Nomo Investment Terms

These Nomo Investment Terms apply from 23.01.2023.

SECTION 1 : IMPORTANT INFORMATION FOR NOMO INVESTMENT CLIENTS

1. Things you need to know

1.1 This information is provided by Nomo (together with our Privacy policy and Notice, which can be found on our website (accessible from the Nomo App), and App Terms and Conditions of Use) and tells you about us and the legal terms and conditions and the risks that apply to our services.

1.2 Please read this Important Information carefully and make sure you understand it before signing up to use the Nomo Investments service. You will be asked to agree to the Nomo Investment Terms before you can access the service. If you do not accept the terms, you will not be able to use the service.

1.3 You should also refer to our risk disclosure, ‘Important Information and risk warning about investing in funds through Nomo’ and our Nomo Order Execution policy. Please read them carefully before you open your Nomo Account and submit any Orders. If you have any questions or doubts about any of the content of this Important Information or our Nomo Investment Terms, you should seek independent professional advice.

1.4 We may amend the Nomo Investment Terms from time to time as set out in Section 7 of the Nomo Investment Terms. Please check the Terms periodically to ensure that you understand the terms and conditions which apply. You may request a copy of our Nomo Investment Terms from us at any time, including a paper copy.

2. About Nomo

2.1 “Nomo” means Nomo by the Bank of London and The Middle East (BLME), a registered trademark and trading name of BLME. Nomo’s website is at http://www.nomobank.com/.

2.2 BLME is a company registered in England & Wales. Its company registration number is 05897786. The registered office address is 20 Churchill Place, Canary Wharf, London E14 5HJ.

2.3 BLME is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Financial Conduct Authority can be contacted at 12 Endeavour Square, London, E20 1JN and the Prudential Regulation Authority can be contacted at 20 Moorgate, London, EC2R 6DA. Nomo appears on the FCA Register under firm reference number 464292.

3. How to contact us

You can contact us via email (support@nomo.bank) or telephone (+44 20 3991 0400). Any changes to these contact details will be shown in the Nomo App. Further information is provided in Section 7 of our Nomo Investment Terms.

4. No Advice

4.1 When providing services via the Nomo App we are providing an execution-only (self-guided) service without advice in relation to non-complex Investments within the meaning of the FCA Rules. Nomo therefore does not have to assess the suitability or appropriateness of the Investments or service for you.

4.2 Nomo offers dealing in certain Investments (specifically funds) which are intended to be suitable for Sharia compliant investing. The financial instruments offered are open-ended investment funds, specifically funds called Undertakings for Collective Investment in Transferable Securities (UCITS). They are suitable for 'Retail' clients, as defined by UK regulation. Their value is subject to fluctuations in the financial markets, which are outside of Nomo's control. The value of investments can go down as well as up and you may get back less than you originally invested. These funds are intended for medium – long term investment; they are not suitable for short-term savings purposes. You should not invest monies in this type of financial instrument which you need to use at short notice.

4.3 Although we may from time to time provide you with factual information about Investments, this information is not, and should not be interpreted as, advice.

4.4 You are solely responsible for the decisions you make in relation to your Orders. If you are uncertain as to whether an Investment is appropriate for your individual circumstances or needs, you should seek independent professional advice.

5. Order Execution and Custody

5.1 All Orders will be handled in accordance with our Order Execution policy. In accordance with our Order Execution policy, we will take all sufficient steps to ensure that we obtain the best possible result for you when executing your Order, taking into account certain factors, with price being the key factor for Retail clients.

5.2 Nomo holds your assets in custody for you. It is subject to the custody requirements of the FCA's Client Assets regulations.

5.3 Nomo uses a third-party provider (a regulated bank) to execute orders and provide custody services.

6. Fees and Charges

6.1 Fund fees: Fund managers typically apply an Ongoing Charge for fund management. Some charge Performance Fees where a certain benchmark is exceeded. Some fund managers also charge Entry and/or Exit Charges. Fund management fees are either included in the price of units (Ongoing Charges and Performance Fees) or deducted from the amount invested or redeemed (Entry and Exit Charges).

6.2 Nomo Platform Fee: Nomo charges a monthly investment service fee based on your average portfolio value. Nomo Platform Fees will be deducted from your Account.

6.3 Referral Fee: In some markets Nomo may make arrangements with local representatives to which it may pay commissions / referral fees. These would be paid from the fees charged to you by Nomo – your fees are the same whether or not Nomo pays some of them away to local representatives. This arrangement enables Nomo clients in these markets to use services which they might otherwise not be able to access. Nomo has a profit-sharing arrangement with Boubyan Bank in Kuwait in relation to clients introduced to Nomo by Boubyan Bank. This arrangement is not product-specific, so it’s not possible to identify how much the fee would be in relation to investment business.

