What Personal Information does 22seven collect and how is it used?
We only collect Personal Information that is reasonably necessary for us to provide the Service to you.
- Registration information: Name, email address and password you provide when you register to use the Service so that we know who you are, can authenticate your use of the Service and are able to contact you about Service related matters.
- Security Credentials: Your User ID, PIN, Password and any other required authentication information to automatically collect your Account Information from the secure websites and systems of your nominated Product/Service Providers on your behalf. From the time you submit this information to us it is always transferred and stored in encrypted form. It is stored only by Yodlee (our Authorised Aggregation Service Provider) and is only ever used to collect your account information from your nominated Product/Service Providers on your behalf to be used in the Service. Your Security Credentials are never disclosed to any other third party and at no time can employees of 22seven or Yodlee access them.
- Account Information: Balances, transactions and other account-specific details that Yodlee's automated aggregation service collects from your Product/Service Providers on your behalf or that you provide directly to the 22seven Service via the Website or Mobile Applications. You will have full access to this information via the Service. You will also have access to the information and insights our automated algorithms derive from your Account Information. We only store the last four-digits of account and credit card numbers when received as Account Information.
- Billing information: Bank account, credit card or other payment details you provide or may have provided. This information is handled separately from your Account Information and is disclosed to our authorised billing service providers during the collection process and is only used for this purpose.
- Correspondence information: Information we collect when we receive correspondence from you via email, social media, mobile text messages and phone calls. This includes your sender information, the content of the message and the metadata pertaining to the message. We use this information to communicate with you and to improve the Service.
- Public forum/message board information: Your name (as provided at registration) as well as the messages you post on our public forum/message board. This information is visible to all users and will remain as such even if you terminate your use of the Service.
- Website and Mobile Application connection information: Your IP address, type, version and language of Internet browser, operating system and version, type of device, screen resolution, referring and exit web pages. We use your IP address to understand the geographic makeup of our customer base and to assist with the identification of potential unauthorised access. We use the rest of this information to optimise the usability of the Service on your access device. We may also compile aggregate information to analyse usage patterns and make improvements to our Service.
- Additional verification information: Copies of your identify documents or utility bills in order for us to verify your identity should you be unable to unlock your account through our standard online verification process.
Does 22seven ever disclose my Personal Information to third parties?
In addition, we may disclose your Personal Information to law enforcement, other government officials, or other third parties as may be necessary in connection with an investigation of fraud, intellectual property infringements, cyber crime or other activity that is illegal or may expose us or our Authorised Service Providers to legal liability.
Does 22seven use my information for any purpose other than providing the Service to me?
We may aggregate and analyse your 'de-identified' information (i.e. stripped of all uniquely identifiable attributes and that cannot subsequently be re-identified) with that of other customers and information received from other sources. We will do this to develop market insights, troubleshoot problems, detect and protect against error, fraud and other criminal activity, identify behaviour/usage patterns and improve our Service generally. We may publish or share the insights we develop through this process.
Will 22seven ever sell my Personal Information?
No. We collect and use your Personal Information only to provide the Service to you and as set out in this Policy. Your Personal Information remains exactly that - yours.
How does 22seven protect my information?
We use a combination of technical, procedural and operational measures to keep your information safe and secure. Please read more about our security.
Unless you have disabled Cookies in your Internet browser, we will store Cookies on your computer/device when you visit our website. These Cookies (small text files containing a string of characters) enable us to recognise you as a returning visitor, track your usage behaviour, as well as store your user preferences and other information. We do this to remember information so that you will not have to re-enter it during your visit or the next time you visit the Website. Cookies also allow us to provide custom, personalised content and information, monitor the effectiveness of our marketing campaigns, monitor aggregate metrics such as total number of visitors and pages viewed.
What Personal Information can 22seven staff see?
22seven staff are bound by comprehensive confidentiality obligations. Our staff are given access only to information they are required to see in order for them to fulfil their responsibilities. In all cases we provide access to the minimum amount of information. Given their role, our customer support team has access to the most amount of Personal Information - to enable them to answer your support questions. In addition to Service usage information, our internal systems provide them with secure access to:
- Your name and email address
- The names of your Product/Service Providers and account types
- Your account names as well as the last four digits of your account and card numbers
- Transaction dates and descriptions - no transaction or balance amounts
Can I correct my Personal Information?
Yes. You are able to correct inaccurate Personal Information via the Service once you have successfully logged in. Alternatively, you may request us to correct inaccurate information via email at firstname.lastname@example.org. We will require that you verify you are in fact the owner of such Personal Information. Once the changes are made we will notify you by email at your nominated email address. If there is any Personal Information not accessible via the Service that you wish to have access to for purposes of correcting, please contact us again at email@example.com.
