Terms and Conditions of Business
FX Capital Securities Limited “FXCS” (or Liberty Wealth FX, a trading name of FXCS) collectively referred to as “the Company”,
of Ground Floor, 6C8 Fenchurch Buildings, London EC3M 5HT registered and trading address).
The Company is registered, in England and Wales with company registration number 6323311, The Company is also Authorised and regulated by the Financial Services Authority (FRN 531019) for the provision of payment and with HM Revenue Customs as a Money Services Business
“MSB” (Reg. No. 12272696).
1. DEFINITIONS AND INTERPRETATION
In this Agreement:
- “Applicable Regulations” means all laws and regulations from time to time in force relating directly or indirectly to the buying or selling of Currency and the transaction related payments, including the Money Laundering Regulations 2003, the Proceedsof Crime Act 2002 and the Payment Services Regulations 2009.
- “Authorised Trader” means a person or persons authorised by the Company to accept an order or orders from the Customer.
- The company maintains a list of Authorised Traders.
- “Business day” means any day, other than a Saturday, Sunday or other public holiday in the England.
- “Close Out” a termination of a Transaction prior to the original agreed date or prior to settlement of the Transaction.
- “Company Currency” means the currency that the Company agrees to sell to the Customer and the Customer agrees to purchase in a Transaction.
- “Company Website” means www.rabbitfx.com or any web sites operated by the Company.
- “Conditions” means these terms and conditions and include a completed and signed Customer Application form and Compliance Check List in the Company’s current form.
- “Customer Communications” means all communications between the Customer and the Company, including, but not limited to telephone, verbal, email, fax and the Company Website.
- “Currency” means the official currency in use in any jurisdiction.
- “Customer” means a person or persons who having executed a set of these Conditions places an Order.
- “Customer Currency” means the Currency that the Customer agrees to sell to the Company and the Company agrees to purchase in a Transaction.
- “Default Event” means:
In the case of a Customer;
- If the Customer is in breach of his obligations in a Transaction
- If a Customer is unable to pay his debts as they fall due
- The Customer’s funds for The Transaction fail to arrive by The Settlement Date
- If in the opinion of the Company any information provided by the Customer is deliberately incorrect or misleading in any material respect
- If any event occurs which the Company reasonably believes will have a material adverse effect on the Customer’s ability to comply with his obligations under these Conditions
- If the Company reasonably believes that the Customer or a Transaction is or is likely to be in breach of any Applicable Regulations.
In the case of the Company, this means a breach of terms of a
Transaction by the Company which if applicable of remedy is not
remedied within 5 Business days after the Customer has served
written notice on the Company relating to such failure.
- “Destination Account” means the bank account, or bank
accounts, which the parties agree in a Transaction is the bank
account(s) to which the Customer Currency is to be sent by the
- “Document” means any electronic or paper document.
- “Forward Trade”: means the purchase and sale of Currency for Settlement on a pre determined date in the future.
- “Force Majeure” means in relation to either party any circumstances beyond the reasonable control of that party (including without limitation any acts or restraints of Governments or public authorities, strikes, lockCouts, or other industrial action, terrorism, war, revolution, riot or civil commotion).
- “Margin Deposit” means the amount that the company may request the Customer to provide in advance to secure a transaction.
- “Money Transfer” means the transfer of funds to the Customers, Destination Account.
- “Order” means an order by the Customer for the purchase and sale of Currency containing the information in Annex 1. The Company may receive the order verbally, by fax, by email or the Company Website.
- “Order Acceptance Notice” means a notice from the Company to the Customer notifying the Customer that
(i) an order has been accepted; and
(ii) the terms of the order, which may include, but not limited to, the information in Annex 1
- “Payment Method” means that the Customer will only transfer funds to the Company electronically. The Company will not accept cheques, cash, credit cards, bankers’ drafts and any other payment means unless agreed by both parties prior to the Transaction and approval by the Company’s compliance officer.
- “Proceedings” means any action or other proceedings relating to these Conditions or a Transaction.
- “Settlement” means the payment or payments by the Customer to the Company of Customer Currency relating to a Transaction.
- “Settlement Date” means the date that the Company and the Customer have agreed is the date by which the Customer must have made Settlement in a Transaction.
- “Spot Trade” means the purchase and sale of Currency for Settlement within two business days after the date of the Order.
- “Transaction” means an agreement between the Company and the Customer for the sale and purchase of Currency.
- “Variation” means the difference between the original opening value of the Transaction and the current market value of the Transaction were it to be Closed Out (for example, as a result of exchange rate movements on a Forward Trade), up to a maximum of the full value of the Transaction.
References in these Conditions to any statute or Applicable Regulations include any subsequent modification, amendment or extension.The Masculine will include the feminine and the neutral and the singular will include the plural and vice versa, as the context requires.
2.1 A copy of these Conditions has been accepted in any form
(electronic, hard copy etc.) by the Customer to indicate the
Customer’s agreement and acceptance of them and the
Company and the Customer agree that each Transaction
incorporates these Conditions.
2.2 The Company and the Customer enter into a Transaction
(“the time of contracting”) on acceptance by the Company of an
2.2.1 Where an Order is accepted by email, the Order will be
deemed to be accepted when an Order Acceptance Notice is
transmitted to the Customer’s email address (regardless of
whether or when it is received by the Customer).
2.2.2 Where an Order is accepted by fax, the Order will be
deemed to be accepted when an Order Acceptance Notice is
transmitted to the Customer’s fax or email address (regardless
of whether or when it is received by the Customer).
2.2.3 Where an Order is accepted by the Company Website, the
Order will be deemed to be accepted when an Order
Acceptance Notice is transmitted to the Customer’s email
address (regardless of whether or when it is received by the
2.2.4 Where an Order is accepted verbally (via telephone) the
Order will be deemed to be accepted when an Authorised
Trader verbally confirms to the Customer that the order has
been accepted or when an Order Acceptance Notice is
transmitted to the Customer’s email address (regardless of
whether or when it is received by the Customer).
2.3 The Company may accept or refuse an Order at its absolute
discretion without giving any reason to the Customer and
without any liability to the Company.
3. CUSTOMER OBLIGATIONS
3.1 Unless agreed and confirmed in writing by both the
Company and the Customer prior to a Transaction, the
Customer agrees and acknowledges that any payments due to
the Company must be made by the customer and drawn on an
account of the Customer and not that of a third party. Any
payment received on behalf of the Customer from a third party
will be refused and returned by the Company and shall not
constitute a payment to the Company for the purposes of a
3.2 The Customer will pay by the Payment Method any balance
unpaid of the Customer Currency due to the Company in a
Transaction on or before Settlement Date.
3.3 In the case of a Forward Trade, the Customer will pay the
Customer Currency due in two parts;
(a) the Margin Deposit in full and cleared funds no later than the
business day we tell you it is due in our Order Acceptance Notice
(b) the balance of the Transaction amount, in cleared funds by
no later than the business day we tell you in our Order
Acceptance Notice will be the Settlement Date for the
3.4 In addition to the Margin Deposit and the Transaction
balance referred to in 3.3(b), the Company may also require
addition Margin Deposit to make up for any Variation that may
have occurred on the Transaction in the event that the Margin
Deposit less Variation reduces the security held to less than 1%
(one) of the Transaction value. We may ask for proof that you
have instructed your bank to pay us the additional Margin
Deposit we require within 24 (twenty four) hours of our request.
Failure to provide us with this proof on demand may result in a
Close Out of the Transaction, the Transaction will then be
deemed a Default Event.
3.5 Following a Default Event, and where the Company has
properly terminated a Transaction, the Customer shall be liable
to and hereby indemnifies the Company for any loss that the
Company may suffer in selling the Company Currency purchased
in relation to that Transaction.
3.6 The Customer agrees that the Company may record, without
notice to the Customer, any Customer Communications, upon
which the Company and the Customer;
(a) Discuss a Transaction
(b) Enter into any Transaction
(c) Terminate a Transaction
(d) Discuss an Order
(e) Have any pertinent communications
3.6.1 Such recordings shall be evidence in any dispute between
the Company and the Customer.
3.7 The Customer agrees to comply with and adhere to all
Applicable Regulations in relation to any Transaction and to
provide information required by the Company in relation to any
3.8 All payments due from the Customer to the Company will be
paid in full and the Customer will have no right of set off or
counterclaim in relation to any payment due to the Company
from the Customer.
3.9 The Customer confirms that no Transaction will be for the
purposes of speculative activity (with the intention of profiting
solely from currency movements) and that there shall be
physical delivery of the Currency to the Destination Account in
accordance with the terms of a Transaction.
3.10 The Customer confirms and understands that:
(a) Funds may take a number of working days to arrive as
cleared funds in the Destination Account
(b) The number of days taken will vary from country to country
(c) The number of days has to take into account Bank Holidays
and other vacation periods that may be different from the UK
(d) Planning for payment arrival (for example, into a Notary’s
account), is the Customer’s responsibility
3.11 The Customer agrees and confirms that he is and will be a
principal in all Transactions and will not act as an agent.
3.12 The Customer confirms that he is over 18 (eighteen) years
of age and is not suffering from any disability or impairment that
may affect their capacity to enter into a Transaction with the
4. COMPANY’S OBLIGATIONS AND LIMITATIONS ON
4.1 The Company will not be under any obligation to pay the
Company Currency to the Destination Account until it has
unconditionally received the Customer Currency in full as
4.2 Following receipt of the Customer Currency unconditionally
in full as cleared effects the Company will make payment of the
Company Currency to the Destination Account (less any
deduction permitted by these Conditions).
4.3 The Company shall have the right to deduct from the
Company Currency to be sent to the Destination Account such
sums as it may be required to deduct by law together with any
other deductions applicable to the Transaction.
4.4 The Customer warrants that the that information provided
to the Company under the transaction about his personal and
financial circumstances remains true and materially accurate
without any obligation on the part of the Company to make any
enquiries before each Transaction and the rights of the
Company arising under these Conditions or in any way relating
to a Transaction and the liability of the Customer for any breach
of these Conditions shall not be thereby affected.
4.5 The Company shall not be liable to the Customer for any
delay, failure or error in sending the Company Currency to the
Destination Account pursuant to a Transaction where such delay
failure or error is caused by:C
(a) Failure or error of any machine, data processing system or
transmission link (whether under the control of the Company or
a third party); or
(b) Any period of essential maintenance, critical change, repairs,
alteration to or failure of computer systems (whether under the
control of the Company or any third party); or
(c) The acts or omissions of any third party
(d) The Company fulfilling its obligations under The Applicable
4.6 Where the error, failure or delay in sending the Company
Currency to the Destination Account pursuant to a Transaction is
caused by the negligence of the Company; the Company will be
responsible for any losses that might ordinarily be expected to
occur as a result. This may (but will not necessarily) include bank
charges, lost interest or a fall in the value of the Customer
Currency against the Company Currency during the period of the
error, failure or delay. However this will not include any loss of
profit or any type of loss arising from any failure by the
Customer to enter into or to perform a Contract with a third
party even if these were losses that might ordinarily be expected
to occur as a result of the error, failure or delay. Also this will
not include any kept claim for consequential losses.
4.7 In any case where the Company is liable to the Customer in
respect of any Transaction (whether under statute, or in tort
contract or otherwise) the Company’s liability shall be limited to
the lesser of:
(a) the total amount paid by the Customer to the Company in
respect of the Transaction; or
(b) Ten Thousand Pounds (£10,000.00).
4.8 The Customer agrees to insure against any losses that are
greater than the sum set out in Clause 4.7
4.9 Without prejudice to Clause 4.6 and subject to the provisions
of this Clause 4, The Company’s total aggregate liability to the
Customer for any liability incurred in connection with this
agreement will not exceed the lessor of;
(a) the total amount paid by the Customer to the Company in
respect of the Transaction; or
(b) Five Hundred Thousand Pounds (£500,000.00).
5. COMPANY’S RIGHTS AGAINST CUSTOMER FUNDS
Where the Company properly terminates a Transaction, the
Company shall be entitled to set off any loss suffered against
any monies paid to the Company by the Customer without
prejudice to the indemnity of the Customer contained in Clause
6. NO ADVICE
While the Company can provide the Customer with information,
it does not provide advice. In placing an Order and entering into
any Transaction the Customer agrees that he will rely upon his
7.1 While the Company will not charge the Customer
commission in relation to any Transaction the Company shall be
entitled to make the charges to the Customer set out in these
terms and conditions and to deduct these charges from monies
held by the Company for the Customer.
7.2 Intermediary or receiving bank charges may arise over which
the Company has no control. The Customer acknowledges that
the Company will not be held liable for such charges and that
the Customer should contact the receiving bank directly with
regards to any charges that may be applied against funds
received by the bank prior to them crediting the beneficiary
8. FOREIGN CURRENCY RATES
Notwithstanding that an exchange rate is agreed at the time of
contracting in relation to a Transaction the Company cannot
guarantee the same rate of exchange in relation to any other
9. TIME OF THE ESSENCE
Time is of the essence for each Transaction in relation to the
payment of Customer Currency to the Company.
10. DEFAULT INTEREST AND TERMINATION PAYMENTS
10.1 If the Customer fails to make payment due to the Company
under Clause 3.2 and without affecting the right of the Company
to terminate a Transaction, the Company reserves the right to
charge interest on any monies due to it from the Customer at a
rate of 4% above the base rate from time to time of Barclays
Bank Plc between the date of the Default Event and either
Settlement or termination of a Transaction.
10.2 If a Transaction is terminated by the Company following a
Default Event in addition to the liability of the Customer under
Clause 3.5 the Customer will pay an administration fee of
11.1 The Company or the Customer may terminate a
Transaction with immediate effect upon the occurrence of the
Default Event on the part of the other by either verbal or written
notice to the other. Termination of a Transaction shall not affect
the rights of either the Company or the Customer in relation to
any breach of the terms of a Transaction arising before such
11.2 Where the Company terminates a Transaction following the
occurrence of a Default Event it shall be entitled at its discretion
to sell or retain Company Currency purchased in relation to that
12. WRITTEN CONFIRMATION OF TRANSACTION
12.1 The Company will use reasonable endeavours to issue a
written confirmation of a Transaction to the Customer but any
failure by the Company to do so shall not affect the validity of a
12.2 Where there is a failure of the system recording telephone
calls operated by the Company, the written confirmation by the
Company of the terms of a Transaction or the termination of a
Transaction shall be evidence of the terms of a Transaction or
termination of a Transaction and shall be final and binding on
the Customer and the Company.
13. REPRESENTATIONS AND WARRANTIES
13.1 On a continuing basis, prior to each Transaction the
Customer is deemed to represent and warrant that he understands all of his obligations under these Conditions in
relation to the relevant Transaction and will comply with his
obligations to the Company in the relevant transaction and that
all information provided to the Company was true, accurate and
complete when provided to the Company and remains true,
accurate and complete in all material respects on entering into
any Transaction except to the extent that any changes have
been notified by the Customer to the Company in writing before
13.2 The Customer further warrants that all funds paid or to be
paid to the Company are free from encumbrances (save in
relation to any rights which the Company has under these
Conditions) and comply with all Applicable Regulations.
13.3 The Customer will at the request of the Company provide
the Company with any information that may be required from
time to time under any Applicable Regulations.
14. NO RIGHT OF CANCELLATION
If the Customer has any right given by statute or statutory
instrument to cancel a Transaction the parties agree that the
Customer will not be able to cancel any Transaction once the
performance by the Company of the services in relation to that
Transaction has begun.
15. ENTIRE CONTRACT
15.1 The parties agree that the terms and conditions set out in
these Conditions together with an Order that has been accepted
by the Company represents the entire agreement in relation to
15.2 The parties agree that save with regard to information
provided by the Customer referred to in Clause 4.4 that all
liabilities for and remedies in respect of any cognisant or
negligent representations made are excluded.
15.3 The parties agree that save with regard to the
representations referred to in Clause 4.4 neither party has
placed any reliance whatsoever on any representations,
agreements, statements or understandings (whether oral or in
writing including any promotional literature) made prior to the
date of this contract other than those expressly incorporated or
recited in this contract.
15.4 For the avoidance of doubt nothing in this Clause applies to
fraud on the part of either party.
16. USE OF THE INTERNET
16.1 The Customer acknowledges that email or use of a website
may not be a secure medium for the communication of sensitive
information. The Customer agrees that communication by email
or its use of the Company’s Website will be at the Customer’s
16.2 Whenever the Customer places an Order by fax, email or
the Company’s Website;
16.2.1 The Customer accepts that the Company cannot
(a) that an Order is either properly placed by the Customer
(b) does not contain errors
16.2.2 Orders by fax, email or the Company’s Website are at the
risk of the Customer.
16.2.3 The Customer agrees to indemnify the Company against
all losses that it may incur as a result of the Company accepting
an Order made by fax, email or the Company’s Website
16.2.4 The Customer acknowledges that the Company is under
no duty to make any enquiries concerning instructions sent by
fax, email or the Company’s Website that are believed by the
Company to be genuine instructions from the Customer.
16.3 The Customer acknowledges that the Company’s Website
contains material that is the copyright of the Company and the
Customer acknowledges that he will not acquire any rights to
such material by downloading it.
17. FORCE MAJEURE
17.1 Neither party is liable for failure to perform or delay in
performing any of its obligations in relation to a Transaction in
so far as the performance of such obligations is prevented by
17.2 The Company and/or the Customer as applicable shall
promptly notify the other party of the occurrence of a Force
Majeure event and use all reasonable endeavours to continue to
perform its obligations in relation to the Transaction but if a
Force Majeure event prevents a party from fulfilling its
obligations under a Transaction for an unreasonable period the
other party may forthwith terminate the Transaction by notice
in writing to that party but without prejudice to the other terms
and conditions of a Transaction.
No variation of any Transaction will be valid unless it is in
writing, signed by or on behalf of each of the parties.
19. PROTECTION OF PERSONAL INFORMATION
19.1 The Company is required to comply with the provisions of
the Data Protection Act 1998 and will only use information
relating to a Customer to enable the Company to comply with
Applicable Regulations, to fulfil its obligations in any
Transaction, to assess its risk in relation to the Customer or to
any Transaction, for enforcing its rights in relation to a
Transaction, for training purposes and to allow the Company or
any subsidiary to provide the Customer with details of its
products or services and for fraud prevention and debt tracing.
Signature by the Customer of these Conditions signifies the
consent of the Customer to such use of information.
19.2 While the Company is required by Applicable Regulations to
carry out investigations of the Customer it also makes enquiries
for the purposes of assessing its own risk. The Company will
search the record of the Customer through a credit reference
agency and/or fraud prevention agency that will be added to the
record of the Customer. Details of the search will also be seen
by other similar organisations and information may therefore
also be passed as between such organisations to help to prevent
fraud. The credit reference or fraud prevention agency may
refer to the Electoral Register and may use a credit scoring or
other automated alternating process to verify the identity of the
Customer and the financial standing of the Customer. The
Company will record with the credit reference agency any
default or failure of the Customer to comply with the terms of
the Transaction. The Company is therefore authorized to
disclose information outside the Company to licensed credit
agencies, fraud prevention and other agencies, where it is
required to do so by Applicable Regulations, for the purpose of
compliance and regulatory reporting, and to confirm the
Customer’s identity for money laundering purposes which may
include checking the Electoral Register or to any person to
whom the Company will or intends to transfer its rights or
19.3 The link between joint Customers and/or any individual
identified, as the financial partner of the Customer will be
created by credit reference agencies that will link these financial
records. The Customer and anyone else with whom the
Customer has a financial link understands that each others
information will be taken into account in relation to all future
Orders for either or both. This linking will continue until one of
the Customer or his financial partner successfully files a
disassociation at the credit reference agencies.
19.4 The data controller for the purposes of the Data Protection
Act 1998 is the Data Protection Officer.
19.5 The Customer authorises the Company to transfer
information relating to him to the Customer’s bank holding the
Destination Account or other adviser of the Customer whether
or not outside England and Wales (and notwithstanding that
within that jurisdiction the data protection legislation offers less
protection to the customer than under English law) or to any
Governmental department or authority or any bank or other
financial institution in order to comply with Applicable
Regulations or pursuant to an order of a Court of competent
19.6 If the Customer writes to the Company and pays a fee, the
Customer has a right for access to the information held by the
Company about the Customer.
19.7 The Customer has a right of access to information held by
credit reference agencies about the Customer on payment of a
fee. If the Customer asks, the Company will tell the Customer
the name and address of the credit reference agencies the
Company may use.
19.8 The Company is authorised to monitor and record
telephone conversations for the purposes set out in Clause 3.4.
19.9 The Company will share customer information with other
firms within the FX Capital Group of Companies.
19.20 The Company may share customer information with
another firm or individual in the event that the Customer was
introduced to the company by this third party. In the event that
the Customer does not want the company to provide such
information to an introducing agent/party they should write to
the Company instructing that information should not be
provided to a third party.
20. COMPLAINTS PROCEDURE
The Company has a written policy for the internal handling of
complaints and how we ensure that we deal with each
complaint promptly and fairly. You can obtain a summary from
the Company should you so request. Should you have cause to
complain for any reason a copy of our policy for handling
complaints will be automatically sent to you.
Any complaint relating to a money transfer must be made or
confirmed in writing and the complaint should be addressed to
the Compliance Officer, FX Capital Securities Limited, Mercury
House, Triton Court, 14 Finsbury Square, London EC2A 1BR.
Clients should be aware that if they are unhappy with any
response to a complaint received from the company when
relating to a Money Transfer, they may complain directly to the
Financial Ombudsman Service, South Quay, 183 Marsh Wall,
London E14 9SR.
21. PARTIAL INVALIDITY
All the provisions in a Transaction are distinct and severable and
if any term or provision is held or declared to be unenforceable
illegal or void in whole or in part by any Court, regulatory
authority or other competent authority, it will to that extent be
deemed not to form part of the Transaction and the
enforceability legality and validity of the remainder of the
Transaction will not be affected. However, if as a result of the
operation of this Clause the rights and obligations of a party are
materially altered to the detriment of that party, that party may
terminate the Transaction by written notice to the other within
five Business days from the date of the relevant decision of the
relevant Court or other competent authority.
22.1 Any notices in writing in connection with the Transaction
may be delivered either by hand or first class preCpaid letter
post or by fax or email to the receiving party at the address set
out in the relevant customer application form or otherwise
previously notified to the other party in writing.
22.2 Notice in writing will take effect :C
(a) If delivered personally, at the time of delivery to the address
referred to above;
(b) If sent by mail, two days after posting it;
(c) If sent by fax or email, to the fax or email address of the
Customer set out in the Application Form, at the time of its
22.3 Any notice given verbally shall take effect at the time at
which it was given.
23. CONTRACT (RIGHTS OF THIRD PARTIES) ACT 1999
The parties agree that it is not their intention that the
contractual rights arising in relation to a Transaction should be
enforceable by a third party.
24. LAW AND JURISDICTION
English Law governs these Conditions and each Transaction and
the parties submit to the nonCexclusive jurisdiction of the
The information that may be included in an Order and Order
Confirmation Notice may include, but is not limited to, the
(i) the Currencies being purchased and sold by the Customer,
(ii) the quantity of such Currencies,
(iii) the applicable rate of exchange
(iv) the Settlement Date
(v) the Destination Account including; the address of the bank at
which the Destination Account is held; the number of the
Destination Account; and other relevant information regarding
the Destination Account
(vi) method of payment