Terms & Conditions

Hargreaves Lansdown Currency Service (HLCS) provides foreign exchange services to both personal and commercial clients. HLCS is a trading name of Hargreaves Lansdown Stockbrokers Ltd. Hargreaves Lansdown Stockbrokers Ltd is regulated by the Financial Services Authority, it is entered in the FSA Register and its register number is: 149970. These terms and conditions of the Hargreaves Lansdown Currency Service replace all previous versions including HL Currency Service T&C 0409.

Your account should NOT be used for speculative trading purposes.

You should read and understand the terms and conditions that apply to our services before you commit to entering into an agreement with us. If there is any term that you do not understand, please contact us before proceeding as these are the terms we will rely upon. Additional terms and conditions may apply to other services we provide to you.

1. DEFINITIONS

   • 1.1. “We”, “us”, “our” and “HL” means Hargreaves Lansdown Currency Service (HLCS) or any other Hargreaves Lansdown Company. Hargreaves Lansdown Plc, One College Square South, Anchor Road, Bristol, BS1 5HL. Telephone: +44 (0) 117 311 3257. Email address: currency@hargreaveslansdown.co.uk
   • 1.2. “You”, “your”, “yours”, “yourself”, means the person(s) to whom we provide our services under these terms and conditions and as detailed in the relevant application form(s). And also includes any person (or company) you ask to act on your behalf. We will treat you as a ‘Retail Client’ and will provide you with information in a clear and straightforward way.
   • 1.3. “Associate” means any holding company of HL or a subsidiary of any such holding company (as defined in the Companies Act 1985 as amended from time to time).
   • 1.4. “Terms” means these terms and conditions and any versions which may supersede them at the time of any subsequent subscription and also encompasses the application form completed by you.
   • 1.5. ‘Payment Services Directive’ (PSD) is the regulation in the UK arising as a result of European Rules. It applies to payment services within the European and Economic Area (EEA). The regulations largely apply to electronic payments into and out of your account, but not cheques or Bankers Drafts, and means that banks (and Authorised Institutions) must meet the same standards when making and receiving payments.
   • 1.6. ‘Cleared funds’ are funds that are freely available, sent in to settle a trade.

2. GENERAL

   • 2.1. You must be aged 18 or over. There is no minimum length to this contract. We offer the Currency Service on an ‘execution only’ basis. This means we will not provide, and you do not expect personal advice. All currency transactions are entered into at your own risk and you cannot hold us responsible for any loss in value. No factual information that we provide to you should be regarded as personal advice.
   • 2.2. We will not transfer money to or from non co-operative Financial Action Task Force countries.
   • 2.3. We are not responsible or liable for your personal tax liability.
   • 2.4. The currency service and exchange service itself is not regulated by the by the Financial Services Authority, however onward payments to and from your bank are regulated activities (business) under the Payment Services Directive (PSD). The protections in the PSD regulations apply to UK and EEA payments only and apply to transactions where both the payer and the payee’s payment service provider are located within the EEA and the transaction is in Euro, Sterling or another member state currency. It should be noted therefore that although we offer the same level of service and treat all transactions the same, those dealing with us from outside of the EEA or another member state are NOT afforded the UK legislative protections and should check their own state’s legislation and tax laws before undertaking a transaction with us.
   • 2.5. Telephone calls to and from us may be recorded and monitored and they may be used in evidence in the event of any disagreement with us. These Terms are governed by the law of England & Wales (we will communicate with each other in English). The information contained in these Terms is based on our understanding of current legislation, and the practices of HM Revenue and Customs and HM Treasury.

