Terms & Conditions

01 Introduction

These Terms & Conditions ("Terms") set out the legally binding agreement between you ("you", "your", "customer") and Finovo Ltd ("Finovo", "we", "us", "our"). They govern your access to and use of our website, mobile applications, accounts, cards, payment services, and any related services we provide (collectively, the "Services").

By opening an account with us, downloading our mobile application, or using any of our Services, you confirm that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, Cookie Policy, and any product-specific terms that apply to the service you use.

02 Definitions

In these Terms, the following words and phrases have the meanings set out below, unless the context requires otherwise:

• "Account" means the payment account you open with us to access the Services.
• "App" means our mobile application available for iOS and Android devices.
• "Business Day" means any day other than Saturday, Sunday, or a bank holiday in the United Kingdom.
• "Card" means any physical or virtual debit card issued by us or on our behalf.
• "Customer" means the person or entity that has entered into this agreement with us.
• "FCA" means the Financial Conduct Authority of the United Kingdom.
• "FSCS" means the Financial Services Compensation Scheme.
• "Payment" means any transfer of funds from or to your Account.
• "Services" means all accounts, cards, payment services, and other features we provide.
• "Transaction" means any payment, transfer, withdrawal, or purchase made using your Account or Card.

03 Eligibility

To open and maintain an Account with Finovo, you must meet the following eligibility criteria at all times:

1. You must be at least 18 years of age.
2. You must be a legal resident of the United Kingdom or another country we support.
3. You must have legal capacity to enter into a binding contract.
4. You must not be subject to any sanctions, embargoes, or restrictive measures imposed by the UK, EU, UN, or other relevant authorities.
5. You must provide accurate, complete, and up-to-date information during the application process and thereafter.
6. You must not have previously had an account with us terminated for breach of these Terms.

04 Account Opening

Opening an Account requires you to complete our online application and successfully pass our identity, anti-money laundering (AML), and Know Your Customer (KYC) checks. This includes:

• Providing a valid government-issued identity document (passport or driving licence).
• Providing proof of address dated within the last 3 months.
• Completing a selfie-based liveness check.
• Providing your National Insurance number or tax identification number where requested.
• Answering questions about the intended use of your Account.

You agree to notify us promptly of any changes to the information you provided during onboarding, including name, address, phone number, email, and employment status.

05 Services Provided

Subject to your eligibility and successful onboarding, we will provide you with the following Services:

• One or more payment accounts denominated in your chosen currency.
• A physical and/or virtual debit card linked to your Account.
• Domestic and international payment transfers via Faster Payments, CHAPS, and SEPA.
• Real-time transaction notifications and spending controls via the App.
• Currency conversion and multi-currency holding.
• Access to our customer support channels.
• Additional services as offered from time to time, subject to further terms.

We may add, modify, or discontinue any Service at any time, in accordance with these Terms and applicable regulation.

06 Account Security

You are responsible for maintaining the security of your Account. This includes:

• Keeping your login credentials, passwords, PINs, and security answers confidential at all times.
• Using biometric login features (fingerprint or facial recognition) where available.
• Not sharing your Account access with any third party.
• Reporting any suspected unauthorised access, loss, theft, or compromise immediately to us.
• Enabling multi-factor authentication where offered.
• Regularly reviewing your transactions and statements for accuracy.

07 Payments & Transfers

All payments and transfers from your Account are subject to the following rules:

7.1 Authorisation

We will only execute a payment if you have authorised it, either by entering your credentials, using biometric authentication, or as otherwise permitted by law.

7.2 Execution Times

• Faster Payments: Processed within seconds, 24/7.
• CHAPS: Processed same-day if instructed before the cut-off time.
• SEPA: Processed within 1 business day for euro transfers.
• International wire: Processed within 1–3 business days.

7.3 Refusal of Payment

We may refuse to execute a payment if we suspect fraud, money laundering, or breach of these Terms. We will notify you of any such refusal in accordance with applicable law.

