Introduction
1. ‘We’, ‘us’, or ‘our’ refers to HUB Financial Solutions Limited which is authorised and regulated by the Financial Conduct Authority (“FCA”), register number is 455713. HUB Financial Solutions Limited’s parent company is Just Retirement (Holdings) Limited, a UK registered company.
2. ‘Hubwise’ refers to Hubwise Services Limited which is authorised and regulated by the FCA, register number is 502619, and authorised to act as the ISA manager, and SIPP Trustee and operator.
3. ‘You’ or ‘yours’ refers to the customer who is party to these terms and conditions.
Contact us
4. You can contact us in any of the following ways:
· By phone: 01737 233 062 – Opening times: 9am to 5pm, Monday to Friday · By email: contact@destinationretirement.co.uk
· In writing: Destination Retirement, 5th Floor, The Ewart, 3 Bedford Square, Belfast, BT2 7EP
Service
5. These terms and conditions (“Terms and Conditions”) come into effect when you confirm your agreement to this document, which we will do by speaking with you on the telephone or video conference, via email or in writing. Our overall agreement with you is made up of (i) these Terms and Conditions, (ii) other documents that we provide you such as key features documents, (iii) our Privacy policy, (iv) Best execution policy and (v) the ‘Our Service Explained’ document relevant to your chosen service – either Retirement Saving or Retirement Spending (together known as the “Agreement”).
6. We can make changes to these Terms and Conditions in accordance with clause 7 and 8 the below:
7. You acknowledge that we reserve the right to amend or modify the Agreement for the purposes of rectifying any mistakes or errors, to reflect any changes in the law. We may also amend it to meet any regulatory requirements and changes to the service that we reasonably consider will not be your disadvantage. Or to reflect new or improved industry practice, or to reflect changes in the way we provide our services.
8. We’ll give at least 30 calendar days’ notice of any change to these Terms and Conditions, unless law or regulation requires us to implement a change relevant to these Terms and Conditions or the Agreement in a shorter period. When we give you notice of changes, you can tell us (in a call or in writing) that you no longer want to use our service. We’ll stop providing our service immediately, without any further charge to you. If you don’t tell us that you object to a change before the change takes effect, we may assume you’ve accepted this change.
9. An explanation of the services provided under these Terms and Conditions is set out in set out in the separate document entitled ‘Our Service Explained’. There are two such documents, one entitled ‘Our Service Explained – Retirement Spending’, and another entitled ‘Our Service Explained – Retirement Saving’. We will provide you with some or all of the services detailed in the ‘Our Service Explained’ document that has separately been provided to you, as we have agreed with you and subject to the limitations set out in the Agreement. We refer to the relevant ‘Our Service Explained’ document in these Terms and Conditions as the ‘Our Service Explained’ document. You have the right to receive any of our documents in paper format instead of electronically. If you would like to receive your documents on paper, please let us know and we will provide it to you free of charge.
10. Our investment offering requires you to select one of our ‘ready‑made’ model portfolios. Each portfolio is designed around a specific risk strategy that you choose to match your investment needs and objectives. These are static model portfolios, meaning they consist of a pre‑set selection of investment products and are not managed on a discretionary basis. As a result, we will only make changes to the investment products within your chosen portfolio if you instruct us to do so. Our model portfolios will contain the following type of investment products:
· Collective Investment Schemes: Investment funds that pool money from multiple investors to invest in securities or other forms of investments.
· Exchange Traded Funds: Investment funds traded on stock exchanges, similar to shares but track certain indices or shares.
· Investment Trusts: Closed-end funds that are publicly traded and invest in a diversified portfolio of assets.
An explanation of our investment offering, including factsheets for each portfolio can be found in our investment options page (my.destinationretirement.co.uk/Services/investment-options/).
11. Our service is offered on a ‘self-managed’ basis, meaning no financial advice is provided, unless you request it. See ‘When you receive advice’ section below for the basis on which advice is provided. We may communicate with you via telephone, email or video conferencing as appropriate. All phone and video conferencing calls to or from our office are recorded for the purposes of training and quality monitoring. The recordings are a record of instructions and notifications between you and us. We’ll email you any documents you need to access. You should check your email junk folders to make sure the email is correctly stored.
12. We’ll accept your instructions by speaking with you on the telephone or video conference, via email or in writing. We’ll acknowledge, either in a call, email or in writing, any instruction you give us. We can refuse your instructions if we do not believe the instruction is clear. An unclear instruction is likely to result in a breach of regulations, requiring us to act outside our responsibilities as they’re detailed in these Terms and Conditions or the ‘Our Service Explained’ document.