7. Potential risks of using the Nomo App

7.1 Trading financial Investments involves an element of risk.

The value of your investment may fall as well as rise and you may get back less than your initial investment, and, in some cases, you may lose your entire initial investment. Past performance of an Investment is not a reliable indicator of its future performance.

7.2 Further details on the risks of trading in funds through your Nomo Account on the Nomo App are available in ‘Important Information and risk warning about investing in funds through Nomo’. Before using the Nomo App to submit Orders in relation to Funds, you should consider whether you have understood the risks detailed in that disclosure.

8. Availability of the Nomo App

Whilst we will try to make the Nomo App available to you without interruption, we cannot guarantee that the Nomo App will always be available to you. In these circumstances, your Orders may not be able to be submitted and you may not be able to monitor the Investments that you hold via the Nomo App.

9. Tax

Various tax regimes may apply to your trading in Investments depending on your personal tax status and the rules and regulations in force from time to time. You have the sole responsibility for determining the relevant tax impact on your trading and you should consult an appropriate professional advisor if you have any questions or doubts in this regard. Nomo does not provide tax advice.

10. Your finances

10.1 You should ensure that your personal finances are suitable for engaging in the buying and selling of Investments, and that you have the ability to bear any losses that may arise from your trading activity. You should not rely on being able to generate profits to pay down or relinquish any credit or financing you have arranged for the purposes of buying and selling Investments. You should not enter into any borrowing agreements in order to fund your purchase of Investments via the Nomo App.

10.2 If your Nomo Bank account is denominated in a currency other than your Base Currency (the currency of the country you live in and earn your main income in), you should be aware of the risk of fluctuations in the exchange rate between your Base Currency and the currency of the Nomo Account.

11. Voting rights

Although Investments can often have rights (commonly referred to as corporate actions) you should not assume that you will be able to exercise these rights. You may not have the opportunity to exercise any voting rights attached to those Investments. Please refer to Section 12 of the Nomo Investment Terms in Section 2.

12. Legal and Regulatory Changes

Changes to current legislation and regulations could give rise to changes in the price of Investments, which could impact your profits or losses. The impact of such legal and regulatory changes can be material and unexpected, and may impact certain companies, markets and jurisdictions more than others.

13. Cancellation

13.1 If you are resident in the UK, you can cancel the agreement between us on the Nomo Investment Terms within 14 days from having applied to open an Account. You can let us know by contacting us by email or telephone. If you have already invested through the Nomo App at this stage, the effect of cancellation will be to terminate the agreement with us and to close your Nomo Account. Nomo will sell your Investments and return the money from any sale to you. If the value of your Investments has fallen, you will not get back all the money you invested. You will also be liable for any costs we have to pay on your behalf in order to sell the Investments.

13.2 If you are resident outside the UK and apply for the Nomo App while outside the UK, you do not have any cancellation right for our Nomo App service, but you can terminate the agreement between us and close your Nomo Account on the basis set out in the Nomo Investment Terms.

13.3 You can place ‘buy’ orders for an amount in currency terms in the currency of the fund or place ‘sell’ orders for a number of units. Having placed an order, you have no contractual right to withdraw it. However, if you place an order in error, Nomo will use reasonable endeavours to cancel it before it is executed. If you want to request Nomo to cancel an order, you are advised to get in touch at the earliest opportunity.

14. Protections

14.1 Retail client: Nomo Investments will categorise you as a 'Retail' client. Put simply, this means you are an individual investor (not a corporate body or institution) and you will have the protections afforded to 'Retail' clients by the UK's Financial Conduct Authority.

14.2 Client Money: Any money which we receive from or for you and hold for you in your Account is held by us as banker and not as trustee under the FCA’s rules on Client Money. If we were to become insolvent, the FCA’s rules on Client Money distribution would not apply to the sums credited to your Account, so you would not be entitled to share in any distribution under those rules.

14.3 FSCS: Your investments with Nomo may be covered by the Financial Services Compensation Scheme (FSCS). The FSCS pays compensation for protected investment business if a regulated firm is unable to meets its financial obligations. Most types of investment business are covered for 100% of the first £85,000 per person per firm. The FSCS does not cover any fall in the market value of investments that have been incurred. You can find more information about FSCS protection at www.fscs.org.co.uk.

15. Complaints

15.1 Should you have a complaint, please notify us. We will arrange for the matter to be investigated in accordance with the rules of the FCA.

