LemFi Savings Account

Instant Access Savings Account Terms and Conditions

These Terms and Conditions are between (i) you (the “LemFi Customer”, “User”) and (ii) RightCard Payment Services Limited (trading as “LemFi”) as collectively referred to as “we” “us” “LemFi”, aside from where the Platform Partner (“ClearBank”) is specifically referred to individually. These terms will last until you, we or ClearBank close your FSCS-eligible savings account which you open through us (your "Instant Access Savings Account") in accordance with clause 20 (the Test Period”).

Set out below are important summary points of using the Instant Access Savings Account. These summary points are for your reference only and you should read all the documents before you proceed.

This document defines the use of the Instant Access Savings Account, and your relationship with us. It is separate from the terms and conditions of ClearBank Limited (“ClearBank”) regarding the Instant Access Savings Account which are provided to you separately under the following link:

You must ensure you read and understand both Part I and Part II before opening an Instant Access Savings Account.

You must accept both LemFi and ClearBank terms and conditions to be eligible for the Instant Access Savings Account. If you do not accept either LemFi or ClearBank terms and conditions, you agree not to use Instant Access Savings Account Services.

LemFi is not a bank, meaning we do not have physical branches, issue debit bank cards, and you’re not able to access your money via ATMs.

The Saving Account is powered by ClearBank, and each customer with an Instant Access Savings Account is introduced to ClearBank.

LemFi does not possess customers’ Instant Access Savings Accounts at any time. Customers can only view and manage their Instant Access Savings Accounts held with ClearBank via their LemFi services.

Customers’ deposits will be held for you by ClearBank as a ClearBank customer.

The interest rate applicable to the Instant Access Savings Account varies. The current interest rate and how this is calculated can be found within our Summary box.

1. IMPORTANT INFORMATION

These Terms and Conditions govern the use of the Instant Access Instant Access Savings Account (the ‘Instant Access Savings Account’). Please read these Terms carefully as they affect your rights and liabilities under the Applicable Law.

If you do not agree to these Terms please do not apply for the Instant Access Savings Account.

You should not treat any part of this document or the contents of the LemFi website or mobile app as constituting advice to you on taxation, legal, financial or any other matters and you should consult your own professional advisers accordingly.

These Terms and other documents referred to in these Terms (including, but not limited to, the ClearBank Terms and Conditions) constitute a legal contract between you and us and set out both your and our rights and obligations under the Agreement and important information regarding the Instant Access Savings Account that we will provide to you. For your own protection you should read them carefully before accepting them. If you do not understand anything, contact us to ask for further information.

If it is found that any section within these Terms is invalid, that invalid section will have no effect on the validity of the remaining sections in these Terms. The remaining Terms will continue to remain in place.

We have used plain English wherever possible but avoiding technical terms is not always possible.

Within these Terms:

• references to "us" and "we" means RightCard Payments Services Ltd, trading as LemFi. The term "Customer", "you" and "your" means any business operating an Account with us.
• references to statutes, statutory instruments, rules or regulations are to such statutes, statutory instruments, rules or regulations as amended or replaced from time to time.
• references to ‘Terms’ means this Customer Agreement and any applicable Terms and Conditions relevant to the Instant Access Savings Account.

Any terms and definitions used within these Terms or Service terms can be found in Appendix 1.

This Agreement constitutes the entire agreement between you and us regarding your Instant Access Savings Account. You acknowledge that you have not relied on any statement, promise, representation, assurance or warranty made or given by or on behalf of us which is not set out in the Agreement.

2. ABOUT LEMFI

RightCard Payments Services Ltd is authorised and regulated by the Financial Conduct Authority with firm registration number 900424 under the Electronic Money Regulations 2011 for the issuing of electronic money. The FCA can be contacted at 12 Endeavour Square, London, E20 1JN (www.fca.org.uk or telephone 0800 111 6768).

2.1 When the word “LemFi” is used in these terms, this means RightCard Payment Services Limited, being a private limited company in England and Wales (company number: 09163262) with its head office and registered address at The Jellico, 5 Beaconsfield Street, NIC 4EW. LemFi operates the website at https://www.lemfi.com.

