APPLICATION FORM Corporate Inheritance Tax Service · Send the completed form, with the client...
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1 1. Please read the brochure and the terms at the back of this application form. 2. Next complete page 2 and then follow the instructions. 3. Make a copy of the completed form for your own record. 4. Enclose your cheque unless you are using a bank transfer to make your investment. If you wish to use a bank transfer, please do not make the transfer until we send you a request. 5. If you have not invested with Rockpool before, please enclose a copy of the photograph page of your passport. We also accept an Identity Verification Certificate from an FCA authorised firm. If you are not the Investor, we will need a copy of the photograph page of your passport and the Investor’s passport. 6. Send your completed form and attachments to your financial adviser, who will complete page 8 and forward the application to us. We will normally acknowledge receipt of your completed application within 1 week of receiving it. If you need any help, please speak to your financial adviser or call us on 0203 8548 100. About Rockpool Rockpool Investments LLP is authorised and regulated by the FCA under firm reference number 572300 and has its registered office at 10 Bressenden Place, London SW1E 5DH. In the brochure and this application form, “Rockpool” means Rockpool Investments LLP. Warning The value of investments and the income derived from them may go down as well as up and you may not get back the full amount invested. Investments in private companies carry greater risk and are less readily realisable than investments in companies listed on the London Stock Exchange and should not be regarded as a short-term investment. If you are in any doubt about the risks of investing in private companies, you should consult your financial adviser before proceeding. September 2018 Send the completed form, with the client terms, by email to team@rockpool.uk.com APPLICATION FORM Corporate Inheritance Tax Service via FCA Regulated Intermediary rockpool.uk.com 0203 8548 100 10 Bressenden Place London SW1E 5DH Rockpool Investments LLP is authorised and regulated by the Financial Conduct Authority
Transcript of APPLICATION FORM Corporate Inheritance Tax Service · Send the completed form, with the client...
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1. Pleasereadthebrochureandthetermsatthebackofthisapplicationform.
2. Nextcompletepage2andthenfollowtheinstructions.
3. Makeacopyofthecompletedformforyourownrecord.
4. Encloseyourchequeunlessyouareusingabanktransfertomakeyourinvestment.Ifyouwishtouseabanktransfer,pleasedonotmakethetransferuntilwesendyouarequest.
5. IfyouhavenotinvestedwithRockpoolbefore,pleaseencloseacopyofthephotographpageofyourpassport.WealsoacceptanIdentityVerificationCertificatefromanFCAauthorisedfirm.IfyouarenottheInvestor,wewillneedacopyofthephotographpageofyourpassportandtheInvestor’spassport.
6. Sendyourcompletedformandattachmentstoyourfinancialadviser,whowillcompletepage8andforwardtheapplicationtous.
Wewillnormallyacknowledgereceiptofyourcompletedapplicationwithin1weekofreceivingit.Ifyouneedanyhelp,pleasespeaktoyourfinancialadviserorcalluson02038548100.
About Rockpool
RockpoolInvestmentsLLPisauthorisedandregulatedbytheFCAunderfirmreferencenumber572300andhasitsregisteredofficeat10BressendenPlace,LondonSW1E5DH.Inthebrochureandthisapplicationform,“Rockpool”meansRockpoolInvestmentsLLP.
Warning
Thevalueofinvestmentsandtheincomederivedfromthemmaygodownaswellasupandyoumaynotgetbackthefullamountinvested.InvestmentsinprivatecompaniescarrygreaterriskandarelessreadilyrealisablethaninvestmentsincompanieslistedontheLondonStockExchangeandshouldnotberegardedasashort-terminvestment.
Ifyouareinanydoubtabouttherisksofinvestinginprivatecompanies,youshouldconsultyourfinancialadviserbeforeproceeding.
September2018
Send the completed form, with the client terms, by email to [email protected]
APPLICATION FORMCorporate Inheritance Tax Service viaFCARegulatedIntermediary
rockpool.uk.com 02038548100 10BressendenPlaceLondonSW1E5DH
RockpoolInvestmentsLLPisauthorisedandregulatedbytheFinancialConductAuthority
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ALL INVESTORS PLEASE COMPLETE THIS PAGE
IDENTITY VERIFICATION
InordertoverifyyouridentityandaddresswewilluseanelectronicverificationserviceprovidedtousbyVeriphy,orsuchotherthirdpartyserviceproviderasmaybeengagedbyusfromtimetotime.
Bycompletingthisformandsendingacopyofyourpassport,youconsenttotheaccess,processing,useandstorageoftheidentityinformationprovidedforthepurposeofcompletingyouridentityverificationcheck.
Informationaboutyourcompany’sloanbookwillbeavailableonline.Thisincludes:
•alistofallloanadvances,interestpaymentsandrepayments
•regularupdatesoneachborrower
Wewillsendlogindetailstoyoubyemail,unlessyoutellusnottodoso.
Donotsendmelogindetails.
WewillsendregularalertstoyouANDanyperson(s)namedonpage8toadvisethatnewupdatesrelevantto
yourloanbookareavailableonourplatform.Ifyouprefernottoreceivealerts,pleasetellus:
SendalertsONLYtoperson(s)namedonpage8.
BycompletingthisformyougivetheIntermediarynamedonpage8authoritytoaccessinformationonyourloan
bookandtoinstructustogivesuchaccesstoanyotherdirectororemployeeofthefirmnamed
onpage8.
I wish Rockpool to set up and administer a new company (please complete page 3)Please state the value of your net assets(otherthanyourprincipalresidence) <£1m £1m-£5m £5m-£10m >£10mPlease state the source of your assets(pleasetickallthatapply)
Investmentprofits Saleofmainresidentialproperty Inheritance/divorcesettlement
Employmentincome Gift/winnings Other(pleasespecify)________________________
Pleaseprovideacopyofthephotographpageforallshareholderswithmorethan25%oftheCompany’sshares.WealsoacceptanIdentityVerificationCertificatefromanFCAauthorisedfirm.IfyouarenottheInvestor,wewillneedacopyofthephotographpageofyourpassportandtheInvestor’spassport.
Ihaveenclosedacopyofmypassport Ihavesentacopyofmypassportbyemail
I will use an existing company to make loans (please complete pages 4 and 5)Please state the value of your Company’s net assets(otherthanyourprincipleresidenceandnetofanyloans) <£1m £1m-£5m £5m-£10m >£10mPlease state the source of your Company’s net assets(pleasetickallthatapply)
Investmentproceeds Saleofproperty/assets Profits Bank/buildingsocietyloan InvestmentbyBeneficialOwner/Partner
COMMUNICATIONS AND REPORTING
SET UP A NEW COMPANY
USE AN EXISTING COMPANY
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Setupandadministrationserviceswillbechargedtoyourcompanybytheindependentadministrationprovider.Thecurrentrateis£350+VATforinitialsetup.TheannualexVATcostsforavailableservicesareasfollows:
Theapplicableratesmaychangeovertime.Ifyouwishyourcompanytotakeotheractions,suchasbuyingbacksharesorpayingdividends,costswillbesubjecttoagreementatthetime.Yourcompanycanuseitsownserviceproviderorinternalresourcesinsteadoftheindependentadministrationprovider,inwhichcasecostswillbeasagreedbyyourcompany.Yourcompanycanterminatetheservicesoftheindependentadministrationprovideratthreemonths’notice,providedalternativearrangementsforadministrationareinplace.
Iwishtoinvest£(minimum£250,000)inacompanywhichRockpoolwillsetupandadministeronmybehalf.
Mypreferenceforthecompanynameis
Iunderstandthatmycompanywillpaysetupandannualadministrationcosts
AutoSelect
IherebyinstructRockpooltoauto-selectloansonbehalfofthecompany(pleasecompleteeitherpage6or7).
Amount(minimum£250,000)Minimumno.ofborrowers
IunderstandthatRockpoolwilllendtheaboveamounttothenumberofborrowersIhavespecified,orifgreater,thenumberofborrowersavailableatthesametime.Iunderstandthattheamountlenttoeachborrowerwillbedeterminedbyanallocationformula,whichincludesprovisionforscalingintheeventofover-subscription,andthatRockpoolwillnotexercisediscretioninapplyingtheallocationformula.