What happens if I dispute the validity of the information?
If any information collected by us about you is disputed by you and is found to be inaccurate, incomplete, or cannot be verified, we will promptly delete or modify such item of information, as appropriate, based on the results of the investigation.
Can 22seven refuse me access to my Personal Information?
We may, in compliance with applicable laws or if we are unable to verify your identity, refuse you access to your Personal Information and in such circumstances we will tell you why access has been denied.
Is my Personal Information deleted when I close my account?
Yes. When you close your account we delete your Personal Information (including your Security Credentials for your Product/Service Provider websites and your account information). There may be some information that we are required by South African law to retain.
How long does 22seven keep my Personal Information?
We will keep your information for as long as you are an active customer of the Service. We delete your information when you terminate your use of the Service but will retain some Personal Information for so long as we are obliged to do so under South African law. Such information will always be maintained under the same security and privacy controls that are in place for other customers of the Service.
What happens if I wish to opt out of any disclosure of my Personal Information?
You may opt out of disclosure of your Personal Information. Should you choose to do this and should the opt out be in respect of Personal Information necessary to provide the Service, we may not be able to continue to provide the Services to you and in such circumstances, we will notify you of this. Should you still wish to opt out after such notification you will be entitled to terminate your use of the Service, which will result in the deletion of your Personal Information.
What happens if the ownership of 22seven changes hands?
Can I have my name removed from the public forum/message board?
Yes. If you wish to have your name removed from the messages you post to our public forum/message boards please contact us at firstname.lastname@example.org
Who should I contact if I have any comments, questions, concerns or complaints?
Terms of Service
You accept these terms.
The Service that we provide.
- The service 22seven provides is a personal information management service that allows you to consolidate, visualise and analyse your financial and other related information to help you manage your money ("the Service").
- The Service does not include any tax, legal or financial advice.
We will let you know if the Terms change.
Each time you access a Service Channel, you agree to be bound by the Terms. We can change the Terms at any time and will publish the amended Terms ("the New Terms") on the Service Channels. We will alert you to the fact that the Terms have changed and give you an opportunity to review the New Terms. If you don't agree to the New Terms, you can terminate your use of the Service by following the online process provided for this purpose.
We will keep your personal information private.
You must register to use the Service.
- We advertise the Service on the Service Channels as an invitation to you to register to use the Service.
- To complete the registration process you must fill in your name, surname, email address and a password ("Registration Information") on the relevant page of the Service Channel.
Fees and payment.
- Use of 22seven is free from 1 September 2014.
- We may change the Subscription Fee but will always notify you before we do. If you don't accept the revised Subscription Fee, you can terminate your subscription to the Service by closing your account. Your subscription to the Service will terminate at the end of the calendar month during which you closed your account.
- You can pay by debit order, credit card or other commercially accepted payment methods set out on the Service Channels.
Use your Login Details to access the Service.
- Each time you want to access the Service you must log in with the email address and password ("Login Details") you provided as part of your Registration Information.
- Keep your Login Details safe to prevent unauthorised access to the Service.
- If you suspect there has been, or could have been, unauthorised access using your Login Details, you must:
- change your Login Details, or
- email us on email@example.com instructing us to block access.
- When you email us we will immediately block access and let you know if we discover any actual or suspected unauthorised access.
You authorise us to collect your Account Information.
- The Service relies on the automated collection of your information (also known as "Information Aggregation") from your Product/Service Providers' websites and systems. To do this we have partnered with Yodlee Inc. ("Yodlee") - an internationally recognised information aggregator.
- If necessary, we may need you to give your Product/Service Providers written notice that you have authorised Yodlee and us to collect your Account Information on your behalf. If you don't give them written notice and as a result we can't provide the Service to you, we may have to terminate your access to the Service.
- We are not responsible for the products and services offered by any Product/Service Providers.
- The Service is not endorsed or sponsored by any Product/Service Providers accessible through the Service.
Information you provide.
- All the information you submit, including Personal Information and your Security Credentials, must be, and remain, accurate, current and complete. Please update the information via the Service if it changes.
- You warrant that you are authorised to submit the Personal Information and Security Credentials to us.
Communications that originate from you.
We may assume that all electronic communications which reasonably appear to originate from you or a person you have told us is authorised to act on your behalf (collectively "the originator") are in fact from you and the form in which we receive the communication is the same as when it was first sent.
The Service may not always be available.
- We do not guarantee that the Service will always be available.
