Last updated: 13/06/2023
Introduction
Octopus Money provides financial planning services, financial coach booking and monitoring services, and financial advice and investment (advisory) services, as further described in paragraph 3.1 below (the “Services”). The terms and conditions set out below (“Terms“) are the terms and conditions on which Octopus Money provides these Services.
The Services, as a package, are only provided to our subscribers, and not to visitors of the Website or other users. From time to time, Octopus Money may provide access to an element of the Services to non-subscribers, for example, as part of an introductory offer to the Services. These Terms apply to all users of the Services.
Please read these Terms carefully before using the Services. By using the Services or by clicking the “I agree” button or otherwise indicating agreement electronically, you agree to comply with and be bound by these Terms, which constitute a binding contract between you and Octopus Money (“Contract”).
These Terms comprise the following:
Section B – Payment Services Terms
Section C – Financial Planning Service Terms
Section D – Financial Coach Booking Service Terms
Section E – Monitoring and Feedback Services Terms
Section F – Advisory Service Terms
Section G – Referrals to Third Party Advisers and Services
For details on how to become a subscriber to the Services, please see paragraph 5 of these Terms.
A. GENERAL TERMS
1. Key Definitions
In these Terms, the following definitions shall apply:
“Advisory Services” means the advisory services provided by Octopus Money as further described in paragraph 3 below.
“Business Day” means a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.
“Coach” means any person employed by, or contracted to, Octopus Money, or any other financial coach that has been accredited by Octopus Money who delivers Financial Coaching Services.
“Coaching Provider” means the company that employs the Coach who provides the Financial Coaching Services to you.
“Financial Coaching Services” means the financial coaching services provided by a Octopus Money accredited Coach as described in section D below. The provision of Financial Coaching Services is subject to the Financial Coaching Contract, as outlined in clause 21.2.
“Financial Plan” shall have the definition given to it in paragraph 3.1.1 below.
“Financial Planning Services” means the financial planning services provided by Octopus Money as further described in paragraph 3 below.
“Octopus Money”, “we”, “us”, or “our” shall have the definition given to it in paragraph 2.1 below.
“Online Investment Service” means the online service provided by Octopus Money that offers regulated investment advice and discretionary management services.
“Services” shall have the definition given to it in the Introduction.
“Start Date” means the date on which your subscription to the Services begins, as described in paragraph 5.5.3.
“Subscription Fee” the annual subscription fee payable for a subscription to the Services, as further described in paragraph 6.1.1.
“VouchedFor” means VouchedFor Limited, a company registered in England and Wales (No. 07485300) whose address is 8 Waldegrave Road, Teddington, TW118HT.
“Website” means the website at www.octopusmoney.com and all the pages, content and sub-domains contained within it.
“Your Account” shall have the definition given to it in paragraph 6.2 below.
2. Information about Octopus Money and how to contact us
2.1. Octopus Money is a trading name of TW11 Wealth Management Limited (“Octopus Money”, “we”, “us”, or “our” as the context dictates), a company registered in England (No. 10339119). The address for TW11 Wealth Management Limited is 33 Holborn, London, EC1N 2HT.
2.2. Octopus Money is also authorised and regulated by the Financial Conduct Authority (FCA) under number 763630.
2.3. If you have a question or concern about any aspect of our Services please contact us at:
By telephone: 0203 111 0589
By email: support@octopusmoney.com
Via the Website: www.octopusmoney.com
In writing: Octopus Money, 33 Holborn, London, EC1N 2HT
2.4. By using any part of the Services, you agree to be contacted by Octopus Money via phone, SMS text message, email or post for the purposes of providing the Services. Our communications will be in English.
3. The Services
3.1. The Services comprise the following:
3.1.1. Financial Planning Service – this service allows users to build a financial plan (or have one built for them) (a “Financial Plan”) using Octopus Money’s proprietary financial planning software, and discover how their wealth may change over time, whether they are on track to achieve their goals, and what actions they could take to improve their finances and improve their future finances as much as possible. Different versions of the Financial Plan may be created to identify what might happen in different scenarios.
3.1.2. Financial Coach Booking Service – this service allows users to be matched with, and book a session with, a Octopus Money Accredited Financial Coach who will provide the Financial Coaching Services. The Coach’s provision of the Financial Coaching Services are subject to the users acceptance of the Financial Coaching Contract, as outlined in clause 22.2. Octopus Money does not provide the Financial Coaching Services except in cases where Octopus Money is a party to the Financial Coaching Contract, as outlined in clause 22.4.
3.1.3. Monitoring and Feedback Services – this collection of services allows Octopus Money to ensure that your Coach adheres to our quality standards and their legal obligations. This also allows you to provide feedback on the services provided by both Octopus Money and your Coach.
3.1.4. Advisory Services – this collection of services gives users access to services, tools, guides and advisers who can provide regulated financial advice, including product recommendations where relevant.
3.1.5. Payment Services – this service allows the user to pay their Coach for their Subscription via one of the methods provided by Octopus Money including direct debit and salary sacrifice.
3.2. Together, the Services provide users with information, advice, guidance, tools and access to regulated financial services, with the aim of helping users to plan their finances. Every element of the Financial Planning Service and Financial Coach Service, accessed or provided simultaneously, plays a key role in informing users’ decisions on how much to save, invest and contribute to their pensions and savings for retirement.
3.3. Different elements of the Services may be provided in different ways, including via the Website, by telephone, post, e-mail, SMS text message, web (video) conference or in person.
