This website is owned and maintained by The Royal Bank of Scotland plc ("us", "we" or "RBS"). The use of this website is subject to the following terms and conditions which you should read carefully. By using this website you agree to be legally bound by these terms and conditions. If you do not accept these terms and conditions, please do not use this website.
Use of website
1. The information provided on this website or in any communication containing a link to this site is for personal use and information purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country.
Where such distribution or use would be contrary to law or regulation or which would subject any member of The Royal Bank of Scotland Group ("the RBS Group") to any registration requirement within such jurisdiction or country. Where any opinions are expressed on this website, they are provided by the RBS Group for personal use and for informational purposes only.
2. Unless otherwise stated on the product pages, the services and products on this website are intended for use by residents of the UK only, and are not aimed at or intended for use by residents of any other jurisdiction.
3. Where any information on this website constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 it is issued and approved by us for distribution and use in the UK only.
4. This website is designed to be accessed through its principal home pages and such other pages as we may decide. If you access the site through individual pages directly, which are not designed for this purpose, you may not see important information which is relevant to information on this website. You will be referred on certain site pages to read "Legal information". This Important Information will contain important details and/or relevant legal or regulatory information and should be read in conjunction with the relevant site pages.
Exclusion of liability
5. These 'Exclusion of Liability' provisions should be read carefully as they exclude or limit our legal liability in connection with your use of this website. Nothing in these terms and conditions and in particular within the 'Exclusion of Liability' clauses shall attempt to exclude liability that is not permissible to exclude under applicable law, including without limitation, for death or personal injury, or for fraudulent misrepresentation.
6. Nothing in these terms and conditions shall exclude or limit or restrict our duties and liabilities to you under the Financial Services and Markets Act 2000, or any conduct of business rules which we are bound to comply with.
7. While we have taken all reasonable steps to ensure the accuracy and completeness of the content of the website, we exclude any warranties, undertakings or representations (either express or implied) to the full extent permitted under applicable law, that the website or (including without limitation) all or any part of the content or materials, accuracy, availability or completeness of the content of the website or any part of the content or materials are appropriate or available for use either in the United Kingdom or in other jurisdictions. If you use this website from other jurisdictions, you are responsible for compliance with applicable local laws.
8. We accept no liability howsoever caused (to the maximum extent permitted by applicable law) arising out of the use of or access to this website (which includes without limitation) any errors or omissions contained in this website or if the website is unavailable and we shall not be liable for any direct or indirect:
- economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings)
- loss of goodwill or reputation
- loss or damage which was not reasonably foreseeable, suffered or incurred arising out of or in connection with your use of this website and these terms and conditions
9. Access to and use of this website is at your own risk and we do not warrant that the use of this website or any material downloaded from it will not cause damage to any property, or otherwise minimise or eliminate the inherent risks of the internet including but not limited to loss of data, computer virus infection, spyware, malicious software, trojans and worms. Also, we accept no liability in respect of losses or damages arising out of changes made to the content of this website by unauthorised third parties.
10. To provide increased value to users of this website, we may provide links to other websites or resources (that are not part of the RBS Group) for you to access at your sole discretion. You acknowledge and agree that, as you have chosen to enter the linked website we are not responsible for the availability of such external sites or resources, and that we do not review or endorse and shall not be responsible or liable, directly or indirectly.
For (i) the privacy practices of such websites, (ii) the content of such websites, including (without limitation) any advertising, content, products, goods or other materials or services on or available from such websites or resources or (iii) the use that others make of these websites or resources, nor for any damage, loss or offence caused or alleged to be caused by, or in connection with, the use of or reliance on any such advertising, content, products, goods or other materials or services available on such external websites or resources.
11. Certain content posted on this website is created by members of the public. The views and opinions expressed are theirs and unless specifically stated are not those of the RBS Group. The RBS Group is not responsible for, and does not endorse unless specifically stated, any content posted by members of the public on this website.
