Terms and Conditions for Lenders
These terms and conditions (Terms and Conditions) explain the process of lending money through Peer Funding Limited (“Sourced Capital”) and govern your relationship with Sourced Capital.
Overview
Peer Funding Limited trading as Sourced Capital (“Sourced Capital/we/us/our”) is an operator of an electronic system in relation to lending which is regulated by the Financial Conduct Authority (“FCA”).
Peer Funding Limited (Company Number 08773883), is a company directly authorised and regulated by the Financial Conduct Authority (Reference Number 668078) (www.fca.org.uk).
We provide a platform under which borrowers and lenders can enter into lending agreements. To be a lender on our platform you must meet our lenders criteria (which includes the requirements set by the FCA and are subject to variation from time to time).
These terms and conditions (Terms and Conditions) set out the terms of the legal agreement you enter as a lender on the platform, explain the process of lending money through Sourced Capital and govern your relationship with us.
1. Introduction
1.1. Our electronic system in relation to lending is provided at www.sourcedcapital.co. This is our “Platform.”
1.2. By acknowledging these Terms and Conditions (as part of the Lender registration process) you agree to be bound by them.
1.3. This document should be read in conjunction with our other documents which set out the basis of your and our dealings with each other, and in particular:
1.4. References to “Sourced Capital,” “we”, “us” and “our” are to be taken as referring to Peer Funding Limited. References to “you” and “your” relate to you as an individual or anybody for whom you are acting, whether a partnership, an LLP or limited company.
1.5. References to the “Security Trustee” is to Jark Security Trustee Limited. The “Security Trust Deed” is the declaration of trust under which the Security Trustee operates on behalf of those who make pledges as described below. The terms of the Security Trust Deed are available on written request to us.
1.6. References to “Borrower” are to a potential and/or actual borrower using our services from time to time.
1.7. References to “Loan Agreement” and “Security Documents” are to individual documents created by us for the purposes of you and/or other lenders entering into the process of lending to a Borrower.
1.8. References to the “Services” are to the facilitation of lending carried out on our Platform.
1.9. Whether you are acting on your own behalf or on behalf of a partnership, Limited Liability Partnership (LLP) or a Limited Company, by using the services provided by Sourced Capital then you confirm that you have read, understood and agree to these Term and Conditions (or subsequently updated versions). In addition, if you are acting for a partnership, LLP or Limited Company, you confirm you are authorised to act on their behalf.
1.10. If, after reading these Terms and Conditions, you feel unable to act upon them, or be bound by them, then you must not proceed to access our Services and are not authorised to use them.
1.11. Whilst this document sets out the terms of our relationship with you, the Loan Agreement will cover the specific terms in relation to any loan being granted to a Borrower. In cases of a conflict between the two documents, the Loan Agreement will prevail.
2. Lender Acceptance
2.1. To become a Lender with us the following criteria must be met:
2.1.1. you must be able to certify that you are (and remain as such):
2.1.1.1. a High Net Worth Investor, or;
2.1.1.2. a Sophisticated Investor (including by self-certification);
as defined by the Financial Conduct Authority. You will have been required to certify the above as part of the application process to become a Lender;
2.1.2. you must be an individual, LLP, Limited Company, SIPP or SSAS;
2.1.3. if you are an individual, you must be over 18 years of age and have a UK bank or building society account in your name.
2.1.4.1. If you are an LLP or a Limited Company, you must have and maintain a business account with a UK bank or building society; and
2.1.4.2. you do not have a Consumer Credit Licence which would restrict your lending activities. It is your responsibility to take appropriate advice if you hold a Consumer Credit Licence.
2.2 You agree that we may carry out searches with credit reference agencies to verify the identity of all Lenders and relevant connected persons such as company directors. You warrant that any connected persons have agreed to such searches.
2.3 During the initial Lender registration process you warrant that:
2.3.1. the information you provide to Sourced Capital is true and accurate;
2.3.2. you are not aware of any circumstances, events or proceedings which could result in you being unable to fulfil your lending commitments; and
2.3.3. you will inform us immediately of any circumstances or events that occur which could result in you being unable to fulfil your lending commitments.
