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Terms and conditions

Effective from 4 July 2024

A summary of the key changes we introduced can be found here

These Terms and Conditions set out the agreement between:

You – this means:

  1. the person we’ve opened a Nutmeg General Investment Account, a Nutmeg ISA and/or a Nutmeg Lifetime ISA for;
  2. the Registered Contact in respect of a Nutmeg Junior ISA; and/or
  3. 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.

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

PDF Version

Download a copy of these terms and conditions.

A. Finding your way around these terms

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

  • big picture information on the services and products we offer - see section B;
  • how we’ll contact each other and how we support those with accessibility needs - see section C and section D;
  • a summary of important legal points - see section E;
  • how you can keep your accounts secure - see section F;
  • the terms which apply to all types of Products (see section G), including:
    - what you need to do to become and continue to be a customer, including minimum investment amounts - see section 1;
    - details on your right to cancel - section 2;
    - the services we provide - see section 3, section 4 and section 5;
    - how you can pay in and withdraw amounts from a Product - see section 6 and section 11;
    - how we will buy and sell investments for you - see section 7;
    - how we will hold the cash and investments in your Portfolio - see section 8 and section 9;
    - when we may accept instructions from you or others on your behalf - see section 12;
    - when we might change the terms - see section 18;
    - when we might block your access to the services - see section 14;
    - what happens when things don't go as expected, and liability - see section 16 and section 17; and
    - how the agreement can be ended - see section 20;
  • the additional terms which apply only to a Nutmeg ISA, Nutmeg Junior ISA, Nutmeg Lifetime ISA or to a Personal Pension Account - see section H;
  • other information on complaints, the Financial Ombudsman Service and compensation arrangements - see section I;
  • the Schedule of Fees and Charges - see section J; and
  • a glossary of the definitions used in these terms - see section K.

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.

B. 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 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. “Investment Parameters” are investment frameworks that we agree with you in order to manage your Portfolio, including the Investment Styles and your attitude to risk.

We will give you simplified financial advice to help you decide which Investment Parameters are best suited to you.

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

Product types

We provide a Nutmeg General Investment Account, Nutmeg ISA, Nutmeg Junior ISA, and/or Nutmeg Lifetime ISA. We 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 and exchange-traded certificates (“ETFs”) 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 enough 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. If you are, or become, required to pay taxes in connection with the Portfolio, you (and not we) are responsible for paying these.

Fees and charges

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

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.

These fees and charges will be deducted from your Portfolio. Please see our Schedule of Fees and Charges for more information.

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. Accessibility

We can provide alternative accessible formats for certain documents. If you need them or want more information on how we help those with accessibility needs, you can contact us.

E. 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.

F. 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 log in 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 any instructions we receive and give access to information about your Portfolio.

G. Terms that apply to all types of Product

1.

Conditions you must meet to become and remain our customer

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 that 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;
  • tell us as soon as possible if you become aware that we have made an error or have provided you with incorrect information;
  • be the owner of all of the assets in the Portfolio (except for assets in a Nutmeg Junior ISA) and ensure that there are no restrictions on the transfer, sale or ownership of any assets in the Portfolio except for any such restriction arising under or in connection with this agreement;
  • make and maintain a minimum investment into each Product. For the Nutmeg General Investment Account, Nutmeg ISA and Nutmeg Personal Pension Account this is £500. For the Nutmeg Lifetime ISA and Nutmeg 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 Nutmeg ISA, section 25.3 in respect of the Nutmeg Lifetime ISA and section 26.4 in respect of the Nutmeg Junior ISA);
  • comply with the law that applies to you in connection with the Products and services that we provide to you;
  • 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 17.1 will apply 

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.

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, close any of your Products and/or stop providing any of our services  and close your Portfolio in accordance with section 20.4.

2.

Cancellation

Your rights to cancel

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 Nutmeg ISA, Nutmeg Lifetime ISA, Nutmeg Junior ISA within 30 days of us receiving that transfer.

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

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.

2.4

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

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 based on the market value of such Product(s) on the date the amount received is refunded, minus a proportionate charge 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.

If the market value of the Product(s) decreases during the cancellation period, you will receive a refund of an amount equal to less than your original investment.

By way of example only, if we received £1,000 from you in relation to the Product(s), and, on the date of the refund, the market value of this investment is £990, and we have incurred costs and expenses of £1, the amount refunded to you will be £989. Such costs and expenses will typically relate to the costs we have incurred in managing the investment, and the expenses we have accrued in concluding the outstanding transactions related to your Product. The amounts set out within this paragraph are provided for guidance only and should not be relied upon.

Cancelling a Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg Junior ISA

2.6

If you cancel a Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg Junior ISA within the 30 day period, we will treat you as though you have not subscribed to the Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg 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.

2.7

If you cancel your Nutmeg Personal Pension with Embark Services Limited (“ESL”), then your agreement with us in respect of your Personal Pension Account will also be cancelled. 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. See section 27 of this agreement for more information on the terms that apply to the Nutmeg Personal Pension.

3.

Personal Financial Advice Service

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 Schedule of Fees and Charges.

