Terms and Conditions |

Changes to our General Terms and Conditions

This is to let you know about some changes we’re making to our General Terms and Conditions (the “Terms”).

The updated Terms, below, replace the existing ones from 2022 unless otherwise stated. These changes are subject to a two (2) month notice period (for Banking Services) or thirty (30) day notice period (for Investment Services or Wealth Planning Services) from the date of this notice (the “Effective Date”).

Updated Terms & Conditions

View the Terms & Conditions here

What do you need to do?
We hope you’re satisfied with these updates. You do not have to do anything as a result of this letter unless you have any questions. Our team would be delighted to help you. Please speak with your usual Brown Shipley contact point if you wish to discuss any aspects in more detail.

Why are we making changes?
Most of the changes we’ve made are to comply with law and regulation, including recent changes regarding Consumer Duty and providing additional rights if you have been subject to an “authorised push payment (APP) scam.

Section 1 – Generic Changes to our Terms

Consumer Duty

Following the introduction of the FCA’s Consumer Duty, we’ve updated our terms and conditions in a number of areas to make them clearer and fairer for you. Some examples of the type of changes we’ve made are outlined below.

Removed technical jargon wherever possible and replaced it with straightforward, plain-English explanations.
Revised sections to ensure you can easily identify information most relevant to your chosen services.
Clearer instructions on how to contact us or raise concerns
Updated procedures for dormant accounts and dispute resolution for joint account holders

More detail on Consumer Duty can be found within the FCA’s website, which you can access at www.fca.org.uk/firms/consumer-duty.

Authorised Push Payment (APP) Scams

From 7 October 2024, new protections were introduced for UK payments made through the Faster Payments Scheme and CHAPS to help safeguard against APP scams. APP scams occur when someone is tricked into sending money to a fraudster, often through deceptive tactics like social engineering.

We have updated the Terms to show how these changes affect you:

Refund Eligibility: If you unknowingly send money to a fraudster or are misled into sending funds to the wrong person, you may be entitled to a full refund.
Notification Deadline: You must report suspected fraud as soon as possible and no later than 13 months after the last payment was made.
Investigation: We will investigate claims and may require additional information or permission to report the fraud to the police (or you may need to report it yourself if asked).
Exclusions: Refunds may be denied if you were extremely negligent or acted fraudulently.

Section 2 – Other Changes to the Terms

Here, we will summarise some of the key changes we've made:

Amended or New Clause Number	Amendment(s)
General Terms
4	Enhanced client categorisation descriptions, adding details on protections based on client types.
5.1.5	Updated link to the Quintet privacy policy
6.7	New wording to permit reliance on original application forms, thereby avoiding circumstances where clients would need to complete multiple application forms
14	Enhanced the conditions under which we may refuse to act on client instructions to reflect evolving legal, regulatory, and operational standards.
16.1.4	Change of address for contacting the Brown Shipley Data Protection Officer.
19.2.5	Additional obligation to notify Brown Shipley in the event that your circumstances may have changed.
23	Clarifying of language regarding mental incapacity
24.3	Broadened liability disclaimers, detailing exclusions for disputes between Joint Account holders.
44.3.2	Updated the frequency of suitability reviews from 'annual' to 'regular,' reflecting a more tailored approach based on individual client needs and circumstances. This ensures that reviews are conducted at appropriate intervals to maintain alignment with your goals and preferences
47.9.1	Introduced provisions for unclaimed investments to align with industry best practices and regulatory guidelines.
47.18	Refined terms for Delivery Versus Payment (DvP) transactions to provide clearer guidance on how investments are settled.
57.10	As set out in Section 1 - Introduced terms for managing Authorised Push Payments (APP) to enhance transparency and protect clients

Part D – Glossary

These are the new definitions we’ve added:

New Definition	Meaning
Advisory Services	has the meaning given to it in Clause 45.2
Affiliated Company	means any company controlled by, controlling or under common control with Brown Shipley & Co Limited.
Banking Services Account	means an account opened with us in connection with the provision of the Banking Services
Custody Services	means the services we or a third party provide you with when holding or administering your Account, in accordance with Clause 47.
Debt Instrument	means a bond, debenture, note or certificate or other evidence of indebtedness.
Execution-Only	means where you give orders to buy or sell securities on your own initiative and receive no investment advice or assistance from us.

Please note that corrections of typos, renumbered cross-references, minor errors or clauses which are considered advantageous to you are generally not listed above.

The above changes shall be binding on you if you retain or continue your relationship with us after the applicable Effective Date. If you do not wish to accept the above changes, please refer to the applicable terms and conditions and let us know. We may however not be able to continue providing services to you if the above changes are not accepted.