Terms of Business

Haibun Partners LLP Terms of Business

It is important that you read these terms and conditions carefully and in full, as it contains important provisions concerning your and our rights and obligations in relation to the services we agree to provide you.

1. General Information:

We specialise in marketing alternative investments and strategies from third parties to sophisticate investors; as such the Financial Conduct Authority (FCA) does not regulate all the products and service we provide.

We are authorised and regulated by the FCA, our registration number is 440399. This can be confirmed by going to the FCA website on www.fca.org.uk or by writing to: The Financial Conduct Authority, 25 The North Colonnade, London, E14 5HS. Our registered office is: 7 Johnston Road, Woodford Green, IG8 0XA.

2. Our Services:

This Agreement sets out the basis on which we will provide you, the client, with arranging services in relation to products operated by third parties.

We will provide you with marketing information from the third party pertaining to the relevant investment product allowing you to make an informed decision.

We may agree to assist you with the completion of applications that you make to acquire an investment product. In most cases your application to acquire a product will be governed by the terms of the offering document, and we may assist you in making your application in accordance with such terms.

Our obligation is to ensure that any financial promotion of a third party product is clear, fair and not misleading and that as a firm we act honestly, fairly and professionally in accordance with the best interests of a client and that we provide our services with due care, skill and diligence.

3. Client Classification:

Haibun Partners LLP only deals with Professional Clients and Eligible Counterparties. The FCA outlines three categories of client and the level of regulatory protection afforded to each category. The three categories are Retail Client, Professional Client and Eligible Counterparty. Being classified as a Retail Client offers the greatest amount of regulatory protection. Classification as a Professional Client or Eligible Counterparty means you are not entitled to the protections afforded to Retail Clients under the rules of the FCA. If you cannot be classified as a Professional Client or Eligible Counterparty we are unable to conduct business with you.

The FCA’s Conduct of Business Sourcebook (COBS) details the classification requirements for Professional Clients and is available at the following webpage: https://www.handbook.fca.org.uk/handbook/COBS/3/5.html

As part of our classification process we will require you to provide information about your knowledge and experience concerning investments in order to determine whether you have the level of experience and knowledge required to understand the risk inherent to investment services or the financial product marketed to, or requested by you.

4. No Advice:

You will not receive advice or a personal recommendation from us. We will give you information about a product but cannot make a decision for you; we give no warranty to you as to the suitability of the product for you and assume no fiduciary duties in our relations with you. Where you choose to make an application for a product you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of acquiring any product and that you have the knowledge and experience to make your own evaluations of the merits and risks of any investment and that any decision to invest is made on the basis of your knowledge and experience.

Where we do provide information, opinion or commentary on any product, it is provided solely to you to enable you to make your own investment decisions. We give no representation, warranty or guarantee as to the accuracy or completeness of any information, or as to the tax consequences of any investment.

We shall not, nor shall we at any time, be deemed to be under any duty to provide tax advice to you. Where we do provide information or guidance in regard to tax implications associated with an investment, it does not constitute personal advice or advice specific to your own circumstances and is purely generic in nature. You should seek tax advice from a suitably qualified adviser if you are in any doubt prior to making an investment.

5. Risk Warnings:

Please be aware that the value of investments and any income deriving from them can fall as well as rise. You may not get back the original amount invested and may lose all of your investment. You should ensure that you have sufficient liquidity to bear this risk before considering any investment. Past performance is not a reliable indicator of future results.

The price of investments we may introduce to clients may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. A number of the investment products that we market are illiquid investments and therefore higher risk investments.

The risk factors set out above are not complete and you must refer to the relevant offering documents with respect to the risks attached to investment in individual funds or products.

6. The Financial Ombudsman Service (FOS):

You may have no right to compensation under the Financial Ombudsman Service. This is due to your classification as a Professional Client and the foregoing of the protections afforded to a Retail Client.

