Effective FX Limited is company registered in England and Wales - No. 08167620: Registered Office: 27 Clements Lane, London, EC4N 7AE. Authorised and Regulated by the Financial Conduct Authority as an Authorised Payment Institution -No 590535. Registered and supervised as a Money Service Business with Her Majesty's Revenue & Customs - No: XGML00000133380. Effective FX Ltd is registered with the Information Commissioners Office, registration number ZA454813.
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Effective FX Limited
Terms of Business
Effective FX Limited is incorporated in England and Wales, company number 08167620, with registered office at 27 Clements Lane, London, United Kingdom, EC4N 7AE. Effective FX Limited is authorised by the Financial Conduct Authority (FCA Number 590535), and is registered as a Money Services Business with Her Majesty's Revenue & Customs.
You must ensure that you read this document carefully as it sets out the terms upon which Effective FX Limited ("Effective FX Ltd"; "we"; "us") provides currency exchange services to you. These Terms of Business apply to the Contract to the exclusion of all other terms that the Customer seeks to impose or incorporate or which are implied by trade, custom, practice or course of dealing.
The definitions and rules of interpretation in this clause apply in these Terms of Business as follow:
“Account” means the bank account notified by you to us into which any sums due from us to you pursuant to any Order will be paid.
“Authorised Persons” means an individual who is authorised by you and accepted by us to place Orders and provide instructions on your behalf.
“Business Day” means a day when the clearing banks in the City of London are open for business, excluding Saturday, Sunday and public holidays.
“Client Money” means money held by Effective FX Ltd on your behalf and which money will be held in a designated Client account and will not be used by Effective FX Ltd in the course of its business save as specifically set out in these Terms of Business.
“Client Nominated Account” means the bank account nominated by us from time to time into which the Sale Currency will be paid.
“Contract” means the individual Orders which have been accepted by us as confirmed by an Order Confirmation. For the avoidance of doubt, such a Contract will be subject to these Terms of Business.
“Data Protection Legislation” means all applicable data protection and privacy legislation in force from time to time in the UK including the General Data Protection Regulation ((EU) 2016/679); the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as amended.
“Force Majeure Event” means an event which is due to abnormal and unforeseeable circumstances beyond a party's control, the consequences of which would have been unavoidable despite all efforts to the contrary, which may include an act or omission of government, any regulatory body or other competent authority, an interruption, failure or defect, or non-operation of our internet and telephone connections or other communication services.
“Forward Trade” means a foreign exchange transaction under which we agree that on a specific date or specified range of dates in the future, to exchange money at an agreed exchange rate and at an agreed time.
“Good-Till-Cancelled” (GTC) specifies a limit order that stays on our books until executed.
“Margin” means the deposit or advance payment required by us from you in advance of each Trade.
“Margin Call” means request by us to you to provide the amount of the Margin as we may reasonably require on account as we shall in our absolute discretion consider necessary.
“Margin Nominated Account” means the bank account nominated by us from time to time into which the Margin will be paid.
“Money Transfer” means the transfer of any sum to the bank account notified by you to us into which any sums due from us to you pursuant to any Order will be paid.
“Order” means your oral, electronic or written instruction for us to perform a Trade on your behalf. An Order constitutes an offer by the Customer to purchase Services in accordance with these Terms of Business.
“Order Confirmation” occurs when we confirm the details of the Order to you by telephone or electronically or in writing. The Order Confirmation designates the commencement date of the Contract subject to these Terms of Business.
“Sale Currency” means the sums in a designated currency payable by you to us in respect of a Trade including, without limitation, any Margin or Margin Call.
“Services” means those currency exchange and related services as set out in clause 2.1
“Spot Trade” means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the Contract being entered into.
“Stop Loss order” means an order that becomes a firm Order if and when a specified currency sells at or below the specified stop price.
“Regulations” means the Payment Services Regulations 2017 which can be found at:
“Trade” means each transaction with us to purchase and deliver currency with you.
“Value Date” means the date of delivery to you of the currency purchased by you.