SECTION 2 : NOMO INVESTMENT TERMS

1. Introduction

1.1 These Nomo Investment Terms form the basis of the agreement between you and Nomo for dealing in Investments offered via the Nomo App. Where we provide additional services to you, those services will be governed by our other terms as appropriate.

1.2 These Nomo Investment Terms will apply to you from the date that you open your Nomo Account through the Nomo App and will continue in force until terminated by you or Nomo in accordance with these terms.

2. Organisation of these Nomo Investment Terms

2.1 To help you more easily understand these Nomo Investment Terms and our Nomo App we have set them out in the sections in the table below.

2.2 You should also read the Important Information above which contains a summary of key points you should be aware of before you sign up to the Nomo App and start placing Orders for Investments.

Section 1 Important Information	The section at the beginning of this disclosure which draws your attention to some key points to note.
Section 2 Nomo Investment Terms	This section which explains how the terms apply and how they are organised to help you understand our service and to make an informed decision.
Section 3 Glossary	This is a short list of definitions for the capitalised terms we use in our Nomo Investment Terms.
Section 4 Trading in Investments through the Nomo App	These are the main provisions about our dealing services.
Section 5 Paying for transactions and how we hold your Investments	This explains how the money side of things works when you use the Nomo App and how we provide our custody services to you- i.e., how your Investments are held and protected.
Section 6 Setting up and using your Nomo App	This section is focused on explaining a bit more about security for the Nomo App, limits on your use of the App and other practical information.
Section 7 Our relationship	This section sets out general information about our relationship, rights and responsibilities etc. and explains more about how we can contact each other and how you can complain, among other things.

Other important disclosures that you need to be aware of can be accessed here:

Privacy Policy	This explains how we may use your personal data that we hold about you once you have applied to use the Nomo App.
Nomo Website and App Terms and Conditions of Use	These are the more general terms that relate to using the Nomo App
Nomo risk disclosure	This provides a high level and non-exhaustive explanation of risks you incur when investing through the Nomo App.
Summary of Nomo Order Execution Policy	This explains explains how we execute your Orders
Summary of Conflicts policy	This explains about how we handle conflict situations and gives examples of when conflicts may arise.

SECTION 3 : GLOSSARY

Throughout these Nomo Investment Terms, we use certain capitalised terms that have specific meanings as detailed below:

“Account/Investment Account” means the Nomo App investment account you open with Nomo in your name through which you will submit Orders via the Nomo App and to which we record your investments on the basis described in Section 2 of these Nomo Investment Terms.

“Base Currency” means currency of the country you live in and earn your main income in.

“Current Account” is the current bank account provided by us which you have told us you want to use to fund your transactions in investments through the Nomo App.

“Fund” means a pooled investment fund available for investment by Retail Clients and typically established as a UK or EU UCITS (a type of collective investment vehicle that can be marketed to ordinary investors because it adheres to high risk and fund management standards under detailed regulation (both in the EU and in the UK).

“Investments” means the financial Investments available via the Nomo App for which you may submit Orders. These are currently limited to Funds which are suitable for Sharia investing.

“Nomo” means the division of the Bank of London and the Middle East using the trading style “Nomo Bank”.

“Nomo App” means our mobile application through which Nomo will provide to you our dealing services and Account and other services from time to time.

“Order” means an instruction from you via the Nomo App to buy or sell an Investment or Investments.

“Portfolio” means the total balance of all your Investments we are holding through your Account.

“Positions” means the Investments that you hold in your Investment Account as a result of the Orders that you have submitted via the Nomo App which have been executed.

“Professional Client” means a type of client that satisfies certain criteria set out in the FCA rules.

“Retail Client” means any client that is not a Professional Client and is not otherwise categorised as another type of client.

“Trade” means a completed buy or sell Order.

“US Persons” means a citizen or resident of the United States of America, a partnership organised or existing under the laws of any state, territory or possession of the United States of America, or a corporation organised under the laws of the United States of America or of any state, territory or possession thereof, or any estate or trust, other than an estate or trust the income of which from sources outside the United States of America is not includable in gross income for purpose of computing United States income tax payable by it or shall have the meaning provided for from time to time in US laws and regulations such as but not limited to the Foreign Account Tax Compliance Act.

“We or us” means Nomo.

“You or your” means you, the client of Nomo that has applied to use the Nomo App and opened an Account subject to these Nomo Investment Terms.

SECTION 4 : TRADING IN INVESTMENTS THROUGH THE NOMO APP

1. About us

1.1 We are Nomo. Details about Nomo and the way it is regulated in the UK are set out in the Important Information above.

1.2 Bank of London and The Middle East plc DIFC Branch is also regulated by the Dubai Financial Services Authority (“DFSA”) as a Category 4 Authorised Firm. The registered office is Office 2904, Level 29, Al Fattan Currency House, Dubai International Financial Centre, Dubai, UAE, PO Box 506557 is DFSA Firm Reference Number F0003552.

