your NuWealth account(s) balance having insufficient funds to pay any outstanding charges.

The Round Up service

12.1 You may select to utilise our roundup services or any similar service which we may offer from time to time through the app (our roundup services) to help you make contributions to your NuWealth account(s) based on your spending. These round up services involve the provision of information to you about transactions undertaken on your selected bank account(s) and/or debit/credit card account(s) you hold with third party issuers (connected accounts). In order for us to provide the round up services, you will need to give to us, TrueLayer and/or any other service provider we may appoint from time to time in connection with the round up services (the round up service provider) certain authorities and other information in relation to those connected accounts which could include passwords and other security information (account credentials). This enables us and/or the round up service provider to access your connected accounts on a view only basis in order to collect information and data about the transactions on your account (account information). We and/or the round up service provider will collate the account information and make it available to you securely via the app in order to help you make investment decisions and place instructions with us.

12.2 You should check with the provider(s) of your connected accounts about the impact your use of the round up services may have on the provision of its services to you. In particular, you should check whether your use of the round up services (and, in particular, the disclosure to us and/or the round up service provider of your account credentials) could result in you breaching the terms and conditions of your connected accounts or otherwise adversely affect or invalidate any claim you may otherwise have against the provider of your connected accounts in the event you suffer fraud or similar losses in respect of your connected accounts. Subject at all times to paragraph 12.9 below and paragraph 19 (liability), neither we nor our round up service provider accept any liability for any losses you may suffer or incur as a result of your use of the round up services and any adverse impact on any claims you may otherwise have against the issuer of your connected accounts. By selecting to use our round up functionality you:

Authorise us and the round up service provider to utilise your account credentials to obtain all necessary account information that may be required by us and the round up service provider in order to provide the round up services;

Warrant and represent to both us and the round up service provider that the issuer of your connected account recognises, and is able to respond to, any and all duly provided account information requests which it may receive from either us or the round up service provider from time to time. If you have changed your connected account, it must be changed to an account in your name. Round ups will automatically switch to your new connected account unless deactivated by you in the app;

Acknowledge and agree that neither we nor the round up service provider shall be liable to you in the event that the provider of your connected account delays in providing, or refuses to provide, either us or the round up service provider with access to the account information;

Agree to provide true, accurate, current and complete information about yourself and your connected accounts maintained at other websites and you agree not to misrepresent your identity or your account information. You must be able to provide documentation to us to prove that you are at least 18 years of age at the time of sign up;

Agree to keep the account credentials provided to us and the round up service provider in relation to the connected accounts up to date

Agree that you shall not use content delivered to you through the round up services for any other purpose other than to use the services provided for under these terms;

Agree not to copy, reproduce, distribute, or create derivative works from the content delivered to you through the round up services;

Agree that you shall not reverse engineer or reverse compile any of the services technology relating to round up services, including but not limited to, any java applets associated with such services.

12.3 By selecting to use our round up service you are entering into a legally binding agreement under the terms of which you licence us and the services provider to use any information, data, passwords, materials or other content (collectively, content) we obtain or collate through your use of the round up services in accordance with this paragraph 12. We and the round up service provider may use, modify, display, distribute and create new material using such content to provide the services. We and the round up service provider may also use, sell, licence, reproduce, distribute and disclose to any NuWealth affiliate or third party, aggregated non-personally identifiable information that is derived through your use of the round up services. By submitting content, you automatically agree, or promise that you and/or the owner of such content has expressly agreed that, without any particular time limit, and without the payment of any fees, we and the round up service provider may use the content for the purposes set out above.

12.4 By selecting to use our roundup services you hereby authorise us and the round up service provider on a continuing basis to access third party sites designated by you, on your behalf, to retrieve information requested by you (or on your behalf), and to register for accounts requested by you. For all purposes hereof, you hereby grant to us a limited power of attorney, and you hereby appoint us and the round up service provider as your attorney and agent, with full power of substitution and resubstitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your account credentials, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.

12.5 You acknowledge and agree that each time we or our round up service providers use your account credentials to access and obtain account information from third party sites, we and our round up service providers are acting as your agent and not the agent or on behalf of the third party. You agree that third party account providers shall be entitled to rely on the foregoing authorisation, 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.

12.6 Subject at all times, you expressly understand and agree that your use of the round up services and all information, products and other content (including that of third parties) included in or accessible from the round up services is at your sole risk. The round up services are provided on an as is and as available basis. NuWealth and the round up service provider expressly disclaim all warranties of any kind as to the round up services and all information, products and other content (including that of third parties) included in or accessible from the round up services, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

12.7 Subject at all times NuWealth and the round up service provider make no warranty that (i) the round up services will meet your requirements, (ii) the round up services will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the round up services will be accurate or reliable, (iv) the quality of any products, services, information, or other material purchased or obtained by you through the round up services will meet your expectations, or (v) any errors in the technology will be corrected. Any material downloaded or otherwise obtained through the use of the round up services is done at your own discretion and risk and you are solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from either NuWealth or the round up service provider through or from the round up services will create any warranty not expressly stated in these terms.

8 Subject at all times you agree that neither NuWealth nor the round up service provider nor any of their affiliates, account providers or any of their affiliates will be liable for any losses whether direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses, even if NuWealth or round up service provider has been advised of the possibility of such damages, resulting from: (i) the use or the inability to use the service; (ii) the cost of getting substitute goods and services, (iii) any products, data, information or services purchased or obtained or messages received or transactions entered into, through or from the service; (iv) unauthorised access to or alteration of your transmissions or data; (v) statements or conduct of anyone on the service; (vi) the use, inability to use, unauthorised use, performance or non-performance of any third party account provider site, even if the provider has been advised previously of the possibility of such damages; or (vii) any other matter relating to the service.

12.9 Subject at all times to paragraph 12.10 below and paragraph 19 (liability), you agree to indemnify and keep indemnified NuWealth and its respective affiliates from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable legal fees) caused by or arising from your use of the round up services, your breach of these terms (insofar as they relate to the round up services) or your infringement, or infringement by any other user of your NuWealth account(s), of any intellectual property or other right of anyone. You agree in accordance with paragraph 26 (third party rights) that the round up service provider is a third-party beneficiary of the above provisions, with all rights to enforce such provisions as if the round up service provider were a party to this agreement.

12.10 The provisions contained in this paragraph 12 shall only apply to the extent such provisions may be applied without NuWealth being in breach of any applicable laws or being in breach of any rules, principles or directions of any applicable regulator including, without limitation, the FCA. All statutory rights that are or may be available to clients as against either NuWealth or the round up service provider in respect of the provision of the round up services are preserved and shall remain unaffected.

Opening your NuWealth account(s) and purchasing investment products

13.1 Before we can open your NuWealth account(s) and provide the NuWealth services to you, we are required to verify your identity in accordance with UK anti-money laundering legislation. 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 potentially carrying out credit checks which may affect your credit score.

13.2 You warrant and represent to us on an ongoing basis that:

You are aged 18 or over; and

You are not a US person.

13.3 You agree to notify us immediately if any of the above warranties cease to be correct.

13.4 Purchasing and/or contributing to investment products may be single or regular. These investments may be made only by direct debit or SEPA instruction provided to NuWealth via the NuWealth account(s), or as otherwise prescribed in the specific terms relevant for each investment product. Investing may be subject to certain minimums. We may change the minimum investment amount from time to time and will notify you.

13.5 Payment for the investment products will be debited from your bank account via direct debit or SEPA, using an authorised payment institution (api) who provides NuWealth with payment services. You will be informed (via the NuWealth in-app secure notification centre or e-mail) of the details of the direct debit or SEPA on the day that we have advised the bank to request payment from your bank. Once cleared, the money will be credited to your NuWealth account(s) and held in accordance with Section 2 (platform terms).

Communications

14.1 We may communicate with you at any time using the information you have given us, including, when appropriate, by telephone, sms text message, by email and via the mobile app.

14.2 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 mobile app. You accept that where either we are required to provide you with written notice then this will be given to you by means of electronic correspondence.

14.3 We cannot guarantee that electronic communications will be successfully delivered, or that they will be secure and virus free. Save where we have been negligent or where we have breached applicable law or the FCA rules, 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.

14.4 We may record and monitor telephone conversations that we have with you for training purposes and quality control, for crime prevention, and to provide a record of our discussions with you. 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 NuWealth services to you. In the event of a disagreement between you and us, we can give you a copy of our records on request.

14.5 All communications in relation to the services provided under this agreement will be in English.

Instructions given via the mobile app

15.1 When you use and interact with the mobile app to select and/or make changes to your NuWealth account(s), and/or indicate your intention to purchase an investment product(s), such use and interaction will constitute your instructions to us.

15.2 You understand that, in certain circumstances, we may generally restrict or suspend your access and use of the mobile app. In particular, you should note that we may take this action where:

We reasonably believe that the security of your NuWealth account(s) has been compromised; and/or

It is illegal or against any relevant rule or regulation for instructions to be sent to the manager of the investment product.

15.3 Please note that Section 2 of these terms sets out our obligations and duties with respect to your investment products. You acknowledge and agree that all instructions and authorisations given by you in relation to the investment products and the investments made in respect of your NuWealth account(s) must be sent by you personally and by no other person.

15.4 You acknowledge and agree that all instructions are effective when they are received by us.

15.5 When receiving and transmitting instructions from you to buy and/or sell your investments, we shall apply our order execution policy which is set out in Section 8 of these terms. By entering into the NuWealth Agreement, you agree and consent to our order execution policy.

15.6 Where a delay occurs in transmitting an instruction due to factors outside of our reasonable control (including, without limitation, where the mobile app is unavailable) we will ensure that your instruction is executed as soon as possible. However, we will not otherwise be responsible for any delay. In such circumstances please contact support@nuwealthapp.com.

Your information and data

16.1 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 NuWealth account(s) and the NuWealth services. By accepting these terms, you agree that we may also provide you with marketing materials and other information regarding any of our other products and services from time to time that we think may be of interest to you. If you do not wish to receive such materials, please contact us at support@nuwealthapp.com. We will not at any time (without your consent) share or provide your personal information to any third party for that party to market its services and products (or the services and products of any person unconnected with us).

16.2 We may pass personal information relating to you to third parties appointed by us for the purpose of administration and verifying your identity (as described in paragraph 12 above) 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 NuWealth account(s); or

Withhold from you the ability to trade or redeem your money or otherwise use your NuWealth account(s) until we have successfully verified your identity.

16.3 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.

16.4 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.

16.5 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 NuWealth account(s) and the NuWealth 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, NuWealth complies with the stringent safeguards to protect your personal data required by law. By entering into the NuWealth Agreement, you consent to such processing of your data.

16.6 You are entitled to see all personal data relating to you, which is held on any database controlled by us. Please contact support@nuwealthapp.com for details.

Cash Withdrawals

17.1 If you wish to make a cash withdrawal you must provide instructions via the mobile app. Cash withdrawals can only be made if you have a sufficient cash balance in your NuWealth account(s) to satisfy the cash withdrawal instruction amount. You may have to sell an investment product, in order to meet withdrawal requests. But you should note that the process of selling investments may take some time, depending on the settlement dates of those investments.

