1.1
Welcome to Financial Familia (the "Platform"). These Terms and Conditions (these "Terms") govern your use of our digital platform that facilitates group savings arrangements between users.
1.2
By creating an account or using our Platform, you agree to be bound by these Terms. If you do not agree with these Terms, please do not use our Platform.
1.3
We are [CompanyName], a company registered in England and Wales under company number [CompanyNumber] with our registered office at [RegisteredAddress] ("we", "us", "our" or "Financial Familia").
2.1 Our Role
We provide a technology platform that helps groups of people organise and manage their savings arrangements digitally. We are a facilitator only - we do not provide financial services.
2.2 What We Don't Do
We do not:
2.3 Your Responsibility
You are responsible for all decisions about joining savings groups and making payments. You should only join groups with people you trust.
3.1 Creating Groups
Users can create savings groups digitally through our Platform interface where members agree to contribute money regularly and take turns receiving the total contributions.
3.2 Digital Group Setup
When creating a group, you will complete online forms specifying the group parameters including contribution amounts, payment schedules, rotation order, and other terms.
3.3 Joining Groups
You may join savings groups by accepting digital invitations or applying to join open groups through the Platform interface.
3.4 Payment Processing
All payments are processed by Stripe, our third-party payment service provider. Payments move directly from one user through Stripe to another user. We do not hold or manage your money at any time.
3.5 Digital Participant Contracts
When you join a group, the Platform will generate a Participant Contract as a PDF based on the group parameters, which you will accept electronically along with the other group members.
4.1 Digital Acceptance
All contracts and agreements on the Platform are formed electronically. By clicking "I Agree" buttons, ticking acceptance boxes, or similar confirmation actions (with scrolling requirements where applicable), you are entering into legally binding agreements.
4.2 Electronic Signatures
Your electronic acceptance constitutes a valid electronic signature under the Electronic Communications Act 2000 and creates binding legal obligations.
4.3 Contract Generation
The Platform automatically generates Participant Contracts as PDF documents by populating template agreements with the specific variables you and your group members have selected through the Financial Familia dashboard.
4.4 Timestamp Records
We maintain electronic records of when and how you accepted each agreement, including timestamp data and IP address information.
4.5 Legal Validity
Electronic contracts formed through the Platform have the same legal force and effect as written contracts signed in person.
5.1 Age Requirement
You must be at least 18 years old to use our Platform.
5.2 Eligibility
You must be a UK resident with a valid UK bank account to participate in savings groups.
5.3 Account Information
You must provide accurate, complete, and up-to-date information when registering and maintain the accuracy of your account information.
5.4 Verification
We require you to verify your identity and bank account details digitally before you can participate in savings groups. Email and phone verification is conducted through Financial Familia, while bank account verification and formal ID document checking is conducted through Stripe.
5.5 One Account
You may only maintain one account on the Platform.
Important: Please read this section carefully to understand the financial risks involved.
6.1 Member Default Risk
If other members in your savings group fail to make their required contributions, you may lose money. We do not guarantee that you will receive your expected payments.
6.2 No Financial Protection
Savings arranged through our Platform are not protected by the Financial Services Compensation Scheme (FSCS) or regulated by the Financial Conduct Authority (FCA).
6.3 Your Risk
You participate in savings groups entirely at your own risk. You should only contribute money that you can afford to lose.
6.4 Due Diligence
You are responsible for assessing the reliability and trustworthiness of other group members before joining any group.
6.5 Understanding the Arrangement
You should ensure you fully understand how your savings group works before electronically accepting the Participant Contract.
7.1 Third-Party Processing
All payments are processed by Stripe, our authorised third-party payment service provider. You will need to comply with Stripe's terms and conditions.
7.2 Payment Flow
All payments move directly from your account through Stripe to the recipient's account. Financial Familia does not hold, manage, or control any funds at any point in the payment process.
7.3 Payment Failures
If your payment fails, Stripe will notify you and handle the technical aspects of the failure. You remain liable to your savings group under the Participant Contract. We may suspend your account until payment issues are resolved.
7.4 Late Fees
If a group member misses a scheduled payment, a late fee of £1.10 will be charged in addition to their outstanding contribution. This late fee will be applied automatically through the Platform and processed via Stripe.
7.5 Fees
We charge subscription fees for use of the Platform. Our subscription tiers are:
7.6 Additional Fees
Stripe charges transaction fees on payments processed through their service. These fees are separate from our subscription fees and are detailed in Stripe's terms and conditions.
7.7 Payout Timing
Stripe payouts typically take 12-24 hours to appear in the recipient's bank account following the admin-set payout date. Stripe will process the payout on the admin-set date regardless of whether the full pot amount has been collected from all group members.
7.8 Advertising
We may display advertising on the Platform as an additional revenue source.
7.9 Refunds
Platform subscription fees are generally non-refundable. Group contributions are governed by your Participant Contract with other group members.
8.1 Admin Role
Each savings group has two (2) designated Group Administrators ("Admins"). Admins have special responsibilities and obligations as set out in the Participant Contract.