3.2

Our Personal Financial Advice Service is designed to identify which Product types and Investment Parameters are suitable for you given your financial circumstances and goals. 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

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.

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.

4.

Choosing your Investment Parameters and our Simplified Advice Service

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.

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.

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.

5.

Discretionary Management

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.

5.2

You must provide us with information that 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.

5.3

You authorise us to enter into arrangements or transactions on your behalf. We may invest any amount or any proportion of your Portfolio and/or Product in any suitable ETFs, or Fractional Entitlements (that is, rights to part of an investment, rather than a whole investment) to suitable ETFs, and we may do so in any currency, and on any financial market. 

5.4

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

5.5

We can 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.

5.6

We may offer you access to educational resources and general information related to investing. These resources are intended to provide you with a better understanding of investment concepts, risks, and strategies.

5.7

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

6.

Paying amounts into your Portfolio

Paying in cash

6.1

We can accept payments of cash into a Nutmeg General Investment Account, Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg 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.

6.2

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

6.3

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

6.4

When you make a payment by debit card or Direct Debit, your money will be held in our name with a Payment Service Provider (PSP) of our choice and we will take reasonable steps to ensure your money is segregated from the PSP’s assets. The PSP will typically transfer your money to us within three business days. We will allocate amounts to your Portfolio only once we have received cleared funds and all the information we need to do so.

6.5

Payments should be made in pounds sterling.

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.

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 (that is, the amount paid does not belong to you and/or that you are not entitled to it).

(“Applicable Requirements” are (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 these terms and/or our provision of a service or Product to you).

7.

How we Deal for your Portfolio

Section 7 explains how we buy and sell investments for your Portfolio, and reflects the regulatory requirements which apply to us when we do so. Please contact us if you have any questions about section 7.

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 done; 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.

7.2

We can carry out a Deal for you as your agent, or act as principal and enter into a Deal with you on our own account.

7.3

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.

7.4

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. 

(A “multilateral trading facility” is a non-exchange based trading system which accommodates deals between multiple parties). 

7.5

When we carry out a Deal for your Portfolio, we may combine it with Deals for other clients or for ourselves 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 Order Aggregation is unlikely to be to your disadvantage overall. However, the result of the Order Aggregation may actually be to your disadvantage in relation to a particular Deal compared to if we had bought or sold your investments separately.

7.6

Where we deal for you in Fractional Entitlements to investments, these Deals can only be effected through us by combining your entitlement with those belonging to our other clients or ourselves so that we can Deal in a whole investment. A Fractional Entitlement cannot be traded without this process and can only be sold through us to realise cash. 

7.7

The price of an investment may change between us placing a Deal and it executing. This means that, on execution, there may be slightly less cash and more investments in your Portfolio than intended (or vice versa). We will take steps to resolve this at the next opportunity. 

A price change may mean that your Portfolio has a negative amount of cash for a short period. This happens where there is not enough cash in the Portfolio to cover an increase in the price. Where this happens we: (1) cover any shortfall using Nutmeg’s money to ensure there is always enough cash in the client money account; and (2) sell the surplus investments to give the Portfolio a positive cash balance as soon as we can. 

8.

How we hold the investments in your Portfolio

Section 8 explains how we hold the investments which are in your Portfolio and reflects the regulatory requirements which apply to us when we do so. Please contact us if you have any questions about section 8.

 

How your investments are registered

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:

  • Our nominee company, a Sub-Custodian (i.e. a financial institution which we appoint to hold assets on our behalf) or a nominee company of the Sub-Custodian or a nominee company of a third party appointed by a Sub-Custodian. Our nominee company, Sub-Custodian or the nominee company of the Sub-Custodian or third party appointed by a Sub-Custodian, will have legal title to the investments and you will retain beneficial ownership at all times (which means that you will be entitled to the investments and relevant income); or
  • Our nominee company, a Sub-Custodian or a nominee company of the Sub-Custodian or a nominee company of a third party appointed by 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.

8.2

If we register your investments in the name of our nominee company, a Sub-Custodian or a nominee company of the Sub-Custodian or a nominee company of a third party appointed by 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

8.3

You agree your investments will be mixed with investments held by our nominee company, a Sub-Custodian or a third party appointed by a 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 mixed 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.

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 our nominee company, a Sub-Custodian or a third party appointed by a 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.

8.5

To the extent that your Portfolio holds Fractional Entitlements to investments (that is, rights to a part of an investment), your entitlement will be reflected in our records. 

A Fractional Entitlement exists only in our records and cannot be sold without being combined with other Fractional Entitlements to make a whole investment. This means that in the event of our insolvency you would not be able to have these Fractional Entitlements returned to you and they would have to be sold in order to realise their cash value. This could impact on the extent to which, or the speed with which, you would be able to recover your Fractional Entitlements. 

Our responsibility for nominees and Sub-Custodians

8.6

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

8.7

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 Sub-Custodian, a third party appointed by a Sub-Custodian or any nominee company of the Sub-Custodian or third party appointed by a Sub-Custodian except to the extent that we have failed to exercise such due skill, care and diligence. 

