Last updated: 17/06/2021
Introduction
The Coach provides the Financial Coaching Services as further described in paragraph 3. The terms and conditions set out below (“Terms”) are the terms and conditions on which the Coach provides these services. The Terms apply to all users of the Financial Coaching Services.
By using the Services, you agree to comply with and be bound by these Terms, which constitute a binding contract between you and the Coach (“Contract”).
Parties
“Coach” and “Financial Coach” means the individual financial coach, and the company that employs them as a financial coach, who have been accredited by Octopus MoneyCoach and who provides the Financial Coaching Services to you.
For the avoidance of doubt, where the individual who provides the Financial Coaching Services to you is employed by Octopus MoneyCoach, then references in this agreement to “the Coach” or “the Financial Coach” means TW11 Wealth Management Limited, a company registered in England (No. 10339119) whose address is 8 Waldegrave Road, Teddington, TW11 8HT.
Where the individual who provides the Financial Coaching Services to you is not employed by Octopus MoneyCoach, then references in this agreement to “the Coach” or “the Financial Coach” means the company that does employ the individual financial coach who provides the Coaching Services to you, and which has granted permission for Octopus MoneyCoach to communicate their acceptance of these terms on their behalf.
The identity of your Financial Coach (both the individual financial coach, and the company that employs them) shall be confirmed in writing in advance of your first financial coaching session.
1. Key Definitions
In these Terms, the following definitions shall apply:
“Client” and “You” means the individual receiving the Financial Coaching Services from the Coach.
“Financial Coaching Services” and “Coach Services” means the financial coaching services provided by the Coach as further described in paragraph 3 below.
“Financial Plan” shall have the definition given to it in the Octopus-Client Agreement.
“Financial Planning Services” shall have the definition given to it in the Octopus-Client Agreement.
“Octopus MoneyCoach” means TW11 Wealth Management Limited (trading as “Octopus MoneyCoach”), a company registered in England (No. 10339119) whose address is 8 Waldegrave Road, Teddington, TW11 8HT.
“Octopus-Client Agreement” means the agreement between Octopus MoneyCoach and the Client which sets out the terms and conditions under which Octopus MoneyCoach provides the Octopus MoneyCoach Services to Clients.
“Octopus MoneyCoach Services” means the collection of services offered by Octopus MoneyCoach to individuals, governed by the Octopus-Client Agreement, including financial planning services, financial coach booking services and financial advice and investment (advisory) services.
“Start Date” means the date on which your subscription to the Services begins, as described in the Octopus-Client Agreement.
“Subscription Fee” and “Client Subscription Fee” means the annual subscription fee payable for a subscription to the Services, as further described in paragraph 4.4.1.
“Website” means the website at www.octopusmoney.com and all the pages, content and sub-domains contained within it.
2. Scope of this Agreement
2.1. This agreement outlines the terms and conditions under which the Coach shall provide the Financial Coaching Services to the Client, and does not cover any additional or alternative service that the Coach may offer or provide.
2.2. In the event that the Coach does offer or provide any other service to the Client that is not included in the Coach Services, the Coach shall ensure that the distinction is sufficiently clear to the Client at all times.
3. The Financial Coaching Service
3.1. The Financial Coaching Service allows users to receive coaching from a Coach. 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 specialist 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.
3.2. Your Coach may contact you in different ways, including via the Website, by telephone, post, e-mail, SMS text message, web (video) conference or in person.
4. Subscription
4.1. What it includes
During the term of a user’s subscription, in accordance with these Terms:
4.1.1. The Coach will provide, or the user will have access to, all of the Coach Services; and
4.1.2. Octopus MoneyCoach will provide, or the user will have access to, all of the Octopus MoneyCoach Services.
4.2. How to become a subscriber
4.2.1. To subscribe to the Services, for which an annual subscription fee will be payable (see paragraph 4.4.1 below), you must either visit the Website and complete the online form, or if you have contact with a Coach, inform the Coach that you would like to subscribe to the Services.