2.2 How you can contact LemFi:

2.3 How LemFi can contact you:

LemFi shall contact you using the methods set out below. It is your sole responsibility to keep your contact details up to date with LemFi. You can update your details by sending customer support a message via the app or by telephone or email.

2.4 The LemFi Mobile App

The app is LemFi’s mobile application where you can, among other things:
(a) view the amount of monetary savings held in your Instant Access Savings Account with LemFi;
(b) download your statements.

2.5 How do you access the app?

You can access the app by downloading it onto your phone from your usual app provider. To use LemFi’s mobile app, you need at least the following operating systems:
(a) iOS - version 12 minimum;
(b) Android – version 5.0 minimum

3. THE AGREEMENT AND COMMENCEMENT OF SERVICES

These Terms are provided in English, which will be the language of all communications between the Customer and LemFi.

In order to subscribe for an Instant Access Savings Account, you must:

• be a UK tax resident only and also not be a US person; and
• successfully complete our client verification and on-boarding checks and accept these Terms applicable to Instant Access Savings Account and those of ClearBank.

LemFi may amend these Terms where we have a valid reason for doing so. If any amendments change how we manage the Services or handle your personal data, notification will be provided to you via email or via LemFi App Secure Messages before they are due to take effect.

Changes will take effect thirty (30) days or sooner after the notice has been sent to you (unless a later date is provided for in the notice). Notifications will not be sent for any other amendments to the Terms. Any amendment to the Terms will not apply retrospectively.

If, as a result of the amendments we make to the Terms you wish to close your Account with us, you may do so in accordance with these Terms.

4. GOVERNING LAW

These Terms and any dispute or claim arising out of, or in connection with them (including non-contractual disputes or claims) will be governed by and construed in accordance with the law of England and Wales.

You agree that the courts of England and Wales will have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement (including non-contractual disputes or claims).

5. OUR DUTIES TO YOU

5.1 We have certain responsibilities under the FCA Rules and other Applicable Law to verify the identity of, and run anti-money laundering checks on our Customers prior to joining [] and periodically thereafter. In order to fulfil these responsibilities, we will use third-party identification checking services to confirm your identity when you first use our services, and we will carry out regular monitoring checks while you remain a customer. As such, you give LemFi permission to obtain, verify, and record information that identifies and authenticates you and your funding sources. If the information reasonably requested is not granted, or such a change is not approved by us, we will consider this a serious breach of the Terms and may suspend or terminate the Services accordingly.

5.2 We may verify the information you provide us or we obtain ourselves on your Instant Access Savings Account. By entering into these Terms, you confirm that you consent to such searches being carried out for this purpose. We reserve the right to close, suspend, or limit access to your Instant Access Savings Account in the event we are unable to obtain or verify such information.

5.3 We will not be liable for any losses, damages or costs arising from our conduct of the checks detailed in clause 5.1 and clause 5.2.

6. YOUR DUTIES TO US

6.1 You will be legally bound by the Terms so it is important on entering it, and on a continuing basis, you agree that you have and will maintain full legal capacity and all necessary authority, permissions and powers, and have taken all necessary action to enable you:

• to enter into these Terms lawfully;
• to give us orders and instructions;
• to enter into any transactions; and
• to grant any security interests, rights and powers referred to in these Terms.

6.2 You shall:

• co-operate with LemFi in all matters relating to the Instant Access Savings Account;
• provide LemFi with such information and materials as LemFi may reasonably require in order to operate the Instant Access Savings Account and ensure that such information is true and accurate;
• regularly log on to your online LemFi Account to review your Instant Access Savings Account as well as any communication or documentation that may be added to your Document Library from time to time and tell us as soon as possible of any disputed transaction; and
• notify us promptly of any changes to your circumstances or information you provided e.g. your residency or your contact details.

6.3 The Instant Access Savings Account is a product which you are willing and able to retain.

6.4 In accepting these terms, you confirm there is no action, suit or proceeding, or pending or threatened action against you, before any court, tribunal, governmental body, agency or official, or any arbitrator that purports to affect or is likely to affect, the legality, validity or enforceability of these Terms or ability to perform your obligations under these Terms.

6.5 You acknowledge that any transaction dealt with by us on your instructions will be assessed by statutory and other requirements relating to money laundering and combating terrorist financing.