If your Portfolio holds a Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg Junior ISA then section 24.1425.13 or 26.18 (as relevant) will also apply to that Product.

8.8

Where your investments are held by a Sub-Custodian or a third party appointed by a Sub-Custodian, we cannot ensure that you would not lose any investments if that custodian or a third party appointed by a Sub-Custodian fails. 

In order to show that your investments are not available to the Sub-Custodian or a third party appointed by a Sub-Custodian's creditors, we will take reasonable steps to ensure that the Sub-Custodian or a third party appointed by a Sub-Custodian's records show that the investments are held for you and that they do not belong to us, a Sub-Custodian, a third party appointed by a Sub-Custodian or any nominee company of the Sub-Custodian or third party appointed by a Sub-Custodian.

In the event that a Sub-Custodian, a third party appointed by a Sub-Custodian or any nominee company of the Sub-Custodian or third party appointed by a 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

8.9

We or any Sub-Custodian or a third party appointed by a 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 or a third party appointed by a 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

8.10

Neither we nor any Sub-Custodian, a third party appointed by a Sub-Custodian or any nominee company of the Sub-Custodian or third party appointed by a Sub-Custodian will lend your investments to anyone else or use them to raise finance.

8.11

You authorise us, and our nominee company, a Sub-Custodian or a nominee company of the Sub-Custodian or a nominee company of a third party appointed by a Sub-Custodian, 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.

8.12

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

8.13

You expressly authorise us to grant our Sub-Custodian or a third party appointed by a 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 you, and 
  • 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

8.14

If we have not received instructions in relation to your Nutmeg General Investment Account, Nutmeg ISA, Nutmeg Junior ISA or Nutmeg Lifetime ISA 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. We will only do so if permitted by Applicable Requirements.

Where we do this we will pay you a sum equal to the value of the investments at the time they were sold or transferred if you later contact us to claim your investments. The Nutmeg Personal Pension terms and conditions between you and ESL set out how your investments will be dealt with.

9.

Client Money

  • Section 9 explains how we keep the cash in your Portfolio, and reflects the regulatory requirements which apply to us when we do so. Please contact us if you have any questions about section 9.

 

Your money will be kept separate from our money

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

9.2

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

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 a Nutmeg ISA, Nutmeg Lifetime ISA or Nutmeg Junior ISA then section 24.1425.13 or 26.18 (as relevant) will also apply to that Product.

Your money will be mixed with that belonging to other customers

9.4

Your money will be mixed 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

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.

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

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. If the person holding your money cannot meet their 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

9.8

We will pay you interest on the cash we hold for you at a rate determined by us. Information on our current interest rate can be found here.

9.9

Interest will accrue daily from the working day after your cash is settled and allocated into your Pot, and accrue up to the date your Pot is closed.

For example, when you make a payment by debit card or Direct Debit, your money will be held in an account in our name with a Payment Service Provider (PSP) as indicated in section 6.4. The PSP will typically transfer your money to us within three business days and interest will accrue daily once your money is allocated into your Pot.

We will pay your interest into the Pot in which it was accrued.

Interest will be paid on a quarterly basis. Each quarter will end on the first Sunday of March, June, September and December each calendar year. Each interest payment will include all the interest accrued up to the end of the relevant quarter.

Interest will be paid to you on the 20th of March, June, September and December. If the 20th falls on a weekend or bank holiday in England; then we will pay your interest on the following business day.

Accrued interest is rounded up to the nearest penny prior to payment into your Pot.

9.10

If we decide to change our interest rate, we will give you reasonable notice. If you are not willing to accept the change, you may choose to end this agreement immediately as set out in section 18.5.

9.11

Cash only pots

You can create a cash only pot (i.e. Pot 100% allocated to cash) within your Nutmeg General Investment Account, Nutmeg ISA or Nutmeg Lifetime ISA.

Any subscriptions you make to your cash only pot within your Nutmeg ISA or Lifetime ISA will be held within your ISA tax wrapper and contribute towards your subscription limit.

9.12

It is not possible to have a cash only pot for either your Nutmeg Junior ISA or Nutmeg Personal Pension.

9.13

As the money in your cash only pot is not invested, we will not charge you management fees on the cash. Cash only pots will accrue interest as stated in section 9.8.

9.14

A cash only pot is not a cash ISA and must not be used for long-term savings. See here for more information on cash only pots and their intended use.

9.15

A cash only pot that is unlikely to be either invested or withdrawn in the short term should not be held in your Product(s) with us.

9.16

If you do not use your cash only pot in line with these terms, we may take action under these terms to stop providing you with services and/or freeze or block access to your Portfolio and/or Product(s) as stated in section 17.1.

Our rights to give your money to charity 

9.17

After you close your Nutmeg General Investment Account, Nutmeg ISA, Nutmeg Junior ISA or Nutmeg Lifetime ISA, it is possible that further monies may reach your account (for example, dividend payments). However, if the balance of your account is less than £1 after we have determined that all monies due to you have been received, we reserve the right to pay that small balance to a registered charity of our choice and you specifically consent to us doing so. If you would like further information on this process or about the registered charities to whom we may pay such balances, please contact us.