13. You authorise us to accept any decision or instruction which appears to be given by you, or the attorney you have authorised, to act on your behalf. See clause 17. We won’t investigate the authority or identity of the person giving the decision or instruction, if we believe the decision or instruction was given in good faith and without negligence. You must always keep the password for your online account secure (if applicable).
14. It’s your responsibility to ensure you’ve given us complete and accurate information to enable us to provide the service detailed in the ‘Our Service Explained’ document. We are not liable or responsible for any errors caused by you giving us incorrect or incomplete information, or for any loss suffered by you as a result of our giving effect to any instruction given in accordance with clause 12 other than where such loss arises as a direct result of our having acted negligently or fraudulently, deliberately defaulted on our obligations to you or materially breached these Terms and Conditions.
15. You agree to keep your personal and contact details up to date with us at all times.
16. You agree that you meet our eligibility criteria, as set out in the ‘Our Service Explained’ document under the heading ‘Who can use our service?’. To use Destination Retirement you must be at least 18 years old, a UK resident (and a UK resident for tax purposes), or a crown employee working overseas. US persons are not eligible. If your circumstances change so you no longer meet these criteria you’ll tell us immediately and agree to take prompt action to find an alternative provider. If you don’t take reasonable action to find an alternative provider we reserve the right to terminate the Agreement and no longer act as your agent.
17. You are able to appoint one or more attorneys to act on your behalf, subject to providing us with the evidence we require to confirm they are authorised to do so. We’ll accept your instruction once we have received and confirmed this information. Once appointed, the attorney will act on your behalf until we receive notification that you no longer require them to act.
Our role as your agent with Hubwise
18. By agreeing to these Terms and Conditions and the Agreement you accept that we will act as your agent in your dealings with Hubwise. You confirm that we can do this and continue to do so until notified by email, telephone or in writing to the contrary.
19. Under these Terms and Conditions you agree that on giving your instruction that you wish to open an account and products with Hubwise, you are giving permission to us to act as your agent. You’ll enter a binding agreement with Hubwise. In giving us this instruction you’ll do so on the basis that you have read, understood and agreed to the Hubwise Terms and Conditions, product key features documents, personal illustration, declarations and all other accompanying documents that we’ll provide to you. You understand that by agreeing to this, Hubwise will act as the custodian of your assets.
20. If under clause 19 this includes your instruction to transfer an ISA or SIPP from your existing provider to Hubwise you agree you have understood the implications of arranging this transfer. Once the transfer is initiated the current provider may not accept the cancellation of your original instruction.
21. We, as your agent, will pass any instructions you give us to Hubwise in relation to the Hubwise platform account, Hubwise products and the investment portfolios.
22. Under these Terms and Conditions we will only act as your agent in regard to the service covered by the Agreement and we will only act as your agent in dealings with Hubwise, or third parties authorised by Hubwise to act on its behalf.
23. We will only instruct Hubwise on your behalf once we’ve received your instructions in accordance with clause 12 . If Hubwise requires further information that we don’t have, we’ll contact you to ask for the additional information and confirmation to pass to Hubwise. We won’t act on your behalf until we have the additional information that Hubwise requires.
24. Information we receive from Hubwise that’s intended for you will be passed to you in the appropriate format based upon the contact details you have provided to us.
25. You may only use the Destination Retirement platform and the products provided by Hubwise on the basis that we act as your agent under these Terms and Conditions and the Agreement. If you choose to terminate these Terms and Conditions and the Agreement you understand that you will need to arrange with Hubwise to move to a different service if you’ve not already arranged to transfer to another provider.
26. Each time you give an instruction to invest or de-invest funds in your account we’ll process your instructions in line with our regulatory obligations to achieve the best possible results. We’ll do this in accordance with our best execution policy (see the section on this below). By agreeing to these Terms and Conditions you consent to our best execution policy (my.destinationretirement.co.uk/services/ investment-options/best_execution_policy). Alternatively, contact us directly if you prefer a non-digital copy.
When you receive advice
27. Any one-off advice we give you will be at your request. This means that any financial advice will be given at the point that you need and ask for it. We won’t monitor your account to ensure that your investments continue to be suitable for you on an ongoing basis.
28. The advice event will end once we’ve delivered the personal recommendation to you, you’ve had reasonable time to consider the recommendation and we’ve discussed its content. If you don’t confirm the advice event has ended, we’ll consider it as completed ten working days after we’ve delivered it to you. We will only take the fee if you accept and proceed. Following completion of the advice we’ll deduct the advice fee from your product(s).
29. We won’t manage your investment portfolio(s) choice. You retain full control of any investment decision you make following any personal recommendation that we make to you.
30. The advice we give you will be made on a 'restricted advice' basis, meaning our advice will be based on a restricted analysis of the market, with personal recommendations being made across a limited range of products and product providers
31. Any personal recommendations we give you will be based on the personal and financial information you give us. These will include financial goals, risk profile knowledge and understanding of the risks involves with certain products. We’ll confirm these attributes and give you the reasons for our recommendation in writing.
32. We’re not liable for any fluctuations in investment value, market conditions or interest rate changes while we’re carrying out your instruction to invest or to effect a withdrawal (as the case may be), provided this is carried out within a time period which is reasonable under the circumstances.
33. Any recommendation we make is solely for the purposes of purchasing the products and investment model options referred to in the ‘Our Service Explained’ document. Should you choose to use another firm to purchase a product recommended by us, we will not be liable for any losses suffered or incurred by you arising from their conduct.
Client categorisation
34. We classify all customers as ‘retail’ customers. You have the right to request a different categorisation. However, this may result in you losing some of the protections available to you under FCA rules and regulations such as the right to receive specific information on any investments we recommend or arrange on your behalf. If we agree to consider your request to be classified as a professional client, we’ll assess your ability to meet the relevant regulatory thresholds on case-by-case basis. We’ll write to you about any changes including details of any changes in the relevant regulatory protections that you will no longer be afforded.
Fees
35. Our fees and charges are detailed in the ‘Our Service Explained’ document, under the heading ‘What are the fees?’.
36. Once we have agreed our fees with you, we reserve the right to change our fees after giving you 30 days’ notice of any change. We don’t have to give notice where the change does not disadvantage you or it’s made to comply with a legal or regulatory requirement.
37. When we give you notice of a change in our fees, you can tell us (in a call, email or in writing) that you no longer want to use our service. We’ll stop providing our service immediately, without any further charge to you. If we don’t hear from you within the notice period, we’ll assume you’ve accepted the changes.
38. The rights set out in clauses 35 – 37 do not affect your right to cancel our service at any time in line with clauses listed under the heading ‘Termination’.
Investment risks
39. When you invest in our products, your capital may be at risk. The value of your investments can fluctuate, meaning you might receive less than your initial investment. We’re not liable for any fluctuations in share price or market conditions while we are carrying out your instruction to invest or to effect a withdrawal (as the case may be), provided this is carried out within a time period which is not unreasonable under the circumstances. For more details on the general risks of investing and specific product risks, please refer to the ‘What are the risks and things to consider’ section of the ‘Our Service Explained’ document.
Conflicts of interest
40. We provide the service to you in accordance with the information set out in these Terms and Conditions. There may be occasions where a potential conflict of interest may arise in the business that we are transacting for you. We have a policy in place to ensure we identify and handle conflicts fairly, in line with all relevant legal and regulatory requirements. The policy sets the standards and provides guidance to all employees to help ensure our customers are treated fairly at all times. If a conflict of interest arises, we’ll write to you providing full details before we carry out your instructions. For further details, see our Conflicts of interest policy summary. Alternatively, contact us directly if you prefer a non-digital copy.
Money laundering and financial crime
41. All transactions relating to the service provided by us are covered by Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (as amended), the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000 and the Anti-terrorism, Crime and Security Act 2001. The FCA also requires that we have appropriate measures in place to prevent financial crime. Our responsibilities under these laws and regulations, and the rules of the FCA, include, but are not limited to, verifying the identity and address of our clients and of any third party making payments on their behalf. Where we require, you must supply proof of your identity in accordance with the requirements of the above regulations. This verification may include electronic searches of the electoral roll and the use of credit reference agencies, which will result in a ‘soft footprint’ on your credit records. The footprint is not visible to other financial service providers and does not affect your credit rating in any way.
Client money and assets
42. We don’t handle or hold client money or assets. We will never accept cash and will not accept a cheque made out to us unless this is in settlement of any charges or fees incurred.
Data protection
43. For the purposes of this clause the terms ‘processing’, ‘process’, ‘sensitive personal data’ and ‘personal data’ shall have the meanings given to them in the current data protection laws and any successor legislation.
44. We’ll ensure that all personal data is collected and used fairly and lawfully. We’ll ensure that the current data protection laws and any successor legislation is always complied with.