6.6 We are legally obliged to keep your affairs confidential. However, we may be required by Applicable Law to make a disclosure to the National Crime Agency where we know or suspect that a transaction may involve money laundering or terrorist financing. If we make a disclosure in relation to this matter, we may not be able to tell you that a disclosure has been made. We may have to stop providing Services to you for a period of time and may not be able to tell you why. We shall not be liable in any way whatsoever for any loss or damage (including any costs, expenses or liabilities) of any kind incurred by you as a result of having to make such a disclosure or having to stop providing Services to you for such a period of time.

6.7 You are wholly responsible for the accuracy of any information that you provide to us and we shall not be liable in any way whatsoever should incorrect data received from you result in financial loss or damage (including any costs, expenses or liabilities) of any kind. You will notify us immediately if you discover that any information we hold for you is obsolete, incorrect, misleading, inconsistent and/or irrelevant in any way.

6.8 If LemFi's performance of any of its obligations under the Agreement is prevented or delayed by any act or omission by you or failure to perform any relevant obligation under these Terms ("Customer Default"), LemFi shall without limiting its other rights or remedies have the right to suspend performance of the Services until you remedy the Customer Default, and authorise LemFi to rely on the Customer Default to relieve it from the performance of any of its obligations to the extent the Customer Default prevents or delays LemFi’s's performance of any of its obligations.

6.9 In the event of a Customer Default, LemFi shall not be liable for any costs or losses sustained or incurred by you arising directly or indirectly from LemFi's failure or delay to perform any of its obligations as set out in clause 6.8.

6.10 You will indemnify us against any liability, cost, expense, loss or any damage incurred by us (including but not limited to professional advisors' fees) arising from your breach of these Terms, negligence, wilful default or fraud or fraudulent misrepresentation.

7. ELIGIBILITY

The Instant Access Savings Account will be provided by ClearBank subject to their Terms and Conditions, and LemFi shall assist ClearBank in operating the Instant Access Savings Account by providing the day-to-day servicing of the Instant Access Savings Account for you.

To open an Instant Access Savings Account, you represent and warrant that:

• you are a UK tax resident only (and not be a US person) and you meet our eligibility criteria;
• you have the requisite power, authority and capacity to enter into and comply with these Terms;
• the information you provide us in order to enable us to satisfy our client verification and on-boarding checks in respect of you is complete, accurate and not misleading and furthermore that you will notify us of any changes to the information provided;

You must hold a LemFi GBP wallet, being a UK pound sterling virtual account held solely in your name (also known as a “Nominated Account”).

We only offer one Instant Access Savings Account per User.

8. ACCESSING YOUR INSTANT ACCESS SAVINGS ACCOUNT

As a Customer you will be given access to view your Account online via the LemFi Mobile App. It is your responsibility to keep all your Account details including your password safe and secure and ensure they cannot be accessed by others.

We will take all reasonable steps to ensure your Account can be viewed via the LemFi Mobile App at any time. There will be times when we need to interrupt our online service to perform maintenance.

Your online Account will allow you to view details of your Instant Access Savings Account.

Any Instructions to change details on your Account may be made by you. It is important that you maintain the email address we have for you to ensure that any important communications or alerts are received.

You must tell us immediately if you do not recognise any transaction within your Account.

9. GIVING US INSTRUCTIONS

You can give us instructions in a number of different ways including through the LemFi Mobile App or via email.

We will always follow your instructions unless:

• we reasonably believe that you didn’t authorise the instruction;
• we reasonably suspect the instruction is fraudulent;
• it’s necessary to reject your instruction to protect you or us from a crime;
• your instructions are unclear or incomplete;
• following your instruction would mean that we breach a law or regulation that we must comply with; or
• following your instruction would mean your account goes below £0;
• you are in breach of our or ClearBank’s Terms and Conditions

10. PAYMENTS INTO YOUR ACCOUNT

We will only allow payments from you into your Instant Access Savings Account originating from the Nominated Account via internal transfer or via round up functionality. All payments into your Instant Access Savings Account can only be in pound sterling

11. WITHDRAWALS FROM YOUR ACCOUNT

All withdrawals must be authorised by you or a duly authorised person acting on your behalf.

Withdrawal values must not be less than £1 unless you wish to close your Instant Access Savings Account.

