LOANPAD ISA TERMS AND CONDITIONS
1.1 These Terms and Conditions (as amended from time to time) (“Loanpad ISA Terms”) are entered into between Loanpad Limited (company number: 09479658, address: 5 Technology Park, Colindeep Lane, Colindale, London, NW9 6BX) (“Loanpad”, “we”, “us”, and references “our” should be read accordingly) and you (and references to “your” should be read accordingly) as an investor in the Innovative Finance Individual Savings Account (“ISA”) product offered by Loanpad (“Loanpad ISA”).
1.2 These Loanpad ISA Terms set out how to apply for, access, use and manage the Loanpad ISA, and our relationship (as ISA manager) with you (as a Loanpad ISA investor).
1.3 In addition to these Loanpad ISA Terms, you are also bound by Loanpad’s Investor Terms and Conditions (as amended time to time) (“Loanpad Investor T&Cs”). As described in Clause 10.4 of the Loanpad Investor T&Cs, your Loanpad ISA will consist of a second ‘Holding Account’, Classic Account and Premium Account for the purposes of the Loanpad Investor T&Cs and will be governed by and subject to those Loanpad Investor Terms and Conditions accordingly. Together, these Loanpad ISA Terms and your Loanpad Investor T&Cs govern your Loanpad ISA and our relationship with you. In these Loanpad ISA Terms, your pre-existing Holding Account is defined as your “Standard Account”.
1.4 Capitalised terms defined in the Loanpad Investor T&Cs shall bear the same meaning in this Loanpad ISA Terms.
1.5 Your Innovative Finance Individual Savings Account (“ISA”) will be managed by Loanpad Limited and under these Loanpad ISA Terms, you appoint us to be your ISA manager in relation to your Loanpad ISA and you authorise us to undertake any of the functions of an ISA manager under the Individual Savings Account Regulations 1998, as amended from time to time (“ISA Regulations”) and any other legislation, regulation or guidance which may affect or be connected with your Loanpad ISA.
1.6 Any reference to a “Year” in this document should be read as reference to a tax year, running from 6 April one year to 5 April the next.
1.7 Loanpad is registered with HM Revenue and Customs (“HMRC”) as a manager of ISA and has been approved under the ISA Regulations as an ISA manager. We will report to HMRC in relation to your Loanpad ISA. As your ISA manager, we will hold all relevant documents and information evidencing your title to the ISA funds and loans in your account.
1.8 Loanpad is authorised and regulated by the Financial Conduct Authority (firm reference number 741576).
1.9 Your ISA will be registered in your name alone and cannot be held jointly with any other person.
1.10 Your ISA will be and must remain in your beneficial ownership and it must not under any circumstances be used as security for a loan.
1.11 In order to open a Loanpad ISA, you must be a member of the Loanpad Platform and open a Standard Account. The Standard Account will be governed by the Investor T&Cs.
1.12 To be eligible to apply for a Loanpad ISA:
- you must be 18 years of age or older, and
- you must be a resident in the United Kingdom for tax purposes or, if not so resident, have general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), or you must be married to, or in a civil partnership with, a person who has such earnings; and
- you must not have subscribed and will not subscribe to another innovative finance ISA in the same Year you are applying for this Loanpad ISA; and
- you must not have exceeded the overall ISA subscription limit in the current Year as prescribed under ISA Regulations (“Annual ISA Allowance”).
Together these are the “Eligibility Conditions”
1.13 You must without any delay inform us if you cease to meet any of the Eligibility Conditions.
1.14 Any documents (loan agreements and other as applicable) evidencing your title to Loanpad ISA investments will be held by us or as we may direct in accordance with the ISA Regulations.
1.15 The Loanpad ISA is not covered by the Financial Services and Compensation Scheme (FSCS).
1.16 Any tax treatment mentioned in these Loanpad ISA Terms depends on your individual circumstances and may be subject to change in future. Nothing in these Loanpad ISA Terms is a presentation to you of the benefits of an ISA and you should seek advice from a financial or tax advisor in relation to any questions you have about taxation. You remain liable and responsible for payment of any tax due, including any on or in relation to the Loanpad ISA.
2. Applying for an ISA
2.1 Your application for an ISA must be made electronically on our lending platform. All applications are subject to acceptance by Loanpad in its complete discretion. We may require you to provide additional information to that provided in the ISA online application form for the purposes of opening the ISA.
