The Money Mog ISA
- Our Status
- The Money Mog ISA is provided to you by The House Crowd Limited (“The House Crowd”, “we”, “us”, “our”) which is authorised and regulated by the Financial Conduct Authority with firm reference number 725648. We are an ISA manager and have been approved by HMRC to act as an ISA manager in respect of Innovative Finance ISAs.
- We will manage the House Crowd ISA as an Innovative Finance ISA in accordance with the ISA Regulations. We only offer the Innovative Finance ISA and do not offer a Stocks and Shares ISA or Cash ISA.
- Subscribing to the Money Mog ISA and further conditions
- If you subscribe to the Money Mog ISA you may not subscribe to another Innovative Finance ISA in the same Tax Year with another provider.
- You are responsible for ensuring that you are eligible to subscribe to the Money Mog ISA and must complete the Money Mog ISA application form. By completing the Money Mog ISA application form you must declare that:
- you are a resident in the United Kingdom for tax purposes; or
- if not so resident, are a Crown Employee.
- You must inform us if these declarations no longer apply.
- You must be at least 18 years of age.
- The Money Mog ISA cannot be opened as a joint account or by a corporate customer. It must be opened in your own name.
- You must ensure you do not exceed your maximum ISA allowance in any relevant Tax Year. It is your responsibility to monitor the amount that you invest in the Money Mog ISA. Other than where required under the ISA Regulations, we will not monitor your compliance with the investment limits that relate to your Money Mog ISA. Should you invest more than the maximum allowance in any Tax Year, this may make your Money Mog ISA void and we will have to hold some of your investment outside of your Money Mog ISA.
- The minimum investment and account balance for your Money Mog ISA is £50. Additional investments must be in minimum increments of £50 each.
- The interest rate is as advertised from time to time on the Website. The rate in force at the time of making an investment shall apply for the initial term of that investment. We may change the applicable rate for new investments on not less than 1 month’s notice. New investments made at the time of a new rate shall be subject to the new rate.
- You may choose to withdraw your interest accrued on 30 October and 30 April each Tax Year , or to roll it back into your ISA. You can make your selection from your Account settings.
- Your Money Mog ISA must be held for a minimum of 1 whole tax year. The ISA term will be calculated to commence from the end of the tax year in which the first investment instalment is made and will expire at the end of the following year.
- Your Money Mog ISA may comprise a combination of either:
- an initial subscription of such amount as does not exceed the maximum allowance in the relevant Tax Year; and/or
- the transfer of all or part of your existing ISA(s) from another ISA manager(s) in cash.
- Because the rules on taxation can change, we cannot guarantee that the UK tax treatment of your Money Mog ISA will continue during the lifetime of your investment. We do not provide any investment advice or tax advice. If you are uncertain about this or any aspect of how an investment may relate to your tax position, please seek professional advice.
- You can make a lump sum and/or monthly payments to your Money Mog ISA through your Account, subject to minimum increments of £50.
- If you wish to subscribe to the Money Mog ISA in subsequent Tax Years you will be given the option in the application to be automatically enrolled for a new ISA if you continue to make payments into the relevant ISA from your Account. This is an optional arrangement and you are under no obligation to make further investments with us.
- The House Crowd may invest into any of its P2P Loans available from time to time, including development loans and bridging loans, in accordance with our then-current underwriting policies.
- We shall not be responsible for any losses to the extent arising from any information provided by you being untrue, inaccurate or incomplete.
- We shall not be liable for any consequential, indirect, special, incidental, punitive or exemplary loss, liability or cost which you may suffer or incur arising out of our acts or omissions regardless of how that loss, liability or cost is caused and regardless of whether it was foreseeable or not.
- We will act in good faith and with due diligence in managing your Money Mog ISA in accordance with these terms. We accept responsibility for loss to you only to the extent that such loss is due to our negligence or wilful default. Nothing in these terms shall exclude or restrict any liability we have to you under any applicable law or regulation.
- Cash balances in your Money Mog ISA
- In accordance with the ISA Regulations, your Money Mog ISA must invest into qualifying P2P Loans. Cash may also be held in your Money Mog ISA. The qualifying P2P Loans will be and must remain in your beneficial ownership. We will hold the records of all documentation that constitutes your portfolio of P2P Loans from time to time in accordance with the P2P Terms.
- All uninvested cash received or held for the account of your portfolio shall be treated by us under the FCA rules as ‘client money’.
- We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.
- We reserve the right to delegate any of our functions or responsibilities under the Money Mog ISA terms to another person and you authorise us to disclose to that person such information about your Money Mog ISA as is necessary for this purpose. We will satisfy ourselves that any such person is competent to carry out such functions or responsibilities.
- We will not be liable for the negligence or misconduct of such delegate provided always that we do not exclude or restrict liability owed to you by us under the ISA Regulations
- ISA charges
- Any charges relating to your Money Mog ISA will be taken directly from your Money Mog ISA and will not be taken from any other account which we may maintain for you.
