UKFX Holdings Ltd Privacy Policy

Last updated 25/06/2026

1. Intro

1.1 Parties to the agreement

These Terms and Conditions of business set out the legal relationship between you (“you” or “client”) as detailed in the Corporate Registration Form or the Personal Registration Form and UKFX Holdings Ltd (“UKFX”, “us”, or “we”). This includes the legally binding obligations and responsibilities between you and us.

1.2 Requirement to Read and Understand.

You must read and understand these Terms and Conditions in their entirety as they contain essential information regarding your rights, obligations, and liabilities when using Our service.

Parties Involved: These terms define the legal relationship between you and us. The client’s specific details are taken from the Personal Registration Form they completed.

Purpose: The terms outline the legally binding obligations and responsibilities between you and us.

Importance of Reading: Clients are required to read these terms carefully before agreeing to them through a positive digital action.

Scope: The terms apply to the client’s use of their UKFX Account and form part of every contract established between the client and UKFX.

Content: The document explains:

How the UKFX Account functions.
The responsibilities of both the client and UKFX.
Conditions for terminating contracts and the terms themselves.
The extent of UKFX’s liability, especially concerning fraudulent or incorrectly processed payments.

Action if Disagreement: If a client does not understand or agree with any part of the terms, they should contact UKFX before proceeding.

Agreement: Clients must complete the sign-on process, agree to the terms, and enter into contracts only if they fully accept and agree to be bound by these conditions.

2. Information and How to Contact Us

2.1. UKFX Holdings Ltd Details

Name: UKFX Holdings Ltd

Registration: Incorporated in England and Wales (Company No: 06588495).

Registered Office: 1st Floor, Jebsen House, Ruislip, Middlesex, HA4 7BD.

Trading Names: Also trades as QU Money and QU Capital.

Regulation: Authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (EMRs) with reference number 901082.

2.2. How to contact us

All communications between us are to be in English. These Terms are concluded in English, and all communications between you and us shall be in English only. You may contact us in writing by emailing info@qumoney.com or calling +44 (0)2071 832 790. If a notice must be sent to us in writing in accordance with these Terms, please send an email to info@qumoney.com

We aim to respond to your enquiry by email as promptly as possible. Our standard service level agreement (SLA) is to provide an initial response within 6 hours of receiving your message. If, for any reason, you have not received a response within this timeframe, we kindly ask that you follow up using an alternative contact method to ensure your enquiry is addressed without further delay.

2.2 How we may contact you

How we can contact you:

Write to you	The address you provide us with when being onboarded as a client, as updated by you from time to time
Call you	The telephone number you provide us with when being onboarded as a client, as updated by you from time to time
Email you	The email address you provide us with when being onboarded as a client, as updated by you from time to time
In the event of security threats or fraud	We will contact you via telephone

It is important that you inform us promptly if any of your contact details change. You can update your details by calling or emailing us using the contact information provided. Please note that we will not be responsible for any loss you may suffer if you fail to notify us of changes to your contact information.

When we use the words “writing” or “written” in these Terms, this includes emails.

3. Definitions

“Account” a client’s designated profile created after the onboarding process, used to manage and record their transactions, balances, and other relevant details within the our system.

“Agreement” This Agreement shall apply to any and all Orders. The specific details of each Order will be agreed with your dealer or stated on the Self-Dealing Platform and will be shown on the Confirmation. Each and every order for which We issue a Confirmation We will consider to be an independent contract under the terms of the Agreement

“APP Scam/Fraud” is a type of fraud where the victim is tricked into authorising a payment to a fraudster, often through social engineering or deceptive tactics, resulting in the victim willingly transferring funds to the scammer’s account.

“Beneficiary” means the nominated recipient of the proceeds of the transaction

“Business day” means a working day upon which We are open for business

“Closing out” the process of finalising or settling a financial position or transaction, often by executing a counter-transaction, such as selling or buying back an asset, to close an open contract or position

“Contract date” the date on which a contract is formally agreed upon and signed by all relevant parties, marking the official start of the terms and conditions outlined in the agreement.

“Contract note” a document issued by a financial institution or broker to confirm the details of a transaction, including the terms, price, and parties involved, following the completion of a trade or agreement.

“Confirmation” means the contract confirmation note sent by Us to the Client setting out the details of the Client Order

“Contracts” are legally binding agreements between two or more parties that outline specific terms, conditions, rights, and obligations to be fulfilled by all involved parties.

“Currency” is a system of money in common use, typically issued by a government or central authority, used as a medium of exchange for goods, services, and transactions. Examples include Pounds Sterling, US Dollars, and Euros.

“Default” The failure to fulfil an obligation or meet the terms of a contract, such as not making a required payment or not adhering to agreed-upon conditions.

“Electronic Money” a digital form of currency stored electronically, typically issued by a financial institution, and used for online transactions or electronic payments without the need for physical cash

“Electronic Money Services” Services provided by institutions that issue, manage, and transfer electronic money, enabling users to store and transfer funds electronically for online payments, transactions, and other financial activities

“Financial institution” an organisation that provides financial services, such as banking, investment, insurance, and lending. Examples include banks, credit unions, insurance companies, and investment firms

“Force Majeure” shall include any act beyond Our reasonable control, an Act of God, flood, earthquake, windstorm or other natural disasters, epidemic or pandemic, war, the threat of or preparation for war, armed conflict, imposition of sanctions, embargo, breaking off of diplomatic relations or similar actions, terrorist attack, civil war, civil commotion or riots, strike, industrial action or lockout any law or government order, rule, regulation or direction, or any action taken by a government or public authority, any communications, systems or computer failure, market default or suspension or failure or closure, interruption or failure of utility service.

“Foreign exchange and/or FX” The global market for buying and selling currencies, where currencies are traded against one another. It involves the exchange of one currency for another, often for purposes such as international trade, investment, or tourism.

“Forward FX contracts” means a contract for the purchase of foreign currency for delivery on a specified future maturity date or dates or during a specified period for a specified future payment needs

“Initial margin” Funds held by us in Pounds Sterling or Foreign Currency on behalf of a Client, serving as security until the Payment Due Date. These funds may be released from security upon receipt of the outstanding balance and applied as a partial payment toward completing the transaction.

“Insolvent” means when any entity is unable to settle any debt it owes when it is due or makes itself or becomes made subject to any formal proceeding, whether voluntary or involuntary, for bankruptcy, liquidation, administration or relief from creditors

“Interest” The cost charged by one party to another for borrowing currency or the return earned on currency deposits or investments.

“Intermediary” a third party that facilitates transactions or agreements between two or more parties, often providing services such as advice, negotiation, or coordination.

“Loss/Losses” means but is not limited to any financial losses or damages or costs. Any legal penalties applied, fines, fees, judgements or costs. Any accountant fees or expenses. Any investigation costs, settlements, court costs and other expenses of litigation, as well as fees and expenses, and losses not related to litigation or a legal process and lost profits

“Manifest Error” A clear and obvious mistake, often in a financial or legal context, that is immediately apparent upon review. This may refer to but not be limited to a clerical or calculation error in transaction details, such as incorrect exchange rates or amounts, that can be corrected once identified.

“Margin” means the Initial Margin or Variation Margin payable by the Client to initially secure and to secure further when required by the Order.

“Margin call” means any payment that We may demand from the Client for any Margin that is due owed.

“Market failure” A situation in which the allocation of goods and services by a free market is inefficient, leading to a misallocation of resources. In the FX market, market failure can occur due to factors like monopolies, externalities, or information asymmetry, which distort prices and trading conditions

“Online platform/ Self-Dealing Platform” is our platform through which we give access to clients to deal FX, place limit orders, set up beneficiaries and make payments by themselves. All transactions placed via this system are legally binding.

“Order” means the Client has requested our services from us. This request may be made by email, face-to-face, telephone or via our Self-Dealing Platform

“Payee details” Information related to the recipient of a payment, typically including their name, account number, bank details, and any other necessary identifiers required to complete a financial transaction.

“Regulatory/Regulations” Rules and guidelines set by authorities, including HMRC under the Money Laundering Regulations (MLR) and the Financial Conduct Authority (FCA), to ensure businesses operate legally and prevent financial crime.

“Safeguarded/Safeguarding” The protection or securing of assets, funds, or information to ensure their safety and prevent loss or misuse. In the context of the FX business, safeguarded funds refer to client money that is held in a secure manner, often in a separate account, in compliance with regulatory requirements to protect it from being used for other purposes.

“Sale Currency” means the currency of the funds that You agree to sell, provide, or otherwise transfer to Us in order to purchase the Purchase Currency under a Trade, as specified in the relevant Contract Note.

“Settlement” is the process by which an FX or international payment transaction is finalised, involving the transfer of funds in the agreed currencies to the appropriate recipient accounts, either internally within the EMI’s systems or externally through banking/payment networks.

“Severability” legal principle stating that if one part of a contract is found to be invalid or unenforceable, the remaining provisions of the contract will still remain in effect. This ensures that the overall agreement remains intact, even if a specific clause is deemed void.

“Spot FX contracts” Contracts in the foreign exchange market where currencies are bought or sold for immediate delivery, typically settled within two business days at the current exchange rate. These contracts are used for short-term currency transactions and are the most common type of FX trade.

“Standard Business Hours” means the hours of 08:30 am to 5:00 pm on a Business Day in the United Kingdom

“Termination” The formal ending of an agreement or contract, whether initiated by a party or automatically triggered by specific conditions outlined in the terms and conditions.

“Third-party” An individual or entity that is not directly involved in a transaction or agreement but may play a role in facilitating, overseeing, or being affected by the process such as a service provider, intermediary, or any external party involved in processing, clearing, or supporting financial transaction

“Value date” is the date on which a payment, currency exchange, or financial transaction is settled and funds become available.

“Variation Margin” Additional funds are required to cover losses when the value of an open position changes, helping ensure enough money is held to manage market fluctuations.

4. Terms of Becoming a Client

4.1 Client Onboarding Requirements

In order to become a client and before any Services can be provided by us, you must:

Provide us with all information reasonably required by us to comply with our legal and regulatory obligations and our own internal risk management processes; and
Accept these Terms.