- We are also not responsible for the accuracy of any Account Information, communications or personalisation settings. For example, Account Information displayed through the Service is only as up to date as the time shown which reflects when the information was last collected on your behalf from your Product/Service Provider's system. Your Product/Service Providers may have more up-to-date information.
To protect the integrity of our Service Channels and Proprietary Information.
You may not -
- use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, program, algorithm or methodology for any unlawful purpose, including the unlawful access to, acquisition of, control over, copying or monitoring of the Service Channels;
- use or attempt to use any engine, software, tool, agent, or other device or mechanism (including browsers, spiders, robots, avatars or intelligent agents) to unlawfully and without our knowledge navigate or search the Service Channels, other than the search engines and search agents available through the Service and generally available third-party web browsers;
- post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the Service Channels or the Service; and/or
- attempt to decipher, decompile, disassemble, or reverse-engineer any of the software comprising the Service Channels or the Service.
Unlawful activity and user forums.
- You may not use the Service to post any message or material that is unlawful, defamatory, abusive, indecent, threatening, harmful, obscene, racially offensive, or pornographic. We will remove any posting or message that infringes this prohibition and, if you continue posting messages or material of this kind, we may terminate your use of the Service.
Termination of use of the Service by You or Us.
- You may terminate your use of the Service at any time by following the termination procedure on the Service Channels or as set out in clause 3 (i.e. We will let you know if the Terms change) of the Terms.
- We may terminate your subscription to the Service -
- at any time by giving you notice; and
- in the event of you breaching these Terms.
- On termination -
- all your rights under these Terms end immediately;
- we will close your account and deactivate your Login Details;
- we will remove from our records all your information in our possession other than information and data which we are obliged by law to retain.
Breach of these Terms.
Should either of us ("the Defaulting Party") breach these Terms and fail to remedy the breach within fourteen days of receiving written notice from the other party ("the Aggrieved Party"), the Aggrieved Party may, without prejudice to its other rights in law, terminate the Service agreement or claim immediate specific performance of all of the defaulting party's obligations whether or not due for performance.
Our intellectual property.
- Any unauthorised reproduction, distribution, derivative creation, sale, broadcast or other circulation or exploitation of the whole or any part of the Materials is an infringement of our rights.
- We own or are licensed to use the 22seven Trademarks, names, logos and service marks (collectively "Trademarks") displayed on the Service Channel whether registered or unregistered. You must get our permission in writing if you want to use any Trademark.
- You may use the Materials only to the extent necessary to enable you to use the Service.
External websites and linking to our Service Channels.
- Your use or reliance on external links is at your own risk.
- We grant you a limited, nonexclusive right, revocable by us at any time, to create a hyperlink to our Service Channels, provided such link does not portray us or our Service in a false, misleading, derogatory or defamatory manner and/or does not misrepresent the relationship between the third party website and us.
We may send you alerts and notifications.
- We may send alerts, notifications and other communications to you by way of email, SMS or other electronic delivery mechanisms and you consent to receive communications from us in any such manner.
- We will send electronic alerts to the address (email or other) you have provided to us. If your details change, please update them via the Service.
- You can switch account alerts that we send on or off.
- Although we will always try to ensure the Service Channels are available, the Service and Service Channels are provided "as is". Subject to the Consumer Protection Act 68 of 2008 as read with any of its Regulations (collectively "the CPA"), we make no warranties, representations, statements or guarantees (whether express, implied in law or residual) in this regard.
- Subject to the CPA, we do not warrant that the Service, the Service Channels and the information they contain, or any output generated by your use of the Service, or any alert, will -
- meet your requirements or expectations;
- be uninterrupted, timely, secure or error free;
- meet any particular measure of accuracy, completeness or reliability, performance or quality;
- be free of viruses or any other data or code which has the ability to corrupt or adversely affect the operation of your computer, data or network.
- No information obtained by you from us and/or our authorised service providers through or from the Service will create any warranty by us or the service provider in question.
- You warrant that
- you are legally entitled to access the Service Channels and use the Service;
- you have, and will continue to have for the duration of the Terms, all necessary consents to use the Service;
- you have capacity to be bound by the Terms.
Our and your liability is limited.
- Neither we nor our directors will be liable for any liability or damage (other than arising from our fraudulent actions or gross negligence) of any nature which may be caused by or attributable, directly or indirectly, to
- your use of or reliance on the Service;
- the Service Channels;
- your use of or reliance on any information offered on or via the Service Channels;
- your acts or omissions;
- a breach by you of the Terms;
- the fact that we act on your instructions or instructions purported to emanate from you;
- any unlawful access or monitoring of information transmitted to us;
- any error or omission in respect of information submitted to us (including Registration Information and Account Information).