2.2 Before we can open a Loanpad ISA, we are required to obtain an investor declaration from you (“Investor Declaration”). You will be required to sign the Investor Declaration before you can open your Loanpad ISA or make any subscriptions. We are required to decline an application if we have reason to believe that you are not or might not be a qualifying individual or have given untrue information in your application. Any application covers the current Year and successive Years in which you make subscriptions and we will treat your Investor Declaration as made in each and every Year in which your Loanpad ISA remains open, unless there is a break of at least one full Year in which no subscription is made to your Loanpad ISA. If you fail to make any subscription in any Year, we will require you to complete a further application and sign a new Investor Declaration before you can resume subscriptions in following Years.
2.3 We will carry out identity and fraud checks on you using credit reference agencies such as CallCredit, Equifax or Experian. Loanpad uses its own internal guidelines and policies when assessing applications. In making an application for a Loanpad ISA, you give your consent to such checks. If we cannot get adequate information from the credit reference agency, then we will ask you to send us copies of the relevant passports or other identification documents plus a utility bill and anything else that we may require.
2.4 Where accepted, the ISA will be registered in your name and in the name of us as the manager of your ISA. It will have a unique account number and the address of the ISA will be the address set out in your online application form.
3. Qualifying investments
3.1 The only investments that we, as your ISA manager, may purchase, make or hold in your Loanpad ISA for you are Peer-to-peer loans and Cash.
3.2 Your Loanpad ISA will consist of your current Year subscriptions (and any corresponding ISA income) and your previous Years ISA subscriptions.
3.3 You agree to comply with the Annual ISA Allowance.
3.4 You should not rely on the ‘Annual ISA Allowance’ figure displayed in your Loanpad ISA dashboard as it does not take into account funds you may have subscribed with other ISA managers in the current Year. It should be used as a guide only.
3.5 If you attempt to add new funds from your Standard Account to your Loanpad ISA which, when applied to your account, would exceed your remaining Annual ISA Allowance, your transfer will not proceed and you will be asked to amend the amount you wish to transfer and try again. If, despite this, you still think you have exceeded the Annual ISA Allowance you must contact us immediately. You should also contact HMRC and flag that you have exceeded the limit. You may be required to pay tax on the amount exceeded at the tax rate that applies to you. You could also be liable for a penalty or other fines by HMRC in relation to the breach.
3.6 You cannot, and agree not to, subscribe or invest in more than one ISA of the same type in each Year at any one time.
3.7 We do not pay standard interest on Client money that is in cash and not lent.
3.8 It is your responsibility to account for any tax imposed on you as a result of making loans through your Loanpad ISA. We shall not deduct any tax from any interest you receive and/or any proceeds of sale of your rights under any loan agreement which is made using your Loanpad ISA.
4. Operation of Account
4.1 All operations of your Loanpad ISA will be governed by the Loanpad Investor T&Cs, with the exception of transferring funds into and out of your Loanpad ISA, as described in Clauses 5 and 6 below.
4.2 You can only transfer funds into your Loanpad ISA in accordance with Clause 5 below or through the ISA transfer mechanism in accordance with Clause 8 below.
4.3 You can only transfer funds out of your Loanpad ISA in accordance with Clause 6 below or through the ISA transfer mechanism in accordance with Clause 9 below.
4.4 You must not allow any other person to access or use your Loanpad ISA.
4.5 When making loans using your Loanpad ISA, you are making an investment and your capital is at risk. You are fully responsible for any losses which may be incurred from this investment. It may, or will, not be possible to sell or trade P2P agreements at market value on a secondary market.
5. Adding Funds to your ISA
5.1 In order to add funds to your Loanpad ISA, you must transfer Cash from your Standard Account into your Loanpad ISA (subject to subscription limits). Your rights under existing loans cannot be transferred in, and only new loans can be held in your Loanpad ISA.
5.2 A transfer under clause 5.1 will be deemed to be a new subscription for that Year unless you are replacing funds already transferred out in the same Year in accordance with Clause 6.
6. Withdrawing funds from your ISA
6.1 You may transfer funds out of your Loanpad ISA at any time by transferring those funds from your ISA Cash Account to your Standard Cash Account.
6.2 The transfer must consist of the cash initially subscribed or invested in the Loanpad ISA, or the income or interest received in respect to your P2P loans.