7. The Financial Services Compensation Scheme (FSCS):

You may have no right to compensation under the Financial Services Compensation Scheme. This is due to your classification as a Professional Client and the foregoing of the protections afforded to a Retail Client.

8. Force Majeure:

We will not be responsible or liable for any loss or for any failure to fulfil any of our obligations or duties hereunder or for any claims, losses, damages, liabilities, costs or expenses suffered or incurred by you if such loss, damage, liability, cost, expense or failure arises directly or indirectly out of or in connection with or as a result of any fire, natural disaster, act of Government or State, change in the law, war or civil commotion, postal or worker dispute, embargo, delay or breakdown in communications or electronic transmission system, failure of any computer dealing or settlement system, inability to communicate (including due to interruptions to internet, e-mail and telephone systems & including by reason of virus), unavailability of market prices or suspension of dealing on relevant exchanges, late payment or late delivery by any other person or failure of any securities depository or any other cause or circumstance beyond the reasonable control of Haibun Partners.

9. Limitation of Liability:

Haibun Partners LLP shall not be liable to you for loss, including any indirect or consequential loss including, without limitation, loss of profit, damage, injury or delay, whether direct or indirect, arising from the closure or loss of facilities of any relevant investment or investment exchange or from any act of omission of any relevant investment or investment exchange, its officers, employees, agents or representatives or for any reason beyond our control.

Haibun Partners LLP shall not be liable to you for loss, including any indirect or consequential loss including, without limitation, loss of profit, damage, injury or delay, whether direct or indirect, arising from the closure or loss of facilities of any relevant investment or investment exchange or from any act of omission of any relevant investment or investment exchange, its officers, employees, agents or representatives or for any reason beyond our control.

We shall not be liable in contract, tort (including negligence), breach of statutory duty or otherwise howsoever arising for any claim, damage, loss (whether direct or indirect) or costs in respect of any:

  1. loss of profit; or
  2. loss of anticipated business; or
  3. loss of opportunity; or
  4. loss of anticipated contracts

10. Remuneration:

We receive introduction fees or commissions from third parties to whom introductions are made. We do not normally charge fees directly to a client but are remunerated by the investment manager. This allows you to invest on a gross basis. In certain circumstances an investment manager may facilitate the payment of a fee to us on your behalf and set aside the agreed amount and remit the fee to us. This net subscription to the investment shall be the total subscription less any fee you agree to be paid as a facilitation fee to us. Should we seek to charge a fee directly to you outside of an investment for services we provide, we will notify you in advance and write to you with details before we carry out any chargeable work, explaining how the fee will be calculated.

11. Client Money:

We do not handle client money (unless it is a settlement of previously agreed fees for which we have notified you in writing and sent you an invoice). Crossed cheques for premiums or investment monies can only be made payable directly to the product provider. No premiums or investment monies of any kind should be paid or made payable to anyone else; any receipt by them of such a payment from you will not be regarded by us as being a transaction for which we will have any responsibility.

12. Complaints:

If for any reason you need to make a complaint, please write to the Compliance Officer at Haibun Partners LLP, 2nd Floor, 7 Johnston Road, Woodford Green, IG8 0XA. We will respond to your complaint within a maximum of five days of receipt of your letter confirming we have received the complaint and that we are dealing with it.

13. Money Laundering:

We are obliged to conform to the Money Laundering Regulations 2007, and also adhere to the guidance notes from the Joint Money Laundering Steering Group, which requires financial institutions to verify the identity and place of residence of each customer. You authorise us to use personal information provided by you in order to conduct appropriate checks to comply with these obligations. You may also be required to provide additional information – should this be necessary, we shall contact you and explain our requirements.

We may ask you to supply evidence of your identity and your address from time to time. Should we require you to provide evidence of your identity and address, we will ask you to provide either original or certified copy documents which are personal to you and which will enable us to fulfil our regulatory obligations. Where original documents are provided, these will be copied for our sole record-keeping purposes and the originals will be returned to you.

