The “About Us” section shall be revised to read as follows:-
“Brown Shipley a is part of the Quintet Private Bank, is a group of boutique private banks and wealth managers, operating across over 50 European cities. Being part of Quintet expands our scale, security and adds a truly global outlook to our already strong foundations.”
The “Introduction to these Terms and Conditions” section shall be revised to read as follows:-
“The sections of the Terms which apply to you will depend on which of our Services you have selected in the Application Form and we have agreed to provide to you, or as agreed in writing between you and us from time to time. You can choose to use all of our Services or only some or one of our Services. Our Investment Services are generally provided on the basis that we also provide the custody services for your investments.”
These are the clauses we’ve made changes to:
Original Clause Number | Amended or New Clause Number | Amendment(s) | |
General Terms | |||
3.1 | 3.1 | Investment Services | |
5.1.5 | 5.1.5 | the Privacy Notice https://brownshipley.com/en-gb/privacy-and-cookies; | |
7.2 | 7.2 |
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7.3 | Deleted |
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8.3 | 8.3 | anti-money laundering checks and procedures (both before we open an Account and during the term of the Agreement) to our satisfaction. So that we can complete these checks and procedures you acknowledge that: | |
14.1.3 | 14.1.3 | [14.1 We can refuse to act on your instructions or suspend or refuse a payment due to lack of funds at our discretion, including but not limited to if we consider it reasonably necessary because any of the following apply:] the instruction either is unclear, | |
N/A | 14.1.10 | [14.1 We can refuse to act on your instructions or suspend or refuse a payment due to lack of funds at our discretion, including but not limited to if we consider it reasonably necessary because any of the following apply:] where executing the instructions would be, or appear to be, contrary to market practice or our internal policies (in particular our policies relating to anti-money laundering, tax compliance or Sanctions); | |
N/A | 14.1.11 | [14.1 We can refuse to act on your instructions or suspend or refuse a payment due to lack of funds at our discretion, including but not limited to if we consider it reasonably necessary because any of the following apply:] the execution of a transaction is blocked, suspended or restricted by any third party service provider, including by any correspondent bank, according to its own internal policies or legal and regulatory restrictions; | |
N/A | 14.1.12 | [14.1 We can refuse to act on your instructions or suspend or refuse a payment due to lack of funds at our discretion, including but not limited to if we consider it reasonably necessary because any of the following apply:] for any other reason as set out in our Agreement with you (for example, to meet our regulatory responsibilities concerning suitability and appropriateness as explained in Section C of these Terms); or | |
14.2 | 14.2 | If we refuse to act on your instructions, we will do our best to inform you about this as soon as possible in writing or by telephone. We do not have to inform you, however, if we believe doing so | |
N/A | 14.3 | 14.3 We may, in addition to our rights to suspend or refuse to execute an instruction in the circumstances described above, and without incurring any liability other than as provided for in Clause 18 of these Terms, freeze your account(s) and/or assets, or take other measures as we may deem fit, in particular: 14.3.1 if we are notified of an extra-judicial opposition to your assets; 14.3.2 if we become aware of any unlawful operations by you or any other beneficial owner of the account(s); 14.3.3 if the relevant transaction has been frozen, blocked, suspended or restricted by any third party service provider, including by any correspondent bank, according to its own internal policies or legal and regulatory restrictions; 14.3.4 if there exist any third party claims on the investments you hold with us; 14.3.5 if we believe it is necessary in order to comply with law, regulation, market practice or internal policies related to Sanctions, anti-money laundering, terrorist financing and/or tax compliance; 14.3.6 where you have not provided requested know-your-customer documentation; 14.3.7 where we have received an injunction or order from any competent authority or court to freeze funds or any other specific measure associated with preventing or investigating the crime. | |
N/A | 14.4 | We will let you know if your account has been frozen under Clause 14.3, unless we are prevented from doing so under any law or pursuant to any regulation. | |
N/A | 14.5 | Where your account(s) and/or assets have been frozen under Clause 14.3, we may, acting in our sole discretion, unfreeze the account(s) and/or assets upon the expiry or relaxation of the applicable laws or regulations concerning Sanctions. | |
18.8 | 18.8 | We will not be responsible for losses and will not be considered to have broken our Agreement if we fail to take an action which in our reasonable opinion would breach applicable | |
