Illegal Junior ISA trap?

momcop

In the hope that you JimJames are asking in order to help and not ridicule like some here, here is the info which I cannot link as a 'new user' General Terms and Conditions
These General Terms and Conditions govern the business relation-
ships between the clients and UBS AG and/or UBS Switzerland AG
(hereinafter UBS) in the absence of any other special agreements.
Account activity
1.
Interest, commission, expenses and taxes, which have been agreed
upon or are standard, shall be credited or debited to the client im-
mediately, monthly, quarterly, every six months or annually at the dis-
cretion of UBS.
The current interest rates and commissions can be found in the rel-
evant fee schedules/product factsheets available at any time. Changes
may occur at any time due to changes in the market conditions and
costs, respectively, by adjusting the fee schedules/product factsheets
– in justified cases without prior notice; they will be communicated by
appropriate means. Upon notification the client may in case of objec-
tion terminate the service affected by the change with immediate
effect.
If the client issues orders which exceed his available credit balance or
limit, UBS may at its own discretion and irrespective of the date or
time the orders are received, decide to which extent orders are, in full
or in part, to be executed.
Accounts in foreign currencies
2.
UBS shall hold assets corresponding to the client's credit balances in
foreign currency in the same currency within or outside the country
of the currency concerned.
The client shall bear proportionately to his share all economic and legal
consequences which, as a result of measures taken by the authorities
of such country, may affect any of UBS's assets in the country of the
currency or investment concerned.
UBS's obligations arising from accounts in foreign currencies shall be
discharged at the place of business of the office at which the accounts
are held by establishing a credit balance for the client at UBS's own
branch, a correspondent bank or a bank named by the client in the
country of the currency concerned.
For current accounts in foreign currencies, UBS shall place the bal-
ance in the country of the currency concerned.
Crediting and debiting amounts in foreign currencies
3.
Amounts in foreign currencies shall be credited or debited in Swiss
francs unless the client holds an account in the currency concerned or
has issued instructions to the contrary in due time.
If the client holds neither a Swiss francs account nor an account in
the respective foreign currency, UBS may, at its own discretion, credit
or debit the amounts concerned to any foreign currency account held
by the client.
Bills of exchange, cheques and similar instruments
4.
If UBS has discounted or credited bills of exchange, cheques and simi-
lar instruments to the client, it shall be entitled to redebit the ap-
plicable amounts to the client in as much as the collection of funds
subsequently fails. The same shall apply to paid cheques that are sub-
sequently deemed lost, counterfeit or deficient. Notwithstanding the
foregoing, all payment claims which arise from such instruments shall
remain with UBS.
Lien and set-off
5.
UBS has a lien on all assets it holds in its own custody or elsewhere on
behalf of the client, as well as on all claims the client has against UBS.
UBS has the right to set off any claims the client may have against UBS
against any claims accruing to UBS from its business relationship with
the client, irrespective of the due date and currency of such claims.
The foregoing shall also apply to any loans and credit facilities
whether or not such loans are secured by specific collateral.
In the event of default on the part of the client, UBS shall be entitled
to realize the pledged assets either by forced or by private sale.
Verification of identity
6.
The client is obligated to store all his banking documents accurately to
prevent unauthorized third parties from accessing the information con-
tained therein. When issuing payment orders, the client shall observe
all precautionary measures to reduce the risk of fraud. The client shall
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keep all codes secret and confidential in order to prevent misuse. Any
losses or damages suffered due to any breach of these duties of care
shall be borne by the client.
UBS shall take appropriate measures to identify and prevent fraud.
UBS shall be liable for any loss or damage suffered due to any failure
on its part to exercise the appropriate standard of care and diligence
customary in the business.
Any loss or damage suffered other than through a breach of duty of
care by UBS or the client shall be borne by the party to whose sphere
of influence such loss or damage has to be allocated.
Incapacity of the agent
7.
The client shall inform UBS immediately in writing if the agent ap-
pointed by him becomes incapacitated or unable to act. If the client
fails to notify UBS as aforesaid, any loss or damage arising from acts
performed by the agent shall be borne by the client, unless UBS is in
breach of the standard of care and diligence customary in the business.
Notifications
8.
The client shall keep UBS updated of his information provided to
UBS, e.g. name, address, domicile, etc. Notifications from UBS shall
be deemed to have been duly served if sent to the last known ad-
dress provided by the client.
Compliance with law
9.
The client shall be responsible for complying with all laws and regula-
tions applicable to him. This also includes his obligation to declare
and pay taxes.
Default in the execution of orders
10.
In the event of loss or damage due to the incorrect execution or non-
execution of orders (with the exception of stock exchange orders),
UBS shall be liable for loss of interest.
The client shall inform UBS in advance of any further loss or damage
likely to be suffered in any given instance. Should the client fail to do
so, such loss or damage shall then be borne by the client.
Complaints
11.
The client shall raise any complaint in respect of the incorrect execu-
tion or non-execution of orders, or in respect of account or custody
account statements or any other communications from UBS im-
mediately upon receiving notice of the same, but no later than the
period specified by UBS for raising such complaint, where applicable.
In case the client fails to submit a timely complaint, he may breach
his obligation to minimize any loss and may therefore be held liable
for any resulting loss or damage.
Outsourcing of operations and services
12.
UBS may outsource operations and services to Group entities and third
parties within Switzerland and abroad. In particular payment services,
processing and safekeeping of securities and other financial instru-
ments, compliance, data management, IT, back- and middle-office ser-
vices may be outsourced in whole or in part. Outsourcing may require
the transfer of data to affiliated or third party service providers. All ser-
vice providers are required to comply with respective confidentiality
obligations. With regard to service providers located abroad, UBS only
passes on data that does not refer to the identity of the client.
Data protection and banking secrecy
13.
UBS is obliged by law to treat data related to its business relationship
with the client (hereinafter Client Data) as confidential.
The client authorizes UBS to disclose Client Data to Group entities
within Switzerland for business purposes. This applies in particular for
the benefit of holistic and efficient client service delivery as well as in-
formation on the product offering across Group entities. The client
releases UBS to this extent from its duty of confidentiality and
data protection and waives bank client confidentiality. UBS will
make sure that recipients of Client Data are bound by applicable con-
fidentiality and data protection obligations.
The client agrees that UBS is entitled to disclose Client Data in order
to comply with legal or regulatory obligations as well as to safeguard
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legitimate interests. This applies in particular to transactions relating to
foreign countries insofar as applicable provisions demand disclosure,
e.g. to custodian banks, central securities depositories, brokers, ex-
changes, repositories or authorities.
Profiling and marketing
14.
UBS may store, process and use Client Data and data from third party
sources and create profiles therefrom. In particular they will be used
by UBS and its Group entities to provide clients, where appropriate,
with individual advice, tailored offers and information about UBS
products and services as well as for market research, marketing and
risk management purposes. Such data includes in particular: master
data, financial data and client preferences.
15.
Modification of conditions
In justified cases UBS shall be entitled to modify the General Terms
and Conditions at any time. UBS shall communicate such modifica-
tions in advance and in an appropriate manner. The amendments
shall be deemed to have been accepted by the client unless an objec-
tion is raised in writing within one month of notification. In the event
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of objection the client shall be free to terminate the business relation-
ship with immediate effect subject to special agreements.
Saturdays as public holidays
16.
In the business relationship with UBS, Saturdays shall be treated as
public holidays.
Termination of the business relationships
17.
Either the client or UBS shall be entitled to terminate any existing
business relationships with immediate effect and to terminate or call
in any credit facility approved or drawn down unless otherwise
agreed to in writing.
If the client, after an appropriate grace period granted by UBS, fails
to notify UBS where to transfer the assets and credit balances held
with UBS, UBS shall be entitled to either deliver the assets physically
or to liquidate them. UBS may, with the effect of discharging all its
obligations towards the client, deposit the proceeds and any credit bal-
ances at the place designated by the court or may send a check to the
client's last known address.