3. APPLICATIONS

   • 3.1. To open an account you must apply with a properly completed application form (either online or paper form as we allow). We may approach a third party (e.g. credit reference agency and/or Companies House) to confirm your identity, or any other person providing funds on your behalf and by dealing with us, we accept this as your consent.
   • 3.2. We may also run additional verification checks at a later date should this be necessary. Where further information is required, to confirm identity, we may delay applications, or withhold settlement until adequate identification has been provided.
   • 3.3. For each payment we ask for the reason for the transaction, it may on occasion, be necessary to ask for additional information in this respect.
   • 3.4. We will not be responsible for any loss incurred by any delay to transactions where fully completed applications and verification has not been received by us.
   • 3.5. If payment is made by a personal cheque not drawn on your own account, then additional identification procedures may be required (i.e. if a building society cheque is used or the funds are a gift). We may also refuse the transaction.
   • 3.6. If you are resident outside the UK for tax purposes we may also need additional information.
   • 3.7. You also agree to us sharing any information that we hold about you with a fraud reference agency should it be required.
   • 3.8. We may refuse your application or dealing instructions; if we do this we will provide you with a valid reason for doing so (unless it is likely that doing so would breach Money Laundering regulations). This could be, but is not limited to: you providing incomplete or untruthful information, your failure to observe these terms and conditions, a disagreement or dispute with us, or a regulatory or legal requirement affecting us.
   • 3.9. It is your responsibility to ensure all information you supply to us is true and accurate. You must tell us in writing, if you become aware of any errors or changes to your details. This is particularly important for your contact details and all bank account details for you, and any third party bank details.

4. NOTICES, INSTRUCTIONS, DOCUMENTATION AND COMMUNICATION

   • 4.1. Please send written instructions to the address above. We may rely on any communication which we reasonably believe to have been made by you (or on your behalf) and you will bound by any such instructions and responsible for expenses incurred on your behalf. We cannot accept responsibility for any delays in us receiving the application form and no business can be undertaken until the original application form and supporting documents have been received and processed unless pre-agreed by us.
   • 4.2. Where two or more people are contracted under a joint agreement, the liability of each and all of you under the arrangement will be joint and several and every arrangement or undertaking will be construed accordingly. If you have applied, or deal in joint names we will carry out instructions we receive from either or any of you.
   • 4.3. All documents will be sent by post or registered post at your request (and expense). We are not responsible for any documents lost in the post or for any charges for replacement of lost documents. We cannot be held responsible for a delay or failure of delivery of any communication we send to each other including email. If we send an email to your email address or post to your address and it is seen by another person, we have not failed in any duty of privacy owed to you and we will not be liable for any losses, costs or expenses as a result. You must tell us if your name or contact details change.
   • 4.4. We will supply to you on demand, copies of contract notes, vouchers and copies of entries in books relating to you, a reasonable charge may be levied for this (please ask us for details). We will keep records for a period of at least six years from the date of each transaction. If accounts are held in joint names, all communication will be sent to the first named person.

5. SECURITY

   • 5.1. It is important for you to protect your account details and master passwords connected with your account and report any suspected theft or misuse of your account to us. You must contact us as soon as you become aware that any information has been lost or stolen or used without your authorisation by using the telephone number at the top of these terms. As long as you have acted in accordance with our instructions, you will not be responsible for your account being used after we have received notification from you, and if you are a victim of fraud you will not lose any money on your account. If you are NOT a victim of fraud, you are responsible for all instructions and information sent to us using your account and security details.

6. AMENDMENTS

   • 6.1. We will give you notice in good time (at least two months where required under the – Payment Services Directive (‘PSD’), for amendments and changes to your Terms and Conditions of business with us); and in all other instances (outside of the PSD) 30 days notice will be given before making material changes or amendments to these terms.
   • 6.2. Incidental changes (such as clarity, drafting and typographical amendments) will be made immediately and notified via an update to the Terms on the Hargreaves Lansdown Website and in printed form.
   • 6.3. You have the right to close your account with us (without additional charge) before any material changes to terms take effect, subject to any transactions already previously entered into, for which you will potentially be liable for any costs incurred for closing out your transaction.