2.4. All money held pending allocation to a successful Borrower will not accrue interest.
2.5 When you agree to these terms and conditions you will not become a Lender. You will become a Lender only when you have completed the full Lender registration process. We will confirm your acceptance as a Lender by email. When we have confirmed you as a Lender, we will provide you with access to a user account that will allow you to lend subject to these Terms and Conditions. Where you lend, these terms will apply to authorise the entry into the Loan Agreement on your behalf.
2.6. You will be able to view loans which are available to invest in before you complete the Lender registration process. These Terms and Conditions will apply whether or not you have completed the Lender registration process.
2.7. Your acceptance as a Lenders will be subject to approval by Sourced or any third parties acting for us. This includes (but is not limited to) Goji and Modulr, whose details are provided in Section 14 of this document.
3. User Access Security
3.1. Where you are accepted as a Lender, you must provide us with a current (and ensure it remains up to date) – email address; physical mailing address and contact telephone number. You must also designate a password for your user account which you agree to keep secure and not share with any third party.
3.2. If you authorise another person to act on your behalf, you will be responsible for their discussions and actions with us.
3.3. We maintain the right not to deal with anyone whom we believe is not you or is not acting with your authority.
3.4. We may suspend the use of your user account if we suspect that potentially illegal or fraudulent activities are being attempted or are being carried out.
3.5. You agree to immediately notify us if you suspect or discover that your user account and/or password have been compromised. Before further actions or decisions can be taken (other than suspending your user account), we will re-verify your identity.
4. Loan Application Review and Pledges Process
4.1. The platform provides access to loan applications which you may consider.
4.2. All loan applications will be subjected to levels of assessment by Sourced Capital, details of this can be seen on our website via Assessing Risk | Sourced Capital (snapstaging.co.uk).
4.3. You will be able to review a Borrower’s application (a “Loan Offering”) whilst your user account is open and place an offer of funding (a “Pledge”), which is subject to the minimum pledge amount of £1,000.
4.4. A Pledge is made by selecting the “Invest Now” button for a Loan Offering via your user account. Pledges will be applied on a ‘first-come-first-served’ basis. The Pledges will be received and determined in chronological order of receipt by Sourced Capital. In certain cases, Lenders may not be successful in funding a loan due to sufficient Pledges having already been received in relation to a particular loan from other lenders.
4.5. Before you select the “Invest Now” button you should review the lending documents which you are agreeing to enter. By clicking the “Invest Now” button you agree:
4.5.1 that if your Pledge is successful, you will be bound by the terms proposed for the Loan Offering;
4.5.2 that you will transfer monies to us to cover your Pledge;
4.5.3 that you authorise Sourced Capital to act as your agent in entering the Loan Agreement documents and does so for and on your behalf on the terms of the Security Trust Deed which shall apply.
4.6. All Loan Offerings must be achieved in full. Partially funded loans will not be completed or drawn down.
4.7. Once the Loan Offering amount is achieved, the Pledge process is closed and all successful Lenders are notified.
4.8. Where you are notified that you have made a successful Pledge you are deemed to immediately and irrevocably authorise the Security Trustee to agree for you to become a party to the Loan Agreement subject to the Borrower fulfilling its obligations.
4.9. Once you make a Pledge you agree it cannot be withdrawn, that the Security Trustee has your authority to enter the Loan Agreement and if the Loan Offering is successful you (via the agency of the Security Trustee) will enter the required Loan Agreement unless:
4.9.1. the Pledge process resulted in an over-subscription and your Pledge was not successful; or
4.9.2. the Loan Offering was not fully funded; or
4.9.3. the Borrower declines the offer or fails to complete the loan.
4.10. By making a pledge, you agree to the account administration procedures as detailed in Section 14 of this document.
5. The Security Trustee
5.1. Given the way in which the Pledge process operates and the possibility that a loan might involve many Lenders, it is not practical for each Lender to sign each Loan Agreement or Security Document. We have therefore made arrangements for an independent company to act as Security Trustee and agent and sign documentation on behalf of each Lender when a loan is made. This also has the secondary effect of keeping the identity of Lenders confidential.
