When we accept your request to join the rplan service, these Terms of Business will form a binding agreement between you and rplan. References to us, we or our refer to rplan.
You should read these terms of business before registering for rplan. We have tried to make them as readable as possible, so please take a few moments to digest the contents. If there is anything you do not understand please contact us at firstname.lastname@example.org.
Who can join rplan?
Members, who invest via rplan, are clients of rplan and have access to all areas and services. Registered users cannot trade and have restricted access to the functionality of the site. Registered users are not deemed to be clients of rplan as rplan will not be acting on their behalf.
We have broken down these terms of business into sections for ease of reading. Registered users and members must read and accept these terms of business before joining rplan.
Clients and ServicesExtent of rplan's services, who can use them and when, investing, termination of services and future changes in these terms of business.
Who can be clients
rplan can act for you if you are aged 18 or over and live in the United Kingdom. rplan may not be able to act on your behalf if:
- You do not live in the United Kingdom, or
- You are currently living in the United Kingdom, bur normally live abroad, or
- You are currently living in the United Kingdom and plan to move abroad
rplan are required to classify its clients as either "retail" or "professional". rplan classifies all clients as "retail" to enable the highest level of protection available under the regulatory system.
rplan of 67 Clerkenwell Road, London EC1R 5BL is authorised and regulated by the Financial Conduct Authority ("FCA") under reference number 529879. This can be verified by visiting the FCA website www.fca.org.uk or by calling 0845 606 1234.
rplan offers a service enabling you to trade in regulated collective investment schemes via the internet and is provided on an execution only basis. rplan gives no individual advice and acts only on instructions received. As a result rplan are not required to assess the suitability of any particular fund that you have selected for your specific personal and financial circumstances and therefore you do not benefit from the protection of the regulatory rules on assessing suitability. Similarly we are not required to ask you to provide information regarding your knowledge and experience in investing in funds so as to enable us to assess whether the fund or funds that you have selected are appropriate for you.
We provide you with tools to assist in making an informed decision, but are not making a personal recommendation or suggesting that any particular fund or product is necessarily suitable for your specific personal and financial circumstances.
If you have any doubts as to whether any product is suitable for you, you should seek independent advice elsewhere.
We utilise the services of a platform operator, Cofunds, and you will need to sign up to their terms of business before you can trade on their platform. Their terms of business can be accessed when the initial application to invest is made. As a result it is Cofunds, and not rplan, which will be responsible for (a) the execution of your instruction (b) organising how shares in the funds that you purchase via rplan will be held for you and (c) offering you the possibility to hold them in a tax wrapper such as an ISA. Should the communication system between rplan and Cofunds fail for any reason at a time when you want to transmit an instruction to Cofunds, you will receive a message telling you that the service is currently not available and providing you with the information you need to contact Cofunds and provide them your instruction directly.
Using rplan you will be able to:
- review your holdings in the various funds that you have acquired via the rplan service
- access information, including prospectuses, simplified prospectuses, key investor information and report and accounts on various funds
- transmit your instructions to buy or sell one or more funds, including switching, via the internet to Cofunds which will execute your instructions. Cofunds will act on instructions that you will provide them via rplan on an execution only basis
- check any transaction confirmation. Confirmation notes relating to investment transactions will be forwarded by Cofunds. Transaction histories will be accessible via rplan.
Investing and its risks
You should always bear in mind that the past performance of any investment is not necessarily a guide to its performance in the future. The value of investments, as well as the income from them, may go down as well as up. You may not necessarily get back the amount you invest.
Commencement and Termination
These terms of business come into effect on the date you sign up to them, which will happen when you request to join the rplan service and will continue in force until you cease to use these services or until they are superceded by any new Terms that may be presented to you. rplan may change the future content without receiving your prior consent to do so, but we will not conduct any business for you following any change unless we have given you notice of any such changes.
You, or rplan, are entitled to terminate this agreement without penalty at any time by providing a written notice detailing when the termination is to take effect.
Amendments to these Terms of Business
rplan reserves the right to amend these terms and will give you notice in good time before making material changes. The most up to date version will be available at www.rplan.co.uk/tob. If you do not like the amended Terms of Business you will be able to terminate them as explained in the section titled "Commencement and Termination".
All communication between you and rplan and any content posted by you on the rplan site should be in English. We will only correspond with you in relation to the rplan service via the e-mail address you have given to rplan when you requested to join the rplan service. We will not pass any secure data via e-mail, but will notify you of any urgent matters that will be available to read on rplan's secure website. rplan will assume that you have accessed the rplan website within 5 days of having received these notices.
It is imperative that you notify us immediately of any change in your e-mail address.
When you register with rplan we will use your e-mail address to update you on the progress of our development. There is a link at the bottom of each such e-mail which will allow you to unsubscribe.