4. Offers
From time to time, Octopus Money may offer discounts or other special offers. All Octopus Money offers are subject to availability and we reserve the right to withdraw any of our offers at any point in time. Certain offers may be subject to additional terms and conditions which will be notified to the user at the time the offer is made.
5. Access to the Services
5.1. To access or use the Services, you must have an active subscription with an Octopus Money Accredited Financial Coach.
5.2. Your access to the Services is included in the cost of the Subscription Fee paid to your Coach, and so no additional fee shall be owed by you to Octopus Money (except for the investment fees, as outlined in clause 6.1.2.).
5.3. You must be a resident in the UK, and you must be 18 or older and have the power to enter into a contract with us in order to subscribe to the Services.
5.4. You may set up a subscription by speaking to your Financial Coach, or if you do not have one, by using the Financial Coach Booking Services (as outlined in section D) for the purposes of arranging a first meeting (via phone or in person) with a Financial Coach.
5.5. Once we have received confirmation from your Coach of your request to set up a subscription:
5.5.1. We will facilitate payment of your Subscription Fee to your Coach via the method indicated by your Coach, subject to the terms in section B.
5.5.2. We will send you written confirmation via email of the amount of your Subscription Fee and the payment method.
5.5.3. The start date of your subscription to the Services (“Start Date”) will be the same as the Start Date of the Financial Coaching Contract.
5.6. You agree that we will immediately, on and from the Start Date, begin to provide the Services.
5.7. You will retain access to, and we will provide, all of the Services for the duration of your subscription, in accordance with these Terms.
5.8. The full terms and conditions relating to the subscription are provided in the Financial Coaching Contract.
6. Fees
6.1.1. Subscription fee
The fee for an annual subscription to the Services (the “Subscription Fee”) will be made clear to you when you complete the online form to subscribe to the Services or by the Coach when you inform him/her you wish to subscribe to the Services, and in the confirmation email that we send to you.
The current rate for a subscription to use the Services (inclusive of VAT) can be found on the Website at https://octopusmoney.com/for-individuals.
Octopus Money reserves the right, at any time, to make changes to the Subscription Fee it charges for an annual subscription to the Services. If you are a subscriber to the Services, Octopus Money will notify you by email of any changes that are made to the Subscription Fee and how you will be affected. Any changes that are made to the Subscription Fee will not affect you until your subscription is next due for renewal.
6.1.2. Investment fees
If, as a subscriber, you choose to invest your savings using the Online Investment Service, you will be required to pay additional fees. The amount will depend on the type of investment you choose, the level of risk you are willing to take and the amount invested. You will be informed of the fees payable when setting up an account on the Online Investment Service, the use of which is subject to additional terms and conditions which can be found at https://www.parmenion.co.uk/terms/ParmenionT&Cs.pdf.
6.1.3. Commission
Octopus Money will, in addition, receive a commission when you purchase a mortgage or insurance product from a third party provider that has been recommended to you by a financial adviser whom we refer you to in the course of providing the Advisory Services. Octopus Money will not, in any circumstances, seek to influence a recommendation that a financial adviser makes to you based on the level of commission that Octopus Money will receive if the recommendation is followed.
6.2. Your Account
6.2.1. Upon subscribing to use the Services, you will be provided with access to an online account (“Your Account”) from which you may access your Financial Plan and use Octopus Money’s proprietary financial planning software to create alternative or different versions of your Financial Plan.
6.2.2. You will be given or asked to create a username and password to allow you to access Your Account. You are responsible for maintaining the confidentiality of the password, and are fully responsible for all activities that occur under your username and password. You are also accountable for all activities regarding your username, with or without your knowledge or permission. You agree to immediately notify Octopus Money of any unauthorised use of your username or password or any other breach of security. If you knowingly provide your log-on information to another person, your access to Your Account may be suspended temporarily or terminated. You agree that Octopus Money assumes no liability for activities accessed through your username and password, nor can or will Octopus Money be liable for any loss or damage arising from your failure to comply with this paragraph 5.8.
6.3. Termination of, or restriction of access to, the Services
6.3.1. You agree that Octopus Money, in its sole discretion, has the right to delete, suspend or deactivate Your Account, block your email address, or otherwise terminate or restrict your access to or use of the Services immediately and without notice and remove and discard any content within the Website for any reason, including, without limitation, if Octopus Money believes that you have acted inconsistently with the letter or spirit of these Terms.
6.3.2. You agree that neither Octopus Money nor its officers or employees shall be liable to you or any third-party for any termination or restriction of your access to the Services.
6.4. Consequences of termination of the Services by Octopus Money or cancellation or non-renewal of a subscription
6.4.1. Upon termination of the Services by Octopus Money for any reason, or cancellation or non-renewal by you of your subscription to the Services, your access to the Services will immediately cease, and you will no longer have access to a Coach or to your Financial Plan.
6.4.2. If, during the term of your subscription, you made investments using the Online Investment Service, you may continue to keep your account and maintain your investments, and you may make further investments or contribute further sums to your existing investments via that account, for as long as you remain a UK resident.
7. Accuracy of information and our liability to you
7.1. Any guidance or advice we provide will be based on the information that you give to us, so it’s vital that you provide us with accurate and complete information about your circumstances and objectives. If you limit the information provided it could affect the suitability of the advice we give. You agree that we shall not be liable to you to the extent that any information you provide to us is inaccurate, incomplete or misleading.
7.2. By subscribing to use the Services, you unconditionally confirm that the details that you provide to Octopus Money are true, fair and accurate in all material respects and complies with all applicable regulatory or statutory requirements. You agree to promptly notify Octopus Money of any material changes in relation to your details.
