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Terms and conditions

These terms currently apply only to clients who became a Nutmeg client after 29/09/21. If you became a Nutmeg client before 29/09/21, the terms below do not currently apply to you and you should click here to see the terms that do apply.

These Terms and Conditions set out the agreement between:

You – this means:

(i)             the person we’ve opened a General Investment Account, an ISA and/or a Lifetime ISA for;

(ii)            the Registered Contact in respect of a Junior ISA; and/or

(iii)           you as the member of your Nutmeg Personal Pension (as agent for the pension provider Embark Services Limited),

and

Us – Nutmeg, a trading name of Nutmeg Saving and Investment Limited, so whenever you see ‘we’, ‘us’ or ‘our’, you know who we’re referring to.

A. The big picture

When you sign up to Nutmeg, we may provide you with financial advice and/or open a Portfolio for you. Your Portfolio will be used to buy and sell investments. Those investments will be held in one or more Products within your Portfolio.

We will provide you with a discretionary investment management service in relation to your Portfolio, which means that we will make all investment decisions on your behalf. We make these decisions to help you achieve the investment goal for the Investment Parameters that you choose for your Portfolio/Product. We will give you simplified financial advice to help you decide which Investment Parameters are best suited to you.

Some of the words in this agreement have a special meaning. These words are capitalised in this document and their meaning is set out in section J below.

Product types

We provide a General Investment Account, stocks and shares ISA, Junior ISA, and/or or Lifetime ISA. We can also provide a Personal Pension Account to be held by your Nutmeg Personal Pension. You may be able to open one or more of these Products with us, depending on your eligibility.  

If you are unsure if a specific Product is the right choice for you, we offer a one-on-one Personal Financial Advice Service.

Investments

When we buy and sell investments (“Deal”) for you, we try to get the best possible outcomes for you. We do this by following our Order Execution Policy. You can read our Order Execution Policy here.

At the moment we Deal exclusively in exchange-traded funds (“ETFs”) and exchange-traded certificates (“ETCs”) though we may Deal in other investment types in the future.

Investment risks

Investing carries risks, including that the value of your investments may go down as well as up. You should be sure to retain adequate emergency cash outside your Portfolio. Three months' salary is a good starting point.

Customer Investment Risks gives more information on the risks of buying investments. You should read this information before applying for a Portfolio or Product.

Tax

We will not provide you with legal or tax advice in connection with your Portfolio, Product or any investments. You are responsible for any matters relating to your own tax or legal position.

Fees and charges

We charge an annual management fee. This is a percentage of the amount in your Portfolio. We charge an additional fee if you use our Personal Financial Advice Service. Please see our Fees and Charges Schedule for more information.

There are other charges that you have to pay to the providers of the investments in your Portfolio. These charges may vary from time to time. You can see the current charges here.

Other charges may also apply, for example where we carry out a Deal for you. Further details are provided here.

B. How this agreement works

This document contains the terms that apply to our services and your Portfolio. This includes matters such as:

  • important legal points;
  • how you can pay in and withdraw amounts from a Product;
  • how we will buy and sell investments for you;
  • how we will hold the cash and investments in your Portfolio;
  • when we might change the terms;
  • what happens when things don't go as expected; and
  • how the agreement can be ended.

Most of the terms apply to all our Products. However, some of the terms apply only to an ISA, Junior ISA, Lifetime or to a Personal Pension Account. We’ve outlined where this is the case in the relevant term itself. 

The agreement between you and us is made up of the terms in this document, the information that you provide to us, the Fees and Charges Schedule, and any other document that you and we agree applies.

The agreement forms a legal contract between you and us and comes into effect when we accept your application for a service or Product. You should read this document and the other parts of the agreement carefully before applying for a service, Portfolio or Product. If there is anything that you do not understand, please email support@nutmeg.com for more information.

These terms are always available on our website and you can download or print them. If you want to know about other formats that we can provide, please contact us.

C. Getting in contact

We’re here for you. You can get in touch with us by secure email (we call this Nutmail), by webchat at https://www.nutmeg.com/contact/contact-faq by telephone on 020 3598 1515 or email at support@nutmeg.com

If we need to get in touch with you, we will send you a Nutmail. You must sign in to our website to read any Nutmail messages we send you. We may also call you by phone, use email or the post to contact you. We aren’t responsible if you don’t get information or notices from us because we’ve used out-of-date contact details. That’s why it’s really important that you:   

  • tell us as soon as possible if your contact details change; and
  • check your emails and Nutmail regularly.

We may record and monitor telephone conversations and electronic communications with you. We will store these records for at least seven years, during which time you can ask us for copies.

We will always use English to communicate with you.

D. Important information

You can let us know that you’d like to cancel this agreement without giving a reason within 30 days of entering into it (see cancellation). You can also end your agreement at any time by giving us 30 days’ notice (see ending this agreement and closing your Portfolio.

We will treat you as a retail client. This means that you will benefit from the highest level of protection available under the FCA Rules.

Our website Terms and Conditions and our Privacy Policy also apply to you.

E. Security

Your Security Credentials are key to keeping your money, investments and information safe.

To make sure that your Portfolio isn't accessed by an unauthorised person you must keep your Security Credentials safe. Here are just a few security tips to get you started. 

Don’t:

  • tell anyone your Security Credentials or write them down without disguising them;
  • set up Security Credentials that can be easily guessed by anyone else (the less obvious the better!); or
  • log in, or stay logged in, using a device if you're not in full control of it or it's not in your possession.

Do:

  • review your Security Credentials regularly to check they are still appropriate; and
  • update the app regularly (depending on the update, you may not be able to login if you haven't done this).

If you lose (or someone takes) your Security Credentials or if you think someone else has accessed your Portfolio you must contact us as soon as possible.

We'll ask for information or other help, and assist (and ask you to assist) the police in any investigation.

Here's why this is important

If your Security Credentials are used to access your Portfolio we'll assume we're dealing with you. We may follow instructions and give access to information about your Portfolio.

F. Terms that apply to all types of Product

  1. 1.

    Becoming our customer

    What you must do

    1. 1.1

      In order to have a Portfolio and/or for us to provide you with services, you must:

      • be at least 18 years old;
      • hold a UK bank account;
      • complete any application form or transfer form as we may reasonably request;
      • provide us with any information that we reasonably request and ensure that the information is accurate and complete. This includes information that we need to check your identity or the source of funds that you pay into your Portfolio. If any of the information you have given us changes, you should let us know as soon as possible;
      • make and maintain a minimum investment into each Product. For the General Investment Account, ISA and Personal Pension Account this is £500. For the Lifetime ISA and Junior ISA this is £100;
      • meet any other criteria that apply to the type of Product(s) that you want to open (see section 24.3 in respect of the ISA, section 25.3 in respect of the Lifetime ISA and section 26.4 in respect of the Junior ISA);
      • take reasonable care to keep your Security Credentials safe; and
      • behave reasonably and honestly towards us and those who act on our behalf.

      If you don’t meet these conditions then we can refuse to open a Portfolio or Product or provide services to you. If you stop meeting these conditions after we have opened a Portfolio for you or started providing services, section 17 will apply.

    2. 1.2

      We will generally only provide a Portfolio or provide services to you if you are resident in the UK. If you live or are tax resident outside the UK and want to open a Portfolio or use our services, you should contact us at support@nutmeg.com. We do not provide Portfolios or services to US Persons.

    3. 1.3

      You must tell us if you move to a different country, become tax resident in a different country, or become a US Person. If this happens, we may end this agreement and close your Portfolio in accordance with section 17.

      Appointing someone else to operate your Portfolio

    4. 1.4

      You can appoint another person to operate your Portfolio for you. To do this, you'll need to provide us with a Power of Attorney signed by you. Sometimes another person may also be appointed to act for you. This could happen if you're unable to operate your Portfolio yourself, for example because you have a mental incapacity. As long as we receive the correct legal documentation confirming the appointment, we'll allow that other person to operate your Portfolio. Until we've received these documents we won't allow any other person to give instructions on the Portfolio, for example to make a withdrawal or close it.

    5. 1.5

      If we know that a person's legal authority to act for you has ended, we won't accept an instruction from them about your Portfolio. 

    6. 1.6

      These terms apply to any person allowed or appointed to use your Portfolio, but you'll be responsible for everything they do. This includes if they make you breach the agreement.