“Website” means the website identified in clause 3.5 below, owned and managed by Effective FX Ltd through which a Client will be able to access the Online System and the Services.
2.1 We will provide facilities for you to buy and sell currency (“Services”). In so providing said Services, you confirm that you are not a consumer as defined in the applicable law.
2.2 Once a Contract has been entered into has been issued, it cannot be altered, cancelled or rescinded.
2.3 When making an Order or entering into any Contract you rely solely on your own judgement. If we provide you with information concerning any matter including (without limit) the foreign exchange markets, it is on a voluntary basis and we do not accept responsibility for the accuracy or completeness of such information or assume any duty of care in relation to it. We offer execution only services and do not provide financial, tax or investment advice.
2.4 We may at our absolute discretion refuse any Order without giving any reason and without liability for any loss or damage incurred by you or any other party.
2.5 We will not transfer to you any funds representing the benefit of any fluctuation in currency arising after a Contract has been entered into as this may be outside commercial purposes and, if so, unlawful.
2.6 In entering into a Contract under these Terms of Business, you understand that:
2.6.1 Late arrival of funds may result in next day or deferred delivery;
2.6.2 Any Forward Trades will be subject to any Margin requirement;
2.6.3 We will execute GTC on your instructions;
2.6.4 We cannot predict future exchange rates;
2.6.5 We will only accept payment directly from your bank accounts as approved by us unless otherwise specified and agreed with us.
2.7 We do not offer advice under these Terms of Business on any matter including (without limit) the merits or otherwise of any currency transactions, taxation, or markets. We may provide you with market information but we do not provide you with any advice on whether to place or proceed with any Order; that is a matter for you to decide in your individual circumstances.
2.8 The Services are only available to individuals aged 18 years or over, and who are resident in and accessing the Service from the United Kingdom.
2.9 The Services do not constitute payment services activity or the issuance of electronic money as defined in the Regulations.
3.1 You may give us instructions to place Orders, orally, electronically or in writing.
3.2 The only persons authorised to give us instructions on your behalf (“Authorised Persons”) are those notified by you to us and we reserve the right to seek confirmation of that Order before being bound by it where we deem this appropriate.
3.3 You agree that in placing an Order, you have relied purely on your own judgement and you have not relied on anything not expressly contained within these Terms of Business.
3.4 By placing an Order, you acknowledge that you are authorising us to make the payment in accordance with the terms of the Contract that is formed upon the Order Confirmation.
3.5 As noted in clause 2.4 above, we may refuse any Order in our absolute discretion. Without prejudice to the generality of the foregoing, we may reject, suspend, disregard or cancel a Trade for any of the following reasons:
3.6 You agree that we may check your credit score with a credit reference agency using your details at any time during or before the Contract. We may decline to proceed with a Trade if we have concerns about your credit standing or we reasonably believe that you may not be able to pay your debts on time and in full.
4.1 In the event of a Spot Trade, you will pay in cleared funds the Sale Currency in full into the Client Nominated Account for value no later than the close of business on the day of the Trade save as otherwise agreed.
4.2 In the event of a Forward Trade, you will immediately (in the normal course of events within 24 hours after the Order is placed unless otherwise agreed) pay into the Margin Nominated Account in cleared funds a Margin as determined in accordance with clause 5.2 below or such other percentage as we may specify at our sole discretion and will pay any outstanding balance of the Sale Currency into the Margin Nominated Account not later than one Business Day before the Value Date of the particular Forward Trade.
4.3 Effective FX Ltd accepts no responsibility in the event that you send currency to the incorrect designated currency account irrespective of whether same has occurred by the misuse, theft or misappropriation of our or your account details.