Reports and contract notes

18.1 We are responsible for providing to you all contract notes in respect of all investment transactions carried out in the investment products by you via the NuWealth account(s) and all reports that are required to be provided to you in accordance with the FCA rules - including valuation reports (the reports). These reports will include details of all transactions during the relevant period, details of the contents of your NuWealth account(s), the current market value and the basis of valuation, income and fees charged.

18.2 We will make daily valuations of your investment products available to you via the mobile app.

18.3 You agree that we shall provide the reports to you via the NuWealth services.

18.4 By entering into the NuWealth Agreement you agree and consent to the electronic delivery of contract notes and reports and all other information required to be provided to you under those agreements.

Conflicts of Interest

19.1 We or anyone connected with us, may carry out certain transactions for you where we, or another client of ours, have a duty that may conflict with our duty to you. Where a potential conflict of interest arises, we will take all reasonable steps to protect your interests and ensure fair treatment in accordance with the duties we owe you as our client. We have procedures in place to handle such conflicts of interest and to ensure that we act appropriately. It is our practice to disclose the nature of all conflicts of interest to you and (if appropriate) ask for your permission to continue with the service.

19.2 Our conflicts of interest policy is detailed in Section 6. This sets out the types of actual or potential conflicts of interest which may arise given the nature of our business and provides details of how these are managed. Further details and updates of this policy can be provided on request.

Liability

20.1 Subject to the FCA rules, we shall not be liable for any losses suffered by you unless such loss arises from our negligence, breach of the NuWealth Agreement, wilful default or fraud or from our failure to comply with applicable laws or the FCA rules.

20.2 We will not be held liable for any loss incurred by you which arises, either wholly or in part, as a result of an event which is beyond our reasonable control to prevent and the effect of which is beyond our reasonable power to avoid in relation to your NuWealth account(s) and which may arise from delays or changes in market conditions, market fluctuation, currency fluctuation, computer failure, labour dispute, inability to communicate with you, or for any other reason and whereby we are either unable to take or refrain from taking or shall not be obliged to take or refrain from taking any action as a consequence thereof.

20.3 We will take reasonable care and exercise reasonable due skill, care and diligence in the assessment, selection and appointment of the agents and other third parties. We accept responsibility for any losses, damages or costs suffered or incurred by you to the extent these are caused by our negligence, wilful default or fraud in the assessment, selection or appointment of such persons. We will not be responsible in any other circumstance for the acts or omissions of any such third parties.

20.4 We do not accept responsibility for any loss, damages or costs you may incur as a result of:

20.4.1 Any cause beyond our reasonable control to prevent (as described in paragraph 19.2 above);

20.4.2 Our taking any action, or omitting to take any action, to the extent we are required to do so under applicable laws and regulations, the FCA rules and/or at the direction of a competent regulator such as the FCA.

20.5 No provision of the NuWealth Agreement will restrict, qualify or exclude any duty owed to you under applicable laws relating to the provision of services or under the FCA rules. For further information about your rights under these applicable laws contact your local citizens advice bureau.

Delegation

21.1 We may appoint another person or entity (delegate) to perform all or part of the NuWealth services agreement, provided that we take all reasonable steps to ensure that such delegate is suitably competent and qualified to do so. Where we appoint a delegate:

This will not affect our liability to you for the NuWealth services we have delegated; and

This will be undertaken in accordance with these terms and all applicable laws and the FCA rules.

Third party referrals

22.1 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.

22.2 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 the FCA rules and all applicable laws.

Amendments to the NuWealth Agreement

23.1 We may amend the NuWealth Agreement:

23.1.1 If we are required to do so to comply with the FCA rules, or any other applicable law or regulation;

23.1.2 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;

23.1.3 To make these terms fairer to you or easier to understand, or to correct mistakes;

23.1.4 To reflect changes in market practice or conditions;

23.1.5 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; and

23.1.6 To reflect changes to our arrangements with any of our service providers.

23.2 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 14 days of the change.

23.3 If we make a change to these terms that may be detrimental to you, we will provide you with at least 14 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).

23.4 If we make any change that is detrimental to you, you may notify us within 14 days from the date of such change to terminate your NuWealth Agreement and close your NuWealth account(s) without charge.

Termination

24.1 You may terminate your NuWealth 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 NuWealth account(s) as soon as practicable after receiving your notice to terminate the NuWealth Agreement.

24.2 Our fees (as set out in the mobile app) shall continue to apply until the later of the date of the termination of the NuWealth Agreement or the settlement of all outstanding transactions in respect of your NuWealth account(s).

24.3 We may terminate this agreement at any time by giving you 30 business days prior notice subject to the settlement of all outstanding transactions.

24.4 We may terminate this agreement immediately and freeze your NuWealth account(s) without giving you advance notice if we reasonably believe that you:

24.4.1 Have materially breached any of the terms of the NuWealth Agreement or have otherwise provided us with false or misleading information;

24.4.2 Are using, or allowing another person to use, your NuWealth account(s) illegally or for criminal activity;

24.4.3 Have behaved in an inappropriate manner (for example, if you abuse any of our staff);

24.4.4 Have failed to pay any of the amounts owed under the NuWealth Agreement; or

24.4.5 Have become bankrupt, insolvent or you are unable to pay your debts as they fall due.

24.4.6 We may also terminate the NuWealth 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);

24.5 Where we terminate the NuWealth Agreement immediately or freeze your NuWealth account(s) as set out above, we may inform you in writing immediately of our decision and our reasons for making that decision, we reserve the right not to advise you of the reason for freezing the account, if we are required not to inform you for regulatory or legal reasons.

24.6 On termination of the NuWealth Agreement (for any reason), we will sell your assets and transfer your cash as you reasonably request. If you make no reasonable request, we may, at our discretion, take steps to realise your assets and to transfer your cash to you or take advice from HMRC as to the appropriate steps in the circumstances. We reserve the right to withhold any cash that may have been rewarded to you as part of a promotional offer and you have not abided by the terms and conditions,

Assignment

24.1 You do not have the right to assign or otherwise transfer to any other party your rights or obligations under the NuWealth Agreement.

24.2 We may assign our rights and obligations under the agreement at any time without your consent to:

Another entity within our group; or

To a third party outside of our group where we reasonably consider that the transfer will not compromise your rights under the NuWealth Agreement and the services to be provided to you.

24.3 Unless it is impracticable in the circumstances, we will give you 30 days prior notice of any such assignment.

24.4 If we assign our rights and obligations, you may notify us within 30 days from the date of such assignment to close your NuWealth account(s) without charge.

Governing law

25.1 The NuWealth Agreement and any dispute or claim arising out of or in connection with it (including non-contractual disputes or claims) will be governed by and construed in accordance with the law of England and Wales.

25.2 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 the NuWealth Agreement (including non-contractual disputes or claims).

Third Parties

26.1 Save for TrueLayer Ltd, SECCL custody Ltd, Currency Cloud Limited and Drivewealth LLC and any other relevant service provider who may enforce, as applicable, the provisions of paragraph 11, 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.

Section 2 - Platform Terms

Please note that this is an important document that sets out how your NuWealth account(s) is operated. It sets out the terms and conditions for the investment products. It should be read as part of the overall terms.

General

1.1 In accordance with your instructions and your selections, we shall provide the investment products and shall provide receipt and transmission services in relation to these investment products (together, the platform services).

1.2 We will at all times provide the platform services to you in accordance with the terms of the NuWealth Agreement, all applicable laws and all applicable FCA rules.

1.3 If you materially breach these terms then we reserve the right, without further notice, to realise your investment products, withdraw access to the platform service, or any combination of these.

1.4 We do not provide advice about our products or allowable investments. The investment products are only available to direct investors. If for any reason you are unsure about or do not understand these terms or any other aspect of the products or services then you should seek appropriate financial advice and/or contact NuWealth to discuss before making any commitment.

1.5 There is a minimum commitment required for each investment product which will be detailed in the relevant investment product page in the mobile app. We may change the minimum value from time to time and will notify you of any such change. Any recurring contributions to the investment products be maintained above the minimum value of 10.

1.6 The investment products are only available through the NuWealth services; accordingly, all reports and documentation will be provided to you for access via the mobile app. By subscribing to take out an investment product, you agree that you do not require us to provide reports, statements, contract notes or other documentation associated with your investment product other than in electronic form via these means. You must also keep up to date contact details so that we can notify you when any important documents are sent via the NuWealth services.

1.7 You accept that where we are required to provide you with written notice then this will be given to you by means of electronic correspondence as set out above.

1.8 There may be circumstances that require us to review these terms and the charges being made. In this event, we will notify you advising you of any amendments to these terms at least 14 days prior to the change taking effect. However, we reserve the right in extreme circumstances to vary these terms with shorter notice e.g. A change to an existing, or implementation of a new regulatory requirement which we have to take action immediately.

1.9 Value added tax and all other applicable taxes will be levied on all appropriate expenses and fees at the prevailing rate.

1.10 We have categorised you as a retail client for all purposes of the FCA rules. As a retail client you will benefit from the greatest level of protection available under the regulatory system.

Investing in investment product(s)

2.1 You may transmit orders for investment products once we receive all necessary information from you or when our other requirements have been met if this is later.

2.2 You may not purchase an investment product if you are a US Person (as defined by the US internal revenue service). If at any point you become a US Person then you must immediately inform us and we will require you to exit your product(s).

2.3 When you choose to purchase a new investment product you must initially commit the minimum amount required, as detailed above. This amount must be in your NuWealth account(s).

Funds and investments

3.1 All monies received in respect of your investment products will be held in a client money bank account until the order is executed.

3.2 We will be entitled to dispose of any purchase orders if required to do so by the terms of any agreement to which we are a party. We will make all reasonable endeavours to inform you of such an event in advance, where feasible.

3.3 We will place an electronic copy of your statement detailing the investments on your investment product(s) in the relevant area of the NuWealth mobile app.

Charges and expenses

4.1 Provided, in doing so we act at all times in accordance with all applicable laws and the FCA rules, we may reasonably reimburse ourselves in respect of the liability, charges or costs by way of making a charge against your investment product(s) and/or NuWealth account(s) as we may reasonably determine which we have incurred as a result of one of the following events occurring: 1. We become liable to pay any tax or levies imposed on your investment product(s) or on any contribution paid by you; or 2. We become liable to make any other payment to the uk government or any governmental agency or any such self-regulatory organisation, to the extent directly or indirectly attributable to your investment product(s).

4.2 These paragraphs 4.1 and 4.2 will not apply to the extent that the relevant event is attributable, directly or indirectly, to any fraud, negligence, wilful default or regulatory breach by us.

4.3 If we omit to deduct all or part of any charges from your NuWealth account(s) on the due date, we shall not subsequently be prevented from deducting such amounts or exercising any available remedy as a result of that omission.

4.4 We may also deduct money from your NuWealth account(s) and/or sell any of your investment products to realise cash if an investment product has been credited in error.

4.5 Charges, costs and liabilities which NuWealth is entitled to charge you will be paid from your NuWealth account(s) and/or investment product(s). If at any time the cash balance on your NuWealth account(s) is not enough to cover all such charges, costs and liabilities in full, we may: dispose of investment products at our discretion and without liability in order to pay the amounts due; or require you to pay us the amounts due.

4.6 If we dispose of your investment products in accordance with paragraph 4.5 of this Section 2 then we will, ordinarily, sell your investments to meet the amount due starting with the largest holding by value.

