Flow Terms & Conditions

2. Agreement

2.1 The Customer agrees that any communications with the Customer shall be in English. The Customer can contact Fondy via live chat, email or our Customer Service telephone. Our contact details are:

• Customer Services email: support@fondy.io
• Customer Services telephone number: +442038074651

More information on how to contact Fondy is also available on the Fondy website.

2.2 The Customer confirms that any information provided to Fondy is true, accurate and up-to-date. The Customer agrees to keep all personal details up to date via the Fondy Online Platform, or when available, through the Fondy Mobile App. If Fondy contacts the Customer in relation to the Account the most recent contact details shall be used.

2.3 These Payment Account Terms shall commence on the day that Fondy confirms to the Customer that their Payment Account has been approved and shall remain to be in force until terminated in accordance with clause 19 below.

2.4 The Customer can request a copy of these Payment Account Terms, Fondy’s Fee Schedule and Usage Restrictions Schedule, at any time by contacting our Customer Services. The Customer can also obtain a statement of recent payments by accessing Fondy’s Online Platform or when available, through the Fondy Mobile App.

2.5 If you do not understand any of the terms of this agreement, please contact us before using our services. Unless you agree to be bound by all the terms and conditions of this agreement, you may not access or use any services.

3. Corporate opt-out

3.1 The Customer represents and warrants to Fondy that at the time the Customer becomes bound by these Payment Account Terms it is not a consumer, micro-enterprise or charity (as defined in the Payment Services Regulations). Broadly, for these purposes, a micro-enterprise is an autonomous enterprise that employs fewer than ten people and whose annual turnover and/or balance sheet total does not exceed €2 million (or its Sterling equivalent); a consumer is an individual who is acting for purposes other than a trade, business or profession; and a charity includes only those whose annual income is less than £1 million. The Customer shall promptly notify Fondy if this changes at any time.

3.2 On this basis and in accordance with regulations 40(7) and 63(5) of the Payment Services Regulations (which provide that the Customer and Fondy may agree that certain provisions of the Payment Services Regulations shall not apply), the Customer agrees that all the provisions of Part 6 of the Payment Services Regulations and regulations 66(1), 67(3) and (4), 75, 77, 79, 80, 83, 91, 92 and 94 in Part 7 of the Payment Services Regulations shall not apply with respect to the Account and Services, and that the relevant period for the purposes of regulation 74(1) shall be three (3) months (as detailed in clause 15.7 below).

3.3 Where the Customer is a micro-enterprise, the additional terms set out in the Appendix to these Payment Account Terms shall apply. If there is any ambiguity or inconsistency in or between these terms and those set out in the Appendix, the terms set out in the Appendix shall take precedence.

4. How the Account works

4.1 The Account is an electronic money account and enables the Customer to carry out the following:

• to store electronic money in Sterling and such other currencies as we may make available to the Customer;
• to send payments from the Account and to receive payments into the Account in Sterling through Faster Payments and such other UK local payment methods as we may notify the Customer from time to time; and to send payments from the Account and to receive payments into the Account in such other currencies as we may notify the Customer from time to time, through such payment schemes as we may notify you from time to time; and
• to access and manage the Account and view Account information via the Fondy Online Platform or when available, through the Fondy Mobile App.

4.2 The Account does not currently allow for standing orders, nor for the receipt of direct debits, nor will payment cards be issued for use with the Account at the current time.

4.3 When electronic money is stored in the Account, the funds corresponding to the electronic money are not held in the same way as a bank holds money in that:

• all funds received in exchange for the electronic money that has been issued to the Customer, must be safeguarded. As a result, the funds shall be held into a designated safeguarding account and not mixed with any of Fondy’s own funds, in accordance with the provisions of the Electronic Money Regulations;
• Fondy cannot use the funds received, in exchange for electronic money issued, to invest or lend to other persons or entities;
• electronic money in the Account will not accrue interest;
• there is no overdraft facility on the Account and credit is not provided on the Account; and
• the Account does not fall under the protection of the Financial Services Compensation Scheme.

4.4 Subject to clause 2.5, the Customer’s Account shall be operated and maintained in accordance with the Electronic Money Regulations and the Payment Services Regulations.

5. Fees associated with the Account

5.1 In consideration for receipt of the Regulated Services and use of the Account, the Customer shall pay to Fondy all fees and charges set out in and in accordance with Fondy’s Fee Schedule. Fondy’s Fee Schedule can be found via the Fondy Online Platform, or when available, through the Fondy Mobile App or by request from customer services.

5.2 The amount of Fondy’s Fees may change over time and the Customer shall be notified of any such change to Fondy’s Fees in accordance with clause 20.

5.3 Fondy shall deduct any fees that the Customer incurs from the Account balance immediately when they become payable. If any amount owed to Fondy under this clause 5 exceeds the Account balance the Customer agrees immediately to pay any outstanding amount to us. Failure to pay any outstanding amounts to Fondy shall be dealt with in accordance with clause 17.

6. Opening an Account

6.1 To apply for an Account the Customer must complete the Account Application Form provided by Fondy or made available via Fondy’s Online Platform or when available, through the Fondy Mobile App.

6.2 As part of the application process, the Customer must provide proof of identity, their age and their registered address (the Customer must be 18 years or over to open the Account and must be legally resident in the UK or EEA).

6.3 In order to comply with applicable anti-money laundering and counter-terrorist financing laws and regulations, Fondy may request and the Customer shall provide, additional documents and information relating to the Customer, it’s officers and beneficial owners and the purpose and intended nature of the business relationship as Fondy may reasonably request. If the Customer does not provide such documentation or information promptly, Fondy reserves the right to take such action as it is reasonably required to do in order for it to comply with such anti-money laundering laws and regulations. Fondy additionally reserves the right to conduct ongoing monitoring of its relationship with the Customer, including, where relevant and required, scrutinising transactions undertaken throughout the course of the relationship (including, where necessary, the source of funds).

6.4 The Customer warrants that any information provided to Fondy, including for the purposes of setting up the Account in accordance with this clause 6, is accurate and up to date to the best of its belief and knowledge.

6.5 The Account shall not be active and the Customer shall have no access to any Regulated Services on its Account, until Fondy has fully verified all information the Customer has provided to Fondy. Fondy shall notify the Customer as soon as the Account is active and access is granted to the corresponding Regulated Services.

6.6 To open an Account the Customer must review and agree to be bound by these Payment Account Terms.

6.7 Fondy may refuse opening an Account for any entity or individual at its sole discretion and for any reason. Reasons that Fondy may exercise this right, could be where an entity or individual carries out a business or activity that is outside of Fondy’s risk appetite

7. Managing the Account

7.1 Once the Account has been opened, the Customer, and any Users or Administrators granted access to the Account by the Customer pursuant to clause 8 below, shall be given access to the Fondy Online Platform, or when available through the Fondy Mobile App via a strong customer authentication process.

7.2 Through the Fondy Online Platform (or when available, through the Fondy Mobile App), the Customer shall be able to:

• add or close all Fondy electronic money accounts under the name of the Customer;
• view their Account balance;
• view their transaction history;
• view their Account details; and
• download copies of their Account statements.

Information shall be made available to the Customer by request to Customer Services until six (6) years after the Account is closed.

7.3 The Account statements shall show the following:

• payment information (received in and paid out of the Account), including the amount of each payment shown in the currency in which that payment was paid or debited and any applicable fees;
• the exchange rate (if any) which applied to each payment;
• where applicable, the amount of each payment following a currency conversion; and
• for each payment, the date on which the Customer authorisation was received by us.

8. Users and Administrators

8.1 Where Fondy offers the functionality of “Users” and “Administrators” and associated “Roles” and “Permissions”, the provisions of this clause 8 shall apply.

8.2 Under this clause 8 the following definitions shall apply:

• Administrator: means an individual authorised by the Customer to access the Payment Account as described in clause 8.4;
• Permissions: means the ability to perform a specific action in relation to the Fondy Online Platform and/or when available, through the Fondy Mobile App and/or the Account;
• Role: means the group of Permissions that can be applied to a User by the Administrator;
• User: means each individual authorised by the Customer to access the Payment Account as per the Permissions set by their Role (including Administrators) as further described in this clause 8.

8.3 A User is any individual who is granted access to the Account by the Customer. Each User shall have a Role assigned to them (such as full User or read only User) and each Role has certain Permissions. The person opening the Account must be permitted to open it on behalf of the Customer and must have the Role of Administrator. The Customer must notify Fondy in advance if the Customer proposes to remove an existing Administrator or add a new Administrator.

8.4 It is the responsibility of the Administrator to select and appoint additional Users and to satisfy themselves as to the suitability and integrity of the individual chosen for the Role assigned to them. Fondy may request information in order to identify and verify the identity of any individual through which the Customer acts for the purposes of these Payment Account Terms, including those nominated as Users and Administrators. The Customer acknowledges and agrees that the Administrator manages additional Users and has full power to administer and operate the Account.

8.5 Each Administrator is authorised, on behalf of the Customer to:

• set up and manage Users;
• create Permissions and manage Roles for Users;
• set up and change Security Details;
• make and authorise payments and open and request to close Accounts.

8.6 The Customer confirms and agrees that any officer, employee, agent, representative or other person who has been approved as a User by the Customer has the authority to access and use the Account as defined by the Role assigned to them and has given any permission required in relation to the use and retention of their Personal Data by Fondy to open and operate the Account. Any instruction Fondy receives from a User shall be construed as an instruction from the Customer and shall be binding on the Customer. It is the Customer’s responsibility to ensure that each User is made aware of and abides by these Payment Account Terms. The Customer shall be responsible for all actions and omissions of each User.

8.7 To the extent a User’s Role and Permission is relevant to making a payment from the Account, Fondy agrees that if Fondy executes a duly authorised payment order which is inconsistent with the relevant User’s Roles and Permissions, it shall be liable for such payment under these Payment Account Terms as if it were an unauthorised transaction and the provision of clause 15.8 shall apply accordingly.

9. Receiving money into the Account

9.1 Money can be added to the Account by direct credit transfer from another account. When Fondy receives the funds, Fondy shall add the equivalent value of electronic money to the Account. Fondy will deduct its charges from amounts received before crediting them to the Customer’s Account.

9.2 For any incoming electronic payments, including payments by the Customer, Fondy shall, subject to its fraud prevention measures, credit the Account as soon as Fondy receives the payment and update the Account balance, unless Fondy receives the payment after the applicable cut-off time (see Usage Restrictions Schedule) in which case Fondy shall credit the Account and update the balance on the following business day.

10. Making payments

10.1 A payment shall be deemed to have been authorised by the Customer if the relevant instruction has been given in accordance with these Payment Account Terms, through the Fondy Online Platform or when available, through Fondy Mobile App and in accordance with the authentication, integrity procedures and checks therein.

10.2 Any payment made shall be deducted from the Account balance. The Customer should ensure there is sufficient funds in the Account to cover the amount of any payment and any applicable fees.

10.3 The Customer is fully responsible for checking that the details of a payment instruction are correct.

10.4 The Customer can give payment instructions to Fondy and consent to a payment from the Account by accessing and giving instructions through the Fondy Online Platform or when available, through the Fondy Mobile App, or when Fondy has given the Customer notice that such functionality is available and by giving Fondy instructions through a third party provider (“TPP”) that the Customer has authorised to act on its behalf pursuant to clause 16.

10.5 If there are insufficient funds in the Account, the payment shall be declined and the instruction shall be removed from the Customer’s Account.

10.6 The Customer cannot change or cancel a payment that it has asked Fondy to make.

10.7 The Customer and Fondy agree that for all payment orders executed wholly within the United Kingdom and denominated in Sterling:

• If the beneficiary’s payment account is with Fondy, the funds will be credited immediately;
• If the beneficiary’s account is with another institution, the maximum time for the beneficiary’s payment account to be credited shall be the same business day.

11. Overseas payments

Once made available by Fondy and notified to the Customer.

12.1 Where the currency of a payment into or out of the Account needs to be converted, the currency conversion rate used on the processing date may differ from the rate that would have been used on the date when it is applied to the Account balance.

12.2 Fondy is not responsible for any losses where payments made in one currency are returned to the Customer in a different currency.

12.3 The payment information, which is provided via the Fondy Online Platform or when available, through the Fondy Mobile App, shall show the amount of the payment in the Account currency after the currency conversion and the applicable exchange rate used as the basis to calculate the currency conversion. The applicable reference exchange rate may vary on a daily basis; changes in these rates may be applied immediately and without notice to the Customer.

12. Usage restrictions

12.1 The Account is subject to the usage restrictions, details of which can be found via the Fondy Online Platform and when available through Fondy Mobile App, or by request from customer services (the “Usage Restrictions”).

12.2 Payments into, or out, of the Account and the value of the currency exchange the Customer can carry out at any one time may be limited by Fondy in accordance with these Usage Restrictions.

12.3 Fondy reserves the right, at its sole discretion, to modify the Usage Restrictions from time to time. The Customer shall be notified of any change in the Usage Restrictions in accordance with clause 20 of these Payment Account Terms. For security purposes, Fondy may impose additional usage restrictions on the Customer’s Account and they shall be advised of such limitations to the extent required by applicable law.

13. Blocking access to the Account

13.1 Fondy reserves the right to stop or suspend the use of any means or method of the Customer accessing the Account or giving or issuing any funds transfer instructions (a “Payment Instrument”) on reasonable grounds in relation to:

• the security of the Payment Instrument;
• the suspicion of unauthorised, illegal or fraudulent use of the Payment Instrument;
• the need to comply with the laws of any jurisdiction; or
• where the contract between Fondy and the Customer has been cancelled as further described in clause 19.

If we suspect or know that you are using or have used the service for unauthorized, fraudulent or illegal purposes, we may share any related activities with appropriate financial institutions, regulatory agencies or law enforcement agencies in accordance with our legal requirements. This information may include information about you, your Fondy account and transactions made through your use of our services.

13.2 Before stopping the use of any Payment Instrument, Fondy shall inform the Customer that it intends to stop such use and give its reasons for doing so, unless it is not reasonably practicable to do so, in which case Fondy shall inform the Customer immediately afterwards. In either case, Fondy shall inform the Customer in the manner in which Fondy considers most appropriate in the circumstances and shall not be obliged to inform the Customer where doing so would compromise Fondy’s reasonable security measures or otherwise be unlawful. The Customer may request that the use of the Payment Instrument is no longer stopped by contacting customer services, but Fondy shall not be obliged to accede to the Customer’s request until after the reasons for stopping its use cease to exist.

13.3 Fondy shall allow the Customer to recover use of the Payment Instrument as soon as practicable after the reasons for stopping the use cease to exist. Fondy shall inform the Customer when they have done so.

13.4 The Customer undertakes to use any Payment Instrument issued to it by Fondy in accordance with the terms and instructions governing its use and shall promptly, without undue delay, notify Fondy of the loss, theft, misappropriation or unauthorised use of the Payment Instrument by following the specific notification procedure designated from time to time by Fondy.

14. Refusing or delaying a Payment

14.1 Fondy may refuse or delay a payment instruction in the following circumstances and Fondy shall not be liable to the Customer for any such refusal or delay:

• the Account balance at the relevant time is insufficient to cover the amount of the payment and any applicable fees;
• if the amount of the payment is over, or shall take the Customer over, any Usage Restrictions;
• where the payment instruction does not contain all information needed to make the payment or does not satisfy all the relevant conditions as set out in these Payment Account Terms;
• Fondy believes that the Customer is acting, or that processing the payment instruction shall put the Customer, in breach these Payment Account Terms;
• Fondy has reason to believe the payment is potentially suspicious or illegal or its execution would be unlawful or otherwise contravene any applicable laws and regulations;
• if the Customer has been declared bankrupt or insolvent, or is being wound up;
• if money is owed to Fondy or Fondy exercises its right to set-off in accordance with clause 17; or
• if Fondy have suspended the Account.

14.2 If Fondy have refused to carry out a payment instruction, then unless such notification would be unlawful, Fondy shall inform the Customer in the manner in which Fondy considers most appropriate in the circumstances of the fact of refusal, (if possible) the reasons for the refusal and (where it is possible to provide reasons for the refusal and those reasons relate to factual matters) the procedure the Customer may use to rectify any factual errors that led to the refusal.

14.3 The Customer can contact Fondy through the customer services to ask for reasons for Fondy refusing or delaying a payment.

14.4 Fondy shall not be responsible for any losses the Customer suffers as a result of Fondy refusing or delaying a payment.

15. Account security and reporting unauthorised or incorrectly executed payments

15.1 The Customer must keep all security credentials (such as usernames and any passwords) required to access the Fondy Online Platform and when available the Fondy Mobile App, (together with the “Security Details”) safe and confidential. The Customer must not share the Security Details with anyone else other than a TPP in accordance with clause 16 below.

15.2 If the Customer suspects that someone else knows their Security Details, the Customer must follow the instructions set out below. The customer must notify Fondy of any unauthorised or incorrectly initiated, or executed payment transactions as soon as they become aware of them. If someone else accesses the Fondy Online Platform and/or when available, the Fondy Mobile App using the Customer’s Security Details without consent, resulting in any losses incurred in respect of unauthorised payment transactions arising from the use of a lost or stolen payment, or from the misappropriation of a payment instrument and Fondy have not been informed in accordance with these obligations, the Customer may lose some or all of their account balance, up to a maximum of £35, provided the Customer has not acted fraudulently or with gross negligence.

15.3 If the Customer suspects or knows that their Security Details have been compromised, they must inform Fondy immediately by calling customer services.

15.4 Fondy has the right to disable any username or password, whether chosen by the Customer or allocated by Fondy, at any time, if in Fondy’s reasonable opinion Fondy believes the Customer has failed to comply with any of the provisions of these Payment Account Terms.

15.5 Fondy recommends Customers check the Account balance and payment history through the Fondy Online Platform and/or when available, through the Fondy Mobile App on a regular basis to identify any potential unauthorised use of the Account.

15.6 If Fondy knows or suspects there has been fraudulent activity on the Account or that the security of the Account may be at risk, Fondy shall contact the Customer by email as soon as practicable.

15.7 Fondy shall not be liable to the Customer with respect to an unauthorised or incorrectly executed funds transfer or a non-executed or defective funds transfer, unless the Customer has notified Fondy thereof in accordance with these Payment Account Terms without undue delay and in any event no later than three (3) months of the relevant debit date; this provision shall not operate to exclude or restrict any longer period as may be set by the rules of any relevant payment system for notifying a claim with respect to such funds transfers.

15.8 In the event an unauthorised funds transfer is made from the Account, Fondy shall, where it is liable to the Customer, only be liable to refund the amount of the unauthorised funds transfer and where applicable, to restore the Customer’s Account to the state it would have been in had the unauthorised funds transfer not taken place.

16. Using Third Party Providers “TPPs”

When this functionality is made available by Fondy and notified to the Customer.

16.1 Customers can choose to allow a TPP to access the Account information and/or make online payments from the Account. Where relevant, Fondy shall provide access to the Account information to the TPP and/or the ability to make payments online from the Account through the TPP.

16.2 Fondy shall treat any instruction from a TPP as if it were from the Customer and these Payment Account Terms shall still apply to the Customer when using a TPP.

16.3 Fondy may refuse to allow a TPP access to the Account if it reasonably believes, or is concerned that there is a security risk to the Account, or there has been fraudulent or unauthorised access to the Account by that TPP.

16.4 Fondy may deny a TPP access to an Account for objective (i.e. reasonably justified) and duly evidenced reasons in relation to unauthorised or fraudulent access to the Account by that TPP, including the unauthorised or fraudulent initiation of a payment transaction. Unless Fondy is excused by law from giving such notification. Fondy will notify the Customer in the manner in which it considers most appropriate in the circumstances of the denial of access and unless Fondy is excused by law from providing such reasons, the reasons for the denial before such denial of access, unless it is not reasonably practicable to do so, in which case Fondy will notify the Customer immediately afterwards. The Customer acknowledges that Fondy may be required to report the incident to the relevant competent authority with details of the case and the reasons for taking action.

16.5 The Customer also has the right to block a TPP’s access to the Account, this can be done by contacting Customer Services.

17. When the Customer might owe money to Fondy

17.1 There are no overdraft facilities on the Account, so if for any reason the Account balance becomes negative the Customer must add money to the Account immediately.

17.2 If the Customer owes Fondy money in accordance with clause 5 above, and the money is not paid to Fondy within seven (7) working days’ from request, Fondy has the right to take any amounts owed from any other accounts the Customer holds with Fondy. This is Fondy’s right to set-off.

17.3 Fondy may also take other legal steps to recover the money owed, at which shall be exercised at its full discretion and Fondy shall be entitled to charge its reasonable costs associated with this, back to the Customer.

18. Fondy’s liability

18.1 Where sums are incorrectly deducted from the Account balance by fault of Fondy, Fondy’s liability shall be limited to refunding an equivalent amount to the sum deducted (and any associated Fees). Such refund will be made as soon as practicable and by no later than the end of the business day following the day on which Fondy became aware of the incorrect deduction. In all other circumstances where Fondy is at fault, its liability shall be limited to restoring the Account balance to where it would have been in the absence of such fault by Fondy.

18.2 Subject to clause 18.4, where a Customer instructs a payment to be made which is made late due to Fondy’s error, or where Fondy was late in adding an incoming payment to the Account due to Fondy’s internal error, Fondy shall put the Account back into the position that it would have been in if it had not made the error.

18.3 Nothing in these Payment Account Terms is intended to, nor shall have the effect of, excluding or limiting Fondy’s liability:

• for death or personal injury caused by Fondy’s negligence;
• for fraud or wilful misconduct; or
• which may not otherwise be restricted or excluded under applicable law.

18.4 Fondy shall not be liable to the Customer for any contravention of any requirement imposed on Fondy because of abnormal and unforeseeable circumstances beyond Fondy’s reasonable control, the consequences of which would have been unavoidable despite all efforts to the contrary, or because of any obligations under applicable law and regulations.

18.5 Fondy shall not be liable for any of the following, whether direct or indirect, arising in connection with these Payment Account Terms or where the Fondy Online Platform or when available the Fondy Mobile App is not available or access interrupted:

• business interruption, including loss of income or profit;
• loss of revenue, reputation, goodwill, opportunity or anticipated savings; or
• any consequential loss or damage whatsoever which does not stem directly from our breach of these Payment Account Terms.

18.6 Fondy shall not be liable for any damage, loss, expense or liability of any nature which the Customer may suffer or incur where Fondy executes a funds transfer instruction in accordance with the identifying number of the beneficiary, the beneficiary’s bank or any intermediary bank or with any other unique identifier given by the Customer in that instruction.

18.7 Fondy’s maximum aggregate liability under, or in connection with these Payment Account Terms whether in contract, tort (including negligence) or otherwise, shall in all circumstances be limited to a sum equal to £100,000 in any 12 month period. This clause 18.7 does not apply where Fondy is liable under clauses 15.8, 18.1, 18.2 and 18.3 above.

19. Expiration, cancellation and termination

19.1 The Customer has the right to close the Account and terminate this agreement without penalty within 14 days of the date of the first payment on the Account. The Customer can do this by contacting customer services.

19.2 After 14 days of the date of the first payment on the Account, the Customer has the right to close the Account at any time, subject to a cancellation Fee (as detailed in Fondy’s Fee Schedule).

The cancellation fee is not payable under the following conditions:

• the Customer has held the Account for at least 6 months or more; or
• the Customer has chosen to close the Account following a change in these Payment Account Terms pursuant to clause 20.

19.3 Fondy may cancel or suspend the Account if:

• Fondy is concerned about the security of the Account for any reason;
• Fondy suspects unauthorised, illegal or fraudulent use of the Account; or
• Fondy need to do so in order to comply with law or regulation.

19.4 Fondy may terminate the Customer’s right to access the Account at any time without liability for any reason if the Customer is in breach of these Payment Account Terms. Fondy shall not be liable to the Customer for any loss or damage suffered resulting in any way from such termination.

19.5 Subject to applicable law, Fondy may terminate this agreement for any reason by written notice to the Customer. Termination shall be effective on the date specified on the notice, but in any case, the notice period given shall not be less than one (1) month.

19.6 If Fondy or the Customer terminates the agreement, then as soon as Fondy is permitted to do so (and normally within 30 days after the Customer contacts Fondy to cancel this agreement), Fondy shall return any Account balance (after the deduction of all pending payments and applicable fees) to the Customer. Please note that in order to comply with applicable legal and regulatory requirements, including anti-money laundering and terrorist financing requirements, Fondy may need to:

• verify the Customer’s identity; and
• return the Account balance to a bank account as nominated by the Customer.

19.7 Once the contract has been cancelled, the Customer shall not be entitled to a refund of money already spent on authorised or pending payments, or any fees for use of the Account that were incurred before the contract was cancelled.