7. CLIENT MONEY

   • 7.1. Monies will be held in a client bank account with Lloyds Banking Group Plc or other bank(s) or Authorised Institution(s) we may choose. Client Bank Accounts (‘client trust accounts’), are designated as trust accounts and are segregated from our own funds, although may include the balances of other clients. Your account with us is NOT a ‘payment account’ and monies are not held in individually designated accounts; they are pooled with the money of other clients and are separate from all funds belonging to us.
   • 7.2. The banks (Authorised Institutions) we use are not Associates of Hargreaves Lansdown and we do not accept liability for any default/failure by any bank or any other such institutions. You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if any 3rd party institution we may use is declared in default or insolvent. Further information about compensation arrangements is available from the FSCS; please contact us should you require further details.
   • 7.3. All payments must be paid by electronic transmission such as (debit card or CHAPS – same day electronic payment) or, when agreed in advance, by cheque. We do not accept payment in the form of credit cards, BACS – 3 business day clearing (including internet banking electronic transfers unless pre-agreed by us) or cash.
   • 7.4. Cheques should be made payable to ‘HLSTK FX Client A/C’.

8. DEALING

   • 8.1. Dealing instructions may be given by telephone, or, where prior agreement has been made, in writing. No instructions will be accepted by fax or email unless agreed in advance, or on a per transaction basis at our discretion.
   • 8.2. Any instructions you give to us form a commitment from you which cannot subsequently be amended and or revoked by you. Where a delay occurs because the relevant exchange closes for any reason we will complete the deal as soon as reasonably practicable after trading resumes. However we have no control over the price at which your deal is executed the following day.
   • 8.3. We may combine your transaction with deals of other clients (aggregation) if we reasonably believe that we will obtain a more favourable price or reduce transaction costs. However, on occasion this may result in a less favourable price than if your deal had been executed on its own.
   • 8.4. We may review and alter your trading limits, seek references, request cleared funds before and/or after placing a deal. This may delay your transaction and mean you are unable to deal immediately.
   • 8.5. Where you give us instructions by telephone we may repeat to you what we understand are your instructions. If you do not correct these repeated instructions then they will be accepted as your instructions, we will act upon them and you will be bound by them even if they do not reflect your intended instructions or you change your mind. This applies whether or not you confirm them or remain silent.
   • 8.6. Fees, costs, taxation and any other charges associated with executing deals will be the responsibility of the client and where appropriate may be paid by deduction from client balances. All interest earned on cleared client balances will belong to us unless prior agreement has been made to pay this to you.
   • 8.7. We will, from time to time, accept limit instructions where we agree to monitor an exchange rate on your behalf and endeavour to contact you once the rate moves to your chosen level, when we will contact you to see if you wish to proceed. This will be an informal arrangement between us and you and limit instructions will be carried out on a strictly “best endeavours” basis. We cannot however be held liable should we, for whatever reason, not be in a position to monitor a particular currency nor be able to contact you to establish whether you wish to proceed. We will not proceed without your consent.
   • 8.8. Exchange rates are quoted to you at the time of each transaction.