8. Legal and accounting advice
We are not qualified to provide legal or accounting advice or to prepare any legal or accounting documents. This means that the onus is on you to refer any point of law or accountancy that may arise during the course of discussions with us, to a solicitor or accountant.
9. Your Personal Information
9.1. To provide our services properly we’ll need to collect information about your personal and financial circumstances. We take your privacy seriously and will only use your personal information relating to you to deliver the Services. Full details of what information we collect and how we use it can be found in our Privacy Policy, found at https://octopusmoney.com/privacy-policy. By using the Services and/or agreeing to these Terms, you accept our practices regarding personal data and how we will treat it.
9.2. Sometimes, we may need to pass personal information relating to you to other organisations (e.g. if you apply to take out a financial product or service we’ll need to pass certain personal details to the product or service provider). Personal information relating to you may be transferred electronically (e.g. by email or over the internet) and we, or any relevant third party, may contact you in future by what we believe to be the most appropriate means of communication at the time (e.g. telephone/ email /letter etc.).
9.3. The organisations to whom we may pass personal information relating to you also have their own obligations to deal with your personal information appropriately and may have their own privacy policy setting out how they use personal data relating to you which we recommend you read carefully. In addition, a product or service may sometimes be administered from a country outside Europe. If this is the case, the organisation must put a contract in place to ensure that your information is adequately protected.
9.4. We will never share your data or information with any third party except when it is directly required to provide the Services you have requested, as outlined in these Terms, or where you have given us explicit permission in advance.
9.5. Personal data relating to you will be stored by Octopus Money using appropriate safeguards to maintain its privacy and security, as further outlined in our Privacy Policy (https://octopusmoney.com/privacy-policy).
9.6. Under the terms of the General Data Protection Regulation (GDPR) you have the following rights:
9.6.1. You can ask us for a copy of the personal information we hold about you. We will provide this free of charge, unless your request is repetitive or excessive, in which case we reserve the right to charge you a reasonable fee.
9.6.2. You can inform us of any changes to your personal information, or of any corrections you would like us to make to any of the personal information we hold about you.
9.6.3. In certain situations, you can ask us to erase the personal information we hold about you, or object to particular ways in which we are using your personal information. Please note that we may need to retain certain information for recordkeeping purposes, to complete any transactions that you began prior to your request, or for other purposes as required or permitted by applicable law.
9.6.4. Where we are using your personal information on the basis of your consent, you are entitled to withdraw that consent at any time.
9.6.5. Where we process your personal information based on legitimate interest or the public interest, you have the right to object at any time to that use of your personal information.
9.7. You may exercise any of the rights set out in paragraph 9.6 by writing to us writing (by email or by post using the details in paragraph 2 above). For security reasons we may ask for proof of your identity before we disclose information about you, or to you, via email or over the telephone.
10. Intellectual Property
10.1. Octopus Money owns all the intellectual property rights relating to the Services and the Website (including the designs, text, database, graphics and layouts and all proprietary software accessible via the Website), and you agree not use or copy any part of them without our express permission in writing.
10.2. You agree not to download, reproduce, copy, resell or exploit for any commercial purposes, any aspect of the Services, or to use automated means to download data provided to you as part of the Services (including without limitation, spiders, robots, crawlers or data mining tools, but excepting standard internet search engines).
10.3. You are not permitted to decompile or disassemble, reverse engineer or otherwise attempt to discover any source code contained in the Website.
10.4. You may only use the Services for your own personal, private and non-commercial purposes. You must not commercially exploit or sell any content appearing on our Website or provided to you as part of the Services.
10.5. If you have a subscription to the Services, we hereby grant you, and subject to these Terms, a non-exclusive, non-transferable right, to use Octopus Money’s proprietary financial planning software for your own personal, private and non-commercial purposes only. Whilst we will do our best to ensure that this software is accessible by you at all times, we cannot guarantee this, and we also cannot guarantee that your use of the software will be uninterrupted or error-free. You agree that we are not responsible for and shall not be liable to you for any problems or temporary interruptions you experience in using Octopus Money’s proprietary financial planning software.
11. Complaints
11.1. If you are unhappy with our advice or any aspect of our services, we encourage you to contact us as soon as possible.
Telephone: 0203 111 0589
Email: complaints@octopusmoney.com
In writing: Octopus Money, 33 Holborn, London, EC1N 2HT
You will receive an initial response within two (2) Business Days, and we will do our best to resolve your concerns.
11.2. We have a complaints procedure and we can provide further details on request. If you do have a complaint, and you are not happy with our response, the Financial Ombudsman Service (FOS) may be able to help. The FOS settles disputes between financial services business and their clients. Full details are available at www.financial-ombudsman.org.uk.
11.3. If your complaint relates to products or services you have bought from us online, or by other electronic means such as by email, you may refer your complaint to the online dispute resolution (ODR) platform at http://ec.europa.eu/odr.
11.4. The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation fund for customers of authorised financial services firms who are unable to pay claims against them, usually because they have gone out of business.
11.5. You may be able to claim compensation from the FSCS if we can’t meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim. Further information is available from the FSCS at www.fscs.org.uk.
12. Changes to these Terms
Octopus Money reserves the right to change or update these Terms from time to time to ensure that we remain compliant with relevant laws and regulations and to ensure that we are constantly improving your experience in using the Services. If you are a subscriber to the Services, and we make any significant changes to these Terms, we will notify you, and you shall have the right to end your subscription to the Services if you are not happy with the changes that we have made. Please see paragraph 6.4 above for details of what happens if you cancel your subscription to the Services.