8.2 Admin Responsibilities
Admins are responsible for:
8.3 Admin Payout Order
Admins are paid out last in the rotation order to emphasise the responsibility they bear for the group's successful operation.
8.4 Admin Liability
By accepting the role of Admin, you accept responsibility for chasing shortfalls from defaulting members after payouts have been processed. Recovery of shortfalls is solely a matter between the Admin and the defaulting member, with no set timeframe for recovery. This is a significant responsibility and you should carefully consider whether you can manage this obligation before becoming an Admin.
8.5 Platform Role
We provide tools to facilitate Admin functions but are not responsible for Admin actions or failures. Admins act independently and we are not liable for their decisions or defaults.
9.1 User Obligations
You must:
9.2 Prohibited Activities
You must not:
10.1 Payment Tracking
The Platform uses a traffic light colour system to show payment status, providing transparency about who has paid and who has not.
10.2 Default Notifications
When a payment is missed or due, the Platform will send in-app notifications in the form of pop-ups to alert the relevant member and group.
10.3 Member Defaults
If a group member fails to make required contributions, the consequences are governed by the relevant Participant Contract. We are not responsible for recovering missing payments or compensating affected members.
10.4 Admin Removal Authority
Admins have sole authority to remove a defaulting member from the group without requiring a group vote or approval from other participants. Admins may exercise this authority through the Financial Familia admin panel.
10.5 Shortfall Recovery
When a member defaults on their contribution and Stripe processes the payout on the Admin-set date regardless of the pot amount, the Admin is responsible for chasing the shortfall from the defaulting member after the payout has been processed. There is no set timeframe for recovery. The shortfall is solely a matter between the Admin and the defaulting member, and the Platform is not responsible for shortfall recovery.
10.6 Defaulting Member Restrictions
Defaulting members will have their Platform access restricted through the Financial Familia dashboard as determined by the group and Admins.
10.7 Dispute Resolution Between Members
Disputes between group members should be resolved by the Admins in the first instance. Disputes may then be escalated to Financial Familia for app-related issues or to Stripe for financial/payment issues.
10.8 Our Intervention Rights
We may suspend or terminate accounts of users who breach these Terms or engage in fraudulent activity, but we are not obligated to take such action.
11.1 Withdrawal Before First Payout
Members may withdraw from a group before receiving their first payout, subject to the terms of the Participant Contract.
11.2 No Withdrawal After First Payout
Members may not withdraw from a group after receiving their first payout. This is to protect other group members who have not yet received their payouts.
11.3 Replacement Members
If a member withdraws or is removed, the group may add replacement members. Replacement members must catch up on any missed payments to maintain fairness to existing members.
11.4 Admin Approval
Replacement of members requires approval in accordance with the relevant Participant Contract.
12.1 Contract Storage
We will store electronic copies of all Participant Contracts (in PDF format) generated through the Platform using our document management system (Shopify/CRM) and maintain records of electronic acceptances.
12.2 Cloud Storage
All contracts and user data are stored using Amazon Web Services (AWS) cloud storage.
12.3 Document Access
You may access and download copies of your Participant Contracts at any time through your Financial Familia account dashboard.
12.4 Data Retention
We will retain contract records and acceptance data for periods that comply with applicable legal requirements after the relevant savings group has completed or terminated.
12.5 Audit Trail
We maintain detailed electronic records of contract formation, modifications, and member acceptances, including timestamps and IP addresses for legal and dispute resolution purposes.
12.6 Platform Closure
In the event that we cease operating the Platform, we will provide reasonable notice and ensure you can download your contract documents before service termination.
13.1 Amendment Process
Participant Contracts may only be amended through the Platform's digital amendment process, which requires electronic acceptance by all affected group members.
13.2 Platform-Initiated Changes
We may make technical or administrative modifications to contract templates, but such changes will not affect the substantive terms of existing Participant Contracts.
13.3 Member-Initiated Changes
Group members may request amendments to their Participant Contract through the Platform interface, subject to the agreement requirements specified in the relevant contract.
13.4 Amendment Records
All contract amendments will be recorded electronically with timestamp and acceptance data.
14.1 Identity Verification
We are required by law to verify your identity digitally. Email and phone verification is conducted through Financial Familia. Bank account verification and formal ID document checking is conducted through Stripe.
14.2 AML Procedures
All anti-money laundering procedures are handled by Stripe in accordance with applicable laws and regulations.
14.3 Source of Funds
You confirm that all money you contribute comes from legitimate sources and you have the legal right to use such funds.
14.4 Suspicious Activity
We and Stripe may report suspicious transactions or activity to relevant authorities as required by law.
14.5 Compliance Obligations
You must comply with all applicable anti-money laundering, counter-terrorism financing, and sanctions laws.
15.1 Privacy Policy
Our collection and use of your personal data is governed by our Privacy Policy, which forms part of these Terms.
15.2 Data Sharing Within Groups
Only your name, subscription tier, and profile picture will be shared with and visible to other members of your savings group (your "circle") to facilitate group operations. Your email address will not be shared with other group members.
15.3 Financial Information
Financial information is processed and accessible through Stripe. Please refer to Stripe's privacy policy for details of how they handle your financial data.