5.2. As a Lender you appoint the Security Trustee on the terms of the Security Trust Deed to act as your agent in connection with any loan. You agree that you will not take any action or commence any process against any Borrower in your own name but will act only through the Security Trustee who shall be entitled to act as provided for in these Terms and Conditions.
5.3. The Security Trustee’s duties under the Loan Agreement and Security Documents are solely administrative in nature. The Security Trustee has no obligations beyond those of an agent of any kind to any party under or in connection with the Loan Agreement.
5.4. You authorise the Security Trustee to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under or in connection with the documents together with any other incidental rights, powers, authorities and discretions.
5.5. You agree that the Security Trustee will hold the benefit of any security created on trust for all of the Lenders involved in the related loan.
5.6. The Security Trustee shall forward to each Lender electronic copies of any documents requested or copies of any documents which are delivered to the Security Trustee. The Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any documents it forwards to a Lender. This is the Borrower’s responsibility.
5.7. If the Security Trustee receives notification of a Default or Event of Default (as defined in any Loan Agreement) it shall promptly notify the Lenders which are involved in that particular loan.
5.8. If the Security Trustee is aware of a default in the payment of any principal, interest or fee payable to a Lender it shall promptly notify the Lenders involved in that particular loan.
5.9. The Security Trustee may rely on any representation, notice or documents believed by it to be genuine, correct and appropriately authorised and any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.
5.10. The Security Trustee may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts, providing it has the means to pay for such services. The Security Trustee will decide the method of underwriting such costs before any are incurred and, in most circumstances, the costs will be met by the relevant Borrower.
5.11. The Security Trustee may act in relation to the Loan Agreement and the Security Documents through its personnel and agents.
5.12. The Security Trustee shall have absolute discretion in the exercise of any right, power or authority vested in it as Security Trustee and agent in accordance with the terms of the Loan Agreement and any Security Documents.
5.13. Each Lender authorises the Security Trustee to act or refrain from acting in respect of:
5.13.1 day to day management of the loan including, without limitation, dealing with drawdown notices, certificates of compliance and the provision of financial information from the Borrower in accordance with the Loan Agreement;
5.13.2 answering any questions raised by the Borrower;
5.13.3 administration relating to late payments due under the Loan Agreement by the issuing of standard letters; and
5.13.4 amending the terms of the any documents providing such amendments are not to the interest rate payable, the term of the loan, the repayment schedule or the security to be granted.
6. Loan Drawdown
6.1. After a Pledge is made and lending confirmed, Lenders who have made a successful. Pledge will transfer their pledged amount until required for drawdown by the Borrower.
6.2. Once the Loan Agreement and Security Documents are executed and received by Sourced Capital from the Security Trustee (for the Lenders) and the Borrower, and relevant arrangement fees paid by the Borrower, the loan will be drawn down. This can be drawn down to the Borrower’s solicitor for completion of the purchase or drawdown following a monitoring report from an independent surveyor through the build programme subject to security trustee approval.
6.3. After a pledge is made, you will be presented with information indicating how to transfer funds into your Platform Account. We will only transfer funds back to the bank account from which they came except by special arrangement and having first satisfied ourselves that the reasons for the request are reasonable and legal.
6.4. You are agreeing to the terms detailed in Section 14 of this document relating to your Platform Account.
7. Lender Fees
7.1. No fees are payable to register as a Lender or to pledge to contribute to a loan application. All costs in relation to the credit assessment process are paid by the Borrower. Whilst there is no anticipation that this will ever change, Sourced reserves the right to charge a Lender Fee.
8. Interest Rates
8.1. Interest rates are fixed at the outset and remain for the term of the loan. The interest rate is calculated based on each individual application.
8.2. Interest rates may change from time to time in line with market conditions. Any change in interest rates will not affect loans already drawn down or in the process of review.
8.3. Interest on sums you have provided under a Loan Agreement will be earned from the date the loan is drawn down and not from the date the pledging has closed.