- Withdrawals and transfers
Withdrawals from your Money Mog ISA
- You may not make withdrawals of the portion of your investment that has already been invested into P2P Loans from your Money Mog ISA until after the minimum 3-year term, and on providing not less than 3 months’ written notice, such notice not to expire before the end of the minimum 3-year term. You will be charged a standard administrative fee for making a withdrawal, such fee to be amended from time to time by notification on our Website. To the extent we hold a cash balance in your ISA before it is invested into P2P Loans, you have the right to transfer or withdraw such balances in accordance with ISA Regulations, and we shall carry out such instructions no later than thirty (30) days after receiving them.
- The applicable interest rate may change from time to time after the expiry of the 3-year minimum term. We will give you not less than 3 months’ written notice of the intention to change the applicable interest rate.
- Should it be possible to sell all or part of your P2P Loans, we will pay the cash sum (subject to the deduction of fees) in to your Money Mog ISA. You may then request to withdraw the cash from your Money Mog ISA.
- The Money Mog ISA is not a “Flexible ISA” as defined in the ISA Regulations. This means that any money you withdraw from the ISA will still count towards your annual subscription limit.
Transfers into the Money Mog ISA
- We can accept the transfer of any cash or investments held in an ISA with another ISA manager free of charge.
Transfers Out of the Money Mog ISA
- You may not make a transfer out of the portion of your investment that has already been invested into P2P Loans from your Money Mog ISA until after the minimum term, and on providing not less than 1 months’ written notice, such notice not to expire before the end of the minimum term. You may instruct us to transfer any cash held in your The House Crowd Finance ISA to another ISA manager. You will be charged a standard administrative fee for making a transfer, such fee to be amended from time to time by notification on our Website. To the extent we hold a cash balance in your ISA before it is invested into P2P Loans, you have the right to transfer or withdraw such balances in accordance with ISA Regulations, and we shall carry out such instructions no later than thirty (30) days after receiving them.
- You cannot transfer any P2P Loans held within The House Crowd to another ISA manager. You would first need to sell of (all or part of) your rights under P2P Loans held in your Money Mog ISA under our P2P Terms. Once you have sold a P2P Loan, the cash that you receive can then be transferred from your Money Mog ISA to another ISA manager through your Account. The sale of (all or part of) your rights under P2P Loans is governed by the P2P Terms. Please ensure you understand the relevant risks and restrictions, particularly that your capital may be at risk when investing in a P2P Loan.
- We will transfer the cash sum (subject to deduction of fees) to another ISA manager that accepts the transfer within such reasonable time as you stipulate, provided that the transfer process may take up to 30 days from the later of the date you sell your rights under the relevant P2P Loans and the date you notify us of the transfer request. You may be liable to pay the fees and charges of third party administrators and/or custodians arising from any transfer.
- When we transfer the cash realised from your Money Mog ISA to another ISA manager, all rights and obligations of the parties to the ISA are transferred with it to the new ISA manager. Your new ISA manager may require you to complete an ISA transfer application form.
- Terminating your ISA
- You have the right to close your Money Mog ISA whenever you wish to. To close your Money Mog ISA you must provide us with written instructions, via email or post, to do so. Where we are notified of your bankruptcy, we will take action to close your Money Mog ISA with effect from the date that the trustee in bankruptcy’s appointment takes place. We will close your Money Mog ISA upon our receipt of written notice of your death. The tax benefits of your Money Mog ISA cease on your death such that future interest payments will not be exempt from tax. We may require a grant of probate or letters of administration before releasing any monies in your account to your executors.
- We may also terminate your Money Mog ISA at any time where we reasonably believe that it is in breach of the requirements set out in the ISA Regulations. In these circumstances, you may lose some or all of your tax exemptions and any cash or P2P Loans will be held by us outside of the Money Mog ISA.
In these terms and conditions, unless the context otherwise requires:
“Account” means the secure online account you open with us, through which you can view details of each of your House Crowd ISAs;
“Crown Employees” means individuals that perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or individuals that are married to, or in a civil partnership with, a person who performs such duties;
“FCA” means the Financial Conduct Authority, which regulates firms operating electronic systems in relation to lending;
“HMRC” means Her Majesty’s Revenue and Customs;
“House Crowd Finance Limited” means the company with company registration number 10564875 – incorporated on 16 January 2017 with a registered office at 91- 95 Hale Road Hale, Altrincham, England, WA15 9HW;
“Innovative Finance ISA” means an innovative finance ISA opened and managed in accordance with the ISA Regulations;
“ISA” means an individual savings account opened and managed in accordance with the ISA Regulations;
“ISA Regulations” means the Individual Savings Account Regulations 1998;
“P2P Loan” means a peer to peer loan, including secured development or bridging loans, to a borrower which is transferred to lenders in accordance with the P2P Terms, in accordance with underwriting policies from time to time in place;
“P2P Terms” means the terms governing the House Crowd’s provision of P2P Loans, as applicable from time to time and as available on the Website;
“Tax Year” means a year starting on 6 April and ending on the following 5 April; and
“Website” means www.MoneyMog.com.