13. General
13.1. These Terms shall be governed by and interpreted in accordance with English law. Disputes arising in connection with these Terms shall be subject to the exclusive jurisdiction of the English courts.
13.2. No failure or delay to exercise, or other relaxation or indulgence granted in relation to, any power, right or remedy under these Terms shall operate as a waiver of it or impair or prejudice it nor shall any single or partial exercise or waiver of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy.
13.3. A person who is not a party to this Contract shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these Terms, except that your employer may enforce paragraph 6.2.2 of these Terms. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act. The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under these Terms are not subject to the consent of any other person.
13.4. Nothing in this Contract shall be deemed to constitute a partnership between the parties or any other person.
13.5. Each party shall at all times comply with all applicable laws and regulations of governmental or other competent authorities from time to time in performing its obligations under this Contract.
13.6. If any provision of these Terms is held to be illegal or unenforceable such provision shall be severed and the remainder of these Terms shall remain in full force and effect, unless the business purpose of the contract between us is substantially frustrated as a result.
B. PAYMENT SERVICES TERMS
14. Description
14.1 Octopus Money provides payment services that allows you to pay the Subscription Fee to your Coach for their provision of Financial Coaching Services. You can pay either by direct debit, or by salary sacrifice if your employer has agreed to allow that payment method.
15. Payment Methods
15.1 If you are not employed, or you are employed but either you do not wish to pay for the Subscription Fee via salary sacrifice or your employer does not and will not permit employees to pay the Subscription Fee via salary sacrifice, you agree to pay the Subscription Fee via direct debit.
15.2 If you are employed, and your employer permits employees to pay the Subscription Fee via salary sacrifice, you may pay the Subscription Fee via salary sacrifice.
15.2.1. If you do choose to pay the Subscription Fee via salary sacrifice:
15.2.1.1. a. you agree to take such steps as are necessary to trigger payment to Octopus Money of the Subscription Fee; and
15.2.1.2 b. unless you and your employer agree to amend your salary by a recognised method, you agree to and accept the terms of the Salary Sacrifice Amendment set out in the Schedule to these Terms.
15.3 If you are employed, and your employer has agreed to pay the Subscription Fee on your behalf, then Octopus Money will invoice your employer directly. In the event that your employer has agreed to fund only part of the cost of the Subscription Fee, then you shall still be required to pay the outstanding amount either by direct debit or salary sacrifice, as described above. The total amount covered by your employer, and therefore the outstanding amount owed by you will be made clear at the point of agreeing to subscribe to the Services.
15.4 Payment of the Subscription Fee via salary sacrifice or by employer funding is only possible on the basis that you wish to receive guidance and/or regulated advice on your pensions and savings for retirement. In the event that you are not willing or able to discuss your pensions and savings for retirement with Octopus Money, you will be required to pay the Subscription Fee by direct debit only.
15.5. All payments of the Subscription Fee must be made annually in advance, unless otherwise agreed with your Coach.
15.6 If you are paying the Subscription Fee via salary sacrifice, your subscription will begin immediately upon Octopus Money sending you the confirmation email of your subscription, but if Octopus Money does not receive payment of the Subscription Fee within thirty (30) days of this date, you agree to pay the Subscription Fee in full by direct debit. If you fail to make payment by direct debit within five (5) days of being requested to do so by Octopus Money, Octopus Money reserves the right to terminate or suspend your subscription with immediate effect and without any further notice to you.
16. Your rights to cancel the subscription
16.1. For most services bought online you have a legal right to change your mind within fourteen (14) days and receive a refund under the Consumer Contracts Regulations 2013. You will have fourteen (14) days after the Start Date to change your mind.
16.2. Subject to paragraph 16.4, if you cancel your subscription within fourteen (14) days after the Start Date and:
16.2.1. (i). you paid the Subscription Fee by direct debit, we will refund any payments received from you by transferring the relevant amount to your bank account; or
16.2.2. (ii). if you paid the Subscription Fee via salary sacrifice:
16.2.2.1. a. you agree that we may refund any payments received from you by transferring the relevant amount to such bank account as you direct;
16.2.2.2. b. you agree that you will report all untaxed income (that you will receive as a result of receiving the refund) to HMRC and pay any relevant taxes that become due; and
16.2.2.3. c. indemnify Octopus Money for any loss or damage it suffers as a result of your failure to comply with paragraph 16.2.2.2 above.
16.3. You will not be entitled to a refund if you cancel after the first fourteen (14) days from the Start Date.
16.4. If you cancel after we have started to provide or after you have started to use the Services, you must pay us for the services provided up until the time you tell us that you have changed your mind. If the services provided to you up until the time you tell us that you have changed your mind does not include receipt by you of a Financial Plan, you must pay us £25. If the services provided to you up until the time you tell us that you have changed your mind does include receipt by you of a Financial Plan, you must pay us £125. We will deduct the relevant amount from the amount received from you for the subscription, before providing the refund.
16.5. Please see paragraph 6.4 for details of what happens if you cancel your subscription to the Services.
16.6. To exercise your right to change your mind, please contact us by phone or email using the details in paragraph 2 above, telling us you’d like to cancel or including the completed form below.