6.3 You have no transfer rights in relation to the non-cash ISA investments that you have made. Funds that are part of a lending offer which has been allocated to a borrower or is on loan, must be encashed before they can be transferred out.
6.4 By making a transfer under this Clause 6, you may lose the tax benefits applicable to those funds under the ISA Regulations if they are not replaced in the same Year. This includes where you make such a transfer in error.
7. Flexible ISA
7.1 The Loanpad ISA is a flexible ISA. You can replace, in whole or in part, cash you have withdrawn in any Year, by a replacement subscription of a cash amount made in that Year without the replacement counting towards your subscription limit for that year. Withdrawals made before an ISA Transfer Out pursuant to Clause 9 of these Loanpad ISA Terms cannot be replaced in your Loanpad ISA after the transfer. Pursuant to the ISA Regulations in relation to flexible ISAs:
- withdrawals are deemed to be firstly of subscriptions for the current Year and secondly of subscriptions for preceding Years: and
- replacements are deemed to be firstly of any withdrawal of a cash amount for previous Years and secondly of any withdrawal of a cash amount for the current Year.
8. ISA Transfers In
8.1 We may accept a transfer of an existing ISA in our sole discretion.
8.2 We will only accept inward transfers in cash, of which the balance must be at least £500.
8.3 In accordance with the ISA Regulations, we will not accept a transfer in of an ISA of a different ISA category (cash ISA or stocks and shares ISA) to us if you have already made ISA subscriptions in the current Year to another innovative finance ISA provider.
8.4 We may, in our sole discretion, accept a transfer of current Year ISA subscriptions in another innovative finance ISA.
8.5 In order to begin the transfer process, you will need to sign a “Transfer Authority Form” and send it to us.
8.6 The transfer process will begin on the date on the Transfer Authority Form or the date you stipulate for us to begin the transfer process, whichever is later. Once you have requested the transfer using the Transfer Authority Form, we will endeavour to complete the transfer using the ISA manager to ISA manager transfer process set out in the ISA Regulations. We will then send your request for the transfer of money in your existing ISA to your existing ISA provider together with confirmation that we will accept the ISA transfer. We aim to complete the transfer within 30 calendar days of receiving your Transfer Authority form but cannot guarantee this as it will depend largely on your existing ISA provider. You should not make this transfer yourself and doing so could result in the loss of ISA tax benefits on those funds.
8.7 We do not charge you for arranging a transfer of an ISA to Loanpad, but the existing ISA manager may charge you for the transfer.
8.8 If you transfer more than one ISA from previous Years to us, we will place all previous Years’ cash holdings in a client deposit bank account with a deposit taking institution. This means that you will not be able to distinguish between your previous Years holdings when viewing your holdings.
8.9 If you transfer to us your current Year ISA subscriptions made to an ISA manager in a different ISA category (cash or stocks and shares ISA), you will be deemed to have made the original subscriptions with us. You may then open another cash or stocks and shares ISA in the same Year, subject to the subscription limit in the ISA Regulations. You may not, however, make any current Year ISA subscriptions to another innovative finance ISA provider following the transfer.
8.10 It is your responsibility at all times to ensure you do not exceed the Annual ISA Allowance and the requirement to only have one ISA of each type per Year as specified under the ISA Regulations. You acknowledge and agree that we shall not be liable to you for any loss or damage you suffer as a result of a failed transfer as a result of this clause.
8.11 If, as a result of transferring one or more of your current Year subscriptions to us and you exceed the Annual ISA Allowance as prescribed under the ISA Regulations, we may take any action we deem necessary to repair or make void any current Year ISA subscriptions (or any part of) exceeding the Annual ISA Allowance (in accordance with Clause 10 of these Loanpad ISA Terms); transfer all funds above the Annual ISA Allowance into your Standard Account; or return the relevant funds to the ISA manager sending the funds to us.
9. ISA Transfers Out
9.1 We do not charge a fee to transfer your Loanpad ISA to another ISA manager.
9.2 You can only transfer your current Year’s or previous Years’ ISA subscriptions with us to another ISA manager if they are in cash. Where we receive a valid transfer authority form, but some or all of the funds you wish to transfer are not in cash, we will inform you that the transfer cannot proceed until the appropriate amount of funds are held in cash.
9.3. You may transfer:
(a) all, but not part only, of the cash in your Loanpad ISA subscribed in the current Year; and
(b) all or part of any cash in your Loanpad ISA subscribed in previous Years to another ISA provider in accordance with the ISA Regulations and these Loanpad ISA Terms.