All regulated financial services firms are required by law to have in place effective systems and controls for combating money laundering and terrorist financing. rplan may carry out an identity search using credit reference agencies for us to verify who you are. If rplan is unable to verify your identity for these purposes rplan will not be able to arrange any investment for you.
rplan may pass information confidentially to the relevant law enforcement authorities and reserve the right to refuse instructions or arrange payments where it is necessary to meet rplan's legal obligations.
Costs of Using the Service
rplan’s fees are based on a single fee of 0.35% per year, including Cofunds platform fees of 0.23%, based on the value of your portfolio. The fees are collected by Cofunds, and are charged monthly at the end of each month, pro-rated on the assets you had in your portfolio in the previous month.
Currently these fees are not subject to Value Added Tax. We reserve the right to increase fees should they become subject to this or other indirect taxes.
Fees payable by Founding Members
To thank members who joined rplan before March 10th 2014, known as ‘Founding Members’, the fee payable is 0.25% per year rather than 0.35% per year.
How fees are collected
rplan’s fees, including the Cofunds platform fees, are calculated and collected by Cofunds. The fees are taken from your Cofunds Cash Account; if you don’t have sufficient balance in your Cofunds Cash Account to cover the rplan fees and the Cofunds platform fees (shown separately in statements from Cofunds), Cofunds will sell units from your holdings to cover any fees due (usually from the largest holding in your account on which no trail commission is payable.) Note that Cofunds will always sell units to cover its own platform charge if insufficient funds are available in the Cofunds Cash Account; and, in accepting these Terms of Business, you authorise rplan to instruct Cofunds to sell units to cover any rplan fees if insufficient funds are available in the Cofunds Cash Account to cover payment of rplan fees. For more detail on how Cofunds calculate and collect fees, see Cofunds’ Terms and Conditions.
rplan’s fee includes a 0.23% per annum fee payable to Cofunds, known as the Cofunds Platform Fee. Detail of this and any other charges made by the Cofunds platform is set out in their documentation.
Charges On Funds Bought Before 10/3/2014
On March 10th 2014, rplan changed its fee structure to comply with guidelines issued by the Financial Conduct Authority (FCA). The details below apply to any funds purchased before that date (known as ‘implicit’ or ‘bundled’ share classes), or any ‘implicit’ share class funds transferred into rplan.
rplan's fees are based on the amount of renewal commission received and will be 50% of such commission, subject to a maximum of £5 per calendar month, and will be deducted from renewal commission received. These fees apply to any funds in ‘implicit’ share classes, which were available for investment on the rplan site prior to 10/3/2014 (but which may also have been purchased through another provider and then transferred on to rplan.) Note that the £5 cap does not take into account any fees paid on ‘explicit’ share class funds.
rplan reserves the right to increase the monthly cap in line with the Consumer Price Index (CPI) from January 2013 onwards. Currently these fees are not subject to Value Added Tax. We reserve the right to increase fees should they become subject to this or other indirect taxes.
Fees payable by Beta Clients
As part of the start-up of rplan, we launched a Beta service which was available to a small number of interested parties who wish to help in evaluating the rplan service and communicating on the service, documentation and interface with the platform prior to offering the service to a wider audience. For those individuals who assist in this exercise no fees are payable for the rplan service on any ‘implicit’ share class funds.
If an individual signs up to the Beta programme, but fails to meet their obligations to give feedback, or fails to invest via rplan, they will be removed from the Beta service and fees will be payable as set out in the terms of business applicable to non-Beta rplan clients.
As noted above, rplan will not retain all renewal commissions received. Any renewal commission not utilised to meet rplan's fee will be paid to clients by the end of the month following the month of receipt. Payments of less than £5 will be accrued and paid when the total due is £5 or more.
Protection and Recourse
Money transfer, complaints, compensation, conflicts of interest and cancellation rights
rplan does not handle client money and will not be involved in any transfer of money between you and Cofunds. These transfers will be done via RBS World Pay and therefore RBS World Pay will be responsible for any issue you have in making or receiving a payment when using the rplan service.
Payments to and from Cofunds by cheque or BACS are the responsibility of Cofunds as set out in their terms of business.
Cheques should NOT be made payable to rplan, except for a cheque in settlement of any charges or disbursements due to rplan. rplan does not accept cash.
If you have cause to complain about our services, these should be addressed to the Compliance Officer, rplan Limited, 67 Clerkenwell Road, London EC1R 5BL.
If the matter is not resolved to your satisfaction you can then contact the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR (0845 080 1800 or www.financial-ombudsman.org.uk). Further information is available on request.
If we are unable to meet our liabilities to you in full because of our financial circumstances you may be entitled to redress from the Financial Services Compensation Scheme, up to a maximum of £50,000. Further information is available on request.