9. CONTRACT/DEAL TYPES - GENERAL DEALING

   • 9.1. Spot Contracts - will be entered into by us once a 1% deposit of the face value of the deal has been paid up front by you. We may increase this requirement to a level of our choosing at which time we will inform you and tell you the reasons for it. A Spot transaction will have a relatively short settlement period, therefore you must be sure that you will be in a position to transfer cleared funds by the payment date. We will only make onward payment of the currency bought once cleared funds have been received in full from you. If you are exchanging funds back into Sterling, settlement times and deposits may be increased and cleared funds may be required before we proceed.
   • 9.2. Forward Contracts – (including: Forward Outright deals, Time Options and Draw Down deals). We will only place any type of Forward exchange deal when accompanied by at least a 10% deposit. Deposits will need to be received by us as cleared funds before we accept any type of Forward deal instruction.
   • 9.3. We may require you to deposit further funds at any time up to the settlement date to allow for changes in the underlying exchange rate. Additional funds must be received by us as cleared funds within 24 hours of us notifying you.
   • 9.4. The amount of additional payment we require will be decided by us in relation to our perceived degree of risk.
   • 9.5. Should the amount held by us as a deposit against any Forward deal then rise above the required percentage of the total value due to fluctuations in the exchange rate it will remain on deposit. We will not transfer any excess back to you, but it is off-settable against the final payment. We will only complete any Forward deal on or after the settlement date and once we have received the balance owed from you as cleared funds.
   • 9.6. It is your responsibility to remain contactable for the duration of all types of Forward deal. We may need to contact you at any time in relation to an increase in the deposit requirement. You must ensure that we are kept informed of any likely periods that you will be un-contactable (e.g. holidays), with additional funds lodged to cover any potential margin issues.
   • 9.7. Failure to respond, or if we are unable to contact you using the details you have provided to us, will result in a breach of these terms.
   • 9.8. Time Options - are a type of Forward deal. You can request delivery of the currency bought on any business day between the near date and the expiry date of the deal as one lump sum payment. You must give five business days notice before the required delivery of the funds. You must ensure cleared funds for the balance of the deal (less the deposit paid) reaches our Client Bank Account 3 business days before the settlement date. Should the deal continue to expiry, we will require cleared funds at least 3 business days before the final settlement date.
   • 9.9. Draw Downs - are a type of Forward deal. The first and last permissible date for a Draw Down will be determined at the outset. You must give five business days notice before each Draw Down is required and cleared funds are to be received in our Client Bank Account at least 3 business days prior to the individual Draw Down date. We will only be able to make an onward transfer once cleared funds have been received by us. At least a 10% deposit must be maintained at all times, irrespective of the value of the contract or the length of time remaining. Draw Downs will be limited to a maximum of one per month, unless previously agreed by us.
   • 9.10. The ‘payment date’ is the date on which we require cleared funds from you. The payment date will be clearly shown on your contract note.

10. REGULAR CURRENCY TRANSFER PLAN (RCTP)

    • 10.1. You may make regular Direct Debit payments (Sterling only). Payments will either be based on a fixed exchange rate (using Forward deals), or on a variable exchange rate where the amount of Sterling taken from your bank account is fixed.
    • 10.2. If you choose to invest on a monthly basis, payments will be requested from your account by Direct Debit on the 7th day of each month, or the next working day if the 7th is not a working day. Money will normally leave your account on the same day. No interest is payable by us on your contributions between the date your payment is collected and the date the onward transfer is made. Onward transfers to the receiving bank account will be made no later than 5 working days after the Direct Debit collection. The funds will be typically cleared in the receiving bank two working days later.
    • 10.3. If payment from you is not received, we may make the onward transfer on your behalf as if payment had been received, and we will expect you to make payment by other means. You may be charged for this, please see charges section 14.
    • 10.4. The minimum monthly transfer is £250; RCTP payments under £500 (or foreign currency equivalent) per month will be charged a transfer fee of £7 for each payment; no transfer fee will be levied on payments above £500. The minimum contract length under the RCTP is six months.
    • 10.5. Any instructions to buy or sell currencies, once accepted by us forms an irrevocable commitment by you to buy or sell in accordance with your instructions. Any changes to the Direct Debit instruction must be received at least 10 working days before collection. You cannot change the receiving payment institutions/bank details between the Direct Debit collection date and the settlement date for that month.

11. ADDITIONAL TERMS FOR THE FIXED RATE RCTP

    • 11.1. Fixed rate regular payment instructions will be accepted on receipt of a deposit equal to at least two months’ payment where we have fixed the exchange rate for up to one year, and at least three months payment where the exchange rate is fixed for over one year.