4.4 All funds provided by you under a Contract (whether as security or otherwise) may be appropriated by us if we incur any liability in respect of any Trade or in the event that you are unable to pay sums due to us or breach of these Terms of Business. Without prejudice to the generality of the foregoing, we may at any time set-off any amounts which you owe to us against:
4.4.1 any liability we have towards you (whether under this Contract or otherwise) and if the liabilities to be set-off are expressed in different currencies, we may convert either liability at the market rate for the purpose of the set-off; and/or
4.4.2 All amounts due to us shall be paid to us in full and you shall only be able to deduct or withhold any amounts subject to tax as required by applicable laws.
4.5 Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of funds or instruction of payment after the relevant cut off times or any costs arising as a result of bank charges.
4.7 If you fail to make any payments due to us then we may charge you interest at the rate set out in the Late Payment of Commercial Debts (Interest) Act 1998 and/or any regulations issued pursuant to that Act.
4.8 Effective FX Ltd may, at its sole discretion, make payments to third party introducers. You agree that the amount and frequency of any such payments constitutes confidential information which Effective FX Ltd is entitled to withhold from you.
4.9 We will not be obliged to pay you interest on any Margin or Client Money held by us on your behalf.
4.10 If any amount remains unpaid, we may take debt collection measures including appointing a debt collecting agency or other third parties to assist with the recovery of any amounts due and payable by you to us. We may inform credit reference agencies of any sums due and owing to us which remain outstanding.
5.1 We may in our absolute discretion, at any time before or after we agree to enter into a Contract require you to provide us with Margin. You acknowledge that this money will not generally be covered by the Regulations' requirements and agree that the principles set out in this clause 5 will apply.
5.2 In assessing the sum to be requested as Margin we will, acting reasonably, use our discretion in making a determination of the risk of the trade and request an appropriate sum, given the risk determination, as Margin for the trade.
5.3 We will hold the Margin on trust for you in a designated Margin Nominated Account. This means that you are still the beneficial owner of this money until such point in time as we incur any costs, losses or liabilities in connection with or arising out of your Contract(s) including, without limit, liabilities we incur with third party currency dealers, exchanges, brokers, third party introducers, banks or similar entities. In the event we incur any such costs, losses or liabilities, we will become the beneficial owner of that proportion of the money, held as Margin, equal to our costs, losses, or liabilities, without notice or demand by us.
5.4 We may, at any time up to the settlement date, require further funds to be delivered and maintained on your Margin Nominated Account from time to time. We reserve the right to make a Margin Call to re-establish the Margin to the original percentage level agreed for the particular Trade if the Margin subsequently falls below an acceptable threshold for that Trade.
5.5 All Margin Calls must be paid within twenty four hours of our first communicating the Margin Call to you.
5.6 The Margin will vest automatically in us in any of the following circumstances:
5.6.1 On the Value Date;
5.6.2 If you breach of any term of these Terms of Business;
5.6.3 In the circumstances set out in clause 6.1.5, below.
5.7 We may also offset any Margin(s) or other monies we are holding in respect of any one of your Contracts, against any costs, losses and/or liabilities that we incur in connection with or arising out of any other Contract you have with us.
6.1 We may close out all or part of any Trade from the market and/or terminate any Contract without notice if:
6.1.1 You fail to make any payment for a Service when due in accordance with these Terms of Business;
6.1.2 You are in material breach of these Terms of Business or fail to comply with your obligations in respect of a Trade;
6.1.3 You are in breach of any relevant statutory, court or regulatory obligation or requirement whether related to the Contract or otherwise;
6.1.4 It is or becomes unlawful for us to perform the Services;
6.1.5 You are unable to pay your debts as they become due or have a bankruptcy petition or winding up petition presented against you or you propose a form of composition or arrangement to your creditors or an administrator is appointed or a receiver is appointed over any of your assets or if you cease or threaten to cease to carry on all or a part of your business; or
6.1.6 Any of the events specified above or anything analogous to them occurs under the laws of any applicable jurisdiction.
6.2 If you become aware of the occurrence of any event referred to in this clause 6, you must give us immediate written notice. Failure to do so will constitute a repudiatory breach of the Contract.
7.1 The following provisions set out our entire liability to you for any losses, costs (including legal costs), damages, expenses, taxes, charges or any other liability whatsoever (“Claim”) except for:
7.1.1 Death or personal injury caused by our negligence; or
7.1.2 For our fraud or fraudulent misrepresentation;
for all of which liability is unlimited.
7.2 The limitation and exclusion of liability is set on the basis that you are aware of the volatility of the foreign currency market.
7.3 You will be liable for any losses incurred in respect of an unauthorised payment Transactions arising from:
7.3.1 The use of a lost account payment instruction; or
7.3.2 The failure to keep personalised security features of your account information safe.
7.4 We are not liable for any Claim that arises as a result of currency fluctuation between the Order Confirmation and the Value Date or as a result or in connection with a Force Majeure Event or as a result of your non-compliance with these Terms of Business or caused by the failure or delay of any third party in the transmission, provision or delivery of any Service or any Claim as a result of our negligence or error or where we are prevented from performing the Services by applicable law or regulation or order of a court or regulatory body.
7.5 We are not liable for any direct or indirect loss, or for loss of profits, management time, contracts, goodwill or anticipated savings, even if such loss was reasonably foreseeable.
7.6 Subject to the provisions of this clause 7, our total aggregate liability to you for any Order will not exceed the total Sale Currency paid by you in respect of the Order giving rise to the Claim, or £100,000; whichever is the lower.
7.7 If any provision of this Clause 7 is deemed unenforceable, such provision (or any part of such provision) shall fall way and shall not affect the validity and enforceability of the remainder of the provisions (or parts of them).
7.8 You will indemnify and keep us indemnified against all losses (including legal costs) and liabilities incurred by us in the proper performance of Services for you or in the enforcement of our rights hereunder and, in particular, losses and liabilities incurred as a result of:
7.8.1 Any default in payment by you of any sum due under a Contract or any other breach of these Terms of Business;
7.8.2 Our carrying out your instructions: or
7.8.3 Our exercising our rights under clause 6.1 above, but in such event we will have the right, as an alternative to our right to an indemnity, to set-off against any monies held by us on your account any amounts owed by you to us.
8.1 You warrant and represent to us on a continuing basis that:
8.1.1 All information that you supply to us is complete, true, accurate and not misleading in any material respect;
8.1.2 All Orders are placed in pursuance of your usual trade or business and not as a consumer;
8.1.3 Orders will be for commercial purposes only and not for currency speculation and not for investment business;
8.1.4 You are acting as principal and not as another party’s agent or representative;
8.1.5 You are not prevented by any legal requirement or regulator obligation from performing your obligations under these Terms of Business and any related Transaction contemplated by them.
8.1.6 You and your Authorised Persons have all necessary consents, licences, permissions and authorisations to enter into the Contract under these Terms of Business and subsequent Orders or other Transaction contemplated by them (and if you are a body corporate, you are properly empowered and have obtained all necessary corporate or other authority pursuant to its constitutional and organisational documents);
8.1.7 You comply with all relevant laws, regulations, exchange control requirements and registration requirements;
8.1.8 You will take risk in and ownership of the purchased currency upon payment of the full amount of the sold currency as directed by on your instructions contained in the relevant order.
8.1.9 You will at all times comply with applicable laws and you will not use the Services for the purposes of money laundering, tax evasion or terrorist financing.
8.2 You undertake to inform us with immediate effect, if you are a corporation, where beneficial ownership of your corporation changes by more than 10%. You also undertake to inform us with immediate effect if there is a material change in your business or operations including, without limitation, a change in your status to become a charity as defined in Regulation 2(1) of the Regulations.
9.1 This clause 9 (and its sub-clauses) explains certain important rights and obligations, including our liability to you, under the Regulations. To the extent permitted, Regulations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94 of the Regulations do not apply to your use of the Services.
9.2 While we may do so, we are not obliged to comply with the information requirements set out in Part 5 of the Regulations in relation to your use of the Services. This clause 9 (and its sub-clauses) does not apply to any Trade or to any payment you make to us for the Trade which does not constitute payment services or the issuance of electronic money within the meaning of the Regulations.
9.3 The remainder of this clause 9 (and its sub-clauses) applies only to any Money Transfer that is governed by the Regulations which will arise where you ask us to perform payment services for you once the Trade has been completed. Such a Money Transfer will be governed by the Regulations in the European Economic Area (“EEA”) and it is carried out in either euro, sterling or a currency of another EEA state that has not adopted the euro as its currency. The EEA comprises all member states of the European Union, together with Norway, Iceland and Lichtenstein.
9.2 Information and notifications concerning a Money Transfer
9.2.1 We will communicate such information and provide you with such notifications using a method of communication which we reasonably consider appropriate, taking into account the nature of the information or subject matter of the notification, the contact details you have given us and how you are doing business with us or have done business with us in the past (online or over the phone).
9.2.2 This means that, save as otherwise expressly provided for in this clause 9 and save for notices in writing required to be given by us referred to in this clause 9 (to which the provisions of clause 15.12 (Notices) we may do so on our Website, over the phone, by sending you an email or by writing to you. We may also direct you to particular pages or sections of our Website and may provide you with or make available to you a copy of any brochures, leaflets or other documentation which we produce which we reasonably consider may be helpful.
9.2.3 We will provide you with any information that we are required by the Regulations to provide to you concerning any Money Transfer we perform for you in such manner and form and as often as we reasonably consider necessary to properly comply with our obligations.
9.3 Consent to carry out a Money Transfer
9.3.1 We will only accept an instruction to perform a Money Transfer which is given to us in writing. Upon receipt of an instruction to perform a Money Transfer we will send you an Order Confirmation containing the beneficiary account details you have provided. We shall not execute the instruction until you confirm to us that the beneficiary account details contained in the confirmation form are correct. Your confirmation in writing, including all the details we require to perform a Money Transfer will be treated by us as your consent to go ahead with and our authorisation to perform that Money Transfer.
9.3.2 An Order Confirmation relates only to the payment and beneficiary details of a transaction. Not responding to a confirmation (or notifying us that the beneficiary details are incorrect) does not affect the underlying Contract that you have entered into and you are still required to send us all agreed amount(s) on the agreed date(s) as confirmed in the Trade Instruction Confirmation.
9.3.3 Further information and explanation about the steps you need to take to authorise us to perform a Money Transfer for you will be given to you when you ask us to perform a transaction for you and can be found on our Website.
9.4 Withdrawal of consent to carry out a Money Transfer
9.4.1 Where you have authorised us to perform a Money Transfer, we will go ahead with that Money Transfer unless:
(a) you provide us with clear instructions no longer to proceed with that Money Transfer by notice in writing received by us not later than the end of the last Business Day before the day that Money Transfer was due to take place or
(b) we agree in writing with you that we will not do so.
9.4.2 For the avoidance of doubt, if the instructions in your notice are unclear we will not treat your consent to the Money Transfer as being withdrawn and we will proceed with the Money Transfer. For the purposes of clause 9.4.1(a) “not later than the end of the last Business Day” means not later than 4.30pm on that Business Day.
9.4.3 Where, in accordance with clause 9.4.1, you instruct us in writing that you no longer wish us to carry out a Money Transfer or we agree in writing with you that we will not do so (each a “Cancellation”), and you do not give us instructions in writing to carry out an alternative Money Transfer for you within 10 (ten) days of a Cancellation, we reserve the right to treat the Contract as terminated by you.
9.5 Unauthorised Money Transfer
9.5.1 We may be liable to you under the Regulations where we perform a Money Transfer for you that you did not authorise us to perform.
9.5.2 Where you believe we may have performed such a Money Transfer, you should let us know as soon as possible. We will then investigate the matter.
9.5.3 Subject to clause 9.5.4, where we have performed such a Money Transfer, we will immediately refund to you in full the amount of that Money Transfer.
9.5.4 You will not be entitled to any such refund:
(a) if you do not inform us by notice in writing without undue delay (and in any event not later than 13 months after the date on which the authorised Money Transfer was made) on your becoming aware that an authorised Money Transfer may have occurred; or
(b) if the Money Transfer was authorised by you.
9.6 Failure to perform or incorrect performance of a Money Transfer
9.6.1 We may be liable to you under the Regulations where we fail to perform or incorrectly perform any Money Transfer that you authorised us to perform.
9.6.2 Where you believe we may have failed to perform or incorrectly performed such a Money Transfer, you should let us know as soon as possible and, if you request, we will make immediate efforts to investigate the matter and let you know the outcome of our investigation.
9.6.3 Subject to clause 9.6.4 and 9.6.5, where we gave failed to perform or incorrectly performed such a Money Transfer, we will without undue delay make good and correct the error and deliver the amount of the unperformed or incorrectly performed Money Transfer to your Beneficiary Account as originally instructed.
9.6.4 You will not be entitled to the remedy mentioned in clause 9.6.3:
(a) if you do not inform us by notice in writing without undue delay (and in any event not later than 13 months after the date on which the incorrect Money Transfer was performed) on your becoming aware that failure by us to perform a Money Transfer authorised by you or incorrect performance by us of a Money Transfer authorised by you may have occurred; or
(b) where we are able to show that the authorised amount was received at the appropriate time by the person to whom you instructed us to send the relevant funds; or
(c) if the failure to perform or incorrect performance was due to you providing us with incomplete or incorrect information (where you have confirmed the details displayed in a confirmation form) or was otherwise due to your fault.
9.6.5 We will have no liability to you for failure to perform or incorrect performance of a Money Transfer where the reason for this was our refusal to proceed with that Money Transfer or any part of it.
9.7 Refusal to perform a Money Transfer
9.7.1 We may refuse to perform a Money Transfer at any time for any reason.
9.7.2 Where we refuse to perform a Money Transfer:
(a) unless it is unlawful for us to do so, we will tell you;
(b) if possible, we will let you know our reasons for our refusal; and
(c) if the refusal is due to any factual errors, we will tell you what these are and how to correct them.
9.8 Limitation of liability for a Money Transfer
9.8.1 Our total liability to you in connection with a Money Transfer is limited to the full amount of the Money Transfer together with any charges for which you may be responsible and any interest which may be required to pay as a consequence of any non-performance or incorrect performance by us of the Money Transfer.
9.8.2 If we contravene any requirements imposed on us under the Regulations (which sets out certain obligations on us as a payment service provider, including relating to unauthorised, unperformed and incorrectly performed Money Transfers), we will not be liable to you where this is due to abnormal and unforeseeable consequences beyond our control, the consequences of which would have been unavoidable despite all efforts by us to the contrary of where this is due to other obligations imposed on us under other provisions of European Community or national law.
9.9 Further protection. For your further protection, we also take steps to safeguard relevant funds consistent with our obligations under the Regulations. If you require any information on the Regulations or have any questions regarding the impact of the Regulations on your rights and obligations under these terms in relation to the Transactions, such questions should be addressed directly to our compliance team.
9.10 Additional Information relating to a Money Transfer. If you ask us to provide you with any information or materials which we are not required to provide under the Regulations, we may ask you to pay us a fee to cover our costs of providing them to you. If you do ask us to do this, then we will advise you of any fee that may apply.
9.11 Complaints We value all our customers and take our obligations seriously. We have established internal procedures for investigating any complaint that may be made against us in relation to any Money Transfer. In accordance with our complaints procedure, any complaint you may make relating to any Money Transfer must be made or confirmed to us in writing to our compliance team. If you are still dissatisfied following our response to any complaint, you may have a right to refer your complaint concerning the Money Transfer to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. If you would like further details of our complaints policy relating to Money Transfers please contact our compliance team.