4.2.2. You must be a resident in the UK, and you must be 18 or older and have the power to enter into a contract in order to subscribe to the Services.
4.2.3. Confirmation of your subscription to the services and the annual subscription fee that is payable shall be sent to you by Octopus MoneyCoach, as outlined in the Octopus-Client Agreement.
4.2.4. Payment of the subscription fee to the Coach shall be facilitated by Octopus MoneyCoach using one of the methods outlined in the Octopus-Client Agreement.
4.2.5. The start date of your subscription to the Services (“Start Date”) will depend on the method you choose for paying for the subscription (see the Octopus-Client Agreement for different methods of payment). If you are paying by direct debit, your subscription to the Services will begin once Octopus MoneyCoach has received payment of the Subscription Fee in cleared funds. If you are paying via salary sacrifice, your subscription will begin immediately upon Octopus MoneyCoach sending you the confirmation email of your subscription.
4.2.6. You agree that the Coach will immediately, on and from the Start Date, begin to provide the Services.
4.3. Duration of subscription
4.3.1. 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:
4.3.1.1. you inform Octopus MoneyCoach or your Coach 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 4.6 below);
4.3.1.2. you have paid for the subscription via salary sacrifice and your employer is using a benefits platform which does not allow for automatic renewal of the subscription.
4.3.2. The automatic renewal of your subscription shall be processed by Octopus MoneyCoach in accordance with the Octopus-Client Agreement.
4.3.3. At the end of each twelve (12) month period, you will be entitled to an annual review with a Coach during which you may discuss if your personal circumstances or goals have changed, and during which the Financial Plan is updated and new actions are agreed on.
4.4. Subscription Fees
4.4.1. 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 Subscription Fee is payable annually in advance.
You agree to pay the Subscription Fee for the first twelve (12) months of your subscription at the rate notified to you at the time you purchase the subscription. The current rate for a subscription to use the Services (inclusive of VAT) can be found on the Octopus MoneyCoach Website at https://octopusmoney.com/our-charges.
In the event that Octopus MoneyCoach makes changes to the Subscription Fee, those changes will not affect you until your subscription is next due for renewal.
At the time of renewing your subscription, you will be charged a Subscription Fee for the next twelve (12) months of your subscription, at the current rate at the time.
4.5. Payment
4.5.1. Payment of the Subscription Fees will be made using one of the payment methods provided by Octopus MoneyCoach, as outlined in the Octopus-Client agreement.
4.5.2. If you choose to subscribe to the Services by informing your Coach, then your Coach shall notify Octopus MoneyCoach of your subscription to the Services, and shall instruct Octopus MoneyCoach to charge you the amount agreed using the method you have selected, in accordance with the terms of the Octopus-Client Agreement.
4.5.3. If you subscribe to the Services by completing the online form on the Website, then Octopus MoneyCoach shall confirm your subscription with your Coach before charging you the amount agreed using the method you have selected, in accordance with the terms of the Octopus-Client Agreement.
4.6. Your rights to cancel the subscription
4.6.1. 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.
4.6.2. If you cancel your subscription within fourteen (14) days after the Start Date, your Coach shall instruct Octopus MoneyCoach to refund any Subscription Fees you have paid. The process for completing this refund shall be determined by Octopus MoneyCoach and is set out in the Octopus-Client Agreement.
4.6.3. You will not be entitled to a refund if you cancel after the first fourteen (14) days from the Start Date.
4.6.4. If you cancel after the Coach has started to provide or after you have started to use the Services, you must pay for the services provided up until the time you tell the Coach that you have changed your mind. If the services provided to you up until the time you tell the Coach that you have changed your mind does not include receipt by you of a Financial Plan, you must pay £25. If the services provided to you up until the time you tell the Coach that you have changed your mind does include receipt by you of a Financial Plan, you must pay £125. The Coach shall instruct Octopus MoneyCoach to deduct the relevant amount from the amount received from you for the subscription, before providing the refund.