2. Scope of our services

2.1 Nomo provides self-directed/execution only dealing and custody services in relation to Investments which are intended to be suitable for Sharia investing. We do not provide advice as part of our service and we are not responsible for making sure that any particular Investment is suitable or appropriate for you.

2.2 You should not invest unless you understand the nature of the Investments we offer and the extent of your exposure to risk. You should also be satisfied that the investment or product is suitable for you in light of your personal circumstances. If you are not experienced in the types of Investments being provided, or if you are unsure about any of our terms and conditions, you should seek professional advice.

2.3 We will never provide you with tax or legal advice. This is within the remit of your own independent professional advisers.

3. These Nomo Investment Terms

3.1 These Nomo Investment Terms apply to all our investment services via the Nomo App. These are the standard terms and conditions on which we intend to rely. For your own benefit and protection, you should read these terms carefully.

3.2 If you do not understand any point within these Nomo Investment Terms or require further information, please contact us through the Nomo App as described in Section 7 below.

4. Your client categorisation

4.1 We will treat you as a Retail Client unless you have agreed and we have informed you otherwise in writing. It is open to you to request a different client categorisation to the one which we have given you, but we may, in our sole discretion, reject any such request. We do not classify any of our clients as Professional.

5. Your Orders

5.1 An Order is an instruction from you to either buy or sell a particular Investment which is made available via the Nomo App.

5.2 We may add or remove Investments (such as Funds) from time to time at our sole discretion. This means that available Investments may change from time to time. If we no longer wish to support an Investment in which you have a position, we may require you to sell your holding. In this case, we will provide you with advance notice in writing of the date by which this is required. If you have not placed the order by the specified date then we may submit an order on your behalf to sell the holding at the prevailing market price.

6. Execution of your Orders

6.1 If your Order is accepted by us, we execute it by passing (or our delegate passing) the order to the relevant Fund or Fund manager.

6.2 When we execute Orders for you, we are required to provide best execution and to comply with our Order Execution Policy. Best execution means we must take all sufficient steps to ensure that we obtain the best possible result for you when executing your Order, taking account certain factors (with price the key factor for Retail Clients). By accepting these Nomo Investment Terms and opening an Account, you consent to us acting in compliance with our Order Execution Policy.

6.3 When we use a third-party broker or delegate to execute your Orders for us, we will seek, through our broker diligence and monitoring processes, to ensure that any such party takes all sufficient steps to deliver the best possible result to our clients on a consistent basis. Please refer to our Order Handling Policy for more information for how we appoint third parties, where relevant.

6.4 We may sometimes execute certain orders outside a trading venue and you expressly agree that we may do so under these Nomo Investment Terms.

6.5 We may be required to make information about certain transactions public when we execute trades for you. You agree to waive any duty of confidentiality in relation to the information we are required to disclose under applicable regulatory requirements.

6.6 If your Order is not able to be placed for reasons beyond our control then we will continue to hold the relevant Investment (in the case of a sell Order). In the case of a buy Order we will release the block we have placed on your Current Account (as described in Section 5 clause 6).

6.7 You must notify Nomo if you receive confirmation of an Order which you did not place or which has not been completed in accordance with your instructions.

6.8 We may combine your Order with other customers’ Orders if we reasonably believe that this will not be to your disadvantage. We may have to arrange for the execution of your Order in tranches and provide an average price per Order.

7. Submitting and cancelling Orders

7.1 Orders may only be submitted via the Nomo App. Orders must relate to the Investments that are available via the Nomo App from time to time. We have sole discretion as to the Investments that we make available to you via the Nomo App.

7.2 If the Nomo App is unavailable for any reason, you can let us know by emailing support@nomobank.com.

7.3 You are responsible for the accuracy of your Orders. You may not be able to cancel or change an Order after you have submitted it. It's important to note that by submitting an Order, you are entering into a binding commitment to buy or sell an Investment.

7.4 You should double-check to make sure that, before you have submitted any Order you:

(A) have input the right values;

(B) are certain that you wish to go ahead with that Order;

(C) understand how these Nomo Investment Terms apply to that Order;

(D) are willing and able to bear the risk of any potential loss associated with that Investment; and

(E) understand the risks of investing in that Investment.

8. Acceptance of Orders by us

8.1 In order to execute an Order via the Nomo App:

(A) you must have sufficient Investments to settle any sale Order that you place; and

(B) you must have sufficient cash on your Current Account to settle any purchase Order that you place (including any charges which are due and payable).