    7. 1.7

      You agree that we may follow instructions from ESL in relation to any Personal Pension Account where it is reasonable for us to do so.

  1. 2.

    Cancellation

    Your rights to cancel

    1. 2.1

      You have the following rights to cancel this agreement and/or a Product that we open for you:

      • you can cancel this entire agreement within 30 days of it coming into effect;
      • you can cancel a Product within 30 days of us confirming to you that the Product is open; and/or
      • you can cancel a transfer from another ISA manager into your ISA, Lifetime ISA, Junior ISA within 30 days of us receiving that transfer
    2. 2.2

      If you wish to cancel, you must send us a Nutmail or email to support@nutmeg.com, expressly stating that you wish to cancel.

      What happens if you cancel

    3. 2.3

      If you cancel, you will have no further obligations in relation to the service or the Product and you will not be charged any fee for cancelling.

    4. 2.4

      You agree that we may start providing the relevant service(s) or Product(s) to you before the end of the 30-day cancellation period.

    5. 2.5

      If you cancel, we will return the amount that we have received from you in relation to the Product(s) that you are cancelling, minus a proportionate charge for what we have provided to you up until cancellation including costs we have incurred on your behalf such as dealing charges and stamp duty.

      Cancelling an ISA, Lifetime ISA or Junior ISA

    6. 2.6

      If you cancel an ISA, Lifetime ISA or Junior ISA within the 30 day period, we will treat you as though you have not subscribed to the ISA, Lifetime ISA or Junior ISA. If you cancel a transfer from another ISA manager, we will take reasonable steps to return the transfer to that ISA Manager.

      Cancelling a Nutmeg Personal Pension.

    7. 2.7

      If you cancel your Nutmeg Personal Pension with ESL, then your agreement with us in respect of your Personal Pension Account will also be cancelled.

  1. 3.

    Personal Financial Advice Service

    1. 3.1

      If you ask us to, we can provide you with financial advice to help you decide which Product type to open with us. We call this our “Personal Financial Advice Service”. This service is optional and we will charge you a separate fee for it as set out in the Fees and Charges Schedule.

    2. 3.2

      Our Personal Financial Advice Service is designed to identify which Product types are suitable for you given your financial circumstances and goals. We may also identify Investment Parameters that are suitable for you to choose in relation to that Product. We will carry out a fact-finding process with you so that we can understand your financial situation. On the basis of that information we will prepare a tailored suitability report for you which sets out our recommendation(s) as to which, if any, Product type(s) and Investment Parameters are suitable for you.

    3. 3.3

      The Personal Financial Advice Service is “restricted advice”. This is because we will only consider the range of Products and Investment Parameters that we offer when making a recommendation to you. We will not consider whether any other product or service that may be available from another provider might be suitable, or more suitable, for you.

    4. 3.4

      The Personal Financial Advice Service is a one-off service and we will not carry out any ongoing or follow-up review of whether your Products or Investment Parameters remain suitable for you. You can use our Personal Financial Advice Service again at any time, in which case the separate fee will apply again.

  1. 4.

    Choosing your Investment Parameters and our Simplified Advice Service

    1. 4.1

      When you open a Product with us you will choose which Investment Parameters to apply to that Product so that we know how to manage the Product(s) for you. We will provide you with financial advice to help you make this decision. We call this our “Simplified Advice Service”. We will also provide you with our Simplified Advice Service if you want to change your Investment Parameters. We will require you to use the Simplified Advice Service annually to ensure that the Investment Parameters are still suitable for you.

    2. 4.2

      Our Simplified Advice Service is designed to identify which Investment Parameters are suitable for you. We use a streamlined process to do this, which means that we will ask you specific questions to understand your investment needs and objectives in relation to the Product. We will make a recommendation as to which, if any, Investment Parameters meet those needs and objectives. We will not consider your wider financial needs or circumstances or any other investments that you hold outside the Portfolio.

    3. 4.3

      Our Simplified Advice Service is “restricted advice”. This is because we will only consider the range of Investment Parameters that we offer when making a recommendation to you. We will not consider whether any other product or service that may be available from another provider might be suitable, or more suitable, for you.

  1. 5.

    Discretionary Management

    1. 5.1

      Your Portfolio is a discretionary management portfolio. This means that we will make investment decisions in respect of your Portfolio and the Products within it at our discretion, subject to the Investment Parameters that you have chosen.

    2. 5.2

      You must provide us with such information as we request to enable us to make investment decisions which are suitable for you. This includes information about you, your financial circumstances, your financial knowledge and experience, your attitude to risk and your investment objectives. You must tell us as soon as possible if this information changes.

    3. 5.3

      You authorise us to enter into any kind of arrangement or transaction on your behalf. We may invest any amount or any proportion of your Portfolio and/or Product in any investment(s) or investment type(s), and we may do so in any currency, and on any financial market. This could include investment in, for example:

      • fixed interest securities issued by governments, governmental bodies, quasi-governmental bodies, local authorities, and corporate bodies in the UK and overseas;
      • authorised and unauthorised collective investment schemes in the UK and overseas; and
      • equities, including investment trusts, listed on recognised stock exchanges in the UK (e.g., the London Stock Exchange) and overseas (e.g. the New York Stock Exchange).
    4. 5.4

      We will provide you with a suitability report which explains the investment decisions we take in respect of your Portfolio.

    5. 5.5

      We may make investment decisions which apply to other customers’ Portfolios as well as yours, provided that we are satisfied that the decision is suitable for you.

    6. 5.6

      Our discretionary management service is not a guarantee that the investments in your Portfolio will perform as you, or we, expect.

  1. 6.

    Paying amounts into your Portfolio

    Paying in cash

    1. 6.1

      We can accept payments of cash into a General Investment Account, ISA, Lifetime ISA or Junior ISA where they are made from any UK bank account in your name. You can make such payments by debit card, Direct Debit or bank transfer.

    2. 6.2

      The Nutmeg Personal Pension terms and conditions [insert link] between you and ESL set out how you can make payments into your Nutmeg Personal Pension.   

    3. 6.3

      We apply a minimum amount of £75 to card payments into your Portfolio.

    4. 6.4

      Payments by debit card or Direct Debit typically take three business days to reach us. We will allocate amounts to your Portfolio only once we have received cleared funds.

    5. 6.5

      Payments should be made in pounds sterling. If you ask us, we may agree to accept payments in a currency other than pound sterling in which case we may charge a fee for this.

    6. 6.6

      If you have more than one Product and you send us money without telling us which Product you want to pay it into, we may either reject that money or allocate it to any one of your Products.

    7. 6.7

      We may, in accordance with the Applicable Requirements regarding financial crime, reject any payments into your Portfolio where we know or suspect that you are not the beneficial owner of the amount paid.

      Paying in investments

    8. 6.8

      If you ask us, we may agree to accept transfers of investments into your Portfolio in which case we may charge a fee for this. We may reject a transfer of investments that we have not agreed to in advance.

  1. 7.

    How we Deal for your Portfolio

    1. 7.1

      We will carry out each Deal for your Portfolio in accordance with:

      • the Applicable Requirements;
      • the rules of any market on which the Deal is effected; and
      • our Order Execution Policy which sets out the arrangements that we have put in place to ensure that we Deal for you in accordance with "best execution". "Best execution" is our obligation under the Applicable Requirements to take all sufficient steps to obtain the best possible results for you when carrying out Deals for your Portfolio.
    2. 7.2

      If we agree to execute a Deal for you in accordance with your specific instructions, it may not be possible for us to obtain the best result that would otherwise be available to you at the time of the Deal.

    3. 7.3

      You agree that we may Deal on your behalf outside of a regulated market or MTF when we believe it is in your best interests to transact in this way.

    4. 7.4

      When we carry out a Deal for your Portfolio, we may combine it with Deals for other clients in accordance with our Order Execution Policy. This is called "order aggregation".We will do this where, at the time we Deal, we reasonably believe that the aggregation is unlikely to work overall to your disadvantage.However, the result of the aggregation may actually be to your disadvantage in relation to a particular Deal compared to if we had bought or sold your investments separately.

  1. 8.