You may be asked to produce confirmation of your identity before any withdrawal is carried out and a withdrawal is not authorised by us until this confirmation has been provided to us.

Withdrawals from your Instant Access Savings Account can only be made by internal transfer into your Nominated Account. Upon processing, we will debit your Instant Access Savings Account with the amount you have instructed us to transfer.

Transfers out of your Instant Access Savings Account are instant and we cannot stop a transfer you’ve asked us to make once they have been processed.

You will not be able to submit a withdrawal request if you do not have enough money in the Instant Access Savings Account to make the transfer.

You must retain a minimum balance of £1 unless you wish to close your Instant Access Savings Account.

12. BLOCKING YOUR ACCOUNT OR AN INTERNAL TRANSFER

We can refuse to carry out any transaction on the Instant Access Savings Account in the following circumstances:

• we reasonably believe that you or someone else is using the Instant Access Savings Account illegally or fraudulently;
• we are required to do so by law or we reasonably believe that carrying out the transaction would cause us to breach any law or regulation that applies to us;
• you are subject to a bankruptcy, insolvency, winding up or other similar event or where we reasonably believe that any of these are likely to happen;
• the relationship between you and us has irretrievably broken down (for example you have been threatening or abusive to our colleagues);
• there is a dispute (which we reasonably believe to be genuine) about the ownership or entitlement to the money in the Instant Access Savings Account;
• you are in breach of these Terms;
• we need to contact you to verify the validity of or clarify any instructions;
• we need to ask you for further information to complete the payment and you do not provide it to us;
• we need you to provide identification documents, or any other information, to prove your identity, or the authenticity of such information, to ensure we are meeting our legal and regulatory obligations;
• we need to verify the identity or authority of any person attempting to carry out a transaction on the Instant Access Savings Account or who informs us that they are acting for you;
• there are insufficient cleared funds in the Instant Access Savings Account to cover the amount of the transfer;
• there are technical issues which prevent us from executing an internal transfer;
• circumstances beyond our reasonable control prevent us from offering a normal service (such as a computer failure or industrial action); and/or
• we believe that you are using the account for business purposes.

We will tell you if we do not make a payment for you and the reason why unless we cannot for legal or security reasons.

13. INTEREST PAYMENTS

Interest is calculated each day and paid monthly into the Instant Access Savings Account.

Interest is calculated on cleared balances and paid gross, without the deduction of any income tax. Payment of gross interest does not imply that the interest you receive is exempt from tax. It is your responsibility to advise the appropriate tax authorities of any interest received.

The interest rate applicable to your Instant Access Savings Account varies and tracks at a fixed margin below the Bank of England base rate (the “Tracking Rate”). We reserve the right to vary the margin depending on market conditions, including changes to the Bank of England base rate – adjustments made by ClearBank. The applicable Bank of England base rate can be found here: https://www.bankofengland.co.uk. If the Bank of England changes its base rate, the resulting change to the Tracking Rate applicable to your Instant Access Savings Account will take effect without notice from the day after the Bank of England announces the change.

The current Tracking Rate and how we calculate this can be found within our Summary box.

Interest will not be calculated and paid for the day on which money is withdrawn from your Instant Access Savings Account, including the day on which the Instant Access Savings Account is closed.

14. OUR RIGHT TO CHANGE INTEREST RATES

We may increase the Tracking Rate on your Instant Access Savings Account at any time subject to ClearBank’s approval. This rate increase will be applied to your Instant Access Savings Account immediately.

We may decrease the Tracking Rate on your Instant Access Savings Account giving you at least 14 days’ notice for one or more of the following reasons:

• to enable us to manage margins between interest rates paid in the interests of our customers as a whole;
• to respond, in a proportionate manner, to any increase in costs reasonably incurred by LemFi in operating its Instant Access Savings Accounts (including changes in the technology we use);
• to enable us to harmonise, in a reasonable manner, having regard to the interests of all of our investors, the interest rates being paid to investors following any acquisition or transfer of deposit or Instant Access Savings Accounts or any takeover of, or merger with another savings provider or deposit taker;
• to respond, in a proportionate manner, to changes in legal or regulatory requirements, codes of practice with which we intend to comply, or the way we are regulated, or to a decision of a court or an Ombudsman;
• for any other valid reason where we believe the change is appropriate and reasonable.