4.2 Acceptance of Terms

You can accept these Terms by you or someone representing you:

Ticking the relevant box online; or
Confirming that you accept them via email or telephone; or
Being provided with a copy of these Terms by us by email.

4.3 Account Opening and Termination

These Terms shall come into force on the date that we confirm that you are a client and shall remain in force indefinitely until terminated in accordance with these Terms. At our absolute discretion, we may refuse to open an account for you and may do so without giving any reason.

4.4 Client Onboarding and Services Provided

On agreeing to these Terms and onboarding you as a client, we will:

Open a UKFX Account for you;
Allow you to credit your UKFX Account/s;
Make our relationship managers available to you via phone and email; and
Make our Online Platform available to you subject to your requirements and the risk profile we have allocated.

5. Services

5.1 Provision of Services

We may, in our absolute discretion, provide or continue to provide the following services to you. These services together will mean the “Services” in these Terms:

Foreign exchange services – we may allow you to purchase money in different currencies from us;
Payment services – we may allow you to execute Payments using money in your UKFX Account;
Electronic money services – We shall provide you with a UKFX Account from which you can purchase monies in different currencies from us and execute Payments.

5.2 No Advice provided

Our Services do not include the provision of advice. We do not offer advice under these Terms on any matter, including (without limit) the merits or otherwise of any currency transactions, taxation, or markets. Although we may provide you with market information from time to time, we do not provide advice (whether to proceed with or not proceed with or in respect of the timing of any FX Contract). It is entirely for you to decide whether a particular FX Contract and your instructions to us are suitable for you and your circumstances.

6. Information About E-Money Account

6.1 Nature of your account

Your Account is a ‘virtual’ account within which you can hold Electronic Money in different currencies.

Your Account differs from a bank account in that money in your Account:

(a) will not be invested or lent to third parties;

(b) will not accrue interest; and

(c) will be safeguarded, but will not be covered by the Financial Services Compensation Scheme, as explained in Clause 21

6.2 Crediting your account

You can credit your Account:

(a) by making a payment via bank transfer to our bank account including the reference we require, the details of which we shall provide to you upon request;

(b) by making a payment via bank transfer using the details of the IBAN linked to your Account as the beneficiary account details; and

If you send money to the wrong account by mistake when trying to credit your Account, you should contact the financial institution you sent money to us from. We cannot accept responsibility for this.

6.3 Third-Party Credits to Your Account

Someone other than you may credit your UKFX Account:

(a) by sending Electronic Money to your UKFX Account from their own UKFX Account; or

(b) by bank transfer to the account that we stipulate or using the details of the IBAN linked to your Account as the beneficiary account details, having obtained our prior consent and having complied with our requirements for any additional information and documentation.

Please contact us via telephone or email to obtain the consent required in clause 6.3(b).

6.4 Deductions from Your Account

We will deduct Electronic Money from your Account when:

(a) you owe it to us, for example, Money you owe as a part of an FX Contract and fees; and

(b) it becomes subject to a Payment.

6.5 Deductions from your account

We will credit your Account at the time your Money has arrived with us as cleared funds. You can check this by calling us or by viewing your account balances on the Online Platform.

6.6 Sending Money from Your Account

You can send Money in your Account to an account you hold with another financial institution by entering into a Payment Contract and providing your own account details as the Beneficiary Account details.

6.7 Dormant Accounts

We may hold Electronic Money in your Account indefinitely. However, if your Account has not been used for a period of two years or more, we will make reasonable efforts to contact you using the details we hold on file to confirm whether you wish to:

a) retain the balance in your Account;

b) enter into a new FX Contract or Payment Contract; or

c) redeem the funds to an account held in your name with another financial institution.

If we are unable to contact you after making reasonable attempts, we may, at our discretion, redeem the remaining Electronic Money in your Account by transferring it to the last known bank account we hold on record for you. Any redemption will:

a) be made using a fair and transparent exchange rate;

b) be subject only to any applicable redemption fee disclosed in these Terms; and

c) remain safeguarded in accordance with Regulation 20 of the Electronic Money Regulations 2011 until the transfer has been successfully completed.

If the transfer cannot be completed (for example, if the destination account is closed or invalid), we will continue to safeguard the funds until you contact us to arrange redemption.

7. FX Contracts

7.1 Types of FX Contracts

We may, from time to time during the existence of these Terms, enter into:

Spot FX Contracts with you for any purpose and/or
Forward FX Contracts, for the purpose of:
facilitating a means of payment for you for identifiable goods and/ or services; or
your direct investment.

7.2 Our Discretion

We have sole discretion to decide whether the purpose of a Forward FX Contract is for the purchase of identifiable goods and/or services or direct investment. At our sole discretion, we may require you to provide us with evidence of the purpose of a Forward FX Contract. If you fail to provide this information, we reserve the right to cancel your transaction, and you will be responsible for any resulting losses.

7.3 Delivery Obligation

In all cases, you agree to take delivery of the full amount of Purchase Monies into your UKFX Account on the Value Date.

8. How to enter an FX contract

You can request that we enter into an FX Contract with you:

By calling us, using the telephone number set out in clause 2.2 or by using the telephone number of your designated account manager or otherwise by speaking to one of our employees via telephone; or
By using the Online Platform; or
Via email using the email address set out in clause 2.2 or by using the email address of your designated account manager or otherwise by emailing one of our employees.

8.1 Acceptance of FX Contract

We will let you know via telephone, the Online Platform or via email if your request to enter into an FX Contract has been accepted. Once accepted, your request will form the basis of an FX Contract. Please note that we are under no obligation to accept any requests made by you to enter into an FX Contract.

9. FX Contract Confirmation Details

9.1 Contract Note details

Details of the FX Contract will be confirmed in writing in a Contract Note issued to you by us. The Contract Note shall include the following:

a) The amount and currency of the Sale Monies you are required to hold in your UKFX Account to satisfy your obligations;

b) The date(s) that you are required to hold the Sale Monies referred to in clause 9.1(a);

c) Details of the bank account you should send Money to, to satisfy clause 9.1(a);

d) The foreign exchange rate;

e) A transaction number for the FX Contract;

f) The amount and currency of the Purchase Monies;

g) The Value Date;

h) The Contract Date;

9.2 FX Contract charges and confirmation

Any charges payable by you in respect of an associated Payment (including a breakdown of the amounts of those charges where applicable). An FX Contract remains binding whether or not you receive the Contract Note. If you do not receive the Contract Note within two Standard Business Hours of the conclusion of the FX Contract, you must notify us immediately. If you do not notify us within 3 Standard Business Hours of the FX Contract being entered into, then we shall be entitled to assume that you have received the Contract Note. A failure by us to issue a Contract Note to you will not prejudice the rights and obligations of either party under the concluded FX Contract.

10. Margin

10.1 Initial Margin Payment

When entering a Forward FX Contract, you may need to provide an Initial Margin within one Business Day of the Order. The remaining balance is due before the Value Date. Unless otherwise agreed, this will be 10% of the contract value.

10.2 Margin Call and Variation Margin

If your open Orders experience an unrealised loss exceeding 5% (or another amount specified/agreed), we may issue a Margin Call, requiring you to provide a Variation Margin by the next Business Day. We may issue further Margin Calls if losses increase. Forward Contracts are marked to market using reliable data sources. Do we need to state how much the VM may be or parameters?

10.3 Refunds on Market Movements

If the market moves in your favour, you can request a refund of the difference between the unrealised loss and the Variation Margin held, subject to our discretion. Initial Margin ensures funds are available for the Forward FX Contract and addresses market or circumstance changes. The margin you provide will be applied toward your total payment obligations.

10.4 Margin Call notification and contract requirements

We may issue Margin Calls via phone or email, you must:

Be available to take calls during Standard Business Hours.
Regularly check emails and texts during Standard Business Hours.

When we contact you via phone, email, or text, you are considered to have received the Margin Call. We will attempt to confirm receipt by phone, but we accept no liability for missed calls.

10.5 Failure to fund Margin

Failure to fund the Margin when due may result in us closing your Orders. Proceeds will cover outstanding amounts, with any excess refunded. If proceeds are insufficient, you must pay the shortfall within one Business Day.

11. Closing out on an FX Contract

11.1 Closing Out Transactions

We may, in our sole discretion, refuse to perform or Close Out all or any part of any Transaction, without liability to the Client or any third party for any losses which may be incurred as a result and without giving prior notice to the Client, on the occurrence of any of the following events:

a) You fail to make any payment to Us when it is due, including any deposit or Margin Call.

b) You die, lose mental capacity, become bankrupt, or enter into any formal arrangement with Your creditors (an Insolvency Event).

c) Information You provided to Us is or becomes significantly inaccurate or misleading.

d) You breach any of these Terms or any other FX Contract You have with Us.

e) It becomes, or may become, unlawful for Us to continue with the FX Contract or to carry on Our business.

f) We are asked to stop the FX Contract by a regulatory or government authority.

g) We reasonably believe it is necessary to stop the contract to protect Ourselves or the integrity of Our systems from:

Your potential default on payments.
Suspected illegal activities, fraud, or money laundering.
Extreme market failure or highly adverse (volatile) market conditions.

h) We reasonably determine that the Foreign Exchange Rate We gave You was based on an obvious error or misquote.

11.2 Consequences of Closing Out

If, as a result of us unwinding the terminated FX Contract, because you have not satisfied a Margin Call or for any other reason:

a) The margin you have paid us (if any) covers us for losses we have incurred in unwinding the FX Contract. We will use this Margin to cover our losses and credit any leftover Money to your account;

Reason for Profit Retention: If we end up with a profit as a result of unwinding the contract, we shall keep this profit. This is to ensure we are not deemed to be providing an ‘investment service’, which is outside the scope of the regulatory permissions we hold with the Financial Conduct Authority.

b) The margin you have provided us (if any) does not cover us for losses we have incurred, we will send you an invoice for monies outstanding and:

Deduct any monies you have in your account to pay for the same; and/or
Use any Margin we hold in relation to any other FX Contracts you have entered into to make up some or all of the shortfall, in which case you will owe us more Money under that different FX Contract; and/or
You will have to either credit your account with the appropriate amount or arrange for payment to be made directly to us; or
We are holding excess funds as a result of foreign exchange currency movements; we reserve the right to retain these excess funds.