13. The Royal Bank of Scotland plc. All rights, save as expressly granted, are reserved. Reproduction in any form of any part of the contents of this website without our prior written consent is prohibited unless for personal use only.
14. This website contains numerous trade marks belonging to The Royal Bank of Scotland Group plc and other companies in the RBS Group. These trade marks include, but are not limited to, The Royal Bank of Scotland logo, The Royal Bank of Scotland, RBS, Royline, Highline and Cashline. If you are in doubt as to whether an item is a trade mark of The Royal Bank of Scotland Group plc or a member of the RBS Group, please contact us for clarification at the registered office address below.
15. The contents of this website do not purport to provide any financial, investment or professional advice and nothing on the pages of this website shall be deemed to constitute the offer or provision of financial, investment or other professional advice in any way. In particular, you should obtain advice from a qualified financial advisor before making any investment decision.
16. The Royal Bank of Scotland plc, registered in Scotland no. 83026. Registered office: 36 St Andrew Square, Edinburgh, EH2 2YB is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation. The Bank is entered in the FCA's Register and its Register number is 114724. The FCA's Register can be accessed at http://www.fca.org.uk/register/. The Bank's registered VAT number is GB 243852752. Credit facilities other than regulated mortgages are not regulated by the Financial Conduct Authority.
17. Persons dealing with any member of the RBS Group outside the UK are not covered by the rules and regulations applicable for the protection of investors in the UK.
Changes to website
18. The contents of this website, including these terms and conditions of use, are subject to change by us without notification and the RBS Group shall not be obliged to remove any outdated information from the website or to expressly mark it as being outdated.
19. Calls may be recorded.
20. In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, the RBS Group reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes (without limitation) checks for, but not limited to; viruses and other malignant code, criminal activity, and use of content that is unauthorised or unlawful, or material that may cause offence in any way.
21. Persons accessing this website from Australia should note that their access to, and use of, the information, services and products on this website may be prohibited under the Australian Corporations Act 2001 or under RBS' Australian Financial Services Licence. Nothing contained in this website should be construed as an authorisation to access or use the information, services or products on this website in Australia where such prohibitions apply.
Other important information
22. The information, and any opinion contained in this website does not constitute a public offer under any applicable legislation or an offer to sell or the solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
23. This website contains certain 'forward looking statements' as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words 'expect', 'estimate', 'project', 'anticipate', 'believes', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk ('VaR')', 'target', 'goal', 'objective', 'will', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on such expressions. In particular, this website may include forward-looking statements relating, but not limited to: the Group's restructuring plans, capitalisation, portfolios, net interest margin, capital ratios, liquidity, risk weighted assets, return on equity, cost:income ratios, leverage and loan:deposit ratios, funding and risk profile; the Group's future financial performance; the level and extent of future impairments and write-downs; the protection provided by the Asset Protection Scheme (APS); and the Group's potential exposures to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity and equity price risk. These statements are based on current plans, estimates and projections, and are subject to inherent risks, uncertainties and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. Such risks and uncertainties are discussed in the RBS Group's SEC filings.
24. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this website include, but are not limited to, the full nationalisation of the RBS Group or other resolution procedures under the Banking Act 2009; the global economy and instability in the global financial markets, and their impact on the financial industry in general and on the RBS Group in particular; the financial stability of other financial institutions, and the RBS Group's counterparties and borrowers; the ability to complete restructurings on a timely basis, or at all, including the disposal of certain non-core assets and assets and businesses required as part of the EC State Aid restructuring plan; organisational restructuring; the ability to access sufficient funding to meet liquidity needs; the extent of future write-downs and impairment charges caused by depressed asset valuations; the inability to hedge certain risks economically; costs or exposures borne by the RBS Group arising out of the origination or sale of mortgages or mortgage-backed securities in the United States; the value and effectiveness of any credit protection purchased by the RBS Group; unanticipated turbulence in interest rates, yield curves, foreign currency exchange rates, credit spreads, bond prices, commodity prices, equity prices and basis, volatility and correlation risks; changes in the credit ratings of the RBS Group; ineffective management of capital or changes to capital adequacy or liquidity requirements; changes to the valuation of financial instruments recorded at fair value; competition and consolidation in the banking sector; HM Treasury exercising influence over the operations of the RBS Group; the ability of the RBS Group to attract or retain senior management or other key employees; regulatory or legal changes (including those requiring any restructuring of the Group's operations) in the United Kingdom, the United States and other countries in which the RBS Group operates or a change in United Kingdom Government policy; changes to regulatory requirements relating to capital and liquidity; changes to the monetary and interest rate policies of the Bank of England, the Board of Governors of the Federal Reserve System and other G7 central banks; impairments of goodwill; pension fund shortfalls; litigation and regulatory investigations; general operational risks; insurance claims; reputational risk; general geopolitical and economic conditions in the UK and in other countries in which the RBS Group has significant business activities or investments, including the United States; the ability to achieve revenue benefits and cost savings from the integration of certain of RBS Holdings N.V.'s (formerly ABN AMRO Holding N.V.) businesses and assets; changes in UK and foreign laws, regulations, accounting standards and taxes, including changes in regulatory capital regulations and liquidity requirements; the participation of the RBS Group in the APS and the effect of the APS on the RBS Group's financial and capital position; the ability to access the contingent capital arrangements with HM Treasury; the conversion of the B Shares in accordance with their terms; limitations on, or additional requirements imposed on, the RBS Group's activities as a result of HM Treasury's investment in the RBS Group; and the success of the RBS Group in managing the risks involved in the foregoing. The forward-looking statements contained in this website speak only as of the date of the related document, and the RBS Group does not undertake to update any forward looking statement to reflect events or circumstances after the date hereof.
25. The information contained in this website is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by RBS. Any person at any time acquiring RBS Group securities must do so only on the basis of such person's own judgement as to the merits of the suitability of the securities for its purposes and only on such information as is contained such in public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained herein. The information contained in this website is not tailored for any particular investor and does not constitute individual investment advice.
26. Information in this website relating to the price at which investments have been bought or sold in the past or the yield on investments cannot be relied upon as a guide to future performance.
27. The financial information published or to be published on this website, or made available or to be made available through this website, such as annual reports and quarterly reports, is compiled and placed on this website with the greatest of care. Nevertheless, only the original hard-copy English versions of this information shall be regarded as the original version. No rights may be derived from financial information published or to be published on this website, or available or to be made available through this website, including with regard to its accuracy and completeness.
28. In addition, it should be noted that the annual report and accounts of the RBS Group which are published on this website or made available through this website, may be subject to adoption by the Annual General Meeting of Shareholders of the RBS Group for the year to which the report and accounts relate.
Additional information for United Kingdom users
29. The Royal Bank of Scotland plc is a member of the Financial Services Compensation Scheme (FSCS). The Scheme can pay compensation to customers if they are eligible and a regulated firm is unable to pay claims against it, usually if the firm stops trading or is insolvent. Compensation limits apply depending on the type of claim:
- deposits - for money held in a bank or building society in the UK, the scheme will cover up to £85,000. Deposits in all currencies are treated the same. Deposits with RBS, Direct Line, Lombard, the One Account, Child & Co, Drummonds and Holt's are all covered by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This means the total deposits with these firms will count towards the one compensation limit
- investments - maximum £50,000, i.e. 100% of first £50,000 per person
- mortgage advice and arranging (for business conducted on or after 31 October 2004) - maximum £50,000, i.e. 100% of first £50,000 per person
- long-term insurance (e.g. pensions and life assurance): maximum 90% of the claim without any upper limit
- general insurance:
- compulsory insurance (e.g. third party motor): 100% of the claim, without any upper limit
- non-compulsory insurance (e.g. home and general): maximum 90% of the claim, without any upper limit
- general insurance advice and arranging: (for business conducted on or after 14 January 2005). Maximum 90% of the claim, without any upper limit
Most retail consumers (this includes private individuals and some small businesses) are eligible under the Scheme.