We may decrease the Tracking Rate on your Instant Access Savings Account at any time in line with any reduction made to the Bank of England base rate as noted in clause 13.3. We do not have to give you prior notice of this change coming into effect, but we will notify you within 30 days of it taking effect.

Notification of any change to the Tracking Rate will be made to you via LemFi Mobile App.

If you do not agree to the change in Tracking Rate you can close your Instant Access Savings Account without notice or loss of interest which would otherwise be due. If you notify us that you do not accept the change, we will take this as notification that you wish to close your Instant Access Savings Account immediately. This condition does not however apply where there is an increase in the Tracking Rate which is to your advantage.

15. ACCOUNT CLOSURE

If you wish to close your Instant Access Savings Account, you just need to tell us. You can do this at any time through your dashboard via the LemFi App or by contacting the Customer Support team at support@lemfi.com.

In addition to your cancellation rights, LemFi shall be entitled to close your Instant Access Savings Account immediately for the following reasons:

• if you have not given us any documents, we need to meet our regulatory or legal responsibilities;
• if you have failed to provide us with satisfactory evidence or documentation for us to complete our anti-money laundering verification process;
• if we believe, acting reasonably that any information or declaration you have given to us when opening a Instant Access Savings Account or subsequently, is untrue, misleading, or incomplete in any material way, or if you fail to inform us of any information you later become aware of which makes any previous information untrue, misleading or incomplete;
• if you have behaved abusively, offensively or violently towards our staff. Or you use abusive or offensive language in instructions you give us;
• if you have misused the Instant Access Savings Account, including looking after someone else’s money or as part of an economic crime such as money laundering, fraud, bribery, corruption, terrorism finance, or to avoid sanctions, or if you’ve acted fraudulently or illegally;
• if under the terms of a court order; or
• if you have done or failed to do something which means we are unable to comply with our legal and/or regulatory obligations.

If we close your account or end the agreement for any other reason not listed in 15.2 we will give you one calendar months’ notice. This may include if your Instant Access Savings Account has a zero balance.

Unless prevented due to legal reasons, upon the closure of your Instant Access Savings Account we will send any money plus interest earned to your Nominated Account.

Subject to 15.4, we may retain the money in your Instant Access Savings Account if you do not address any concerns we have about the origin of the money or another person claims that the money belongs to them. If this occurs, you will not be able to access the money and we will continue to hold the money until the issue is resolved.

We will not be legally responsible for any remuneration, costs, charges, fees, expenses, taxes, or other amounts which become payable by closing your Instant Access Savings Account.

16. STATEMENTS

17.1 We will provide you with information about your Instant Access Savings Account within your LemFi Mobile App dashboard. We will update this information each time you make a transaction.

17.2 As your Instant Access Savings Account is managed online only, we will issue paper-free statements periodically and these will be stored within your LemFi Account. We may send you statements more or less often if we need to for legal or regulatory reasons.

17. TAX REQUIREMENTS IN ANOTHER COUNTRY

18.1 To follow the law, we may need to share information about you and your Instant Access Savings Account with HMRC. They may pass this on to other tax authorities in other countries. You agree that we can give documents or information to HMRC for this purpose.

18.2 If we ask you to give us personal information or documents so that we can decide if we need to share information with HMRC, you agree to do this within 30 days of our request.

18.3 You’ll need to let us know if any of this information changes after you give it to us. We won’t be responsible for any loss you may have if we disclose information about you in this way.

18. TRANSFERRING RESPONSIBILITIES

These Terms are personal to you and you may not transfer or assign any rights or obligations to any third party.

We may assign or transfer its rights and obligations under the Agreement to any Affiliate or to any successor business. If this occurs, you will be notified by email or LemFi Mobile App as applicable.

If we assign or transfer any rights or obligations with regards to clause 19.2, you authorise us to transfer any of your money held by us or on our behalf to such Affiliate or successor business, or someone nominated by that person.

We will only transfer your money to another person who we believe will hold them under the FCA Rules or in respect of whom we have exercised all required due skill, care and diligence in assessing whether that person will apply adequate measures to protect it.

We will give you at least ten Business Days written notice prior to any actions under this clause 19.

