Contacting each other
If you need to speak to us, or if we need to speak to you, in relation to any matters arising out of or in connection with these Shares.io Trading Terms, we will do so via the messaging functionality, chat bot or other facility available to you in the Shares App from time to time. We may also use the email address you provide to us when creating your Account to send you documents or other information.
We may record and monitor telephone conversations that we have with you. We will store recordings in accordance with applicable law, and / or for as long as we consider necessary to be able to provide the Shares App to you. This will be for a minimum of 5 years and potentially longer if requested by the FCA.
You confirm that you are happy to receive communications, reports, contract notes and other information from us, including our policies (such as our Order Handling Policy) electronically via email or via the Shares App or where relevant, our website where it meets the necessary requirements on us to deliver information to you in a “durable medium”.
If conflicts of interest arise
Our Conflicts of Interest Policy or a summary is provided here for your reference. It describes some of the actual or potential conflicts of interest which may arise and provides our policy about how these are managed. We will update our policy from time to time on the Shares App and/ or on our website and you may request the latest policy summary from us at any time. If we have a conflict then we will manage it to ensure that it does not affect the transactions in Investments we carry out for you. If we consider that we cannot adequately manage a conflict we will let you know and we may need to take action, which could include ending your use of the Shares App.
Your acknowledgements, representations and warranties
When you apply to obtain an Account and then on each occasion you place an Order you acknowledge, represent and warrant that:
You are eligible to open an Account and have capacity to do so; you must be at least 18 years of age to do so
You act on your own behalf and not on behalf of someone else;
Information and documents you provide to us are true, accurate and not misleading;
You will not upload or transmit any malicious code to the Shares App or otherwise use any electronic device, software, algorithm and/or dealing method or strategy to manipulate any aspect of the Shares App platform.
You will not engage in any market abuse (including market manipulation and insider dealing when you have inside information about a company in which you are investing) or encourage others to do so, whether within the social channels of the Shares App or otherwise.
Market manipulation for this purpose means using the Shares.app alone or with others to try and artificially inflate or deflate the price of a publicly traded Investment or otherwise influencing the behaviour of the relevant market for personal gain. Insider dealing means, broadly, trading in or encouraging others to trade in a publicly traded Investment when you have material non-public information which might be price sensitive in relation to that Investment for any reason. You should note that these are broad explanations and when trading in Investments traded in the United States you should take note of the requirements on your activities imposed by the Execution Broker under its terms and conditions with you.
Delegation by us
We may appoint another person to perform all or part of the Investment services provided through the Shares App provided that we take all reasonable steps to ensure that the delegate is suitably competent and qualified to do so. We will not require your consent to delegate any part of our services but we will ensure that our delegation does not have a materially negative effect on you and will comply with applicable law and the FCA rules.
From time to time we may refer you to third parties to provide additional services but we will only do so with your agreement. If we do make such referrals then, subject to the obligations on us under the FCA rules we may make or receive payments in connection with the introductions. We will disclose these to you at the time.
How to complain if you are not happy with the Shares App or the services of the Execution Broker
Should you have any complaints in relation to the Shares App then please notify us. We can be contacted via the in app chat function or via email email@example.com. We will acknowledge your complaint promptly and arrange for the matter to be investigated in accordance with the rules of the FCA and report the results to you.
If your complaint is unresolved or not settled to your satisfaction within 8 weeks from the date you first made the complaint, you may refer it directly to the Financial Ombudsman Service ("FOS"). The address of the FOS is Exchange Tower, London E14 9SR. You can also telephone the FOS at: 0800 023 4567, or email the FOS at: firstname.lastname@example.org. You can find out further information about the FOS on its website: www.financial-ombudsman.org.uk.
If you want to make a complaint about the Execution Broker you should address your complaint to the Execution Broker in the first instance.
Compensation in case of our insolvency
If we go insolvent it is unlikely that you will receive compensation from the Financial Services Compensation Scheme. Further information on the Financial Services Compensation Scheme can be found here. Your capital is at risk.
Changes to these Shares.io Trading Terms
We may make changes to these Shares.io Trading Terms from time to time. For example we might need to add new terms or amend existing terms to reflect changes in our business, services or products or how we provide them (e.g. if we add new order types you can use such as limit orders), the systems we use, the cost to us of providing the services, applicable law or regulation or good industry practice or other valid reasons.
If we add a new term or change an existing term we will take reasonable steps to provide you with reasonable notice, including via our Shares App and website www.shares.io. You will be deemed to accept and agree to the changes if you continue to use the Shares App after we have notified you of the changes to these Shares.io Trading Terms. If you do not agree to changes we have made then you can terminate your Account and our agreement on these Shares.io Trading Terms at any time as provided below (Termination and Suspension).
There might be times when we do not tell you about a change to these Shares.io Trading Terms but that is limited to when the change does not disadvantage you and it is reasonable not to provide you with advance notice.
Our right to transfer
Only you and we (and not any third parties) have any rights under the agreement.
The agreement between us on these Shares.io Trading Terms is personal to you and you cannot transfer any rights or obligations under it to anyone else.