20. Changes to this Agreement

20.1 Fondy may, at any time and subject to applicable law, change or delete any provision, or add new provisions to, this Agreement, including these Payment Account Terms. This includes the right to add or change (including to increase or decrease) any fees. Fondy shall provide the Customer with a minimum of two (2) months’ written notice prior to making any change. However, Fondy will not be obligated to give the Customer prior notice if Fondy adds a new product or service which does not change these Payment Account Terms.

20.2 Fondy may choose to inform the Customer of any amendments made pursuant to the above provision via email or through the Fondy Online Platform or when available, through the Fondy Mobile App, or in any other way permitted by applicable law.

21. Data protection

21.1 The personal data provided by the Customer shall be processed by Fondy in accordance with these Payment Account Terms and Fondy’s Privacy Policy. The Privacy Policy on our website provides information about how Fondy uses, shares, stores and processes personal information. By using the Account the Customer consents to Fondy processing such information in this way.

21.2 If Fondy suspects that it has been given false or inaccurate information, Fondy may record its suspicion together with any other relevant information.

21.3 The Customer must not give Fondy any personal information about someone else, without first obtaining his or her consent for it to be used and disclosed for such use in accordance with these Payment Account Terms and Fondy’s Privacy Policy. When the Customer provides such third party information Fondy shall assume he or she has consented, although Fondy may still ask for further confirmation.

22. Complaints

22.1 A Complaint can be an oral or written expression of dissatisfaction from or on behalf of a Customer, whether justified or not, which includes an actual or potential financial loss, material distress or material inconvenience.

22.2 Any complaints should be reported to Fondy in the first instance by contacting our complaints department below:

• E-mail: complaints@fondy.io
• Telephone: +442038074651
• Address: 40 Gracechurch Street, London, EC3V 0BT, United Kingdom
• Website: www.fondy.io

22.3 Any verbal or written complaint will be referred to our complaints manager at the earliest opportunity or to a member of the senior management if the complaints manager is unavailable.

We will also:

• Acknowledge the complaint in writing promptly
• Give details in our acknowledgement letter of the Financial Ombudsman Service
• Make contact to seek clarification on any points where necessary
• Fully investigate the complaint
• Keep you informed of our progress
• Discuss with you our findings and proposed response

22.4 Any complaints shall be handled in accordance with Fondy’s complaints procedure, a copy of which is available on Fondy’s website and can be provided to the Customer upon request.

22.5 If we are unable to respond immediately, we will contact you to inform you of the current status of the case and we will keep you updated about the status of your case at all times. We will provide you with our final response as soon as possible and not later than 15 business days, or 35 business days only in exceptional circumstances that are outside our control.

23. Ownership and protection of information

23.1 All intellectual property rights in the Account and the Fondy Online Platform (and/or when available, on the Fondy Mobile App) are owned by Fondy. Rights in the Account, and the Fondy Online Platform (and/or when available via the Fondy Mobile App) are licensed to the Customer. The Customer has no rights in, or to, the Account, or the Fondy Online Platform (and/or when available, via the Fondy Mobile App) other than the right to use them in accordance with the terms of these Payment Account Terms.

23.2 The Customer agrees not to disclose, provide, copy or otherwise make available any intellectual property owned by Fondy in any form to any third party without Fondy’s prior written approval.

24. Miscellaneous

24.1 Fondy may assign or subcontract any and all of its rights and obligations under this Agreement to another company at any time, without the Customer’s permission. If Fondy does this, the Customer’s rights under this Agreement shall not be affected.

24.2 The Customer may not sell, assign, or transfer any of its rights or obligations under this Agreement.

24.3 If a condition of these Payment Account Terms is found to be illegal, invalid or unenforceable, then to the extent it is illegal, invalid or unenforceable, that condition shall be given no effect and shall be treated as though it were not included in these Payment Account Terms, but the validity or enforceability of the remaining conditions of these Payment Account Terms shall not be affected.

24.4 The rights and remedies available to Fondy in these Payment Account Terms are cumulative and are in addition to any other right or remedy available to Fondy at law or in equity.

24.5 This Agreement constitutes the entire agreement between Fondy and the Customer. No third party who is not a party to this Agreement has a right to enforce any of the provisions of this Agreement.

25. Governing law and jurisdiction

25.1 This Agreement shall be governed by and construed in accordance with the laws of England and Wales and any disputes arising from this Agreement shall be submitted to the exclusive jurisdiction of the courts of England and Wales.