11.3 Conversion rights and Exchange rates

For the purposes set out in clause 11.2(b), we are entitled to convert Money into the currency we require, and such conversion shall be at a standard rate of exchange available to us.

11.4 Close-out Fee

A minimum close-out fee of £250 applies. If unpaid within 48 hours, interest will accrue at the Bank of England base rate + 5%. After 7 days, the Close Out fee increases to £500.

11.5 Interest on Overdue Payments

We reserve the right to charge interest on overdue amounts at 5% per annum over the Bank of England base rate, compounded monthly from the due date until full payment is made.

11.6 Set-Off

The Client acknowledges and agrees that we may deduct from any payment to be made to the Client, including any deposit held by us, or any amount held by us for payment to any Nominated Beneficiary Account, any amount the Client may owe to us, including any loss incurred as a result of Closing Out a Transaction, as well as any fees, costs, taxation liabilities or other charges of any kind incurred by us in relation to the Transaction.

11.7. Default Notification

The Client must notify us immediately upon becoming aware of the occurrence of any event referred to in Clause 11.1 above.

11.8. Notice of Monies Due

Where a Transaction is Closed Out or does not proceed to completion for any reason, we will provide to the Client a written statement explaining the amount of any sums payable by the Client or the amount of any sums being withheld by us from sums payable to the Client.

12 Indemnity and Limitation of Liability for FX Contracts

12.1 Limitation of Liability

Our liability to you for any breach of this Agreement is limited to the value of the Order related to the breach, or in cases of incorrect fund application, to the amount of such funds. We are not liable for delays or failures due to events beyond our control, including force majeure. We are also not liable for losses arising from Manifest Errors or from acting upon instructions that reasonably appeared to be from you. Our maximum liability for any FX Contract shall not exceed the Purchase Monies of that Contract.

12.2 Indemnity

The Client agrees to indemnify, defend, and hold Us harmless from and against any and all claims, losses, damages, costs (including legal costs), liabilities, taxes, charges, commissions, or other expenses arising out of:

Any breach by the Client of their obligations under this Agreement;
Any wrongful or improper use of the Services by the Client;
Any violation of third-party rights, including intellectual property or privacy rights, by the Client;
Any breach of laws, rules, or regulations by the Client;
Any third-party use of the Services or access to the Self-Dealing Platform.

12.3 Client Responsibility

The Client acknowledges and agrees that they are solely responsible for ensuring that all payments required under any FX Contract are made promptly and in accordance with the time limits specified in the respective FX Contract and these Terms.

12.4 Third-Party Liability

Where we and a third party are jointly liable to you, our liability will be limited in proportion to our contribution to the fault for the loss. You agree not to bring any personal claims against our employees

12.5 No Personal Responsibility of Employees

Our employees are not personally responsible for any losses or damages arising from their acts or omissions. This clause does not exclude liability for actions within the scope of their employment.

12.6 Compensation for Liabilities

The Client agrees to compensate Us for any liabilities, damages, losses, or costs incurred as a result of the performance of our foreign exchange services or the enforcement of our rights under these Terms, including losses resulting from the Client’s breach of these Terms or the exercise of our rights to close out any FX Contract prior to its Value Date.

12.7 Survival and Conclusiveness

Any amounts certified by Us under this clause shall, unless manifestly inaccurate, be conclusive evidence of the amounts payable. The indemnities in this clause shall survive the termination of this Agreement.

Terms applying to Payments

13. Request to execute a payment

13.1 Authorisation and Execution of Payment Requests

You may request that we execute a Payment. The request to execute the Payment must confirm the amount and currency of the Money you wish to transfer to the Beneficiary and the Payee Details.

13.2 Methods for Requesting Payment Execution

You can make a request for a Payment to be executed:

by calling us, using the telephone number set out in clause 2.2 or by using the telephone number of your designated account manager or otherwise by speaking to one of our employees via telephone, or
by using the Online Platform or
via email using the email address set out in clause 2.2 or by using the email address of your designated account manager or otherwise by emailing one of our employees.

13.3 Phone or Email Requests

If the request to execute a Payment is made via telephone or email:

We shall send one of you an email where you can confirm the details of the Payment, including the amount and currency of the Payment and Payee Details;
We will, subject to Clause 13.5, deem your request to execute a Payment as having been received when you have confirmed the details of the Payment via the link (and not when requesting via telephone or email).

13.4 Online Platform Requests

If the request to execute a Payment is made via the Online Platform, then we will, subject to Clause 13.5, deem your request for the Payment to be executed as having been received when the request is made via the Online Platform.

13.5 Payment Request Receipt and Timing

The request to execute the Payment shall be deemed to be received in accordance with Clause 13.3 and 13.4 at the time at which it is received except that:

a) on a day which is not a Business Day; or

b) after 3pm, London time on a Business Day,

we have the right to treat it as having been received on the next Business Day; and

If the Payment is to be made on a specified day in the future (for example on the Value Date of the FX Contract), your request to execute a Payment shall be deemed to be received on the specified day provided that:

a) the specified day is a Business Day; and

b) we hold enough Electronic Money in your UKFX Account in the correct currency by 09:30 am on that specified day to execute the Payment.

If the specified day is not a Business Day or we do not hold enough Electronic Money in your UKFX Account in the correct currency by midday, we shall be deemed to have received your request to execute a Payment on the next Business Day that we do hold enough Electronic Money in your UKFX Account in the correct currency by midday to execute the Payment.

13.6 Payment Request Refusal and Confirmation

Following receipt of your request to execute a Payment, we may:

Refuse that request and if we do so, we shall (unless it would be unlawful for us to do so) notify you of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal. A request to execute a Payment which is refused by us shall be deemed not to have been received for the purposes of clause 13.3; and/or
Request further confirmation or information from you, including if we consider that such confirmation or information is desirable or that the request is ambiguous.

14. Liability for unauthorised and incorrectly executed payments

14.1. If you think that:

a) We have paid money to a beneficiary account other than the one you instructed.

b) A payment was made from your account without your authorisation.

Please contact us as soon as possible, and no later than 13 months after the date of the payment. You can reach us by email or phone using the contact details in clause 2.2.

14.2. When might you be entitled to a refund?

You may be entitled to a full refund if:

a) We have paid money to a beneficiary account other than the one you instructed.

b) A payment was made without your authorisation, and you notified us within the 13-month timeframe described in clause 14.1.

14.3. Are there any circumstances where you are not entitled to a full refund in accordance with clause 14.2?

Yes, you will be liable for up to £35 of losses arising from someone other than you being able to access the online platform, unless one of the following circumstances apply, in which case we are fully liable:

a) The payment happened because someone we are responsible for made a mistake.

b) The payment was taken after you told us that someone knew your password or could gain access to the online platform, and if we had acted on this information, this would have prevented your loss.

c) We didn’t give you a way to tell us about the circumstances set out in clause 14.3(b), and if we had done so, this would have prevented the loss.

d) The law required us to make you follow specific security procedures when you instructed us to make the payment via the online platform, and we didn’t do this.

14.4. Are there any circumstances where you are not entitled to any refund in accordance with clause 14.2?

Yes:

a. We won’t refund you any money if you have acted fraudulently or have intentionally or carelessly failed to keep your password or the online platform safe (unless you told us about this before the payment was taken from your account). For example, we wouldn’t issue a refund if you gave someone your password and they made a payment using the online platform without your knowledge. Please refer to clause 19.3.2 and19.3.3

b. We are not liable for a payment not being credited to the beneficiary’s bank account on time, if we can prove to you that the beneficiary’s bank received the amount of the payment on time – in this case, you or the beneficiary may be able to recover any losses from the beneficiary’s bank.

c. We will not refund you if you have not received an acknowledgement of your notification informing us that your online platform account has been compromised. For further details, please see clause 2.2

14.5. If you are entitled to a refund in accordance with clause 14.2, how long will this take?

We will refund you within two business days after becoming aware, unless we suspect fraud and notify the appropriate authorities.

14.6. What happens if you give us the wrong beneficiary account details?

In this case, If this happens, we will not issue you a refund. However, we will try to trace the payment for you and, if successful, request the return of funds. We may charge you a reasonable fee for this service.

14.7. What if it takes longer than it should for money to be deposited in the beneficiary account?

Please let us know, and we can request that the beneficiary’s account provider treat the payment as if it were made on time.

14.8. What happens if these terms are terminated before you realise that you might be entitled to a refund?

If this happens, both you and we shall still be entitled to rely on this clause.

15 General Information on Payments

15.1. Incorrect Payee details

If you think that you have provided incorrect Payee Details, you must contact us immediately by telephone or email using the contact details set out in clause 2.2.

15.2. Withdrawal of Payment Request

You may not withdraw a request to execute a Payment after we have received it, except if you have agreed with us that the Payment is to be made on a specific day in the future (for example, when the Purchase Monies are available) and the withdrawal of the request to execute the Payment is received by us prior to the end of the Business Day preceding the specified day for the making of the Payment.

15.3. Payment Withdrawal Instructions

Any withdrawal of a request to execute a Payment, in accordance with clause 15.2, must be received by us via telephone or email using the contact details set out in clause 2.2, and if sent by email, it must include a copy of the relevant transaction number for the Payment, if received.

15.4. Payment Processing and Credit Timing

Where the Payment is denominated in:

Euro or sterling, we shall endeavour that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day following that on which your request to execute the Payment was deemed to be received;
A currency other than euro or sterling but the account of the Beneficiary’s payment service provider is located within the European Economic Area (‘EEA’), we shall endeavour that the amount of the Payment is credited to that account by the end of the fourth Business Day following that on which your request to execute the Payment was deemed to be received; and
If the beneficiary’s payment service provider’s account is located outside the EEA and the currency is other than euro or sterling, we shall endeavour to ensure that it processes the Payment as soon as is reasonably practicable.