If you object to such an assignment, you may terminate this Agreement and close your Instant Access Savings Account with us in accordance with these Terms.

19. LIABILITY

No provision of the Agreement will be deemed to restrict, qualify or exclude any duty owed to you under the FSMA or the FCA Rules or that FSMA or the FCA Rules do not allow to be excluded or restricted. Except and to the extent of any duties that we owe you in accordance with any statutory rights that we cannot lawfully exclude or restrict any liability therefor, we do not owe you any further duties except as expressly set out in this Agreement.

We will not be liable to you for any loss, damages or costs suffered or incurred by you except and only to the extent that such loss arises directly from our negligence, wilful default, or fraud. We will not be liable to you for any losses, damages or costs suffered or incurred by you:

• which could not have been reasonably anticipated by us when you gave us an instruction;
• in relation to any loss of business, loss of goodwill, loss of opportunity or loss of profit; or
• which are indirect or consequential.

Nothing in these Terms require you to compensate us to any extent prohibited by Applicable Law.

Subject to clause 20.2, we will not be liable for any loss or damage of any kind that is attributable to:

• our failure to take any action which, in our opinion, might breach an applicable FCA Rule or any other Applicable Law, or any action taken in order to comply with Applicable Law or the requirements of any market;
• any loss of interest (including, without limitation, those which may occur due to delays during the process of verifying your identity in compliance with money laundering regulations);
• any reasonable refusal or failure to accept and / or execute any instruction received by you; or
• our reasonable reliance on any information, instructions, notices or communications that we believe to be from you and/or a person authorised by you to give the same, including any person authorised to give instructions in respect of your Instant Access Savings Account;
• under any compensation scheme applicable to your account which is the responsibility of ClearBank.

We will take reasonable care in the assessment and appointment of bankers, counterparties, agents and other third parties. Subject to the performance of that duty we will not be liable for any losses, damages or costs suffered or incurred by you that is attributable to the performance of any third party involved in the provision of the Instant Access Savings Account.

LemFi will not be responsible for any liabilities arising because of any circumstance outside of its reasonable control. Such circumstances may include, but are not limited to, changes in Applicable Law, governmental, regulatory or judicial changes, currency restrictions, acts of God, civil unrest, war, terrorism, strikes, lock-outs, industrial disputes, breakdown in market systems or infrastructure (including of trading, clearing house, market participant or counterparty), failure, breakdown or disruption of electronic communications or other communications or computer service.

20. FORCE MAJEURE

We shall not be in breach of these Terms if there is, and shall not be liable or have responsibility of any kind for any loss or damage incurred by you as a result of, any total or partial failure, interruption or delay in performance of our duties and obligations occasioned by any act of God, fire, act of government, state, governmental or supranational body or regulatory authority or war, civil commotion, terrorism, failure of any computer dealing system, interruptions of power supplies, labour disputes of whatever nature or any other reason (whether or not similar in kind to any of the above) beyond our reasonable control.

21. THIRD PARTIES

A person who is not a party to the Agreement will not have any benefits under the Contracts (Rights of Third Parties) Act 1999 and will not have any rights to enforce its terms.

22. LemFi NOTICES AND REPORTS

We will send all notices, information and other correspondence to you via (Secure Messages and / or to the email address you have provided us with when you set up your Account). You agree as an ongoing obligation to provide us with an up to date email address and to inform us as soon as reasonably practicable if this should change. LemFi is entitled to rely on the last email address you have provided, and an email sent to that email address by LemFi shall be good service under these Terms.

We cannot guarantee that general emails will be successfully delivered, or that they will be secure and virus free. We will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered, or for failing to be delivered for any reason beyond our reasonable control.

We will only communicate with you via LemFi Mobile App, email or telephone as determined by us.

23. SECURITY

Your access to the online portal and Secure Messages will be protected via the username and password you created as part of the registration process.

Your username and password are personal to you and you must not share your username or password with anyone else. We shall not be liable to you for any losses, damages or costs suffered as a result of you sharing your username or password with a third party.

You must notify us immediately if you learn or suspect that the security of your username or password may have been breached. If we receive such a notification from you or determine ourselves that the security of your username or password may have been breached, you will not be able to access your LemFi App until measures have been taken to verify your identity.