9.18

Where permitted by the Applicable Requirements, if: 

  • there has been no movement in the balance of the client money in your Nutmeg General Investment Account, Nutmeg ISA, Nutmeg Junior ISA or Nutmeg Lifetime ISA (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 money that we hold for you as client money and may pay it to a charity of our choice. 

Where we do this, we will pay you a sum equal to that paid to charity if you later contact us to claim these amounts.

9.19

The Nutmeg Personal Pension terms and conditions between you and ESL set out how your money will be dealt with.

10.

Rights and actions arising in relation to your investments

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.

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).

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.

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.

10.5

To the extent that your Portfolio holds Fractional Entitlements to investments, the rights set out in sections 10.2 to 10.4 above will not apply. 

11.

Withdrawals of cash or assets from your Portfolio

Withdrawing cash

11.1

You can make a withdrawal in cash from a Nutmeg General Investment Account or a Nutmeg ISA at any time. 

You can make a withdrawal in cash from a Nutmeg Junior ISA or Nutmeg Lifetime ISA subject to the limitations on withdrawals that apply to those Products. Please see section 25 and section 26 for more information

The Nutmeg Personal Pension terms and conditions between you and ESL set out how you can make withdrawals from your Nutmeg Personal Pension.

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.

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

11.4

Except to the extent that we hold Fractional Entitlements in investments for you, you can make a withdrawal of investments (i.e. where the investments are paid to you rather than to a third party ISA manager) from a Nutmeg ISA, a Nutmeg Lifetime ISA or a Nutmeg Junior ISA, subject to the limitations on withdrawals that apply to those Products at sections 2425 and 26.

11.5

Except as set out in section 11.4, withdrawals or transfers of investments from your Portfolio are subject to our prior agreement. We are not able to effect a withdrawal or transfer of Fractional Entitlements to investments. We agree only to sell those Fractional Entitlements and effect a cash withdrawal or transfer to that extent.

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.

12.

Your instructions

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.

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.

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, provided that we have acted reasonably and in good faith. 

We will not be liable  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.

Appointing someone else to operate your Portfolio

12.4

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. You cannot do this for a Nutmeg Junior ISA.

12.5

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.

12.6

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. 

12.7

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 these terms.

12.8

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

13.

Statements and Reports

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 statement and 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.

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.

14.

Access to your Portfolio and our services

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.

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. 

15.

Your Information

15.1

Our Privacy Policy explains how we'll use your information. 

15.2

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 
  • we need to disclose to protect our own interests (e.g. in any legal proceedings); or
  • we have your specific agreement.

15.3

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 these terms. 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. 

16.

Our responsibility to you

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.

16.2

Except in relation to our selection of Sub-Custodians (in which case section 8.7 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.

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.

16.4

We won't be responsible for any losses to you if we can't perform our obligations under these terms 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.

16.5

Nothing in these terms 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.

17.

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

17.1

If you seriously or persistently fail to meet your obligations under these terms or fail to meet any of the conditions for our Products:

  • 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.

17.2

Where you do not meet your obligations to us (as set out above in section 17.1) you are responsible for reimbursing us for any costs or liabilities which we properly and reasonably incur as a result of complying with our obligations under these terms or Applicable Requirements.

17.3

If the value of any Product which is a Nutmeg ISA or a Nutmeg 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 brings the value back above £500.

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

17.5

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

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.

18.

Changing these terms

Our rights to change these terms

18.1

We may change these 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.

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.

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.

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 these terms.

Your rights where we make a change

18.5

If you are not willing to accept a change we make to these terms, 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.

19.

Assignment or transfer of this agreement

19.1

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

19.2

We may delegate some or all of our obligations to another person, in accordance with these terms and the Applicable Requirements. We may assign our rights and obligations under these terms at any time. We will tell you before such an assignment takes effect.

Transfer of business

19.3

If we transfer to a third party the business to which these terms, 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:
    - the client money and investments transferred will be held in accordance with the Applicable Requirements relating to the holding of money and investments (as applicable); or
    - we have exercised all due skill, care and diligence in assessing whether the third party to whom your client money and/or investments are transferred will apply adequate measures to protect these sums and/or investments.

19.4

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.

20.

Ending this agreement and closing your Portfolio or Products

When you can end the agreement

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.

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

20.3

We may end this agreement, close, consolidate or merge any of your Products and/or stop providing any of our services to you at any time by giving you 30 days' notice.  An example of a reason to ‘consolidate’ or ‘merge’ your Products may be where Nutmeg has discontinued a particular type of Product and therefore transfers any investments you may hold in such discontinued Product to a different one of an equivalent risk level.

20.4

We may end this agreement, close, consolidate or merge 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;
  • you move to another country, change your tax residency or become a US Person;
  • we reasonably suspect any services or Products are being used to facilitate fraudulent activity; or
  • keeping the agreement in place and/or providing 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

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/or investments in your Product in accordance with section 20.6.

20.6

So that we can close your Product, you must tell us how you want to withdraw and/or transfer your cash and/or 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. 

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.

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 these terms, costs and charges may apply for the transfer of cash and/or investments. Please see the Schedule of Fees and Charges.

