IFISA Terms and Conditions

1.   Introduction

2.   Management of the IFISA

3.   IFISA Eligibility

4.   UK residency

5.   IFISA Subscriptions

6.   Un-invested cash

7.   Transferring your ISA in to easyMoney

8.   Transferring your IFISA out of easyMoney to another ISA Manager 

9.   Fees and Charges

10. Withdrawals

11. Cancellation and closure of the IFISA

12. Termination of the IFISA

13. Void Subscriptions and repairs

14. Death or bankruptcy

15. Additional Permitted Subscriptions (APS)

16. HMRC statistical reporting

17. P2P loans that you already own

18. Amendments to these Terms and Conditions

19. Living Will

20. ISA regulations

21. General

22. Contacting us

1. Introduction

1.1 The IFISA terms and conditions define the governance, initiation and operation of an Innovative Finance ISA (“IFISA”) via easyMoney by a client of easyMoney and form part of the easyMoney Agreement (“IFISA Terms and Conditions”). Any terms not otherwise defined in these IFISA Terms shall have the meaning given in the Lender terms and conditions; for which these Terms and Conditions are an addendum. All parts of this agreement apply to the IFISA, except to the extent that they are inconsistent with or modified by these IFISA Terms or the IFISA Requirements.

1.2 easyMoney is authorised and regulated by the Financial Conduct Authority (“FCA”), the authority to act as an ISA Manager has been granted and our HMRC reference is Z1947.

1.3 easyMoney is not covered by the Financial Services Compensation Scheme (“FSCS”).

2. Management of the IFISA

2.1 In accordance with ISA Regulations we are required to obtain an ISA declaration from you to enable the commencement of the ISA. The ISA declaration forms part of the signed agreement you must complete when applying for an easyMoney IFISA. This remains in effect until either:

(a) The end of the tax year;

(b) The Terms and Conditions are amended.

2.2 You confirm the appointment of easyMoney as your IFISA Manager for your IFISA entitlement and authorise easyMoney to undertake the associated and necessary functions in accordance with these IFISA Terms and Conditions.

2.3 In the event that an associate is appointed and substituted as IFISA Manager we will notify you 30 days in advance. The appointed substitution will either manage the IFISA in accordance with these IFSA Terms and Conditions, or notify you of any changes to the IFISA Terms and Conditions. Any person to whom this responsibility would be delegated under the IFISA Terms and Conditions will meet the satisfaction of easyMoney to be competent to carry out those functions and responsibilities.

3. IFISA eligibility

3.1 In order to qualify as eligible to subscribe to an IFISA with easyMoney, as an easyMoney customer you must:

(a) register as customer of easyMoney and confirm acceptance of the Lender Terms and  Conditions;

(b) agree to the easyMoney IFISA Terms and Conditions;

(c) be an individual over 18 years of age;

(d) hold a valid National Insurance Number (“NINO”), or provide confirmation that you meet the HMRC approved exceptions.

(i) In the event that you do not hold a NINO, or hold a NINO that is not the recognised format, you agree to declare the emergency default NINO of XX999999X. Please note, this will be then be declared to HMRC as part of our annual reporting commitments

(ii) If you hold a Temporary NINO (beginning with TN and ending in M or F), you will notify us when you are provided with a permanent NINO;

(e) Meet the UK residency qualifications. Namely, that you are:

(i) Ordinarily resident in the UK;

(ii) If you are not resident in the UK, be performing duties as a crown employee serving overseas and paid out of the public revenue of the UK;

(iii) Married, or in a civil partnership, with a person who does qualify under 5.1(e)(i) or 5.1(e)(ii);

(f) In accordance with 5.1(e), if you no longer qualify as a UK resident, or expect to be Non- UK resident in the future we must be immediately notified in accordance with section 6 (UK residency).

3.2 You confirm to easyMoney that:

(a) You meet the criteria explained in section 5.1;

(b) All information and declarations that have been confirmed to us are true and accurate;

(c) You have understood that investments into your IFISA are subject to risk and loss and that you accept full responsibility for this.

3.3 Should any of the aforementioned circumstances change during the lifecycle of your ISA you must notify us immediately, whereupon further documentation or evidence may be required.

3.4 The Loan Contracts within your IFISA will be, and must remain in, your beneficial ownership as an IFISA Investor and must not be used as security for a loan.

3.5 Any documents evidencing your title to the Innovative Finance ISA investments will be held by us or as we may direct.