15.5. International Payment Routing and Liability

If the Payment is an international Payment, you may provide us with the details of your preferred intermediary or routing bank, and if we are able to use it, we shall do so. If you do not provide us with those details, or we are unable to use your preferred intermediary or routing bank:

We shall use our own intermediary or routing bank;
We will not be liable for any losses that you incur from us using our own intermediary or routing bank

16. Email confirmation

Details of the Payment Contract will be confirmed in a Confirmation Email issued to you. In these Terms, the “Confirmation Email” means an email that will include the following:

the transaction number;
confirmation of the Payee Details sent by you to us;
confirmation of the amount and currency of the monies subject to the Payment;
any charges payable by you in respect of the Payment Contract (including a breakdown of the amounts of those charges where applicable).

16.1 Payment Contract Binding

The Payment Contract remains binding whether or not you receive the Confirmation Email. If you do not receive the Confirmation Email within two Standard Business Hours of entering into a Payment Contract, you must notify us, failing which you will be deemed to have received the Confirmation Email and to agree that its content is an accurate reflection of your request to execute the Payment.

17. Keeping your account secure

17.1 Security Breach

You must notify us as soon as possible via telephone or email, using the contact details set out in clause 2.2, on becoming aware of a Security Breach.

17.2 Platform Access and Passwords

You must take all reasonable steps to keep your Passwords and the Online Platform safe.

Not writing down or telling anyone their Username or Password;
Logging off the Online Platform every time the computer (or other device used to gain access to the Online Platform);
Always ensure that neither their Username nor Password are stored by the browser or cached or otherwise recorded by the computer or other device used to gain access to the Online Platform;
Having recognised anti-virus software on the device you use to gain access to the Online Platform; and
Using reasonable endeavours to ensure that the e-mail account(s), phone numbers and mobile phone numbers that they provided us with are secure as we might use them to reset Passwords or verify instructions;
Complying with our website terms of use, which are available on www.qumoney.com.

17.3 Fraudulent activity

You must take all reasonable steps to protect yourself and prevent any fraudulent use of the Services. This includes keeping your login credentials, passwords, and security information secure at all times, ensuring your devices are protected with up-to-date antivirus and security software, and being vigilant against phishing attempts or other suspicious activity.

You agree to notify us immediately if you suspect any unauthorised or fraudulent activity related to your account. Failure to take reasonable precautions may affect your ability to recover any resulting losses and could be considered gross negligence under applicable regulations.

17.4 Suspension of Account

We may stop or suspend your use of the Online Platform if we have reasonable grounds for doing so relating to the security of the Online Platform or its suspected or actual unauthorised or fraudulent use.

18. APP Scam Reimbursement

We may reimburse part of the amount lost due to an APP scam, subject to a cap and an excess, provided certain conditions are met. Reimbursement is typically limited to a proportion of the loss. These levels are reviewed periodically and may change.

19. The Online Platform

19.1 What is the online platform?

Our platform offers an automated, end-to-end payment process. You can send funds to customers in 37 currencies across 180+ countries. We take care of all the banking integration, compliance and payment requirements on your behalf.

The first step is to create a beneficiary by providing information such as the company or person name, their country of residence and their bank account details. You can make payments to any registered beneficiary.

The online platform is our platform, made available via our website, where you can:

a. Find out our foreign exchange rates.

b. View your UKFX account balances.

c. Make requests to purchase money in different currencies from us.

d. View the details of foreign exchange contracts you have entered into and foreign exchange contracts which have been completed.

e. Make requests for us to execute payments on your behalf.

f. View the details of payments which have been executed and payments which are pending, and

g. Update your details.

19.2 How can you gain access to the online platform?

You will need to have access to the internet; you can then enter your login details on the relevant part of the website.

19.3 Keeping your account secure

19.3.1 Security Breach

You (or an Authorised Person on your behalf) must notify us as soon as possible via telephone or email, using the contact details set out in clause 2.2, on becoming aware of a Security Breach.

19.3.2 Platform Access and Passwords

Each Authorised Person must take all reasonable steps to keep safe their Passwords and the Online Platform. This includes each Authorised Person:

Not writing down or telling anyone their Username or Password;
Logging off the Online Platform every time the computer (or other device used to gain access to the Online Platform) is left by the relevant Authorised Person;
Always ensure that neither their Username nor Password are stored by the browser or cached or otherwise recorded by the computer or other device used to gain access to the Online Platform;
Having recognised anti-virus software on the device each Authorised Person uses to gain access to the Online Platform; and
Using reasonable endeavours to ensure that the e-mail account(s), phone numbers and mobile phone numbers that they provided us with are secure as they might be used by us to reset Passwords or verify instructions;
Complying with our website terms of use, which are available on www.qumoney.com.

19.3.3 Fraudulent activity

19.4 Suspension of Account

Terms applying generally

20. Payment to us

20.1 Spot FX Contract

In the event of a Spot FX Contract, you will ensure that you hold enough Electronic Money in the Sale Currency in your UKFX Account to cover the Sale Monies no later than the close of business on the Value Date.

20.2 Forward FX Contract

In the event of a Forward FX Contract, you will ensure that you hold enough Electronic Money in Sale Currency in your UKFX Account:

To cover the Margin, within one Business Day of the Contract Date, unless otherwise agreed;
To cover any request for a Margin Call by 3 pm on the Business Day following the day upon which the Margin Call was made; and
To cover any outstanding balance of the Sale Monies, no later than close of business on the Value Date.
You have to allow enough time for the Money to clear into our account and for your UKFX Account to be credited.

If you do not hold enough Money in the Sale Currency at the appropriate time, we may

Terminate the FX Contract or
Convert the Electronic Money you hold in your UKFX Account which is not in the Sale Currency into the Sale Currency using an exchange rate we believe is reasonable so that you meet your obligations under the FX Contract.

20.3 Appropriation of Funds

All funds provided by you under a Contract (whether as security or otherwise) or standing to the credit of your UKFX Account may be appropriated by us if we incur any liability in respect of any Contract or in the event that you are unable to pay sums due to us or breach of these Terms.

20.4 Late Payment and Interest Charges

If you fail to make any payments, in full or in part, due to us on time then (without prejudice to any other right or remedy that may be available to us under the Contract or general

law):

We may charge you interest at a rate of 5% above the Bank of England base rate, from time to time, on any sum due from the date payment was due until the date payment is made, and such interest shall be compounded monthly. We will be entitled to terminate the Contract.
We will be entitled to terminate the Contract.
Should we choose to roll the contract a minimum 0.5% of the contract amount will be charged unless otherwise agreed plus any counter party costs incurred.

20.5 Third parties

We may, at our discretion, make payments to third-party introducers.

20.6 No Interest on Margin or Funds Held

For the avoidance of doubt, we will not pay you interest on any Margin or any Money held by us on your behalf and in any currency accounts

21. Safeguarding

21.1 UKFX Holdings Limited Safeguarding Statement

We are not an authorised deposit holder or Bank that offers access to the Financial Services Compensation Scheme (FSCS). To ensure there isn’t any confusion on this point, the following terms apply to our services and have been added to our terms and conditions.

21.2 How your funds are Protected

Depending on the specific services you use with QU Money, the responsibility for safeguarding your funds will sit either with UKFX Holdings Limited or with our regulated partner, Currencycloud (The Currency Cloud Limited).

Virtual IBANs and Named Wallets: When you use our Virtual IBANs and wallets that are opened directly in your name, we provision these accounts through Currencycloud. In these instances, Currencycloud is fully responsible for holding and safeguarding your funds. Currencycloud is an authorised Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA).

Other Services: For other transactions where funds are held directly by us, UKFX Holdings Limited is responsible for safeguarding your funds in accordance with strict regulatory requirements.

We have addressed some common questions that customers may have about how their money is protected below.

21.2 What is E-Money?

When you send money to your account, you are given the equivalent value to spend or transfer. The money held in your account is known as ‘electronic money’ or ‘e-money’. While this may sound similar to what a bank does when funds are received into a current account, this is not a traditional bank account and therefore:

Your money is not taken as a deposit to be used for our own purposes or lent to other customers; and

Your e-money is not covered by the Financial Services Compensation Scheme (FSCS).

21.3 How do you protect my money?

Whether your funds are held by UKFX Holdings Limited or Currencycloud, the safeguarding process remains the same. Safeguarding is a strict regulatory requirement designed to protect you.

The institution responsible for your funds separates your money entirely from their own company funds. Your money is placed into dedicated safeguarding accounts held with reputable UK and EU banks. These banks and authorised credit institutions have no rights over the funds in these safeguarding accounts.

Furthermore, both UKFX Holdings Limited and Currencycloud are required to have an independent expert check that safeguarding obligations are being met every year, and these reports are available to the FCA upon request.

In the unlikely event that the institution holding your funds (either UKFX Holdings Limited or Currencycloud) were to become insolvent, the safeguarded funds would form a protected asset pool. Claims from e-money holders (like you) would be paid from this pool above those of other creditors.

This means you would get most of your money back, except for the administrative costs deducted by the appointed insolvency practitioner for distributing the money.

You can read further specifics on how Currencycloud manages this process on the Currencycloud Safeguarding Funds page.

21.4 How does FSCS cover differ from safeguarding?

The FSCS protects consumers together with small businesses, limited companies, and charities (that meet its eligibility criteria) when certain authorised financial services firms (such as an authorised UK bank) fail and cannot return your money to you. The FSCS provides compensation only up to £85,000 per eligible person, per bank, building society or credit union, or up to £170,000 for joint accounts.

By contrast, all of the funds held in an e-money account are safeguarded and protected, regardless of the value. The full value (minus administrative costs applied by the insolvency practitioner) will be returned to you in the event the holding firm goes out of business. Because of the insolvency procedure, it may take longer (as compared to an FSCS claim) for your money to be returned to you.

You can find more information about using a non-bank payment service provider on the FCA’s website.

If you have any questions or require clarification on which entity is safeguarding a specific transaction, please contact us on 0207 183 2790 or manager@qumoney.com.

If you have any questions, please contact us per clause 2.2

22. Charges

22.1. We charge for our Services

These charges are set out in Clause 28. The charges may, at our discretion, be waived in part or discounted completely.

22.2. Profit from Currency Exchange Transactions

In addition, we make a profit from selling money in different currencies to you. The rate at which we purchase money in different currencies from our wholesale providers is slightly better than the rate at which we sell money in different currencies to you.

