Holding some uninvested money (Cash)* is necessary for the functioning of your account on our Platform. Cash can be received by Platform One and applied to your Platform account(s) for the following reasons:
· Payments received from you in respect of contributions to be made to your account for investment. These may be individual contribution amounts or regular contributions.
· Payments received from your Employer if you are receiving Employer payments for your Pension.
· Payments received in respect of Tax Relief received from His Majesty’s Revenue & Customs (HMRC), for a Pension held by you.
· Payments received in respect of distributions due to you, received from investments that you hold.
· Interest payments applied to your account.
Cash held within your account will remain uninvested and held as Cash until an instruction has been received and fulfilled to invest the Cash, as directed by you or your financial intermediary.
Cash held within your account will also arise where investments are sold; the value payable to you following the sale of the investment will be applied to your account and remain until such time as it is reinvested or withdrawn.
The Cash within your account will also:
· Pay for your Platform One account charges;
· Pay for your Financial Intermediary’s charges;
· Pay for any additional charges applicable to your account, such as third-party product charges and Discretionary Fund Manager Charges.
Interest is calculated daily on the uninvested Cash value held in individual client platform accounts. The interest due to you is then paid directly to your respective account(s) held on our Platform on a monthly basis. Platform One currently pays 2% interest on uninvested monies held in your accounts on our Platform.
The interest rate paid is variable and is subject to change. Platform One receives varying rates of interest from different financial institutions in which client Cash is held. Platform One pays a proportion of interest earned on Cash balances held to you whilst also retaining a proportion of the interest received.
Platform One retains a proportion of this interest for the following reasons:
· To account for the resource and operational costs to Platform One for managing Cash. This includes daily reconciliations, oversight of our third-party banks and Financial Institutions with which Cash is deposited, bank charges associated with holding Cash and Cash transactions (these are not passed onto you), administrative functions for handling Cash such as monitoring receipt and applying to our customers’ accounts.
· To maintain the level of Platform Fees applied to investments held for our customers.
· To reinvest in Platform One’s resources to further develop our products and services for our customers.
Platform One does not charge you a Platform fee in respect of the uninvested Cash held within your account. Platform fees are calculated and deducted only with respect to the value of the investments that you hold within your account.
It is important to note that holding uninvested Cash on our Platform should not be seen as a way to save money but to facilitate necessary charges and other transactions to keep yourPlatform account(s) running smoothly. It is likely that you will be able to receive a higher interest rate by holding your Cash elsewhere.
Platform One segregates client Cash in designated client money accounts with a number of financial institutions for risk diversification purposes. All client Cash is held in line with the Financial Conduct Authority's (FCA’s) Client Money andAsset (CASS) rules. For more information about the rules regarding your Cash please refer to the Terms and Conditions of your account(s) which can be found in the “Documents” section when you are logged into the Platform. If you have any questions about these please let us know using the details provided below.
It is important to note that, if you are holding large Cash balances in your Platform account(s) in the event of the failure of a Bank with which we deposit client Cash, you may find that you are owed more than the Financial Services Compensation Scheme (FSCS) limit of £85,000 which is across all of your deposits with that bank, this includes any accounts you separately hold with that bank. You may therefore suffer a shortfall in its recovery.
The banks we currently use to deposit Cash (client money) are:
HSBS UK PLC
Cater Allen Private Bank
Clydesdale Bank PLC
AllFunds Bank SAU
We also deposit Cash to transaction accounts with third-party FCA regulated firms to facilitate trades for our customers’ Platform accounts:
James Brearley and Sons Limited
IG Markets Limited
Global Prime Partners Limited
For more information about the FSCS please visit the FSCS Website using this link FSCS Website or contact us for more information, using the details below.
In the event that we identify you are holding an unproportionally high amount of Cash in your Platform account/s we will contact your intermediary, or you directly, to request the reason for the amount of Cash held and the plans for the Cash e.g. investment or withdrawal.
To see all charges applicable to your account (including Intermediary charges and any other third-party charges)select your account(s) within the Platform and click on Account Fees under theView Transactions Option from the menu at the top of the screen.
You can all see all charges and interest applied to your account by viewing the Transaction History foreach account you hold on the Platform.
You will also receive a statement on a quarterly basis that details the following:
· The investments that you hold in each of your accounts are held with Platform One.
· The value of the investments as at the statement date.
· Any uninvested Cash held within your account as at the statement date.
· All transactions within your account within the statement period.
· All charges deducted from your account within the statement period.
· All interest amounts applied to your account within the statement period.
We are here to help you with any questions that you may have regarding your Platform account(s) held withPlatform One.
You can contact us by doing the following:
Telephone us: 0345 366 5445
Email us: uksupport@platform1online.com
Message us: Click on the Help Centre link in the top right-hand side of the screen when logged into the Platform and submit your message.