20.9

The sections of these terms which cover how we will hold cash or assets for you in relation to our Product(s) will remain in place after the date any Product is closed until we have transferred all cash and investments to you from that Product.

21.

Death

21.1

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

22.

If there’s a dispute between us

22.1

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

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.

23.

Third Parties

23.1

A person who is not a party to this agreement cannot enforce or enjoy the benefit of any of its terms.

H. Terms that apply only to particular types of Product

The terms under this section H may contain references to the ISA Regulations. Please contact us if you have any questions.

24.

Terms applying to the Nutmeg ISA

What is the Nutmeg ISA?

24.1

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

24.2

Your Nutmeg ISA will only be exempt from UK capital gains tax and income tax if it is valid under the ISA Regulations.

Opening a Nutmeg ISA

24.3

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

  • be either: 
    - resident in the UK; or 
    - if you do not live in the UK, a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner; and
  • have a Nutmeg General Investment Account with us.

24.4

Unless you tell us otherwise, we will automatically renew your active Nutmeg ISA at the beginning of each subsequent tax year. Therefore, even if you do not make any subscriptions to your Nutmeg ISA for an entire tax year or more, you do not need to reapply for your ISA and you may resume your contributions at any time (provided that your Nutmeg ISA is not otherwise terminated in accordance with these terms).

This clause will only apply to Nutmeg ISAs that were active as of 1 April 2024.

24.5

We will open your Nutmeg 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 Nutmeg ISA

24.6

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

Multiple ISA Subscriptions

24.7

From 6 April 2024, where permitted by the ISA Regulations, you may open and/or subscribe to a Nutmeg ISA in addition to other stocks and shares ISA(s) that you may have with other ISA manager(s), provided that you remain within the overall annual subscription limit.

If you have a John Lewis Investments stocks and shares ISA, you will not be able to open a Nutmeg ISA, as both ISAs are administered by us.

24.8

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.

24.9

All subscriptions to the ISA account(s) you have with us or with other ISA managers will count towards your overall annual subscription limit for that tax year.

24.10

As part of the Nutmeg ISA set up process and once a year thereafter, we will ask you to set your own Custom Subscription Limit. You will be able to change your Custom Subscription Limit at any time to the extent that it is (i) not less than the subscription(s) you already made to your Nutmeg ISA(s) and Nutmeg Lifetime ISA(s) during that tax year and (ii) no more than your overall annual subscription limit for that tax year.

Please note that the Custom Subscription Limit feature is only intended to help you keep track of your ISA subscriptions, and you are responsible for ensuring you do not exceed your overall annual subscription limit as set out in the ISA Regulations or HMRC guidance.

  • If you do not set a Custom Subscription Limit as part of your Nutmeg ISA set up, a default subscription limit will automatically be applied to your Nutmeg ISA, which shall be the overall annual subscription limit for the current tax year.
  • If you set up a Custom Subscription Limit as part of your Nutmeg ISA set up, and do not change that Custom Subscription Limit in subsequent years, we will apply the same Custom Subscription Limit for each year unless and until you change your Custom Subscription Limit.

You should set your Custom Subscription Limit by taking into account the amount you have paid into (or plan to pay into) ISA(s) of any type held at Nutmeg or elsewhere during each tax year. This includes stocks and shares ISAs, lifetime ISAs, cash ISAs and innovative Finance ISAs you may have with other managers and that should be reflected in your Custom Subscription Limit. Your Custom Subscription Limit may not exceed the overall annual subscription limit for that tax year.

We will automatically count contributions you make into your Nutmeg ISA(s) and Nutmeg Lifetime ISA(s).

When you intend to make a contribution that would exceed your Custom Subscription Limit (or, where you have not set a Custom Subscription Limit, the overall annual subscription limit for that tax year) we will let you know. Any contribution (or part of a contribution) you make above your Custom Subscription Limit will be held in your Nutmeg General Investment Account, unless you instruct us otherwise and provided that contributions into your Nutmeg ISA(s) do not exceed the overall annual subscription limit for that tax year.

It will be your responsibility to periodically check your Custom Subscription Limit to confirm it is up-to-date and to ensure you do not contribute more than the overall annual subscription limit in each tax year.

24.11

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

Transfers to your Nutmeg ISA

24.12

Where permitted by the ISA Regulations, you may transfer cash to your Nutmeg ISA from another ISA that you hold. If you have questions about when the ISA Regulations would permit you to make a transfer, please contact us.

What you must do in respect of your Nutmeg ISA

24.13

At all times while you have a Nutmeg 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 your Nutmeg ISA, any cash ISA, any Lifetime ISA and/or any Innovative Finance ISA;
  • be the beneficial owner of (this means that you own or are entitled to) all the cash and investments in your Nutmeg ISA; and
  • not use the investments and/or cash in your Nutmeg ISA as security for a loan.

If you do not meet these requirements, we can take the steps set out at section 17.1  and/or your Nutmeg ISA may be invalid under the ISA Regulations.

How we will manage your Nutmeg ISA

24.14

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.