Theamountmustbeatleast£50,000.Themoreborrowersyouspecify,thelongeritwilltakeforyourmoneytobedeployed.Ifyourchoiceswouldresultinlessthan£50,000beinglenttoeachborrower,oriftheamountcannotbedividedevenlyintoamountsof£50,000,thismayresultinusadjustingtheamountbeinglenttoanyborrower.Ifwedoso,wewillseektomaketheleastadjustmenttoyourchoices.Inthiscase,yourcompany’sloanbookwouldnotmatchthechoicesyouspecify.Weexpect6-8borrowerstobeavailableinanyperiodof12months.
SelfSelect
Iwillself-selectloansastheopportunitiesarepresentedtome.IunderstandthatIwillbeactingasanauthorisedsignatoryofthecompany(pleasecompleteeitherpage6or7).
COMPLETE THIS PAGE IF YOU WANT ROCKPOOL TO SET UP AND ADMINISTER YOUR COMPANY
SET UP AND ADMINISTRATION SERVICE FEES
PLEASE CHOOSE ONE OF THE FOLLOWING OPTIONS
INVESTOR’S PERSONAL DETAILS
Title Firstname
Surname Middlenames
Nationality Dateofbirth
Address
City County
Postcode Phonenumber
£
ADMINISTRATION SERVICE ANNUAL COSTS
Quarterlymanagementaccounts £1,800
Statutoryaccounts £1,650
Corporationtaxreturn £700
Annualreturn £165
TOTAL £4,315
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Companyname
Registeredaddress
City Postcode
CorrespondenceAddress(ifdifferenttoeithertheregisteredaddressaboveortheauthorisedsignatoryaddressbelow)
City Postcode
AutoSelect
IherebyinstructRockpooltoauto-selectloansonbehalfofthecompany(pleasecompleteeitherpage6or7).
Amount(minimum£250,000)
Minimumnumberofborrowers
IunderstandthatRockpoolwilllendtheaboveamounttothenumberofborrowersIhavespecified,orifgreater,thenumberofborrowersavailableatthesametime.Iunderstandthattheamountlenttoeachborrowerwillbedeterminedbyanallocationformula,whichincludesprovisionforscalingintheeventofover-subscription,andthatRockpoolwillnotexercisediscretioninapplyingtheallocationformula.
Theamountmustbeatleast£50,000.Themoreborrowersyouspecify,thelongeritwilltakeforyourmoneytobedeployed.Ifyourchoiceswouldresultinlessthan£50,000beinglenttoeachborrower,oriftheamountcannotbedividedevenlyintoamountsof£50,000,thismayresultinusadjustingtheamountbeinglenttoanyborrower.Ifwedoso,wewillseektomaketheleastadjustmenttoyourchoices.Inthiscase,yourcompany’sloanbookwouldnotmatchthechoicesyouspecify.Weexpect6-8borrowerstobeavailableinanyperiodof12months.
SelfSelect
Iwillself-selectloansastheopportunitiesarepresentedtome.IunderstandthatIwillbeactingasanauthorisedsignatoryofthecompanytomaketheloans(pleasecompleteeitherpage6or7).
Title Firstname
Surname Middlenames
Nationality Dateofbirth
Address
City Postcode
Phonenumber
Pleaseusethisaddressforallcorrespondence
INVESTORS WITH AN EXISTING COMPANY PLEASE COMPLETE THIS PAGE
PLEASE CHOOSE ONE OF THE FOLLOWING OPTIONS
DETAILS OF COMPANY
DETAILS OF AUTHORISED SIGNATORY
£
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PleaselistallControllingPersonsofthecompany.ControllingPersonmeanssomeonewhoownsorcontrolsmorethan25%oftheCompany,whetherdirectlyorindirectly.Wherenonaturalpersonholdsmorethan25%ownershiporexercisescontrolthroughothermeans,theseniormanagingofficialistheControllingPerson.
IfanyControllingPersonoftheCompanyistaxresidentinanyjurisdictionoutsidetheUK,pleaseprovidedetailsoftaxjurisdictionandrelevantTaxIdentificationNumber(TIN).Ifapersonistaxresidentinmorethanonejurisdiction,pleaseenterallrelevantjurisdictions.Alistonaseparatesheetisacceptableprovideditisintheformatbelowandisdatedandinitialledbythepersonsigningthisform.
UNDERSTANDING THE TABLE ABOVE
Relationship–enteroneofthefollowing:Shareholder,Seniormanagingofficial,Other.Taxjurisdictions-theChannelIslands,IsleofManandcrowndependenciesaretreatedasbeingoutsidetheUK.InrelationtotheUS,“taxresident”meansUScitizen,greencardholder,orresidentoftheUS.TIN–forGibraltar,GuernseyandJersey.TINmeanssocialsecuritynumber;forIsleofMan,TINmeansnationalinsurancenumber.Forotherjurisdictions,ifnotaxidentificationnumberisavailable,socialsecuritynumber(orsimilar)isacceptable.
IherebycertifythattheinformationgivenaboveistrueandcompleteandundertaketonotifyRockpoolwithin30daysofanychangeintheinformation.IacknowledgethatinformationregardingtheAccountandtheControllingPerson(s)maybereportedtoHMRCandexchangedwithtaxauthoritiesofothercountriesinwhichtheControllingPerson(s)aretaxresident.Iwillensurethateachpersonnamedonthisformisawareofthatfact.IamauthorisedtosignonbehalfoftheCompany.
IDENTITY VERIFICATION
PleaseprovideacopyofthephotographpageofthepassportforallControllingPersons.
Authorisedsignatoryname
Signature Date
Fullname RelationshiptoAccount Homeaddress Dateofbirth Taxjurisdiction(s) TIN
CONTROLLING PERSONS
INVESTORS WITH AN EXISTING COMPANY PLEASE COMPLETE THIS PAGE
BANK DETAILS
Accountname:
Accountnumber: Sortcode://
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If you cannot sign this declaration, please complete the declaration on page 7.
Statement for Self-Certified Sophisticated Investor
IdeclarethatIama self-certified sophisticated investor becauseat least one of the following applies:
a) Iamamemberofanetworkorsyndicateofbusinessangelsandhavebeensoforatleastthelastsixmonthspriortothedatebelow;
b)Ihavemademorethanoneinvestmentinanunlistedcompanyinthetwoyearspriortothedatebelow;
c) Iamworking,orhaveworkedinthetwoyearspriortothedatebelow,inaprofessionalcapacityintheprivateequitysector,orintheprovisionoffinanceforsmallandmediumenterprises;
d)Iamcurrently,orhavebeeninthetwoyearspriortothedatebelow,adirectorofacompanywithanannualturnoverofatleast£1million.
I understand that signing this certificate means:
a) IcanreceivefinancialpromotionsthatmaynothavebeenapprovedbyapersonauthorisedbytheFinancialConductAuthority;
b)thecontentofsuchfinancialpromotionsmaynotconformtorulesissuedbytheFinancialConductAuthority;
c) by signing this certificate I may lose significant rights;
d)Imayhavenorighttocomplaintoeitherofthefollowing:
i) theFinancialConductAuthorityorii)theFinancialOmbudsmanScheme;
e) ImayhavenorighttoseekcompensationfromtheFinancialServicesCompensationScheme.
f) Rockpoolwillstoremypersonalinformationandwillsendmedetailsofinvestmentsandotherrelevantinformation.MypersonalinformationwillbeprotectedinlinewithRockpool’sprivacypolicy.
I accept that I can lose the money that I invest by making investment decisions based on financial promotions.Iamawarethatitisopentometoseekadvicefromsomeonewhospecialisesinadvisingoninvestments.Iamaged18orover.IHEREBYDECLARETHATIhavereadandunderstoodRockpool’sClientTermsandIagreetobeboundbythem.IacknowledgethatRockpoolhasnotadvisedme,onanyaspectofthisinvestment,includingwhetheritissuitableforme.IunderstandthatmycapitalisatriskandImaynotreceivebackwhatIinvest.IacceptthatinformationrelatingtoinvestmentopportunitieswillbeprovidedtomeonastrictlyconfidentialbasisandIundertakenottodisclosesuchinformationtoanypersonwithoutpriorwrittenpermissionfromRockpool.