4. UK residency

4.1 As an IFISA investor you will be required to confirm qualification as a valid UK citizen. You will also be required to provide a valid correspondence and residential address; this cannot be either of the following:

(a) A personal residential address that is not a place of business

(b) Marked ‘Care Of’ (C/O) another individual or business. This must be a permanent residential address

4.2 If you no longer qualify as UK resident, or expect to become non-UK resident at a future date, or have ceased to perform duties as a Crown employee serving overseas, or have ceased to be married to, or in a civil partnership with, such a person as specified in section 5.1(e), you must notify us as soon as possible by email or in writing.

4.3 In accordance with section 14 (Invalid and Void subscriptions), should you cease to be a valid UK resident, and have already subscribed to your IFISA within the same tax year then your current subscription will cease to be valid and will be cancelled. You confirm agreement that we have authority to act in accordance with section 14.

4.4 If this is a temporary change in circumstances and you become a UK resident later in the tax year, and qualify as UK resident for the entire tax year (in accordance with HMRC regulations) you may be able to re-subscribe your allowance. UK citizenship qualification is declared for the full tax year. We can assist you in determining qualification.

4.5 In the event that you cease to be UK resident, you will still be able to hold your IFISA, and receive interest, but will no longer be able to:

(a)  Subscribe new ISA funds;

(b)  Transfer an existing ISA in from another ISA Manager;

(c)  Transfer out to another ISA Manager.

4.6 You will accept full responsibility for determining your status as a UK citizen. In the event that you cease to be UK resident, but subsequently qualify as a UK resident again within the same tax year, you may not be permitted to make an IFISA Subscription again until the next tax year. However, in accordance with HMRC regulations, should you qualify as a UK citizen for the duration of the tax year you will be able to re-utilise your IFISA allowance.

4.7 Should you inform us of non-UK residency retrospectively then the tax year when non- residency status occurred will become invalid for IFISA Subscriptions. Any Subscriptions made within that tax year will be removed, regardless of your current residency status.  You will not be able to transfer to another ISA Manager and must liaise with HMRC to determine the tax implications of your withdrawn IFSA.

5. IFISA Subscriptions

5.1 The ISA allowance for an IFISA, and combination of Stocks and Shares and Cash ISAs, is variable each tax year and may increase in subsequent tax years. Our subscription process will ensure you cannot over-subscribe to the IFISA held with us. This is on the proviso that you do not subscribe with another IFISA provider or exceed the allowance available with a Stocks and Shares or Cash ISA.

5.2 The ISA has three components; Stocks and Shares, Cash and Innovative Finance ISA. Your ISA subscription can be split between these three components in any desired proportion. This is providing:

(a)  You do not exceed the overall maximum limit for the tax year;

(b)  You adhere to the ‘one ISA of one type’ rule for the tax year;

5.3 We do not operate a continuous subscription form, which means you will be required to sign the ISA declaration, and agree to the IFISA Terms and Conditions each financial year.

5.4 The minimum initial subscription amount for with easyMoney is £1,000. The minimum additional subscription amount is £100. Please be aware that some ISA Managers will stipulate a minimum subscription amount, which should be allowed for if dividing among the aforementioned components.

5.5 We can only accept subscriptions via electronic transfer or via cheque. If you subscribe via cheque you will not be able to invest your subscription until the cheque has cleared; which can take up to 7 working days. We are unable to transfer existing loans held elsewhere on the platform or from another P2P provider.

5.6 Once the funds are credited to your ISA this will be regarded as a utilisation of your ISA subscription allowance. While the cash is subscribed to the IFISA, and is not invested in a Loan Contract, this will not generate any payments of interest.

5.7 If you subscribe on the last working day of the tax year, 5th April or the next working day if this falls on a weekend or public holiday, if the funds are cleared in our receiving bank account then this will count towards your IFISA Subscription for that tax year. Please do not attempt to pre-pay funds for the next tax year, or combine both tax years in one payment.

5.8 It is your personal responsibility to ensure that you do not exceed your ISA Subscription limit for the tax year, either with us or as part of a combination with other ISA Managers. As we do not have access to your external subscription activity we cannot monitor your overall subscription for the tax year. If you do over-subscribe between the components this will be discovered as part of HMRCs annual subscription checks.

5.9 In the event that you attempt to remit more than the total allowance for the tax year to us we will either:

(a) Return your entire payment to your originating bank account, and contact you to notify you of your options;  

(b) Return the excess, and contact you to notify you why we have done this;

(c) In the event you have a general account we may credit the excess to that and contact you to notify you of your options.