8.2 We will only accept Orders that meet any minimum order criteria we set in the Nomo App from time to time.

8.3 We (including any delegate of ours or third-party broker) will have the final say on whether or not an Order submitted by you is accepted. If we (or a delegate or a third-party broker) reject an Order, we will not have to explain to you why that Order has been rejected, but we will notify you of the rejection through the Nomo App.

8.4 We maintain various risk limits and tolerances that govern whether or not we will accept an Order.

8.5 Orders may also be rejected by us (or any delegate or third-party broker) or not submitted by us for reasons relating to:

(A) Trading restrictions imposed by regulators or markets on certain Investments;

(B) Trading restrictions imposed by brokers, custodians or commercial settlement systems; or

(C) You not having sufficient funds in your Nomo Current Account to pay for that Order, or if the acceptance of an Order would breach a limit that we have placed on your Nomo Account or would cause your Nomo Current Account to become overdrawn.

9. Cancellation of Orders/Positions

There may be instances where we (or our delegate) are required by a third-party (e.g., a market) to cancel your Positions. In such circumstances, we will seek to notify you of any such request and you agree that you will use all reasonable endeavours to cooperate with us and, to the extent necessary, our delegate to comply with any such request relating to the cancellation of your Positions, including in relation to the taking of all actions that may be communicated to you by us to comply with any request from a third-party in relation to your Positions.

10. Price changes

10.1 The prices of Funds are as published by the Fund or Fund manager for the relevant dealing day.

11. Reporting to you about transactions executed

11.1 You will be able see in the Nomo App on a real time basis what Orders have been executed for your Account and therefore what you hold in your Portfolio of Investments.

11.2 In addition, we will send you contract notes (also known as confirmations) for each transaction (via the Nomo App message notification centre) confirming the details by the end of the Business Day on after we receive confirmation from the relevant Fund manager.

11.3 You can ask us for an update on the status of your Order at any time- by contacting us via support@nomobank.com.

11.4 You must tell us as soon as possible of any errors contained in any contract note /confirmation you have received. In the absence of manifest error, all contract notes will be conclusive and binding on you unless you notify us in writing by email within five (5) Business Days of the date of the contract note that you disagree with its contents, or we notify you of an error in the contract note within the same period.

12. Corporate actions

12.1 We will use reasonable endeavours to promptly notify you of a corporate action notified to us by a fund, fund manager or third party where relevant. There may be instances when we are not notified of a corporate action (or are not provided with sufficient information in time by them) and as a result are unable to pass on the details to you. In such circumstances, we will not be liable to you for any loss suffered.

12.2 When a mandatory corporate action is announced where no option is available to shareholders and no firm payment date is known in advance, we will notify you only after the new Investments or cash have been received and credited to your Account.

12.3 We may, at our sole discretion, not make available to you all of the choices that are offered relating to a corporate action.

12.4 In the case of an elective corporate action, we will advise you of the date by which it requires a response (which will typically be earlier than the date advised by the company) and request your instructions. If you do not provide us with instructions as advised by it within the stipulated period then the default option of the Fund, fund manager or other third party.

12.5 If the corporate action entails the payment of cash from Account, it is your responsibility to ensure that there is sufficient cash in your Current Account to satisfy the payment when it falls due.

12.6 We will not credit to your Account and we will not retain fractions of Investments arising from corporate actions where we cannot reasonably allocate these to your Account.

12.7 Where a corporate action has required the sale of Investments or fractions of Investments and we receive the proceeds, we will allocate the proceeds to your Current Account.

13. Provision of information via the Nomo App

13.1 We will provide you with information about Investments available on the Nomo App. This will include providing access to the third-party fund manager’s Key Investor Information Document (KIID) for the Fund. All Information is and remains our property or the property of our third-party licensors. We are not responsible for the KIID documents provided to you which are the responsibility of the third-party fund or fund manager or a distributor.

13.2 After you have invested, we do not have to provide you with updated KIIDs or other information but we will use reasonable efforts to do so where possible.

13.3 You will be able to access the KIID for Investments via the Nomo App. Other documentation relating to a Fund may be available in the public domain, such as the prospectus. We are not responsible for providing these, but you may wish to access them if further information is required.

14. Transfers and withdrawals

You will not be permitted to transfer your investments at any time.

SECTION 5 : PAYING FOR TRANSACTIONS AND HOW WE HOLD YOUR INVESTMENTS

1. Funding your transactions

1.1 In order to open a Nomo Account for investment via the Nomo App you will need to have opened your Nomo Bank Current Account. Your transactions in Investments will be funded from this bank account. If you or we close your Current Account for any reason your Nomo Account will also be closed and you will not be able to use our investment services.