24.15

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

24.16

If we have reason to believe that your Nutmeg 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 Nutmeg ISA becomes invalid, it may no longer be (or may not have been) exempt from UK capital gains tax and income tax.

24.17

In some circumstances, an invalid Nutmeg ISA (see section 24.13) will be eligible for repair under the ISA Regulations. If this is the case, then we will take reasonable steps to repair the ISA.

24.18

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

24.19

If an ISA investor dies, it is sometimes possible for the surviving spouse or civil partner to inherit an additional one-off ISA allowance. This is known as an "additional permitted subscription". We do not accept additional permitted subscriptions into a Nutmeg ISA. This means that:

  • on your death, your spouse/civil partner will not be able to make additional permitted subscriptions into a Nutmeg ISA and would need to transfer their additional permitted subscription allowance to a third party ISA manager; and  
  • on the death of your spouse/civil partner, you will not be able make additional permitted subscriptions into a Nutmeg ISA and will need to approach a third party ISA manager. 

Please see this article for more information on additional permitted subscriptions, and get in touch with us if you have any questions.

Transfers to another ISA manager

24.20

Where permitted by the ISA Regulations, you can ask us to transfer all or part of the value in your Nutmeg 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 are not able to effect a withdrawal or transfer of Fractional Entitlements to investments. We will only sell those Fractional Entitlements and effect a cash withdrawal or transfer to that extent. 

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. We will not permit you to transfer only part of the current tax year’s subscriptions.

24.21

We will process any transfer from your Nutmeg 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 Nutmeg ISA

24.22

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

24.23

We will process any withdrawal from your Nutmeg 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.

24.24

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

25.

Terms applying to the Nutmeg Lifetime ISA

What is the Nutmeg Lifetime ISA?

25.1

The Nutmeg 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. 

25.2

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

Opening a Nutmeg Lifetime ISA

25.3

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

  • be either: 
    - resident in the UK; or 
    - if you do not live in the UK, a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner;
  • be under the age of 40 at the time you open the Nutmeg Lifetime ISA; and
  • not have any other Lifetime ISA in respect of the same tax year.

25.4

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

25.5

We will open your Nutmeg Lifetime ISA once we have received:

  • a valid application from you;
  • your first subscription; and
  • confirmation from HMRC that we may open the Nutmeg 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 your Nutmeg Lifetime ISA.

Subscriptions to your Nutmeg Lifetime ISA

25.6

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

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.

25.8

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

25.9

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

25.10

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

Transfers to the Nutmeg Lifetime ISA

25.11

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

What you must do in respect of your Nutmeg Lifetime ISA

25.12

At all times while you have a Nutmeg 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 Nutmeg Lifetime ISA;
  • not subscribe more than the applicable overall subscription limit in any tax year to this Nutmeg Lifetime ISA, any cash ISA, any stocks and shares ISA and/or any Innovative Finance ISA;
  • not subscribe to your Nutmeg Lifetime ISA once you have reached the age of 50;
  • be the beneficial owner of (this means you own or are entitled to) all the cash and investments in your Nutmeg Lifetime ISA; and
  • not use the investments and/or cash in your Nutmeg Lifetime ISA as security for a loan.

If you do not meet these requirements, we can take the steps set out at section 17.1 and/or your Nutmeg Lifetime ISA may be invalid under the ISA Regulations.

How we will manage your Nutmeg Lifetime ISA

25.13

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.

25.14

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

25.15

If we have reason to believe that your Nutmeg 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 Nutmeg Lifetime ISA becomes invalid, it may no longer be (or may not have been) exempt from UK capital gains tax and income tax and you may not be (or may not have been) entitled to a Government bonus.

25.16

In some circumstances an invalid Nutmeg Lifetime ISA (see section 25.12) will be eligible for repair under the ISA Regulations. If this is the case, then we will take reasonable steps to repair the Nutmeg Lifetime ISA.

25.17

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

25.18

If an ISA investor dies, it is sometimes possible for the surviving spouse or civil partner to inherit an additional one-off ISA allowance. This is known as an "additional permitted subscription". We do not accept additional permitted subscriptions into a Nutmeg Lifetime ISA. This means that:

  • on your death, your spouse/civil partner will not be able to make additional permitted subscriptions into a Nutmeg Lifetime ISA and would need to transfer their additional permitted subscription allowance to a third party ISA manager; and  
  • on the death of your spouse/civil partner, you will not be able make additional permitted subscriptions into a Nutmeg Lifetime ISA and will need to approach a third party Lifetime ISA manager. 

Please see the terms applying to LISA for more information on additional permitted subscriptions, and get in touch with us if you have any questions. 

Nutmeg Lifetime ISA Government bonus

25.19

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

25.20

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

25.21

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

25.22

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

  • deduct these amounts from your Nutmeg 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 Nutmeg Lifetime ISA to take account of that error.

Transfers to another ISA Manager

25.23

Where permitted by the ISA Regulations, you can ask us to transfer all of the value in your Nutmeg Lifetime ISA to another ISA manager. If you have questions about when the ISA Regulations would permit you to make a transfer, please contact us.