15.4 Data Subject Access Requests
To access your financial information, please contact Stripe. To access personal information held by Financial Familia, please submit a request through the Platform.
15.5 Data Processing Locations
Your data is processed by Stripe, Financial Familia, AWS, and Shopify/CRM. International data transfers are not currently a focus of our operations.
15.6 Third-Party Service Providers
We use the following third-party service providers: Stripe (payments and AML), AWS (cloud storage), and Shopify/CRM (data management).
15.7 Consent
By using the Platform, you consent to the processing of your personal data as described in our Privacy Policy and the sharing of information as set out in these Terms.
Important Disclaimer: Please read this section carefully. It limits our liability to you.
16.1 Platform Disclaimer
The Platform is provided "as is" without any warranties. We do not guarantee that the Platform will be error-free or continuously available.
16.2 No Liability for Member Actions
We are not liable for the actions, defaults, or misconduct of any Platform users, including failure to make required contributions to savings groups or failure of Admins to cover shortfalls.
16.3 No Liability for Admin Actions
We are not liable for any decisions, actions, or defaults of Group Administrators. Admins act independently and we do not supervise or control their actions.
16.4 Contract Generation
While we provide tools for generating Participant Contracts, we do not warrant the legal enforceability of such contracts or their suitability for your particular circumstances.
16.5 Technical Failures
We are not liable for losses arising from technical failures, system outages, or issues with electronic contract formation, provided we exercise reasonable care in maintaining our systems.
16.6 Third-Party Service Failures
We are not liable for failures, outages, or issues with third-party services including Stripe, AWS, or Shopify/CRM. In the event of a Stripe platform outage, this is managed by Stripe.
16.7 Limitation of Liability
To the maximum extent permitted by law, our total liability to you for any claims arising from your use of the Platform shall not exceed the total subscription fees you have paid to us in the 12 months preceding the claim.
16.8 Exclusions
We exclude liability for:
16.9 Consumer Rights
Nothing in these Terms excludes or limits our liability for death or personal injury caused by our negligence, fraud, or other liability that cannot be excluded by law.
17.1 Our Rights
We may suspend or terminate your account immediately if you:
17.2 Your Rights
You may close your account at any time, subject to fulfilling any outstanding obligations under Participant Contracts, including any Admin obligations to cover shortfalls.
17.3 Effect of Termination
Upon termination:
18.1 Service Availability
We aim to provide continuous service but do not guarantee that the Platform will always be available. We may suspend the service for maintenance, updates, or other operational reasons.
18.2 Software Issues
In the event of software-level problems, these will be managed internally by Financial Familia.
18.3 Changes to Terms
We may update these Terms from time to time. We will notify you of material changes through the Platform and continued use constitutes acceptance of the updated Terms.
18.4 Changes to Platform
We may modify, enhance, or discontinue Platform features at our discretion, with reasonable notice where possible.
19.1 Our Rights
We own all intellectual property rights in the Platform, including software, content, trademarks, and designs.
19.2 Your Licence
We grant you a limited, non-exclusive, non-transferable licence to use the Platform in accordance with these Terms.
19.3 User Content
You retain ownership of any content you submit but grant us a licence to use, display, and distribute such content as necessary to operate the Platform.
20.1 Legal Requirements
Our Platform may be subject to consumer savings scheme regulations under the Digital Markets, Competition and Consumers Act 2024. We will comply with applicable legal requirements for safeguarding customer payments.
20.2 Fund Protection
Where required by law, customer contributions may be protected through insurance arrangements or trust accounts operated by authorised third parties.
20.3 Information Provision
We will provide clear information through the Platform about any fund protection measures that apply to your savings arrangements.
21.1 Internal Complaints
If you have a complaint about our service, please contact us through the Platform's complaints system or at [EmailAddress]. We will investigate and respond within a reasonable time.
21.2 Dispute Categories
21.3 External Resolution
If you are not satisfied with our response, you may refer complaints to relevant dispute resolution services or regulatory authorities.
21.4 Group Communication
All group communications and dispute discussions should be conducted through the Platform's in-app messaging system.
22.1 Insurance
We are considering obtaining professional indemnity insurance, cyber liability insurance, and errors and omissions coverage. Details of any insurance obtained will be provided through the Platform.
22.2 User Insurance
We strongly recommend that Admins consider obtaining personal insurance to cover their liability for shortfalls, given the significant financial risk they undertake.
23.1 Governing Law
These Terms are governed by the laws of England and Wales.
23.2 Jurisdiction
The courts of England and Wales have exclusive jurisdiction over any disputes arising from these Terms.
23.3 Entire Agreement
These Terms, together with our Privacy Policy and any Participant Contracts, constitute the entire agreement between you and us.
23.4 Severability
If any provision of these Terms is found to be unenforceable, the remaining provisions will continue in full force.
23.5 No Waiver
Our failure to enforce any right or provision does not constitute a waiver of that right or provision.
23.6 Assignment
You may not assign your rights under these Terms. We may assign our rights and obligations to any third party with reasonable notice to users.
24.1 If you have any questions about these Terms, please contact us at:
25.1 In these Terms: