TERMS OF BUSINESS
Cavendish Fiduciary (Jersey) Limited is regulated by the Jersey Financial Services Commission in the carrying on of trust company business. ‘Cavendish’ in the following terms of business means, Cavendish Fiduciary (Jersey) Limited or any of its subsidiary companies.
These terms of business apply to all relationships, whether the provision of trustee services, the provision of company administration services or otherwise unless specifically excluded or amended in writing. These Terms of Business will apply to all existing relationships from 1 January 2019 (or earlier if so agreed) and to all new relationships entered into after 1 January 2019.
Cavendish Trust Company Limited, in providing any service, whether to a company, trust or individual, shall not do anything or be required to do anything which in Cavendish’s opinion a) may conflict with the laws or regulations of Jersey or, as appropriate the company’s memorandum and Articles or Association or the trusts governing instrument(s)
b) would expose Cavendish Fiduciary (Jersey) Limited or any of its agents, officers or employees to any risk of civil or criminal liability or prosecution in any part of the world.
Cavendish Fiduciary (Jersey) Limited is not and does not hold itself out as being an expert in or have knowledge of the laws or regulations of any jurisdiction other than Jersey and in particular, Cavendish does not provide advice on matters relating to taxation in any jurisdiction other than Jersey.
Funds paid to Cavendish Fiduciary (Jersey) Limited by a client may be received in to the Cavendish Fiduciary (Jersey) Limited clients’ account. All monies transferred to or held by Cavendish or any Service Provider in relation to an Entity and/or the Client in relation to that Entity other than in respect of fees, taxes and disbursements shall accrue interest at the rate, if any, payable by the relevant client account bankers. Such interest shall be calculated and accrued on a quarterly basis in arrears and, if such amount exceeds the sum of £50, such quarterly interest shall be credited to the account in which the monies are held on behalf of the Entity and/or the Client. Where, however, the interest earned in a calendar quarter is less than £50, the amount of interest shall be retained by Cavendish or any of its Subsidiaries and Affiliates in respect of the administrative costs of arranging for the holding of the monies and the calculation and accrual of the interest earned thereon Cavendish reserves the right to charge an administration fee in respect of holding money on client account, in addition to any other fees charged.
Communication between Cavendish Fiduciary (Jersey) Limited and the beneficial owner, settlor or beneficiary of any client entity may be made by letter, fax, email or telephone to the address or number for that person which has most recently been notified to Cavendish in writing. Cavendish Fiduciary (Jersey) Limited makes no guarantee of the security of any particular form of communication and accepts no responsibility or liability for such. If any person does not wish Cavendish Fiduciary (Jersey) Limited to communicate by any particular form of communication a written instruction must be received to that effect.
Cavendish Fiduciary (Jersey) Limited reserves the right to monitor and/or record communications in any form.
All information which is not in the public domain concerning the entity under administration and any transactions or matters which it may be engaged in will be kept confidential by Cavendish and all its officers and employees unless
- it is necessary to disclose them by virtue of a Jersey law or by order of the Jersey Courts or any other order which has legal effect in Jersey, or
- such disclosure is considered necessary or appropriate in the interests of the company or the beneficiaries of a trust, or
- disclosure is authorised by an appropriate party.
Storage of documents and records
After termination, for whatever reason, of the provision of services to a client entity, Cavendish Fiduciary (Jersey) Limited is entitled to retain all records and documents generated in the course of providing such services until all fees and disbursements have been settled in full. Where a successor has been appointed to take over the service provided to the client entity, Cavendish Fiduciary (Jersey) Limited will liaise with that successor to provide such original or copy documents as may reasonably be required. Copies of all documents will be retained by Cavendish Trust Company Limited. Cavendish Fiduciary (Jersey) Limited reserves the right to charge the cost of copying such documents where considered appropriate.
After the termination of the provision of services Cavendish Fiduciary (Jersey) Limited will retain all records and documents generated and files relating to the client entity and the services provided for at least ten years. At Cavendish Trust Company Limited’s discretion, such retention may be by way of electronic or microfilm copies, save for original signed documents, Where electronic/microfilm copies have been made, Cavendish Fiduciary (Jersey) Limited reserves the right to destroy the related hard copies. After ten years, the retention of all documents is at the discretion of Cavendish Fiduciary (Jersey) Limited and they may be destroyed without further notice to any concerned party unless Cavendish Fiduciary (Jersey) Limited has been instructed otherwise prior to the termination of the service. If instructed to retain files for longer than the ten year period, a charge may be made for storage.
Specific requests for information concerning the services or the retrieval of specific documents may be made after the termination of the services by any person entitled to such information, but Cavendish Fiduciary (Jersey) Limited reserves the right to charge for retrieving the information.
Data Protection and Registration
See separate Privacy Notice
Identity of clients and anti-money laundering procedures
Jersey law requires Cavendish Fiduciary (Jersey) Limited to operate anti-money laundering polices and procedures in carrying on trust and company administration business. Cavendish Fiduciary (Jersey) Limited reserves the right to apply such checks as it considers necessary or appropriate (including but not limited to the confirmation of source of funds, verification of the identity (including address) of beneficial owners, settlors, beneficiaries and verification of the capacity to give instructions for limited companies). Failure to provide information or documents requested to allow Cavendish Fiduciary (Jersey) Limited to carry out these checks shall allow Cavendish Fiduciary (Jersey) Limited to terminate or suspend the services provided. No responsibility or liability which arises directly or indirectly as a result of delays or termination of services resulting from these checks shall be accepted by Cavendish Trust Company Limited. Information or documents provided to fulfil these requirements may be subject to disclosure and production as a result of orders effective under Jersey law.
It may be necessary to disclose information or documentation arising from anti-money laundering procedures to third parties, such as banks, which provide services to a client entity. By providing the required information, each person concerned will be taken to have consented to the onward disclosure of such information to third parties.
Variation and publication of Terms of Business
Cavendish Fiduciary (Jersey) Limited reserves the right to vary these terms of business from time to time including during the provision of services to a particular entity. Where the terms of business are varied, Cavendish Fiduciary (Jersey) Limited will use reasonable efforts to draw the variation to the attention of existing clients.
A hard copy of the Terms of Business in force at any particular time will be provided on request. However, these Terms of Business and any future variations thereof will be published on the Cavendish Fiduciary (Jersey) Limited website at www.Cavendish.co.uk by way of public notice to all existing and potential clients of Cavendish Trust Company Limited. Where written notice of the existence of these Terms of Business as published on the website has been given to any person, and they have not requested a hard copy be sent to them, they shall be deemed to have agreed to the Terms of Business and future variations.
Services provided by associated entities and other agents
Where it is considered appropriate, at the discretion of Cavendish Trust Company Limited, to seek legal or accountancy advice on any matter, Cavendish Fiduciary (Jersey) Limited reserves the right to use the services of Abaris Chartered Accountants, its associated accountancy practice. Fees relating to such advice or services will be billed separately
Cavendish Fiduciary (Jersey) Limited reserves the right to nominate any of its subsidiary companies or directors or employees to hold office or provide any part of the administration of the entity. Cavendish Fiduciary (Jersey) Limited reserves the right, wherever considered necessary or appropriate in providing the services, to delegate any of the responsibilities or functions to, or to seek advice from, any third party or agent, where this is not inconsistent with the terms of the relevant agreement or instrument governing the services concerned. The fees and commissions of such third parties or agents may be shown as a disbursement on Cavendish’s next invoice or be billed separately.
Working for other clients
Cavendish Fiduciary (Jersey) Limited reserves the right to provide services to other client entities at its discretion. Any agreement to provide services to a particular entity does not mean that similar services will not be provided for other entities, including in connected matters, or prevent directors or associated companies from acting for other parties to transactions in which the entity may be involved. Where, in the course of providing any service, confidential information is disclosed to or held by us, such information will be adequately safeguarded and will not be used against the interests of the relevant client entity or beneficiaries thereof (in the case of a trust). Cavendish Fiduciary (Jersey) Limited reserves complete discretion to determine, in the case of any conflict of interest arising, whether to continue to act in all capacities concerned, with the consent of any relevant parties, or (if considered appropriate) with the consent of the Royal Court of Jersey. If it is considered inappropriate to continue to act in cases of conflict of interest, Cavendish Fiduciary (Jersey) Limited reserves the right to cease to act in one or more such capacities, including termination of the provision of trustee services to any trust or of company administration services to any company. If Cavendish Fiduciary (Jersey) Limited decides to terminate services provided to any entity in these circumstances Cavendish Fiduciary (Jersey) Limited shall not be liable for any expenses or losses arising from such termination, including but not limited to any loss arising from lost opportunities to the entity concerned or any related parties.
Questions and Complaints
Questions or concerns which arise in respect of services provided should initially be addressed to the director of Cavendish Fiduciary (Jersey) Limited responsible for the client relationship concerned. All queries or complaints, including concerns over fees will be answered fully and promptly. If the issue is not satisfactorily resolved by this process, the issue may be referred to Cavendish Trust Company Limited’s compliance officer who may refer them to a director not generally involved in the client relationship for an independent review. A record of all complaints must be maintained by Cavendish Fiduciary (Jersey) Limited as a requirement of the Codes of Practice governing trust company business. This record is available for inspection by officers of the Jersey Financial Services Commission. If any dispute cannot be resolved in the above way then the Courts of Jersey shall have exclusive jurisdiction to hear such dispute applying Jersey law in all such matters. These terms of Business shall be governed by and construed in accordance with the laws of the Island of Jersey.