4.6.5. Please see paragraph 12 for details of what happens if you cancel your subscription to the Services.
4.6.6. To exercise your right to change your mind, please contact your Coach or Octopus MoneyCoach by phone or email, 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):
5. Your Use of the Financial Coaching Service
5.1. If you are unhappy with the Coach’s service, you may send a complaint to Octopus MoneyCoach using the following contact information:
Telephone: 0203 111 0589
Email: complaints@octopusmoneycoach.com
In writing: Octopus MoneyCoach, 33 Holborn, London
You will receive an initial response within two (2) Business Days.
5.2. In order to book a one-on-one coaching session with your Coach, you must contact the Coach directly or email support@octopusmoneycoach.com, and agree a mutually convenient time for the coaching session. The Coach does not guarantee their availability at the times and on the dates preferred by you.
5.3. If you have a subscription to the Services, you will be entitled to up to a minimum of two hours of coaching from a Coach per annum. You may request additional coaching, but any additional coaching will be subject to your Coach’s availability.
5.4. If you have a subscription to the Services, you will always have access to the same Coach unless:
5.4.1. the Coach has left the employment of Octopus MoneyCoach or is no longer accredited as a Financial Coach by Octopus MoneyCoach;
5.4.2. the Coach is no longer a financial coach; or
5.4.3. the Coach is on extended leave (due to illness, injury, or any other reason).
5.5. If your Coach leaves the employment of Octopus MoneyCoach, is no longer accredited by Octopus MoneyCoach, is no longer contracting with Octopus MoneyCoach or is no longer a financial coach, Octopus MoneyCoach will assign a new Coach to you and notify you via email and/or phone.
5.6. If your Coach is on leave then he or she may at their sole discretion instruct Octopus MoneyCoach to assign another Octopus MoneyCoach Accredited Financial Coach to serve you, either during the period of the incumbent Coach’s leave, or for the duration of your subscription.
6. Accuracy of information and liability to you
6.1. Any guidance provided by the Coach will be based on the information that you give to them, so it’s vital that you provide them with accurate and complete information about your circumstances and objectives. If you limit the information provided it could affect the suitability of the guidance given. You agree that neither Octopus MoneyCoach nor the Coach shall be liable to you to the extent that any information you provide to us is inaccurate, incomplete or misleading.
6.2. By subscribing to use the Services, you unconditionally confirm that the details that you provide to Octopus MoneyCoach are true, fair and accurate in all material respects and complies with all applicable regulatory or statutory requirements. You agree to promptly notify Octopus MoneyCoach of any material changes in relation to your details.
7. Legal and accounting advice
7.1. The Coach is 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.
8. Your Personal Information
8.1. To provide the Services properly the Coach will need to collect information about your personal and financial circumstances. The Coach will only use your personal information to deliver the Services. Full details of what information is collected by the Coach and how it is used can be found in the Coach’s Privacy Policy. You may request a copy of the Coach’s Privacy Policy at any time. By using the Services and/or agreeing to these Terms, you accept the Coach’s practices regarding personal data and how it will be treated.
8.2. In order to deliver the Services, your Coach will need to share your personal information with Octopus MoneyCoach. For example, your Financial Plan is created using Octopus MoneyCoach’s software and interactions with your Coach may be reviewed by Octopus MoneyCoach’s compliance team for training and monitoring purposes. Full details of how Octopus MoneyCoach collects, stores, protects and uses your personal information may be found in the Octopus-Client Agreement and in Octopus’ Privacy Policy (https://octopusmoney.com/privacy).
8.3. Your Coach will never share your data or information with any other third party except when it is directly required to provide the Services you have requested, as outlined above, or where you have given us explicit permission in advance.
8.4. Your Coach shall use appropriate safeguards to maintain the privacy and security of your personal data, as further outlined in the Coach’s Privacy Policy.