Send it by post: PO Box 944, Stockport, SK49FT.
We can also provide this information in alternative formats if needed such as:
Braille
Large Print
Audio
*By Cash or uninvested monies, we mean any money held in your Platform One portfolio that has not been invested.
The UK Data Protection Act (DPA) 2018, was enacted into UK Law to encompass the European Union’s General Data Protection Regulation 2018 (GDPR). Both the act and the regulation applies to ‘personal data’ with a core principle of giving individuals more control of their personal data. Personal data includes (but is not limited to) such details as name, address, telephone number, date of birth, etc. This policy applies to data held in both electronic/digital or paper format and provides information about the way Platform One manages, shares and protects personal data. Throughout this policy ‘personal data’ means any information relating to an identified or identifiable natural person (a ‘data subject’) and the term ‘individual’ will be used in place of the more formal ‘data subject’. In this policy, it is our aim to present the information using clear and plain language and in a manner that is concise, transparent, easily accessible and intelligible. We aim to keep our policy under regular review and we’ll place any updates on our website (www.platform1online.com) and our internal Policy Library.
Platform One Limited T/A Platform One (Companies House Number: 6993268) is registered at Peartree Business Centre, Cobham Road, Wimborne, Dorset. This policy applies across all areas our business including internal policies and procedure, and our website www.platform1online.com. This policy has been adopted both by our parent entity, Platform One Group Limited and any subsidiaries of Platform One Limited.
Platform One Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our registration details can be found on the FCA Financial Services Register at https://register.fca.org.uk. Our registration Number is 542059. Platform One Limited, its subsidiaries and its parent are all registered with the Information Commissions Office as a Data Controller. Our Data Protection Registration Licenses are as follows:
Platform One Limited – ZA647333
Platform One Group Limited (Parent) – ZA647319
Platform Nominees Limited (Subsidiary) – ZA647315
PLATO Nominee Limited (Subsidiary) – ZA647301
Platform One applies all principles of the GDPR and DPA in managing and protecting personal data. These principles are:
There are three important roles enacted into law with defined responsibilities:
· ‘Controller’ means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data;
· ‘Processor’ means a natural or legal person, public authority, agency or other body which processes personal data on behalf of the Controller;
· ‘Sub-Processors’ or ‘Third Party Processors’ mean a natural or legal person, public authority, agency or other body who, under the direct authority of the Controller or Processor, are authorised to process personal data.
This distinction is important because there are specific legal responsibilities that apply to those roles. The DPA & GDPR places specific legal obligations on Processors and Sub-Processors; for example, they are required to maintain records of personal data and processing activities and they will have legal liability if they are responsible for a personal data breach. They place other obligations on Controllers, such as:
· ensuring that contracts with Processors comply with the law;
· providing information to individuals about the processing of their personal data;
· facilitating the exercise of individuals’ rights.
In most cases Platform One will act as a ‘Controller’. Where the relationship of an individual is shared with a third party, Platform One will act in the capacity as a ‘Joint Controller’.
Due to the nature of our business and of our partners’ businesses, the personal data required will typically relate in some way to individuals’ personal and financial circumstances. In the case where a new client is being introduced, the personal data would need to be sufficient to facilitate anti-money laundering and identity verification requirements. In some cases, personal data may also include special categories, such as data about an individual’s health if this is necessary for the provision of the service(s).
Where special category data is required, Platform One should have obtained explicit consent to collect and process that data from the individual.
The primary legal basis that Platform One has for the collection and processing of personal data is for the performance of a contract we have with an individual or with another company such as an adviser firm. Collection of personal data is essential for us to be able to carry out the services that are expected of us effectively. Without the personal data described, Platform One and the other companies we work with would be unable to fulfill our contractual, legal and regulatory obligations.
We share personal data with a custodian, depending upon the service involved. A different custodian is used for each service (i.e. our Imperial Service and Platinum Service, International Service, International Plus Service and our Global Service each use a different custodian). We will provide individual investors with specific details at an appropriate point in time (typically at the time of new client application or specific product application).
We will ensure that the companies we share and control data with have appropriate measures and controls in place to comply with the DPA and GDPR.
We will also ensure that the nature and purpose of the processing is clear, that they are subject to a duty of confidence in collecting and processing personal data and that they’ll only act in accordance with appropriate instructions.
When it is necessary for personal data to be sent to or collected by another party (such as a Product Provider), we’ll use appropriate security measures to protect the personal data.
To fulfill our obligations in respect of prevention of money-laundering and other financial crime we may send personal data to third party agencies for identity and anti-money laundering verification purposes. We will not share personal data with companies outside the Platform One Group of companies without seeking prior consent.