For Investors that are paying charges for this application
Iauthorisetheinitialchargeforthisapplicationtobedeductedfromthetotalapplicationamountbeforefundsarelent.Iauthoriseanyongoingchargetobepaidfromcashonthisaccount.
TO BE SIGNED BY THE INVESTOR NAMED ON PAGE 3 OR THE AUTHORISED SIGNATORY OF THE COMPANY NAMED ON PAGE 4
Signature Date
Fullname(inblockcapitals)
Rockpoolwillholdandprocessyourdatainordertofulfilourlegitimateinterestinservingyouandcommunicatingwithyouandincomplyingwithregulatoryandlegalrequirements.Fordetailsofhowandwhyweprocessyourdataanddetailsofhowtoexerciseyourrights,pleasevisitRockpool’sPrivacyNoticewhichcanbefoundatwww.rockpool.uk.com
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If you cannot sign the declaration on page 6, please complete this declaration.
Statement for Certified High Net Worth InvestorIdeclarethatIama certified high net worth investor becauseat least one of the following applies:a)Ihad,duringthefinancialyearimmediatelyprecedingthedatebelow,anannualincometothevalueof
£100,000ormore.Annualincomeforthesepurposesdoesnotincludemoneywithdrawnfrommypensionsavings(exceptwherethewithdrawalsareuseddirectlyforincomeinretirement).
b)Iheld,throughoutthefinancialyearimmediatelyprecedingthedatebelow,netassetstothevalueof£250,000ormore.
Netassetsforthesepurposesdonotincludei.thepropertywhichismyprimaryresidenceoranymoneyraisedthroughaloansecuredonthatproperty;ii.anyrightsofmineunderaqualifyingcontractofinsurancewithinthemeaningoftheFinancialServicesand
MarketsAct2000(RegulatedActivities)Order2001;oriii.anybenefits(intheformofpensionsorotherwise)whicharepayableontheterminationofmyserviceoron
mydeathorretirementandtowhichIam(ormydependentsare),ormaybe,entitled;oriv.anywithdrawalsfrommypensionsavings(exceptwherethewithdrawalsareuseddirectlyforincomein
retirement).Iunderstandthatthismeans:a) IcanreceivefinancialpromotionsthatmaynothavebeenapprovedbyapersonauthorisedbytheFinancial
ConductAuthority;b) thecontentofsuchfinancialpromotionsmaynotconformtorulesissuedbytheFinancialConductAuthority;c) bysigningthisstatementImaylosesignificantrights;d) ImayhavenorighttocomplaintoeithertheFinancialConductAuthorityortheFinancialOmbudsman
Schemee) ImayhavenorighttoseekcompensationfromtheFinancialServicesCompensationScheme.f) Rockpoolwillstoremypersonalinformationandwillsendmedetailsofinvestmentsandotherrelevant
information.MypersonalinformationwillbeprotectedinlinewithRockpool’sprivacypolicy.Please tick all boxes that you believe to be true
ImayloseallthemoneyIinvestinprivatecompaniesSmallcompaniesaremorelikelytofailthanlargecompanies,becausetheytendtobemorereliantonafew
keypeopleorcustomersorproductsorotherfactorsMyshareofthevalueofaprivatecompanymaybereducedifthecompanyneedsmoremoneyinthefuture
andIcan’torIdon’twanttoinvestfurtheronthetermsavailableatthetimeImaynotbeabletosellprivatecompanyinvestmentswhenIwanttoPrivatecompanyinvestmentsarenotareliablesourceofincomeTaxreliefsthataresometimesavailableforinvestinginprivatecompaniesmaybelostifIorthecompanyfail
tocomplywiththeapplicablerules I accept that I can lose the money that I invest as a result of making investment decisions based on
financial promotions.Iamawarethatitisopentometoseekadvicefromsomeonewhospecialisesinadvisingoninvestments.IconfirmthatIhavethenecessaryknowledgeandexperiencetomakemyowndecisionsinrelationtoinvestmentsinunquotedsmallercompanies.IacceptthatinformationrelatingtoinvestmentopportunitieswillbeprovidedtomeonastrictlyconfidentialbasisandIundertakenottodisclosesuchinformationtoanypersonwithoutpriorpermissionfromRockpool.IHEREBYDECLARETHATIhavereadandunderstoodRockpool’sClientTermsandIagreetobeboundbythem.IacknowledgethatRockpoolhasnotadvisedme,andwillnotadviseme,onanyaspectofthisinvestment,includingwhetheritissuitableforme.IunderstandthatmycapitalisatriskandImaynotreceivebackwhatIinvest.Iconfirmthatmyinvestmentismadefrompersonalsavings.(Ifthislastsentenceisuntrue,deleteitandletusknowthesourceofyourinvestment.)
For Investors that are paying charges for this application Iauthorisetheinitialchargeforthisapplicationtobedeductedfromthetotalapplicationamountbeforefunds
arelent.Iauthoriseanyongoingchargetobepaidfromcashonthisaccount.
ALTERNATIVE DECLARATION FOR INVESTORS NAMED ON PAGE 3 OR THE AUTHORISED SIGNATORY OF THE COMPANY NAMED ON PAGE 4
Signature Date
Fullname(inblockcapitals)
Rockpoolwillholdandprocessyourdatainordertofulfilourlegitimateinterestinservingyouandcommunicatingwithyouandincomplyingwithregulatoryandlegalrequirements.Fordetailsofhowandwhyweprocessyourdataanddetailsofhowtoexerciseyourrights,pleasevisitRockpool’sPrivacyNoticewhichcanbefoundatwww.rockpool.uk.com
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Signature
Printname Date
FinancialServicesCompensationScheme:InvestmentsmadethroughRockpoolarecoveredbytheFSCS,subjecttothenormalrulesoftheScheme.
IunderstandthatRockpoolmaybringtomyattentioninvestmentopportunitiesofwhichIwasnotpreviouslyaware.IundertakenottobeinvolvedinlendingtoorinvestingorfacilitatinginvestmentinsuchopportunitiesdirectlyorindirectlyexceptthroughRockpool.
Intermediary
Firmname
Emailaddress
Address
City Postcode
DETAILS FOR PAYMENT
Bankname Accountnumber
Accountname Sortcode
Wewillsendconfirmationsandgiveaccesstotheclient’sportfoliototheIntermediarynamedabove.Iftheseshouldalsobesenttoanotherdirectororemployeeofthefirmnamedabovepleasecompletethedetailsbelow.
COMMUNICATING, REPORTING AND ACCESSING CLIENT INFORMATION
Name Email
Charges to be paid from the Investor’s account (Pleasecompletetheinitialandongoingcharge%below)
Initial charge %
Anyinitialchargewillbedeductedbeforethefundsareinvested
Ongoing charge %
Anyongoingchargewillbepaidsix-monthlyfromcashavailableontheInvestor’saccountwithRockpool.Anychargewhichcannotbemetwhenduewillbedeferreduntilsufficientfundsbecomeavailable.
Fees from investee companies and Rockpool Bytickingthisbox,youwarrantthatreceiptofthefeesisNOTaninducementunderFCArules.Thismaybethecaseif,forexample,youarenotadvisingtheInvestorinrelationtothisapplication,oryouaredoingsoonarestrictedadvicebasis,orifyouhaveanagreementwiththeInvestortocollectagreedadviserchargesinthisway.Eachinvesteecompanywillpayaninitialfeeof1.5%whenaloanisdrawndown.Rockpoolwillpayamonitoringfeeof0.5%toIntermediariesforassistanceinreportingtotheInvestor.Pleaseticktherelevantbox(es)belowifyouDONOTwishtoreceivetherelevantfee.