45. HUB Financial Solutions Limited, its group companies and certain third parties will use and protect your information (including sensitive personal data) for the purposes set out in our separate Privacy policy (my.destinationretirement.co.uk/about/privacy-policy/). A copy of our Privacy policy is available on request.
Confidentiality
46. We’ll treat all information you provide to us as confidential. We’ll only use the confidential information for the purposes of providing you with the service in accordance with the Agreement. We’ll only disclose (and where applicable, ensure that our group companies only disclose) confidential information to a third party to the extent necessary to provide the service to you or this is required by any applicable law or regulation.
Cooling off period
47. Once the Agreement begins you will have 14 calendar days to change your mind and cancel the Agreement with us. You can do so via a call, email or in writing. Any fees you’ve paid to us within this period will not be recoverable. Any fees due to us but not paid will not be charged.
48. If you wish to cancel this service you’ll also need to instruct us that you wish to cancel your agreement with Hubwise for its Platform services and products. If you wish to continue with the service but cancel specific products you will need to instruct us accordingly. The Hubwise cancellation period for each product is as follows:
· ISA or GIA: 14 calendar days from the start date
· SIPP: 30 calendar days from the date of commencement
Please refer to the Hubwise Terms and Conditions for further details on its cooling off conditions.
Termination
49. We may end our service by telling you in writing, providing a minimum notice period of at least 30 calendar days. We’re not obliged to give reasons for terminating our services but typically it will be because of, but not limited to the following reasons:
· You materially breach the condition of this or any related contracts.
· We have legal or regulatory reasons to end the Agreement – please note that we can do this without providing reasons if we cannot do this for legal or regulatory reasons.
· We are required to terminate the Agreement by any competent regulatory authority or as a matter of law.
50. You may terminate our authority to act as your agent at any time. If you tell us you no longer wish us to act as your agent for this service and in your dealings with Hubwise, this will constitute giving notice to the termination of the Agreement.
51. You can give us notice of termination in a call or by either you or us or in writing. It will take effect from the date of receipt. Notice to terminate in writing should be provided to the following address HUB Financial Solutions Limited, Enterprise House,
Bancroft Road, Reigate, Surrey RH2 7RP. Termination is without prejudice to any Service already provided/ transactions already initiated, which will be completed according to the Agreement unless otherwise agreed in writing.
52. On termination, either by you or us, you agree that you pay us any outstanding costs and charges owed in relation to any activities or transaction initiated before or during the notice period.
53. If you, or we, terminate the Agreement you’ll no longer be able to use the Destination Retirement platform and the products and investment portfolios available through it. You’ll need to arrange to transfer to another provider. If the transfer has not completed at the date of the Agreement being terminated, you’ll need to contact Hubwise on any matters related to your Hubwise product accounts.
Other important information
54. You may not transfer or assign any or all your rights or obligations under these Terms and Conditions or the Agreement to anyone else.
55. Each of the clauses of the Terms and Conditions and the Agreement operates separately.
56. If any court or relevant authority decides that any part of any clause is unlawful, the rest of that clause, and all other clauses, will stay in force and continue to apply to our service.
57. If any court or relevant authority decides that any part of any clause is unfair it will, as far as possible, continue to apply but without the part considered to be unfair.
58. If we fail to insist that you perform any of the obligations under the Agreement, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you. You must still comply with those obligations. If we do waive a default by you, we’ll only do so in writing, and that won’t mean we’ll automatically waive any later default by you.
59. Except where the law does not allow, we are not liable or responsible for any losses, failure to perform, or delay in the performance of, any of our obligations under the Agreement caused by an event outside our control. A failure or delay does not amount to a breach of our obligations under the Agreement. An ‘event outside our control’ means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks. In these circumstances, we must contact you as soon as reasonably possible. The time for performance of our obligations will be extended accordingly. We shall not under any circumstances be liable for loss of opportunity, loss of goodwill, loss of business or loss of profit, or for losses we could not have reasonably predicted when you gave us an instruction.
60. We are not liable for any errors in our service as a result of you giving us incorrect information or not giving us the relevant information.
61. In the event of your death, any investment funds you hold will form part of your estate, and will be paid to your estate representative(s), subject to us receiving proof of their authority to act for the estate such as Probate or Letters of Administration.
Governing law and jurisdiction
62. These Terms and Conditions are governed by, and interpreted in line with, English law. Any legal action in connection with these Terms and Conditions will be dealt with in the English courts.
63. All communications and documentation in relation to the service and these Terms and Conditions will be in English.