This page contains important legal and regulatory statements which you must read in conjunction with the information on Adam & Company's Internet Website. This information has been issued and approved by Adam & Company, a business name of The Royal Bank of Scotland plc and does not in any way constitute investment advice.
Exclusion of liability
Adam & Company
Consumer Credit Act
Annual Equivalent Rate
The Lending Code
Managing Tax Evasion Risks Under the Criminal Finances Act 2017
Open Banking and PSD2
These 'Exclusion of Liability' provisions should be read carefully as they exclude or limit our legal liability in connection with your use of this website. Nothing in these terms and conditions and in particular within the 'Exclusion of Liability' clauses shall attempt to exclude liability that is not permissible under applicable law, including without limitation, for death or personal injury, or for fraudulent misrepresentation.
Nothing in these terms and conditions shall exclude or limit or restrict our duties and liabilities to you under the Financial Services and Markets Act 2000, or any conduct of business rules which we are bound to comply with.
While we have taken all reasonable steps to ensure the accuracy and completeness of the content of the website, we exclude any warranties, undertakings or representations (either express or implied) to the full extent permitted under applicable law, that the website or (including without limitation) all or any part of the content or materials, accuracy, availability or completeness of the content of the website or any part of the content or materials are appropriate or available for use either in the United Kingdom or in other jurisdictions. If you use this website from other jurisdictions, you are responsible for compliance with applicable local laws.
We accept no liability (including without limitation) in either contract, tort, negligence, statutory duty or otherwise (to the maximum extent permitted by applicable law) arising out of the use of or access to this website (which includes without limitation) any errors or omissions contained in this website or if the website is unavailable and we shall not be liable for any direct or indirect:
- economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings);
- loss of goodwill or reputation;
- special, incidental, consequential loss or damage, suffered or incurred arising out of or in connection with your use of this website and these terms and conditions.
Access to and use of this website is at the user's own risk and we do not warrant that the use of this website or any material downloaded from it will not cause damage to any property, or otherwise minimise or eliminate the inherent risks of the internet including but not limited to loss of data, computer virus infection, spyware, malicious software, trojans and worms. Also, we accept no liability in respect of losses or damages arising out of changes made to the content of this website by unauthorised third parties.
To provide increased value to users of this website, we may provide links to other websites or resources (that are not part of The NatWest Group) for you to access at your sole discretion. You acknowledge and agree that, as you have chosen to enter the linked website we are not responsible for the availability of such external sites or resources, and do not review or endorse and shall not be responsible or liable, directly or indirectly, for (i) the privacy practices of such websites, (ii) the content of such websites, including (without limitation) any advertising, content, products, goods or other materials or services on or available from such websites or resources or (iii) the use that others make of these websites or resources, nor for any damage, loss or offence caused or alleged to be caused by, or in connection with, the use of or reliance on any such advertising, content, products, goods or other materials or services available on such external websites or resources.
The above limitation or exclusion may not apply to you to the extent that applicable law may not allow the limitation or exclusion of liability for incidental or consequential damages.
Adam & Company, a business name of The Royal Bank of Scotland plc, is registered in Scotland no.083026. Registered Office 36 St Andrew Square, Edinburgh EH2 2YB. Financial Services Firm Reference Number 114724. The Royal Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Under the terms of the Consumer Credit Act 1974 you should be aware of the following:
- When clients of Adam & Company arrange credit facilities, security and life assurance cover may be required
- Full written credit details are available on request
- All lending is subject to the Bank's appraisal of the applicant's financial status
- Loans and other credit facilities are not available to people under the age of 18
- All overdrafts are repayable on demand
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Changes in the exchange rate may increase the sterling equivalent of your debt.
For home loans, we may require security over the property. An acceptable life assurance policy may also be required. House Buildings Insurance for reinstatement value may also be required.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Annual Equivalent Rate (AER) represents the annual rate effectively received by the client if interest at the gross rate applied during a year remained in the account and itself earned interest. As every advertisement for a savings product, where a rate is displayed, will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
As with any insurance policy, there are certain situations which are not covered. Please note that full details of the cover, terms and conditions are given in the policy document.
We may monitor, record, store and use any telephone, email or other communication with you (in order to check any instructions given to us, for training purposes, for crime prevention and to improve the quality of our customer service).
In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Adam & Company reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorised.
We may ask you to provide your name and personal contact details if you wish more information about our products and services. This data is used to provide you with the information you request, and may be retained to keep you informed by mail or telephone or other reasonable methods of products and services offered by Adam & Company, a business name of The Royal Bank of Scotland plc. If you would prefer not to receive marketing information, please advise us by writing to Adam & Company, 6-8 George Street, Edinburgh EH2 2PF.
This policy explains how we arrange and execute Client Orders in Financial Instruments. It sets out our standards and methodology in taking all sufficient steps to obtain the best possible result for our clients when carrying out investment orders on their behalf and explains how we ensure that business is conducted in line with current regulation, in particular the Markets in Financial Instruments Directive ('MiFID I' and 'MiFID II') and corresponding Financial Conduct Authority ('FCA') rules.
As set out in our Order Execution Policy, we use our affiliate company Coutts & Co to execute orders. Coutts' Order Execution Report for the year 2020 is attached, and sets out the brokers that they have used and the results achieved. Our objective in using our affiliate in this way is to benefit from a Centre of Expertise within the group and an established external broker framework. We have an established ongoing process to oversee and monitor Coutts' implementation of the Order Execution Policy. Our conclusion for the year is that Coutts has met its Best Execution obligations for all customers.