- You must not construe any information we release (including any information contained in any reports or alerts) or any information you obtain through use of the Service as an opinion on your solvency, financial standing or creditworthiness. You are solely responsible for all actions and decisions you take in reliance on this information.
- You will not be liable for any liability or damage (other than arising from your fraudulent actions or gross negligence) of any nature which may be caused by or attributable, directly or indirectly, to
- our acts or omissions;
- a breach by us of the Terms.
- Neither of us will be liable for any indirect or consequential loss or damage of whatever nature and however it may arise.
- Neither we nor our directors will be liable for any liability or damage (other than arising from our fraudulent actions or gross negligence) of any nature which may be caused by or attributable, directly or indirectly, to
You indemnify us.
You indemnify us, Yodlee and our other authorised service providers and their affiliates against any third party claims, damages or costs (including reasonable attorney's fees) caused by or attributable to your -
- acts or omissions;
- use of the Service and the Service Channels;
- breach of these Terms.
Address for Legal Notices.
- You agree to accept any notice or legal process relating to these Terms at the email address provided during the registration process.
- You must send any notice or legal process relating to these Terms to our address set out in clause 31.
- We can change our physical address (to any other physical address in South Africa), our telephone number and facsimile number and we will give you notice of such change.
This is the only agreement between you and us.
- These Terms are the sole record of the agreement between you and us in relation to the Service. Neither of us are bound by any express, tacit or implied representation or warranty not recorded in these Terms.
- These Terms replace all prior written and verbal communications between us about the Service.
- If either one of us gives the other an indulgence or extension of time, doing so will not waive or limit any of our rights, unless we expressly agree in writing to waive or limit them.
We can assign our rights on notice to you.
If we merge, sell or otherwise assign our assets and this involves transferring our rights and obligations under these Terms to a third party, we will let you know before we do this. If you do not agree to the transfer of our rights and obligations, you may terminate your use of the Service with effect from the date of transfer or assignment.
Each term is severable.
If any provision of these Terms is or becomes unenforceable in any jurisdiction, the unenforceable aspect of that provision will be treated in such jurisdiction as if it had not been included in the Terms. The remaining provisions of the Terms will remain valid.
Cross-border transfer of your information.
Yodlee and some of our other authorised service providers are situated outside South Africa. You consent to your personal information (including Account Information and Security Credentials) being transferred cross-border so that we can render the Service to you. We will ensure that all such authorised service providers have security and privacy policies and procedures providing at least the same level of protection as our Terms.
Children can only use the Service with consent.
If you are under 18, you may only use the Service with the consent and involvement of a parent or other legally competent person. We reserve the right to ask you for such information as is necessary to prove that you are 18 years or older, or that you are using the Service with the consent and involvement of a parent or legally competent person.
Events or circumstances beyond our control.
- If events or circumstances beyond our reasonable control ("force majeure") prevent either of us ("Affected Party") from fulfilling any of our obligations, those obligations will be suspended to the extent that and for as long as the Affected Party is so prevented.
- If the force majeure continues for more than fourteen days, the affected party can terminate the Terms by giving notice to the other.
- Force majeure includes an unavoidable natural catastrophe ("vis major"), an uncontrollable accident ("casus fortuitus"), any act of nature, strike, theft, riots, explosion, insurrection, war (whether declared or not), military operations, the downtime of any external telecommunications line, power failure, international restrictions, any requirement of any international authority, any requirement of any government or other competent local authority or any court order.
Your queries and complaints.
Please email any queries or complaints to our customer support team at firstname.lastname@example.org.
The law that applies to these Terms.
- If there is any conflict between these Terms and the CPA, the CPA will apply.
- These Terms are governed by and interpreted in accordance with the laws of the Republic of South Africa without giving effect to any principles of conflict of law.
- You consent to the exclusive jurisdiction of the courts of the Republic of South Africa over any dispute about the Services or the Terms.
Proof of date of publication and version of terms.
A certificate signed by our Directors will, unless the contrary is proven, be sufficient evidence of
- the date of publication and the content of the Terms and new Terms;
- the date of publication and the content of earlier versions of the Terms;
- the date and content of any communication and notifications sent in terms of the Terms.
Copyright in these Terms vests with 22seven Digital (Pty) Ltd
22seven Digital (PTY) LTD
(Registration no. 2010/011767/07)
Terms and conditions
1. 22seven’s terms and conditions
Please read these terms and conditions carefully to understand the legal principles that govern your relationship with 22seven relating to the intermediary services provided by 22seven to you.