To: TW11 Wealth Management Limited
I hereby give notice that I cancel my Subscription contract
Purchased on: [insert date of Subscription]
Customer Reference Number: [insert your Customer reference number]
Your full name:
Your address:
Date:
Reason for cancelling (optional):
17. Subscription Renewal
17.1. Subscriptions are for a period of twelve (12) months, and will renew automatically at the end of each twelve (12) month period for a further twelve (12) months, unless:
17.1.1. (i). you inform us in writing of your intention to end the subscription (for further details about when you can end a subscription and how to end a subscription, please see paragraph 6.4 below);
17.1.2. (ii). you have paid for the subscription via salary sacrifice (see paragraph 15 for different methods of payment) and your employer is using a benefits platform which does not allow for automatic renewal of the subscription
17.2. If you have previously paid the Subscription Fee via direct debit, or via salary sacrifice and your employer is using a benefits platform which allows for automatic renewal of the subscription, Octopus Money will issue a reminder to you at least thirty (30) days before your subscription automatically renews (and in the absence of any response from you, a further reminder at least one (1) working day before the subscription renews), informing you that the subscription will automatically renew and when it will renew.
17.3. If you wish to end the subscription, you must inform Octopus Money in writing (by email or by post using the details in paragraph 2 above) before the subscription automatically renews.
17.4. Unless you inform Octopus Money of your intention to end the subscription in writing before the subscription automatically renews, the subscription will automatically renew, and Octopus Money will take payment for the Subscription Fee for the next twelve (12) months, as follows:
17.4.1. (i). if you have previously paid by direct debit, Octopus Money will charge your account for the amount of the Subscription Fee for the next twelve (12) months using the same direct debit details previously provided to Octopus Money; or
17.4.2. (ii). if you have previously paid via salary sacrifice, Octopus Money will submit a request to pay the Subscription Fee via the same method for the next twelve (12) months.
17.5 If you have previously paid the Subscription Fee via salary sacrifice and your employer is using a benefits platform which does not allow for automatic renewal of the subscription, Octopus Money will issue a reminder to you at least thirty (30) days before your subscription is due to renew (and in the absence of any response from you, a further reminder at least one (1) working day before your subscription is due to renew), requesting that you take such steps as are necessary to trigger payment to Octopus Money of the Subscription Fee for the next twelve (12) months.
17.6 Prior to the renewal date of your subscription, you may change the payment method used to pay for the Subscription Fee for the next twelve (12) months (for example, if you change your job) by informing Octopus Money in writing of the new payment method that you would like to use.
17.7 If you are paying by direct debit, your subscription to the Services will not be renewed unless Octopus Money has received payment of the Subscription Fee in cleared funds prior to the renewal date. If you are paying via salary sacrifice, your subscription will continue, but if Octopus Money does not receive payment of the Subscription Fee within thirty (30) days of the renewal date, you agree to pay the Subscription Fee in full by direct debit. If you fail to make payment by direct debit within five (5) days of being requested to do so by Octopus Money, Octopus Money reserves the right to terminate or suspend your subscription with immediate effect and without any further notice to you.
C. FINANCIAL PLANNING SERVICE TERMS
18. Description
This service allows users to build a Financial Plan (or have one built for them) using Octopus Money’s proprietary financial planning software, and discover how their wealth is set to change over time, whether they are on track to achieve their goals, and what actions they could take to improve their finances and improve their future finances as much as possible. Different versions of the Financial Plan may be created to identify what would happen in different scenarios. Every element of the Financial Planning Service and Financial Coach Service, accessed or provided simultaneously, plays a key role in informing users’ decisions on how much to save, invest and contribute to their pensions or savings for retirement.
19. Disclaimer of Liability
19.1. Although Octopus Money is regulated and authorised by the Financial Conduct Authority, use of the Financial Planning Service does not, in itself, constitute regulated financial advice.
19.2. The forecasts produced by Octopus Money’s proprietary financial planning software are for illustration purposes only and are not guaranteed. It is up to you to ensure that any information used to create the forecast is true and accurate. In addition, whilst Octopus Money uses all reasonable endeavours to ensure that the calculations on which your Financial Plan is based are accurate and reliable, there can sometimes be a delay in updating the calculations when there has been a change to the law or tax rules. As a result, any actions you take after viewing the Financial Plan should be based on:
19.2.1. your own further investigations;
19.2.2. the recommendations of a regulated service, as further described in Section F (Advisory Services); or
19.2.3. the advice provided by a third party regulated financial adviser.
19.3. Neither Octopus Money nor your Financial Coach may be held liable for the consequences of any actions you take or fail to take, unless they are the direct result of advice that is given to you by Octopus Money in the course of Octopus Money providing the Advisory Services (further details of which see Section D (Advisory Services) below). Neither Octopus Money or your Financial Coach are responsible for any guidance, advice or recommendations given to you by a third party adviser, including any of our partners or third party financial advisers to whom we may refer you. If you choose to speak to a third party adviser, you may have to agree to additional terms and conditions which are independent of and separate to any terms or agreement with Octopus Money and/or your Financial Coach, and you may also have to pay additional charges.
D. FINANCIAL COACH BOOKING SERVICE TERMS
20. Description
20.1. The Financial Coach Booking Service allows users to be matched with, and book a session with, a Octopus Money accredited Financial Coach to receive one-on-one financial coaching
21. About Financial Coaching
21.1. The Coach will provide financial guidance to you. Financial guidance is the process of understanding your goals and financial circumstances and offering suggestions on what you could do to achieve those goals. Where relevant, the Coach will explain the different options available and outline the pros and cons of each. He/ she will explain your Financial Plan to you, answer questions, help plan your finances, give you general financial guidance and, where appropriate, refer you to regulated financial services. Every element of the Financial Planning Service and Financial Coach Service, accessed or provided simultaneously, plays a key role in informing users’ decisions on how much to save, invest and contribute to their pensions or savings for retirement.