19.2.2 | 19.2.2 | [19.2 You confirm;] you will provide us with such information as we may reasonably need or request, in order that we may comply with our obligations under any applicable | |
29.2 | 29.2 | As our Agreement may continue for a long period of time, we cannot anticipate all of the changes that we may need to make to the Terms. We | |
N/A | 31.1.2(d) | [31.1 When a Service ends or at the end of the Agreement: 31.1.2 we will:] continue to charge you at your agreed tariff rate until your account is closed; | |
N/A | 31.1.2(e) | [31.1 When a Service ends or at the end of the Agreement: 31.1.2 we will:] if you choose to transfer your investments to another institution, charge you in accordance with our Schedule of Charges; and | |
37.1.1 | 37.1.1 | [37.1 If you are dissatisfied with the Services we have provided or you feel you have suffered a loss as a result of our actions, you may contact us using the following means:] 37.1.1 Address: | |
37.1.2 | 37.1.2 | [37.1 If you are dissatisfied with the Services we have provided or you feel you have suffered a loss as a result of our actions, you may contact us using the following means:] 37.1.2 Telephone: 0161 214 6608 | |
38.2 | 38.2 |
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N/A | 39 | 39. Our right of set-off 39.1 We have a right of set-off under these Terms. This means that, provided we act fairly and reasonably, we can use any credit funds which you have with us, either in your name or held jointly with another person, and whether in the same or different currency, to repay, reduce or cancel any obligations you owe us. We can exercise our right of set-off for any obligation which you owe to us, on your own or jointly with any other persons. 39.2 Our right of set-off allows us to use credit balances on your Accounts to repay any amounts you owe to us, including unpaid fees. It also allows us to use a credit balance on one of your Accounts to repay, in whole or in part, a debit balance on another of your Accounts. 39.3 This clause does not restrict or limit any rights which we may have under the general law. 39.4 We will normally give you at least 14 calendar days’ notice before exercising our right of set-off. However, we may not do so where we reasonably believe that you may try to prevent us from obtaining repayment or it is not in your best interests (for example you would incur additional fees if we waited). In all cases we will inform you in writing if we exercise our right of set off. | |
N/A | 40 | 40. Inactive and Dormant Accounts 40.1 We may participate in the UK Government’s dormant accounts scheme. If we participate in the scheme, we may transfer balances of Dormant Accounts to Reclaim Fund Ltd (RFL), a not-for-profit reclaim fund that is authorised and regulated by the FCA with registration number 536551 (or any other reclaim fund established in the future). Where we do so, we will remain responsible for handling repayment claims, however, your claim to the right to payment of your balance will be against the reclaim fund. Both we and RFL participate in the FSCS and as such, it is anticipated that any transfer by us to RFL of your balance in the future would not adversely affect any entitlement you have to compensation from the FSCS. | |
Investment Services | |||
41.9.8 | 43.9.8 | We will not (unless otherwise agreed with you in writing) sell investments for you which we do not hold as your custodian. | |
42.7.6 | Deleted |
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43.4.2 | 45.4.2 | Where we decide that a requested investment or transaction is not suitable for your advisory portfolio, we | |
44.2 | 46.2 | Where we have agreed to provide you with an execution-only service or to invest in the Managed Funds we will do so on the basis of this Clause 46 and without exercising any discretion or providing advice to you. You can ask us to buy, sell, exchange or otherwise deal with, or exercise rights in the investments listed in Clause 43.2 provided such investments are included in our list of investments in respect of which we provided execution-only services or in any of the Managed Funds which are open for investment. | |
N/A | 46.4 | We are entitled to reject on reasonable grounds a request to purchase an investment in whole or in part. Subject to our legal obligations we will let you know if this is the case. | |
44.5 | 46.5 | If we accept your instructions we | |
44.6.2 | 46.6.2 | Before we carry out an execution-only transaction for you in a complex instrument and where you are a retail client we will need to determine if the investment is appropriate for you. This means that we | |
N/A | 46.6.3 | Where we treat you as a professional client, and you request a transaction in respect of a complex instrument we will assume you have the necessary experience and knowledge to understand the risks involved in the relevant transaction. | |
44.9.2 | Deleted |
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45.1 | 47.1 | This Clause 47 applies where we hold investments for you | |
45.9 | 47.9 | Dormant Account and Unclaimed Investments | |