4.7 We may sell slightly more of your investments than is needed due to: the fact that we cannot know the exact price at which the investments will be traded and any excess will be held as cash on your NuWealth account(s); or the requirement to maintain a minimum holding value for each investment.

4.8 If for any reason the value of your investments is insufficient to meet any such fees, charges, expenses or tax payable, you agree to pay us on demand the amount of any such shortfall.

Receipt and transmission of orders

5.1 We are responsible for executing any order we receive from you via the NuWealth services.

5.2 You may only place orders via the NuWealth mobile app. If this is unavailable for any reason, please contact support@nuwealthapp.com.

5.3 You are responsible for the accuracy of your orders. You will not be able to cancel or change an order after you have submitted it.

5.4 You must have sufficient balance on your NuWealth account(s) to execute any order that you place together with any related charges.

5.5 We reserve the right for any reason to refuse to execute an order but we will act reasonably in so doing. There may be circumstances, including (without limitation) suspension of dealing in extreme market conditions in which we may not be able to execute an order. We will, if possible, notify you of the reason. Provided we have acted reasonably, then we will not be liable for any loss or profit forgone between the time an order was received and when it was executed, if ever.

5.6 We reserve the right to cancel or reverse an order if a direct debit order fails resulting in not enough cash being available in your NuWealth account(s) to fulfil the order obligation. You will be liable for any loss that results from such a failure.

5.7 We may combine your order with other clients' orders if we reasonably believe that this will not be to your disadvantage. We may have to execute your order in tranches and provide an average price per order.

5.8 You must notify NuWealth if you receive confirmation of an order which you did not place or which has not been completed in accordance with your instructions.

5.9 We will send to you contract notes (via the NuWealth in-app message notification centre) confirming the details of your transaction by the end of the business day after we receive it from the relevant issuer.

Disinvesting

6.1 If you instruct us to disinvest any of your investment product(s) then we will continue to act upon other orders that you provide to us (via the NuWealth services), including the collection of direct debits and SEPA.

Personal information

7.1 We may use your personal information, including your sensitive personal information, and store it on our systems and may otherwise process it for the purpose of the administration of your investment product(s).

7.2 We may pass personal information relating to you to its associates or the bank for the purpose of administering your investment product and verifying your identity and by executing your orders in the investment product(s) you confirm that you accept and consent to this. We may also need to seek additional information from you in order to verify your identity, in which case we may: delay the execution of your order or withhold from you the ability to trade or disinvest any investment products until we have successfully verified your identity.

7.3 We are registered with the information commissioner for the handling and processing of personal information and shall comply at all times with the relevant data protection legislation. We will 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 and will not be passed to any third party for marketing purposes without your written consent.

7.4 We may disclose personal information if required to do so by law or are requested to do so by the FCA, or any other relevant regulatory authority in any country.

7.5 You are entitled to see all personal data relating to you, which is held on any database controlled by us.

7.6 By investing in an investment product you freely consent to the processing and disclosure of your personal information in accordance with these terms.

Availability of the service

8.1 We cannot guarantee that access to, or trading in, your investment product(s) via the NuWealth services will be available at all times or without delay. You acknowledge that the service may be interrupted and the services available may be variable in certain circumstances.

8.2 We may suspend the operation of our service where we considers 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 our clients protection, in periods of exceptional trading activity or to ensure the continued availability of other services.

8.3 We will not be liable to you if their systems or services are unavailable to you for trading or information purposes for whatever reason.

Market abuse

9.1 By placing orders you agree that you will not take part in activity which may be considered market abuse. You agree that you will not in any way engage in market abuse or require or encourage others to do so. If you are uncertain as to whether your dealings or proposed dealings are lawful, you should take legal advice. If we have reason to suspect that your use of the NuWealth service constitutes market abuse, we reserve the right to take any action deemed to be appropriate. This action will include but is not limited to, refusing to act on your instruction and in such circumstances, we are not obliged to provide you with reasons for our actions.

Assignment and delegation

10.1 We may appoint any person to advise on or perform any of our functions or responsibilities under these terms. This contract may be assigned in whole or in part, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment. Any group company shall be entitled to enforce provisions of these terms which shall apply to it as if it were a party to the contract.

Events beyond our control

11.1 An event beyond our control means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks.

11.2 We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these terms that are caused by an event beyond our control. If an event beyond our control takes place that affects the performance of our obligations under these terms, we will notify you as soon as reasonably practicable and our obligations under these terms will be suspended and the time for performance of our obligations will be extended for the duration of the event beyond our control.

11.3 You may terminate the contract if an event beyond our control takes place and you no longer wish us to provide the NuWealth service.

Termination

12.1 These terms, as amended, will continue to apply until the provision of your investment product(s) is terminated. All charges or fees due up to the date of termination must be paid. Termination shall be without prejudice to the completion of transactions already initiated by us on your behalf.

12.2 If we terminate or suspend the provision of your investment product(s) then we reserve the right to disinvest all investments and hold the proceeds in cash pending receipt of instructions from you.

Section 3 Stocks & Shares ISA

Terms 7, 8, 9, 11, 15 also apply to your Standard and Instant General Investment Account(s)

These ISA terms apply to the individual savings account that you have with 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.

Commencement

1.1 These ISA terms become effective and govern the relationship between you and SECCL as your ISA manager following receipt of your subscription.

Your ISA

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.

About your ISA manager

3.1 SCL will act as the ISA manager in respect of your ISA. 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.

Eligibility

4.1 In order to open an ISA, you must satisfy the requirements set out in the ISA regulations. Generally, you can open and maintain an ISA account if you are an individual of 18 years or over, you are resident in the UK, and you are a UK taxpayer.

ISA Investments

5.1 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.

5.2 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 5.3 below, you may not make any further subscriptions into your ISA or any other ISA in the same tax year.

5.3 As your 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.

Withdrawals and flexible ISA

6.1 If you wish to withdraw any cash or investments from your 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.

6.2 SCL will effect the transfer within such time as stipulated in your instructions, subject to any reasonable business period required by SCL to implement your instructions which should not take longer than 30 days from the date your instructions were received by SCL.

Transfers

7.1 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.

7.2 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. SCL will effect such transfer within a reasonable time needed to implement your transfer instructions which should not take longer than 30 days from the date your instructions were received by SCL. SCL does not currently facilitate the partial transfers of ISAs.

7.3 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.

Ending your ISA

8.1 subject to the ISA regulations, you may end your ISA at any time by withdrawing your funds. 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.

8.2 SCL may terminate your ISA if it has ceased or will cease to comply with the ISA regulations and become 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.

8.3 SCL may terminate its services as your ISA manager by giving you 30 days written notice.

8.4 In the event of termination: -

8.4.1 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

8.4.2 These ISA terms will continue to apply to your ISA until all transactions or transfers have been affected and relevant payments made.

Your investments and assets

9.1 In accordance with the ISA regulations, SCL will register the investments held in your ISA in the name of one of its nominees; beneficial ownership of these investments will stay with you.

9.2 SCL will provide custody in respect of your investments and assets and SCL will hold any cash belonging to you as further described in clause 2 and 3 respectively in the general terms of this client agreement.

Delegation

10.1 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.

10.2 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

Section 4 - Stocks and Shares Junior ISA

These terms apply to the Stocks and Shares Junior Individual Savings Account (JISA) that you have with NuWealth, (the investment service provider or the ISP) and are supplementary to any terms you have with them.

In the event of any conflict between these JISA terms and any other terms, the JISA 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. Commencement

1.1 Your JISA account will not start until your first subscription or transfer amount is received by us.

1.2 The JISA allows you to invest separately on behalf of a child, subject to a lower annual subscription limit. When the child for whom a JISA is opened reaches age 18, it automatically converts into a SCL Stocks & Shares ISA held in their own name.

  1. Your Junior ISA

2.1 A child can hold a maximum of one cash JISA and one stocks and shares JISA at any time up to the age of 18. Any JISA held can be transferred to different providers.

2.2 Your Stocks and Shares or JISA is subject to the individual savings account regulations 1998 (ISA regulations) and, in the event of any inconsistencies between the ISA regulations and these JISA terms, the ISA regulations will prevail.

  1. About your JISA manager

3.1 SCL is approved by HM Revenue & Customs for these purposes.

3.2 SCL will manage your JISA 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 JISA. All investment decisions that you take in respect of the investments that you wish to hold in your JISA will be yours or those of the ISP where you have authorised the ISP to take such decisions on your behalf.

  1. Eligibility

4.1 If the child already holds either a stocks and shares JISA or a Child Trust Fund (CTF), this must be transferred across to us in full in order to open and subscribe to our JISA. In addition to open a JISA the child must be:

4.1.1 16 years of age or under,

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

4.2 The person who opens the JISA will be the registered contact for legal purposes and will be responsible for making the investment decisions and managing the account until the child reaches 18 and the JISA converts into an isa. At that time the former child beneficiary becomes entitled to manage the investments as the holder of the ISA.

4.3 The registered contact must be a person with parental responsibility for the child holding the account.

  1. Subscription levels

5.1 The registered contact is responsible for ensuring that the JISA subscription limit is not exceeded for every tax year subscriptions are paid.

5.2 Once the JISA subscription limit for a tax year has been reached (taking into account any cash JISA held), no further subscriptions can be made to this JISA or any cash JISA held.

5.3 In each tax year the eligible child may only subscribe to one cash JISA and one stocks and shares JISA with the same or different providers in any combination of subscription up to the overall subscription limit.

  1. JISA investments

6.1 You may hold such investments in your JISA 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 JISA 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 In accordance with the JISA regulations, SCL will register the investments held in your JISA in the name of one of its nominees.

6.3 The eligible child is, and must remain as, the beneficial owner of JISA assets. JISA assets must not be used as security for a loan.

6.4 We will make available to you on request copies of reports and accounts, scheme particulars or 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 attached 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.

  1. Withdrawals

7.1 No withdrawals are allowed from the JISA before the eligible child reaches the age of 18 except:

7.1.1 On the death of the child, or

7.1.2 On direct instruction from HMRC, where the child is terminally ill or where the JISA is void or repaired, or

7.1.3 To pay any charges due

7.1.4 Within the 30 day grace period in which you can change your mind, if you decide the account isn't right for you

  1. Transfers

8.1 We accept the transfer of the following held by an eligible child:

8.1.1 A whole Stocks and Shares Junior ISA;

8.1.2 A whole Child Trust Fund in cash;

8.1.3 And part or whole of a Cash Junior ISA.

8.2 If only part of a Cash Junior ISA is being transferred to us, any payments that have been made in the current tax year must be transferred to us in full.

8.3 The transfer will depend on the other ISA manager or Child Trust Fund provider agreeing.

8.4 You may ask us to transfer all of your JISA from SCL to a different authorised JISA manager and subject to the ISA regulations, the transfer will depend on the other manager agreeing.

8.5 On receipt of a valid instruction from another JISA manager, SCL will transfer your JISA to them within the timescale stipulated by you, however your requested timescale must not be less than 30 days.

8.6 Our JISA must always be fully transferred.

8.7 You (or the ISP on your behalf) will be required to complete the relevant transfer application form and provide SCL and the other JISA manager with your instructions in writing.

  1. Cancelling your JISA 

9.1 You can cancel your JISA by contacting the ISP within 30 days of opening the account. You can choose to withdraw the value of any investments you've made or transfer to another provider. We will not be liable for any losses or costs following the sale of your investments.