Professional Indemnity Insurance
rplan holds professional indemnity insurance.
Conflicts of Interest
rplan aims to identify and manage conflicts of interest which may arise between itself (including managers, employees and subcontractors) and the users of the rplan service, and between one user and another in order to prevent these conflicts of interest from constituting or giving rise to a material risk of damage to the interests of the users of the rplan service. If we become aware of any conflict which we cannot suitably manage, we will contact you to disclose the general nature and/or sources of conflicts of interest to you before continuing to provide you with the rplan service.
You should be aware that cancellation rights are not available as a right on execution-only investment in a regulated collective investment scheme not included in an ISA. In certain circumstances it is possible that Cofunds will offer cancellation rights on other investments. Please refer to Cofunds' terms and conditions, available on the rplan website, if you would like more information on cancellation rights.
Liabilities and Ownership
Liabilities of rplan and clients arising from these terms, together with restrictions on ownership.
Nothing in these Terms of Business shall limit or exclude our liability (if any) for:
- a breach of any term implied by law as to our title in any goods or services we provide to you
- our fraud or fraudulent misrepresentation
- personal injury or death resulting from our negligence: and/or
- our breach of our statutory obligation to provide services with reasonable skill and care
You agree to be responsible for any losses and/or expenses including but not limited to our reasonable legal expenses which are the result of any violation by you of your obligations under these Terms of Business and any infringement by you of third party rights, including without limitation in respect of your obligations regarding posting material on the rplan site, including the Community Discussion Area as defined later.
We will not be responsible for:
- any loss or damage you suffer as a result of circumstances beyond our reasonable control including without limitation the interruption or failure of the rplan service through no fault of rplan, loss of opportunity and/or the reliance by you on information, opinion advice or material provided on the rplan site by anyone other than rplan.
- the performance of the funds you have selected
- any loss which is not caused directly by a breach by us of our obligations under these Terms of Business (including without limitation a failure of Cofunds to execute your instructions in accordance with their terms and conditions or a failure of RBS World Pay to transfer money to and from Cofunds or any loss of opportunity to reinvest funds following a sale)
- any loss or damage suffered by you as a result of transmitting information to us, via the rplan site or by e-mail or otherwise, for not ensuring that you have, at all times, provided us with current email contact details
- any loss of opportunity to make an investment, except where you instructed us to make that investment and we failed to do so as a result of a direct breach by us of our obligations under these Terms of Business
- any indirect loss which happens as a side effect of the main loss or damage and which is not foreseeable by you and us at the time when we accept your request to join the rplan service.
Your rights and obligations under these Terms of Business are personal to you, so they cannot be transferred to anyone else, unless rplan agree otherwise in advance in writing.
rplan may transfer their rights and obligations under these Terms of Business to any company, which we believe in our reasonable opinion to be able to provide you with a level of service equivalent to the service you receive from the rplan service. If this happens, we will give you 28 days' prior written notice.
Nothing in these Terms of Business is intended to give rights to any person other than you and rplan. Accordingly, no third party is intended to have a right to enforce any term of these Terms of Business. Any statute giving contractual or other rights to third parties (e.g. the Contract (Rights of Third Parties) Act 1999) will not apply.
Protecting your personal information
rplan will collect personal information from you in connection with your use of the rplan service, such as information which you are asked to supply in the registration section of the site.
In its role as Data Controller rplan will comply with the obligations under the Data Protection Act 1998. You consent to our collection, use and transfer of such data in accordance with these Terms of Business. rplan will use the personal information collected from you in order to provide the services described in these Terms of Business. rplan will not transfer, disclose, sell, distribute or lease your personal information to third parties other than on the following basis:
- to Cofunds in connection with the investment made by you via the rplan service
- where we have your permission
- where we are required to do so by law or regulations, by legal process (e.g. a Court order), by a regulator (e.g. the Financial Conduct Authority or the Information Commissioner's Office) or where your personal information is requested by (and provided by us on a voluntary basis) to a law enforcement agency (e.g. the police).
- where the transfer or disclosure would otherwise be in compliance with the requirements of the Data Protection Act 1998: and/or
- to third parties where such disclosure is for the purposes of processing the information on rplan's behalf in accordance with the terms of this section.
If we disclose any of your personal information to any third party including Cofunds we will ensure that a contract is in place to ensure that the third party uses your personal information only in accordance with our instructions and has appropriate security provisions in place in order to ensure that your personal information is kept secure, in accordance with our obligations under the Data Protection Act 1998. Note that your agreement with Cofunds in respect of the investment may contain additional data protection rights and obligations that apply as between you and Cofunds irrespective of these Terms of Business.