To comply with legal and financial regulations (including audit), we may need to share personal data with HMRC, Regulatory Authorities and/or law enforcement agencies.
In principle, Platform One shouldn’t hold personal data for longer than is required. Platform One has a regulatory and legal requirement to maintain data for a minimum period. We will keep personal data for as long as an individuals is a client of Platform One. Following the termination of the relationship between Platform One and an individual, we will retain personal data for a maximum period of 7 years. This will enable us to deal with any questions or complaints, to demonstrate compliance with regulatory requirements or for legal reasons. All data will be held securely in an encrypted format.
Platform One undertakes a review of personal data in line with our data retention period. Data that is no longer required by us is destroyed and/or deleted inline with the principles set within the DPA and GDPR. Once data has been deleted or destroyed, Platform One will be unable to restore it.
The personal data of individuals are protected by legal rights, including:
A ‘personal data breach’ means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed. Platform is required to make notification where a data breach is likely to “result in a risk for the rights and freedoms of individuals”. This must be done within 72 hours of first having become aware of the breach.
If individuals have any questions or wish to raise a complaint with regard to how personal data is collect and/or processed by Platform One, they can do so by contacting our Data Protection Officer:
Michelle Martin
Peartree Business Centre
Cobham Road
Wimborne
Dorset
BH21 7PT
Tel: 01202 402767
Email: compliance@platform1online.com
A complainant may also have a right to lodge a complaint with the supervisory authority for data protection. In the UK this is:
Information Commissioner’s Office,
Wycliffe House,
Water Lane,
Wilmslow,
Cheshire,
SK9 5AF
For any further information regarding this policy please contact the Platform One Data Protection Office listed above.
The Platform One website uses cookies. Cookies are pieces of non-personal information that a website transfers to your computer. Cookies enable users to navigate around websites and (where appropriate) enable us to tailor the content to fit the needs of visitors who have accessed the site, helping us improve the user experience. Without cookies enabled we cannot guarantee that the website and your experience whilst visiting are as we intended it to be. None of the cookies used on our websites collect personally identifiable information about you.
We use cookies within our website to protect our customers and prevent fraudulent activity. We also use cookies to track how visitors reach our site and the path they take through it to help us improve our service to you. Cookies are used to monitor and manage our website traffic.
Platform One uses “Session Cookies”. These are temporary cookies, which only exist in the period you access the website (or more strictly, until you close the browser after accessing the website). Session cookies help our website remember what you chose on the previous page, therefore avoiding having to re-enter information.
Platform One also uses Google Analytics, a web analytics service provided by Google. This uses cookies to help us to analyse how users use the site, which in turn helps us develop a more user-friendly site for your benefit. Find out more about how these cookies are used on Google’s Privacy site.
We audit the types of cookies that are used on our Site, but it is possible that the services we use may make changes to their cookie names and purposes. We may also choose to change the cookies that we use from time to time. We always aim to show you up-to-date information, but may not be able to reflect these changes in our policy straightaway. The length of time a cookie will remain on your device will depend on the type of cookie. These cookies do not contain personal information, and cannot be used to identify you.
Platform One will not use cookies to collect personally identifiable information about you. However, if you wish to restrict or block the cookies which are set by us, you can do this through your browser settings. The help function within your browser should tell you how. Alternatively, you may wish to visit www.aboutcookies.org which contains comprehensive information on how to do this on a wide variety of browsers. You will also find details on how to delete cookies from your computer (including those from this visit) as well as more general information about cookies.
Our website is provided to you subject to the following terms and conditions. Please read these carefully as, by visiting this Website, you are deemed to have accepted them. If you do not agree to our terms, please leave the Website immediately.
Platform One is an regulated Platform provider and technology company for Independent Financial Advisers (IFAs) and their clients. This website is operated by Platform One Limited (“we”, “the company” or “Platform One”). Platform One is a trading name of Platform One Limited, registered in England and Wales, company number 06993268. Our registered office is Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT. Platform One Limited is authorised and regulated by the Financial Conduct Authority. You can find our details on the FCA Financial Services Register at https://register.fca.org.uk. Our FCA Registration Number is 542059. We are also registered with the Information Commissions Office as a Data Controller. Our Data Protection Register number is ZA647333. Platform One Limited is a subsidiary of Platform One Group Limited.
The Website is provided on an “AS IS” and “AS AVAILABLE” basis without any representation or endorsement made and without warranty of any kind whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy. To the extent permitted by law, Platform One will not be liable for any indirect or consequential loss or damage whatever (including without limitation loss of business, opportunity, data, profits) arising out of or in connection with the use of the Website.