    How we hold the investments in your Portfolio

    How your investments are registered

    1. 8.1

      We are the custodian of the investments in your Portfolio and we will hold them for you in “safe custody” in accordance with the Applicable Requirements. This means that they will be kept separate from our own investments and ownership of your investments will be registered in the name of either:

      • a nominee company. The nominee company will have legal title to the investments and you will retain beneficial ownership at all times; or
      • in the name of a sub-custodian located outside the UK, where the relevant investments are subject to the law or market practice of a jurisdiction outside the UK and where we have taken reasonable steps to determine that it is in your best interests to do so, or that it is not feasible to do otherwise, because of the nature of the applicable law or market practice.
    2. 8.2

      If we register your investments in the name of a sub-custodian located in a jurisdiction outside of the UK:

      • different settlement, legal and regulatory requirements may apply from those in the UK; and
      • there may be different practices for the separate identification of safe custody investments. This means that the protection of your investments may be different depending on the jurisdiction in which the sub-custodian operates.

      Mixing your investments with those belonging to other customers

    3. 8.3

      You agree your investments will be mixed (pooled) with investments held by the nominee company or sub-custodian for other customers. This means that:

      • your investments will not be separately identified from those of other customers except within our records;
      • when we receive investments or money on behalf of more than one customer in connection with pooled holdings (for instance in a bonus or rights issue or takeover) we will allocate them between customers on a pro rata basis, in accordance with the Applicable Requirements;
      • if a share issue or other corporate event favours small investors your actual allocation may be less than it would be if your investments were registered in your own name; and
      • sometimes amounts or investments may arise which would not have arisen if the investments had been registered in your own name. You may not be entitled to any such additional amounts or investments.
    4. 8.4

      We have controls in place to ensure that your investments are not used to settle trades of another customer. Regardless of the controls and measures in place there can be instances when shortfalls in money or investments can occur. This can be just during the working day or sometimes for a longer period. If there is a shortfall in any of the holdings of the nominee company or sub-custodian you may share proportionally in such losses. Where we identify a discrepancy that results from or reveals a shortfall, or during an investigation where we deem it appropriate to do so, we will allocate a sufficient amount of our own money to cover the value of the shortfall, which we will hold as client money.

      Our responsibility for nominees and sub-custodians

    5. 8.5

      We accept responsibility for the acts or omissions of a nominee company controlled by us or a group company as if those acts or omissions were our own.

    6. 8.6

      We may appoint a third party in the UK or overseas to act as sub-custodian in accordance with the Applicable Requirements. Where we do this, we will exercise all due skill, care and diligence in the selection, appointment and periodic monitoring of that sub-custodian. However, we accept no responsibility for the default or other failure to perform by a third party sub-custodian except to the extent that we have failed to exercise such due skill, care and diligence. If your Portfolio holds an ISA, Junior ISA or Lifetime ISA then section 24.11, 25.12 or 26.18 (as relevant) will also apply to that Product.

    7. 8.7

      Where your investments are held by a third party sub-custodian, we cannot ensure that you would not lose any investments if that sub-custodian fails. In order to show that your investments are not available to that entity’s creditors, we will take reasonable steps to ensure that their records show that the investments are held for you and that they do not belong to us, the nominee company or the third party sub-custodian. In the event that a nominee company or third party sub-custodian becomes insolvent we will seek to recover your investments through all means reasonably available to us, including from the administrator or insolvency practitioner appointed to deal with that entity’s affairs. During such period we may not be able to Deal in the affected investments.

      Entitlements arising from your investments

    8. 8.8

      We or any sub-custodian will be responsible for claiming and receiving dividends and other entitlements automatically arising in respect of your investments. Where these entitlements are in cash, we will reflect these entitlements in your Portfolio and hold them as client money. Sometimes withholding taxes or other deductions may apply to such entitlements. We or our sub-custodian can, where required to comply with legal or regulatory requirements, withhold or deduct tax or other amounts from such payments and deduct the costs incurred of doing so from your Portfolio. If you are eligible to reclaim any such withholdings or deductions it will be your sole responsibility to do so.

      What we can do with your investments

    9. 8.9

      Neither we nor any sub-custodian will lend your investments to anyone else or use them to raise finance.

    10. 8.10

      You authorise us, and the nominee companies and third party sub-custodians that we appoint, to hold or transfer investments (or entitlements to them) with or to: securities depositaries, clearing or settlement systems, account controllers or other participants in the relevant systems in the course of providing the service. These investments or entitlements will be separately identifiable from any investments or entitlements held in the same system for our own account. These entities may be located in or outside the UK. You agree that we will be bound to act in accordance with the rules of the relevant depository or clearing or settlement systems. We will not be responsible for the default or failure of such entities, any other counterparty or of any depositary or agent of those entities. Our ability to deliver any securities or payments to you as a result of a Deal is limited to the extent that we receive those securities or payments from those entities.

    11. 8.11

      We can transfer your investments to another person as set out at section 19.3.

      Sub-custodian’s right to retain or sell your investments

    12. 8.12

      You expressly authorise us to grant our sub-custodian the right to retain any cash, or sell any investments, in order to meet any liabilities arising in connection with the provision of its services to us or you, and to deduct or set-off any amount owed to it from that cash or those investments for that purpose.

      Our rights to give your investments to charity if we cannot contact you

    13. 8.13

      Where permitted by the Applicable Requirements, if we have not received instructions in relation to your Portfolio for at least 12 years and we have taken reasonable steps to contact you but cannot do so, we may sell your investments and pay the proceeds and/ or transfer your investments to a charity of our choice. Where we do this we will unconditionally undertake to pay you a sum equal to the value of the investments at the time they were sold or transferred to that charity if you later contact us to claim your investments.

  1. 9.

    Client Money

    Your money will be kept separate from our money

    1. 9.1

      Where we hold cash in your Portfolio we will hold it as client money in accordance with the Applicable Requirements. This means that we will keep money that we hold for you separate from our own money.

      Your money is held in an account with an approved bank

    2. 9.2

      Your money will be placed in a client money bank account with an approved bank in accordance with the client money rules.

    3. 9.3

      We will exercise due skill, care and diligence when we decide which approved bank(s) to use and periodically review that decision. We will not be responsible for any acts, omissions or the default of the approved bank or those who act on its behalf, except to the extent that we have failed to exercise such due skill care and diligence. In the event that an approved bank becomes insolvent we will seek to recover your money through all means reasonably available to us, including from the administrator or insolvency practitioner appointed to deal with that approved bank’s affairs. If your Portfolio holds an ISA, Junior ISA or Lifetime ISA then section 24.11, 25.12 or 26.18 (as relevant) will also apply to that Product.

      Your money will be mixed (pooled) with that belonging to other customers

    4. 9.4

      Your money will be pooled in the client money bank account with money belonging to our other customers. This means that your client money will not be separately identified from that of our other customers. If the approved bank does not hold enough money in the client money bank account to meet your entitlement and those of all of the other customers (for example, because the approved bank becomes insolvent), you and the other customers would share that loss in proportion to the size of your respective entitlements. 

      Other third parties that can hold your money

    5. 9.5

      You authorise us to allow another person, such as an exchange, clearing house or intermediate broker, to hold or control your client money for the purposes of Deals that we make for you through or with that other person.

    6. 9.6

      We can also transfer your money to another person as set out at section 19.3.

      Your money may be held outside the UK

    7. 9.7

      Your money may be held outside the UK if:

      • the approved bank holds the client money bank account outside the UK; or
      • we effect a Deal on your behalf, or income is paid on investments, outside the UK which means that your client money has to pass through a third party such as an exchange, clearing house or intermediate broker located outside the UK.

      In these circumstances the applicable legal and regulatory regime will be different from that in the UK and if that person cannot meet its obligations, then your money may not be treated in the same way as it would have been treated if it had been held in the UK. We will, to the extent possible, make a claim on your behalf to recover your money, including, where applicable, through any available compensation scheme.

      Interest payable on your money

    8. 9.8

      To the extent that we receive interest from the approved bank in respect of your money, we will credit that amount to your Portfolio, as long as it is more than the minimum threshold set out here. Any interest will be calculated on a daily basis and paid to your Portfolio every three months.

      Our rights to give your money to charity if we cannot contact you

    9. 9.9

      Where permitted by the Applicable Requirements, if there has been no movement in the balance of the client money in your Portfolio (except for payments or receipts of interest, charges or similar items) for a period of at least six years and we have taken reasonable steps to contact you but cannot do so, we may stop treating this as client money and may pay it to a charity of our choice. Where we do this, we will unconditionally undertake to pay you a sum equal to that paid to charity if you later contact us to claim these amounts.