9.4 You may only transfer your subscriptions to another stocks and shares account, cash account, innovative finance account or lifetime ISA belonging to you.
9.5 You will need to contact the other ISA provider in order to arrange a transfer and you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement that transfer. Upon receipt of a valid transfer authority form, we will notify you of its receipt and we will endeavour to comply with the ISA manager to ISA manager transfer process set out in the ISA Regulations. That reasonable period shall not, subject to clause 9.2, exceed 30 calendar days and shall be consistent with the requirements of the ISA Regulations. You should not make this transfer yourself and doing so could result in the loss of ISA tax benefits on those funds.
9.6 It is your responsibility at all times to ensure you do not exceed the Annual ISA Allowance and the requirement to only have one ISA of each type per Year as specified under the ISA Regulations. You acknowledge and agree that we shall not be liable to you for any loss or damage you suffer as a result of a failed transfer as a result of this clause.
10. Repairing and Voiding your ISA
10.1. We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your Loanpad ISA has, or will, become void.
10.2 If, for any reason, your Loanpad ISA is invalid or a particular subscription you have made is invalid, we will firstly, and if permitted under the ISA Regulations, attempt to repair your Loanpad ISA or invalid subscription.
10.3 If your entire Loanpad ISA or any invalid subscription (or any part of a subscription), whichever is the case, cannot be repaired (or we are not permitted to carry out a repair under the ISA Regulations) by taking any corrective action, your entire Loanpad ISA or a particular subscription (or any part of a subscription) will become void. This means you will lose any tax relief available and may be required to make a payment of taxation. You will be contacted by HMRC in either case.
10.4 You agree that we may take any action we deem necessary (i) to repair an invalid Loanpad ISA or an invalid subscription; or (ii) upon a Loanpad ISA or such a subscription becoming void, whether we are required to do so on the order of HMRC, under ISA Regulations or otherwise. This action includes (but is not limited to):
(a) transferring all ISA funds (including funds that were on loan and we have encashed on your behalf) in your Loanpad ISA to your Standard Account and thereafter closing your Loanpad ISA;
(b) transferring any invalid subscriptions (or any part of a subscription which is invalid) together with any income earned on that subscription or part thereof, from your Loanpad ISA to your Standard Account; and
(c) transferring any sums in (a) or (b) back to your nominated bank account.
10.5 You agree that you will remain liable for and responsible for payment of any tax due on or in relation to an invalid ISA or invalid subscription and we will not be liable for any taxation or penalties you incur as a result of any invalid subscriptions. You also agree that we will not be liable for any tax benefits you lose as a result of us taking any action under this clause 10.
10.6 It is your responsibility to comply with the restrictions set out in these Loanpad ISA Terms and in the ISA Regulations.
10.7 You may be charged fees for repairing or voiding your Loanpad ISA.
11.1 Subject to clause 11.2, you may cancel your Loanpad ISA by giving us notice of cancellation within 14 days of your agreeing to these Loanpad ISA Terms. If you would like to cancel your ISA, please email us at firstname.lastname@example.org.
11.2 You will not be able to exercise cancellation rights if you have made a lending offer and all or part of this remains allocated funds, or a loan agreement has been made in relation to your ISA funds, or you have initiated a transfer of previous years’ ISA subscriptions to us and we have received the funds. You acknowledge that by carrying out any of the above that this right of cancellation will no longer apply.
11.3 Should you choose to cancel your ISA within the 14-day cancellation period, you will preserve your eligibility to open an ISA either with us or another ISA Manager. This will not apply if you cancel your ISA after this period.
11.4 When your account is cancelled, any money credited to your account will be transferred to your Standard Account.
12. Closing your Loanpad ISA
12.1 You have the right to close your Loanpad ISA whenever you wish. To close your Loanpad ISA, you must provide us with written instructions via email or post.
12.2 We have the right to close your Loanpad ISA, but we will only exercise this right if we consider it is necessary to do so. We will not give you less than 30 calendar days’ notice in writing of the intended closure of your Loanpad ISA.
12.3 We have the right to close your Loanpad ISA on bankruptcy or death in accordance with Clauses 17 and 18 of these Loanpad ISA Terms.
12.4 We have the right to close your Loanpad ISA where you have breached a material provision of these Loanpad ISA Terms, or continually breached any provision of these Loanpad ISA Terms, or where we are required to do so under applicable law, or where relevant legal or regulatory authority requires or requests us to do so.