22. About Your Financial Coach
22.1. The Coaches that deliver the Financial Coaching Service are either:
22.1.1. Full time employees of Octopus Money, in which case the Coaching Provider is Octopus Money; or
22.1.2. Financial coaches that have been accredited by Octopus Money to deliver the Financial Coaching Service, in which case the Coaching Provider is the company that employs the individual financial coach.
22.2. The Financial Coaching Service is provided to you subject to an additional agreement between you and the Coaching Provider, the terms of which may be found at https://octopusmoney.com/financial-coaching-terms (“Financial Coaching Contract”). The identity of the Coaching Provider shall be confirmed to you in writing in advance of your first coaching session
22.3. By using the Booking Service, you agree to comply with and be bound by the Financial Coaching Contract between you and the Coaching Provider.
22.4. For the avoidance of doubt, if your Coach is employed by Octopus Money, then the Financial Coaching Contract shall be an agreement between you and Octopus Money, and Octopus Money shall provide the Financial Coaching Service to you.
If your Coach is not employed by Octopus Money, then the Financial Coaching Contract shall be an agreement between you and the Coaching Provider who employs your Coach, and Octopus Money acts as a disclosed agent for the Coaching Provider in communicating their agreement to enter into the Financial Coaching Contract.
23. Coach Booking Services
23.1. We will provide booking services (the “Booking Service”) to you in order to facilitate the provision of the Financial Coaching Service, either by a Coach employed by Octopus Money, or a Coach that has been accredited by Octopus Money to provide the Financial Coaching Service.
23.2. The Booking Services include:
23.2.1. Accepting bookings and requests from you to speak to a Financial Coach, or to amend or cancel such bookings;
23.2.2. Identifying a suitable Financial Coach for you;
23.2.3. Keeping a record of bookings; and
23.2.4. Identifying a suitable replacement Financial Coach, if the initial Financial Coach no longer meets Octopus Money’s quality standards, or you request a replacement.
23.3. To book a session with a Coach for the first time, you must use a booking form on the Website, or you can email support@octopusmoney.com. You will receive a confirmation of your booking and the details of your Coach via email shortly afterwards.
24. Disclaimer of Liability
24.1. Financial coaching is not an activity that is regulated by the Financial Conduct Authority, and the Coaches, as individuals, are not regulated by the Financial Conduct Authority either. Coaches will not offer any advice that is regulated or conduct any other regulated activity, such as which funds to invest in, which mortgage or insurance products to purchase or whether or not to transfer a pension. This means that it is your responsibility to ensure that the actions you take as a result of financial coaching are right for you. You will not be covered by the government’s Financial Services Compensation Scheme or by TW11 Wealth Management Limited if something goes wrong.
24.2. If you require regulated services, you will be referred to our Advisory Services (further details of which see Section F (Advisory Services) below). When providing these services, we are authorised to provide product recommendations and/or financial advice and so are protected by the Financial Services Compensation Scheme.
24.3. If you have more complex needs such that our Advisory Services are not suitable, then the Coach will notify Octopus Money, who shall help you find a third party adviser instead. Neither Octopus Money or your Coach are responsible for any guidance, advice or recommendations given to you by a third party adviser, including any of our partners or third party financial advisers to whom we may refer you. If you choose to speak to a third party adviser, you may have to agree to additional terms and conditions which are independent of and separate to any terms or agreement with Octopus Money and/or your Coach, and you may also have to pay additional charges.
24.4. In the event that your Coach provides additional services or products to you that are not covered by this Agreement, or by the Financial Coaching Contract, Octopus Money accepts no liability for any loss, damage, or injury caused as a result of your use of those services or products.
24.5. If you were referred to Octopus Money by your employer, neither your employer or any other third party involved in introducing Octopus Money to your employer may be held liable in the event that there is a dispute between you and Octopus Money, or in the event that there is a dispute between you and a third party that you were introduced to via Octopus Money.
E. MONITORING AND FEEDBACK SERVICE TERMS
25. Description
25.1. This service allows Octopus Money to ensure that your Coach adheres to Octopus Money’s quality standards and their legal obligations. We carry out ongoing monitoring and compliance checking of your Coach’s work, and will regularly request your feedback to help us continue to improve and the Services.
26. Your Feedback
26.1. Octopus Money is committed to ensuring that all Coaches offer a high quality service and always put the needs of their clients first. If you have any feedback, questions or complaints then you may contact Octopus Money using the details set out in paragraph 11 above, and including the details of your feedback. You will receive an initial response within two (2) Business Days.
26.2. From time to time, we will request your feedback on Octopus Money and your Coach. Your ratings, reviews and comments will help us to continue to improve and develop our Services. You may leave a public review for your Coach at any time by going to their profile on VouchedFor.
27. Coach Monitoring
27.1. As an Octopus Money Accredited Financial Coach, your Coach is obliged:
27.1.1. To ensure that they only provide financial information and guidance, and not regulated financial advice.
27.1.2. To ensure that they deliver the Financial Coaching Services in a way that meets Octopus Money’s quality and compliance standards.
27.2. To ensure that your Coach is complying with their obligations, we will carry out ongoing monitoring and compliance case checks which may involve a member of the Octopus Money compliance team reviewing:
27.2.1. Recordings of conversations you have had with your Coach;
27.2.2. Emails and other written communication between you and your Coach; and
27.2.3. Any financial plan built by, or approved by, your Coach.
27.3. To carry out these compliance checks, we may require that your Coach shares your personal information with us. Any personal information you share with your Coach shall be stored securely and with sufficient safeguards to ensure it remains private, in line with the Octopus Money Privacy Policy and clause 9 of this agreement.