9. Interest and Capital Repayment Process
9.1. The repayment schedule is set out in the Loan Agreement.
9.2. Repayment of each Lender’s loaned amount and interest payable will be credited to the Lender’s Platform Account with us upon receipt from the Borrower.
9.3. Only amounts remitted by Borrowers will be credited to each Lender’s Platform Account; if a Borrower’s repayment is missed then no funds will be allocated the to the Lender’s account.
9.4. Any partial repayments received will be paid to Lender’s Platform Account. We retain the right to allocate partial repayments to either principal or accrued interest first.
9.5. All repayments in respect of interest will be made on a gross basis i.e. without the deduction of income tax but less any fee payable. It is up to Lenders to declare the interest they have earned.
10. Missed Repayments and Loans Default
10.1. Lending money comes with its risks and you acknowledge that whilst we and the Security Trustee will make every reasonable effort to collect missed payments and to ensure full repayment there will be cases where this is not possible.
10.2. Where a Borrower misses a payment or makes only a partial repayment, we, the Security Trustee or an agent acting on our behalf, will contact the Borrower to collect the due payment.
10.3. If a Borrower makes a proposal that differs to the original loan terms, the Security Trustee will liaise with Lenders in keeping with the wording of the Security Trust documentation.
10.4. If a loan falls into default, we or the Security Trustee will take whatever actions are deemed appropriate to protect the Lender’s position. That can include instructing agents to collect the whole loan amount and any associated costs.
11. Security and Recovery of Debts
11.1. If the Security Trustee and debt collection agency has failed to collect the loan outstanding the Security Trustee will enforce the security held to secure and recover the loan.
11.2. Where there is security in support of a loan, you accept that the enforceability of the security shall be on the basis of normal legal risks, challenges and limitations that you may face.
11.3. You acknowledge that there is a risk of losing amounts loaned, and subsequent interest, if a Borrower fails to keep up repayments.
11.4. We perform an administrative role in bringing Lenders and Borrowers together and to assist in facilitating making loans and collecting repayments. By acting on your behalf you acknowledge that we accept no liability for any outstanding Borrower payments. Lenders acknowledge that they will continue to be liable for and responsible for the rights and obligations under the Loan Agreement.
12. Ending Your Participation
12.1. If you no longer wish to be a Lender, and you have no loans currently outstanding, then you should inform us and we will remove your details from our live customer database and close your account. We may hold your data for up to 6 years after this where that is necessary to meet our regulatory requirements.
12.2. If you have outstanding loans, you must let the loans run to their maturity date.
12.3. We may terminate your participation as a Lender in respect of new loan applications for any reason. This may, but not exclusively, include:
12.3.1. any breach by you in these Terms and Conditions or Loan Agreement
12.3.2. you are suspected of committed fraud, money laundering or other criminal activities
12.3.3. any activity which could bring our reputation and that of other Lenders into disrepute
12.4. If Sourced are required to terminate your participation as a Lender for new applications for any legal reasons (including suspicions of fraud, money laundering or criminal activities), you are agreeing that Sourced may not be able to distribute or release funds to you from your Platform Accounts until such time as approval from the appropriate authorities has been provided to Sourced.
13. Complaints
If you have a complaint about our service, our Complains Policy is here.
14. Goji, Modulr and Platform Accounts
As Sourced Capital use the professional services of third party providers, you agree to the following terms and conditions as relating to the services provided by Goji and Modulr
Definitions
“Goji” means Goji Financial Services Ltd, a private limited company incorporated in England with registration number 10234133 and a registered office at 133 Whitechapel High Street, London, England, E1 7QA. Goji is authorised and regulated by the FCA under firm reference number 805323.
“Modulr” means Modulr FS Limited, a company incorporated in England and Wales under company number 09897919 and Modulr Finance Limited, a company incorporated in England and Wales under company number 09897957, both having their registered office at One Hammersmith Broadway, London W6 9DL. Modulr FS Limited will supply you with an electronic wallet and Modulr Finance Limited will supply you with payment services in connection with the operation of the e-wallet.