22.3. Liability for Intermediary Fees and Charges

In some circumstances a number of intermediaries (such as correspondent banks) may be involved in an international transfer of money, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery. These charges are beyond our control and whilst we will endeavour to minimise these for you wherever possible, those charges cannot therefore be calculated in advance. You hereby acknowledge that you shall be liable for these charges.

23. Complaints

23.1 Making a complaint

If you feel that we have not met your expectations in the delivery of our Services or if you believe we have made an error, please let us know. You may notify us by telephone, email, or post using the contact details provided in Clause 2.2.

We have internal procedures in place for handling complaints fairly and promptly, in accordance with the Financial Conduct Authority’s requirements. A copy of our complaint procedure is available on our website

You may be able to take your complaint to the Financial Ombudsman Service if you are not satisfied with our final response. Further information on eligibility criteria and the procedures involved in referring your complaint to the Financial Ombudsman Service is available from http://www.financial-ombudsman.org.uk.

23.2 Alternative Dispute Resolution

If:

your complaint does not fall within the Financial Ombudsman Service’s jurisdiction; or
you do not wish to refer your complaint to the Financial Ombudsman Service,

You may refer your complaint to the courts in accordance with clause 27.14, should you not be satisfied with our final response.

24. Where can you find information on how we handle your personal data

Details of how we process your personal data are set out in our privacy policy, which is available on the following website: www.qumoney.com

25. Anti-Money Laundering

25.1 AML Compliance and Information Collection

The Client acknowledges that we are obliged to comply with applicable AML regulations in all relevant jurisdictions. The Client agrees not to initiate any transactions that may contravene these regulations and will provide all necessary information to enable us to fulfil its AML obligations. This includes identity verification, which may involve obtaining documentation or conducting electronic checks (such as credit checks) on the Client and relevant parties. Should we be unsatisfied with the results of these checks, we will not process requests for FX Contracts or payments, and any funds in the Client’s UKFX Account will be frozen. We reserve the right to retain records of such checks in accordance with its data retention policy. The Client warrants that it has obtained the consent of any individuals subject to these checks.

25.2 Establishing Your Identity

It may be necessary for us to, both prior to onboarding you as a client and during the Term:

Obtain from you and retain in our records evidence of the identity of; and/or
Carry out an electronic verification check and/or credit check via a third-party provider on you and/or your beneficiaries

25.3 Reporting and Transmission of Information

We are required to report any suspicions of money laundering, terrorist financing, or related activities to the relevant authorities. This may include suspending communications or actions in compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 and the Proceeds of Crime Act 2002 without liability to the Client. We may pass information to regulatory bodies as applicable AML regulations require, including transaction details. It may block or refuse payments with no liability to the Client or any third party.

26. Confidentiality

The Client agrees that we may carry out any check as to the Client’s financial status as we shall deem fit. The Client accepts that we will attempt to verify the Client’s identity by checking the details supplied against those held on a number of specific databases that we have access to, for example, information from the Electoral Register and fraud prevention agencies. A record of this process will be kept that may be used to help other companies verify the Client’s identity. We may also pass information to organisations involved in fraud prevention to protect us and other clients from theft and fraud. If the Client supplies false or inaccurate information and we suspect fraud, we will record this and share this information with other organisations.

27. General Terms

27.1 Pricing Errors

If we incorrectly price an FX Contract, despite our best efforts, we may terminate the FX Contract and refund any sums paid, provided that the pricing error was obvious and could reasonably have been recognised by you as mispricing.

27.2 Delay in Enforcement

If we do not immediately enforce any of your obligations under these Terms or delay taking action against you for any breach, it does not mean we waive our right to enforce them later. For example, if you miss a payment and we do not chase you, but continue to fulfil the contract, we can still require payment at a later date.

27.3 Force Majeure

We are not liable to you for any failure or delay in performing our obligations under these Terms if caused by events beyond our reasonable control, such as strikes, natural disasters, war, civil commotion, acts of government, or other similar events. You will be notified of any such event and its expected duration.

27.4 Severability

If any part of these Terms is found to be illegal or unenforceable by a court, the remaining provisions will continue in effect.

27.5 Entire Agreement

These Terms and any documents referenced within them constitute the entire agreement between us and supersede any prior agreements or understandings.

27.6 Can these terms and associated contracts be transferred to another person?

We may transfer our rights and obligations under these Terms to another organisation. You will be notified in writing, and the transfer will not affect your rights under any existing Contracts. You cannot transfer your rights under these terms unless we confirm in writing that you may do so.

27.7 Do you record telephone conversations?

Yes. we record telephone conversations and may use them as evidence if you make a complaint. We shall destroy our recordings in accordance with our normal procedures.

27.8 Can you obtain a copy of these terms?

Yes. A copy is always available on our website and by emailing us.

27.9 What if something unexpected happens?

We shall have no liability to you if we are prevented from or delayed in performing our obligations under these terms by acts, events, omissions or accidents beyond our reasonable control, provided that you are notified of such an event and its expected duration.

27.10 If a court finds part of these terms’ illegal, will the rest continue in force?

Yes. Each of the clauses of these terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

27.11 Additional Terms

We may publish additional terms and conditions or notices, such as those governing the use of our Website from time to time. You should review these terms when using the Website.

27.12 Will we ever make changes to these terms?

We may amend these Terms by giving you at least two months’ notice. If you object to the changes, you can terminate these Terms without charge before the changes take effect. If no objection is received, the amendments will take effect on the specified date. Termination of these Terms will not affect any existing Contracts or rights that have already arisen.

27.13 Which laws govern these terms?

These Terms and any Contract to which they apply are governed by and construed in accordance with the laws of England.

27.14 Where can legal proceedings be brought in relation to these terms?

Legal proceedings can be issued in the courts of England & Wales. In addition:

a) If you live in Scotland, legal proceedings can be issued in the Scottish courts;

b) If you live in Northern Ireland, legal proceedings can be issued in the Northern Irish courts.

27.15 What if you open an account with us, jointly with someone else?

If you sign up to these terms jointly with one or more other persons, then:

a) A reference to “you” in these terms is a reference to you and each such other person;

b) Each person who signed up to these terms with you:

1. can issue orders binding all the persons who signed up to the terms jointly; and

27.16 Dispute Resolution

Terms and any related Contracts are governed by the law of England and Wales. Unless your complaint is taken to the Financial Ombudsman Service (as outlined in Clause 23), the courts of England will have exclusive jurisdiction to resolve any disputes arising from these Terms or related Contracts, subject to the mandatory consumer rights set out in Clause 28.14 (a) and (b) above.

27.17 Third-Party rights

This agreement is between you and us. No other party shall have any rights to enforce any of its Terms.

27.18. Data Protection

Our privacy policy, which is available at the following weblink, details how we process personal data.

28. Payment Charges Overview

Our platform provides transparent and straightforward payment charging across all supported currencies and destinations. Payment fees vary depending on the payment method (SWIFT or local), with one free payment included per FX transaction unless otherwise agreed.

28.2 Payment types

The payment rail for your payment will depend on the payment type – Swift or local. All FX transactions with us include one free payment unless otherwise agreed at the time of booking your transaction. All extra payments will be charged depending on the payment rails chosen.

28.3 Swift (priority) payments

Swift is the fastest way to make international payments, typically settling on T+0 or T+1. The payments are in the payee’s name. There is a charge for Swift transactions as the payment is transferred between intermediary banks. Each intermediary bank is likely to charge a handling fee or commission for their service (We cannot control these costs unless the SWIFT (OUR) option is chosen).

You can choose how you want to deal with these charges. The options are:

28.3.1. SWIFT (SHA) payments are charged at £15.00 per payment.

Shared (SHA): Intermediary banks may deduct charges from the payment while processing it. These charges are your responsibility, and the beneficiary may receive less than the amount you instructed us to send.

28.3.2. SWIFT (OUR) payments are charged at £25.00 per payment.

Ours (OUR): intermediary bank charges are covered by the payer. The beneficiary receives the full amount, but the payer will be charged an additional fee to cover the intermediary bank charges.

28.3.3. Local (regular) payments are charged at £5.00 per payment

Local (regular) payments: Local payments are domestic or SEPA/ACH payments. There are no receiving fees for local payments and so the beneficiary receives the full amount. Payments settle at T+0 to T+2.

Any rejected or incorrect payments sent may incur further charges at the above rates to resend the payment. Please note we cannot control the amount returned to us by the beneficiary bank, and this may be less than you originally sent due to intermediary and receiving bank charges.

These terms and conditions were last updated on 4th October 2023.

These terms and conditions of business set out the legal relationship between you as you have detailed in the Corporate Registration Form or the Personal Registration Form and UKFX Holdings Ltd. This includes all of your legally binding obligations and responsibilities. It is therefore very important that you read it carefully. Please let Us know as soon as possible if there is anything which you do not understand.

UKFX Holdings Ltd is authorised with the Financial Conduct Authority to carry on electronic money activities under the Electronic Money Regulations 2011 (EMRs).no 901082. We are also a registered money service business with H.M Revenue & Customs no.12305659.

Introduction
1.1 UKFX Holdings Ltd is a company incorporated in England and Wales (registered number 06588495) whose Registered Office is at 1st Floor, Jebsen House, Ruislip, Middx, HA4 7BD. UKFX Holdings Ltd also trades under the name IMS FX (International Foreign Exchange) Ltd.

1.2 This document is relevant and must be read and agreed to. We may choose not to undertake to conduct business with you unless and until you have read and accepted these terms and conditions of business.

1.3 This document sets out the terms and conditions upon which We agree to conduct Our services with you in relation to foreign and domestic currency transactions.

Definitions
The following terms shall be defined within the Agreement as follows. We have defined these to aid your understanding. Please contact Us if you are unsure of any of the meaning of any of these definitions:

2.1. “Agreement” This Agreement shall apply to any and all Orders. The specific details of each Order will be agreed with your dealer or stated on the Self-Dealing Platform and will be shown on the Confirmation. Each and every order for which We issue a Confirmation We will consider to be an independent contract under the terms of the Agreement.

2.2. “Balance Due” means the amount of funds sold to the Client minus any Margin already held on account

2.3. “Balance Due Date ” means the date on which payment of the Balance Due must be received.

