Our policies, terms and conditions
These terms and conditions are for Registered Users of our site. In addition to these terms and conditions, you should refer to the following documents which are relevant to the use of our site:
- General Website Terms and Conditions
- Our Privacy and Data Protection Policy
- Our Charges to Investors
- Our Order Fulfilment Policy
Becoming a Registered User
You cannot purchase investment products through our site, subscribe to our portfolio service or record investments in your portfolio until you have have become a Registered User on our site. Becoming a Registered User entails the provision to us of your personal information including your name, email address, date of birth and address(es).
If you become a Registered User, we agree to provide you with the following services:
- The ability to invest in the investment products featured on Ethex
- The ability to disinvest from the investment products featured on Ethex.
We will undertake to provide these services subject to these terms and conditions.
Eligible Registered Users will also be able to open and invest under an Ethex Innovative Finance ISA. Where we arrange investments that you hold in an ISA, the provisions of the Ethex Innovative Finance ISA Terms and Conditions will apply in addition to these terms and conditions. In the event of conflict, the provisions of the Ethex Innovative Finance ISA Terms and Conditions will prevail of these terms and conditions.
Money laundering checks
When you become a Registered User we are required by law to undertake checks to verify your identity and we will need to ask you for details about you in order to undertake these checks. This may include you providing us with your passport or driving licence number and details of your nominated bank account. We may need to ask you for further information in order to complete the verification process.
If we are unable to verify your identity you may not be able to purchase investment products. In this eventuality any funds we have received from you will be returned to the bank account from which they were received.
You should only continue to use your account if the following statements continue to be true:
- You are resident and ordinarily reside in the UK for tax purposes. If you are resident abroad, we may still be able to accept provide you with services, although we cannot guarantee this
- You are acting on your own behalf. If you are acting on behalf of a company, see below
- You will provide us promptly on request with a copy of any documents which we may reasonably require from time to time
- You will not use our services, operate any account or use the website for any purpose which is unlawful, abusive, libelous, obscene or threatening
- You will ensure that you have the power, authority and approval to enter into and perform your obligations under these terms and conditions
- You confirm you are not insolvent or bankrupt or subject to any insolvency proceedings or arrangements.
Terminating your Registered Users status
You can terminate your Registered User status at any time by giving us written notice by email.
Registered User status can also be terminated by Ethex in the following circumstances:
- Death, or in the case of an organisation, ceasing to exist
- Passing of a resolution of the Directors that the account be closed on the grounds that in their reasonable opinion the Registered User is harmful to Ethex.
Can companies become Registered Users?
We may accept a company as a Registered User for certain services, if it is a private or public limited company incorporated in the UK. The bank account speciﬁed for the purposes of the company’s dealings with us must be a UK account in the company’s name.
The board of such a company will need to appoint a corporate representative to act on the company’s behalf in respect of its Registered User. We may also require some additional information relating to such a company.
If the company is classiﬁed under FCA rules as a “per se professional client” or a “per se eligible counterparty” we may not be able to accept the company as a Registered User, or certain restrictions may apply. Please contact Jamie Hartzell for more details.
We make charges for some of our transactions. Where charges apply they will be listed under 'Fees payable to purchase this product' on the 'Product details' page for the relevant product. We may introduce new charges or change our existing charges. When you deal with us or use any of our services our latest charges will apply. You should make sure that you have checked our latest prices on the 'Product details' page.
Any fees and charges associated with a trade will be clearly stated and communicated to both buyers and sellers at the point at which they place an order.
Order Execution and Advice
Ethex can execute your investment and savings orders but cannot advise you on what investments and savings to make. You acknowledge that we are only executing your order and we are not providing advice to you.
Ethex will execute your orders according to our Ethical Broker Policy.
Please note that once you place an order you are expected to proceed.
In certain circumstances we may not be able to fulfil your order. This could be for a number of reasons such as, but not limited to:
- We are unable to verify your identity
- The business is unable or unwilling to take investment at that time.
We will ensure that we do not ask you to transfer funds to us until we are confident that an order can proceed. If we have taken funds from you and we discover we cannot proceed with the order the funds will be transferred to you within one business day.
Paying for your Order
When you choose to make a saving or an investment we will send you an order acknowledgment detailing the order and the amount to be transferred, including any fees and charges. In many cases your money is transferred directly to the business. However in some cases we will ask you to transfer funds to an Ethex bank account in order that we can complete the transaction. This account is for customer’s transactions only and is a separate account to that used for transactions relating to the day to day running of our business.
We cannot fulfil an order until the full cost of the transaction including any fees and charges has been paid by you. However, we will not ask you to transfer money to us until we are in a position to complete your investment.
You can transfer money by BACS Faster Payments, by CHAPS or by cheque. We prefer you to transfer money by BACS. However we can only accept BACS payments from your nominated bank account. You will be required to give us details of this bank account when you sign up to an account with us.
If we are unable to verify that a payment has come from your nominated bank account, we may instruct our bank to return the payment to its source and will not be responsible for any delays or charges or expenses incurred by you as a result nor for any losses you may suﬀer including any losses that we could not reasonably have expected to occur.