“IFISA Account” means your account on the Platform for cash and investments held within an ISA wrapper.
“ISA Regulations” means the Individual Savings Account Regulations 1998 (as amended or replaced from time to time).
“Pension Account” means your account on the Platform for cash and investments held within a SSAS or SIPP wrapper.
“Platform Accounts” means your IFISA Account, Pension Account and Regular Investment Account.
“Regular Investment Account” means your account on the Platform for cash and investments not held in a tax wrapper.
14.1. Your Money
14.1.1. If we accept your application, we will provide you with account details into which you can transfer money to fund loans. These accounts are administered by Goji as follows:
14.1.1.1. For investments in your Regular Investment Account and/or your Pension Account, through the use of an e-money account operated by a third party payments provider (the “Payments Provider”) which have been appointed by Goji. At present, the Payments Provider is Modulr and Goji is the registered agent of Modulr for the provision of payment services.
14.1.1.2. For investments in your IFISA Account, through the use of a client money account operated by a regulated “Custodian.” At present, the Custodian is Goji, who will be the manager of your ISA and is authorised by HM Revenue & Customs to do so.
14.1.2. Cash transfers into your Regular Investment and IFISA Accounts must be made by electronic transfer from a bank account in your name, details of which you have provided / will provide as part of your application, or any replacement account owned by you which you notify us of in future (your “Nominated Account”). Withdrawals from your Regular Investment and IFISA Accounts will only be made to your Nominated Account.
14.1.3. Transfers into your Pension Account must be made by electronic transfer via your pension administrator, details of which you have provided / will provide as part of your application. Withdrawals from your Pension Account will only be made to your pension administrator. If there has been a change of administrator, we will need sight and satisfaction with documentary evidence of the same.
14.1.4. Transfers in from and out to another ISA manage from your IFISA Account must be conducted in keeping with section 14.3 below.
14.1.5. You authorise us to instruct Goji and/or the Payments Provider to transfer any money it holds for you in the Platform Accounts to another provider without seeking your express instruction to do so, provided the new provider has the appropriate regulatory permissions.
14.1.6. No interest is payable on money held in your Platform Accounts and no fees are charged in respect of establishing the accounts.
14.1.7. You agree to appoint the Custodian to hold any monies paid into your IFISA Account, including funds deposited by you to fund loans and money paid to you by the borrower.
14.1.8. The Custodian will treat you as its client and will treat money in your IFISA Account as “Client Money” held in an approved bank account in accordance with the FCA’s client money rules. The Custodian will use reasonable skill and care for the selection, use and monitoring of any approved bank with which Client Money is held, but will not be liable for their acts or their insolvency.
14.1.9. The Client Money will be held in a pooled account and will not be separately identifiable from Client Money of other clients of the Custodian or its associates on the relevant bank’s books and records. Accordingly, should the Custodian default on its obligations to its clients, any shortfall in Client Money held by the relevant bank may be shared pro-rata among all clients whose money is held in the pooled client money account.
14.1.10. If a bank with which the Custodian holds Client Money fails (including the appointment of a liquidator, receiver, administrator, or trustee in bankruptcy, or any equivalent), this will constitute a secondary pooling event under the FCA Rules, which may result in a shortfall in the funds held for you.
14.1.11. In the event of our insolvency, the Custodian will continue to hold your money, but will not facilitate the funding of any new loans. The Custodian will notify you of any changes to how your account will be managed in such an event.
14.1.12. In the event of the Custodian’s insolvency, we will attempt to find an alternative services provider to enable the Platform to continue to function.
14.1.13. If a Client Money balance remains unclaimed and there has been no movement on the balance for a period of at least six years (ignoring any payments or receipts of charges, interest or similar items), provided the Custodian has taken reasonable steps to trace the client and return the balance, the Custodian may cease to treat the money as Client Money and pay the Client Money to a registered charity of the Custodian’s choice.
14.1.14. Your Regular Investment and Pension Accounts will be e-money accounts and any funds in them will be owned by you and will not therefore be treated as Client Money. You are appointing us as your agent to open and operate the account on your behalf.