1.2 When you want to place an Order via the Nomo App for an investment you must have sufficient funds on your Current Account for the Order. If you do not have sufficient funds, you must initiate a transfer of sufficient funds to your Current Account. If you do not do this and there are insufficient funds on your Current Account when required to settle an Order then the Order will not take place. We do not provide you with credit to fund your transactions through the Nomo App.

1.3 When you submit an Order to buy an investment, an estimated amount you are required to pay in relation to that Order is blocked (or “earmarked”) in your Current Account immediately on submission of the Order; the exact amount is then payable when the Order is settled. The exact amount may be lower than the amount blocked but we will use our reasonable endeavours to ensure that the blocked amount is as accurate as is reasonably possible. The blocked amount will show on your Current Account statement but will not be available for you to use. This prevents your Current Account from becoming overdrawn (in accordance with our Nomo Current Account Terms and Conditions overdrafts are not permitted).

1.4 We will only block your Account under paragraph 1.3 for the shortest period necessary to allow us (or a delegate or a third-party broker) to execute the Order and, in doing so, we will notify you of the temporary block to be placed on your Account in advance through the Nomo App.

1.5 You acknowledge and agree that we have the right to procure a deduction of value from your Current Account so as to effect payment for your Orders if we need to. This may include any additional amounts required to settle trades in the event an Order is ultimately executed at a different price to the indicative price quoted i.e. in the event of a market move following transmission of an order

2. How we will hold your money

2.1 We do not operate a separate cash account specifically for you to fund your Nomo App investments. Payments for investments are made directly from your Current Account. Payments arising from your investments or on sale or redemption of your investments are credited direct to your Current Account.

2.2 Any money which we receive from or for you (e.g., any distributions on Investments) is credited to your Current Account in accordance with our Nomo Current Account Terms and Conditions. Cash we hold for you is always held by us as banker and not as trustee under the FCA’s rules on client money. If we were to become insolvent, the FCA’s rules on client money distribution would not apply to the sums credited to your Current Account, so you will not be entitled to share in any distribution under those rules. Instead, you may benefit from protection under Financial Services Compensation Scheme (“FSCS”).

2.3 When opening your Current Account, we will have supplied you with a FSCS Eligibility Information Sheet which provides information on and explains the protection of your eligible deposits in the case of our insolvency. Compensation for deposits you hold with us, including your Current Account and other bank accounts is subject to a maximum potential claim of £85,000.

2.4 We may debit from your Current Account any payment we have made to which you are not entitled.

3. How we will hold your Investments

3.1 We provide custody for the Investments in your Portfolio under these Nomo Investment Terms. We will hold them for you in safe custody in accordance with the FCA Rules. This means that they will be kept separate from our own Investments. We will keep records to show that that we hold them on your behalf and that they do not belong to us.

3.2 We may hold your Investments with a third party (such as our global sub-custodian) on our behalf and you authorise us to do so where we reasonably consider it appropriate or necessary.

3.3 We will use all skill, care and diligence in selecting, appointing and periodically reviewing third parties, including our global sub-custodian, and will be responsible for any failure by us to exercise such skill, care and diligence in their selection, appointment and review. Where we have taken all skill, care and diligence in their appointment, we shall not be liable for any of their acts or omissions. We cannot ensure that you would not lose any Investments if they went insolvent and are not responsible for any loss arising from their insolvency.

3.4 We will take reasonable steps to ensure that your Investments are identified as held for you so, rather than us or the third-party custodian. We will make sure your and other clients’ Investments are identifiable separately from our Investments and Investments belonging to any third party by using differently titled accounts or other measures that secure the same level of protection for you and our other clients.

3.5 Your Investments (i.e., units or shares in Funds) will usually be registered in the name of a nominee controlled by our global sub-custodian (a bank to which we have delegated certain aspects of the provision of the Nomo App and services).

3.6 Registration in the name of a nominee controlled by our global sub-custodian or a third party may mean you lose incentives and shareholder benefits attaching to your Investments.

3.7 When registration in the name of the nominee of our global sub-custodian is not possible, they will be registered in the name of a third party by our global sub-custodian as permitted by the FCA Rules. This may include holding in the name of the global sub-custodian or its sub-custodian located outside the UK where our global sub-custodian has taken reasonable steps to determine that it is in your best interests to do so, or that it is not feasible to do otherwise, because of the nature of the applicable law or market practice.

3.8 Where your investments are held by our global sub-custodian or its own sub-custodian, your Investments will be pooled with the investments of other clients in a bulk nominee holding or single custody account. This means that your entitlement to any Investment may not be identifiable by a separate certificate, other physical document of title or electronic record. Accordingly, if there is a default by the global sub-custodian, its nominee or any sub-custodian resulting in a shortfall, you may only receive a pro rata share of your full entitlement.