12.5 Where your Loanpad ISA is to close and there are outstanding P2P loans held within the ISA, we will take steps to encash all your P2P loans held within your ISA, unless agreed otherwise with you. P2P loans are illiquid by their nature and there may be no active market for their sale. We will take reasonable steps to encash your P2P loans within 30 calendar days, but this cannot be guaranteed.
12.6 Where your Loanpad ISA is to close and there is only cash held within your ISA (either because any P2P loans held within the ISA have been repaid or encashed), we will make payment into your Standard Account.
12.7 If you have subscribed to your Loanpad ISA during a Year and then close the account, otherwise than by transferring the money in your account to another ISA provider, you will not be able subscribe to another Innovative Finance ISA with another ISA provider in the same Year.
13. Late or non-repayment of loans
13.1 Where a borrower fails to make a repayment under the loan agreement, we will act in accordance with Clause 12 of the Loanpad Investor T&Cs, including taking all required steps to collect the repayments. However, repayment from borrowers is not guaranteed and your capital is at risk.
13.2 In most cases this will not impact your return as the Loanpad Interest Cover Fund will step in and make the missed payments to you instead. Please see Clause 14 of the Loanpad Investor T&Cs, which describes how the Interest Cover Fund operates.
13.3 Your ISA funds will remain in their ISA wrapper and all interest earned will still be free of income tax and capital gains tax.
14. Platform wind-down
14.1 We have planned for a platform wind-down to ensure that the loan agreements continue to be managed and administered such that the income generated from the loan agreements is sufficient to cover the costs of managing and administering the loan agreements during the wind-down process, taking into account the reduction in the size of the loanbook and the income generated from it.
14.2 The loan agreements will remain between investors and borrowers and the back-up service provider will continue to collect all payments due from borrowers and distribute the interest payments to our investors as usual.
14.3 Your loan agreements will remain enforceable and you will not lose the ISA status of funds in your Loanpad ISA. All interest earned will remain free of income tax and capital gains tax.
14.4 All investor funds that are not lent are held in a segregated client money account with a deposit taking institution in accordance with FCA Client Assets (CASS) rules. These funds are completely segregated from the day-to-day operations of Loanpad, and Loanpad or its creditors have absolutely no entitlement to these funds.
14.5 Where a resolution has been passed or a petition has been presented to wind up the company, we will notify you within 30 calendar days that we have ceased to be an ISA manager and advise you of your right to transfer your Loanpad ISA to another ISA manager.
15.1 We may, from time to time, charge you fees in connection with your use of the Loanpad ISA. The instances when we may charge fees in connection with your Loanpad ISA are specified in these Loanpad ISA Terms and in your Loanpad Investor T&Cs, and, other than fees for voiding or repairing your Loanpad ISA (as described in Clause 10 of these Loanpad ISA Terms), the amounts of these fees are published on our website (as amended from time to time).
15.2 Other ISA managers may charge you a fee when sending or receiving your ISA funds.
16. Moving Abroad
16.1 You must let us know immediately at email@example.com if you will be moving abroad or are no longer resident in the United Kingdom.
16.2 If you declare that you are not resident in the UK, all subscriptions, other than flexible ISA replacement subscriptions, made in that Year will removed from your Loanpad ISA. These cannot be reinstated after the Year end even if you later establish that you were, in fact, resident.
16.3 If you inform us that you left the UK in an earlier Year and became not resident, all subscriptions, other than flexible ISA replacement subscriptions, including any income and/or growth relating to those subscriptions, made in Years in which you were non-resident will be removed from your Loanpad ISA. Any subscriptions removed will be placed in your Standard Account.
16.4 If you inform us that you expect to be non-resident, no subscriptions will be removed. Only if you subsequently confirm you are non-resident will any subscriptions, except for flexible ISA replacement subscriptions, made in that Year be removed. Any subscriptions removed will be placed in your Standard Account.
16.5 When we are notified of a new address overseas, but you have not made a declaration that you are non-resident, we can continue to accept subscriptions on the basis of your existing Investor Declaration for the remainder of the Year of leaving the UK. We will not accept subscriptions for the following Year, other than flexible ISA replacement subscriptions, until you have confirmed in writing that you expect to be resident in the UK. Where appropriate, we may require the completion of a fresh application and Investor Declaration.