6. Un-invested cash

6.1 Your e-Money Innovative Finance ISA must be fully invested into qualifying P2P loans at all times. Cash may only be held temporary for the purpose of purchasing those qualifying P2P loans.

6.2 All un-invested cash shall be treated as “client money” for the purposes of the rules of the Financial Conduct Authority (FCA) and pursuant to condition 3 of the easyMoney Lender Terms and Conditions.

7. Transferring an existing ISA to easyMoney

7.1 As well as your permitted ISA subscription allowance, you also have the option to transfer in existing ISA money held with another ISA Manager to your Innovative Finance ISA held with us. ISA transfers can only be enacted in cash, this will mean if you are transferring in investments from your Stocks and Shares or Innovative Finance ISAs the investments must first be sold.

7.2 The transfer of ISAs to us must be administered by us. Upon receipt of your request to transfer, we will contact the existing ISA Manager on your behalf. It is very important that you do not remove any funds yourself as this could result in the loss of the ISA.

7.3 You have the option of transferring a combination of previous or current ISA Subscriptions made with another ISA Manager to us. This includes the following options:

(a)  Transfer of the entire ISA; or

(b)  Transfer of previous year Subscriptions only; or

(c)  Partial transfer of the previous year Subscriptions by amount, minimum £1,000; or

(d)  Transfer of Current year subscriptions only; or

(e)  A combination of (b) and (c) and (d).

7.4 If you wish to transfer current year subscriptions, you cannot transfer part of the year as this would violate the ‘one ISA of one type’ rule.

7.5 Residual income may arise as the result of a Stocks and Shares ISA transfer. These will be periodic payments arising from additional dividends, tax credits, corporate actions or interest on cash on deposit. You have the option to either transfer the proceeds directly to your IFISA, or you can choose to have the payments paid directly to your nominated bank account, or via cheque, directly from your ceding ISA Manager. Some ISA Managers may only have the option to remit the proceeds directly to you.

7.6 If you choose to transfer current year subscriptions to us then we will assume ownership of the IFISA for the tax year and report statistical information to HMRC.

7.7 Should the preceding ISA Manager operate a flexible ISA, and withdrawals have been made and not replaced within the current tax year, the flexible option will be lost and you will enter a new  IFISA agreement with us based on a combination of the value of the funds received and ISA Subscriptions you have made with us.

7.8 Should the preceding ISA Manager not operate a flexible ISA, you will no longer  have this facility, as we do not operate a flexible ISA at this current time.

7.9 Should the transfer comprise a Cash and/or Stocks and Shares ISA this will now be held in the IFISA component. This will then mean that, assuming you have not subscribed the maximum of your ISA allowance, you will be able to subscribed the remainder of your allowance to us or a Cash or Stocks and Shares ISA Manager.

7.10 If you are transferring in an IFISA that has current year subscriptions, these will now be held with us. If there is an unused remaining balance you will be able to complete the subscription with us once we are in receipt of the transfer proceeds. 

7.11 If, through the process of the transfer, we discover from the ceding ISA Manager that you have transferred with them and with us we will contact you accordingly to talk you through the process of repair.

7.12 Both the ceding and receiving ISA Managers are subject to HMRC regulations regarding an ‘acceptable time period’ to complete transfers. Due to circumstances beyond our control, a transfer may take longer as a result of the ceding ISA Manager’s process and events. In this event, we will monitor the process and escalate the issue to ensure a satisfactory resolution. We may update you if this becomes unreasonable or threatens the integrity of your IFISA. We will not be held responsible for any delay to the transfer where this is due to a matter that we cannot reasonably control.

7.13 Ceding ISA Managers are bound by HMRC Regulations to send us a transfer history form detailing the ISA specifics within 30 days of the transfer. In the event that this is not received we will escalate the issue to ensure a satisfactory resolution. We may update you if this becomes unreasonable or threatens the integrity of your IFISA.

8. Transferring your IFISA from easyMoney to another ISA Manager

8.1 You may choose to transfer all or part of your existing IFISA with easyMoney to another ISA Manager.

8.2 An administration charge of £50, per transfer request, will be debited from the cash proceeds of the transfer.

8.3 The transfer of your IFISA must be administered by your existing ISA Manager. You will be required to complete your new ISA Manager’s paperwork and any additional requirements they may have. They will then liaise with us directly. It is very important that you do not remove any funds yourself as this could result in the loss of the ISA; dependent on the agreement between us and your new ISA Manager.