momcop

Masonic, thanks again, but it still does not state in writing that it cannot be transferred, out of the UK.

momcop

Masonic, surely saying a JISA manager cannot operate outside of the UK is crazy, a Junior Savings Account can be made in most countries, yes? The UK can't have a monopoly on them.

masonic

momcop wrote: »

Masonic, thanks again, but it still does not state in writing that it cannot be transferred, out of the UK.

It doesn't need to because that isn't the requirement.

The requirement is that it can only be transferred to another JISA manager.

The reason it cannot be transferred out of the UK is because JISA managers cannot reside outside of the UK.

masonic

momcop wrote: »

Masonic, surely saying a JISA manager cannot operate outside of the UK is crazy, a Junior Savings Account can be made in most countries, yes? The UK can't have a monopoly on them.

The terms are written according to UK law. A JISA manager is defined as an entity that is legally entitled by HMRC and the FCA to operate Junior ISAs as defined in UK law.

So the UK can and does have a monopoly on them.

momcop

masonic wrote: »

You are wrong. No provider outside the UK is permitted to be a JISA manager. Only a JISA manager can receive the funds from your existing JISA. That is what the T&Cs say.

Hi Masonic, so what you are stating is that I have mis-interpreted the T&C's of Nationwide in thinking that Junior Savings Accounts in whatever guise/name are not allowed to exist like they do in the UBS, who stated they are willing to accept the funds in our new UBS JISA 'similar' accounts?

momcop

masonic wrote: »

The terms are written according to UK law. A JISA manager is defined as an entity that is legally entitled by HMRC and the FCA to operate Junior ISAs as defined in UK law.

Point taken, does this mean the UK should have/be copyrighting or trademarking the term JISA?

momcop

The terms are written according to UK law. A JISA manager is defined as an entity that is legally entitled by HMRC and the FCA to operate Junior ISAs as defined in UK law.

So the UK can and does have a monopoly on them.

Wow, thanks Masonic, I am more enlightened. I am obviously in need of the UK law that stipulates this to back it up - excuse me for wanting hard proof.

masonic

momcop wrote: »

Point taken, does this mean the UK should have/be copyrighting or trademarking the term JISA?

No, there is no need to copyright or trademark a term defined in law. Other sovereign states are of course entitled to use the same term to mean something else.

momcop

Thanks Masonic,
The written proof of this is needed in order to keep my money in the UK, defined by UK law, which was as at the time of opening the account, not presented to me in any form, which is my argument.