  1. 10.

    Rights and actions arising in relation to your investments

    1. 10.1

      If you ask us in writing to do so, we will arrange for you to receive the Key Investor Information Document (KIID) issued by a relevant manufacturer of the ETFs in which your Portfolio is invested.

    2. 10.2

      If you ask us in writing to do so we will, in relation to any relevant company or unit trust in which your Portfolio is invested, arrange for:

      • you to receive the annual reports and accounts and other investor information issued by that company or unit trust; and
      • you to receive information about a relevant shareholders' or unitholders' meetings and for you to attend and vote (if applicable).
    3. 10.3

      We will also tell you what you need to do, if you want to exercise any rights attached to your investments in another way.

    4. 10.4

      We will inform you of any rights issues, takeover offers, capital reorganisations, conversion or subscription rights (collectively "corporate actions") that affect or relate to your investments. We will act on your instructions in relation to such corporate actions, including any standing instructions that you have given to us.

  1. 11.

    Withdrawals of cash or assets from your Portfolio

    Withdrawing cash

    1. 11.1

      You can make a withdrawal in cash from a General Investment Account or an ISA at any time. You can make a withdrawal in cash from a Junior ISA or Lifetime ISA subject to the limitations on withdrawals that apply to those Products. The Nutmeg Personal Pension terms and conditions between you and ESL set out how you can make withdrawals from your Nutmeg Personal Pension.

    2. 11.2

      If you want to make a withdrawal you will need to give us an instruction telling us how much you want to withdraw and, if you have more than one Product, which Product(s) you want the withdrawal to be made from.

    3. 11.3

      Provided that there is sufficient value in the relevant Product(s), we will process your withdrawal request at the next trading cycle. We will pay the money to the UK Bank Account when we receive it. Unless you give us specific instructions to do otherwise, we will do this by paying any cash held in your Product(s) and then, to the extent necessary, by selling your investments.

      Withdrawing or transferring investments

    4. 11.4

      You can make a withdrawal of investments (i.e. where the investments are paid to you rather than to a new ISA manager) from an ISA, a Lifetime ISA or a Junior ISA, subject to the limitations on withdrawals that apply to those Products at section 25 and 26.

    5. 11.5

      Except as set out in section 11.4, withdrawals or transfers of investments from your Portfolio are subject to our prior agreement.

    6. 11.6

      We may charge a fee for affecting a withdrawal or transfer of investments as set out in the Schedule of Fees and Charges.

  1. 12.

    Your instructions

    1. 12.1

      You can give us instructions in relation to your Portfolio by using the method(s) that we agree with you from time to time. We are not obliged to acknowledge receipt of your instructions.

    2. 12.2

      We may, at our discretion, delay or not carry out an instruction:

      • until we can contact you to clarify or check your instruction, if we reasonably believe that it is in your interests to do so; or
      • your Portfolio and/or Product (as relevant) does not hold sufficient investments and/or cash for us to follow your instruction.

      We will not be liable for any loss or expense that you incur as a result of such a delay or refusal, provided that we have acted reasonably.

    3. 12.3

      We may act on any instruction where we reasonably believe in good faith that the instruction is from you and is correct, without carrying out any further checks or investigations. We will not be liable for following an instruction which is not in fact genuine, or for investigating, not investigating, or not following any instruction that we reasonably believe may not be genuine, provided that we have acted reasonably and in good faith when we have done so.

  1. 13.

    Statements and Reports

    1. 13.1

      Where we provide you with our discretionary management service, we will send an electronic statement and valuation report in respect of your Portfolio every three months. This report will include details of the cash and investments that we hold for you; the interest, dividends and other payments received; corporate actions arising; how the Portfolio has performed; transactions carried out; and the fees and charges deducted.

    2. 13.2

      You can ask us by Nutmail to provide a confirmation that we provide discretionary management services to you where your employer requires one. We will provide this free of charge. We will usually provide this by email but if an original signed letter is required, we can write to you.

  1. 14.

    Access to your Portfolio and our services

    1. 14.1

      We may temporarily prevent access to your Portfolio and/or Products and/or our services where it is reasonably necessary for us to do so to in order to comply with the Applicable Requirements, or to carry out important maintenance or upgrades to our services.

    2. 14.2

      We can block access to your Portfolio and/or Products if we reasonably suspect there has been unauthorised or fraudulent use of your Portfolio or we have reasonable concerns about the security of your Portfolio. We'll let you know if we do this, and why, unless it would be unlawful for us to tell you or it would affect the security of your Portfolio. If possible, we'll tell you before we put a block in place but, if we can’t, we'll tell you immediately after we've done it. We'll remove a block as soon as the reason for it ends. We may get you to change your Security Credentials if we reasonably believe this is necessary to keep your Portfolio secure. 

  1. 15.

    Your Information

    1. 15.1

      Our Privacy Policy explains how we'll use your information. We'll also give information to others if we are required to do so by law or public duty (e.g. if we believe you may have tax obligations in other countries, we may have to disclose that information directly to tax authorities) or if we need to disclose to protect our own interests (e.g. in any legal proceedings) or we have your specific agreement.

    2. 15.2

      You explicitly consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing the Portfolio and the services to you in accordance with this agreement. This doesn't affect any rights and obligations you or we have under data protection legislation. You may withdraw this consent by closing your Portfolio. If you do this, we'll stop using your data for this purpose, but may continue to process your data for other purposes. 

  1. 16.

    Our liability to you

    1. 16.1

      We will not be responsible for any losses to you unless those losses are directly caused by our negligence, wilful default or fraud.

    2. 16.2

      Except in relation to our selection of sub-custodians (in which case section 8.6 applies or an approved bank (in which case section 9.3 applies), we will be responsible for the acts or omissions of our agents and sub-contractors as if those acts or omissions were our own.

    3. 16.3

      We will not be liable to you for any act or omission by us which we reasonably believe to be necessary to avoid us breaking Applicable Requirements.

    4. 16.4

      We won't be responsible for any losses to you if we can't perform our obligations under this agreement because of abnormal or unforeseeable circumstances beyond our control (or the control of any third parties acting for us), the consequences of which were unavoidable despite all efforts to the contrary.

    5. 16.5

      Nothing in this agreement will exclude or restrict any duty owed to you under the Applicable Requirements or any liability that Applicable Requirements do not allow us to exclude or restrict.

  1. 17.

    What happens if you do not meet your obligations and your liability to us

    1. 17.1

      If you seriously or persistently fail to meet your obligations under this agreement:

      • we may stop providing you with services or freeze or block access to your Portfolio and/or Product(s);
      • we may end this agreement and close your Portfolio and/or Product(s) immediately by giving you notice in writing; and/or
      • you will be responsible to reimburse us for our losses that arise as a result of such failure.
    2. 17.2

      You are responsible for reimbursing us for any costs which we properly and reasonably incur as a result of complying with our obligations under this agreement or Applicable Requirements.

    3. 17.3

      If the value of any Product which is an ISA or a General Investment Account falls below £500 because of a withdrawal or transfer that you have made, we may sell any investments in that Product and hold cash for you until you make a payment or transfer into the Product which beings the value back above £500.

    4. 17.4

      If the value of any Product falls below £75, we may sell the investments in that Product and hold only cash for you.

      Our right of set off

    5. 17.5

      If you have cash or investments in your Portfolio, we may “set it off” against any amount you owe us or any group company which is due for payment.

    6. 17.6

      We’ll always write to you before we use our right of set off. We’ll only use this right if we think it’s reasonable, taking into account your circumstances and the Applicable Requirements. We can use cash or investments in your Portfolio even where there’s a court decision against you or you are fined (including interest arising after the date of the decision or fine) except where we’re prevented by the court or Applicable Requirements.

  1. 18.

    Amending the agreement

    1. 18.1

      We may change the terms of this agreement at any time where:

      • the change is to respond to a change to Applicable Requirements, to new industry guidance or codes of practice, or decisions or recommendations that we have to follow (such as those from a court, an ombudsman or a regulator);
      • the change is an increase to our costs and charges to respond to cost increases associated with providing the service and/or Portfolio and/or Products; or
      • the change is to take account of changes in technology, the systems we use to provide the service, or the investment and financial systems.

      We’ll only make changes for these reasons if it’s reasonable for us to pass the impact of that change on to you. In all cases, we'll always be proportionate in how we respond to a change.