7.4 Errors

If you believe a payment has been executed incorrectly, contact us immediately. We will investigate promptly and rectify any error attributable to us at no cost to you.

08 Debit & Virtual Cards

Cards issued by Finovo remain our property and must be returned to us upon request. The following conditions apply:

• You must sign the back of your physical card as soon as you receive it (where applicable).
• You must keep your PIN confidential and not write it down in a place accessible to others.
• Virtual cards can be issued, frozen, or deleted at any time via the App.
• We may charge replacement fees for lost or damaged cards, as set out in the fee schedule.
• Cards are valid for the period stated on the card and will be cancelled upon Account closure.
• You must notify us immediately if your card is lost, stolen, or used without authorisation.

09 Overdrafts & Credit

Where we offer overdrafts or credit facilities, the following terms apply in addition to any specific credit agreement you enter with us:

• Overdraft availability is at our sole discretion and may be withdrawn at any time.
• Interest is charged on the outstanding overdrawn balance at the rate disclosed in your credit agreement.
• We may charge daily fees for unauthorised overdrafts, subject to legal caps.
• We may report your overdraft usage to credit reference agencies.
• Failure to repay an overdraft may result in further recovery action and additional costs.

10 Interest

Interest is calculated and applied to your Account in accordance with the terms of the specific savings or credit product you hold:

• Savings accounts: Interest is calculated daily on the cleared balance and paid monthly, as set out in the relevant product terms.
• Overdrafts: Interest is charged daily on the overdrawn amount and debited monthly.
• Rates: Variable rates may change at any time, and we will notify you at least 14 days in advance of any material change affecting your Account.
• Tax: You are responsible for any tax liabilities arising from interest earned.

11 Fees & Charges

Our current fee schedule is set out below. This schedule may be updated from time to time with at least 30 days' notice for any material changes:

Fees are deducted directly from your Account. You will receive advance notification of any new fee or change to an existing fee, except where the change is more favourable to you.

12 Statements & Records

We will provide you with electronic statements monthly, accessible via the App. Statements include:

• All transactions credited to and debited from your Account during the period.
• Opening and closing balances.
• Fees and charges applied during the period.
• Interest earned or charged, if applicable.

You agree to check your statements regularly and notify us of any errors within 30 days of receipt. If you do not notify us within this period, you may not be able to claim against us for the disputed transaction, except where required by law.

13 Acceptable Use

You agree to use our Services only for lawful purposes and in accordance with these Terms. You must:

• Provide accurate and truthful information at all times.
• Use the Services in accordance with all applicable laws and regulations.
• Keep your Account credentials secure.
• Cooperate with any reasonable investigation or verification request we make.
• Notify us of any changes to your circumstances that might affect your Account.

14 Prohibited Activities

You must not use your Account or our Services for any of the following prohibited activities:

1. Money laundering, terrorist financing, or any other financial crime.
2. Fraud, deception, or misrepresentation.
3. Tax evasion or facilitating tax evasion.
4. Purchasing or selling illegal goods or services.
5. Gambling operations without our express written consent.
6. Cryptocurrency trading platforms or exchanges without our express consent.
7. Adult content services without our express consent.
8. Weapons, ammunition, or related materials.
9. Any activity that violates UK or international sanctions.
10. Activities that infringe the intellectual property rights of others.
11. Attempting to gain unauthorised access to our systems or other users' accounts.

15 Intellectual Property

All intellectual property rights in our website, App, software, designs, logos, trademarks, text, images, and other content (collectively, "Our IP") are owned by us or our licensors. Nothing in these Terms grants you any right to use Our IP except as expressly permitted.

You may not:

• Copy, modify, or distribute any part of Our IP without our prior written consent.
• Reverse engineer, decompile, or disassemble any part of our software.
• Remove or alter any copyright, trademark, or other proprietary notices.
• Use Our IP in any way that suggests endorsement or affiliation without authorisation.