12. ADDITIONAL TERMS FOR THE VARIABLE RATE RCTP

    • 12.1. Variable rate regular payment instructions will be accepted only after we have received from you the first monthly transfer by debit card & completion of a Direct Debit instruction taken by telephone.
    • 12.2. The percentage between the underlying ‘bid’ rate (sell rate) at which we buy currency and the rate offered by us to you for the first month’s transfer will be no wider for subsequent monthly transfers, for each RCTP arranged.
    • 12.3. The exchange rate for subsequent monthly transfers will be fixed on the 10th of each month or the nearest working day of our choosing if the 10th is not a working day. The amount converted each month will be the Direct Debit collected less any transfer charges applied. Contract notes will be issued by e-mail confirming the exchange rate achieved for each month’s transfer.
    • 12.4. If we are unable to collect a payment on the due date, then no variable exchange rate will be fixed or transfer arranged for that month until alternative payment has been received. However, collections of further Direct Debits will be attempted for subsequent months, until cancellation notification of the Direct Debit has been received by us.

13. PAYMENT

    • 13.1. Cleared funds to pay for all transactions must be available before the settlement date. In practical terms this means that monies from a debit card payment, CHAPS payment, Direct Debit or cheque must be cleared funds with us on the payment date, which for Spot trades will be one business day before the settlement date. For any type of Forward the payment date will be a minimum of three business days before the settlement date.
    • 13.2. We will process payments on the settlement date if we have cleared funds from your bank for the total amount owed including any fees or charges, therefore it is vital that cleared funds are received on time. Onward payment will take place on the settlement date when possible, but is subject to delay where banking electronic transfer cut-off times dictate. We will not be held responsible for the late payment or delivery of funds owing to banking procedures. This means you will need to check with your bank the processing times for their payments.
    • 13.3. A Correspondent Bank (an agent bank) is one that performs services for a paying or receiving bank. A correspondent bank covers the limitations of a smaller bank, a foreign bank, a merchant bank, or other financial institution that needs to outsource certain procedures and services not available at the paying or receiving bank. We will take no responsibility for any costs, expenses or charges accrued by you, the correspondent bank, receiving bank or any other third party as a result of a delay by us making a transfer as a result of late payment on your behalf.
    • 13.4. When you give us a payment instruction you must give us the sort code and account number for payments in the UK, or the equivalent information for payments outside the UK, and any other details we may ask you for, such as the name of the person you are sending the payment to, so we can make the payment. You are responsible for checking the details are correct. We will not be liable if your payment is delayed or sent to the wrong person because you gave us the wrong details, we will use reasonable efforts to recover the payment and if we manage to do so we may charge you our reasonable costs. Onward payments made to a bank in the EEA will be made on the settlement date (provided this is a working day), you will need to check with your receiving bank when you can draw on funds. If you ask us to make a payment to a person in another currency or with an account at a bank outside the EEA you can ask us for details about how long the payment will take to arrive, we will not be able to control exactly when the payment will be received by the foreign bank. If you ask us to make a payment on a future date, we will make the payment that day. If the payment falls due on a non-working day we will make the payment the next working day.
    • 13.5. In the event of you failing to make all or any of the payments required under these terms we will be entitled to close out any existing positions at the current market rate without giving notice to you and we will charge you any associated costs. This includes using any or all of your deposit against any losses suffered by us when unwinding your position and associated costs and liabilities. We will return to you the balance (if any) of your deposit.
    • 13.6. We accept no responsibility where public holidays, both in the UK and overseas, adversely affect or delay settlement dates.
    • 13.7. Cheques. In practical terms, short settlement periods mean that cheques need to be sent first class mail by return (don’t forget the possibility of postal delays and cheque clearance times). In order for us to meet the tight settlement deadlines, it is vital that cheques can be paid in immediately on receipt and are met on first presentation.
    • 13.8. Late payment. We may refuse to carry out your instruction if you do not have sufficient cleared funds or your instructions are not clear or correct or; If you fail to make a payment in full, on, or before the due date for payment we may immediately cancel, terminate and/or suspend any deal with you without having any resulting liability to you. If you fail to pay us the monies relating to a specific transaction in respect of which we have purchased the relevant currency then we may treat the transaction as cancelled by you and you will forfeit all rights. We can also refuse your instructions for legal reasons.
    • 13.9. We may liquidate such positions to discharge such monies and the following will apply: If the liquidation of the currency position realises a net value higher than the amount of monies due to us relating to the opening of the position, we will be entitled to retain for our benefit this additional value. We will not be required to apply it against any other monies or liability that you may have to us; or, if the liquidation of the currency position realises a lower value than the amount of monies due to us relating to the opening of the position then the net difference in value will become a debt due from you to us and payable immediately.
    • 13.10. In addition our charges and the costs of making any such transaction will apply. Failure to arrange timely payment may be interpreted as a breach of your deal with us.
    • 13.11. We retain an unconditional right of liquidation of any positions under our control where funds have not been paid to us by the due date. When liquidation occurs on a Forward deal, the deposit held by us will be returned to you, less any fees, charges or losses, on the original settlement date and not before. Where funds have not been paid by the due date we may at our discretion hold the converted currency for up to seven days while we await payment from you. We reserve the right to charge you interest in this instance. If we are required to place a Swap transaction (for example where your transaction is closed and immediately re-opened with a later settlement date) or other derivative transaction, for an earlier date than the original settlement date or for a later date than the original settlement date, then we may keep any revenue generated by the difference in the exchange rates.
    • 13.12. Where an IBAN (International Bank Account Number) is required but not provided by you we may ask you to cover any charges incurred in sending the payment. Where a SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code) is not included & where it is necessary, we reserve the right to use the relevant headquarter BIC/SWIFT code at your own risk.
    • 13.13. Banks are required to process electronic payments within their published ‘cut off’ times following the day of the instruction. Instructions received after cut-off times or on days that are not business days will be treated as having been received on the next business day. Please refer to your relevant bank or Authorised Institution for their specific individual cut-off times in relation to the receipt and dispatch of electronic payments. We cannot be responsible for the late arrival or late delivery of funds that may arise from the actions or procedures of a third party or Authorised Institution. Once payments have been sent by us to the recipient using the details provided then we have fulfilled our obligations under these terms and are no longer responsible for the timely receipt of funds.
    • 13.14. We shall act in accordance with the terms set out here for the processing of payments and the timing of transactions.