    2. 18.2

      We may also change the terms of this agreement at any time for any other valid reason not specified in section 18.1 above.

    3. 18.3

      We may also make changes to the terms of this agreement at any time where the change would not be to your disadvantage. For example, such a change might be in order to make the agreement fairer for you, to make it easier to understand or to introduce a new optional product or service.

    4. 18.4

      Where we make a change to the agreement, we will tell you what that change is, the reason for the change and the date on which the change will come into effect. Unless Applicable Requirements prevent us from doing so or where the change is not to your disadvantage, we will give you reasonable prior written notice of any change to this agreement.

    5. 18.5

      If you are not willing to accept a change we make to this agreement, you may choose to end this agreement immediately. If the change is not for one of the reasons given in section 18.1 or 18.3, we will agree to waive any costs and charges that would normally apply on termination.

  1. 19.

    Assignment or transfer of this agreement

    1. 19.1

      You may not assign or transfer your rights or obligations under this agreement to any other person unless you get our consent in advance.

    2. 19.2

      We may assign our rights and obligations under the Agreement at any time. We will tell you before such an assignment takes effect.

    3. 19.3

      If we transfer to a third party the business to which this agreement, your client money and/or investments relate, you agree that we may transfer your client money and/or investments to that third party as part of the transfer of business, provided that:

      • the client money and/or investments are transferred on terms which require the third party to whom they are transferred to return your client money and/or investments to you as soon as practicable at your request; and
      • if the amount of client money and/or investments transferred is not less than £25, either:
        o   the client money and investments transferred will be held in accordance with the Applicable Requirements relating to the holding of investments (as applicable); or
        o   we have exercised due skill and care in the selection of the third party to whom your client money and/or investments are transferred.

      If we transfer your client money and/or investments as we have described, we will give you notice no later than seven days after the transfer, informing you:

      • whether or not the client money and/or investments will be held by the person to whom they have been transferred in accordance with the client money rules and/or the Applicable Requirements relating to the holding of investments (as applicable) and, if not, how the client money and/or investments being transferred will be held by that person; and
      • the extent to which the client money and/or investments transferred will be protected under a compensation scheme; and that you may opt to have your transferred client money and/or investments returned to you as soon as practicable at your request.
  1. 20.

    Ending this agreement and closing your Portfolio or Products

    When you can end the agreement

    1. 20.1

      You may end this agreement and/or close any of your Products at any time, by giving us 30 days' notice by Nutmail.

    2. 20.2

      If you give notice to close your Nutmeg Personal Pension, we will treat this as notice to also close your Personal Pension Account.

      When we can end the agreement

    3. 20.3

      We may end this agreement, close any of your Products and/or stop providing any of our services to you at any time by giving you 30 days' notice.

    4. 20.4

      We may end this agreement, close any of your Products and/or stop providing any of our services to you immediately if:

      • you seriously or persistently fail to meet your obligations under this agreement;
      • if you move to another country, change your tax residency or become a US Person;
      • if we reasonably suspect it is being used to facilitate fraudulent activity; or
      • if to keep the agreement in place and/or provide you with the Product(s) and/or services would mean that we would be in breach of the Applicable Requirements.

      We will inform you if we decide to do any of these things, unless to do so would be a breach of the Applicable Requirements.

      How we close your Products

    5. 20.5

      If you or we terminate the agreement and/or close a Product, we will:

      • complete transactions for your Product that have already started but not yet completed; and
      • transfer the cash and investments in your Product in accordance with section 20.6.
    6. 20.6

      So that we can close your Product, you must tell us how you want to withdraw and/or transfer your cash/investments from that Product in accordance with section 11. If you do not do this within a reasonable time we may sell your investments and pay the resulting cash in your Product to your UK Bank Account or to another account in your name. 

    7. 20.7

      If you or we end the agreement or close a Product, you will be liable for our costs and charges up to the date of the Product closure and any expenses or losses necessarily incurred by us or on our behalf in order to conclude outstanding transactions for your Product.

    8. 20.8

      Unless we have ended this agreement or closed your Portfolio/Product under section 20.3 or you are ending the agreement under section 18.5 because we have made a change to the agreement, costs and charges may apply for the transfer of cash and/or investments. Please see the Schedule of Fees and Charges.

    9. 20.9

      This agreement will remain in place in respect of Product until we have transferred all cash and investments from that Product, but only in respect of our holding of that cash or assets for you in the meantime.

  1. 21.

    Death

    1. 21.1

      If you die we will follow the instructions of your personal representatives, who will be bound by this legal agreement, if we receive proof of their authority.

  1. 22.

    Governing Law

    1. 22.1

      English law applies to this agreement and any dealings we had before you and we entered into this agreement.

    2. 22.2

      The courts of England and Wales have jurisdiction to hear any disputes about this agreement, unless you live in another part of the UK in which case any disputes may be brought in that part of the UK.

  1. 23.

    Third Parties

    1. 23.1

      A person who is not a party to the Agreement cannot enforce or enjoy the benefit of any of its terms under the Contracts (Rights of Third Parties) Act 1999.

G. Terms that apply only to particular types of Product

  1. 24.

    Terms applying to an ISA

    What is the ISA?

    1. 24.1

      The ISA is a stocks and shares ISA which we operate as ISA manager in accordance with the ISA Regulations.

    2. 24.2

      Provided that your ISA is valid under the ISA Regulations it will be exempt from UK capital gains and income tax.

      Opening an ISA

    3. 24.3

      In addition to the requirements that apply to our Products generally, in order to open an ISA with us you must:

      • be a UK resident or
        o   either perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or
        o   be married to, or in a civil partnership with, a person who performs such duties;
      • have a General Investment Account with us; and
      • not have any other stocks and shares ISA in respect of the same tax year.
    4. 24.4

      Unless you tell us otherwise or you fail to make a subscription in each tax year, we will renew your ISA at the beginning of each subsequent tax year.

    5. 24.5

      We will open your ISA once we have received:

      • a valid application from you and your first subscription; or
      • where you are transferring cash to us from another ISA, a valid transfer form and receipt of the relevant cash from your previous ISA.

      Subscriptions to your ISA

    6. 24.6

      You can subscribe to your ISA in cash as set out in section 6 or by transferring cash from a General Investment Account you hold with us.

    7. 24.7

      In each tax year you can only subscribe in accordance with the applicable subscription limit for that tax year. The current subscription limit is set out here.

    8. 24.8

      If you cease to be UK resident then you will not be permitted to make any further subscriptions to your ISA.

      Transfers to your ISA

    9. 24.9

      Where permitted by the ISA Regulations, you may transfer cash to your ISA from another ISA that you hold.

      What you must do in respect of your ISA

    10. 24.10

      At all times while you have an ISA with us, you must:

      • meet the eligibility requirements at section 24.3 above and tell us immediately if you no longer meet them;
      • not subscribe more than the applicable subscription limit in any tax year to this ISA, any cash ISA, any Lifetime ISA and/or any Innovative Finance ISA;
      • be the beneficial owner of all the cash and investments in your ISA; and
      • not use the investments and/or cash in your ISA as security for a loan.

      If you do not meet these requirements, we can take the steps set out at section 17 and/or your ISA may be invalid under the ISA Regulations.

      How we will manage your ISA

    11. 24.11

      We may delegate any of our functions or responsibilities as ISA manager to any other person provided that we are satisfied that person is competent to carry out those functions or responsibilities.

    12. 24.12

      You authorise us to make disclosures to HMRC as reasonably required for us to comply with the ISA Regulations.

    13. 24.13

      If we have reason to believe that your ISA is invalid, we will notify you and we may take any reasonable steps which are required or permitted by the ISA Regulations in respect of that invalidity. If your ISA becomes invalid, it may no longer be (or may not have been) exempt from UK income and capital gains tax.

    14. 24.14

      In some circumstances an invalid ISA will be eligible for repair under the ISA Regulations. If this is the case, then we will take reasonable steps to repair the ISA.

    15. 24.15

      If any investments in your ISA are evidenced by share certificates or other documents evidencing title, these will be held by us or as we may direct.

    16. 24.16

      We do not accept additional permitted subscriptions on your death.