8.4 Upon receipt of your new ISA Manager’s acceptance, and your transfer request, we will contact you by e-mail and you will be required to confirm your instruction to transfer via the website.

8.5 If you wish to transfer your ISA to another ISA Manager, the transfer must be made in cash. You cannot transfer your P2P loans. You cannot call for repayment by the borrower under your P2P loans within an Innovative Finance ISA to fund a transfer out; however, where a purchaser can be found, P2P loans within an Innovative Finance ISA can be sold pursuant to the easyMoney Lender Terms and Conditions.  This section 8.5 does not apply to transfers made pursuant to section 19.

8.6 Should your ISA not hold the funds in cash you will be required to sell the relevant Loan Contracts. In accordance with our Lender Terms and Conditions, this may result in a delay in the transfer and could result in a loss.

8.7 If your transfer consists of current year IFISA Subscriptions held with us then the Subscriptions will now be held by your new ISA Manager and they will report statistical information to HMRC.

8.8 Should your new ISA Manager be a Stocks and Shares or Cash ISA Manager your IFISA with us will now be held in their component. This will then mean that, assuming you have not subscribed the maximum of your ISA allowance, you will be able to subscribe the remainder of your allowance to a new IFISA Manager.

8.9 If you are transferring current year subscriptions held with us to your new ISA Manager, these will now be held with them. If there is an unused remaining balance you will be able to subscribe with them once they have received the proceeds and subject to their own Terms and Conditions.

8.10 If, through the process of the transfer, your new ISA Manager discovers that you have subscribed with us, and with them, you will be subject to their own terms and conditions on whether the subscription can be repaired or must be voided.

8.11 Both the ceding and receiving ISA Managers are subject to HMRC regulations regarding an ‘acceptable time period’ to complete transfers. In the case of an IFISA transfer we are bound to complete the transfer within 15 days of the sale of your loan contracts being converted to cash. If, due to circumstances beyond our control, we are unable to fulfill this permitted time period we will contact you and your new ISA Manager and will endeavor to resolve the situation as quickly as possible, and ensure the transfer is enacted as a priority.

8.12 We are bound by HMRC Regulations to send a transfer history form detailing the ISA specifics to your new ISA Manager within 30 days of the transfer. If, due to circumstances beyond our control, this is not sent or received we will treat the matter as a priority, and ensure this is resolved as quickly as possible.

8.13 Where a transfer in has been requested from a Stocks and Shares ISA Manager, and the ISA holds units or shares in a UK UCITS, a non-UCITS retail scheme, or a recognised UCITS, dealings in which have been suspended in accordance with COLL 7.2 (or any direct foreign equivalent), the minimum period specified by the manager may be extended to 7 days after the suspension ends.

9. Fees and Charges

9.1 Our fees for administering your Innovative Finance ISA are paid by E-money Capital Ltd (trading as ‘easyMoney’). You will not be charged fees for the general maintenance of your IFISA.

9.2 We do charge fees in connection with certain transactions out of your IFISA and dealings with third-parties in the event of your death and bankruptcy; in accordance with our Fee Tariff in the appendix of these Terms and Conditions.

9.3 We may introduce fees in respect of new services and increase our fees in respect of making new investments, provided that we give you at least 30 days’ written notice of the introduction or increase in such fees.

9.4 All fees are exempt from VAT.

9.5 If we do charge fees to you directly, our fees will be taken from your Innovative Finance ISA account by default.

10. Withdrawals

10.1 You can withdraw some or all of the available cash on your IFISA at any time. However, if your funds are part of an ongoing loan contract, these will need to be sold prior to withdrawal; subject to our Lender Terms and Conditions.

10.2 We will pay any cash sums (subject to the deduction of fees, if any) out of your Innovative Finance ISA to you within such reasonable period as you may stipulate; provided that the withdrawal process may take up to 30 days from the later of the date you sell your rights under the relevant P2P loan, and the date you notify us of the withdrawal request. If you stipulate a period of less than 30 days, we will try to facilitate this, but cannot guarantee that we will be able to accommodate this request.

10.3 Money which is withdrawn from your easyMoney ISA cannot be replaced and will be counted as part of your ISA subscription limit for that year. You will not be able to replace P2P loans is you cease to hold them in the Innovative Finance ISA account.