You may request details of personal information that we hold about you under the Data Protection Act 1998. A small fee will be payable. We will respond to you in accordance with the timeframe as set out in the Data Protection Act 1998. If you would like a copy of the information held on you please write to the Compliance Officer, 67 Clerkenwell Road, London EC1R 5BL. If you think any information we have about you is incorrect or incomplete, please write to the Compliance Officer at the above address. We will correct or update any information as soon as reasonably possible.
In the event that your personal information is transferred to countries whose data protection laws are not as extensive as those which apply in the European Economic Area, we will take steps with a view to ensuring that there is the same level of protection for the processing carried out in these countries as within the European Economic Area, in accordance with our obligations under the Data Protection Act 1998.
In order to prevent unauthorised access to or disclosure of your personal information we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online. However, you attention is drawn to the fact that information transmitted via the internet and by e-mail is susceptible to monitoring and interception.
Website Access and Community Discussion Area
How to access the site and discussion area content standards
Accessing the Website
As noted above rplan supplies a service via the internet and you are required to sign up to this service via the website. You will receive individual authentification details which must not be disclosed to any third party. There is a secure process in place should you wish to reset passwords, but access will only be permitted after successful supply of key security questions.
If your password has been stolen you must notify rplan as soon as you become aware of such theft.
Access to the site is permitted on a temporary basis, and rplan reserves the right to withdraw or amend the site content without notice. rplan will not be liable if for any reason the site is unavailable at any time or for any period. In these circumstances rplan will provide instructions on how you can trade directly with Cofunds.
Community Discussion Area
rplan will champion active debate among clients by running the community discussion area and ensuring it is secure. It is your responsibility to ensure that only relevant posts are placed in this area. rplan do not endorse any content provided by users of the rplan service in the Community Discussion Area. The content of the Community Discussion Area does not constitute advice but is a means whereby likeminded individuals can discuss matters of importance to them. If you are unsure of any matters arising in the Community Discussion Area you should seek independent advice before making any investment decision. rplan will remove immediately any comments that appear to contravene the Content Standards set out below. rplan reserves the right to withdraw access to the Community Discussion Area and/or the rplan service from any user who rplan considers has failed to comply with the Content Standards, without prior notice, and shall have no liability to users for doing so.
The purpose of the Community Discussion Area is to enable users to discuss openly and honestly matters affecting users' investment attitudes and decisions. You are solely responsible for any messages or material you submit on the Community Discussion Area on the rplan site ("User Content"). Whenever you submit User Content you must comply with the following standards (the "Content Standards"). Your User Content must not:
- transmit advertisements or solicitations for business
- collect or use information (including personal data) about others, including their e-mail addresses, without their explicit consent
- intentionally make false or misleading statements about investments
- disclose any material non-public information relating to a quoted company
- contain any material which is defamatory, obscene, offensive, hateful or inflammatory
- promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age
- infringe any copyright, database right, trade mark or other intellectual property right of any other person
- solicit or attempt to solicit passwords or personal identifying information for commercial or unlawful purposes from other users
- be likely to deceive any person
- be made in breach of any legal duty owed to anyone else, such as a contractual duty or a duty of confidence
- promote any illegal activity
- be threatening, abusive or invade another's privacy, or cause annoyance, inconvenience or needless anxiety
- be likely to harass, upset, embarrass, alarm or annoy any other person
- be used to impersonate any person, or to misrepresent your identity or affiliation with any person
- give the impression it comes from rplan, or
- advocate, promote or assist any unlawful activity, including but not limited to copyright infringement or computer misuse or contain links to websites of unauthorised persons engaging in investment activities
Your user content must be accurate (where it states facts), be genuinely held (where it states opinions) and comply with applicable law in England and Wales and in any country from which it is posted. You must own the copyright in the expression of your User Content. When you post User Content, you expressly grant us a perpetual, irrevocable, royalty-free, worldwide, assignable, non-exclusive licence to use, edit, alter, adapt, translate, copy, publish, continue to publish or republish your submission (and/or an edited, adapted or translated version of it or part of it) (the "Work") and/or to sell or otherwise communicate or distribute the Work, as part of an edited compilation or in any other way howsoever. The licence is capable of sub-licence, unlimited in the use to which we may put the Work and exists whether or not you remain the registered user. As the licence is irrevocable, this means, for example, that we do not have to remove your posts even if you would like us to and even if you are no longer a registered user. We will credit you under your user name (either the one existing at the time of the post or otherwise) as the author in any use of your material. By submitting your User Content you warrant that you have the right to grant us the non-exclusive copyright licence described above.
These Terms of Business and any non-contractual obligations arising out of or in connection with them will be governed by English law. The Courts of Scotland if you live in Scotland or the Courts of Northern Ireland if you live in Northern Ireland or otherwise the Courts of England and Wales are to have exclusive jurisdiction over any dispute (a) arising from or in connection with these Terms of Business or (b) relating to any non-contractual obligations arising from or in connection with them.