3.9 If your Investments are held in a jurisdiction outside of the United Kingdom your rights may differ as a result. If local law does not allow your Investments to be held separately from ours or from those of the sub-custodian then you might be at risk of greater loss in case of the sub-custodian’s insolvency.

3.10 Your Investments will only be deposited by us or by our global sub-custodian with a non-UK custodian if they are based in a jurisdiction which regulates safekeeping of Investments and they are so regulated unless the nature of the Investment or services relating to them requires the Investments to be deposited with a third party in that jurisdiction.

3.11 Our global sub-custodian and any other third-party sub-custodian (including a depositary) may have a security interest, lien, right of set-off or similar rights over your Investments under their standard terms, where permitted under applicable regulatory requirements. Our global sub custodian is only entitled to a security interest, lien, right of set off and similar rights to cover exposures incurred in relation to the services provided by it and in accordance with the FCA rules. Other sub-custodians may have wider rights if required by applicable law in a third country jurisdiction in which it holds your Investments. We will tell you about the risks of third parties holding liens and other rights over your Investments which include them being able to reduce your Investments to recover payments due to them.

3.12 You cannot use your Investments held by us as security for a loan without our prior written consent.

3.13 In certain circumstances, and subject to applicable laws and regulatory requirements, we may cease to treat any Investments held on your behalf as safe custody investments, and (i) liquidate these Investments at market value and pay away the proceeds or (ii) directly pay away these Investments, in either case, to a registered charity of our choice, or, where applicable legislation or FCA Rules allow, a Reclaim Fund. We may only do this if:

(A) We have held your Investments for at least twelve years and there have been no instructions received by us in relation to the Investments during the twelve years immediately before being paid away to the registered charity or Reclaim Fund; and

(B) We have taken reasonable steps to trace you and return the Investments to you.

3.14 If you contact us after we have paid away your Investments to charity, we will return a sum equal to the value of your Investments at the time they are liquidated or paid away to charity.

3.15 We may reclaim from your Investment Account any Investment we have allocated to you to which you are not entitled.

4. Reporting to you on your money and Investments

4.1 We hold your Investments as custodian and your cash in your Current Account as banker. We do not hold your money as Client Money (within the meaning of the FCA Rules) at any time.

4.2 We will make statements available to you monthly within your Nomo App and by email which will show the current balances of Investments in your Portfolio. If you require an additional statement at a different interval then this available from us on request. There may be a charge as indicated in our Nomo tariff of charges from time to time.

4.3 You must tell us as soon as possible of any errors contained in any statement you have received. In the absence of manifest error, all statement will be conclusive and binding on you unless you notify us in email within five (5) Business Days of the date of the statement that you disagree with its contents, or we notify you of an error in the statement within the same period.

SECTION 6 : SETTING UP AND USING YOUR NOMO APP

1. Functionality of the Nomo App

The features of the Nomo App and the way it works may change and so our explanations and information for your reference are provided outside these Nomo Investment Terms in our “How to” guides and FAQs which can be accessed through the Nomo App and on our Nomo website.

2. Secure access to your Account

2.1 When you open an Account with us through the Nomo App, we will agree secure methods of identification for your use of the Nomo App with you. This may include personal pin codes and passwords. We may also let you choose face identification or touch identification on your phone.

2.2 You must not allow anyone to access the Nomo App on your behalf. You must treat it as confidential; the secure identification methods such as pins and passwords and any other piece of information agreed with us to authenticate your access to the Nomo App when your Account is set up. You must not transfer these to any third party.

2.3 If we become aware or suspect that you are affected by fraud or an operational security incident, some or all of the functionality of your Account may be limited until such time that the suspected incident is resolved.

2.4 If you believe that your account has been compromised or do not recognise activity on your Account, you should immediately contact us on the basis detailed in Section 5 of these Nomo App Investment Terms.

3. Restrictions on using the Nomo app

3.1 Your use of the Nomo App must at all times comply with these Nomo Investment Terms.

3.2 You are not permitted to use any algorithms or electronic trading programs or systems in connection with your submission of Orders via the Nomo App. You are not permitted to engage in copy trading or day trading.

4. Account in your sole name

4.1 We don't allow you to share your Account with another person, and the Account must only be in your name. You are solely responsible for ensuring the safe keeping of any passwords or security credentials connected to your use of your Account and the Nomo App as above and we are not responsible for anything that happens on your Account as a result of a person accessing your Account because you didn't keep your password and security credentials safe.

