These terms and conditions were last updated on 14th June 2021.
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.
1.1 UKFX Holdings Ltd is a company incorporated in England and Wales (registered number 6588494)whose Registered Office is at 1st Floor, Jebsen House, Ruislip, Middx, HA4 7BD. UKFX
Holdings Ltd also trades under the names IMS FX (International Foreign Exchange) Ltd & OMT Overseas MoneyTransfers 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.
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 or OMT“” 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.
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
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.
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.
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.
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.
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.
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.
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.
16.7. 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.
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: email@example.com. 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.
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.