We may use credit reference agency (CRA) and fraud prevention agency (FPA) records about you in order to prevent fraud, money laundering and other crimes. We may pass details of false or inaccurate information provided and any suspected fraud or general information to FPAs and other relevant organisations.

We obtain the records through Experian. Their address is: Customer Support Centre, Experian Ltd, PO Box 9000, Nottingham, NG80 7WP (0844 481 8000, www.experian.co.uk).

We are able to verify the identity of the majority of clients who are individuals and resident in the UK, Isle of Man or Channel Islands, via an electronic system provided by Experian.

We will not forward any applications or money for investments to third parties/product providers until our verification requirements have been met. We take no responsibility for any delay in investing where money laundering verification is outstanding.

14. Data Protection:

We are registered under the Data Protection Act 1998 (Registration Number Z3439323) and we undertake to comply with the Act in all our dealings with your personal data. Your personal information will be kept secure. Our privacy and cookies policy is detailed on our website.

15. Anti-Bribery & Corruption:

We have an anti-bribery policy in place which adheres with the Bribery Act 2010 legislation. Copies of our anti-bribery policy are available on our website www.haibun.co.uk or by calling 44 (0)20 8498 9490.

16. Electronic Communication:

Internet communications are capable of data corruption and therefore we do not accept any responsibility for changes made to such communications after their despatch. It may therefore be inappropriate to rely on advice contained in an email without obtaining written confirmation of it. We do not accept responsibility for any errors or problems that may arise through the use of internet communication and all risks connected with sending commercially sensitive information relating to your business are borne by you. If you do not agree to accept this risk, you should notify us in writing that email is not an acceptable means of communication.

It is the responsibility of the recipient to carry out a virus check on any email and attachments received.

17. Termination:

Either party may terminate this Agreement and the relationship between us by giving written notice of the termination on the other. Upon terminating this Agreement, any outstanding obligations under this Agreement shall be terminated including any outstanding applications.

18. Law:

These Terms of Business are governed and shall be construed in accordance with English law and the parties shall submit to the exclusive jurisdiction of the English Courts.

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Information contained on this website is not intended for retail investors. It contains details on Haibun Partners LLP services and products and is intended for elective professional clients only, therefore promotion of such products and services is restricted.

Haibun Partners LLP recommend that investors seek specialist tax or financial advice before investing. Haibun Partners LLP do not provide advice and the information on this website should not be construed as such.

Any tax relief referred to may be subject to change and will depend on an investors individual circumstances. Please note that any reference made to past performance is not a reliable indicator of future results.

This Website is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person.

Loss of protection warning:

A number of rules and protections which would otherwise apply to you will not apply if you are accepted to be treated as a professional client.

In particular:

  1. Communications, including financial promotions made by us, with professional clients are not subject to all of the requirements imposed by MiFID on communications with retail clients. Our communications must be clear, fair and not misleading. We may take into account your expertise as an elective professional client when complying with the requirements to provide you with a general description of the nature and risks of particular transactions.
  2. We will assume that an individual has an understanding of risk in relation to the products, transactions and services if classified as a professional client, and that you have the necessary level of experience and knowledge to understand the risks involved, and that you are able financially to bear the investment risks.
  3. Professional clients may not be eligible complainants with respect to the Financial Ombudsman Services.
  4. Information provisions about us, our services, and remuneration that are required with retail clients are not all required with respect to professional clients.
  5. With respect to non-advised services, we are not required to request information or adhere to the same procedures when assessing the appropriateness of a given service or product for a professional client.
  6. Generally, only retail clients are entitled to claim compensation under the Financial Services Compensation Scheme.

Haibun Partners LLP is directly authorised and regulated by the Financial Conduct Authority, registration number 440399.

Please confirm you have read the above warnings and are happy to proceed on the basis that Haibun Partners LLP will only deal with you on the basis that you will need to be accepted as an elective professional client. For further details on the professional client categorisation please view the section of the FCA’s handbook here.