  1. Ending your JISA 

10.1 SCL may terminate its services as your JISA manager by giving you 30 days written notice.

10.2 In the event of termination: -

10.2.1 SCL is entitled to deduct any such amounts as it is permitted or required to deduct under the JISA regulation, these JISA terms, or the client agreement; and

10.2.2 These JISA terms will continue to apply to your JISA until all transactions or transfers have been affected and relevant payments made.

  1. A void JISA 

11.1 We will manage your JISA in accordance with HMRC’s JISA regulations. We will notify you and must inform HM Revenue and Customs if, for any reason, your account has ceased or will become void for tax purposes because the provisions of the JISA regulations have not been met, or you have not complied with these terms. If your JISA becomes void, you may lose part or all of your tax exemption relating to the JISA .

11.2 When we receive your instructions, all investments held in your JISA account and proceeds arising from those investments will be transferred or paid to you within 30 calendar days of the request being received. We will not be liable for any losses or costs following the sale of your investments.

11.3 For more information on the reasons a JISA might become void please speak with your adviser.

  1. Delegation

12.1 Subject to the JISA regulations, SCL may delegate any of its functions under these JISA 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 JISA as that organisation may reasonably require for the purposes of exercising the delegated functions

  1. Your personal information

13.1 We are the data controller for the personal information you give us. We will not pass your personal information to anyone, other than as detailed in our privacy policy (which can be found at www.Seccl.Tech). By accepting these terms & conditions, you agree and consent to our obtaining, using, and storing your personal information as set out in our privacy policy.

  1. Intellectual property

14.1 All copyright, trademarks and other intellectual property in the materials and information on our website are owned or licensed by NuWealth 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.

  1. Complaints & FSCS cover

15.1 If you have a complaint about any element of the JISA, please contact us at support@nuwealthapp.com

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: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

15.6 The JISA 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 JISA , its assets and any cash held in your JISA and the maximum amount of compensation available will depend upon the type of investment business, the FSCS compensation limits applied at the time of any failure and the circumstances of your individual claim. The current compensation limits are as follows:

15.6.1 For cash, such as the money in your JISA bank account - 85,000 per eligible claimant, per bank;

15.6.2 For assets, 85,000, per eligible claimant, per financial institution (where the relevant financial institution is also covered by the FSCS).

15.7 SCL’s 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.

  1. Changing or ending these terms

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 JISA 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 poorer service.

16.2 We may make reasonable and appropriate changes to these terms & conditions at any time whilst your JISA 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 16.1 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 JISA ;

Section 5 - Savings Terms

These terms apply to the savings account that you have with NuWealth, (the investment service provider or the ISP) and are supplementary to any terms you have with them. In the event of any conflict between these savings terms and any other terms, the savings terms will apply.

  1. Commencement

1.1 Your savings account will not start until your first subscription or transfer amount is received by us.

  1. Your savings account

2.1 You can hold a maximum of one NuWealth savings account per savings account type. For example, you can open one GB Bank Base Rate Tracker account. If more account types become available, you can hold up to one of each.

  1. Third parties

3.1 NuWealth has engaged the services of Bondsmith for administrative tasks related to the savings product, and Bondsmith shall be responsible for the collection and deposit of funds into a client money account managed by Bondsmith.

3.2 GB Bank shall deposit an aggregated amount from Bondsmith into a designated account at GB Bank, from which withdrawals to Bondsmith will be made as required.

3.3 By agreeing to these terms, you are also agreeing to the terms as set out by these third parties (Bondsmith, and GB Bank), and agree to the sharing of necessary personal information in order to carry out the services in relation to your savings account.

Bondsmith is a trading name of Bondsmith savings Ltd. Bondsmith Savings Ltd is registered in England and Wales, no 13223331. Registered office: 124-128 City Road, London, EC1V 2NJ. Bondsmith is authorised by the Financial Conduct Authority under the electronic money regulations 2011, firm reference 955601, for the issuing of electronic money.

For Bondsmith terms, click here.

GB Bank Limited is authorised by the prudential regulation authority and regulated by the Financial Conduct Authority and the prudential regulation authority (financial services register number: 850286. The financial services register can be accessed at www.FCA.org.uk/register). GB Bank is a company registered in England and Wales (company number 10702260) and its registered office is 2 Centre Square, Middlesbrough, TS1 2BF.

For GB Bank Base Rate Tracker terms, click here.

For GB Bank 30 Day Notice terms, click here.

For GB Bank 95 Day Notice terms, click here.

  1. Eligibility

4.1 To open a savings account you must be:

4.1.1 18 years of age or older

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

  1. Limitations

5.1 Deposits

5.1.1 To open the account, you must make a minimum deposit of £500. £500 is the minimum account value to hold the GB Bank Base Rate Tracker or a Notice savings account with NuWealth.

5.1.2 After this initial deposit, deposits must be of £50 minimum value or more.

5.1.3 Deposits must be made from your nominated bank account.

5.1.4 You must specify the amount you will deposit in the NuWealth app, before making a payment of the exact same value as specified from your banking app. Failure to make deposits from the nominated bank account, or making a deposit of a different value than specified, may result in the deposit failing and being returned to your bank account.

5.1.5 The maximum account value is £250,000, with up to £85,000 covered by FSCS protection. For GB Bank’s ‍FSCS Information Sheet and Exclusions List, click here. For more information, visit www.fscs.org.uk 

5.1.6 Notice Accounts cannot have further deposits made once the withdrawal notice period has begun, until the notice period has elapsed and withdrawal has been processed, or the notice is cancelled. Once the withdrawal has completed or been cancelled, deposits can be made once more.

5.2 Withdrawals: you may make a withdrawal up to a maximum of once per calendar month.

5.2.1 For Notice accounts, the entire account holding must be withdrawn. For the Base Rate Tracker account, any amount above £50 can be specified for withdrawal, providing the total account value is £500 or more.

5.2.2 For Notice accounts, the notice period as determined via the account name and details must elapse before the withdrawal will be transferred back to the client’s bank account. The notice period begins once the full withdrawal is initiated. For example, for the 30 day notice account, once the withdrawal is instructed, the withdrawal will be processed after 30 days have elapsed.

5.2.3 For Notice accounts, if the withdrawal is cancelled prior to the required notice period elapsing, the notice period resets. If the client initiates a withdrawal later, the full notice period must elapse again prior to the withdrawal being released.

  1. Interest

6.1 Our interest tracks the Bank of England base rate and is updated accordingly.

6.1.1 All interest is paid gross. You are solely responsible for calculating and paying tax due on interest payments.

6.1.2 Interest is calculated and added to your account daily (on business days).

6.1.3 The interest rate on the GB Bank Base Rate Tracker account will never be less than Bank of England base rate minus 0.50%. Rates on the Notice accounts are variable and changes will be communicated with sufficient notice in advance of any change.

6.1.4 The rate will adjust within 3 business days following a change in the Bank of England base rate.

  1. Fees and charges

7.1 No fees or charges apply to the GB Bank Base Rate Tracker account or Notice Savings accounts. It is free to open, hold, and use. There are no charges or fees for depositing or withdrawing.

  1. Account access

8.1 Your account is accessible solely through the NuWealth mobile app, available on the apple app store and google play store.

8.2 If you are unable to access your account for any reason, please contact support at support@nuwealthapp.com

  1. Closing your savings account

9.1 You can close your savings account by contacting the ISP and requesting a closure at any time, once your total funds have been withdrawn from the account.

  1. Ending your savings account

10.1 NuWealth, Bondsmith, and/or GB Bank may terminate its services as your savings provider by giving you 30 days written notice.

10.2 In the event of termination: -

10.2.1 NuWealth, Bondsmith, and/or GB Bank is entitled to deduct any such amounts as it is permitted or required to deduct under these terms, the terms of the relevant third parties, or the client agreement; and

10.2.2 These terms will continue to apply to your savings account until all transactions or transfers have been affected and relevant payments made.

  1. In the event of the account holder’s death,

11.1 We will require a copy of the death certificate and a letter proving the right of executorship. Then the executor can instruct the funds to be released, and we will process the request.

  1. Delegation

12.1 NuWealth, Bondsmith, and/or GB Bank may delegate any of its functions under these terms to another organisation which NuWealth, Bondsmith, and/or GB Bank, exercising due skill, care, and diligence, has determined as being competent to exercise such functions.

12.2 Where NuWealth, Bondsmith, and/or GB Bank decides to delegate its functions, you consent to NuWealth, Bondsmith, and/or GB Bank providing that organisation with such information about you and your account as that organisation may reasonably require for the purposes of exercising the delegated functions

  1. Your personal information

13.1 We are the data controller for the personal information you give us. We will not pass your personal information to anyone, other than as detailed in our privacy policy and as required to carry out the services provided. By accepting these terms & conditions, you agree and consent to our obtaining, using, and storing your personal information as set out in our privacy policy.

  1. Intellectual property

14.1 All copyright, trademarks and other intellectual property in the materials and information on our website are owned or licensed by NuWealth 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 any third party.

  1. Complaints & FSCS cover

15.1 If you have a complaint about any element of the savings account, please contact us at support@nuwealthapp.com.

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: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

15.6 The savings account 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. The current compensation limits are as follows:

12.6.1 For cash, such as the money in your savings account - 85,000 per eligible claimant, per bank.

15.7 NuWealth’s banking partners are Bondsmith and GB Bank, 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 FSCSs address is 10th floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU.

  1. Changing or ending these terms

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 NuWealth 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 savings account 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 poorer service.

16.2 We may make reasonable and appropriate changes to these terms & conditions at any time whilst your savings 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 NuWealth, Bondsmith, or GB Bank companies, or a transfer of rights as outlined at 13.1 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 savings account;

Section 6 - Summary of conflicts management at NuWealth

Introduction

1.1 NuWealth 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 withFCA rules and principles.

Nature of a conflict of interest

2.1 In essence, a conflict of interest is a situation in which NuWealth (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 NuWealth's duty to one client conflicts with its duty to another. 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 consider whether NuWealth or its directors, employees or contractors (NuWealth personnel) or any other person linked by control to NuWealth:

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 clients 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.

Conflict situations

3.1 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 issuers of the investment products we make available to clients through the mobile app), which could give rise to a conflict with respect to the duties that we owe to our clients;

NuWealth 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 NuWealth or its clients; and where NuWealth personnel invest for their own account in certain investments which are retained as investments for client accounts.

Conflict avoidance

4.1 We seek to organise our business in such a way as to avoid conflicts of interest arising.

Conflict management

5.1 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 NuWealth (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. NuWealth's board of directors remains 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:

Gifts & entertainment policy: we ensure that all NuWealth personnel are subject to appropriate restrictions and monetary limits for any gifts or entertainment received;

Personal account dealing policy: we ensure that all NuWealth 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 personnels external commitments do not conflict with the interests of NuWealth or its clients;

Protection of information: we maintain appropriate safeguards to protect sensitive or confidential information which could give rise to conflicts of interest. These measures are designed to prevent unauthorised access, inappropriate use, or inappropriate dissemination of such information; and

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.

Conflicts disclosure

6.1 If we are not reasonably confident that we are able to manage a particular conflict to adequately protect the interest of a client, the general nature and/or source of conflicts of interest will be clearly disclosed before we undertake any business. The following conflicts are managed through disclosure:

We may aggregate your personal data (including, if you sign up to the round up service, your transactions) with that of other clients and licence or sell it to third parties in anonymised form.