N/A | 47.9.3 | 47.9.3 You agree that we may cease to hold your cash as banker and donate it to a charity of our choice where: a) we have taken reasonable steps to trace you and return your cash to you; b) we have held the cash for a least six years and you have not given us any instructions in relation to the investments during the last six years c) the balance was in excess of £25 (in the case of a retail client) or £100 (in the case of other clients); and d) we have complied with the applicable legislation. 47.9.4 If, after we have paid away your cash, you later contact us, we will reimburse you with a sum equal to the value of the cash amount. 47.9.5 If you think you have any unclaimed investments or unclaimed client money with us, please write to us at our registered office. | |
45.10.2 | 47.10.2 | In respect of | |
N/A | 47.12 | 47.12 Disclosure of information 47.12.1 This Clause 47.12 applies in relation to assets held by us as custodian (whether registered in our name or held to our order in the name of some other person or entity). 47.12.2 You authorise us, in your name and on your behalf, to disclose such information as we believe is necessary (including, without limitation, the name and address of the beneficial owner) when we are requested to do so by a company registrar, secretary, issuer or any competent authority. 47.12.3 You will provide us with any further information we may need from you in relation to this Term. If you do not provide us with the information we ask for, a company may impose certain restrictions including the withholding of dividends or other rights, or may otherwise disenfranchise the shareholder. | |
45.15.1 | 47.15.1(d) | [47.15.1 In the provision of custody services to you there are certain limited circumstances which may arise when we will either cease to hold or will not hold your money as banker and will hold your money as trustee in accordance with the Client Money Rules. Where we hold money as client money, if we as a firm were to fail, the Client Money Rules would apply (including the client money distribution and transfer rules) to the client money we hold. Examples of the circumstances in which we may hold client money include the following:] (d) if a cheque paid into your Account is returned unpaid after the closure of your Account. | |
45.14.5 | 47.15.5 | Should we lose contact with you and where we determine that there has been no movement on your client money cash balance for a period of at least six years (disregarding any payment or receipt of interest, charges or similar items), we will act in accordance with our internal procedure for dormant accounts as set out in clause 47.9
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45.14.6 | 47.14.6 |
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45.14.7 | 47.14.7 |
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46.11.1 | 48.11.1 | After you die it may be possible for your ISA benefits to be passed to your spouse by your spouse claiming an APS Allowance if he/she was living with you at the date of your death. Spouse for the purposes of an APS means a person married to you or in a civil partnership with you. This means that your spouse can make payments into their own ISA up to this amount in addition to their own ISA subscription limit. | |
46.11.2 | 48.11.2 | The APS Allowance is equal to the higher of the value of the ISA on the date of your death or the value of your ISA on the date it stops being a “continuing account of a deceased person”. | |
WEALTH PLANNING SERVICES | |||
51.1 | 53.1 | Please be aware that investments can fall, as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance | |
BANKING SERVICES | |||
54.1.2 & 54.1.3 | Deleted |
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N/A | 56.1.3 & 56.1.4 | 56.1.3 If you pay cheques into your account when you are in the process of switching to another bank using the “Current Account Switch Service”, they may take longer to clear. 56.1.4 Although cleared funds may appear to be available, a paying bank may return the cheque unpaid until there is certainty of funds (meaning that a cheque paid into your account cannot be debited from your account without your specific permission). Cheques returned unpaid will be debited from your account. | |
54.4.1 | 56.4.1 | 56.4.2 If we receive an electronic transfer of funds for you: a) from within the UK; or b) from a third party who has a bank account with us; or c) where the money is received in pounds, euros or another EEA currency, before 4 pm on a Business Day the money will be credited to your current account on the same Business Day that we receive it. This means that the money will be available for you to use immediately after we receive it. If we receive an electronic transfer of funds for you after 4 pm on a Business Day, the money will | |
54.4.3 | 56.4.3 | If you receive money from outside the UK and the payment is | |
N/A | 57.2.3 | The measures stated above help to safeguard against fraud. | |
N/A | 57.2.5 & 57.2.6 | 57.2.5 Cheques will normally be out of date after six months and will usually be returned unpaid to the presenting bank. 57.2.6 We will keep copies of cheques paid from your accounts for a period of at least six years, and provide a copy to you on request. | |
55.3.1 | 57.3.1 | You can ask us to cancel a cheque if you write to us with your request as long as the money has not already been taken out of your current account and providing that you give us sufficient details to cancel it. | |