10.4 We can remit the proceeds to you via electronic payment to your nominated bank account, or  via cheque to a nominated address. 

11. Cancellation and closure of the IFISA

11.1 You may cancel this agreement and close your IFISA, without giving any reason, within 14 days commencing from the onset of your IFISA account (the ‘cooling off period’), except where:

(a) The cash has already been allocated to an Offer, as per our Lender Terms and Conditions;

(b) We have already received the cash from an ISA transfer in from another ISA Manager.

You can request a cancellation by e-mailing us on contactus@easymoney.com or writing to our correspondence address. Please note that this will cancel your Innovative Finance ISA account, but your right to cancel any P2P loans held within it will be governed by the easyMoney Lender Terms and Conditions. You will not be permitted to cancel your e-Money Innovative Finance ISA at any time when you hold P2P loans that have not been converted into cash.

11.2 When your account is cancelled, pursuant to condition 12.1, any cash will be paid out to you in accordance with the easyMoney Lender Terms and Conditions.

11.3 Should you choose to cancel your IFISA within the cooling off period then the IFISA will be treated as if it had not been opened and will not be included as part of our IFISA statistical reporting to HMRC. You will then be able to replace your ISA allowance into an ISA held with another ISA Manager, or subscribe with us later in the tax year; subject to a new agreement.

11.4 If you have subscribed to your Innovative Finance ISA during a tax year, and then close the account outside of the cancellation period, and do not arrange with another ISA provider to transfer the money in your account to them, you will not be able to subscribe to another Innovative Finance ISA with another ISA provider in the same tax year.

11.5 If you have subscribed to your Innovative Finance ISA during a tax year and then close the account, you will not be able to re-open the account with us during the same tax year.

11.6 If we close your Innovative Finance ISA, any cash credited to your account will be paid to you in accordance with the easyMoney Lender Terms and Conditions.

12. Termination of the IFISA

12.1 After the cooling off period you may still choose to terminate your IFISA. Providing you have not subscribed to the IFISA, the IFISA will be closed and not be reported to HMRC.

12.2 Your IFISA may be terminated in accordance with the IFISA Terms and Conditions at any time if:

(a) Any part of the IFISA Terms and Conditions are deliberately broken;

(b) You are notified by us that you have broken the Lender Terms and Conditions and have failed to remedy the situation within any time period stated;

(c) We either discover, or have good reason to believe or suspect, that you are involved in or are the subject of any criminal activity;

(d) You are subject to a court order or administration, or declared insolvent or bankrupt.

13. Void Subscriptions and repairs

13.1 Should the overall subscription amount for the tax year be exceeded, or there is an invalid combination of subscribed components, and is discovered by us, we will attempt to repair the subscription where it is possible; in accordance with HMRC ISA regulations.

13.2 Should the subscription breach not be repairable the subscription will be subject to the partial of full void HMRC process. In some cases this may affect the entire ISA.

13.3 For any subscription that has been subjected to a void declaration, tax free entitlement may be partially or fully removed and could be subject to income tax of 20%

13.4 An administration charge of £50 will be debited from the cash proceeds of any ISA void transaction we are instructed for. This excludes repairs of subscriptions.

13.5 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your IFISA subscription has, or will, become fully or partially void. We will liaise with you to decide the best course of action for you.

13.6 The invalid IFISA subscription will be sold, if applicable, and the cash proceeds will either be paid directly to you or moved to your non-IFISA account.

13.7 You agree that we are authorised to take the relevant action to either repair a subscription or void an invalid Subscription. We cannot transfer the proceeds directly into your current year subscription, the proceeds must leave the ISA environment. If you do wish to utilise your current year allowance the funds may be sent back to us once you have received the void proceeds.

13.8 Should HMRC decide that a repayment of tax is due to them on the proceeds of the void, you will be held responsible and accountable for this payment. We will provide you with a Consolidated Tax Voucher equivalent, this will provide you with all the details you need to confirm to HMRC and the remittance of any refunds due to them will be agreed between you and HMRC.

13.9 If you discover that you have over-subscribed for the current or previous tax year, or that you have broken the IFISA regulations regarding subscriptions, you must notify us as soon as possible. In some cases we can contact HMRC on your behalf and investigate further.

13.10 You must not attempt to repair or void a subscription breach yourself as you may not be in possession of the full facts, and could be unnecessarily voiding your subscription and may not be repairing the issue. There may also be further considerations and consequences to take into account. In all circumstances please contact us and we will advise you of the correct process.