We will pay cheques into our bank account within one business day of receipt. The money will normally be available to you on the fourth business day after we have received it.
We are not able to offer you interest on any money held.
Handling your money and other assets
Ethex will not use your funds for any other purpose than the one you specified in your order.
We will hold your funds in an account with Triodos Bank. This account is for account holders' funds only. We will not use any of this money to cover any of the company's obligations. We will keep any other assets we hold such as share certificates in a secure location.
We will hold your funds only for the shortest amount of time necessary to complete a transaction. This is expected to be one business day. However when we execute an order to sell shares, handling documents such as share certificates and stock transfer forms for longer periods is likely to be necessary.
We will record all assets as belonging to you as an account holder, and will forward them to the necessary parties in accordance with your transaction instructions as soon as practicable after receiving them. We will make and retain a record of the fact that we have handled any money and assets and of the details of the account holder concerned and of any action we have taken in relation to that asset.
Communicating with you
How we will communicate with you
Most communications will be sent to you by email. However, we may telephone you to discuss matters related to your Registered User.
All printed documents, including cheques and share certiﬁcates sent to you by post, will be sent to the last known postal address that we hold for you and we will not be responsible if you do not receive them for any reason.
You must inform us immediately of any changes to your personal details, including your postal address, your email address, your telephone numbers (mobile and landline) and, if relevant, your bank details.
When we receive returned mail, emails or payments, we will do our best to contact you to get your new details. However we do not have to send further communications to the old address or old email address.
What you must tell us
You agree to notify us immediately if you become aware of any of the following:
- Loss, theft or unauthorised use of your Registered User log-in details
- That you have not received, within the expected timeframe, any promised communication such as, but not limited to, confirmation of an order, confirmation of completed transaction, or transfer of funds
- Receipt by you of a confirmation of an order, or of a completed transaction, which you did not place
- Changes in your circumstances as listed above.
If we send communications to you:
- By post, to the last known postal address that we hold for you, they will be treated as received by you four business days after posting
- By fax they will be treated as received by you immediately upon sending to the most recent fax number we hold for you
- By email they will be treated as received by you immediately upon sending to the most recent email address we hold for you.
We do not have to ask for any acknowledgement of receipt from you in respect of communications sent in accordance with the above.
We may also communicate with you by posting information on the website in which case the information will be treated as received by you when it is posted. You must have regular access to the internet and you agree to us providing you with information, including information about the nature and risks of investments by posting that information on the website and you must check the website regularly for up-to-date information. Information on the website is subject to change without notice.
We shall be treated as having received any communications made by you to us only if we actually receive the communications. If you need to contact us urgently, you should email us in the ﬁrst instance. You can also telephone us from Monday to Friday between 09.00 and 17.30 hours.
What if things go wrong?
If you have any complaints about our service we will handle them in accordance with our complaints procedure.
We do not accept responsibility for any loss you or anybody else may suﬀer because any instructions or information sent by you or us are sent in error, fail to reach the recipient or are distorted unless such loss results from our negligence, fraud or our deliberate default.
We may rely on all orders and other communications given or made by you or anyone else using your account number and password which we reasonably believe to have been made by you or on your behalf. You will be bound by any agreement entered into or expense incurred on your behalf in reliance upon such a communication.
We will not be responsible for any payments from your account or any loss you may suﬀer – including any loss that we could not have reasonably expected to occur – caused by:
- Your failure to keep your Registered User account details and password or other conﬁdential information about your Registered User account secret or to take all reasonable precautions to prevent unauthorised or fraudulent use of your Registered User account details, password or other conﬁdential information about your Registered User account
- Your failure to comply with the security obligations set out in these terms and conditions and any security recommendations on the website
- If you are aware your Registered User account has been compromised in that you lose your password or your Registered User details and you also fail to notify us or to change those details
- Your fraud.
We shall not be responsible for any loss you may suﬀer if we are unable to carry out your instructions or orders after we have accepted them for whatever reason (other than our negligence, fraud or deliberate default) or if there is a delay or a change in market conditions before they are carried out.
Other matters relating to these terms
Your rights under these terms and conditions are personal to you and you may not transfer them to anyone else. Your obligations under these terms and conditions may not, without our prior written agreement, be performed by anybody else.
A person who is not a party to these terms and conditions will have no rights to enforce any of these terms and conditions.
If any of the terms in these terms and conditions are not consistent with the legal regulations in force at the time, the terms of the legal regulations take priority.
From time to time we may change these terms and conditions. We will tell you about any changes and when they come into eﬀect by placing a notice on the website, and, if we hold a valid email address, by email (or by post if we do not hold a valid email address for you).
Terms governed under English law
We take English law as a basis for the establishment of relations with you before we accept you as a customer. These terms and conditions are governed by and construed in accordance with English law. You agree that legal action relating to these terms and conditions may be dealt with only by the courts of England and Wales or if you live in Scotland or Northern Ireland by the courts of those countries if you choose them in writing.
The Ethex team are here to help from 9am to 5pm
01865 403 304