      Transfers to another ISA manager

    17. 24.17

      Where permitted by the ISA Regulations, you can ask us to transfer all or part of the value in your ISA to another ISA manager. We will usually only make such a transfer in cash, by selling your investments and then making the transfer. If we agree to make a transfer in investments, we may charge a fee for this as set out in the Schedule of Fees and Charges. We permit partial transfers, but if you want to transfer subscriptions you have made in the current tax year you must transfer all of your current tax year’s subscriptions.

    18. 24.18

      We will process any transfer from your ISA within 30 days of receiving your request (which will be given to us by your new ISA manager). You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request.

      Withdrawals from your ISA

    19. 24.19

      You can make withdrawals of cash and/or investments from your ISA in accordance with section 11. If you ask us to, we will move the cash and/or investments into your General Investment Account.

    20. 24.20

      We will process any withdrawal from your ISA within 30 days of receiving your request. You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request.

    21. 24.21

      We do not offer a flexible ISA. This means that amounts that you withdraw from your ISA cannot be paid back into your ISA without counting towards the subscription limit for that tax year.

  1. 25.

    Terms applying to the Lifetime ISA

    What is the Lifetime ISA?

    1. 25.1

      The Lifetime ISA is operated by us as Lifetime ISA manger in accordance with the ISA Regulations. It is designed to be used for you to make your first home purchase and/or to save for later life.

    2. 25.2

      Provided that your Lifetime ISA is valid under the ISA Regulations it will be exempt from UK capital gains and income tax. You may also be eligible for a Government bonus to be paid into your Lifetime ISA.

      Opening a Lifetime ISA

    3. 25.3

      In addition to the requirements that apply to our Products generally, in order to open a Lifetime ISA with us you must:

      • be a UK resident or
        o   either perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or
        o   be married to, or in a civil partnership with, a person who performs such duties;
      • be under the age of 40 at the time you open the Lifetime ISA; and
      • not have any other Lifetime ISA in respect of the same tax year.
    4. 25.4

      Unless you tell us otherwise, we will renew your Lifetime ISA at the beginning of each subsequent tax year.

    5. 25.5

      We will open your Lifetime ISA once we have received:

      • a valid application from you;
      • your first subscription; and
      • confirmation from HMRC that we may open the Lifetime ISA. If HMRC does not give this confirmation within 15 days of your application then we will return any subscription amounts that you have paid to us and we will not be able to open the Lifetime ISA.

      Subscriptions to your Lifetime ISA

    6. 25.6

      You can subscribe to your Lifetime ISA in cash as set out in section 6.

    7. 25.7

      In each tax year you can only subscribe in accordance with the applicable subscription limits for that tax year. The current subscription limits are set out here.

    8. 25.8

      You must make your first subscription to your Lifetime ISA before you reach the age of 40. You cannot make subscriptions to your Lifetime ISA once you reach the age of 50.

    9. 25.9

      If you cease to be UK resident then you will not be permitted to make any further subscriptions to your Lifetime ISA.

    10. 25.10

      We will not accept any subscriptions into your Lifetime ISA once we have been notified of your death.

      What you must do in respect of your Lifetime ISA

    11. 25.11

      At all times while you have a Lifetime ISA with us, you must:

      • meet the eligibility requirements at section 25.3 above and tell us immediately if you no longer meet them;
      • not subscribe more than the applicable Lifetime ISA subscription limit in any tax year to this Lifetime ISA;
      • not subscribe the than the applicable overall subscription limit in any tax year to this Lifetime ISA, any cash ISA, any stocks and shares ISA and/or any Innovative Finance ISA;
      • not subscribe to your Lifetime ISA once you have reached the age of 50;
      • be the beneficial owner of all the cash and investments in your Lifetime ISA; and
      • not use the investments and/or cash in your Lifetime ISA as security for a loan.

      If you do not meet these requirements, we can take the steps set out at section 17 and/or your Lifetime ISA may be invalid under the ISA Regulations.

      How we will manage your Lifetime ISA

    12. 25.12

      We may delegate any of our functions or responsibilities as Lifetime ISA manager to any other person provided that we are satisfied that person is competent to carry out those functions or responsibilities.

    13. 25.13

      You authorise us to make disclosures to HMRC as reasonably required for us to comply with the ISA Regulations.

    14. 25.14

      If we have reason to believe that your Lifetime ISA is invalid, we will notify you and we may take any reasonable steps which are required or permitted by the ISA Regulations in respect of that invalidity. If your Lifetime ISA becomes invalid, it may no longer be (or may not have been) exempt from UK income and capital gains tax and you may not be (or may not have been) entitled to a Government bonus.

    15. 25.15

      In some circumstances an invalid Lifetime ISA will be eligible for repair under the ISA Regulations. If this is the case, then we will take reasonable steps to repair the Lifetime ISA.

    16. 25.16

      If any investments in your Lifetime ISA are evidenced by share certificates or other documents evidencing title, these will be held by us or as we may direct.

    17. 25.17

      We do not accept additional permitted subscriptions on your death.

      Lifetime ISA Government bonus

    18. 25.18

      If your Lifetime ISA qualifies for a Government bonus under the Regulations, we will claim that bonus from HMRC. We will apply any bonus that we receive to your Lifetime ISA in accordance with the ISA Regulations.

    19. 25.19

      If HMRC rejects a claim that we make for a Government bonus to be paid in respect of your Lifetime ISA, we will tell you within 14 days and you have the right to appeal to HMRC against that decision within 90 days.

    20. 25.20

      Bonus rates are set by the Government and are subject to change. You can see the current rates here.

    21. 25.21

      If HMRC pays any Government bonus amounts in respect of your Lifetime ISA in error, then you will be responsible for repaying those amounts to HMRC. We can:

      • deduct these amounts from your Lifetime ISA in order to pay them to HMRC; and/or
      • reduce the amount of any subsequent claim for a Government bonus that we make in respect of your Lifetime ISA to take account of that error.

      Transfers to another ISA Manager

    22. 25.22

      Where permitted by the ISA Regulations, you can ask us to transfer all of the value in your Lifetime ISA to another ISA manager. We will usually only make such a transfer in cash, by selling your investments and then making the transfer. If we agree to make a transfer in investments, we may charge a fee for this as set out in the Schedule of Fees and Charges. We do not allow partial transfers from a Lifetime ISA.

    23. 25.23

      We will process any transfer from your Lifetime ISA within 30 days of receiving your request (which will be given to us by your new ISA manager). You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request.

    24. 25.24

      If we have claimed but not yet received a Government bonus in respect of your Lifetime ISA at the time that we make the transfer, we will pay that amount to the new ISA Manager once we have received it.

      Withdrawals from your Lifetime ISA

    25. 25.25

      You may at any time ask us to make:

      • a partial withdrawal from your Lifetime ISA in cash which will be used to pay some or all of the deposit on your first home purchase and meets certain criteria other required by the ISA Regulations. Please refer to our support article that contains important information on these criteria;
      • a partial withdrawal from your Lifetime ISA in cash and/or investments where you are terminally ill. We will process this withdrawal from your Lifetime ISA within 30 days of receiving your request and such evidence of your terminal illness as we may reasonably request to comply with the ISA Regulations. You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request; or
      • a withdrawal of everything in your Lifetime ISA in cash and/or investments. We will process this withdrawal from your Lifetime ISA within 30 days of receiving your request. You can ask us to make the withdrawal at a particular time in which case we will endeavour to meet this request. We will close your Lifetime ISA once we have processed the withdrawal.

      In the event that you want to withdraw a Government Bonus which is due but has not yet been paid in relation to your Lifetime ISA, we will need to receive this amount and calculate any penalty due before we can process your request to withdraw it. This may cause a delay in our ability to process a withdrawal within the timeframes described above.

    26. 25.26

      We will deduct any penalty applicable to a withdrawal from your Lifetime ISA in accordance with the ISA Regulations.

    27. 25.27

      In summary, a penalty is applicable to a withdrawal from your Lifetime ISA unless:

      • it is made in order to enable your right to cancel your Lifetime ISA as described at section 2;
      • it is made on or after your 60th birthday;
      • it will be used to pay some or all of the deposit on your first home purchase and meets certain criteria other required by the ISA Regulations. Please refer to our support article that contains important information on these criteria;
      • you die and we have received such evidence of your death as we may reasonably request; or
      • you are diagnosed as suffering from a terminal illness and we have received such evidence of this as we may reasonably request in to comply with the ISA Regulations.
  1. 26.

    Terms applying to a Junior ISA

    What is the Junior ISA?