14. CHARGES

    • 14.1. Transactions of under £10,000 (£5,000 for Corporate Clients) will be charged a transfer fee of £15.
    • 14.2. Transfers made via the Regular Currency Transfer Plan will be charged a transfer fee of £7 for individual transfers made under £500 (or foreign currency equivalent).
    • 14.3. The exchange rate offered to you will not be the same as the rate obtained by us. If you have been referred to us by an agent or third party, a share of any revenue may be paid to the referral agent.
    • 14.4. Each separate Draw Down transfer will be charged a transfer fee of £15.
    • 14.5. Where cheques contain errors or are returned unpaid from a bank, we may make an additional charge of £20 and you will be expected to make good the payment immediately.
    • 14.6. When payment is not received by the payment date, we may insist that the currency position is rolled Forward (Swap) for a later payment/settlement date or closed-out. In this case, you will be responsible for all associated fees, costs and charges and will be charged a rebooking/close-out fee of £20.
    • 14.7. If the late payment relates to a RCTP, we may close–out, or roll forward (Swap) any future deals and you will be responsible for all associated fees, costs and charges and will be charged a rebooking/close-out fee of £20 for each monthly deal. In the unlikely event that we are charged interest for holding a currency with an Authorised Institution we will pass the cost on to you.
    • 14.8. All Charges will be detailed in your contract note.
    • 14.9. Interest Charges - We may charge interest on any outstanding sums due for payment to us, which are not paid in full by the settlement date. Interest will be charged at a 20% flat rate and may be calculated and charged on a daily basis. Any interest charge may be deducted from client monies held by us.
    • 14.10. Other Bank charges - Some overseas and UK banks charge their clients additional fees to transfer or receive foreign currencies. All charges arising from receiving, intermediate or correspondent banks in respect to transfers made to or from these banks will be your responsibility. It is important to check before you give us instructions if your receiving bank, or any other bank acting as correspondent, intermediate or agent, will make additional charges in relation to transactions carried out through each bank that may be involved with the transfer of funds.