27.4. In the event that your Coach loses their accredited status due to the Coach’s serious or repeated breach of Octopus Money’s compliance and quality standards, Octopus Money will notify you as soon as practically possible and provide you with an alternative Octopus Money Accredited Financial Coach.
F. ADVISORY SERVICE TERMS
28. Description
28.1. This collection of services gives users access to services (both regulated and non-regulated), tools, guides and advisers who can provide regulated financial advice, including product recommendations where relevant. In addition, and as part of the Advisory Services, Octopus Money will refer you to a third party adviser or service, either at your request or if Octopus Money or a Coach considers it appropriate to do so, in the following circumstances:
28.1.1. (i) to enable you to:
28.1.1.1. get a legally binding will;
28.1.1.2. receive whole of market mortgage advice; or
28.1. 1.3. receive whole of market insurance and protection advice; or
28.1.2. (ii) obtain advice from a third party financial adviser when your circumstances and requirements are outside the scope of the Octopus Money service.
For further information on referrals to third parties and services, please see Section G below.
29. Investments
29.1. One of the services that Octopus Money provides as part of the Advisory Services is advice and services in relation to investments, as set out below. If your Coach notifies Octopus Money that you have more complex investment needs such that our Advisory Services are not suitable, then Octopus Money will help you find a third party financial adviser instead. For further information on referrals to third parties and services, please see Section G below.
29.2. Restricted Investment Advice
We offer restricted investment advice, which is limited to recommending a suitable model portfolio from our range. As a result, when you invest with us we will not consider all available financial products and services that could be suitable for you.
In addition, we don’t provide advice or recommendations regarding the suitability of transferring an existing investment or pension.
Unless we tell you otherwise, we’ll treat you as a retail client for investment business. This means that you are given the highest level of protection available under the UK’s regulatory system.
29.3. Risk Warnings
Relevant risk warnings will be advised to you throughout the advice process and suitability report.
The value of investments may go down as well as up, and you may not get back the amount invested. Levels of income from investments may fluctuate and past performance is not necessarily a guide to future performance. We cannot be held liable for any depreciation in the value of investments arranged for you.
29.4. Investment Fees
You will pay for our investment service through product charging. We will not charge you until we have agreed with you how we are to be paid.
29.5. Your Money
For your additional security we do not handle your money. We never accept a cheque made out to us (unless it is a cheque in settlement of our fees or other charges or disbursements for which we have sent you an invoice). We do not handle cash.
29.6. Additional Terms
If you choose to invest, you will have access to the Online Investment Service, the use of which is subject to additional terms and conditions which can be found at https://www.parmenion.co.uk/terms/ParmenionT&Cs.pdf. These additional terms and conditions will also be clearly displayed when you set up an account on the Online Investment Service. Where there is a contradiction, those terms and conditions will override these Terms, except in the case of determining whether someone has received independent or restricted investment advice, for which these Terms are to be given priority.
30. Financial crime
We are obliged to put in place controls to prevent our business from being used for money laundering and other forms of financial crime.
We’ll verify your identity before undertaking any regulated business with you. To do this we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. The check may leave a ‘footprint’ on your credit file but it will not affect your credit rating.
G. REFERRALS TO THIRD PARTY ADVISERS AND SERVICES
31. How the referrals will happen
31.1. Insurance and Protection and Mortgages
Users who subscribe to the Octopus Money Services and who require financial advice regarding Insurance and Protection and/or Mortgages will be referred to our chosen specialist partners. Our Insurance and Protection partner is an independent financial adviser, and our Mortgage partner is a whole of market Mortgage Adviser. Users who wish to use the services of our partners will be required to agree to the partner’s client agreement.
Our partners will not charge Octopus Money Users an up-front fee for their services, but they may receive commission.
31.2. Wills
Users who subscribe to the Octopus Money Services and who require a Will will be referred to our Will writing partner and provided with a discount code which reduces the up-front cost of the service. Additional terms and conditions apply.
31.3. Third Party Financial Adviser
When a user’s needs are outside the scope of the services provided by Octopus Money, we will refer them to a third party financial adviser who can help. To do this we will either:
a) Use VouchedFor to find a third party financial adviser. VouchedFor has checks in place to verify that advisers are qualified and regulated. See VouchedFor Terms for more details of how VouchedFor checks advisers.
b) Refer the user to a specific financial advice firm that Octopus Money has verified is regulated to provide financial advice.
Despite these checks, neither Octopus Money, your Coach nor VouchedFor takes responsibility for the service or financial advice offered by any third party financial adviser that we or VouchedFor refer users to.
Any service provided by a third party financial adviser will be subject to separate terms and conditions, and a fee may be applicable.
32. Sharing personal data with third parties
When arranging a referral, we will request permission from the user to share some relevant personal information about the user with the third party we are referring them to. Sharing this information will help the user have a better customer experience and ensure an efficient service.
The personal data we share (with the user’s permission) is listed below:
(i). Wills – no personal data will be shared
(ii). Mortgage Advice – We will share the user’s name, approximate deposit amount, income and expenditure, and employment status.
(iii). Insurance and Protection – We will share the user’s name, date of birth, basic health information e.g. BMI, income and expenditure, and outstanding debts (including mortgage amount).
(iv). Referral to a third party financial adviser – We will share the user’s name, email address, phone number and a high level summary of the user’s needs for advice.
33. Sharing your Financial Plan with third parties
We may also request permission from the user to share his/her Financial Plan with our Mortgage partner, Insurance and Protection partner and/or any third party financial adviser to whom we may refer the user. We will never give a third party access to your Financial Plan without your explicit permission.