4.2 Unless you have informed us otherwise, we are entitled to treat every action taken via your Account as an action authorised and undertaken by you.

5. Information we provide through the Nomo App

We may provide you with various market data and other information about Investments to enhance your use of the Nomo App. This market data may include historical data about prices of Investments, industry and sector trends and analysis on various companies and Investments. Past performance is not a reliable indicator of future performance. In no circumstances should any of this information be construed or interpreted as us giving you advice or providing you with a recommendation of any kind. We do not take any responsibility for the accuracy or completeness of any market data or other such information provided to you via the Nomo App and we are not liable to you for any actions taken by you or not taken by you as a result of your use of any such information.

6. Information we require from you

6.1 To apply for an Account, you must provide us with such information about you as we request, so that we can identify you, verify your identity and conduct fraud checks, sanctions checks, anti-money laundering and counter-terrorism checks and any other names list checks required of us by law or regulation or to meet our risk based financial crime procedures (including our anti-bribery and corruption controls).

6.2 The evidence we use as part of our Nomo App onboarding process will usually be collected electronically, but as we are required to keep your account under review, we may later ask you for additional information and evidence in such form as we reasonably require to manage our risk in connection with your Account. We may, in particular, be required to carry out enhanced due diligence in certain scenarios and this may require you to give us more information and records, e.g., about the source of your wealth or bank funds or your links with politicians. You authorise us to make the enquiries we reasonably think we need to verify your identity and manage financial crime and fraud risk.

6.3 You authorise us to make enquiries, whether directly or through third parties, that we reasonably consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take such action as we reasonably deem necessary based on the results of such enquiries. When we carry out these enquiries, you acknowledge that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our enquiries in full.

6.4 You acknowledge and agree that you will provide us with all information which we may reasonably request of you from time to time for the purposes disclosed above and that we may make and hold a record of this information as required by applicable law.

6.5 You also acknowledge that it is possible our delegate(s) (including our global sub-custodian) may also request additional information for you for the purposes of conducting its own identity and verification checks in accordance with applicable law. You authorise us to share such information with them as required.

6.6 Since we need personal information about you to ensure that we are acting in accordance with the law and regulations that apply to us, the information you have given us must be kept up to date. So please tell us as soon as there is a change in information that identifies you (such as your name, address, bank, mobile phone number or address in particular) or if any document you have provided is or becomes false, inaccurate or incomplete. If you don’t, you may not be able to access the Nomo App or use your Account. Data provided to us will be handled in accordance with our Privacy Policy.

6.7 Although we are not currently required by law or regulation to assess the suitability or appropriateness of Investments for you, we may determine it is prudent for us to obtain or may in future be required to obtain certain information on your knowledge and experience of certain Investments prior to your executing Order through the Nomo App. We will inform you and request such information on your knowledge and/or experience as we deem necessary to provide our services. You acknowledge and agree that you will provide all such information as may be reasonably requested by us for the purposes of us conducting such assessment. If you do not provide such information, we are under no obligation to execute any orders in such Investments and we may refuse to do so.

6.8 In order to satisfy our own obligations in relation to the Orders you may submit you also agree to provide us with all such information as we may reasonably request. This information will, among other information, typically include your National Insurance Number (if a UK citizen), your passport number or your taxation reference number, or equivalent.

6.9 You acknowledge and agree that we are entitled to disclose information about you and your Orders and Positions as may be required under applicable law. Any information we obtain about your Orders and Positions as a result of your use of the Nomo App shall be our sole and exclusive property.

7. Availability of the Nomo App

7.1 We cannot guarantee that access to, or trading though the Nomo App will be available at all times or without delay. You acknowledge that our Nomo App service may be interrupted and the services available may be variable in certain circumstances.

7.2 We may suspend the operation of our Nomo App service where we consider it necessary, including (but not limited to) where we have to suspend operations for technical problems, emergencies, maintenance, regulatory reasons, where we decide it is sensible for our customers’ protection, in periods of exceptional trading activity or to ensure the continued availability of other services.

7.3 We will not be liable to you if our systems or services are unavailable to you for trading or information purposes for whatever reason.

7.4 Whilst Nomo aims to make the Nomo App available to you on a continuous basis, we cannot guarantee that the Nomo App will be available to you continuously, meaning there may be instances where you cannot submit Orders and monitor your Positions.

7.5 We may modify, suspend or discontinue, temporarily or permanently, the Nomo App with or without notice. We reserve the right, at any time and for any reason, to discontinue, redesign, modify, enhance or change the way we offer the Nomo App including without limitation the structure, specifications, look and feel, navigation, features and other elements of the App or any part of it. We will not be liable to you for any modification, suspension or discontinuance of the Nomo App. additional text