Platform One makes no warranty that the functionality of the Website will be uninterrupted or error free, that defects will be corrected or that the Website or the server that makes it available are free of viruses or anything else which may be harmful or destructive. Nothing in these Terms and Conditions shall be construed so as to exclude or limit the liability of Platform One for death or personal injury as a result of the negligence of Platform One or that of its employees or agents.
Platform One has taken all reasonable steps to ensure that the information contained within the pages of this site is accurate, current and complies with the relevant legislation and regulations, however no warranty is given and no representation is made regarding the accuracy of or completeness of the content of this site.
You agree to indemnify and hold Platform One and its employees and agents harmless from and against all liabilities, legal fees, damages, losses, costs and other expenses in relation to any claims or actions brought against Platform One arising out of any breach by you of these Terms and Conditions or other liabilities arising out of your use of this Website.
These Terms and Conditions shall be governed by and construed in accordance with the laws of England and you hereby submit to the exclusive jurisdiction of the English courts.
We will only collect the necessary information from you that we will need to provide you with our Platform service and to provide our technology to you. For further information about how we collect and process your data, please refer to our privacy policy.
The Company may choose, from time to time, to amend the content of this Policy and should this happen, we will update the Policy and the revised version will be posted on this website. Please note that the Policy was last revised and updated on 8th February 2021. Please ensure that you visit this Policy on a regular basis so that you have read the latest version and continue to understand what we do with your information. Our status as (and that of any identified contributors) as the authors of content on our Websites must always be acknowledged.
This website uses cookies. View our Cookie Policy for a full list of the cookies that we use and third party cookies.
The Website may include links to third party websites that are controlled and maintained by others. Any link to other websites is not an endorsement of such websites and you acknowledge and agree that we are not responsible for the content or availability of any such sites.
Platform One is not authorised to offer or provide investment advice. All content provided within this website is for information purposes only.
For information about how to complain, please see our complaints policy.
Platform One, Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT
Telephone: 0345 366 5445
Email: clientservices@platform1online.com
We do our best to deliver outstanding customer service all the time – even when things go wrong. If your experience with us doesn’t live up to your expectations then please let us know so that we can try and put it right. We take all complaints and problems seriously, and we’ll do everything in our power to fix the problem.
FAO: The Compliance Manager
Platform One
Peartree Business Centre
Cobham Road
Wimborne
Dorset
BH21 7PT
Email: compliance@platform1online.com
Telephone: 0345 366 5445
If we can address your complaint to your satisfaction straight away, we will. If we can’t, we’ll acknowledge your complaint in writing within five days of receiving it and appoint a member of staff to investigate it. You’ll deal with one person, who will stay in touch with you as they work hard to find a solution.
We aim to resolve your complaint within four weeks, at which point we’ll send you a final response. If we can’t fully respond within that time frame, we’ll send you an update indicating when a final response will be available. If we are unable to issue a final response within eight weeks, we will write to you to explain why this is and when we will be in a position to provide a final response.
If you don’t receive your final response within eight weeks of us receiving your complaint, or you are dissatisfied with it (or any other part of the process) you can write to:
Financial Ombudsman Service (FOS), Exchange Tower, London, E14 9SR
Telephone: 0800 023 4567
Email: info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk
You must refer your complaint to the FOS within six months of the date on our final response letter.
Platform One is required to take reasonable steps to identify and manage potential and actual conflicts of interest which could pose a material risk of damage to the interests of one or more of the firm’s clients. Where the firm is unable to manage a conflict of interest, it is required to disclose the conflict.
Platform One’s policy sets out the firm’s arrangements for identifying and managing conflicts of interest. Supporting this aim are relevant policies and procedures, which includes those on Personal Account Dealing, Gifts, Hospitality and Inducements, Anti Bribery and Corruption and our Consumer Duty framework.
Potential conflicts identified by Platform One are recorded on the central COI register and reviewed bi-monthly.
The register of all identified conflicts is available to all staff. All Platform One staff receive an annual tutorial and testing on the importance of identifying, recording, mitigating and disclosing potential conflicts in all activities they undertake. The CoI Register is reviewed by the Chief Risk and Compliance Officer on a bi-monthly basis to ensure it captures all conflicts impacting on Platform One or its clients.
Where organisational or administrative arrangements made by Platform One to manage conflicts are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, the policy requires that Platform One:
Clearly disclose the general nature and / or sources of the relevant conflict to the client before undertaking business on its behalf; and
· Keep a record of this disclosure by a document separate to this policy.
· In applying this approach, Platform One’s policy is that it will seek to comply with the FCA’s view that conflicts should be managed wherever possible.
· Any disclosure shall be made in a durable medium and include sufficient detail (taking into account the nature of the client) to enable that client to take an informed decision with respect to the investment or ancillary service in the context of which the conflict arises.