Section 7 - Custody Terms

Standard accounts custody terms

Background

1.1. Under the terms, you consent to NuWealth Ltd appointing SECCL custody limited ("scl") as the custodian to provide:

The custody services more particularly described in this schedule

Cash payment services, asset price and information data

Client money and asset reconciliation in accordance with the client asset sourcebook ("cass") of the FCA rules

1.2. SCL is authorised and regulated by the Financial Conduct Authority of 12 Endeavour Square, London, E20 1JN, registration number 793200, to arrange, safeguard and administer custody of cash and assets.

1.3. SCL is registered in England, registration number 10430958. To contact SCL, write to 20 Manvers Street, Bath, BA1 1JW

1.4. Terms not defined in these custody terms have the meaning set out in the terms or the FCA rules.

System operation - applying and transacting

2.1. The custodian is authorised to ensure that the custody of your cash and assets are managed compliantly in accordance with the applicable regulations.

2.2. Any deposits or withdrawals of cash or instructions to buy, sell or transfer investments, through the isp, will be recorded and managed in accordance with CASS. SCL will ensure any investment instructions are placed in accordance with the terms.

2.3. All client cash will be held with an approved bank or CRD credit institution in a designated client money statutory trust account. The account is held separately from any monies held by either SCL or the isp.

2.4. Client assets will be registered to digital custody nominees limited ("nominee") which is a wholly owned subsidiary company of SCL. This arrangement safeguards and segregates your assets from those of SCL. SCL accepts the same level of responsibility under CASS to you for the nominee.

2.5. Your cash and assets will be held in a pooled arrangement. This means that SCL will have records that identify your individual ownership and entitlement to assets. For operational and servicing purposes it is more efficient for SCL to administer your investments on a pooled basis.

2.6. SCL will have instances where we need to appoint third-party nominees or sub-custodians to maintain the custody services offered. By agreeing to these custody terms, you authorise SCL to do so.

2.7. SCL will use reasonable care and due diligence to perform its custodian duties. Your assets will be held separately to scl's assets, if SCL goes out of business. If any shortfall of assets arises as a result of scl's or a third-party nominee or sub-custodian's insolvency, these would be shared on a proportionate basis with affected clients.

2.8. Where SCL receives income from your investments through dividend payments, fund distributions and corporate actions, SCL will reconcile and credit these to your accounts.

2.9. As corporate action events arise, SCL will inform the ISP where actions are applicable to your assets.

2.10. SCL will facilitate the transfer of cash and assets in accordance with client instructions and the isps terms.

Cash processes

3.1. Any client deposits or income will be credited to your respective account once identified and reconciled with the date SCL received monies.

3.2. SCL will not pay any interest on cash held in client money accounts. You will be notified by SCL of any changes, if our policy on client interest changes.

Settlement

4.1. Settlement of client assets will accord with market best practice. Where assets are traded in exchange traded instruments "ETIS", SCL will normally operate on a delivery-versus-payment "dvp" settlement process. By agreeing to the custody terms, you permit SCL to apply DVP transaction exemption as detailed in the FCA rules up until any delivery of assets (purchases) or cash (sales) passes the third working day, whereby SCL will follow client money and asset reconciliations in accordance with CASS.

4.2. For model portfolio and switch orders, SCL will place a buy order after the sell instruction is confirmed by the fund manager or the market. SCL may delay the purchase of ETI orders if the intended settlement date on the sale of a fund is a day or more longer than that of the ETI order.

Asset reconciliations

5.1. SCL will reconcile client money and assets in accordance with CASS.

5.2. Client money will be reconciled on a business day basis and assets will be reconciled externally according to their type and registration.

Liens

6.1. We reserve the right to enforce the right of liens over the assets under the terms.

Communications

7.1. All communication with you will be in English through the online message portal provided by the isp.

7.2. SCL will provide quarterly valuation statements and contract notes, which will detail the buys or sells instructed on your account. It is your responsibility to sign-in and read this information and it is important you notify the ISP promptly of any errors or omissions in respect of the accuracy of these documents.

Complaints

8.1. SCL has its own complaints policy. If you want to complain, please contact the ISP first. If the complaint relates to services provided by SCL, SCL will provide the ISP with all necessary information to resolve the complaint. The ISP may ask SCL to take control or assist on the complaint if necessary.

8.2. If you do not think this is appropriate please contact SCL by email at secclops@seccl. Tech or by post to the compliance officer, 20 Manvers Street, Bath, BA1 1JW.

8.3. If we do not resolve your complaint satisfactorily or fail to resolve it within eight weeks of receiving your complaint, you can also direct your complaint to the Financial Ombudsman Service at:

Exchange Tower, London E14 9SR.

Telephone: 0800 023 4567 or 0300 123 9 123;

Email: complaint.info@inancial-ombudsman.org.uk; and

Website: www.financial-ombudsman.org.uk.

Remuneration

9.1. The ISP pays SCL for custody services.

Conflicts of interest

10.1. SCL maintains a conflict of interest policy independent of the isp. It is available by contacting the isp.

Force majeure event

11.1. To the extent permissible under applicable law, neither you nor SCL shall be responsible for any loss or damage suffered by the other party by reason of any natural and unavoidable catastrophes that interrupt the expected course of events and restrict you or SCL from fulfilling obligations under these custody terms ("force majeure event"). If such loss, damage or failure is, or may occur, due to a force majeure event, each party will use reasonable endeavours to minimise the effects and will notify

Data protection

12.1. In acting as your custodian SCL, will have access to the data you provide on application to the ISP service. In the service agreement between the ISP and SCL both parties are joint data controllers and have independent privacy policies which summarise how we will use your personal information and with whom we share it.

12.2. SCL will use your details for regulatory reporting purposes and will not use or share your information for marketing purposes.

FSCS

13.1. SCL is covered by the Financial Services Compensation Scheme ("FSCS"). If SCL ceases trading and cannot meet your obligations, you may be entitled to compensation from the scheme up to a maximum of 85,000 (or such other value covered from time to time by the FSCS) for investment claims.

13.2. Further information about the compensation arrangements is available from the FSCS directly.

Website: www.FSCS.co.uk telephone: 0800 678 1100 / 020 7741 4100.

Address: Financial Services Compensation Scheme, PO Box 300, Mitcheldean, GL17 1DY

Use of third parties

14.1. To provide custody services SCL, will use the services of third-party service providers.

14.2. Examples include the provision of; data and price feeds of assets, the execution of trading instructions, clearing and settlement services, banking services, client verification, regulatory reporting, card payment services and the facilitation of automated transfer instructions.

14.3. Where services are provided by a third-party, SCL will use reasonable care and due diligence in selecting them and monitoring their performance. Except for clause 2.4, SCL does not guarantee proper performance by the third-party and will not itself be responsible if a third-party provider fails to meet its obligations. This means that should the third-party default or become insolvent, you may lose some or all of your assets and will not necessarily be entitled to compensation from SCL. Including, in circumstances where it is not possible under the relevant national law and the registration under clause 2.6 to identify the client assets from the proprietary assets of the third- party firm.

Termination

15.1. SCL may terminate the terms at any time by giving the ISP 30 days' written notice (subject to applicable law and regulatory requirements). There is no minimum duration of the terms.

15.2. SCL may also terminate the terms with immediate effect by written notice if required to do so for legal or regulatory reasons or on instructions from the isp.

15.3. In this event, the ISP will instruct SCL where to transfer the client assets and client money. If the ISP does not do so promptly, or if the ISP no longer represents you, then you will on request give the relevant instruction. The custodian will transfer client assets and client money in accordance with the relevant instruction or, if it is unable to obtain instructions, it will transfer them directly to you. The terms will continue to apply until such transfer of the client assets and the client money is complete.

Severability

16.1. If any part of this agreement is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.

Notices of change/variations

17.1. We may change these custody terms in whole or in part. We can do this for the reasons stated in our change control policy, a version of this is available from the platform provider.

Governing law

18.1. This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England.

18.2. You irrevocably agree that the courts of England shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these custody terms or its subject matter or formation.

Liability

19.1. SCL will act with all reasonable skill, care and diligence in acting as your custodian. SCL will be liable to you for any direct loss that is the result of negligence or failure by SCL to account for assets in accounts or through a breach ofFCA rules, unless any such failure is the result of the acts or omissions of you or the isp.

19.2. Nothing in these custody terms shall be read as excluding or restricting any liability we may have for death or personal injury

19.3. SCL will not be liable for the following:

Loss of business, goodwill, opportunity or profit; or

Any special, consequential or indirect loss whatsoever.

As a result of us doing (or not doing) anything in reliance upon an instruction given (or which we reasonably believe to have been given) by you;

As a result of your decisions relating to the choice, purchase, retention and sale of any assets in your account;

From the default of any bank, fund manager or provider which holds your cash and assets (except as required under the FCA rules);

From the performance of any assets and investments;

From any tax liabilities or charges that are incurred in relation to your account and/ or the assets held within it; or

From any instruction sent by you that is not received by us, unless the failed receipt is due to a fault or omission on our part.

19.4. You accept and acknowledge that the internet and the telecommunication systems may be subject to interruption or failure through no fault of ours.

Headings

20.1. The Section headings contained in this agreement are for reference purposes only and shall not affect the meaning or interpretation of this agreement.

Instant account custody terms

Drivewealth LLC is the custodian appointed by NuWealth for assets held in your instant account(s).

Drivewealth, LLC is a new jersey limited liability company, who owns and operates the Drivewealth web site, the Drivewealth investing applications, partners. Drivewealth. Com, and other properties. Drivewealth, llc is a registered broker dealer, member of finra and sipc

Drivewealth have been appointed to provide the services detailed below. By agreeing to these terms, you are appointing Drivewealth to act as your custodian for the following:

1.1 Provision of General Investment Accounts (GIAs)

1.2 Provision of cash payment services, asset price and information data.

System operation applying and transacting

2.1 Where NuWealth provides a service to invest in cash and assets that includes providing information and access to make informed investment decisions, the custodian is authorised to ensure the custody of your cash and assets are managed compliantly in accordance with the applicable regulations.

2,2 Any deposits or withdrawals of cash or instructions to buy, sell or transfer investments that you perform through NuWealth will be recorded and managed in accordance with the FCA's rules. These are detailed in the client assets sourcebook (CASS). SCL and or Drivewealth will ensure any investment instructions are placed in accordance with our order execution policy.

2.3 All client cash will be held with an approved bank or CRD credit institution in a designated client money statutory trust account which is held separately from any monies held by either SCL (standard accounts) or Currency Cloud (instant accounts).

2.4 standard account client assets will be registered to digital custody nominees limited which is a wholly owned subsidiary company of SCL and which exists for the purpose of safeguarding and segregating your assets from those of SCL.

Instant account client assets will be held by Drivewealth, Drivewealth custodies securities and other assets held in your account at approved depository trust company custodians. Drivewealth holds all positions in nominee name with the dtc custodians; Drivewealth maintains all records related to the holdings in your account.

2.5 Your cash and assets will be held in a pooled arrangement. This means that SCL, Currency Cloud (cash only) and Drivewealth will have records that identify your individual ownership and entitlement to assets. For operational and servicing purposes it is more efficient for our third party providers to administer your investments on a pooled basis.