2.4. “Beneficiary” means the nominated recipient of the proceeds of the transaction.

2.5. “Business Day” means a working day upon which We are open for business.

2.6. “Client” means the party, that being an individual or corporate entity, entering into this agreement with Us.

2.7. “Confirmation” means the contract confirmation note sent by Us to Client setting out the details of the Client Order.

2.8. “Corporate” means an entity that is not recognised as an individual.

2.9. “Delivery Date” means the date on which We will make the funds available for completion of Our services providing the Order has been completely funded by Client.

2.10. “Facility” means the limit within which Client may access the Service and can include any trading limit, margin limit, settlement limit, or credit facility that We have expressly granted to Client.

2.11. “Force Majeure Event” shall include any act beyond Our reasonable control, an Act of God, flood, earthquake, windstorm or other natural disaster, epidemic or pandemic, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargo, breaking off of diplomatic relations or similar actions, terrorist attack, civil war, civil commotion or riots, strike, industrial action or lockout any law or government order, rule, regulation or direction, or any action taken by a government or public authority, any communications, systems or computer failure, market default, suspension, failure or closure, interruption or failure of utility service.

2.12. “Foreign Currency” means any tradeable currency We offer that is not the Pound Sterling.

2.13. “Forward Contract” means a contract for the purchase of foreign currency for delivery on a specified future maturity date or dates or during a specified period, for a specified future payment need.

2.14. “Initial Margin” means funds held by Us in either Pounds Sterling or Foreign Currency for a Client that are held as a form of security until the Balance Due Date that may then be released from security upon receipt of the Balance Due and be applied as a partial payment toward completion of the transaction.

2.15. “Insolvent” means when any entity is unable to settle any debt it owes when it is due or makes itself or becomes made subject to any formal proceeding, whether voluntary or involuntary, for bankruptcy, liquidation, administration or relief from creditors.

2.16. “Loss” or “Losses” means but is not limited in meaning any financial losses or damages or costs.ny legal penalties applied, fines, fees judgements or costs. Any accountant fees or expenses. Any investigation costs, settlements, court costs and other expenses of litigation, as well as fees and expenses and losses not related to litigation or a legal process and lost profits.

2.17 “Margin” means the Initial Margin or Variation Margin payable by Client to secure and to further secure when required, the Order.

2.18. “Margin Call” means any payment that We may demand from Client for any Margin that is due owed.

2.19 . “UKFX Holdings Ltd or IMS FX” means businesses acknowledged under the UKFX Holdings Ltd group of Companies.

2.20. “Order” means the Client has requested of Us our Services. This request may be made by email, face to face, Fax, telephone or via our Self-Dealing Platform.

2.21. “Party” or “Parties” mean individually or collectively a Client and Us.

2.22. “Payment” means cleared funds received by Us from or on behalf of a Client.

2.23. “Payment information” means the clear and precise instructions delivered in Our required format to be provided by Client to Us in order that We may attempt a successful payment on their behalf.

2.24. “Payment Transaction” means any Client instructed financial payment to a beneficiary carried out by Us.

2.25. “Regulations” means the Payment Services Regulations 2017 under which We conduct Our payment services on Client behalf.

2.26. “Self-Dealing Platform” means Our interface that allows the Client to trade currency and obtain quotes to exchange currency or to make beneficiary payments within the terms of the Self-Dealing Licence.

2.27. “Self-dealing Licence” means the authority we agree with you to access and use the SelfDealing Platform.

2.28 “Services” means Our supply to you of Our foreign exchange, settlement and payment services, including where permitted Our Self-Dealing Platform.

2.29. “Settlement Date” means the sum of outstanding monies owed to Us by Client for the Order to include all fees and charges minus Margin we hold on Client behalf.

2.30. “Termination Event” means, if the Client: Fails to deliver to Us Settlement, Initial Margin or Variation Margin or states their intention not to or disputes the validity or existence of an Order or defaults, or communicates its intent to default, on states its intent to fail to comply with any of its obligations described in this Agreement including any of the representations or warranties set out in this Agreement or elsewhere or is reasonably likely in Our opinion to become Insolvent or ceases or threatens to cease to carry on business or sells all, or substantially all of the assets of the business or receives notice of, or becomes subject to a regulatory or enforcement action or investigation which, in the reasonable judgment of Us will materially impair the terms of this agreement, the expected economic value of this Agreement, or Our business reputation or breaches this Agreement or any terms of an Order or places an Order reasonably deemed by Us to represent a regulatory, compliance or business risk or is, or is suspected of, regulatory noncompliance or breach of any laws or regulations.

2.31 Us ,We & Our denotes the company and its representatives as set out in Section 1 of this Agreement

2.32. “User” means an individual authorised by Us or by the Client to access the Services and place and/or enter into Orders on behalf of Client in accordance with this Agreement.

2.33. “Value Date” means the date upon which the Client Order becomes due for delivery to Client and Settlement to us by Client

2.34. “Variation Margin” means cleared funds required when the net marked to market value of all open Orders exceeds the agreed percentage or fixed amount as We may advise of the notional value of all open Orders.

2.35. Singular words, plural words shall also be interpreted vice-versa. Illustrative vocabulary such as “including” will not limit the sense of any other words or phrases.

SERVICES
3.1. Our Services include the exchange of amounts of one currency to another and the remittance of funds to the Client designated Beneficiary.

3.2. Advice. Client agrees that he has at no time received or acted upon advice from Us and that each Order entered into will be based upon Client’s own judgment. Client acknowledges that We are neither regulated to or authorised to provide advice on an Order at any time.

3.3. Dependence upon Instruction. Any instruction, whether oral or written, that We believe to have been made by you or on behalf of you by a User we will consider to be genuine ,act and rely upon said instruction and will not liable for any Losses you incur resulting from the misconduct of any Client User(s) or any persons claiming to act on behalf of Client.

3.4. Execution. We may reject any Order if We decide that any Order was not authorised by Client or a User or that the Order may be contrary to law or breaches our risk profile or would breach any limits imposed by Us on the client or the Order is unsatisfactory to Us for any reason. A Client Order will be acted upon on a reasonable effort basis however We do not guarantee that any Order can be filled or that requests for execution can or will be acted upon.

3.5. Binding order . An Order becomes binding on Client once We receive said Order by any method and this then creates an obligation on Client to settle the Order. All Losses associated with Client’s failure to settle an Order will be the responsibility of Client solely.

3.6. Confirmations. A Confirmation or Contract Note will be sent to the client once an Order has been accepted by Us. The Confirmation contains the relevant details of the Order and the Client obligations. Any errors or omissions must be informed to Us within one Business Day otherwise it is accepted by the Client as proof of the Order and Client obligations.

3.7. Recording. We may take and maintain for a period a record of oral Order communications and Client agrees as such. All recordings are Our sole property and Client agrees that such recordings may be relied upon in the event of any dispute.

3.8. Deposit Interest. No interest is payable on any funds held on behalf of Client at any time for any reason.

3.9. Payment methods. Choice of banks, payments systems and methods for processing of the order lie solely with us and such institutions shall be used at Our discretion.

3.10. Payment times. We are not responsible for the speed and timing of payment processing by institutions or methods however We will make every reasonable effort to ensure the timely fulfilment of the Order.

3.11 Fees or charges applied by other institutions. We will not be responsible for any fees that may be deducted, by any intermediary or correspondent financial institution, or any Order errors or omissions or for any actions that may be taken or not taken by said institutions including any cancellation or rejection during any part of the Service.

3.12. Payment Instructions. We will accept an instruction from Client to perform a Payment Transaction by mail, email, fax, or Self-Dealing Platform and instructions must include all the data requested and the Client’s instruction will be treated by Us as the Client’s consent to execute the Payment Transaction. Any and all errors or omissions within Payment Information in any respect are Client’s sole responsibility and liability.

3.13 Payment Delay. We will not be responsible for any delays due to the processing of the Payment Transaction by the Beneficiary’s payment service provider. We reserve the right to reject or stop processing any Order that is incorrect or incomplete

SETTLEMENT
4.1. Client agrees to promptly deliver the total amount of the cost to Client of an Order to Our nominated bank account in immediately available funds on or before 09.00 hours on the Value Date. If Client fails to make full Settlement for an Order We reserve the right to terminate the Agreement and initiate any proceedings and take any other steps necessary to recover any Balance Due. Client acknowledges and agrees to waive any claim or action against Us and to indemnify and hold Us harmless from any and all Losses incurred by Us from Client’s failure to pay and Our effort to collect any Balance Due. We reserve the right to charge interest upon any unpaid amounts calculated at the daily rate as periodically announced by Our current bankers plus 5%. We may also apply a standard non-refundable default fee of £750.00 should the Client fail to settle the Balance Due. We may deduct interest, and any fees charged and costs incurred from any funds in any currency We hold on behalf of Client.

4.2. Set-off and Netting. We may without prior notification set-off any amount owing by Client to Us from any funds available held by Us. Should the set -off impact on any Margin owed by Client then Client shall immediately restore the Margin requirements for all Contracts. We may at our discretion cancel any unsettled Orders and Client will be responsible for all Losses resulting from cancellation. Client acknowledges and consents to Us netting Orders for the purpose of satisfying any Margin Call issued by Us and/or for satisfying any shortfall incurred by Us on the liquidation of any or all Orders.

4.3 Failed Transfer. Should any Payment Transaction not complete, be rejected or otherwise not fund the beneficiary account as a result of actions by the receiving bank We may charge back to Client all processing costs, fees, penalties and liabilities incurred by Us as a result of the failed transfer.

4.4. Changing Settlement Date. We can at our discretion change the settlement date of an Order as often as needed prior to Settlement. Client may request an extension prior to settlement. All requests are subject to Our approval and in the event of Our acceptance of a request Client agrees to pay to Us within one Business Day the amount of any and all Losses incurred by Us and any fee stated by Us in order to complete the extension.

4.5. We may contact Client to confirm Payment Instructions. Client agrees to make themselves available to provide us with requested information and accepts that any unavailability by Client may delay Settlement.