We will only transfer any of your and our rights or obligations under these terms with you if we reasonably think that this won't have a significant negative effect on your rights under these terms and conditions or we need to do so to meet any legal or regulatory requirement.
Termination and suspension
You can end your use of the Shares App and the agreement between us on these Shares.io Trading Terms at any time and for any reason by providing us with notice, subject to the settlement of all outstanding transactions in Investments. Transactions already in progress will be completed in the normal course of business. We will close your Account as soon as practicable after receiving your notice to terminate the customer agreement between us.
Notice of termination received from you will also operate as notice to terminate your relationship with the Execution Broker and with the Payment Provider.
Prior to terminating our agreement and your Account you must either submit Orders for the sale of your existing Positions or provide us with details of an account in your name to which the Execution Broker can transfer the Investments that are shares and comprise your Positions. You can also transfer your Investments or gift them to other Shares Account holders. Fractional shares cannot be transferred to a brokerage account that is not a Shares.io Account with Shares and held by the Execution Broker and must be sold by us. Any proceeds arising from the sale of your Investments will be credited to your Shares Electronic Money Account.
We can also close your Account and end our agreement on these Shares.io Trading Terms if:
We cease to be an appointed representative of Risksave Technologies Ltd, unless we become authorised by the FCA in our own right or an appointed representative of another firm;
We reasonably believe that providing you with the Shares App exposes us to action or censure from any law enforcement, government or regulatory body, including the FCA.
Exceptional circumstances arising, including without limitation if:
. We have good reason to consider you are behaving fraudulently or otherwise criminally;
. We have reasonable grounds to consider that you are seeking to use your Account to manipulate or to induce others (whether alone or in concert with other persons) to manipulate the market relevant to the Investments you hold.
. If you've broken these terms and conditions, the Execution Broker terms and conditions in a serious or persistent way and you haven't put the matter right within a reasonable time of us asking you to;
. If we have good reason to believe that your use of the Shares App is harmful to us or our software, systems or hardware;
. If we have good reason to believe that continuing to use your account could damage our reputation or goodwill;
. We have asked you to repay money you owe us and you have not done so within a reasonable period of time;
. If you've been declared bankrupt; or
. Your agreement with the Execution Broker or the Payment Provider is terminated, whether by you or that party and for whatever reason.
If any of the grounds above arise then we may also decide to suspend your use of the Account for a period, but this will not prevent us from subsequently closing it. We may also decide to close or suspend your account for other reasons. We would contact you through the Shares App at least 30 business days before we do this.
We may, from time to time, require additional information and/or documents (including as required by anti-money laundering regulations and any other similar regulations applicable to us, as well as for anti-fraud measures or any other related internal procedures), or clarifications to information and/or documents which you have provided to us.
If any information which you have provided to us changes, you should tell us, in writing, as soon as possible, and no later than 30 days after the change takes place.
The information you provide to us must be complete, accurate and not misleading. If you do not provide us with the required information, or if you provide inaccurate, incomplete or misleading information, or, at our sole discretion we determine that the information you have provided puts Shares at risk of breaching anti-money laundering or any other similar regulation applicable to us, we may decline to allow you to open an account with us. If you already have an Shares account, we may freeze, block, or close your account.
We may also freeze, block, or terminate our Services and/or your Account if:
- We decide to stop providing you our services;
- We require you to provide us with information to enable us to comply with our obligations under applicable law and/or internal procedures, and you cannot or do not provide us with the information, or the information you provide to us is inaccurate, incomplete or misleading;
We will take reasonable steps to provide you with appropriate notice if we freeze, block, or terminate our Services and/or your Account. However, there might be times when we are required to freeze, block, or terminate our Services and/or your Account without telling you in advance. We will do this if we reasonably believe that there is a security or regulatory risk, you have breached the agreement, or when we are required to do so by applicable law or by a regulator.
We may, in our sole and absolute discretion, suspend the Services (or any part thereof) or any particular way of delivering the Services (e.g. via any mobile application or website), for so long as we decide may be appropriate and for any reason whatsoever.
You agree that neither Shares nor any of our group companies, directors, staff, agents, suppliers or contractors will have any liability, of whatever nature and howsoever arising, for any loss arising as a result of any suspension of the Services.
You will need to reimburse us for any losses caused to us as a direct result of your negligence, fraud or wilful default or material breach of these Shares.io Trading Terms.
If we terminate our agreement with you and your Account then we will inform you in writing that we have done so immediately and will explain why, subject to any applicable law or regulation preventing us from doing so.
If you have broken the agreement between you and us and we don't enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.
In addition to our termination rights in the Termination and Suspension section above we can also take other forms of action if we have reasonable grounds to suspect you are using the Shares App to commit market abuse, including market manipulation or insider dealing or to encourage others to do so. Action we may take includes (but is not limited to) suspending your Account for a period (which may be indefinite if we deem that necessary acting reasonably) or limiting features of your use of the Shares App, such as by stopping your use of the Shares Social Channels or limiting your ability to deposit and withdraw funds from your account.
Applicable law and courts
The laws of England and Wales apply to these terms and conditions. Any claim you make against us can be heard in the English courts.
We will not be liable to you for any action or in action we take pursuant to applicable law and regulation.