Noinitialfeeispayable Nomonitoringfeeispayable
CHARGES AND FEES
FOR COMPLETION BY INTERMEDIARIES
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1. Interpretation
Inthisdocument,“you”meansthepersonapplyingtobecome,orhavingbeenacceptedbyus,asaclientorasagentforaclientor,inthecaseofanaccountinthenameofaSIPP,trust,companyorothernon-naturalperson,suchpersonandtheperson(s)authorisedtosignonitsbehalf;“we”or“us”meansRockpoolInvestmentsLLP,whichisregisteredinEngland(OC369009)andbasedat10BressendenPlace,London,SW1E5DH;“FCA”meanstheFinancialConductAuthority;“FCARules”meansallregulationstowhichwearesubjectasanauthorisedentity;and“Terms”meansthetermsandconditionssetoutinthisdocument,asamendedfromtimetotimeandpublishedonwww.rockpool.uk.com.
2. Our investment service
WhenyouopenanaccountwithRockpool,youbecomeamemberofourinvestornetwork.Wewillseektoprovideyouwithopportunitiestoinvestdirectlyinindividualprivatecompaniesandwewillmakeinvestmentsinaccordancewithyourinstructions,subjectalwaystoanylimitationssetoutintheseTerms.Wewillbeentitledtoacceptinstructionsfromanypersonwhowereasonablybelieveisauthorisedtoinstructusinrelationtoyouraccount.
Whereyouinstructustomakeaninvestment,wewillsendyouanacknowledgementbyemail.Bytransferringfundstothecustodianaccount,youirrevocablyauthoriseustoapplythosefundstomakinginvestmentsinaccordancewithanyinstructionacknowledgedbyus,whetherbeforeorafterreceiptbyusofthefunds.Youmaywithdrawun-investedfundsatanytimebygivingustenbusinessdays’notice;anyinvestmentmadebythenomineeonyourbehalfbeforetheendofthenoticeperiodwillreducethefundsavailableforwithdrawal.
Wedonotprovidediscretionaryportfoliomanagementservices.Wewillnotborrowmoneyagainstyourinvestmentsorlendanysecuritiesheldonyourbehalf.Wewillnotinvestyourmoneyincollectiveinvestmentschemesorinderivatives.
InrelationtoSIPPaccounts,wewillnotmakeanyinvestmentunlesstherelevantinvestmentinstrumenthasbeenapprovedbytheregulatedSIPPtrusteeforinclusioninSIPPsoperatedbyit.Wewillinvestonlyincompaniesthatqualifyasgenuinelydiversecommercialvehiclesunderpensionrules.
3. Application, acceptance and accuracy of information
ByapplyingtobecomeaclientofRockpool,youconfirmtousthatyouhavetheknowledgeandunderstandingtomakeinvestmentdecisionsinrelationtoprivatecompanyinvestments,unlessyounominateapersonwiththeseskillstoactasyouragent.Ifyounominateanagent,wewillbeentitledtoaccepttheagent’sinstructionsinrelationtoyouraccount.Ifyouagreetoactasagentonbehalfofaclient,youconfirmtousthatyouhavetheknowledgeandunderstandingtomakeinvestmentdecisionsinrelationtoprivatecompanyinvestments.
ByapplyingtomakeanyinvestmentthroughRockpool,youconfirmtousthatyouhavethecapacitytoacceptthelossofanycapitalinvestedandyouundertakenottoinvestthroughRockpoolanymoniesgainedthroughillegalactivities.
Youpromisethatallinformationthatyouhavealreadyormayinfutureprovidetousinrelationtoyourstatusandaccountwithusiscomplete,accurateandnotmisleading.Youmustinformuspromptlyifthereisanychangeinyourpersonaldetailsorotherinformationrelevanttoyourstatusasourclient.Ifyourbankdetailschangeandyoudonotinformuspromptly,paymentsforyouraccountmaybelostordelayedatyourownrisk.
YouauthoriseustoreportinformationtoHMRCandyouacknowledgethatsuchinformationmaybeexchangedwithtaxauthoritiesofothercountries.Youmustensurethatallrelevantpersonsareawareofthisfact.
Wearenotobligedtoacceptanyapplicationtobecomeaclient,norwillwebeobligedtogivereasonsfornotacceptinganyapplication.Ifweacceptyourapplication,wewilltreatyouasaretailclient.
IfyouapplytouseourAutoSelectservice,wewillnotacceptyourapplicationifyourinvestmentamountdividedbythenumberofcompaniesyouspecifywouldresultinlessthan£2,500beinginvestedineachcompany.Ifyourinvestmentamountcannotbedividedevenlyintoamountsof£250,yourinvestmentamountwillbedeemedtobethenextlowestmultipleof£250andwewillreturnanybalanceofclearedfundstoyou.
4. Communications
Wewilltreatyouasthemaincontactforourcommunicationsinrelationtoyouraccount,unlessyounominateanotherpersonforthispurpose.ThemaincontactmustbeaclientofRockpooloradulyregulatedprofessional.Ifyouprovideuswithothercontactsinrelationtoyouraccount,youauthoriseustosharewiththemdetailsofyouraccountincludingallinformationthatweholdinrelationtoit.ReferencesintheseTermstocommunicatingwithyouwillbetreatedasreferringtocommunicationswiththemaincontact.YouandwewilluseEnglishasthesolelanguageforcommunicationsbetweenus.
CLIENT TERMS
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Ifyouapplytoinvestthroughanintermediary,wewillsendinformationtoyouandtheintermediary,unlessyouortheintermediaryrequestusnottodoso.Wheretheintermediaryisanemployee,directororpartnerinadulyregulatedfirm,youauthoriseustoallowanyemployee,directororpartnerofsuchfirmtoviewyourportfolioinformation.
Youwillhaveaccesstoyourportfolioinformationthroughthepassword-protectedsectionofourwebsite.Weaimtoprovidethisaccessonacontinualreal-timebasis,butwewillnotberesponsibleforanydamagecausedbyinterruptionsinthisaccess.Youareresponsibleforthesecurityofyourpasswordsandwewillnotbeliableforanydamageifyoufailtomaintainthesecurityofyourpasswords.
Wewillprovideareportoneachcompanyinyourportfolioonatleastasix-monthlybasis.Inmostcases,weexpectreportstobeavailableonaquarterlybasis,butwemayvarythetimingofreports.Wemayrefusetodiscloseanyinformationwhichis,inouropinion,commerciallysensitive.
Wewilluseemailastheprimemethodofcommunicatingwithyou.Ifyoudonotwishtouseemail,youshouldnominateasthemaincontactforyouraccountapersonwhousesemail.Alternatively,youmayrequestustocommunicatesolelybypost,inwhichcaseyouacceptthatthedelayinherentinpostalcommunicationsmayreduceyourabilitytomaketimelydecisionsaffectingyourportfolio.
Anynoticesentbyustotheemailaddressmostrecentlyprovidedtousbyyouwillbetreatedashavingbeendeliveredtoyouonehourafterthetimeofsendingunlesswehavereceivedanoticeofnon-delivery.Ifyouwishtoinstructusonanymatter,youwillcommunicatebyemailtoteam@rockpool.uk.comandanyemailsentbyyoutothisaddresswillbetreatedashavingbeendeliveredonehourafterthetimeofsending,providedthatwehaveconfirmedreceiptbyemailtoyou.Alternatively,youmayinstructusbywritingtoourregisteredaddressusingrecordeddelivery.
5. Nominee and custodian
Anymoneythatyoutransfertousandanymoneyreceivedbyusonyourbehalfwillbeheldinacustodianaccountuntilitisinvestedincompaniesasinstructedbyyouorpaidtoyou.AnyinvestmentthatyoumakethroughRockpoolwillberegisteredinthenameofanominee.Wewillselectthecustodianandthenominee.Thesearrangementsaredesignedtoensurethatyourinvestmentsaresafeguardedandarenotdependentonourfinancialstrength.However,itispossiblethatthenomineeoranycustodianorbankcoulddefaultontheirobligations.Wewillnotberesponsibleforanylossthatyoumaysufferasaresult,providedthatwehaveexercisedreasonablecareintheselectionoftherelevantnomineeorcustodian.