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 are not able to effect a withdrawal or transfer of Fractional Entitlements to investments. We agree only to sell those Fractional Entitlements and effect a cash withdrawal or transfer to that extent. 

We do not allow partial transfers from a Nutmeg Lifetime ISA.

25.24

We will process any transfer from your Nutmeg 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.

25.25

If we have claimed but not yet received a Government bonus in respect of your Nutmeg 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 Nutmeg Lifetime ISA

25.26

You may at any time ask us to make:

  • a partial withdrawal from your Nutmeg 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 required by the ISA Regulations. Please refer to our support article that contains important information on these criteria;
  • a partial withdrawal from your Nutmeg Lifetime ISA in cash and/or investments where you are terminally ill. We will process this withdrawal from your Nutmeg 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; or
  • a withdrawal of everything in your Nutmeg Lifetime ISA in cash and/or investments. We will process this withdrawal from your Nutmeg Lifetime ISA within 30 days of receiving your request. 

You can ask us to make any such withdrawal or transfer at a particular time in which case we will endeavour to meet this request. Where you have made a withdrawal of everything in your Nutmeg Lifetime ISA, we will close your Nutmeg 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 Nutmeg 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.

25.27

A penalty may apply to a withdrawal from your Lifetime ISA. Further guidance can be found here. We will deduct any penalty applicable to a withdrawal from your Lifetime ISA in accordance with the ISA Regulations.

25.28

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

  • it is made in order to enable your right to cancel your Nutmeg 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 to comply with the ISA Regulations.

26.

Terms applying to the Nutmeg Junior ISA

What is the Nutmeg Junior ISA?

26.1

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

26.2

The Nutmeg Junior ISA will be exempt from UK capital gains tax and income tax if it is valid under the ISA Regulations. 

26.3

The Nutmeg 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 Nutmeg Junior ISA is converted into a normal stocks and shares Nutmeg ISA in their name.

Opening a Nutmeg Junior ISA

26.4

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

You, as the Registered Contact, must:

  • have a Nutmeg General Investment Account with us (in respect of which no minimum investment amount will apply); and
  • 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:

  • be under the age of 16 at the time that the Nutmeg Junior ISA is opened;
  • have been born on or after 3 January 2011 or not have a Child Trust Fund account;
  • be resident in the UK or if the child does not live in the UK, be a dependent of a Crown servant (for example diplomatic or overseas civil service); and
  • not have any other stocks and shares Junior ISA, as required by the ISA Regulations.

26.5

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

26.6

We will open the Nutmeg Junior ISA once we have received:

  • a valid application from you and the first subscription into the Nutmeg 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 Nutmeg Junior ISA

26.7

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

26.8

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

26.9

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

26.10

Subscriptions to the Nutmeg 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 Nutmeg Junior ISA

26.11

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

What you must do in respect of the Nutmeg Junior ISA

26.12

At all times while you are the Registered Contact in respect of a Nutmeg 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 Nutmeg 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 Nutmeg Junior ISA and any cash ISA that the child may hold;
  • ensure that the child is the beneficial owner of (this means that they own or are entitled to) all the cash and investments in the Nutmeg Junior ISA; and
  • not use the investments and/or cash in the Nutmeg 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 17.1, require that you be replaced as the Registered Contact, and/or the Nutmeg Junior ISA may be invalid under the ISA Regulations.

26.13

The Nutmeg Junior ISA cannot be used as security for a loan. Any attempt to do so will be void.

26.14

If the child becomes bankrupt, the Nutmeg Junior ISA will not pass to any person acting on behalf of the child’s creditors.  The Nutmeg Junior ISA will continue to be held by you as the Registered Contact on behalf of a child for whom you have parental responsibility.

Registered Contact

26.15

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

26.16

There can only be one Registered Contact for the Nutmeg 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).

26.17

In accordance with the ISA Regulations, we will replace the Registered Contact only:

  • where a person who has parental responsibility for the child and otherwise meets the criteria set out in section 26.4 applies to us to act as Registered Contact for the Nutmeg 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.

The ISA Regulations permit the child in respect of a Junior ISA to become the Registered Contact once they have reached age 16. However, we require the Registered Contact to be at least 18 and so we will not agree to any such request from the child. Once the child reaches age 18, section 26.29 will apply

How we will manage the Nutmeg Junior ISA

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.

26.19

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

26.20

If we have reason to believe that the Nutmeg 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 Nutmeg Junior ISA becomes invalid, it may no longer be (or may not have been) exempt from UK capital gains tax and income tax.

26.21

In some circumstances an invalid Nutmeg Junior ISA (see section 26.12) will be eligible for repair under the ISA Regulations. If this is the case, we will take reasonable steps to repair the Nutmeg Junior ISA.

26.22

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

26.23

Please note that additional permitted subscriptions are not relevant for Nutmeg Junior ISAs. Please see here for more information.

Transfers to another ISA manager

26.24

Where permitted by the ISA Regulations, you can ask us to transfer all of the value in the Nutmeg Junior ISA to another Junior ISA manager. If you have questions about when the ISA Regulations would permit you to make a transfer, please contact us.