8.5. Under the terms of the General Data Protection Regulation (GDPR) you have the following rights:
8.5.1. You can ask your Coach for a copy of the personal information the Coach holds about you. The Coach will provide this free of charge, unless your request is repetitive or excessive, in which case the Coach reserves the right to charge you a reasonable fee.
8.5.2. You can inform the Coach of any changes to your personal information, or of any corrections you would like them to make to any of the personal information they hold about you.
8.5.3. In certain situations, you can ask the Coach to erase the personal information they hold about you, or object to particular ways in which the Coach is using your personal information. Please note that the Coach 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.
8.5.4. Where the Coach is using your personal information on the basis of your consent, you are entitled to withdraw that consent at any time.
8.5.5. Where the Coach processes 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.
8.6. You may exercise any of the rights set out in paragraph 8.5 by writing to your Coach (by email or by post). For security reasons the Coach may ask for proof of your identity before disclosing information about you, or to you, via email or over the telephone.
9. General
9.1. 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.
9.2. 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.
9.3. 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. 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.
9.4. Nothing in this Contract shall be deemed to constitute a partnership between the parties or any other person.
9.5. 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.
9.6. 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.
10. Disclaimer of Liability
10.1. Financial coaching is not an activity that is regulated by the Financial Conduct Authority, and your Coach, as an individual, is not regulated by the Financial Conduct Authority either. Your Coach 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 Octopus MoneyCoach if something goes wrong.
10.2. If you require regulated services, your Coach shall notify Octopus MoneyCoach of your requirements, and shall not directly refer you to any individual or organisation that offers or provides regulated financial advice. Instead, Octopus MoneyCoach shall either provide regulated advice or facilitate your referral to a suitable source of regulated advice via Octopus MoneyCoach’s Advisory Services (further details of which are outlined in the Octopus-Client Agreement).
10.3. If you have more complex needs such that the Services are not suitable, then your Coach shall notify Octopus MoneyCoach of your requirements. Octopus MoneyCoach will help you find a suitable third party adviser, in accordance with the Octopus-Client Agreement.
10.4. Your Coach is not responsible for any guidance, advice or recommendations given to you by a third party adviser, including any partner or third party financial advisers to whom you may be referred by Octopus MoneyCoach. 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 MoneyCoach and/or the Coach, and you may also have to pay additional charges.
11. Termination of the Services
11.1. Your use of and access to the Coach Services shall be terminated with immediate effect if:
11.1.1. Your Coach loses their status as a Octopus MoneyCoach Accredited Financial Coach (whether due to the Coach’s decision to cease operating as a Octopus MoneyCoach Financial Coach, or due to Octopus MoneyCoach’s decision to withdraw the Coach’s accreditation status, for any reason.); or
11.1.2. Octopus MoneyCoach terminates your use of the Octopus MoneyCoach Services in accordance with the Terms of the Octopus-Client Agreement; or
11.1.3. You choose to terminate your use of the Services by cancelling your subscription, as outlined above.
12. Consequences of termination of the Services
12.1. If termination of the Services is due to your cancellation or non-renewal of your subscription to the Services, your access to the Services will cease upon the expiry of your current subscription, after which you will no longer have access to your Coach or to any of the Octopus MoneyCoach Services.
12.2. If termination of the Services is as a result of your Coach losing their status as a Octopus MoneyCoach Accredited Financial Coach then Octopus MoneyCoach shall notify you in writing as soon as practically possible and either:
12.2.1. You may request that you are provided with an alternative Octopus MoneyCoach Accredited Financial Coach who can deliver the Coach Services. In such a case, Octopus MoneyCoach shall provide your alternative Coach in accordance with the Octopus-Client Agreement; or
12.2.2. You may request to receive a pro rata refund on any Client Subscription Fee that you have paid for in advance. This refund amount shall be paid by the Coach.