Youwillbethebeneficialownerofyourinvestmentsandyouwillbeentitledtorequestnoticeofinvesteecompanymeetingsandtovoteatthem.Youmaydirectustotransferyourbeneficialinterestinanyinvestmenttoanotherperson,providedthatthepersonisaclientofRockpoolandhaspaidanystampdutyarisingonthetransfer.Youauthoriseustovarythetermsofanytrustestablishedbythenomineetoholdinvestmentsonyourbehalf.
Anyinterestearnedonyourmoneysinacustodianaccountwillberetainedbyus.Wewillpayanyfeesorcostsdueforcustodianandnomineeservicesarrangedbyus.
Inconsiderationofthenomineeholdinginvestmentsonyourbehalf,youindemnifyRockpoolandthenomineeandeachoftheirdirectors,officers,members,employeesandagentsagainstalllosses,liabilitiesandreasonablecostswhichtheymayproperlyincurinperformingthisservice.Thisindemnitywillbelimitedtotheaggregateofthevalueofyourinvestmentsheldthroughthenomineefromtimetotimeandamountsdistributedtoyouinrespectofinvestments.Youagreetobeboundbythetermsofanyagreemententeredintobythenomineeinitscapacityasyournominee.Youagreenottowithdrawyourinvestmentsfromthenominee,exceptpursuanttoadecisionofinvestorsholdingmorethan50%(byamountsubscribedandnotyetreturned)oftheaggregateofinvestmentsheldbyallRockpoolclientsintherelevantinvesteecompany.
Wherewereceivedistributionsforyouraccountfromorinrelationtoinvesteecompanies,suchasinterest,dividendsandcapitalproceeds,wewillnormallypaysuchamountstoyouwithin14daysofreceiptbyus.Paymentswillbemadetothebankaccountlastprovidedtousbyyouorbyanyoneauthorisedtoactforyou,subjecttoanychangeinbankdetailsbeingnotifiedtousatleast3businessdaysbeforetheduedateforpayment.Interestwillbepaidnetofanywithholdingtax,whichcurrentlyappliesat20%forallindividualsandforcompaniesandotherentitiesbasedoutsidetheUK.
Ifthecashbalanceonyouraccountwithusislessthan£5,youauthoriseustopaysuchbalancetoanyUKregisteredcharity.
AnypaymentsthatwemakeoutofassetsheldforaSIPPaccountwillbemadesolelytoabankaccountoperatedbytheregulatedSIPPtrusteeonbehalfofthatSIPPaccount.
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6. Investor agent
Whenwemakeaninvestmentonyourbehalf,youbecomeamemberofaninvestorsyndicateinrelationtotherelevantshareclass(es)orloanclass(es)inthatinvesteecompanyandyouagreetothesyndicateappointingusastheinvestoragentfortherelevantsyndicate.Ourappointmentasinvestoragentisdistinctfromourinvestmentservice,andeachsyndicatemay,byadecisionofinvestorsholdingmorethan50%(byamountsubscribedandnotyetreturned)oftheaggregateofinvestmentsheldbyallrelevantinvestorsintherelevantshareorloanclass,replaceusinthatrolewithanalternativesuitablyqualifiedinvestoragent.
Bymakinganinvestment,youauthorisetheinvestoragenttoapprovecorporateactionsaffectingyourinvestmentandtoinstructthenomineeonyourbehalfthroughouttheholdingperiodofeachinvestment.
Whereweactasinvestoragent,wewillseektoconsultwithyouinrelationtomajordecisionsaffectingyourinvestments,suchasthesaleorwindingupofaninvesteecompanyandsignificantchangestothetermsofinvestments.Insuchsituations,wewillsendyouanupdatesettingouttheactionthatweproposetotakeonbehalfofinvestorsandwillimplementtheproposedactionunlessamajorityofrelevantinvestorsdirectsusotherwise,basedonasimplemajoritybyamountsubscribed,andnotyetreturned,oftherelevantinvestmentsheldbyallrelevantinvestors.Theinvestoragentmayactinadvanceofconsultationoratvariancetotheresultsofconsultationifitreasonablybelievesthatthisisnecessarytoprotecttheinterestsofrelevantinvestors.
7. Allocation and execution
Whereaninvestmentopportunityisover-subscribed,yourrequestedinvestmentmaybesubjecttoscalinginaccordancewithourallocationpolicy(acopyofwhichisavailableonrequest).Thismeansthatyoumaynotbeabletoinvesttheamountthatyourequest.Ifyoudonottransferfundstocompletetheinvestmentwithinanytimelimitwespecify,youmaylosetheopportunitytoinvest.Wemayvaryourallocationpolicyfromtimetotimewithoutnoticetoyou.Wewillnotbeobligedtoallocateanypartofanyinvestmentopportunitytoyou.
Tradeswillnotnormallybeexecutedonaregulatedexchange.Wemayaggregateyourtransactionswiththoseofotherinvestorsandifwedoso,wewillallocatesuchtransactionspromptly.Wewillexecuteordersinaccordancewithourorderexecutionpolicy,acopyofwhichisavailableonrequest.
8. Termination and withdrawal
Ifyouwishtowithdrawpartorallofyourinvestment,pleasenotifyusbywritingtousatourregisteredaddress.Wewillarrangeforthetransferofmoneytoyourbankaccountassoonaspossibleafterwereceiveyourwritteninstruction.Theamountyoureceivewillbelimitedtoanycashheldonyourbehalfplusthenetproceedsofsellinginvestmentsheldonyourbehalf.Ifweneedtosellinvestmentsinordertocoveryourwithdrawalrequest,theremaybeasignificantdelayintransferringmoneytoyou.
Youmayterminatetherelationshipbetweenyouandusatanytimebywrittennoticetous,providedthatthenomineeisnotholdinginvestmentsonyourbehalfatthetimeoftermination.
Wemayterminatetherelationshipatanytimebywrittennoticetoyouwithoutcompensation,inwhichcasewewillreturnanycashheldonyourbehalfandwilltransfertoyouthelegalownershipofanyinvestmentsheldonyourbehalf.
Wemayceasetoprovideyouwithaccesstonewinvestmentopportunitiesatanytime.Ifwedoso,wewillcontinuetoreportonyourexistinginvestments,providingthatyoucontinuetocomplywiththeseTerms.
Ifweproposetoceasetoactasinvestoragentinrelationtoanyinvestment,wewillinformrelevantinvestorsassoonasreasonablypracticableandwewillcallameetingwithin30daysinordertogivethoseinvestorsasagrouptheopportunitytoappointanappropriatealternateinourplace.
9. Exclusivity and confidentiality
Youundertakenottouseinformationregardinganyinvestmentopportunity,whichwehaveprovidedtoyouoryouragentsoradvisers,toinvestdirectlyorindirectlyin,ortoassistanyotherpersontoinvestdirectlyorindirectlyin,suchinvestmentopportunitywithoutourconsent.Youacknowledgethatanybreachofthisundertakingislikelytoresultinseriousdamagebeingsustainedbyusandyouagreethatyouwillcompensateusforanylossconsequentonsuchbreach.
Informationrelatingtoinvestmentopportunitiesandinvestmentsisprovidedtoyouonastrictlyconfidentialbasis.Youarenotpermittedtousesuchinformationexceptforthepurposesofconsideringandevaluatingtherelevantinvestmentopportunityormonitoringyourportfolio.Youmustnotdirectlyorindirectlydisclosesuchinformation(orallowittobedisclosed)toanypersonwithoutourpriorwrittenpermission.Wemayrefusetoprovideinformationtoyouifwehaveareasonableexpectationthatyouwillbreachtheobligationsinthissection.
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10. Complaints
Ifyouwishtocomplainaboutourservice,pleasewritetousatourregisteredaddress.Wewillinvestigatethecircumstancesandreportbacktoyou.Ifyouarestilldissatisfiedafterwehavegivenyouourfinalresponse,itmaybepossibleforyoutoreferyourcomplainttoTheFinancialOmbudsmanServiceatSouthQuayPlaza,183MarshWall,LondonE149SR.Acopyofourcomplaintshandlingprocedureisavailableonrequest.RockpooliscoveredbytheFinancialServicesCompensationScheme,butlossesoninvestmentsarenoteligibleforcompensationunlessyouhaveavalidclaimagainstusandwearenotabletomeetsuchclaim.FurtherinformationisavailablefromtheFinancialServicesCompensationSchemeat7thFloor,LloydsChambers,PortsokenStreet,London,E18BN.