For further information on the conditions governing compensation and details on how to apply please refer to the FSCS.
32. In the event any provision of these terms and conditions of use and access of this website is held unenforceable, it will not affect the validity and enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.
33. The terms and conditions of use of this website are governed by the laws of Scotland and any dispute regarding this website shall be subject to the non-exclusive jurisdiction of the Scottish courts.
34. The Royal Bank of Scotland plc, Registered in Scotland No 83026. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.
Inter-bank agency agreements
This section contains information for other banks that either have or may wish to consider setting up an Inter-bank agency agreement with us.
35. Inter-bank agency agreements (IBAA) are bi-lateral arrangements between banks. They principally provide a service offering of certain branch counter services to another bank's customers by prior arrangement. They facilitate an essential service that enables businesses to access banking facilities where they might otherwise find this difficult - for example due to location or size of their own bank's branches. The nature and range of the counter services offered is at the discretion of the providing bank. The banks charge each other on a reciprocal basis after the other bank's customer uses the agreed counter service.
The counter service transactions that are covered are as follows:
- cash transactions
- cheques paid in
- bank giro credits
- wages/salary cheques cashed
- night safes
- special presentations (cheques)
- returned cheques collected
Whilst we wish to be as co-operative as possible when we receive a request from another bank for the provision of these facilities to their customers, there may be situations where we are unable to provide these facilities, even though we may have a branch situated locally (e.g. the anticipated volumes of activity exceed the capacity of the particular branch).
Outline of the process for setting up a new IBAA (i.e. where no formal arrangement already exists between RBS and the account-holding bank):
- an application to set up a new IBAA must be made by the account-holding bank
- the other bank's customers should approach their own bank/ branch indicating that they wish to use the counter facilities at a specific branch or branches of RBS
- the account-holding bank should then apply, in writing, to RBS Markets and International Banking UK, 8th Floor, 250 Bishopsgate, London, EC2M 4AA, outlining the requirements of the customer, including the branch(es) concerned and the pattern and volume of activity the customer is likely to transact
- the application usually takes a few weeks to process. The processing time will be reduced if all the requisite documentation and information relating to the customer, is submitted with the application
Outline of the process to be followed where a formal arrangement already exists between RBS and the account holding bank.
- Where a non-RBS customer wishes to use the counter facilities at a specific branch or branches of RBS and the account-holding bank already has a formal Agency Agreement with RBS in place, the account-holding bank should write directly to the RBS branch(es) concerned, requesting these facilities and outlining the requirements of the customer.
Clearance of funds under an IBAA.
- For IBAAs, value (via the credit clearing system) will usually be provided to the account-holding bank on working day 3, for both cash and cheques
- where there is no mechanism in place to confirm whether a cheque has been paid or not, unpaid cheques will normally be in a collecting banker's hands on working day 4. Under an IBAA, when the original credit has been forwarded to another bank, the advice to that bank (the account holding bank) will not be received by them until at least working day 5
- at each step, the process may be shortened if information is provided by telephone
- when RBS acts as a "collecting banker" for credits paid into accounts with other banks, it does so "with recourse" in the event that the underlying cheques may be returned unpaid
- it is up to the account-holding bank to determine at which stage it will provide "cleared" funds to its customer. If the underlying transaction is cash paid in at the collecting bank, the account-holding bank should normally provide cleared value on working day 3. However, for cheques, although RBS applies a cleared value on working day 3, it cannot be certain at that time that the cheque will definitely be paid. The earliest occasion on which RBS would be aware of non-payment will be around 4 working days after deposit, although in some circumstances this period could be longer. For this reason, RBS recommends the account holding bank to require its customers to wait until at least working day 5, before allowing them to withdraw funds
NB. Day 1 = The day that a cheque is paid in at branch and processed (assuming that the cheque is not held over to the next working day, which will happen if it's paid in after the 'cut off' time. The cut off time for most RBS branches is 3:30pm, Monday to Friday, however please note that there can be local variations).