17.1 If you are made bankrupt, you must let us know immediately and provide us with a copy of the bankruptcy order made by the court.
17.2 We will close your Loanpad ISA with effect from the date on which the trustee’s appointment takes effect, or, in the case of the Official Receiver, the date on which he becomes trustee.
17.3 You will not lose any tax benefits you have already received but you may not be able to receive any further tax benefits.
17.4 As the funds in your Loanpad ISA may be owed to the Official Receiver and Trustee in Bankruptcy, we will take further instructions from them as to how to manage your Loanpad ISA.
17.5 Your membership of the Loanpad Platform may also need to be terminated.
18.1 In the event of your death, your Loanpad ISA will be designated a ‘continuing account of a deceased investor’ and will remain so until the earlier of: the completion of the administration of your estate; the closure of your Loanpad ISA or the third anniversary of your death.
18.2 During this period, no subscriptions, including replacement flexible subscriptions, can be made into your Loanpad ISA. However, active management of the investments already held within the account may continue subject to these Loanpad ISA Terms.
18.3 Funds held within a Loanpad ISA that is a 'continuing account of a deceased investor' will continue to benefit from their ISA tax advantages. Any interest, dividends or gains in respect of investments in a continuing account of a deceased investor are exempt from tax.
18.4 We will take instructions from the person who has Grant of Probate as to how to proceed with your account.
18.5 If, after a period of three years, the administration of your estate is ongoing and your Loanpad ISA has not been closed, your Loanpad ISA will cease to be a 'continuing account of a deceased investor'. In these circumstances, on the next working day following the third anniversary of your death, we are required to remove the ISA wrapper from your Loanpad ISA and all subsequent income or gains will become taxable in the hands of the estate.
18.6 Spouses or civil partners of the deceased will not be permitted to make additional subscriptions to your Loanpad ISA following your death.
19. Failure to comply with the ISA Regulations
19.1 If you fail to satisfy or breach any provisions set out in the ISA Regulations, your Loanpad ISA may become void. Any costs and charges incurred by us if you do not comply with these Loanpad ISA Terms shall be reimbursed by you. We shall not be liable to you for any costs or damages incurred by you or any other person for failing to comply with these restrictions. If you fail to satisfy or breach any provisions set out in the ISA Regulations, your Loanpad ISA may become void. Although this will not impact your funds on loan and any funds in your Loanpad ISA will remain safe, you may become liable for payment of taxation to HMRC on all of your ISA funds, together with any charge or penalty applied by HMRC.
20. Changes to these Loanpad ISA Terms
20.1 You may not amend these Loanpad ISA Terms without our agreement in writing.
20.2 We may amend these Loanpad ISA Terms by giving you 14 days' notice in the following circumstances:
- 20.2.1 to comply with industry best practice, including fraud prevention practices;
- 20.2.2 to make reasonable changes to how we operate our Website and/or the Platform;
- 20.2.3 to make improvements to our services which are of benefit to you; and
- 20.2.4 to improve the security features of our services, the Website and/or the Platform.
20.3 We may amend these Loanpad ISA Terms by giving you immediate notice in the circumstances prescribed by sub-clause 20.2 where it is reasonable for us to do so and where it is not reasonably practicable for us to give you 30 days' notice owing to the nature of the matters that require us to make such changes.
20.4 We may amend these Loanpad ISA Terms immediately without notice in the following circumstances:
- 20.4.1 to respond to changes in law, regulation, guidance or decisions of the court, our regulators or the Financial Ombudsman Service, or to comply with instructions, indications or guidance from our regulators or other relevant authorities;
- 20.4.2 to correct mistakes, ambiguities, inaccuracies or omissions where it is reasonable to do so;
- 20.4.3 to make changes which are entirely procedural or administrative in nature where such changes are not to your material disadvantage to you (for example, changes to our contact details); and
- 20.4.4 to make these Loanpad ISA Terms easier to understand or fairer to you.
20.5 In all other circumstances, we may amend these Loanpad ISA Terms by giving you 60 days' notice. This may include changes to the provisions relating to the criteria for the loans that we add to the Platform.
20.6 Any change to these Loanpad ISA Loanpad ISA Terms in accordance with sub-clause 20.5 shall not affect your rights in respect of:
- 20.6.1 loans entered into before the date on which those changes take effect (including our obligations to administer and enforce the Loans or any Security we hold in respect of the Loans); and
- 20.6.2 any Withdrawal Requests that you make before the date on which those changes take effect.