13.11 If we are notified by HMRC to partially or fully repair, or partially or fully void your ISA, we will assume responsibility for this process and notify you of the action taken. HMRC will have already contacted you prior to a void or repair before they notify us. Should you receive a letter of discover from HMRC please contact us as soon as possible and we can assist you.

13.12 If we are notified by HMRC, further to an authorised audit or from their own discovery, of a violation of the ISA regulations, this may result in the termination or partial withdrawal of funds from your IFISA. This could include, but not be restricted to, the following:

(a)  A residency status declaration of non-conformity;

(b)  Incorrect or deliberately misleading personal details

(c)  Failure to disclose a change of circumstances that causes a breach of ISA regulations;

(d)  Fraudulent or criminal activity

(e)  Other activity considered to be a violation of HMRC regulations.

14. Death or bankruptcy

14.1 Should you pass away during the course of your IFISA agreement, the IFISA will be subject to taxation from the date of death. Any interest or gains in respect of investments that arise after the date of death will not be exempt from tax.

14.2 Your Innovative Finance ISA will be valued for probate as at the date of death.

14.3 Upon discovery we will freeze the IFISA and, when we are in receipt of a certified copy of the death certificate, we will sell the loan contracts in the IFISA and transfer the cash proceeds to your regular account with easyMoney.

14.4 The cash will remain in the regular easyMoney account until we are in receipt of the following required documentation.:

(a)  A sealed copy of the Grant of Probate;

(b)  The Executor(s) written instructions;

(c)   A copy of the Last Will and Testament is required for estates with only one executor.

14.5 All named executors on the Grant of Probate must confirm their acceptance of the appointed representative’s instructions.

14.6 In the event of your bankruptcy, ISA tax exemption will no longer apply from the date on which a trustee is appointed to manage your estate.

14.7 In the event of your bankruptcy, we will seek to sell your P2P loans, close your Innovative Finance ISA and pay the money on the instructions of the trustee in bankruptcy.

14.8 For further information on the charges involved with death, or bankruptcy, please refer to the fees and charges tariff in the appendix of these Terms and Conditions.

15. Additional Permitted Subscriptions (APS)

15.1 Should a spouse, or partner in a civil relationship, pass away and hold an ISA with us or another ISA Manager then the allowance can be utilised and added to your ISA allowance.

15.2 If the ISA is held with us, we will sell the IFISA loan contracts, in accordance with the conditions set out in section 15 (death of an investor) and your instructions, and remit the entire proceeds to your existing IFISA. This will then form part of your ISA.

15.3 If the ISA is held with another ISA Manager, upon receipt of the documentation specified in section 15 (death of an investor) and your instructions, we will transfer the cash valuation balance of the ISA. The balance will be taken from a valuation as at date of death and the proceeds will then be transferred to us as per the process defined in section 8 (transferring an existing ISA to easyMoney). If the proceeds differ from the valuation provided, you will be able to deposit the deficit into your ISA from your own funds.

15.4 For further information on the charges involved with the administration of the APS process, please refer to the appendix for our fees and charges tariff.

16.HMRC statistical reporting

16.1 In accordance with HMRC Regulations, we are required to report details of all IFISA Subscriptions and the personal details of our IFISA Investors to HMRC on an annual basis.

16.2 The data is submitted in a secure format via the HMRC portal

16.3 You acknowledge and agree that your details will be submitted and that we will not require any further authorisation from you to release this information.

16.4 HMRC may contact you directly as a result of our submission for further clarification regarding missing, incomplete or incorrect details. You acknowledge that you will provide this information and assist them if required.

17. P2P loans that you already own

17.1 easyMoney offers the ability to hold P2P loans outside of an ISA, however, you will not be able to transfer existing easyMoney P2P loans held outside your ISA into your Innovative Finance ISA. You could, however, request a sale of those P2P loans for cash to invest in your e-Money Innovative Finance ISA.

17.2 P2P loans purchased from another P2P lender, in accordance with the easyMoney Lender Terms and Conditions, cannot be included within an e-Money Innovative Finance ISA unless the seller held the P2P loans in an e-Money Innovative Finance ISA.

17.3 P2P loans held within an e-Money Innovative Finance ISA may, subject to the easyMoney Lender Terms and Conditions, be sold to an available purchaser and the proceeds of sale retained within the ISA pending re-investment.