2.6 SCL and Drivewealth may have instances where they need to appoint third-party nominees or sub-custodians to maintain the custody services offered. By agreeing to these terms, you authorise SCL and Drivewealth to do so.

2.7 In performing the custodian duties SCL and Drivewealth will use reasonable care and due diligence. Should SCL or Drivewealth go out of business your assets would be held separately from those of SCL and Drivewealth. Should any shortfall of assets arise as a result of SCL's, Drivewealth’s or a third-party nominees or sub-custodian's insolvency, these would be shared on a pro rata basis with affected clients.

2.8 Where SCL and Drivewealth receive income from your investments through dividend payments, fund distributions and corporate actions we will reconcile and credit these to your accounts.

2.9 As corporate action events arise, SCL and Drivewealth will inform you or NuWealth where actions are applicable to your assets.

2.10 SCL and Drivewealth will facilitate the transfer of cash and assets on behalf of clients as directed and in accordance with Section 7 of the NuWealth terms.

Cash reconciliations

3.1 Any client deposits or income will be credited to your respective account once it has been identified and reconciled with the date SCL and Currency Cloud were in receipt of monies.

3.2 SCL, Currency Cloud will not pay any interest on cash held in client money accounts. You will be notified by NuWealth of any changes should our policy on client interest change.

Settlement

4.1 Settlement of client assets will accord with market best practice, where assets are traded in ETIS, SCL and Drivewealth will normally operate on a delivery-versus-payment "dvp" settlement process. You permit SCL and to apply DVP transaction exemption as detailed in the FCA rules up until any delivery of asset (purchases) or cash (sales) passes the third working day, whereby SCL will follow client money and asset reconciliations in accordance with the FCA's client asset sourcebook.

Asset Reconciliations

5.1 As stated in paragraph 3, SCL, Drivewealth and Currency Cloud (client money only), will reconcile client money and asset reconciliations in accordance with the FCA's client asset sourcebook.

5.2 For the avoidance of doubt, client money will be matched and reconciled on a business day basis, assets will be reconciled externally according to their type and registration.

Liens

6.1 We reserve the right to enforce the right of liens.

Communications

7.1 All communication with you will be in English through the in app message portal provided by . NuWealth will provide quarterly valuation statements, annual consolidated tax vouchers for investment accounts and contract notes which will detail the buys or sells instructed on your account. It is your responsibility to sign-in and read this information and it is important you notify promptly of any errors or omissions in respect of the accuracy of these documents.

Complaints

8.1 SCL have their own complaints policy. Should you need to complain this should be raised with NuWealth in the first instance. Should you not consider it appropriate to do this or the NuWealth is unable to meet their obligations, SCL can be contacted by email to complaints@seccl.tech or by post to the compliance officer, 5-7 Pulteney Mews, Bath, BA2 4DS. complaints@seccl.tech or by post to the Compliance Officer, 5-7 Pulteney Mews, Bath, BA2 4DS.

8.2 Should SCL fail to resolve a complaint to your satisfaction or they fail to do so within eight weeks of receiving your complaint, you can also direct your complaint to the Financial Ombudsman Service at Exchange Tower, London E14 9SR. Telephone: 0800 023 4567 or 0300 123 9 123; email: complaint. info@financial-ombudsman.org.uk; and website: www.financial-ombudsman.org.uk.

Remuneration

9.1 Custody fees for providing custody services are included in the service charges as detailed in NuWealths charging schedule.

Conflicts of interest

10.1 SCL, Currency Cloud and Drivewealth maintain a conflicts of interest policy which is independent of NuWealth. It is available by contacting NuWealth at support@nuwealthapp.com.

Force majeure event

11.1 To the extent permissible under applicable law, neither you nor SCL, Currency Cloud and Drivewealth shall be responsible for any loss or damage suffered by the other party by reason of any force majeure event. If such loss, damage or failure shall be caused by or be directly or indirectly due to a force majeure event provided that each party shall, where the context permits, use reasonable endeavours to minimise the effects of the same and shall notify the other party of a force majeure event or potential force majeure event as soon as possible.

11.2 If a party is prevented from performing all or substantially all of its obligations under the agreement by a force majeure event for a continuous period of 30 days or more either party shall be entitled to terminate this agreement immediately by giving written notice to that effect to the other party.

1.2 Data protection

12.1 In acting as your custodian SCL and Drivewealth, will have access to the data you provide on application to the NuWealth service. In the service agreement between the NuWealth and SCL and NuWealth and Drivewealth, NuWealth and Currency Cloud all parties are joint data controllers and have independent privacy policies which summarise how we will use your personal information and with whom we share it.

12.2 SCL, Drivewealth and Currency Cloud will use your details for regulatory reporting purposes and will not use or share your information for marketing purposes.

FSCS

13.1 SCL and Currency Cloud are covered by the Financial Services Compensation Scheme (FSCS). If SCL ceases trading and cannot meet our obligations you may be entitled to compensation from the scheme up to a maximum of 85,000 (or such other value covered from time to time by the FSCS) for investment claims.

13.2 Further information about the compensation arrangements is available from the FSCS directly.

Website: www.FSCS.co.uk telephone: 0800 678 1100 / 020 7741 4100

Address: Financial Services Compensation Scheme, PO Box 300, Mitcheldean, GL17 1DY

Use of third parties

14.1 To provide custody and cash services SCL, Currency Cloud and Drivewealth may use the services of third-party services providers.

14.2 Examples include: data and price feeds of assets, the execution of trading instructions, clearing and settlement services, banking services, client verification, regulatory reporting, card payment services and the facilitation of automated transfer instructions.

14.3 Where services are provided by a third-party, SCL, Currency Cloud and Drivewealth will use reasonable care and due diligence in selecting them and monitoring their performance. Except for clause 2.4, SCL does not guarantee proper performance by the third-party and will not itself be responsible if a third-party provider fails to meet its obligations. This means that should the third-party default or become insolvent, you may lose some or all of their assets and will not necessarily be entitled to compensation from SCL, Currency Cloud and Drivewealth. Including, in circumstances where it is not possible under the relevant national law and the registration under clause 2.6 to identify the client assets from the proprietary assets of the third-party firm.

Termination

15.1 SCL, Currency Cloud and Drivewealth may terminate these terms at any time by giving you 30 days written notice (subject to applicable law and regulatory requirements). There is no minimum duration of these terms.

15.2 SCL, Currency Cloud and Drivewealth may also terminate these terms with immediate effect by written notice if required to do so for legal or regulatory reasons or on instructions from NuWealth.

15.3 In this event, NuWealth will instruct SCL, Currency Cloud and Drivewealth where to transfer the client assets and client money. If NuWealth does not do so promptly, or if NuWealth no longer represents you, then you will on request give the relevant instruction. The custodian will transfer client assets and client money in accordance with the relevant instruction or, if it is unable to obtain instructions, it will transfer them directly to you. These terms will continue to apply until such transfer of the client assets and the client money is complete.

15.4 Accounts can be closed at any time by either the withdrawal of cash, or transfer of assets.

Assignment and severability

16.1 If any part of this agreement is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.

Notices of change/variations

17.1 If any part of this agreement is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.

Governing law

18.1 This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

18.2 You irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.

Liability

19.1 SCL, Currency Cloud and Drivewealth will act with all reasonable skill, care and diligence in acting as your custodian. SCL will be liable to you for any direct loss that is the result of negligence or failure by SCL to account for assets in accounts or through a breach ofFCA rules, unless any such failure is the result of the acts or omissions of the customer or NuWealth.

19.2 Nothing in these terms and conditions shall be read as excluding or restricting any liability we may have for death or personal injury

19.3 SCL, Currency Cloud and Drivewealth will not be liable for the following:

Loss of business, goodwill, opportunity or profit; or

Any special, consequential or indirect loss whatsoever, as a result of us doing (or not doing) anything in reliance upon an instruction given (or which we reasonably believe to have been given) by you;

As a result of your decisions relating to the choice, purchase, retention and sale of any assets in your account;

From the default of any bank, fund manager or provider which holds your cash and assets (except as required under the FCA rules);

From the performance of any assets and investments;

From any tax liabilities or charges that are incurred in relation to your account and/ or the assets held within it;

From any instruction sent by you that is not received by us;

From any delay or failure by us to provide any service on your account, which occurs as a result of any abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite our efforts to avoid it; or

From any delay or failure by us to provide any other services to you under these terms and conditions, which occurs as a result of any causes beyond our reasonable control.

19.4 You accept and acknowledge that the internet and the telecommunication systems may be subject to interruption or failure through no fault of ours.

Headings

20.1 The section headings contained in this agreement are for reference purposes only and shall not affect the meaning or interpretation of this agreement.

Section 8 Order Execution Policies

Order execution policy (Standard accounts)

Schedule 10

Order execution policy

Introduction

1.1 The following information is aimed at providing the ISP (you) and/or the client (where this information is made available by the ISP to the client) with a general understanding of our typical dealing arrangements. These arrangements may vary for different categories of investment types.

1.2 The ISP consents to this policy and it will apply each time SCL executes or procures the execution of orders for the clients of our customers. This policy will also be made available on our website.

Policy objective

2.1 The objective of this policy is to set out how SECCL custody limited (SCL) approaches its execution of client orders for retail and professional clients in accordance with regulatory requirements.

2.2 The FCA requires SCL to take all sufficient steps to obtain the best possible results for clients when executing or procuring the execution of orders taking into account the execution factors and that intended outcomes can be successfully achieved on an on-going basis

Scope of policy

3.1 This policy applies to transactions in exchange traded instruments, unit trust and OEICS for retail and professional clients.

Governance and oversight

4.1 The operations committee maintains oversight of the adequacy and effectiveness of SCL’s order execution arrangements

4.2 The first line of defence is responsible for ensuring that SCL and appointed counterparties who execute orders in the market on SCL's behalf have adequate best execution policies, continue to comply with those policies and are providing best execution.

4.3 Second line of defence is responsible for ensuring the adequacy and effectiveness of SCL's control environment and that it remains within its risk accepted position.

Risk appetite

5.1 SCL has a low appetite for the risk of failures of best execution requirements and the consequent potential for customer detriment and/or financial loss.

5.2 Orders may be aggregated by the counterparties appointed by SCL and SCL has accepted and discloses in the published order execution policy the potential risk that this may act to the disadvantage of some clients.

Transmission

6.1 Exchange Traded Orders

6.1.1 We place all Exchange Traded Orders (equities, investment trusts and exchange traded funds (ETFs) with Winterflood Business Services (WBS) for execution. In selecting WBS as our third party broker for execution, we have considered a number of factors, including (but not limited) to:

6.1.2 The size and type of the transaction/order and the brokers capabilities with respect to the relevant type of order, including its ability to execute the order in an appropriate time frame;

6.1.3 The competitiveness of applicable fees and commissions, which may be based on the size of the order or the price of the financial instrument;

6.1.4 The brokers reputation and responsiveness to requests for trade data and other financial information;

6.1.5 The brokers system capabilities of routing orders to execution venues where good liquidity is likely to be present;

6.1.6 Statistics and other information by independent consultants on the relative quality of execution services/financial services delivered by the broker;

6.1.7 Past performance in terms of the general value and quality of services provided by the broker; and

6.1.8 Consistency of execution services provided.

6.2 We have satisfied ourselves that WBS has arrangements in place that enable us to meet the best execution obligation that we owe to our clients.