24. COMPLAINTS

If you wish to make a complaint in relation to the Instant Access Savings Account, please refer to our Complaints Policy which is available at [Complaints policy].

If your complaint relates to the Instant Access Savings Account or any payment transaction relating to the Instant Access Savings Account and after having received our final response you are still unhappy or not satisfied, then you may, if your complaint falls within the Financial Ombudsman Service’s jurisdiction, then you may be able to complain to the Financial Ombudsman Service (FOS) at: http://www.financial-ombudsman.org.uk/. You can also call or write to the FOS on 0800 023 4567 or at Exchange Tower, Harbour Exchange, London, E14 9SR.

25. COMPENSATION

Your Instant Access Savings Account is covered by the Financial Services Compensation Scheme (FSCS). This means that in the event that we have stopped trading or are declared to be in default and cannot meet our obligations, you may be able to claim compensation. The FSCS cover is currently up to £120,000 per eligible person, per firm. Further information is available from the FSCS website at www.fscs.org.uk. You may only bring an FSCS claim against ClearBank and not us.

26. PERSONAL INFORMATION, CONFIDENTIALITY AND DATA PROTECTION

We will obtain, process, store and use your personal data in accordance with and subject to Data Protection Legislation. Our Privacy Notice available at [insert link] explains how we collect, use, disclose, transfer and store your information.

You agree that, at any time and in order to comply with Applicable Law, we may send your information to credit reference and/or fraud prevention or similar agencies that help us and others make credit decisions, and which carry out identity, fraud prevention or credit control checks to help reduce the incidence of fraud or financial crime. We will be supplied with credit information (although we do not offer lines of credit) as well as information from the electoral register. The agency will record the details of the search, irrespective of whether we accept your application.

We will keep records of any information obtained to verify your identity for as long as we are prescribed to do so by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended, supplemented or replaced from time to time.

You give us or ClearBank authority to disclose any information (when required by law or otherwise) in relation to your Account to the following bodies:

• HMRC or other UK government body;
• any regulatory authority, for example the FCA; or the police; or,
• a regulated contractual third party.

APPENDIX 1: TERMS AND DEFINITIONS

Account
means your LemFi account made up of your personal data, your Instant Access Savings Account made available via LemFi Mobile App.

Affiliate
means any entity that controls, is controlled by or is under common control of .

Agreement
means the contract between LemFi and the Customer in accordance with these Terms.

Applicable Law
means, as applicable to the provision of the Services described in these Terms, all laws, rules (including the FCA Rules and any default rules of any market or central counterparty or any default arrangements of any system, including any order routing system, or any trading rules or conventions in the relevant markets), regulations, directives, customs, practices, and all applicable procedures, guidance, codes of conduct of any market or governmental or regulatory authority or any self-regulatory organisation, including without limitation, any accounting rules, fiscal regulations, anti-money laundering, terrorist financing and sanctions laws, rules, procedures, guidance and regulations, all as may be amended, supplemented or replaced from time to time.

Business Days
means a day (other than a Saturday, Sunday or public holiday) when banks in London are open for business.

Data Protection Legislation
means all applicable data protection and privacy legislation in force from time to time in the UK including the General Data Protection Regulation ((EU) 2016/679); the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as may be amended, supplemented or replaced from time to time and all other legislation and regulatory requirements in force from time to time which apply to a party relating to the use of personal data (including, without limitation, the privacy of electronic communications).

Document Library
means a secure area in your online Account where you can access certain documents and communications we may send to you.

FCA
means the Financial Conduct Authority.

FCA Rules
means the conduct rules contained within the FCA Handbook as may be amended, supplemented or replaced from time to time.

Financial Services Compensation Scheme (FSCS)
means the Financial Services Compensation Scheme is an independent body, established under the Financial Services and Markets Act 2000 as the UK’s statutory compensation fund of last resort, for customers of Financial Services Firms authorised by the FCA.

FSMA
means the Financial Services and Markets Act 2000 as may be amended, supplemented or replaced from time to time.

Nominated Account
means the LemFi GBP wallet.

Terms
means these terms and conditions as amended from time to time in accordance with clause 3.

Secure Messages
means an email on LemFi's messaging inbox, where we can communicate and exchange confidential information relating to your LemFi Account.