11. Data protection
AnyinformationwecollectfromyouwillbeprocessedincompliancewithUKdataprotectionlegislation.Informationprovidedbyyouinrelationtoyourapplicationtobecomeourclientwillbeusedforthepurposesofprocessingyourapplication.Iftheapplicationissuccessful,yourinformationwillbeusedtosendyouinformationaboutinvestmentsandinvestorevents,toadministeryouraccountandtoadministeryourinvestments.Thismayincludepassingyourdetailstoinvesteecompaniesandrelevantregulatoryauthorities.Wemayalsouseyourinformationasnecessarytomeetourlegalobligations,includingunderFCARulesandanti-moneylaunderingregulationsandanyrelevantregulations.YourdatamaybeheldandprocessedonourbehalfbythirdpartiesthatcomplywithappropriatedataprotectionstandardsandincountriesoutsidetheEuropeanEconomicArea,inwhichcasewewilltakeappropriatestepstoadequatelyprotectit.Wewillnotshareyourinformationwiththirdpartiesforanyotherpurpose.Inparticular,wewillnotshareyourinformationwithanythirdpartiesformarketingpurposeswithoutyourconsent.Youhavearighttoaccessthepersonalinformationthatweholdaboutyou.Toobtainacopyofthisinformation,youshouldwritetotheComplianceOfficeratRockpoolInvestmentsLLPatourregisteredaddress.Byacceptingtheseterms,youconsenttothedisclosureofyourinformationthatwemayholdtoathird-partypurchaserofthewholeoranypartofourbusiness.
Inordertoverifyyouridentityandbackgroundwemayuseverificationservicesprovidedtousbythirdparties,includingonlinesystems.Byinstructingustoopenanaccount,youconsenttotheaccess,processing,useandstorageofallinformationyouprovidetousandanyinformationweobtainthroughotherlawfulmeans.
12. No advice
Wewillnotprovideyouwithadviceormakeanypersonalrecommendationtoyou.IfyoubelievethatanymemberofRockpool’sstaffhasgivenyouadviceonanymatterrelatingtoinvestmentsortaxation,youmustpromptlyinformusbywritingtotheComplianceOfficeratourregisteredaddress.Youagreenottomakeanydecisioninrelationtoanyinvestmentonthebasisofsuchadvice.
Wedonotrepresentthatanyparticularinvestmentwillbesuitableforyourcircumstances.Whereweundertakeduediligenceintoaninvesteecompanyandprovidethattoyou,wedosoonthebasisthatwehavemadesuchenquiriesasweconsiderreasonableinthecircumstancesandthattheinformationthathasbeenprovidedtousbytherelevantcompanyiscorrectandnotmisleading.Wecangivenowarrantythatourduediligenceprocesswilluncoverallmattersmaterialtoaninvestment.Ourduediligenceinformationisnotarecommendationtoyoutomakeanyinvestmentandisprovidedforinformationpurposesonlyinsupportofyourinvestmentdecision.
Wewillprovideourserviceswithdueskill,careanddiligence.Wewillensurethatourcommunicationsareclear,fairandnotmisleading.Wherenotesaregivenonthetaxconsequencesofanyinvestment,thesenotesdonotconstitutespecificadviceandwillbeofagenericnatureonly.Werecommendthatyouseekprofessionaladvicebeforemakingdecisionsinrelationtoyourinvestments.
13. Charges
Wewillnotchargeyouforourservice.Wechargefeestoinvesteecompanies,whichmayaffectthereturnsavailabletoinvestors.Wewillnotrequireyoutoinvestorpaymorethantheamount(s)youapplytoinvest.
14. Liability
WewillnotbeliableforanylossordamageresultingfromyounotreceivingnotificationofinvestmentopportunitiesorofdecisionsaffectingyourportfoliotakenbytheinvestoragentinaccordancewiththeseTerms.
Ifweareliabletocompensateyouforanylosssufferedoninvestmentsduetoabreachbyusofourobligations,theamountofcompensationwillbethesumrequiredtoputyouinthepositionthatyouwouldhavebeeninhadwenotbreachedourobligations.
Allwarranties,conditionsandothertermsimpliedbystatuteorcommonlaware,tothefullestextentpermittedbylaw,excludedfromtheseTerms.Wedonotexcludeourliabilityfordeathorpersonalinjurycausedbyournegligenceorforanyfraudulentmisrepresentationbyus.NothingintheseTermsaffectsthestatutoryrightsofindividuals.
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Subjecttotheremainderofthisparagraph,weshallnotbeliabletoyouforanyactsoromissions(includingthoseofouremployees,agentsandsub-contractors)arisingasaresultof,orinconnectionwithyoubeingaclient.
15. Conflict of interests
ConflictsofinterestmayarisebetweenclientswithdifferentinterestsinaparticularinvesteecompanyandbetweenclientsandRockpoolormembersofitsstaff.Rockpoolandstaffmembersmayinvestpersonallyinsharesandloansissuedbyinvesteecompanies.Wewillatalltimesseektoactinthebestinterestsofallclientsasawhole.
16. General
WemayamendtheseTermsifwebelieveitnecessaryinordertorespondproportionatelytochangesinlawandregulations.WemayalsoamendtheseTermstoreflectchangestooursystems,administrativeprocessesandprocedures,marketpracticeorclientrequirements.WemaydelegateanyofourfunctionsundertheseTerms.Wewillexerciseduecareintheselection,useandmonitoringofanydelegates.
WemayassignourrightsandobligationsundertheseTermstoanyappropriatelyregulatedperson.Youwillnotassignortransferanybenefit,interestorobligationundertheseTerms.
IfanypartofthewordingoftheseTermsisdeclaredtobeillegal,invalidorunenforceable,thatpartwillbedeletedandtherestoftheTermswillremaininforce.AnyfailureordelaybyustoexercisearightorremedyundertheseTermsorbylawdoesnotconstituteawaiverofanyrightsorremedies.
TheseTermsandanydisputearisingoutoforinconnectionwiththeirsubjectmattershallbegovernedbyEnglishlawandyouandwesubmittothenon-exclusivejurisdictionoftheEnglishcourts.
Onlywe,you,oryourpersonallegalrepresentativecanenforcetheseTerms.TherightsofanyotherpersonundertheContracts(RightsofThirdParties)Act1999toenforceanyprovisionoftheseTermsareexcluded.
17. IFISA
Thefollowingparagraphs,whosetitleincludestheword“IFISA”,setouttermsapplyingonlytoRockpoolInnovativeFinanceISAaccounts(“RockpoolIFISA”).Werefertothemasthe“IFISAParagraphs”.AllothersectionsoftheseTermsapplytoallaccountsincludingRockpoolIFISAsunlessotherwisestated.Intheeventofanyconflict,inrelationtoaRockpoolIFISAaccount,betweentheIFISAParagraphsandanyothersectionoftheseTerms,theIFISAParagraphsshallprevail.IntheIFISAParagraphs,we,usandourrefertoRockpoolinitscapacityastheISAManagerforallRockpoolIFISAs.
18. IFISA - Definitions
IntheIFISAParagraphs,thefollowingwordshavethemeaningshowninthissection.
- “Borrower”meansaprivatelimitedcompanywhichissuesanInvestment;
- “Investment”meansanydebenture(meaninginthiscontextaloannote)whichisaQualifyingInvestmentforthepurposesoftheISARegulationsandwhichismadeavailableforinvestmentthoroughus;
- “ISARegulations”or“Regulations”meanstheIndividualSavingsAccountRegulations1998(asamendedorreplacedfromtimetotime).
- “Platform”meanstheonlinesystemoperatedbyusthroughwhichyouwillbeabletochooseInvestmentsandaccessreportinginformation;
- “RockpoolIFISA”meansadesignatedaccountwithuswhichissubjecttoorhasthebenefitofanISAwrapperaspermittedundertheISARegulations.