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 are not able to effect a withdrawal or transfer of Fractional Entitlements to investments. We agree only to sell those Fractional Entitlements and effect a cash withdrawal or transfer to that extent. 

We do not allow partial transfers from a Nutmeg Junior ISA.

26.25

We will process any transfer from the Nutmeg 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 Nutmeg Junior ISA.

Withdrawals from your Nutmeg Junior ISA

26.26

In accordance with the ISA Regulations, no withdrawals may be made from the Nutmeg 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.

26.27

We will process any withdrawal from your Nutmeg 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 Nutmeg Junior ISA.

Before the child reaches the age of 18

26.28

Before the child reaches the age of 18, we will write to you and/or the child to:

  • request such information as we may reasonably require in order to comply with the ISA Regulations and any other Applicable Requirements; and
  • explain that the Nutmeg Junior ISA will convert into an “adult” Nutmeg ISA on the date that the child turns 18 years old.

If you or the child have not provided us with such information as we may reasonably require in order to comply with the ISA Regulations and any other Applicable Requirements by the date specified in our written communications, we may sell the investments and hold the proceeds as cash in the Nutmeg Junior ISA (if we sell the investments before the child turns 18) or the Nutmeg ISA (if we sell the investments after the child turns 18). If we exercise this right, we will not apply the annual management fee (as set out in the Schedule of Fees and Charges) to the Nutmeg Junior ISA or the Nutmeg ISA (as applicable) unless and until we reinvest the cash.

When the child reaches the age of 18

26.29

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

  • stop accepting subscriptions into the Nutmeg Junior ISA;
  • convert the Nutmeg Junior ISA into an "adult" Nutmeg ISA; and
  • request the child’s instructions in respect of that Nutmeg ISA.

The terms at section 24 will apply to that Nutmeg ISA.

We will not accept any new subscriptions into that Nutmeg 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.

27.

Terms applying to a Personal Pension Account

27.1

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

27.2

The agreement in respect of your Nutmeg Personal Pension is between you and ESL. You can see this agreement here. 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.

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.

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 (as ESL’s agent) in accordance with this agreement.

I. 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 six 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.

Contacting the FCA

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, other J.P. Morgan companies 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, although you may request a copy of the full policy at any time by contacting us.

J. Schedule of fees and charges

Annual management fee 

We will charge you an annual management fee for the discretionary management of your Portfolio. This fee is calculated and accrued daily and deducted from your Portfolio 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, Thematic 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 four 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 Style:

Total value in the Fixed Allocation Investment Style

Annual Management Fee

The first £100,000

0.45% per annum incl. VAT

Any amount above £100,000

0.25% per annum incl. VAT

For example, this means a customer who has £150,000 in their Portfolio invested in the Fixed Allocation Investment Style 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 Style:

Fixed Allocation Investment Styles are priced separately to the Managed Investment Style 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 the Fixed Allocation Investment Style 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; and
  • 0.25% on the remaining £20,000 in the Fixed Allocation Investment Style.

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”. We refer to this as an “In Specie Transfer”. A “Line of Stock” means the investment(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 at https://www.nutmeg.com/our-fee.

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

K.   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 these terms and/or our provision of a service or Product to you.

Corporate Actions means any rights issues, takeover offers, capital reorganisations, conversion or subscription rights.

Custom Subscription Limit means the ISA contribution limit that you may set up for your Nutmeg ISA as described in section 24.10.

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

ESL means Embark Services Limited. 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.

ETF means an exchange traded fund or exchange traded certificate which is listed on a recognised stock exchange. Please see here for further guidance on ETFs.

FCA means Financial Conduct Authority.

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

Fractional Entitlement means a right to a part of an investment (rather than a whole investment);

HMRC means His Majesty's Revenue & Customs.

In Specie Transfer means where we agree to transfer investments to you or to a new provider (rather than selling them and paying the cash proceeds).

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

Line of Stock means the investment(s) that you hold in each company or unit trust in which your Portfolio is invested.

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

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

Nutmeg ISA means a Nutmeg Stocks and Shares ISA.

Nutmeg Junior ISA means a Nutmeg Stocks and Shares Junior ISA.

Nutmeg Lifetime ISA means a Nutmeg Stocks and Shares Lifetime ISA.

Nutmail means our secure email system.

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

Order Aggregation means where we carry out a Deal for your Portfolio, and combine it with Deals for other clients or for ourselves in accordance with our Order Execution Policy.

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.

Pot means a sub-allocation of any Product that we hold for you.

Power of Attorney is a form of legal document which allows you to appoint a person to act on your behalf.

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

Registered Contact means the registered contact in relation to a Junior ISA, which is, in summary, a person with parental responsibility for the eligible child who has been designated as the registered contact. Nutmeg does not permit the eligible child themselves to be a registered contact of a Nutmeg Junior ISA.

Regulated Market means a type of exchange which is regulated by the FCA as a recognised investment exchange—an example of a regulated market is the London Stock Exchange.

Security Credentials 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.

Sub-Custodian means a financial institution which we appoint to hold assets on our behalf.

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 means a customer considered by the US Internal 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.

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