14.1.15. The Payments Provider will hold money in your Regular Investment and Pension Accounts separately from its own money in accordance with its terms and conditions and it will exercise due skill, care and diligence in the selection, appointment and periodic review of any credit institution or bank where your money is deposited and for the arrangements for holding your money. Neither we nor it shall be otherwise responsible for any acts, omissions or default of any such credit institution or bank.
14.2. Opening an Innovative Finance ISA
14.2.1. Your Individual Savings Account will be managed by Goji and will be an Innovative Finance ISA (IFISA). As the ISA manager, Goji undertakes to:
14.2.1.1. treat you as its client;
14.2.1.2. receive payments in respect of your loans and credit those payments to your IFISA Account; and
14.2.1.3. exercise, or facilitate the exercise of, your rights in respect of loans held in your IFISA Account if necessary, and you appoint Goji as your agent to do anything required on your behalf to enable it to fulfil those undertakings.
14.2.2. In normal circumstances, Goji does not charge any fees to you for opening and operating your IFISA Account, however if we do not pay fees due to Goji and you require the continued provision of the ISA management services, you agree to pay Goji’s fees and charges and consent to Goji deducting amounts from your IFISA Account for the purposes of paying such fees.
14.2.3. The management of your IFISA Account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these terms will apply as soon as they come into effect.
14.2.4. You must be (and remain) the sole legal and beneficial owner of any cash and/or investments in your IFISA Account and you must not at any point use any cash and/or investments in your IFISA Account as security for a loan.
14.2.5. We will inform you if your IFISA Account has or will lose its tax exemption through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and make arrangements to transfer it out of the account.
14.2.6. You may subscribe to an ISA in any tax year (i.e. period starting on 6 April of one year and ending 5 April of the following year) for which you are either resident and ordinarily resident in the United Kingdom; or, although non-resident in the United Kingdom, perform duties of a Crown employee which are treated as being performed in the United Kingdom, or are the spouse or civil partner of such a person.
14.2.7. You must inform us immediately if you are no longer a UK resident or cease to perform duties of a Crown employee which are treated as being performed in the United Kingdom, or cease to be the spouse or civil partner of such a person.
14.2.8. When you open an IFISA Account we will ask you to make a declaration. Making this declaration will allow you to subscribe for an IFISA in the tax year that you make the declaration and for each subsequent tax year, provided you make a subscription to your IFISA every tax year. If you do not make a subscription to your IFISA one year then when you next want to subscribe to your IFISA, you will have to make a new declaration.
14.2.9. You must inform us if any declarations or confirmations you have made about your eligibility to hold an ISA no longer apply.
14.2.10. In accordance with the ISA Regulations, you are not eligible to apply if you have already subscribed to another IFISA in the same tax year, or if you have already subscribed the maximum available allowance to a Cash ISA and/or Stocks and Shares ISA, in the same tax year as you are applying for this IFISA. These restrictions do not apply if you are:
14.2.10.1. transferring an existing IFISA from another ISA Provider to the IFISA (in circumstances where this is permitted under the ISA Regulations), or
14.2.10.2. where you have already subscribed the maximum allowance to a cash and/or stocks and shares ISA and this is transferred to this Innovative Finance ISA.
14.2.11. All subscriptions to your IFISA must be in cash. You can transfer cash held in your Regular Investment Account to your IFISA Account, but you cannot transfer loans which have already been funded.
14.2.12. If funds are subscribed into your IFISA Account which exceed the amount prescribed in the ISA Regulations, then the excess subscription will be transferred to your Regular Investment Account.
14.2.13. Your IFISA will be flexible as defined in the ISA Regulations. This flexibility means cash which is withdrawn can be replaced, in whole or part, within the same tax year and this will not affect your ISA subscription limit for that year.
14.2.14. If you have any questions, doubts or issues relating to ISAs or your eligibility to hold an ISA, you should consult the HMRC website (https://www.gov.uk/government/organisations/hm-revenue-customs) or contact them directly.