6.3 The execution factors applied by WBS when executing any client orders that we place with them are set out in paragraph 7 of this policy. The current execution venues used by WBS are detailed in paragraph 10 of this policy.

6.4 Unit trusts and OEICS

6.4.1 For unit trusts and OEICS, client orders will generally be routed to the appropriate fund manager for execution at the next available valuation point for that particular fund. Clients orders may be aggregated as described in paragraph 7.

Best execution factors applied by WBS

7.1 When executing orders, unless otherwise specifically instructed, WBS will use price as the primary measure for achieving best execution. The following execution factors will be considered, and how these may be considered as part of the decision-making process in the context of the details below (listed in order or priority for a typical trade). Their importance will vary depending on the characteristics of the client order.

7.1.1 Price - price will be determined with reference to the execution venues to which WBS connects and on which the security is traded. WBS use automatic execution technology which will source the best price from a range of retail service providers and market makers (see paragraph 11). Where an electronic price is not available, the order will be dealt manually by WBS's dealing team.

7.1.2 Cost - for orders where brokerage or exchange fees are applicable, WBS will not seek to pass these on to you. For international orders, certain costs (e. G. Foreign exchange fx) may be passed through to you within the price spread, but WBS deem this to still result in the best overall outcome and hence total consideration for you. Any relevant commission rates will have been agreed with the client in advance.

7.1.3 Likelihood of execution and settlement - likelihood of execution is very high due to the relationships WBS has forged with its market maker and broker counterparties. Likelihood of settlement is difficult to assess pre-trade, but WBS monitors the settlement performance of each counterparty so there is a historical track record to base this decision on.

7.1.4 Size - the size of the trade in relation to the liquidity of the stock may have significant influence on the best execution process and is directly correlated to the market impact (implicit costs).

7.1.5 Nature - consideration will be given to the liquidity of the stock on the order book at the relevant time. Execution may be heavily influenced by the level of on or off order book trading patterns in the stock. These factors plus the size of the order will determine the appropriate execution method. This may include the working of an order into the market place using an appropriate benchmark or immediate execution on an outright bid/offer price, for example.

7.1.6 Speed - the importance of speed of transactions will vary. For example, to reduce the implicit costs associated with market impact, an order might be worked over a day or more. Different order types and specific instructions may also have a bearing on the speed of execution.

7.1.7 Other relevant considerations - careful consideration shall be given not just to each element in isolation, but also to the trade-off and interplay between these factors. For example, size against market impact or speed against price, any of which might also be influenced by a client's specific instruction.

Order types

8.1 The following exchange traded order types are available:

8.1.1 At best order - deal immediately at the best available price for that size of order based on the execution venues available, without the client viewing the price in advance.

Specific instruction

9.1 Where you give us a specific instruction as to the execution of an order, we will execute the order in accordance with those specific instructions and you should be aware that doing so may prevent us from applying this policy to achieve best execution.

9.2 Where your specific instructions relate to only part of the client order, we will continue to apply our policy to those aspects of the order not covered by those instructions.

Aggregation and priority

10.1 For unit trusts and OEICS, client orders may be aggregated with other client orders and bulked prior to executing with the fund manager.

10.2 For Exchange Traded Orders, WBS may combine client orders with orders for the account of other clients, or for its own account (including in relation to fractional orders). The aggregation of orders may operate on some occasions to a clients (or its customers) advantage and on some occasions to a clients (or its customers) disadvantage in relation to a particular order. The decision to aggregate will be taken in WBSs sole discretion and where orders have been aggregated they will be allocated to clients on a pro-rata basis in accordance with WBS order allocation policy.

10.3 Depending on price and the consideration received, the disaggregation of bulked proceeds may result in penny rounding differences which cannot be allocated at individual client level.

Charges, dilution levy or exit charges

11.1 For unit trust or OEIC orders fund managers may levy an initial charge on purchase orders and there is a risk that fund managers apply a dilution levy to the order. This normally results where there are sizeable buy or sell orders in the market. This is an extra charge placed on the transaction and will be applied proportionately to an order placed.

11.2 Should this occur it will be clearly detailed as a percentage on the order confirmation that we will provide to you.

Venues

12.1 For Exchange Traded Orders, WBS may use one or more of the execution venues listed in section 10 to enable it to obtain the best possible outcome on a consistent basis when executing client orders. WBS will regularly assess the execution venues available to ensure the best outcome for the client. The non-exhaustive list of factors which influence their decisions include:

12.1.1 Cost of execution;

12.1.2 Level of liquidity available on a consistent basis market share;

12.1.3 General quality of pricing available;

12.1.4 Cost, speed and reliability of connectivity; and

12.1.5 Means and costs of clearing and settlement.

Monitoring

13.1 We will monitor the effectiveness of our policy to ensure that it consistently achieves the best possible result for our clients and to identify whether more favourable results could consistently be achieved by transmitting orders to other brokers or on alternative execution venues. We will review our execution arrangements and this policy at least annually, or whenever a material change occurs that affects our ability to obtain the best possible result for our clients.

13.2 Where we identify any deficiencies, we will take appropriate measures and effect suitable changes to our execution arrangements and/or this policy to address such deficiencies.

13.3 We will notify you of any material changes to our execution arrangements where they are relevant to you (or your clients) and any changes to this policy. Any such changes will come into effect the next time that we receive a client order for execution.

13.4 If you wish to discuss the above or have any further questions, please contact us.

Order venues and RSPS

14.1 WBS currently use the following execution venues:

14.1.1 London stock exchange (LSE); and

14.1.2 Alternative investment market (AIM).

14.2 WBS currently use the following retail service providers (market makers/brokers):

14.2.1 Canaccord;

14.2.2 Flow Traders B.V;

14.2.3 Investec Bank;

14.2.4 KCG Europe;

14.2.5 Peel Hunt;

14.2.6 Shore Capital;

14.2.7 Stifel;

14.2.8 Susquehanna; and

14.2.9 Winterflood Securities.

Drivewealth, LLC supervisory procedures best execution covering instant accounts

Overview:

Drivewealth, LLC (DW or Drivewealth) provides execution by utilising the services of registered executing brokers. DW also operates a principal facilitation account, for the sole purpose of executing fractional share orders received on a share base and notional base. The procedures below discuss the process by which the firm oversees and evaluates the quality of execution provided by its executing brokers, as well as executions filled in a principal capacity.

Regulatory requirements

in any transaction for or with a customer or a customer of another broker-dealer, a member and persons associated with a member shall use reasonable diligence to ascertain the best market for the subject security and buy or sell in such market so that the resultant price to the customer is as favourable as possible under prevailing market conditions. Among the factors that will be considered in determining whether a member has used "reasonable diligence" are:

(a) The characteristics of the market for the security (e. G. , price, volatility, relative liquidity, and pressure on available communications);

(b) The size and type of transaction;

(c) The number of markets checked;

(d) Accessibility of the quotation; and

(e) The terms and conditions of the order which result in the transaction, as communicated to the member and persons associated with the member.

Except as provided herein, a member that accepts and holds an order in an equity security from its own customer or a customer of another broker-dealer without immediately executing the order is prohibited from trading that security on the same side of the market for its own account at a price that would satisfy the customer order, unless it immediately thereafter executes the customer order up to the size and at the same or better price at which it traded for its own account.

Firm policy

The firm is responsible for conducting reasonable diligence on the order flow it receives and routes to agents or executes in its principal facilitation account. The review is completed monthly, via the best execution committee, and includes all orders, for all correspondents that are routed and executed internally. While there is no definition of best execution, the factors included in the regulatory section are commonly used factors to measure against. The objective of the review is to assess the execution quality provided by its agents, and downstream execution venues in addition to execution provided by Drivewealth.

Rule 5310 requires firms to use reasonable due diligence when determining the best execution of customer orders. Various factors that impact this decision are considered during the best execution committee meetings, including the characteristics of the market for the securities traded, the size of orders, the fill rate of execution destinations, the cost of the execution, the percentage of orders filled at or better than the NBBO and the accessibility of the quotation.

Pursuant to rule 5310.09(c), Drivewealth routes its order flow to executing brokers that have agreed to handle the order flow as agent on behalf of Drivewealth and its customers, and generally relies on its executing brokers regular and rigorous review. As part of Drivewealths best execution committee meetings, statistical review is completed to ensure its executing brokers are providing best execution.

The review also contemplates the reasonableness and rigour of review completed by the executing broker, and the results of the review are used to determine and/or change its instructions as to how the execution broker should be routing dws order flow.

Drivewealth reviews its executing brokers practices in this regard and ensures that adequate oversight functions are in place to ensure compliance with the provisions of the rule and to ensure order handling for DW customer orders are in line with dws expectations. To accomplish this review, the firm receives detailed monthly reports from its executing brokers, for all order flow, which demonstrates the execution quality across the aforementioned criteria. The best ex committee reviews the information to identify whether downstream venues are providing quality executions, and if issues are identified,

Drivewealth will instruct its agents to route its orders to more desirable destinations.

For agency routed order flow, Drivewealth exercises reasonable due diligence on its executing brokers by evaluating the criteria considered in making routing decisions to outbound destinations and relies on its executing brokers regular and rigorous review of its routing methodology to remain in compliance with the rule. While Drivewealth does not exercise discretion over its routed venues, Drivewealth does oversee its agents regular and rigorous review, by periodically assessing its routing methodology logic to ensure that Drivewealths agents methodology is inclusive and utilises the industry standard factors

That reasonably demonstrates best execution and does not include logic that presents conflicts between dw, the agent, and the customer (e. G. Routing logic does not consider how much a venue is paying in PFOF). Additionally, on a monthly basis, or as needed, Drivewealth receives transaction cost analysis (TCA) reports from its agents for all order flow.

For its principally facilitated orders, Drivewealth monitors executions by assessing the execution prices compared to the NBBO at the time of execution.

Payment for order flow may be received from its executing brokers, which may present an inherent conflict between the firm and its customers. To address this perceived conflict, the firm uses the execution quality reports, price improvement metrics and compliance with reg NMS to determine if the perceived conflict has materialised. In the event a realised conflict is observed (where payments are received, but order execution quality is not as expected), Drivewealth will instruct its executing broker to handle its customer and counterparty orders differently. Through its supervisory efforts over customer order and execution, the firm is reasonably able to identify and modify its approach relating to its order flow instructions. Finally, as part of the holistic review of its executing brokers handling of DW orders, DW has reviewed its executing brokers order handling practices to ensure they are properly described and it is understood how they operate (as it relates to nature and types of orders sent to its executing brokers), which includes obtaining confirmation that payment for order flow is not included as a parameter within its agents order routing logic.

Specific reviews completed by committee

The execution committee utilises the monthly and quarterly reports received from its agents, and fractional share execution quality for all of Drivewealths executions. The review focuses on the overall performance of Drivewealths agents, and uses the information provided to evaluate downstream executing venues.

Fractional share trading reviews best execution

  1. Rule requirement exemptions:

Rule 610 and rule 611 do not apply to odd-lot orders or to the odd-lot portions of mixed-lot orders.