FORWARD CONTRACTS
5.1. Risks linked to Forward Contracts. Client expressly accepts the risk that the value of the currency purchased in a Forward Contract can alter between the date of the Order and the Balance Due Date.

5.2. Draw Down. Client may draw down against a Forward Contract before Delivery Date providing Settlement equating to the sum of the amount drawn down is received by the agreed date and time. We may apply to any draw down any rate of exchange that We deem reasonably appropriate.

5.3. Closing a Forward Contract. Should a Termination Event occur We may without notice, immediately terminate any outstanding Forward Contract agreed without any liability to Us and take any necessary steps to mitigate losses. Client agrees to pay upon demand and within one Business Day the full sum of Losses that have been incurred as a result of the closure. Client agrees that Client may only terminate a Forward Contract in accordance with this clause.

5.4. Normal Delivery. Once Settlement has been received by Us We will remit funds in accordance with the Order.

MARGIN
6.1. Initial Margin Required. We may require Client to provide Initial Margin in relation to any Forward Contract within one Business Day of Order and will state as such on the Order.

6.2. Variation Margin Required. If the net market value of all of Client open Orders has declined and the unrealised loss when marked to market exceeds 5% or an alternative percentage or fixed amount as stated to Client, Client is required to post Variation Margin as stated in the Margin Call issued to Client. We may Margin Call whenever the net market value of all of Client Orders when marked to market further increases Our Losses. Payment of Variation Margin is payable to us before close of business on the next Business Day after the Margin Call is issued to Client.

6.3. Order Valuation Process. Forward Contracts are marked to market using a reputable financial data providers data.

6.4. Refund of Variation Margin paid. Client may request that We refund to Client the difference between the unrealised loss of all open Forward Contracts and the Variation Margin held should the market move in their favour. Return of previously funded Variation Margin is entirely at Our discretion based on Our view of the market at the time of request.

6.5. Purpose of Initial Margin. It is intended to maintain the value of the funds to be bought or sold to Us for a Forward Contract or to address an adverse change in the external economic environment or client circumstances. The amount required will be calculated by Us and will be no more than the total payment owed to Us in respect of the related Forward Contract. Initial Margin delivered by Client will be applied to satisfy Client’s total payment obligation with respect to the relevant Forward Contract.

6.6. Failure to fund Margin. If Client fails to fund Initial Margin or Variation Margin when due, We may close out any or all of Client’s open Orders and apply the proceeds first to reimburse Us for the amounts due under the Orders, including all Losses, and remit the balance of the proceeds, if any, to Client. If there are insufficient funds available to Us to settle the amount owing to Us, then Client shall pay to Us the difference on demand and within one Business Day.

ACCEPTABLE INCOMING PAYMENT METHODS

7.1. Incoming Payment. We will accept domestic or Foreign Currency from a first party or third party (subject to prior arrangement) for payment on behalf of Client by bank transfer only. We do not accept Banker’s Draft, cheque or Cash.

7.2. We may not credit any Incoming Payment until We are satisfied that We are in receipt of cleared funds. In the event that any Incoming Payment is subsequently recalled or is otherwise not accepted by Our banker said Incoming Payment will be returned to source of transfer. Client warrants that they indemnify Us against any and all Losses We may incur including but not limited to any foreign exchange Losses or charges or fees that may have been applied whilst dealing with the relevant payment.

7.3 Client warrants that any third party payer shall provide Us with all and any information We require to satisfy Ourselves as to the source and veracity of funds received in accordance with Our policies on the matter.

LIMIT ORDER
8.1. Limit Order. Client may instruct Us to execute an Order when a particular exchange rate is at a specified rate and authorises Us to purchase or sell currencies on Client behalf. A Limit order will be considered good until cancelled unless Client provided a specific date range for Us.

8.2. Rate Achieved. We will provide Client with a Confirmation setting out the rate achieved If the terms of the Limit Order are met.

8.3. Cancellation of a Limit Order. Should Client wish to cancel a Limit Order Client must instruct us requesting cancellation and have received Our confirmation of compliance with Client instruction to cancel. Should the Limit order be filled before Our confirmation the Client agrees that they are liable to complete the transaction under the other terms of the Agreement.

ERRORS
9.1. Client must promptly review each Confirmation and other communication regarding Orders and beneficiary payments and immediately inform Us of any error, discrepancy or irregularity so that We may correct said issue.

9.2. Client must conduct themselves with care when examining any such communication and cannot make any claim against Us in connection with any errors if Client did not notify Us in writing and in a prompt manner any disputed information within the Confirmation. In any event should one business day expire from Our despatch of the Confirmation or it is deemed to be correct.

SELF DEALING PLATFORM & SECURITY
10.1. Self-Dealing License. If Client is issued a Self- Dealing Licence to use the Services, Client agrees to abide by the terms of this Agreement in respect of its use. The Self-Dealing Licence shall remain in effect for as long as the Agreement remains open. Should Client not use the Self-Dealing Platform for one year then the licence may be revoked. The Self-Dealing Licence may not be transferred or sublicensed and is for the sole use by Client.

10.2. System Restrictions. Client agrees that the Self-Dealing Platform is the exclusive property of Us. Accordingly, Client guarantees, warrants and covenants that it and its User(s), employees, directors, officers, agents, or affiliates shall not:

10.2.1 Permit use of the Self-Dealing Platform by, any third party; distribute or disclose the SelfDealing Platform or any component of it. Client further agrees not to use the Self-Dealing Platform for any purpose that is illegal or prohibited under the Agreement or use any automated means or interface to access the Services or extract other Users’ information.

10.2.3 Use the Services in a way that could damage, disable, overburden, delay or impair the functioning of the Services.

10.2.4. Upload viruses or other malicious code that otherwise compromises the security of the Services

10.2.5. Attempt to circumvent any content-filtering techniques We use or attempt to access areas or features of the Services that Client is not authorised to access

10.2.6. Probe, scan, or test the vulnerability of the Services, or any related system or network

10.2.7. Encourage or promote any activity that violates the Agreement.

10.3. Use of Self-Dealing Platform . In order to use the Self-Dealing Platform Client will be required to create an account and agrees to provide Us with a written list of Users that Client would like to access and use Self-Dealing Platform on Client’s behalf. If Client wishes to end a User’s access to the SelfDealing Platform Client will make the request in writing and the request shall not take effect until Client receives Our confirmation of completion of Client request. Without limiting this section, until such time as We confirm such User’s access has been terminated, such User may remain authorised and Client will remain responsible for any transactions placed and other activity by such User.

10.4. Access. We will provide each User with a Username and password to access the Self-Dealing Platform. It is the sole responsibility of Client and User to protect their password. Client and User shall regularly change their password thereafter to ensure security. Client agrees that its User(s) will not use the account of another User without permission and will provide accurate and complete information to Us in all circumstances. Client and each User expressly accept and warrant that all use is made in accordance with this Agreement. We reserve the right to suspend or cancel Client and /or User access to the Self-Dealing Platform, without notice, at any time for any reason whatsoever.

10.5. Client’s use of Self-Dealing Platform. Client and its User(s) are solely responsible for all activity on Client’s Self-Dealing Platform and each agrees to notify Us immediately upon becoming aware of any unauthorised use of Client’s Self-Dealing Platform. We have no responsibility or liability for any Losses incurred by reason of any use of the Self-dealing Platform, whether authorised or unauthorised.

10.6. Exchange Rate. Once a User submits an Order Client is responsible for the resulting Order placed by User. The exchange rate we display at the point of submission of Order will apply to the Order.

10.7 Security of the Self-Dealing Platform. The security of the Self-Dealing Platform, Client & User access codes shall immediately upon issue and for the term of the Agreement be the sole responsibility of Client. Client hereby acknowledges that:

10.7.1. Client agrees that there are risks of using the Self-Dealing Platform if the security of the SelfDealing Platform is not strictly maintained by Client.

10.7.2. Client shall make reasonable efforts to take appropriate security measures to protect their devices and computer systems, protect their Self-Dealing Platform personal details and other confidential data, use unique Self-Dealing Platform passwords for different Websites, applications or services, implement security protocols and policies, and install or acquire security products and protections including up to-date anti-virus, anti-spyware, firewall software and operating systems on devices and computers, removal of file and print sharing options, regular and frequent back up of critical data; encryption technology, terminating online sessions when complete, clearance of browser cache after each log in; prohibition on software and programs of unknown origin; prohibition on using Websites that have not been reviewed for security and veracity, and prohibition on use of a computer or a device which is not owned or authorised for use by the User or which is on a public network to access the Self-Dealing Platform.

10.8. System Changes & Closure. We may, at our sole discretion change or discontinue the SelfDealing Platform at any time without prior notice and without seeking Client’s consent.

10.9. Availability of Self-Dealing Platform. Under no circumstances shall We be considered liable for any losses, as a result of the lack of availability or inefficient or ineffective functioning of the SelfDealing Platform, to Client.

INTELLECTUAL PROPERTY
11.1. Our Systems. Client acknowledges and agrees that all of Our Web sites, including, but not limited to, service marks, logos, trademarks, applications, process, systems and the Services are Our property.

11.2. Intellectual Property Rights. No rights or interests in any intellectual property are conveyed upon Client except as stated in the Agreement. Otherwise all right and interests are reserved by Us.

FORCE MAJEURE
12.1. In the event that We are unable to provide the Services due to abnormal and unforeseeable circumstances which would have been beyond Our control the consequence of which would have been unavoidable despite all efforts to the contrary, including but not limited to cyber-crimes, strikes, riots, other civil disturbances ,legal process, government acts, wars, acts of terrorism, electronic failure or mechanical failure, We shall have no liability for direct, indirect, incidental, special or consequential damages, including, but not limited to, financial implications, loss of profits or expenses, arising in connection with any Order or Forward Contract entered into with Client.

SUSPENSION AND TERMINATION & LENGTH OF AGREEMENT
13.1. This Agreement has no fixed term.

13.2. In the event of termination, all debts and obligations that the Client owes Us will become immediately due and payable. The Client agrees that We may take any action We are entitled to take under the Agreement or under applicable law, including to set-off the whole or any part of any amount owing to the Client against any or all amounts payable by the Client to Us.

13.3. In the event of termination, all obligations and rights of a continuing nature shall survive termination of the Agreement.