14.3. Transfers In and Out of Your IFISA
14.3.1. You may transfer money into your IFISA from an existing ISA with another provider, in cash only. An online transfer-in form will need to be completed and then we will send you a transfer authority form to approve and sign. We can then arrange for the funds to be transferred from your existing ISA provider in accordance with your instructions.
14.3.2. The transfer-in process will begin on the date on the transfer authority form or the date you stipulate for us to begin the transfer process, whichever is later. We will then send your request for the transfer to your existing ISA Provider within five business days of receiving your transfer authority form.
14.3.3. You may transfer any cash in your current year’s ISA subscriptions in whole, and/or you can transfer previous years subscriptions in whole or in part (together with interest) to another ISA provider in accordance with the ISA Regulations and these conditions. You will need to contact your other ISA provider to arrange the transfer and you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement it.
14.4. Cancellation or Closure of Your IFISA Account
14.4.1. You have the right to cancel the opening of your IFISA Account within 14 calendar days of the date your account is opened. You can do this by emailing [email protected] or by phoning 0333 9009 999.
14.4.2. If your IFISA account is cancelled, unless you provide us with specific instructions, we will transfer any investments and money credited to your IFISA Account to your Regular Investment Account and you will lose the tax benefits associated with an ISA.
14.4.3. After the 14-day cancellation period, you can choose to close your IFISA Account at any time, provided you only have cash in the account. If you do not arrange with another ISA provider to transfer the money in your account to them, you will not be able to subscribe to another IFISA with another ISA provider in the same tax year.
14.4.4. We may close your account with immediate written notice to you if directed to do so by HM Revenue & Customs. You agree to reimburse us and/or Goji for any amounts required to be paid in tax, any administrative fees, charges from HMRC or any tax authority incurred as a result of your failure to comply with ISA Regulations.
14.4.5. We will notify you, if by reason of any failure to satisfy the provisions of the ISA Regulations, all or part of your IFISA has or will become invalid. If the failure can be corrected, we will repair your IFISA, otherwise we will void it.
14.4.6. If we or you close your IFISA and do not receive alternative transfer instructions from you within one month of trying to contact you, any investments and money credited to your IFISA Account will be transferred to your Regular Investment Account.
14.4.7. If we receive notification of your death, we will suspend all transactions and investments in your IFISA. ISA tax exemptions will no longer apply from the date of death, and any interest or gains that arise after the date of death will not be exempt from tax.
14.4.8. Your IFISA will be valued for probate as at the date of death and dealt with as instructed by your executors. We may require a grant of probate or letters of administration before releasing any money in your IFISA to your executors.
14.4.9. We will support the setting up of an IFISA based on Additional Permitted Subscriptions (‘APS’) for your spouse.
14.4.10. If we receive notification of your bankruptcy, we will close your IFISA Account and any investments and money credited to your account will be transferred to your Regular Investment Account. In the event of your bankruptcy, ISA tax exemptions will no longer apply from the date on which a trustee is appointed.
14.5 Complaints And Compensation
14.5.1. We and Goji have established procedures in accordance with the FCA rules for the effective consideration of complaints. Please contact us to request a copy of our complaint handling policy.
14.5.2. We will refer complaints relating to Goji to them on your behalf.
14.5.3. If you are unhappy with the outcome of a complaint handled by us or Goji, you can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone 0800 0234567 or email [email protected].
14.5.4. If the bank with which your Platform Account is held becomes insolvent, this will not be our or the Custodian’s responsibility. The maximum compensation available from the Financial Services Compensation Scheme (FSCS) in respect of money held in a bank account is £85,000.
14.5.5. If the Custodian becomes insolvent and owes you money at the time of its insolvency in respect of the regulated services it has provided to you, you may be entitled to compensation from the FSCS, up to a maximum of £85,000. For more information you can contact the FSCS in writing at 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN by telephone on 0800 678 1100, by email to [email protected] or by going to www.fscs.org.uk.
14.6 Liability
14.6.1. Neither we nor Goji shall be liable to you for any loss or damage which you may suffer as a result of the provision of our respective services except where such loss or damage arises from our breach of these Terms and Conditions or was caused by our or Goji’s negligence, wilful default or fraud.