20.7 Your continuing to be a member of Loanpad or access and use of the Loanpad Platform after any change to these Loanpad ISA Terms will be deemed to be your acceptance of the change.
21. Transfer of these Loanpad ISA Terms
21.1 We may transfer our rights and responsibilities under these Loanpad ISA Terms to any person who has the relevant regulatory authorisations to carry out the services that we provide and who undertakes to carry out all of our responsibilities under these Loanpad ISA Terms. In these circumstances, you agree that we will be released from all of our duties and agreements under these Loanpad ISA Terms. We will give you 30 days' notice of any such transfer by email and on our Website.
21.2 You may not transfer your rights or responsibilities under these Loanpad ISA Terms to any other person, or create security over your rights under these Loanpad ISA Terms unless we agree that you can do so in writing.
22. Personal Information
22.2 When processing your personal data, we shall always comply with the General Data Protection Regulation and any other associated legislation.
23.1 As an ISA manager, we are required to report details of all ISA subscriptions made by you and details of all funds in your Loanpad ISA to HMRC. You acknowledge and agree that we will pass all information in relation to or in connection with your Loanpad ISA to HMRC without further consent from you.
23.2 You must provide us and HMRC with any additional information required in relation or in connection with your Loanpad ISA.
23.3 We are regulated by the UK Financial Conduct Authority and may, from time to time, be asked to provide data to them. You acknowledge and agree that we can pass all information requested by the FCA to them.
23.4 We may, from time to time, be asked for information from other statutory or regulatory bodies, including the Financial Ombudsman Service. We acknowledge and agree that we can pass all information requested by the FCA to them.
24.1 You can make a complaint about Loanpad, your Loanpad ISA or any loan by emailing us with details of your complaint at firstname.lastname@example.org.
24.2 Your complaint will be handled in accordance with our complaints procedure. For full details of our complaints procedure, please visit www.loanpad.com/complaints-policy.
24.3 If we cannot resolve your complaint within 8 weeks of receiving your complaint, or we have responded to your complaint but you are not satisfied with our response, you may have the right to refer your complaint to the Financial Ombudsman Service if you are an eligible complainant. We will provide you with further details about this when dealing with your complaint. All consumers are eligible complainants, along with certain small businesses, small charities and trustees of small trusts.
24.4 The Financial Ombudsman Service is an independent organisation whose purpose is to resolve complaints where consumers and financial businesses have not been able to resolve them between themselves. You generally have no more than six months from when you receive our final response in relation to your complaint to make a referral to the Financial Ombudsman Service.
24.5 You can contact the Financial Ombudsman Service using the following contact details:
The Financial Ombudsman Service Exchange Tower, London E14 9SR
- Telephone: 0800 02 34 567
- Email: email@example.com
25. ISA Regulations
25.1 The management of your Loanpad ISA will be subject to the ISA Regulations. In the event that any provision of these Loanpad ISA Terms is deemed by any competent authority to be unenforceable or invalid, the relevant provision shall be modified to allow it to be enforced in line with the intention of the original text to the fullest extent permitted by applicable law. In any case, the validity and enforceability of the remaining provisions of these Loanpad ISA Terms shall not be affected.
25.2 We will inform you if your Loanpad ISA 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.
26.1 In the event that any provision of these Loanpad ISA Terms is deemed by any competent authority to be unenforceable or invalid, the relevant provision shall be deemed modified to allow it to be enforced in line with the intention of the original text to the fullest extent permitted by applicable law. In any case, the validity and enforceability of the remaining provisions of these Loanpad ISA Terms shall not be affected.
27.1 Subject to applicable law, all disclaimers, indemnities and exclusions in these Loanpad ISA Terms shall survive termination of these Loanpad ISA Terms between us for any reason.
27.2 We may, in whole or in part, release, compound, compromise, waive or postpone any liability owed to us or right granted to us in these Loanpad ISA Terms without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
27.3 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, remedy arising under these Loanpad ISA Terms or otherwise.
27.4 A person who is not party to these Loanpad ISA Terms has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these Loanpad ISA Terms.
28. Governing Law
28.1 These Loanpad ISA Terms is governed by English law. The courts of England and Wales will deal with any legal disputes arising in connection with these Loanpad ISA Terms.
28.2 All of our communications with you and all other parts of these Loanpad ISA Terms will be in English.