Having access to the user’s Financial Plan would help the adviser (in each case) to understand the user’s full circumstances, and therefore, offer the best advice that it can. The adviser would only be given access to the user’s Financial Plan whilst it is delivering a service to the user and its access to the Financial Plan would be removed as soon as the service has been delivered.
34. Receiving personal data from third parties
When a subscriber is referred to a third party, he/she may make changes or take out products which impact the accuracy of his/her Financial Plan. From time to time, we will request information about a user from our third party partners to whom we have referred the user in order to ensure that the financial guidance we provide as part of the Services is as up to date as possible. This include things like:
- whether or not the user has completed his/her Will;
- whether or not the user has taken out a mortgage or insurance product; and
- basic information about products the user has taken out which would help us update the user’s Financial Plan (e.g. monthly cost of the product, term of the mortgage, etc).
35. Disclaimer of Liability
Neither Octopus Money or VouchedFor are responsible for any guidance, advice or recommendations given to you by a third party adviser, including any of our partners or third party financial advisers to whom we may refer you, and you agree that neither Octopus Money or VouchedFor will be liable for any loss or damage arising from any guidance, advice or recommendations given to you by a third party adviser.
36. Additional Terms
If you choose to speak to a third party adviser, you may have to agree to additional terms and conditions which are independent of and separate to any terms or agreement with Octopus Money and/or VouchedFor, and you may also have to pay additional charges.
Schedule – Salary Sacrifice Amendment
This Salary Sacrifice Agreement is an Amendment to the Employee’s Contract of Employment with his/her Employer in accordance with Section 4 of the Employment Rights Act 1996 (“Agreement”) referring in particular to the Employee’s salary, which is the contractual cash pay provided by the Employer to the Employee previously agreed between the parties (“Salary”).
Definitions
“Employee” means the employed individual who receives a salary from the Employer.
“Employer” means the employer who pays the Employee.
“Contractor” means TW11 Wealth Management Limited, a company registered in England number 10339119, whose registered office is at 8 Waldegrave Road, Teddington, TW118HT, who is responsible for delivering the Octopus Money Service.
“Octopus Money Service” means the Financial Coaching, Financial Planning and Financial Advice services provided by the Contractor to the Employee as outlined in the Octopus Money Client Terms and Conditions found at https://octopusmoney.com/terms.
“Pension Advice” and “Advice” means the provision of information, guidance or advice relating to a person’s pension arrangements as defined by HMRC’s Employment Income Manual, section EIM21803.
General Terms
1. The Contractor will notify the Employer when the Employee has requested to subscribe to the Octopus Money Service, and when the Employee’s subscription is renewed, as outlined in the Octopus Money Client Terms and Conditions.
2. Upon receiving notification from the Contractor, the Employer will reduce the Employee’s Salary by the value of the Employee’s subscription to the Octopus Money Service which has been agreed between the Contractor and the Employee (“Employee Subscription”)
3. The Employer will consequently pay the Employee Subscription to the Contractor, plus any additional fees agreed between the Employer and the Contractor. The Employer agrees to complete payment to the Contractor on a timely basis, and within 30 days of the Employee’s salary being reduced. If payment cannot be completed within those 30 days, the Employer agrees to notify the Employee as soon as possible.
4. The Employer may decide to reduce the Employee’s salary by the total value of the Employee Subscription in one go, or they may choose to spread the deductions over a number of months (up to a maximum of 12 months). In the event that the deduction is not a one off event, the Employer must notify the Employee of the arrangement. If the Employee stops being employed by the Employer before the total Employee Subscription has been deducted, the Employer may deduct the total outstanding amount from the Employee’s final salary payment.
5. Employer shall not enter into this Agreement or make any related amendment to Employee’s Salary if doing so would constitute a breach of any legislation and/or HMRC published guidance in connection with the provision of salary sacrifice benefits and related tax arrangements.
6. The Employer agrees to take all reasonable steps to protect all Employee personal information, including personal contact information and information about the advice they have received which is limited to the following:
(i). The Employees’ name;
(iii) the value of the Employee Subscription that has been set up; and
(iv) the fact the Employee has received financial advice.
7. The Finance (No. 2) Act 2017 allows employers to offer Pension Advice as a salary sacrifice benefit. The maximum total value of the Pension Advice that is paid for through salary sacrifice (or which is reimbursed through salary sacrifice) may not exceed £500 per tax year per employee. It is the Employee’s responsibility to ensure that they do not exceed this limit as a result of taking advantage of this salary sacrifice arrangement.
8. It is the Employee’s responsibility to determine and understand the effect on his/her financial position by entering into this Agreement in respect of Employer or state benefits which may include but are not limited to Statutory Sick Pay, Statutory Maternity Pay and Tax Credits.
9. It is the Employee’s responsibility to ensure that the Octopus Money Service is suitable for their needs and preferences. The Employer may not be held liable in the event that there is a dispute between the Employee and the Contractor regarding the delivery or quality of the Octopus Money Services.
10. Any payments owed by the Employee to the Contractor remain the responsibility of the Employee to pay. Neither the Contractor or the Employer will be held responsible for Employee failure to pay agreed fees.
11. In the event that the Employee wishes to end his/her subscription to the Octopus Money Services, he/she agrees to notify the Contractor directly by emailing support@octopusmoney.com. Failure to notify the Contractor may result in the automatic renewal of the Employee Subscription.
Octopus Money is a trading name of TW11 Wealth Management Limited | Authorised and regulated by the Financial Conduct Authority, Reference No. 763630 | Registered in England and Wales No. 10339119.
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