19. IFISA - General
YourRockpoolIFISAcanonlyholdcashandInvestments.YourRockpoolIFISAandallInvestmentsmadethroughitwillbeandmustremaininyourbeneficialownershipandmustnotbeusedassecurityforaloan.AllInvestmentswillbeloannotesissuedbyprivatelimitedcompaniesregisteredintheUK.
InordertomakeInvestmentsthroughyourRockpoolIFISA,youwillneedtoberegisteredforaccesstothePlatform.
InvestmentsarenotreadilyrealisableandwillnormallyonlybeavailableascashwhenandtotheextentthateachBorrowermakesarepaymentorinterestpayment.YoushouldnotexpecttobeabletosellorotherwiseliquidateInvestmentswhenyouwanttodoso.
YoucanaddmoneytoyourRockpoolIFISAbysubscribingcashorbytransferringcashfromanexistingISA.Allsubscriptionsmustbeinpoundssterling.YoucannottransferanyinvestmentsintoyourRockpoolIFISA,exceptassetoutinthesetermsundertheheading“RockpoolIFISAAdditionalpermittedsubscriptions”.InordertorequestthatweacceptanadditionalsubscriptiontoyourRockpoolIFISAyoumustcompleteanapplicationform.
AnycashreceivedintoyourRockpoolIFISAfromInvestments,suchasloanrepaymentsandinterest,willberetainedinyourRockpoolIFISAaccountunlesswehavereceivedinstructionsfromyouinwritingtopayoutanyamount(s)or
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toapplyanyamount(s)tomakingInvestments.
AnyinterestearnedoncashheldwithinyourRockpoolIFISAwillberetainedbyRockpool.AnyinterestearnedonInvestmentswithinyourRockpoolIFISAwillbecreditedtoyourRockpoolIFISAaccount.
Anyinstructionsprovidedtousmustbesenttothelastemailaddressprovidedbyusforthatpurpose,orbyfirstclassposttoourregisteredaddress.
20. IFISA - Qualification and compliance
TobeaqualifyingRockpoolIFISAsubscriberinrelationtoataxyear,youmustbeatleast18yearsoldand,throughoutthetaxyear,beeither:
- ordinarilyresidentintheUKfortaxpurposes;or
- performingdutiesasaCrownemployeeservingoverseasandpaidoutofthepublicrevenueoftheUK,ormarriedto,orinacivilpartnershipwith,apersonperformingsuchduties.
ByapplyingforaRockpoolIFISA,youwarrantthatyouareaqualifyingRockpoolIFISAsubscriberandyouundertaketonotifyusimmediatelyifyouceasetobeaqualifyingRockpoolIFISAsubscriber.
IfyouceasetobeaqualifyingRockpoolIFISAsubscriber,anymoneythatyouhavesubscribedintoyourRockpoolIFISAwithinthesametaxyear,andanyinvestmentsmadewiththatmoney,willbetransferredtoanon-ISARockpoolaccountinyourname.Anycashorinvestmentssubscribedinpreviousyearswillnotbeaffected.
TheminimumamountyoucansubscribetoaRockpoolIFISAinanytaxyearis£10,000.TheISARegulationsandHMRCrulesrestricttheamountthatmaybeinvestedinanISAinanytaxyear,andthenumberofISAsinwhichanindividualmayinvest.ItisyourresponsibilitytoensurethatyoucomplywiththeapplicableISARegulations.
IfyoufailtocomplywiththeISARegulationsandtheseTermsinmaking,opening,subscribingtoorotherwiseoperatingyourRockpoolIFISA,youundertaketoreimburseusforanyamountweareobligedtopayHMRCoranytaxauthorityandanyadministrativecostswemayincur.
YouundertakenottosubscribemorethanyouareallowedtosubscribetoanIFISAbyHMRCrulescurrentatthetimeofthesubscription.Ifyoudoso,youwillberesponsibleforanyconsequentialcostsorlosses.
IfforanyreasonyourRockpoolIFISAisorwillbefoundtobeinvalid,forexamplebecausethesubscriptiontotheaccountisinvalidorfailingtosatisfytheISARegulations,wewillnotifyyouandattempttotakecorrectiveactiontorepairtheaccount,andyouauthoriseustotakesuchactionstorepairtheaccountonyourbehalf.
IfyourRockpoolIFISAcannotberepaired,oriftheISARegulationsorotherlegalrestrictionspreventusfromrepairingtheaccount,orifyoufailtotakeanyactionrequestedbyusinwritingwithinareasonableperiodoftime,yourentireRockpoolIFISAmaybecomevoid.Thismeansthatanytaxbenefitswillbelostasaresult,andyouwillbeliableforanyrepaymentofanytaxduearisingfromthis.Weshallbearnoliabilityinrelationtosuchavoidaccount.
21. IFISA - Transfers in from another ISA manager
IfyouaretransferringanycurrentyearIFISAsubscriptions,youcanonlydosoifallofyourcurrentyearIFISAsubscriptionsandanyincomeearnedfromthemareavailableincashandareallbeingtransferred.
Youcantransfersomeorallofyourpreviousyears’ISAsubscriptions(includingfromIFISAsandotherISAs)totheextentthattheseareavailableincash.Wedonotaccepttransfersofinvestments.
IfwehavenotreceivedatransferhistoryformfromthetransferringISAmanagerwithin30daysofthetransfer,wemayrejectthetransferandreturnthefundstothetransferringISAmanager.
IfyouareopeningyourRockpoolIFISAandyouexerciseyour14-daycancellationright,theISAmaystillbetransferredtous.YoucanthenchoosetocloseyourRockpoolIFISAortransfertheISAbacktothetransferringISAmanageroranotherISAmanager.
22. IFISA - Additional permitted subscriptions
IfthereisaRockpoolIFISAaccountinyournameatthetimeofyourdeath,thisaccountwillbedesignatedasa“continuingaccountofadeceasedinvestor”andyourspouseorcivilpartnerwillhaveanopportunitytotransferthecashandinvestmentsheldintheaccountintoaRockpoolIFISAintheirnameasanadditionalpermittedsubscription.IfthistransferisnotmadewithinthetimelimitsetoutintheISAregulations,wewilltransferthecashandinvestmentsintoanon-ISAaccountinyourname.
IfyouarethespouseorcivilpartnerofaholderofaRockpoolIFISAdesignatedasa“continuingaccountofadeceasedinvestor”,wewill,onsatisfactorycompletionofanapplicationandsubjecttotheISAregulations,transferthecashandinvestmentsheldintheaccountintoaRockpoolIFISAinyourname.Thiswouldbeanadditionalpermittedsubscription,preservingthetaxbenefitswithoutusingupanyofyourannualISAlimit.
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23. IFISA - Investments in your Rockpool IFISA
WewillnotacceptinstructionstopurchaseforyourRockpoolIFISAanyinvestmentsheldbyyouoranyconnectedperson(s).Ifyouinstructustomakeanysuchinvestmentandfailtoinformusatthesametimethattheinvestmentisheldbyyouoranyconnectedperson,youindemnifyusagainstanyloss,damageorcostarisingasaresult.
ThetermsofsomeInvestmentsmayincludeaconversionrightdesignedtoincreasethereturntoyourRockpoolIFISA.ByapplyingtoopenaRockpoolIFISA,youinstructustoexerciseorotherwisedisposeofanysuchconversionrightatthelatesttimeatwhichsuchrightisexercisableunderthetermsoftherelevantInvestment,butonlyiftheeffectofsuchexerciseordisposalistoincreasethetotalreturntoyourRockpoolIFISAfromtheInvestment.
EachInvestmentwithinyourRockpoolIFISAwillhaveatargetrepaymentdatewhichwillbeaccessibletoyouonthePlatform.YouunderstandthatInvestmentsmayberepaidbeforethetargetrepaymentdateattheoptionoftheBorrowerandthatrepaymentmaybedelayedornotbemadeatalliftheBorrowerisunabletodoso.
AnuptodatestatementofyourtransactionsandportfoliovaluecanbeobtainedatanytimethroughthePlatformoruponrequesttous.Wewillprovidestatementsasrequiredbylaworrelevantregulations.