14.6.2. Neither we nor Goji are responsible for any breach of these Terms and Conditions arising from circumstances outside our or Goji’s reasonable control. Our and Goji’s total liability to you in connection with your use of our respective services shall not exceed the amount of money you have invested.
14.6.3. Neither we nor Goji will be liable for loss of profits, sales, business, or revenue, loss of anticipated savings; loss of business opportunity, goodwill or reputation, or any indirect or consequential loss or damage.
14.6.4. Nothing in these Terms and Conditions shall limit our or Goji’s liability for personal injury or death, fraud, nor for any other liability, the exclusion or limitation of which is not permitted by applicable law or regulation. To the extent permitted by law, we and Goji exclude all conditions, warranties, representations or other terms which may apply to the Platform or any content on it, whether express or implied.
14.7 General
14.7.1. Other than Goji, which is a party to these Terms and Conditions in respect of the specific provisions that relate to it, no other person shall be entitled to exercise rights under these Terms and Conditions under the Contracts (Rights of Third Parties) Act 1999.
14.7.2. By accepting these Terms & Conditions you also agree to:
14.7.2.1. Your contract with Modulr which can be found here and
14.7.2.2 Modulr’s terms which can be found here and
14.7.2.3. the use of your personal data by Goji and Modulr as set out in the Goji Privacy Policy.
15. Other Terms
15.1. We do not provide investment advice. Information made available either directly to you or via our website should not be construed as formal advice or recommendation as the suitability of a loan application. If you are in any doubt about supporting any loan application, then we recommend you seek independent advice.
15.2. We accept no responsibility for any actions you may or may not take in respect of the content on our website or information you may obtain from us.
15.3. Whilst we will endeavour to take reasonable steps to check the accuracy of information provided to us by Borrowers, we make no representation or warranty in relation to the loan applications presented by us.
15.4. When supplying or uploading information to us you undertake that you have taken all reasonable precautions to ensure the files are virus free.
15.5. We take all reasonable precautions to protect our systems and computers from viruses but if they do occur, we accept no liability for them. It is your responsibility to install suitable anti-virus programmes on your computer.
15.6. Our Platform may contain links to third party websites and whilst we take precautions to ensure we only link with reputable sites we accept no responsibility or liability for any material presented or contained on those websites.
15.7. You acknowledge and agree that we do not provide financial, accounting or legal advice in respect of the Services we supply. If you have any questions about the products or Services, you should seek independent advice.
15.8. You agree that all the information provided to us and stored by us will be used in accordance with our Privacy Policy, which is available here www.sourced.co/privacy. You agree to keep all information provided to you confidential and only to use it for the purposes intended when it was provided.
15.9. We own all present and future copyright, trademarks and designs (registered and unregistered) and intellectual property rights.
15.10. Any breach by you of these Terms and Conditions, the Loan Agreement, or any act of fraud committed by you will result in your being liable to us for any subsequent loss or damage.
15.11. We will not be liable to you for any loss or damage you may suffer by using any of our services except where the losses or damages have arisen from our breach by us of these Terms and Conditions. We will not be held responsible where any breach was as a result of events or circumstances outside of our control. Our liability will be limited to the outstanding amount of the loan.
15.12. From time to time we may amend or vary these Terms and Conditions and will inform you when we do so. We recommend that you review these on a regular basis. You agree to be bound by these Terms and Conditions as subsequently amended and updated.
15.13. If any part of these Terms and Conditions is found to be illegal, invalid or unenforceable by any court or regulatory authority, the remainder shall continue in full force and effect. No single or partial exercise, or failure or delay in exercising any right, power or remedy by either you or us shall constitute a waiver by us or preclude any further exercise of that, or any right, power or remedy arising under this Terms and Conditions.
15.14. These terms and conditions shall remain in force after the termination of the agreement between us.
15.15. These Terms and Conditions are governed by English and Welsh law and the courts of England and Wales will have exclusive jurisdiction to settle any disputes that may arise in relation to this Terms and Conditions.