16 Third-Party Services

Our Services may include links to or integrations with third-party services, including accounting software, payment networks, and identity verification providers. Your use of any third-party service is subject to that provider's own terms and conditions, and we do not accept liability for their acts or omissions.

17 Limitation of Liability

Nothing in these Terms limits or excludes our liability for:

• Death or personal injury caused by our negligence.
• Fraud or fraudulent misrepresentation by us.
• Any other liability that cannot be limited or excluded by law.

Subject to the above, and to the maximum extent permitted by law:

• We are not liable for any indirect, consequential, or special losses, including loss of profit, business, or data.
• We are not liable for losses arising from events outside our reasonable control (force majeure).
• Our total liability to you in respect of any single incident or series of related incidents is limited to the greater of (a) the amount of the disputed transaction, or (b) £5,000.
• We are not liable for any losses arising from your failure to comply with these Terms.

18 Indemnification

You agree to indemnify and hold harmless Finovo, its directors, officers, employees, and agents from and against any and all claims, losses, damages, liabilities, and expenses (including reasonable legal fees) arising out of or relating to:

• Your breach of these Terms.
• Your use of the Services in violation of applicable law.
• Any misrepresentation you make to us.
• Any third-party claim arising from your use of the Services.

19 Complaints

We are committed to resolving your complaints fairly and promptly. If you have a complaint:

1. Contact us via in-app chat, email at cotexm3@gmail.com, or phone at +44 7754 203697.
2. We will acknowledge your complaint within 3 business days.
3. We aim to provide a final response within 15 business days. If we cannot, we will explain why and provide an expected date.
4. If you remain dissatisfied after our final response, you may escalate your complaint to the Financial Ombudsman Service (FOS).

20 Suspension & Termination

20.1 Termination by You

You may close your Account at any time by contacting us via the App or by email. We will process your closure request within 5 business days, subject to any outstanding obligations.

20.2 Suspension or Termination by Us

We may suspend or terminate your Account with immediate effect if:

• You breach any material term of these Terms.
• We are required to do so by law or by a regulator.
• We reasonably suspect fraudulent, illegal, or unauthorised activity.
• You become subject to sanctions or restrictive measures.
• You fail to provide updated KYC or AML information when requested.
• You fail to pay any fees due to us.

Where permitted by law, we will give you reasonable notice of any termination and explain the reason.

20.3 Effect of Termination

Upon termination, your access to the Services will cease. Any balance remaining in your Account (after deducting any fees or amounts owed) will be returned to you using your last known payment details, provided this is lawful and complies with our AML obligations.

21 Changes to These Terms

We may amend these Terms from time to time to reflect changes in law, regulation, our services, or our business. When we make material changes:

• We will provide you with at least 30 days' notice, unless a shorter period is required by law.
• We will notify you via email or in-app notification.
• You may terminate your Account before the changes take effect if you do not agree.
• Continuing to use our Services after the changes take effect means you accept the amended Terms.

22 Governing Law

These Terms and any dispute or claim arising out of or in connection with them shall be governed by and construed in accordance with the laws of England and Wales. Both you and we agree to submit to the exclusive jurisdiction of the courts of England and Wales, without prejudice to any mandatory consumer protection rights you may have in your country of residence.

23 General Provisions

23.1 Entire Agreement

These Terms, together with our Privacy Policy, Cookie Policy, and any product-specific terms, constitute the entire agreement between you and us.

23.2 Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

23.3 No Waiver

Our failure to enforce any right under these Terms shall not constitute a waiver of that right.

23.4 Assignment

You may not assign or transfer your rights under these Terms without our prior written consent. We may assign our rights to any affiliate or successor entity.

23.5 Language

These Terms are provided in English. Any translation is for convenience only, and the English version shall prevail.

24 Contact Us

If you have any questions about these Terms, please contact us:

• Email: cotexm3@gmail.com
• Phone: +44 7754 203697