Rule 600(b)(8) defines bid or offer as the bid price or offer price for one or more round lots of an NMS security. This definition is embedded in the definition of quotation in rule 600(b)(62), as well as the definition of protected bid or protected offer in rule 600(b)(57). Consequently, trading centres are permitted to establish their own rules for handling odd-lot orders and the odd-lot portions of mixed-lot orders. For example, although trading centres are not required to handle odd-lot orders or the odd-lot portions of mixed lot orders in accordance with the requirements for automated quotations set forth in rule 600(b)(3), they are free to incorporate such requirements in their rules if they wish to do so.

This concept extends to fractional share trading, as sub-odd-lot transactions are not marketable and conforming to reg NMS. Irrespective of the applicability of reg NMS, the firm monitors for execution quality pursuant to finra rule 5310 and consumes the consolidated market data directly into its internal oms to provide fractional executions at the NBBO.

  1. Dual-capacity trading (whole share with fractional share) review

Due to the nature of notional based orders, the firm has implemented a reasonable process for evaluating execution quality, as it relates to the different execution scenarios that it fulfils. Dual-capacity transactions, which are defined as trades that amount to at least one whole share, with a fractional fill, are reviewed as part of the agency TCA best execution review. When DW receives an order that requires 1 or more shares to be routed to the street for execution, the street will return the street execution price. Upon receipt, DW then applies the street side fill price to the fractional share, to complete the order. Dual-capacity trades are reviewed as part of the routed order flow TCA review, since the fractional component is filled at the street side price, which includes, among other things price improvement (pi is applied to the factional share if obtained on the street side fill), and the NBBO, eq and midpoint analysis conducted on the street side fills (agency routes) would similarly cover the

Fractional fill on dual capacity trades.

It should be noted that dws practice of filling orders at the street price for the whole share that is executed (in lieu of filling the fractional price at the market price when the whole share order is received back from the street), reduces possible negative outcomes for best execution (e. G. Latency considerations for the round trip dual-capacity) since the whole + fractional share fills are given the street price (NBBO or better).

  1. Fractional only execution review:

Drivewealth has an oversight function to ensure that executions in fractional shares are at or within the NBBO price at the time of execution. Drivewealths fractional share facilitation account consumes the consolidated market data feed, in order to facilitate executions. The review of fractional share trades for execution quality is a comparison of the execution price to the bid/ask at the time the trade is tradeable (e. G. When the order is released from the queue in the sequential order in which it is received). Fractional only transactions are not marketable and therefore, there is no opportunity to scan the market for price improvement opportunities.

Due to the nature of fractional share trading, as non-marketable orders, the firm has a tolerance in place which aligns with the flicker or 1 second window exemption, which allows for some level of deviation from the NBBO in highly liquid and/or securities with fast moving quotes, which is considered as part of the execution quality review. The quality review will yield transactions that are deemed to be best execution follow-up items subject to potential remediation. To determine whether specific orders yielded require adjustment, the firm investigates the population from the quality review, and assesses the securities, market condition, nature of the security and the pricing comparison from the NBBO to make a Final determination as to whether any orders received execution are not aligned with its best execution policy. The populations are discussed at the best ex committee meeting and where disposition is determined.

Measurements

For agency and dual-capacity transactions the firm uses a TCA along with other metrics to evaluate the quality of executions, as detailed below:

  1. a) Transaction cost analysis

The firm's primary oversight for agency routed orders is the utilisation of TCA reports. The TCA reports break the firm's order flow down into security characteristics, fill rates, odd lots outside of the daily reported range, price improvement, and fills at or better than the NBBO.

  1. B) Fractional only shares

As mentioned in the fractional only section above, the firm primarily evaluates execution quality for fractional only fills by comparing the price at the time of execution to the bid/ask (NBBO). Additionally, the firm has two methods for reviewing latency, the first is a real-time transactional blotter, which tracks all orders and includes latency metrics and has summary statistics for all order flow to measure the latency of fractional only orders throughout the trading session.

Appendix to DW execution policy

Rule 606(a)1 u. S. Securities and exchange commission (sec) rule 606(a) requires all brokerage firms to make publicly available quarterly reports, broken down by calendar month, containing certain required statistical information regarding the routing of held, non-directed customer orders in regulation NMS stocks and listed options. Rule 606(b)(3)1 broker-dealers handle not held customer orders using various order handling and routing arrangements, including by using the services of another broker-dealer. In determining how to comply with the disclosure obligations of rule 606(b)(3), a broker-dealer using another broker-dealer's services must determine whether it has exercised discretion over the routing of not held customer orders. In the adopting release, the commission stated that, [i]f the broker-dealer exercises discretion with regard to how an order is routed and ultimately executed, such as (but not limited to) by determining particular venue destinations for an order, choosing among different trading algorithms, adjusting or customising algorithm parameters, or performing other similar tasks involving its own judgement as to how and where to route and execute orders, the broker-dealer must provide its customer the information required by rule 606(b)(3.

With respect to the use of another broker-dealer algorithms, a broker-dealer exercises discretion when, upon routing an order, it chooses among different algorithmic trading strategies (e. G. , volume-weighted average price, percentage of volume, implementation shortfall, etc. ) or different levels of urgency (e. G. , passive vs. Aggressive). A broker-dealer also exercises discretion when, at any time prior to the routing of an order, it participates in adjusting or customising other algorithm parameters that could be material as to how, when and/or where to route and execute orders. As with the case of smart order routers, a broker-dealer also exercises discretion where there is an economic arrangement between two broker-dealers that affects the order routing or execution strategies utilised in the handling of not held customer orders.

The scope of rule 11ac1-6 is broader than the scope of proposed rule 11ac1-5. First, rule 11ac1-6 covers a wider range of securities. The definition of "covered security" in paragraph (a)(1) includes not only national market system securities (i. E. , exchange-listed equities and nasdaq national market equities), but also nasdaq smallcap equities and listed options.61 second, the rule applies to all broker-dealers that route orders on behalf of their customers. The term "customer order" is defined as any order to buy or sell a covered security that is not for the account of a broker-dealer. It excludes, however, any order for a quantity of a security having a market value of at least $50,000 for a covered security that is an option contract and a market value of at least $200,000 for any other covered security. Large orders are excluded in recognition of the fact that a general overview of order routing practices is more useful for smaller orders that tend to be homogenous.

Source 1: sec. Gov, responses to frequently asked questions concerning rule 606 of regulation NMS

https://www.Sec.Gov/news/press-release/2018-253#:~:text=specifically%2c%20the%20commission%20has%20amended,standardized%20set%20of%20individualized%20disclosures

https://www.Sec.Gov/tm/faq-rule-606-regulation-nms

Section 9 Customer Investments and Risks

General risks

The investments held for the benefit of your NuWealth account(s) will be made in shares, etfs and funds. There are a number of general risks associated with such investments - these are highlighted below.

Any investment in an investment product invested in funds, stocks and shares, like those with NuWealth, should be considered as a medium to long-term investment.

There can be no guarantee that any increase in the value of your investments will happen.

The investments held in your NuWealth account(s) have the potential to result in a loss depending on market conditions.

Any investment places your capital at risk, therefore, the value of investments and the income (if any) derived from them may fall as well as rise in value and you may not get back the original amount you invested.

The past performance of your investments is not a guide to future performance. Neither NuWealth nor the product provider/fund manager guarantees the performance of your investment product.

The performance of an investment product is dependent on its investment strategy, the skills and expertise of those responsible for managing its investments, and the market(s) in which it invests.

Stocks, shares, etfs or funds may be valued for pricing and dealing purposes on a frequent basis (for example, daily or weekly) or an infrequent basis (for example, monthly or even less frequently). Certain funds may therefore represent relatively illiquid investments.

A stocks, shares, funds or etf may be subject to suspensions in valuation, during which time dealing will not be possible. Such suspensions generally occur in exceptional conditions, for instance where the investments of the fund cannot be accurately valued or during periods of significant market turmoil.

UK authorised funds will generally benefit from higher levels of regulatory supervision. Depending on their nature and the jurisdiction(s) in which they are regulated, other funds which may be available to you via the NuWealth app from time to time may be subject to a lower level of regulatory supervision.

Investments made in investment products denominated in currencies other than sterling (or funds, the investments of which are denominated in currencies other than sterling) give rise to exchange rate risk.

Section 10 - Glossary

Account information: such information as described in Section 1.

Assets: investment products held on your behalf by Seccl or Drivewealth

Business day: any Monday, Tuesday, Wednesday, Thursday or Friday which is not a bank holiday in England.

Linked account: such bank, credit or debit account used in the course of providing the round up services as described in paragraph 11.1 of Section 1.

Content: such content as described in paragraph 11.4 of Section 1.

Contribution: debits made from your NuWealth account(s) to your investment product.

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.

Euro: euro (the official currency of the European union and its territories as of the date of this agreement).

Event beyond our control: shall have the meaning in paragraph 11.1 of Section 2 of the terms.

FCA rules: the rules contained in the FCA’s handbook of rules and guidance (as may be amended and updated from time to time).

Charges document: the information provided in a durable medium which sets out all the fees applicable to the services provided to you under the NuWealth Agreement.

Financial Conduct Authority or FCA: the UK Financial Conduct Authority, or any applicable successor body.

Financial Ombudsman Service or FOS: 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 of the date you first make the complaint.

Financial Services Compensation Scheme or FSCS: a statutory compensation fund from which you may be able to make a claim in the event that a regulated firm is unable (or is likely to be unable) to pay a claim against it. Please note, NuWealth is not covered by this scheme.

HMRC: His Majesty's Revenue & Customs.

Issuer: entities which provide the investment products

Cash account: cash account provided by SECCL or Currency Cloud via the mobile app or any other third-party provider from time to time

Key Investor Information document or KIID: a short document which a fund manager of a fund categorised as a UCITS is required to produce and make available to you in accordance with applicable laws prior to you deciding to invest and which contains key investor information about the relevant fund and which you should read carefully.

Mobile 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 NuWealth account(s) and receive the NuWealth services.

Order: an instruction received by NuWealth to buy or sell investment products.

Order execution policy: the policy set out in Section 7 which NuWealth has adopted to ensure that when it receives instructions from you to undertake investment instructions (via the mobile app) and transmits those instructions to execute it does so with a view to achieving the best possible result for you in accordance with the FCA rules.

Investment products: the products offered and provided by NuWealth and which are made available through the NuWealth services.

Round up services: the services described in paragraph 11.1 Section 1.

Service provider: third party entities which provide services that allow us to provide the NuWealth service

Sterling: British pounds sterling (the lawful currency of the United Kingdom, as at the date of this agreement).

Round up service: the various methods provided by us to allow you to save on the mobile app in order to make contributions to your chosen investment products.

Terms: these terms, which govern the relevant services provided to you by NuWealth and which form part of your agreement with each of them.

US Person: any United States citizen or other person who is defined as such by the United States internal revenue services the detail of which is accessible via www. Irs. Gov.

Withdrawal: your instruction cash from your NuWealth account(s), and withdrawn, withdraw shall be interpreted accordingly.

NuWealth: NuWealth Limited.

NuWealth account(s): an account that we will open for you which will enable you to set aside cash funds and invest in your selected investment products.

NuWealth Agreement: means your agreement with NuWealth, as further defined under paragraph 2.1 of Section 1.

NuWealth services: the services that NuWealth will provide to you as further defined in paragraph 8 of Section 1.