    1. 26.1

      The Junior ISA is a stocks and shares Junior ISA which we operate as Junior ISA manager in accordance with the ISA Regulations.

    2. 26.2

      Provided that the Junior ISA is valid under the ISA Regulations it will be exempt from UK capital gains and income tax.

    3. 26.3

      The Junior ISA is held by you as the Registered Contact on behalf of a child for whom you have parental responsibility. Once the child becomes 18 years old the Junior ISA is converted into a normal stocks and shares ISA in their name.

      Opening a Junior ISA

    4. 26.4

      In addition to the requirements that apply to our Products generally, in order to open a Junior ISA with us on behalf of a child:

      • You, as the Registered Contact, must:
        o   have a General Investment Account with us (in respect of which no minimum investment amount will apply); and
        o   have parental responsibility for the child (although you do not have to live at the same address) and provide us with such evidence of your parental responsibility as we may reasonably request; and
      • the child must:
        o   be under the age of 16 at the time that the Junior ISA is opened;
        o   have been born on or after 3 January 2011 or not have a Child Trust Fund account;
        o   be resident in the UK or
        - perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK;
        -   be a dependent of a person who performs such duties; or
        -   be married to, or in a civil partnership with, a person who performs such duties; and
        o not have any other stocks and shares Junior ISA.
    5. 26.5

      Unless you tell us otherwise, we will renew the Junior ISA at the beginning of each subsequent tax year.

    6. 26.6

      We will open the Junior ISA once we have received:

      • a valid application from you and the first subscription into the Junior ISA; or
      • where a transfer is being made to us from another Junior ISA, or a Child Trust Fund, a valid transfer form and receipt of the relevant amounts from the previous ISA or Child Trust Fund.

      Subscriptions to the Junior ISA

    7. 26.7

      You can subscribe to the Junior ISA in cash as set out in section 6

    8. 26.8

      To the extent permitted by the Applicable Requirements, we may agree to accept cash subscriptions to the Junior ISA from a person other than the Registered Contact.

    9. 26.9

      In accordance with the ISA Regulations, all payments made into a Junior ISA shall be deemed to be a gift and will be non-refundable.

    10. 26.10

      Subscriptions to the Junior ISA can only be made up to the applicable subscription limit for that tax year. The current subscription limit is set out here.

      Transfers to the Junior ISA

    11. 26.11

      Where permitted by the ISA Regulations, cash can be transferred to the Junior ISA from another Junior ISA or Child Trust Fund held by the child.

      What you must do in respect of the Junior ISA

    12. 26.12

      At all times while you are the Registered Contact in respect of a Junior ISA with us, you must:

      • meet the eligibility requirements that apply to you at section 26.4 above and tell us immediately if you no longer meet them;
      • tell us immediately if the child does not meet, or has not met at any point since the Junior ISA was opened, the eligibility requirements that apply to them at section 26.4 above;
      • not subscribe more than the applicable subscription limit in any tax year to the Junior ISA and any cash ISA that the child may hold;
      • ensure that the child is the beneficial owner of all the cash and investments in the Junior ISA; and
      • not use the investments and/or cash in the Junior ISA as security for a loan.

      If you do not meet these requirements or if the child does not meet the eligibility requirements at section 26.4 above then we can take the steps set out at section 17, require that you be replaced as the Registered Contact, and/or the Junior ISA may be invalid under the ISA Regulations.

    13. 26.13

      The Junior ISA cannot be charged or assigned except to replace the Registered Contact or to make a transfer to a new Junior ISA. Any attempt to do so will be void.

    14. 26.14

      If the child becomes bankrupt, the Junior ISA will not pass to any person acting on behalf of the child’s creditors.

      Registered contact

    15. 26.15

      As Registered Contact you will be our point of contact for all statements and other correspondence regarding the Junior ISA and all instructions and information must come from you.

    16. 26.16

      There can only be one Registered Contact for the Junior ISA at any one time. We will not accept instructions from a person with a Power of Attorney in respect of a Registered Contact or from the child (unless they are also the Registered Contact).

    17. 26.17

      We will replace the Registered Contact only in accordance with the ISA Regulations, as follows:

      • If a person who has parental responsibility for the child applies to us to act as Registered Contact for the Junior ISA and the existing Registered Contact has consented to the change (in such form as we reasonably require) except in certain circumstances prescribed by the ISA Regulations e.g. the existing Registered Contact has died or cannot be contacted; or
      • If the child reaches age 16 and asks to become the Registered Contact. We will not normally need the existing Registered Contact’s consent for this, except in exceptional circumstances set out in the ISA Regulations.

      How we will manage the Junior ISA

    18. 26.18

      We may delegate any of our functions or responsibilities as Junior ISA manager to any other person provided that we are satisfied that person is competent to carry out those functions or responsibilities.

    19. 26.19

      You authorise us to make disclosures to HMRC as reasonably required for us to comply with the ISA Regulations.

    20. 26.20

      If we have reason to believe that the Junior ISA is invalid, we will notify you and we may take any reasonable steps which are required or permitted by the ISA Regulations in respect of that invalidity. If the Junior ISA becomes invalid, it may no longer (or may not have been) exempt from UK income and capital gains tax.

    21. 26.21

      In some circumstances an invalid ISA will be eligible for repair under the ISA Regulations. If this is the case, then you and we must take reasonable steps to repair the ISA.

    22. 26.22

      If any investments in the Junior ISA are evidenced by share certificates or other documents evidencing title, these will be held by us or as we may direct.

    23. 26.23

      We do not accept additional permitted subscriptions on the death of the child.

      Transfers to another ISA manager

    24. 26.24

      Where permitted by the ISA Regulations, you can ask us to transfer all of the value in the Junior ISA to another ISA manager. We will usually only make such a transfer in cash, by selling any investments and then making the transfer. If we agree to make a transfer in investments, we may charge a fee for this as set out in the Schedule of Fees and Charges. We do not allow partial transfers from a Junior ISA.

    25. 26.25

      We will process any transfer from the Junior ISA within 30 days of receiving your request (which will be given to us by the new ISA manager). You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request. After we have completed the transfer we will close the Junior ISA.

      Withdrawals from your Junior ISA

    26. 26.26

      In accordance with the ISA Regulations, no withdrawals may be made from the Junior ISA before the child's 18th birthday unless:

      • the child is terminally ill and a terminal illness claim has been agreed with HMRC in accordance with the ISA Regulations (although we reserve the right to make our own checks); or
      • the child dies and we have received such evidence of the death as we may reasonably require.
    27. 26.27

      We will process any withdrawal from your Junior ISA within 30 days of receiving your request and the necessary evidence. You can ask us to make the withdrawal at a particular time in which case we will endeavour to meet this request. After we have completed the withdrawal we will close the Junior ISA.

      When the child reaches the age of 18

    28. 26.28

      When the child reaches the age of 18, we will:

      • stop accepting subscriptions into the Junior ISA;
      • convert the Junior ISA into an "adult" stocks and shares ISA. The terms at section 24 will apply to that ISA. We will not accept any subscriptions into that ISA until the child has made such declarations and provided us with such information as we may reasonably request in order to comply with the ISA Regulations; and
      • write to the child explaining that the Junior ISA to being converted in to an “adult” stocks and shares ISA and asking for their instructions in respect of that ISA.
  1. 27.

    Terms applying to a Personal Pension Account

    1. 27.1

      The terms in this section 27 apply where you are the member of a Nutmeg Personal Pension with Embark Services Limited (“ESL”).

    2. 27.2

      The agreement in respect of your Nutmeg Personal Pension is between you and ESL. You can see this agreement here LINK. ESL is the provider and operator of the Nutmeg Personal Pension. ESL is a company registered in England, company number 2089815, and is authorised and regulated by the FCA.

    3. 27.3

      We will provide a Personal Pension Account to hold the cash and investments in your Nutmeg Personal Pension in accordance with this agreement.

    4. 27.4

      ESL has appointed Embark Trustees Limited to be the trustee of the cash and investments in your Nutmeg Personal Pension and is therefore the legal owner of the cash and investments in your Personal Pension Account. However, we will deal with you in accordance with this agreement as ESL’s agent.

H. Other information you should know

Complaints

Making a complaint

If you're unhappy with our service for any reason, please contact us through Nutmail or by emailing support@nutmeg.com.