10.1 Effective FX Ltd may record telephone conversations and Effective FX Ltd may use these recordings as evidence of Orders made, and/or in relation to disputes, as well as for Effective FX Ltd’s ongoing quality control and training programme. Effective FX may also maintain a record of all emails sent by or to Effective FX Ltd. All such recordings and records will be maintained at Effective FX’s absolute discretion and in accordance with applicable legislation including Data Protection Legislation, and are the property of and can be used by Effective FX Ltd in the case of a dispute. Effective FX Ltd does not guarantee the maintenance of such recordings or records or be able to make them available to clients.
11.1 To comply with the requirements of the Money Laundering Regulations 2017 and related Regulations, it may be necessary to obtain from you, and retain, evidence of your personal identity (or two directors of your company) in our records. If satisfactory evidence is not provided we cannot accept your instructions.
11.2 We are also obliged to report any reasonable suspicions about instructions received, transactions and activities to the regulatory authorities. This may affect our relationship with you so far as confidentiality is concerned. If we are required under legislation (including Money Laundering Regulations 2017 and The Proceeds of Crime Act 2002) to refrain from communicating with you and/or proceeding with your instructions, we can accept no liability for the consequences of being prevented from doing so.
11.3 Effective FX Ltd reserves the right at all times to refuse to process any Order or terminate any Contract which it believes, in its sole discretion, is connected in any manner to any unlawful purpose. We have a legal obligation to report any such suspicious transactions to relevant enforcement agencies irrespective of the size of the transaction. Where any such report is made, Effective FX Ltd accepts no liability for any delay in transmission of, or confiscation of the relevant funds.
12.1 Both parties will comply with all applicable requirements of the Data Protection Legislation. This clause 12 is in addition to, and does not relieve, remove or replace, a party's obligations or rights under the Data Protection Legislation.
12.2 We are the controller for purposes of the Data Protection Legislation and any queries about the use of personal data by us should be referred to our data protection officer. In participating in Transactions under these Terms of Business you will be providing us with personal information within the meaning of the Data Protection Act 2018 and the General Data Protection Regulation.
12.3 You consent to us processing all such information for the purposes of performing the Services under these Terms of Business and also for the purposes of administering the relationship between you and us.
12.4 Without prejudice to the generality of clause 12.1 the Customer will ensure that it has all necessary appropriate consents and notices in place to enable lawful transfer of the personal data to the Supplier for the duration and purposes of the Contract.
13.1 You acknowledge and agree that Effective FX Ltd and/or its licensors own all intellectual property rights in the Services.
13.2 Except as expressly stated herein, these Terms of Business do not grant you any rights to, or in, patents, copyrights, database rights, trade secrets, trade names, trademarks (whether registered or unregistered), or any other rights or licences in respect of the Services.
13.3 Effective FX Ltd confirms that it has all the rights in relation to the Services that are necessary to grant all the rights it purports to grant under, and in accordance with, these Terms of Business.
14.1 Each party may be given access to Confidential Information from the other party in order to perform its obligations under these Terms of Business. A party’s Confidential Information shall not be deemed to include information that:
14.1.1 Is or becomes publicly known other than through any act or omission of the receiving party;
14.1.2 Was in the other party’s lawful possession before the disclosure;
14.1.3 Is lawfully disclosed to the receiving party by a third party without restriction on disclosure;
14.1.4 Is independently developed by the receiving party, which independent development can be shown by written evidence; or
14.1.5 Is required to be disclosed by law, by any court of competent jurisdiction or by any regulatory or administrative body.
14.2 Each party shall hold the other’s Confidential Information in confidence and, unless required by law, not make the other’s Confidential Information available to any third party, or use the other’s Confidential Information for any purpose other than for the carrying out of its obligations or enforcement of its rights under these Terms of Business.
14.3 Each party shall take all reasonable steps to ensure that the other’s Confidential Information to which it has access is not disclosed or distributed by its employees or agents in violation of these Terms of Business.
14.4 Neither party shall be responsible for any loss, destruction, alteration or disclosure of Confidential Information caused by any third party.
14.5 This clause 14 shall survive termination of these Terms of Business between Effective FX Ltd and the Client, however arising.