24. IFISA - Withdrawals and transfers to another ISA manager
YoumaywithdrawanycashheldinyourRockpoolIFISA.Wewillimplementthewithdrawalwithinanyreasonableperiodrequestedbyyou,beingatleast5workingdays,whichwillnotexceed15workingdaysunlesscircumstancesoutsideourcontrolmakethisimpracticalorunlessyouspecifyalaterdateforwithdrawal.CashthathasbeenwithdrawncannotbereturnedtoyourRockpoolIFISA.NoInvestmentcanbewithdrawnortransferredoutofyourRockpoolIFISA.
YoumaytransfertoanotherISAprovidersomeorallofanypreviousyears’RockpoolIFISAsubscriptionsand/orallofyourcurrentyear’sRockpoolIFISAsubscription,andanyincomearisingfromInvestments,totheextentthatthesubscriptionsand/orincomeareheldincashandsubjecttoonlyonetransferbeingmadeinany12-monthperiod.
WewillimplementthetransferinresponsetoarequestfromthereceivingISAproviderandwithinanyreasonableperiodrequestedbyyou,beingatleast15workingdays,whichwillnotexceed30daysunlesscircumstancesoutsideourcontrolmakethisimpracticalorunlessyouspecifyalaterdatefortransfer.WewillissueatransferhistoryformtothereceivingISAManagerwithin30calendardaysofthetransfer.
Withdrawalsandtransferswillbemadebywayofelectronicbankpaymentandmustbemadetoanaccountheldinyourname,unlessotherwiseagreedwithus.Weshallhavefulldiscretionnottoagreetoanywithdrawalortransferrequestwherethedestinationaccountisnotinyourname.
25. IFISA - Cancellation
YoumaycancelyourRockpoolIFISAapplicationbyprovidinguswithnoticebyemailortelephonewithin14dayscommencingfromthedateonwhichyousignedtheapplicationform.Thesubscriptionfundswillbereturnedtotheaccountfromwhichtheyweresenttous.WewillcloseyourRockpoolIFISAanditwillnotbereportedtoHMRC.NoInvestmentswillbemadeduringthiscancellationperiod.
YouwillnothavetherighttocancelyourRockpoolIFISAafterthe14dayperiodreferredtoabovehaselapsed.
26. IFISA - Termination
YoumaycloseyourRockpoolIFISAatanytimebywritingtous.WemaycloseyourRockpoolIFISAwithoutnoticeif:
- wearedirectedtocloseitbyHMRC,or
- youbreachtheseTermsorHMRC’sISArules,or
- youhavegivenusfalseormisleadinginformation;or
- wehavetocloseyourRockpoolIFISAtocomplywithlegalorregulatoryobligations;or
- itholdsnocashandnoInvestments;or
- welearnthatstepshavebeentakeninconnectionwithyourbankruptcy,insolvencyorsimilarprocess.
Exceptassetoutaboveorwherethereareexceptionalcircumstances,wewillgiveatleasttwomonths’writtennoticetoyouifweintendtocloseyourRockpoolIFISA.
IfyouorwecloseyourRockpoolIFISA,wewilltransferanycashtoyourbankaccountortoanon-ISARockpoolaccountinyournamependingyourinstructionsandwewilltransferanyInvestmentstoanon-ISARockpoolaccountinyourname.
UponclosureofyourRockpoolIFISA,anycashorInvestmentsheldinyourRockpoolIFISAwillnolongerbenefitfromISAstatus.
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27. SIPP
Thefollowingparagraphs,whosetitleincludestheword“SIPP”,setouttermsapplyingonlytoRockpoolSIPPs.Werefertothemasthe“SIPPParagraphs”.AllothersectionsoftheseTermsapplytoallaccountsincludingSIPPaccountsunlessotherwisestated.Intheeventofanyconflict,inrelationtoaRockpoolSIPPaccount,betweentheSIPPParagraphsandanyothersectionoftheseTerms,theSIPPParagraphsshallprevail.IntheSIPPParagraphs,we,usandourrefertoRockpoolinitscapacityastheoperatororthetrusteeortheadministratorasthecontextrequires.
28. SIPP - general
ARockpoolSIPPisanarrangementundertheRockpoolPersonalPensiontrust,whichisgovernedbytheTrustDeedandRulesasamendedfromtimetotime.IntheeventofanyconflictbetweentheTermsortheKeyFeaturesandtheTrustDeedandRules,theTrustDeedandRuleswillprevail.
29. SIPP - Your obligation to inform yourself
BeforeapplyingforaRockpoolSIPP,youmustreadandconsidercarefullytheTermsasawhole,theKeyFeaturesDocument,whichisincorporatedintotheTerms,andtheTrustDeedandRules.
30. SIPP - Your role as member and trustee
Bysigningthesupplementaldeedincludedintheapplicationform,youwillbecomeamemberoftheRockpoolPersonalPensionwithyourownmemberfund,referredtoinlawasan“arrangement”,whichwerefertoasyourRockpoolSIPP.YourRockpoolSIPPwillbeidentifiedinourrecordsunderthetitle“RockpoolSIPP[yourfullname]”and/or“RockpoolSIPP[yourfullname][Drawdown]”.
YouwillactasatrusteeforyourRockpoolSIPPalongsidetheschemetrustee.Trusteedecisionswillrequiretheagreementofbothtrustees,exceptasotherwiseprovidedintheTrustDeedandRules.
31. SIPP - Parties and powers
RockpoolInvestmentsLLPistheoperatorandtheschemetrusteeandtheadministratoroftheRockpoolPersonalPension.Theoperatorcanreplacetheschemetrusteeandtheadministratorandcanappointanotherpartytoactasoperatorinitsplace.TheschemetrusteehaswidepowersundertheTrustDeedtomakeandsellinvestmentsandtousefundsinyourRockpoolSIPPtomeettaxliabilitiesandforotherdefinedpurposes.
WemayrejectanyapplicationtoopenaRockpoolSIPPandanyinstructiontomakeanyinvestment.Wemayrejectanyrequesttodesignatefundsfordrawdownortotransferinorout,providedthatwehavereasonablereasonsfordoingsoandwenotifyyouofourreasons.Ifanybeneficiaryfailstosupplysuchevidenceofage,health,maritalstatus,rightsandentitlementsunderotherpensionschemesandotherevidenceandinformationaswemayreasonablyrequire,wemaywithholdpaymentofallorpartofanybenefitsuntiltheevidenceorinformationisreceivedandacceptedbyusascorrectandsufficient.
32. SIPP - Benefits
BenefitswillonlybeavailablefromcashheldinyourRockpoolSIPPdrawdownaccountatthedateofdrawdown.Theamountyoucandrawdownwilldependonamountstransferredinandout,onreturnsfrominvestmentsandonanycost,chargesortaxliabilitiesdeducted.TheamountofcashavailableinyourRockpoolSIPPwilltendtoreduceasyoumakeinvestmentsandincreaseassharesorloannotesaresoldorinterestanddividendsarereceived.Privatecompanyinvestmentsarenotliquid,soitwillnotgenerallybepossibletosellinvestmentsordemandrepaymentofloansinordertofunddrawdown.Ifregularityofdrawdownisimportanttoyou,youmaywishtokeepcashinyourRockpoolSIPPdrawdownaccountforthispurpose.Thereishowevernoguaranteethatfundswillbeavailabletomeetyourrequesteddrawdowns.Ifascheduleddrawdowncannotbemet,thenearestlesseramountavailableincashwillbepaidonthescheduleddate.
33. SIPP - Indemnity
YouagreetoindemnifyusfromanyfundsinyourRockpoolSIPPand/orpersonallyagainstallliabilities,fees,charges,costs,claims,expensesandlossesofanynaturewhatsoeverincurredbyusinconnectionwithyourRockpoolSIPP,otherthanliabilitiescausedasadirectresultofournegligence,knowingdefault,fraudorbreachoftheFCARulesoroftheseTerms.
rockpool.uk.com 02038548100 10BressendenPlaceLondonSW1E5DH
RockpoolInvestmentsLLPisauthorisedandregulatedbytheFinancialConductAuthority