We’ll aim to provide you with a decision as soon as we can. Further details about our complaints process is available below.

How to make a complaint

To make a complaint, please get in touch with us by Nutmail or by emailing support@nutmeg.com. Alternatively, you can write to us at:

Client Complaints Manager, Unit 201, 1-45 Durham Street, Vox Studios, London, SE11 5JH.

We’ll contact you about your complaint and work together to try and find a resolution. We will acknowledge your complaint within five working days.

What happens next?

We will investigate your complaint and aim to resolve your complaint as quickly as possible, but for most complaints it could take up to eight weeks. We'll send you a Final Response which will explain our investigation and resulting resolution.

Keeping you up-to-date

We’ll keep you informed of our progress while we investigate your complaint.

Your rights with the Financial Ombudsman Service

If you’re unhappy with how we’ve dealt with your complaint, you can ask the Financial Ombudsman Service to look into it for you.  They’ll do so free of charge – but you must contact them within 6 months of our response.

They can be contacted using the following details:

Financial Ombudsman Service, Exchange Tower, Harbour Exchange, London, E14 9SR

Tel: 0800 023 4567 or 0300 123 9123

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

If you would like further information about the Financial Ombudsman Service, you can find it on their website at www.financial-ombudsman.org.uk.

If you don't think we've met our legal requirements, you can also submit information about this to our regulator, the Financial Conduct Authority:

Financial Conduct Authority

12 Endeavour Square, London, E20 1JN

0800 111 6768 or 0300 500 8082

consumer.queries@fca.org.uk

www.fca.org.uk

Information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to investors if an investment firm is unable to meet its financial obligations. In respect of investment business, an eligible claimant is entitled to claim up to the current FSCS limit for investments. For more information about the scheme (including the current limits, amounts covered and eligibility to claim) please contact us, visit the FSCS website www.fscs.org.uk or contact the FSCS on 020 7741 4100 or 0800 678 1100. Please note only compensation related queries should be directed to the FSCS.

Our authorisation details 

Nutmeg Saving and Investment Limited is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 552016. You can check these details by visiting the Financial Conduct Authority’s website at www.fca.org.uk or contacting them on 0800 111 6768.

 

Conflicts of interest  

There may be limited circumstances in which a conflict exists between your interests and those of us or our other clients. To mitigate and control these conflicts we have drawn up a conflict of interest policy. A summary of this document is available here [insert link], although you may request a copy of the full policy at any time by contacting us.

I. Schedule of fees and charges

Annual management fee

We will charge you an annual management fee for the discretionary management of your Portfolio. It is calculated and accrued daily and deducted each month.

Our annual management fee is calculated as a percentage of the value of investments that we hold for you in each relevant type of Investment Style, as follows:

a.     Managed Investment Styles:

Fully Managed, Socially Responsible Investing and Smart Alpha Investment Styles

Total value in the Managed Investment Style(s)Annual Management Fee

The first £100,000

0.75% per annum incl. VAT

Any amount above £100,000

0.35% per annum incl. VAT

Amounts in each Managed Investment Style are combined for the purposes of this calculation.

For example, this means a customer who has £150,000 in their Portfolio invested equally across the three Managed Investment Styles would pay the following fees:

  • 0.75% on the first £100,000 in the Portfolio; and
  • 0.35% on the remaining £50,000 in the Portfolio

b. Fixed Allocation Investment Styles:

Fixed Allocation Investment Styles

Total value in the Fixed Allocation Investment Style(s)Annual Management Fee

The first £100,000

0.45% per annum incl. VAT

Any amount above £100,000

0.25% per annum incl. VAT

Amounts in the Fixed Allocation Investment Style are combined for the purposes of this calculation.

For example, this means a customer who has £150,000 in their Portfolio invested equally across the three Fixed Allocation Investment Styles would pay the following fees:

  • 0.45% on the first £100,000 in the Portfolio; and
  • 0.25% on the remaining £50,000 in the Portfolio.

c. Combination of Managed Investment Styles and Fixed Allocation Investment Styles:

Fixed Allocation Investment Styles are priced separately to Managed Investment Styles as they follow a different pricing structure.

For example, a customer who has £200,000 in their Portfolio, of which £80,000 is in one or more Managed Investment Style(s) and £120,000 is in one or more a Fixed Allocation Investment Style(s) will pay the following fees:

  • 0.75% in the £80,000 in the Managed Investment Style(s);
  • 0.45% on the first £100,000 in the Fixed Allocation Investment Style(s); and
  • 0.25% on the remaining £50,000 in the Fixed Allocation Investment Style(s).

d.     Interest on client money

Interest Rate earned

0% per annum*

*Client money that we hold for you earns interest at the current Bank of England (BOE) bank rate minus 0.35%. If the BOE bank rate is below 0.35% you will not receive any interest.

e.     Personal Financial Advice Service

We will make a charge if we provide the Personal Financial Advice Service to you as follows. We will invoice you for this amount when the charge arises.

Each time we provide you with this one-off service

£575 incl. VAT

Transfers of investments

If we agree to transfer investments to you or to a new provider (rather than selling them and paying the cash proceeds) we will make a charge of £20 for each “line of stock”. A “line of stock” means the investments(s) that you hold in each company or unit trust in which your Portfolio is invested.

In Specie transfer

£20 per line of stock

Additional costs and charges

The provider of each ETF in which your Product is invested will take a charge for managing the ETF. These charges may vary from time to time. You can see the current costs [here].

Additional costs may apply to your investments, for example where we carry out transactions on your behalf. More detail can be found at www.nutmeg.com/costs-and-charges.

J.   Definitions

Applicable Requirements means (a) any obligation that applies under any law or regulation (including any tax legislation or rules made by an applicable regulatory body), or as the result of a decision by a court, ombudsman or similar body; (b) any obligation under any industry guidance or codes of practice which we follow; or (c) any other legal or regulatory requirement, which, in each case, is applicable to this agreement and/or our provision of a service or Product to you.

Deal means each transaction to buy or sell an investment which we carry out for your Portfolio.

ESL means Embark Services Limited.

ETF means an exchange traded fund or exchange traded certificate which is listed on a recognised stock exchange.

FCA means Financial Conduct Authority.

FCA Rules means the Financial Conduct Authority’s Handbook of Rules and Guidance.

General Investment Account means any Product that we hold for you which is not an ISA, a Junior ISA, Lifetime ISA or Personal Pension Account.

HMRC means Her Majesty's Revenue & Customs.

Investment Parameters means the investment parameters that we agree with you in order to manage your Portfolio, including the Investment Styles and your attitude to risk.

Investment Styles means each of the investment styles that we offer from time to time for you to select in relation to your Portfolio and/or Product(s).

ISA has the meaning given in the ISA Regulations.

ISA Regulations means the Individual Savings Account Regulations 1998 as amended from time to time.

Junior ISA has the meaning given in the ISA Regulations.

Lifetime ISA has the meaning given in the ISA Regulations.

MTF means a “multilateral trading facility”, which is in summary a non-exchange based trading system which accommodates deals between multiple parties.

Nutmail means our secure email system.

Nutmeg Personal Pension means the personal pension plan provided by ESL.

Personal Financial Advice Service is our restricted financial advice service to help you decide which Product type to open as described at section 3. 

Personal Pension Account means an investment account in which we hold cash or investments held by ESL as the provider of the Nutmeg Personal Pension.

Portfolio means any and all Products that Nutmeg provides to you.

Product means any and each General Investment Account, ISA, Junior ISA, Lifetime ISA or Personal Pension Account that we hold for you in accordance with this agreement.

Registered Contact means the registered contact in relation to a Junior ISA, which is, in summary, either a person with parental responsibility for the eligible child or the eligible child themselves (if they are aged between 16 and 18 years) and who has been designated as the registered contact.

Security Credential means a password, PIN, passcode, memorable information, biometric or other information which we've given you or you've set up to use in connection with your Portfolio.

Simplified Advice Service means our simplified and restricted financial advice service to help you decide which Investment Parameters to allocate to your Portfolio as described at section 4.

UK Bank Account means the personal UK bank account in your name that you nominate in writing from time to time for the purpose of making and receiving payments from your Portfolio.

US Person mean a customer considered by the US Inland Revenue Service as a US person at the relevant time. If you are unsure whether you are a US person, please seek independent tax advice.

Arrange a call with client services

Our team of specialists can help answer any questions you may have.

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