15. CONTRACT NOTES

    • 15.1. You will normally be sent a Contract Note when you place a deal. If any details are wrong or if you receive notice of a deal you do not recognise you must contact us immediately. You will only receive a contract note at the outset of your fixed rate RTCP and not for each monthly payment.
    • 15.2. Contract Notes may be sent by post or transmitted to you by fax or email as we agree with you.

16. DEATH

    • 16.1. Upon death these terms will be binding on your representatives and where a joint account is held, we will be entitled to treat the survivor(s) as the only person interested in any monies which are subject to these arrangements.

17. TERMINATION

    • 17.1. These terms may be terminated by you or us without penalty and without prejudice to transactions already started. On termination you will pay all outstanding costs of any transactions effected prior to termination and our charges.

18. UNDERTAKINGS AND LIABILITIES

    • 18.1. We are not responsible for default (failure) of any third party unless it is an Associate who is the nominal (named) holder who has custody and is undertaking the safekeeping of your money.
    • 18.2. We will exercise due care and diligence in the conduct of business but will not be liable to you for any depreciation in the value of any currency arranged or purchased on your behalf.
    • 18.3. We accept no responsibility for any loss or delay caused in the payment or transfer of funds to us. Without your consent we will not commit you to any financial obligations beyond the amount you have paid. Detailed records of all your transactions will be kept.

19. DATA PROTECTION

    • 19.1. We will use the information we hold about you to manage your account and to help us provide a high level of service to you. We will also use it to keep you informed by email, telephone, fax, post or other reasonable means of other services which may be of interest to you. If you would prefer not to receive such information please tell us. All personal information will be treated in confidence by us and will not be given to any third parties, except where required by law, or where you have given us your permission. You are protected under the Data Protection Act 1998, and under these terms you are able to have a copy of the information that we hold about you and correct any inaccuracies (we may charge a nominal admin fee for providing copies). We will keep records for a minimum of six years from the date of your last transaction. We may record telephone calls with you.

20. CONFLICTS

    • 20.1. We are determined to treat our clients fairly at all times. In case conflicts arise between the interests of Hargreaves Lansdown, our employees and our clients and also between clients, we have a policy in place to ensure that we identify and handle conflicts fairly and treat our clients with honesty and integrity at all times. You can read a copy of our full Conflicts Management Policy on our website at www.H-L.co.uk/conflicts

21. ASSIGNMENT AND DELEGATION

    • 21.1. We may appoint any person (whether an Associate or not) to advise on or perform our functions or responsibilities under these Terms and we may provide information about you and your transactions to any such person. This contract may be assigned in whole or in part, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment.

22. COMPLAINTS PROCEDURE

    • 22.1. We do everything we can to provide you with the service you want and expect, but should you have cause to complain we have a written policy, for our handling of complaints and how we ensure each complaint is dealt with promptly and fairly. If you feel that we haven’t resolved your complaint satisfactorily you may then want to contact the Financial Ombudsman Service, and we will provide you details of how to do this.

23. FINANCIAL SERVICES COMPENSATIONS SCHEME (FSCS)

    • 23.1. You may be entitled to compensation from the scheme if we cannot meet our obligations in full, please note that due to the eligibility rules of the FSCS some transactions will not be covered, as the scheme only applies to regulated business. To find out more see the schemes website www.fscs.org.uk or call them on 020 7892 7300.

24. LEGAL ACTION

    • 24.1. In the event that we need to undertake any legal action against you for recovery of a debt you will be liable for any and all legal expenses incurred by us in recovery of that debt. If due to an administration error we pay you more than the correct amount of settlement monies and/or funds, the amount of overpayment will be a debt due from you to us and must be repaid to us immediately.

Ref: HL Currency Service T&C 1009