This list of execution venues is not exhaustive. We are not required to use these venues on every occasion and therefore we reserve the right to use other execution venues. Where we deem appropriate we may add or remove any execution venues from this list. This list will be reviewed and updated where necessary or on at least an annual basis. You will be notified separately of any material changes to these venues. You are encouraged to therefore refer to the current list of execution venues from time to time.
Read the Execution Brokers list.
We aim to enjoy an excellent relationship with all our clients, all of the time. In the unlikely event that you’re in any way unhappy with our service, please contact your private banker. We welcome your feedback at all times. In accordance with the rules of the Financial Conduct Authority, We have established procedures to handle complaints. The information here is also available in hard copy format from our offices.
Receipt of complaints
We consider 'any expression of dissatisfaction' to be a complaint. Complaints can be made in writing, by email, by fax, at a meeting or by telephone.
Persons responsible for handling complaints
All complaints will be referred to a Private Banker, a Senior Manager or a Director who, where appropriate, was not directly involved in the subject of the complaint.
The majority of complaints can be resolved promptly and verbally. Where a complaint can be dealt with verbally to your satisfaction, this will be done, where possible, by close of business on the day after the day we receive your complaint.
All complaints not resolved verbally will be acknowledged in writing promptly. The acknowledgement will give the name and job title of the person handling the complaint and will include a copy of our complaint handling procedures leaflet. If we can give our final response at this stage, we’ll combine this with the acknowledgement.
We try to resolve all complaints as soon as practically possible and provide a final response. We’ll keep you reasonably informed of our progress. Where we haven’t resolved a complaint within eight weeks, we’ll send a response that:
- Explains that we are still not in a position to make a final response, give reasons for the further delay and indicate when we expect to be able to provide a final response
- Informs you that you may refer the complaint to the Financial Ombudsman Service if you are dissatisfied with the delay
- Encloses a copy of the Financial Ombudsman Service's explanatory leaflet.
Our final response will either accept the complaint and, if relevant, offer compensation, refund or reimbursement, or reject the complaint giving full reasons.
The final response will also:
- Inform you that you may refer the complaint to the Financial Ombudsman Service if you are still dissatisfied and that you must do so within six months
- Enclose a copy of the Financial Ombudsman Service's explanatory leaflet (unless this has already been done).
The Financial Ombudsman Service
The Financial Ombudsman Service acts independently of Adam & Company and provides a service as an unbiased adjudicator. The Ombudsman works under 'Terms of Reference' which allow him to deal with complaints about most types of banking/investment business from most types of clients.
The address to write to is:
Online Dispute Resolution (ODR)
(a) are resident in the EU;
(b) have purchased a product or service online from a trader established in the EU; and
(c) are unable to get your complaint resolved satisfactorily,
you can contact the European Commission by accessing the Online Dispute Resolution (ODR) platform at http://ec.europa.eu/odr. To use this service you will need the following information:
(a) email address: email@example.com
(b) our name: Adam & Company.
The ODR platform will then send your complaint to the FOS for an independent review.
Managing Tax Evasion Risks Under The
Criminal Finances Act 2017
The Criminal Finances Act 2017 includes new criminal offences for corporates that fail to prevent their associated persons from facilitating tax evasion.
Associated persons are employees, agents and others who provide services for or on behalf of a corporate.
There is a defence for corporates that maintain reasonable procedures to prevent the facilitation of tax evasion. Our position is as follows.
What is our approach to tax evasion?
We have no tolerance for facilitating tax evasion. This includes our employees and those who act on our behalf of Adam & Co facilitating tax evasion.
We are firmly committed to complying with all our legal and regulatory obligations. This commitment is driven from top-level management down throughout Adam & Co.
We take a risk-based, proportionate approach to identify and prevent tax evasion and we also maintain procedures to safeguard against our associated persons from deliberately facilitating tax evasion.
What do we expect from our customers and suppliers?
We intend to only deal with clients, suppliers and other taxpayers who are tax compliant and we will not knowingly facilitate any transactions that seek to circumvent or abuse tax laws. We expect the reasonable assistance of our customers and suppliers with our due diligence.
What have we been doing in anticipation of the new criminal offences under the Criminal Finances Act 2017?
We are updating our risk assessments across our businesses to assess the risk of our associated persons facilitating tax evasion and the reasonableness of existing prevention procedures. This is an ongoing process and we will continue to strengthen and adapt our prevention procedures as appropriate.
Adam & Company is part of the NatWest Group plc ("NatWest Group"). Along with the other major UK banks, NatWest Group is required by UK law to separate everyday banking from investment banking. This separation is called ring-fencing and is designed to make banking safer and more resilient. It is a key component of the UK Government’s legislative agenda to improve financial stability. It becomes law from 1 January 2019, and to prepare for it, NatWest Group need to make changes to the way the group is structured.
What does it mean for Adam & Company clients?
The majority of Adam clients will experience very little change. They will continue to use the same bank account and investment management services as they do today.
Our priorities have not changed – our focus is still on delivering a high quality of service for our clients. The brand, and the look and feel of Adam & Company, will remain the same; clients will continue to receive the same discreet, personal service. Clients will still be looked after by our banking, financial planning and investment teams as they are today.
You can access the NatWest Group ring-fencing website for more information.
Adam & Company, as part of NatWest Group, is publishing documentation of the technical specification and statistics on the availability of Open Banking and PSD2 on our API Portal.