N/A | 57.4.4(d) | Please note that the recipient’s name or the name of the account is not part of the electronic identification and that the sort code, account number, IBAN and BIC (as relevant) do form part of the electronic identification so a mistake in one of the numbers means that a payment can go astray and may be irrecoverable even if a name was given correctly. | |
55.4.6 | 57.4.6 | 57.4.6 How long we take to send money a) Sending money within the UK (i) If you are sending money to another Bank Account we hold, the money will be sent as soon as the funds are available. (ii) If you are sending money to an account held by another bank in pounds or euros or another EEA currency:
B. where a payment transaction follows a paper order from you, the money will arrive at the recipient’s bank no later than the end of the second Business Day after we receive your instructions. b) Sending money outside the UK to a bank in the UK or the EEA (i) If you are sending either pounds or euros or another EEA currency: A. the money will arrive at the recipient’s bank no later than the end of the Business Day after we receive your instructions; or B. where a payment transaction follows a paper payment order from you, the money will arrive at the recipient’s bank no later | |
N/A | 57.4.7(e) | In relation to direct debits, if you tell us that funds have been debited incorrectly, we will refund you in accordance with the Direct Debit Guarantee Scheme. The scheme protects you if an unauthorised direct debit is debited from your account (for example, if the amount debited is larger than advised, debited too early or after you have properly cancelled it, or if you have not been given sufficient notice of the amount). | |
N/A | 57.4.9 | To cancel a direct debit, you can either tell us or the organisation with whom you set up the direct debit. We recommend you do both. | |
55.9.4 | 57.9.4 | We recommend that you check your statements frequently to ensure no unauthorised or incorrectly executed transactions have occurred. You must tell us as soon as possible, in writing or by telephone about any unauthorised or incorrectly executed transactions carried out from your current account. If you do not tell us within 13 months after the transaction was debited from your current account, you may not be entitled to have any error corrected, to be refunded, and you may not be entitled to compensation for loss that you suffer as a result. This excludes payments governed by the Direct Debit Guarantee Scheme or payments made by cheque. If there is an error in relation to direct debits, the terms of the relevant direct debit scheme will apply to the refunds | |
56.1.1 | 58.1.1 | [58.1 We may provide you with:] 58.1.1 an unarranged overdraft if your current account becomes overdrawn for any reason (or where you have an arranged overdraft in place with us but you exceed its limit); | |
N/A | 59.5 | Withdrawals and additional deposits are not generally permitted during the term of the deposit. There may also be restrictions on the minimum and maximum cleared balance allowed in each term deposit account. | |
58.4 | 60.4 | It is your responsibility to ensure that the information in the statements is correct. If any transaction on your statement is incorrect or there is an entry that is wrong, you must promptly inform us using the contact details set out in Clause 2. | |
These are the definitions we’ve made changes to:
Definition | Amended or new Definition |
Dormant Account | has the meaning given in the FCA Glossary (as that definition is amended, replaced or restated from time to time). |
Privacy Notice | means the notice setting out how we use and hold your personal data and your rights related to the same. Our Privacy Notice can be found |
Sanctions | means economic and/or trade sanctions imposed at governmental level e.g. in the United States, through the Office of Foreign Assets Control – OFAC, and at the level of international organisations (such as the United Nations) to pursue national and internal security policy goals and applicable to us through relevant laws, regulations, national or international policies, including related sanctions lists administered by, amongst others, the United Nations, the European Union, the UK Government, or OFAC |
These are the changes we have made to the Order Execution Policy:
Heading | Amendment |
Dealing Arrangements for custody clients | Where clients have a custody agreement with Brown Shipley, assets are held to the order of Brown Shipley. Brown Shipley |
Appendix A – List of Execution Venues | This section has been removed in accordance with updated regulatory requirements. |
These are the changes we have made to the Financial Services Compensation Scheme Information Sheet:
Heading | Amendment |
Reimbursement | The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk. It will repay your eligible deposits (up to £85,000) within |
The Privacy Policy has been separated from the Terms and can now be found online at https://brownshipley.com/en-gb/privacy-and-cookies.
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.
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