GUARANTEES AND WARRANTIES MADE BY CLIENT
14.1. Client guarantees warrants and covenants that:

14.1.1. Client is responsible for ensuring the accuracy and completeness of instructions for each and every Order Client makes, and that all information contained in Client documents submitted for the purpose of the Agreement are true and correct and that Client will notify Us immediately if any information changes.

14.1.2. Client has initiated each Order and has not received any advice from Us with respect to the suitability of it for Client.

14.1.3. Client shall maintain security systems, procedures and controls to prevent and detect the theft of funds; forged, fraudulent and unauthorised instructions and electronic transfer of funds by anyone who is not Client or a User; losses due to fraud or unauthorised access to the service by anyone who is not Client or a User.

14.1.4. Client shall follow any specific security procedures for a Service as We may require.

14.1.5. Client guarantees that Client will not use the Service for speculation or investment.

14.1.6. Client guarantees that the Service will only be used for personal, business or commercial purposes for conducting legal & genuine business transactions.

14.1.7. Client agrees to only use the Service for legal purposes.

14.1.8. Client acknowledges that any Order is binding upon Client and enforceable against Client.

14.1.9. Client warrants that Client has legal title to all funds used for Orders, and that any Order is being undertaken in accordance with applicable law in this or any other jurisdiction.

14.1.10. Client and all Users are at least 18 years of age.

14.1.12. Client is not a politically exposed person or if Client is or Client becomes so Client will notify Us immediately

LEGAL AND REGULATORY COMPLIANCE
15.1. Freezing or Blocking Transactions. We may be required to freeze or block an Order to comply with applicable laws. This may come about resultant of account monitoring that We conduct. This may be as a result of an entity linked to the transaction showing on a government list of sanctioned persons or countries or prohibited persons or persons of interest. Should this occur, We are not liable to Client for any resulting Losses whatsoever and Client agrees to indemnify Us in entirety.

15.2. Delay or Cessation of Services. We may refuse or delay the provision of Services if We reasonably determine that doing so is necessary to avoid or mitigate Losses to Us or to comply with Our policies or to adhere to laws or regulations or if an Order is not or does not appear to be related to Client’s line of business or to reduce Our risk.

15.3. Disclosure. Client understands that We undertake checks upon Client. We are required to check that Client is not participating in any illegal activity that we may monitor including our requirements to combat money laundering & terrorist financing. Client expressly agrees that We may disclose any confidential information regarding Client or Client Beneficiary to satisfy Our legal obligations. Any disclosure may be made to any government agency, body or department that exercises regulatory or supervisory authority with respect to Our operations and licensing and that We are under no obligation to advise Client of any disclosure We may choose to make.

15.4. Additional Information. Client agrees to provide any and all information, without limitation, that We may request with respect to Client, beneficiaries, purpose of transaction, third party payers or payees, owners, staff and directors to satisfy Our initial & ongoing legal and regulatory obligations.

15.5. Should Client fail to provide any information required it will most likely result in a delay or failure to provide Services & we cannot be held liable for any loss being direct or indirectly related to any delay or failure.

OUR COMMITMENT TO PROTECT CLIENT PERSONAL DATA
16.1. We recognise the importance of safeguarding Client information. We are committed to maintaining the confidentiality of Client information. If Client has concerns regarding Client information Client should contact Us. Client chooses to give Us information freely and without coercion. At the point of registration We confirm that you give Us consent to collect your information for the purpose of dealing with your query or transaction. If Client uses Our Service We collect further information that enables Us to complete the transaction. Such information may include but not be limited to Client name, date of birth, address, e-mail, form(s) of identification (e.g. passport or driving license) and the information contained within those forms of identification, telephone numbers, credit or debit card information, other payment details, such as bank account information, as required by Us in order that We may complete the transaction. We may also require future travel dates and destinations. If you do not provide the information We require to process a transaction We may not be able to proceed with the Services.

16.2. Client may provide Us with another person or entity’s information depending upon the Service required. By providing the other person’s or entity’s information Client confirms that Client has their explicit consent to provide the information We require.

16.3 We have a number of security measures in place to protect Client information against unauthorised access. When transmitting information over the internet, We endeavour to protect Client information. We cannot guarantee the security of any information that you transfer over the internet to Us.

16.4. As part of Using Our Services Client may be asked to set-up a User name and password. Client is responsible for maintaining the confidentiality of User name and password and is responsible for all activities that are carried out when logged on. Client is responsible for ensuring the security of the passwords that Client sets.

16.5 Our terms and conditions state that no person under the age of 18 may use Our Service. As such, We do not knowingly hold any data of persons under that age.

16.6. Our websites may contain links to and from the websites of Our other companies, selected partner networks, and affiliates, including websites which are outside of Our control and are not covered by this policy. If Client accesses other sites using the links provided, the operators of these sites may collect information from Client which will be used by them in accordance with their privacy policy, which may differ from Ours. Please note that these other sites have their own privacy policies and accordingly We cannot accept any responsibility or liability for such policies.

16.7. We may share the information We hold about Client between other members of UKFX Holdings Ltd group of companies and Travel FX Ltd but will not share that data outside the group other than to complete Client transaction. We do not share your information with companies, organisations or individuals outside of the stated group for marketing purposes nor do We sell Client information. We will at certain times, explicitly offer to send Client Our daily market report email. This request is separate from the data We use to complete any transaction with Client and can be cancelled at any time by using the unsubscribe link contained within daily market report.

16.8. We are authorised with the UK’s Financial Conduct Authority (FCA) and a registered money service business with H.M Revenue & Customs as such We are required by law to retain your information for as long as is necessary for Us to meet Our legal obligations.

INDEMNITY & LIMITATION OF LIABILITY
17.1. Our Liability. Our liability to Client under this Agreement for breaches found to be of Our making shall be limited to the value of the Order related to the breach only.

17.2. Limited Liability. Should We be found to be liable for the incorrect application or direction of funds Our liability is limited to the amount of such funds incorrectly applied or directed. Should we be found liable to Client for any other reason related to an Order, Our liability shall be limited to the exchange rate differential for that Order from the Order date.

17.3. Indemnity. Client will indemnify, defend, and hold Us harmless from and against any and all claims, Losses, damages, judgments, tax assessments, penalties, and interest arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to: (a) any actual or alleged breach of Client’s representations, warranties, or obligations set forth in the Agreement; (b) Client’s wrongful or improper Use of the Services; (c) Client’s violation of any third-party right, including without limitation any right of privacy, publicity rights or intellectual property rights; (d) Client’s violation of any law, rule or regulation of any country; and (e) any other party’s Use of the Services or access to the Self- Dealing Platform. Al indemnities will continue to be in effect post termination of the Agreement.

COMMUNICATIONS AND NOTICES
18.1. We may communicate with and give notice to Client either in writing, by fax, orally & via email. All communications are considered to have been supplied in accordance with the Agreement. Client agrees that it is entirely Client’s responsibility to have and keep open access to all such communications.

18.2. All communications sent by post will be deemed received three Business Days after the date of the mailing. Fax communications and all email will be deemed to be received on the day they are sent, if a Business Day, and if not a Business Day, on the next Business Day after the date on which they are sent.

18.3. Client must inform Us immediately in writing of any change of: beneficial ownership, address, delivery information. Any changes will not be considered as logged until We confirm receipt to Client.

18.4. If We cannot deliver any communication to Client resultant from incorrect contact information, Client will be in breach of the Agreement and We will have no further obligation to seek out correct contact information to continue to attempt to deliver. We will not be held responsible for Client’s failure to receive or view any communication we send to Client providing we have used the contact information provided by Client.

18.5. Should Client choose to use email to make payment requests or otherwise instruct Us, Client agrees to bear the risk that such email may be intercepted, hacked, altered or undelivered & Client agrees to hold Us harmless from acting upon false information received or not acting upon any and all email purporting to be sent by Client. For avoidance of doubt Client is in all ways responsible for ensuring the Payment Information We receive and act upon for Client is correct.

COMPLAINTS
19.1. Complaints. Should the Client have any complaints regarding the Service the Client should in the first instance contact their dealer to register their complaint, failing that they may email to the following address: manager@imsfx.co.uk. Clients that are still dissatisfied following Our response to any complaint, may have a right to refer a complaint to the Financial Ombudsman Service, Exchange Tower, London,E14 9SR.

DISPUTES
20.1. The Parties will attempt to resolve any disputes arising without seeking litigation in the first instance.

20.2. Any discussions between the Parties at the first instance shall be regarded as “without prejudice” for the purpose of complaint resolution and shall be treated as confidential by the Parties and their representatives, unless otherwise required by law.

20.3. No Party may commence any court proceedings in relation to any dispute arising out of this Agreement until it has exhausted its options under Clause 20.1.

20.4. The Parties agree that Section 20 shall not prevent Us from seeking payment for unsettled Orders using a duly registered collection agency. Should we fail to recover by this method then litigation is permitted.

OTHER TERMS AND CONDITIONS
21.1. Governing Law & Jurisdiction. The Agreement shall be interpreted in accordance with the laws of England and Wales. Each of the Parties agrees to the courts within England and Wales having jurisdiction over the terms of the Agreement. The Parties agree that London, England is a mutually acceptable location to bring any action.

21.2. We reserve the right to alter, amend, or otherwise change this Agreement at any time. Any, alterations, amendments, or changes made shall be effective from the date such alteration, amendment, or change is communicated unless otherwise stated. If Client disagrees with a change, the Client has the right to terminate this Agreement by giving Us notice. All unsettled Orders shall besubject to the amended Agreement.

21.3. Waiver. Should We fail to exercise any of Our rights under this Agreement such action shall not be considered to constitute a waiver of such rights or remedies at a later time.

21.4. Severability. Should any part of the Agreement be deemed unenforceable by a court of England & Wales, the remainder of the Agreement shall remain in effect and shall continue to be binding and enforceable upon both Parties.

21.5. Assignment. Client shall not assign the Agreement nor any rights or obligations hereunder.

21.6. Entire Agreement. The Agreement is the complete Agreement of the Parties. The Agreement replaces any & all prior agreements whether or verbal.

Terms & Conditions Retail