18. Amendments to these Terms and Conditions

18.1 We may, at any time, change the Innovative Finance ISA Terms and Conditions by giving you written notice via e-mail. Such amendments will take effect on the date specified in the written notice. For the avoidance of doubt, these changes may impact our fees and charges, or the level of service provided. Any amendment that adversely affects you will not apply to sums already invested, but will apply to re-investment of the proceeds after the end of any term applying to the initial investment.

18.2 We may amend these Innovative Finance ISA Terms and Conditions if we believe it necessary in order to respond proportionally to changes in law and regulations.

18.3 We may also amend the Innovative Finance ISA Terms and Conditions to reflect changes to our systems, administrative processes and procedures, market practice or client requirements and to reflect other legitimate cost increases (or reductions) associated with providing your e-Money Innovative Finance ISA.

18.4 You will be given at least 30 days’ notice in respect of any changes to these Innovative Finance ISA Terms and Conditions that adversely affect you unless the specific circumstances require a shorter or longer period. Any amendments will comply with any applicable laws and regulations.

19. Living Will

19.1 We have made arrangements for the event of our insolvency to appoint Street UK C.I.C. (“Street”) to act as your ISA manager.  You consent to your ISA being transferred to Street on terms substantively identical to these Innovative Finance ISA Terms and Conditions, save as to the identity of relevant service provider(s).

19.2 These Terms and Conditions constitute written notice of the fact that we will transfer your ISA to Street in the stated conditions.   We will attempt to give you 30 days’ written notice before effecting the transfer, but may provide less notice where this is desirable to ensure the protection of your assets in the event of our insolvency.

19.3 Street will not acquire new P2P loans for you in the event it becomes your ISA manager pursuant to section 19.1 above.  The purpose of Street’s appointment is to preserve the tax treatment of your ISA, but you should provide it with instructions to transfer your ISA to a new ISA manager in order to make new investments.

19.4 P2P loans may be transferred to Street without being sold and converted into cash and the provisions of section 8.5 shall not apply to transfers made pursuant to this section 19.

20. ISA Regulations

20.1 The management of your Innovative Finance ISA Account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these terms will apply as soon as they come into effect.

20.2 We will inform you if your Innovative Finance ISA Account has, or will, lose its tax exemption through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and request your instruction to either sell the investment and reinvest the proceeds in the account or transfer it out of the account.

20.3 These Innovative Finance ISA Terms and Conditions are based on our understanding of current law and HMRC’s practice as at February 2018. These may change in the future and the favourable tax treatment of ISAs may not be maintained.

21. General

21.1 These Terms and Conditions are governed by, and to be construed in accordance with, English law. In the event of any matter or dispute arising out of, or in connection with, these Terms and Condition, you and we shall submit to the non-exclusive jurisdiction of the English courts.

21.2 If any of these Terms and Conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall, so far as possible, continue in full force and effect. No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these Terms and Conditions or otherwise.

21.3 We may exercise any of our rights or discharge our obligations under these Terms and Conditions in our capacity or through any company or other legal entity which has all relevant legal authorisations, licences or permissions to discharge those functions.

22. Contacting us

If you have any questions about these Terms and Conditions, or wish to contact us for any other reason, you can contact us on the following details

E-mail:                  contactus@easymoney.com

Telephone:    0203 858 0785

Appendix

Charges Table

In most instances, fees and charges are levied directly from the borrowers.

However, the following charges apply for administrative duties:

FEES

AMOUNT

OPENING CHARGE

£0.00

CLOSURE CHARGE

£0.00

INVESTMENT CHARGE

£0.00

IFISA TRANSFER IN CHARGE

£0.00

ANNUAL CHARGE

£0.00

REPAIRING AN ISA

£0.00

STATEMENTS

£0.00

WITHDRAWAL OF INTEREST

£0.00

DECEASED (INTERNAL)

£0.00

DECEASED (ADDITIONAL PERMITTED SUBSCRIPTION-INTERNAL)

£0.00

DECEASED (ADDITIONAL PERMITTED SUBSCRIPTIONS-EXTERNAL)

£50.00

DECEASED (EXTERNAL)

£50.00

IFISA TRANSFER OUT CHARGE

£50.00

WITHDRAWAL CHARGE

£50.00

VOIDING AN ISA

£50.00

BANKRUPTCY (NO LOANS)

£50.00

BANKRUPTCY (ON LOAN)

£200.00