15.1 Waiver. A waiver of any right under these Terms of Business is only effective if it is in writing and it applies only to the party to whom the waiver is addressed and to the circumstances for which it is given.
15.2 Unless specifically provided otherwise, rights arising under these Terms of Business are cumulative and do not exclude rights provided by law.
15.3 Force majeure. Effective FX Ltd shall have no liability to you under these Terms of Business if it is prevented from or delayed in performing its obligations under these Terms of Business, or from carrying on its business, by acts, events, omissions or accidents beyond its reasonable control, including, without limitation, strikes, lock-outs or other industrial disputes (whether involving the workforce of the Effective FX Ltd or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or default of Effective FX Ltd or sub-contractors, provided that the Client is notified of such an event and its expected duration.
15.4 Severance. If any provision (or part of a provision) of these Terms of Business is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.
15.5 If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted, the provision shall apply with whatever modification is necessary to give effect to the commercial intention of the parties.
15.6 Entire Agreement. These Terms of Business, and any documents referred to in them, constitute the whole agreement between the parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter they cover.
15.7 Each of the parties acknowledges and agrees that in entering into the Agreement it does not rely on any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to these Terms of Business or not) relating to the subject matter hereof, other than as expressly set out in these Terms of Business.
15.8 Assignment. The Client shall not, without the prior written consent of the Effective FX Ltd, assign, transfer, charge, sub-contract or deal in any other manner with all or any of its rights or obligations under these Terms of Business.
15.9 The Effective FX Ltd may at any time assign, transfer, charge, sub-contract or deal in any other manner with all or any of its rights or obligations under these Terms of Business.
15.10 No partnership or agency. Nothing in these Terms of Business is intended to or shall operate to create a partnership between the parties, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
15.11 Third party rights. These Terms of Business do not confer any rights on any person or party (other than the parties to these Terms of Business and, where applicable, their successors and permitted assigns) pursuant to the Contracts (Rights of Third Parties) Act 1999.
15.12 Notices. Any notice required to be given under these Terms of Business shall be in writing and shall be delivered by hand or sent by pre -paid first-class post or recorded delivery post to the other party at its address set out in these Terms of Business or the Order Form, or such other address as may have been notified by that party for such purposes, or sent by fax to the other party’s fax number as set out in these Terms of Business.
15.13 A notice delivered by hand shall be deemed to have been received when delivered (or if delivery is not in business hours, at 9 am on the first business day following delivery). A correctly addressed notice sent by pre-paid first-class post or recorded delivery post shall be deemed to have been received at the time at which it would have been delivered in the normal course of post. A notice sent by fax shall be deemed to have been received at the time of transmission (as shown by the timed printout obtained by the sender).
15.14 Variation of these Terms. These Terms of Business are subject to change from time to time without notice and Effective FX reserves the right to make these changes at any time without notice. You are required to read these Terms of Business before placing an order. Your continued use of this service after these changes constitutes your acceptance of these Terms of Business as modified.
15.15 Governing law and jurisdiction. These Terms of Business and any disputes or claims arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) are governed by, and construed in accordance with, the law of England and Wales.
15.16 The parties irrevocably agree that the courts of England have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Terms of Business or its subject matter or formation (including non-contractual disputes or claims).
16.1 If you have a complaint regarding the Services, please contact our Compliance team by email at email@example.com marking the correspondence as being related to a complaint.
16.2 If you would like further details of our complaints policy relating to Money Transfers please contact our Compliance team.
16.3 We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
16.4 If your complaint remains unresolved or you are dissatisfied with the outcome, you may in certain circumstances be entitled to refer it to the Financial Ombudsman Service (“FOS”). Further information, contact details and the eligibility requirements can be located on their website at: www.financialombudsman.org.uk
16.5 Please note that Effective FX Ltd’s Services are not covered by the UK Financial Services Compensation Scheme.
Please complete the name and contact details for partners holding more than 25%. This information is not required for partners with less than 25%