Means 22seven Digital (Pty) Ltd with company registration number 2010/011767/07, being a wholly-owned subsidiary of OMLACSA. 22seven is a juristic representative of OMLACSA, and has been mandated by OMLACSA to provide Intermediary Services in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (“FAIS”) on OMLACSA’s FSP license.
Means the 22seven mobile and web-based digital application (or app) through which you may transact on your Investment.
Means 8:30am to 5pm on any day except a Saturday, Sunday or official South African public holiday.
Means intermediary services as defined in FAIS and excludes the provision of financial advice.
Means collective investment scheme portfolios, also known as unit trusts, where contributions from different investors are pooled together and invested in a specific range of assets. This is administered by the Old Mutual Unit Trust Managers.
Means the individual who invests in the Investments made available using the Intermediary Services provided by 22seven through the 22seven portal and/or application. In these terms and conditions the investor is referred to as ‘you’ or ‘your’.
Means Old Mutual Life Assurance Company (South Africa) Ltd with company registration number 1999/004643/06, an authorised Financial Services Provider (“FSP”) in terms of FAIS with FSP number 703.
Old Mutual Unit Trust Managers (“Old Mutual Unit Trusts”)
Means Old Mutual Unit Trust Managers (RF) (Pty) Limited with company registration number 1965/08471/07 and is authorised in terms of the Collective Investment Schemes Control Act 45 of 2002 (“CISCA”) to administer your Investments.
Tax-free Savings Investment
Means the tax-free investment or savings account introduced into South African law by section 12T of the Income Tax Act 58 of 1962 and provided to you by Old Mutual Unit Trusts through the 22seven Application and as more fully described to you in the Old Mutual Unit Trusts terms and conditions (below).
3. The legal basis of your relationship with 22seven
- 3.1. 22seven has entered into a juristic representative agreement with OMLACSA in terms whereof 22seven is mandated by OMLACSA to provide Intermediary Services on OMLACSA’s license to you.
- 3.2. OMLACSA and 22seven have agreed in the juristic representative agreement that the Intermediary Services referred to in paragraph 3.1 above will be provided to you through the 22seven Application.
- 3.3. Consequently you agree with 22seven that you will only access the Intermediary Services and associated Investments through the 22seven Application.
- 3.4. You further acknowledge and authorise 22seven to enter into all necessary third party relationships and to make all necessary and reasonable enquiries in order to comply with applicable legislation or to give effect to your instructions.
- 3.5. The Intermediary Services provided by 22seven to you are based on the above regulatory framework together with:
- 3.5.1. the information that you provided to 22seven in the 22seven Application.
- 3.5.2. the relevant supporting documents that you provided to 22seven during the application process.
- 3.5.3. any subsequent valid instructions that you give to 22seven through the 22seven Application.
4. Your investment(s)
- 4.1. 22seven has entered into an agreement with OMLACSA to render intermediary services in respect of the Investments made available by Old Mutual Unit Trusts to you through the 22seven Application.
- 4.2. These Investments are collective investment schemes portfolios registered by Old Mutual Unit Trusts and regulated by the Registrar for Collective Investment Schemes in terms of CISCA.
- 4.3. Your Investment is divided into identical units. Each unit represents the pro rata ownership of the assets in the Investment. The size of a contribution and the unit price at the time when an investment is made determine the number of units that are bought by you.
- 4.4. You may access two types of Investments through the 22seven Application, namely, tax-free Investment(s) or taxable Investment(s).
5. Administering payments into Investment(s)
- 5.1. You confirm that you may pay amounts that exceed R33,000 in a particular tax-year or R500,000 over your lifetime into Old Mutual Unit Trusts’ bank account using the 22seven Application.
- 5.2. In the event that you have chosen the tax-free investment and your payment(s) exceed the limits stated in paragraph 5.1 above then you instruct 22seven to:
- 5.2.1. invest the first R33,000 as your contribution into your selected tax-free Investment.
- 5.2.2. invest any amount that exceeds R33,000 in a particular tax-year into your selected taxable Investment.
- 5.2.3. invest any payment that exceeds R500,000 over your lifetime into your selected taxable Investment.
- 5.3. 22seven does not have access to tax-free savings accounts or investments that you hold/may hold with other providers or any information relating thereto. Consequently, it is your responsibility to ensure that your total investments into tax-free savings and investments across providers do not exceed the legislated investment limits. You indemnify and hold 22seven harmless of all claims that may arise in respect of you exceeding your investment limits by investing with other providers.
6. Choosing your Investment
- 6.1. 22seven may not give you advice (as defined in FAIS) on whether any Investment is suitable for your needs.
- 6.2. Please ensure that you understand these implications, costs and consequences before you invest.
7. Conditions relating to purchases
- 7.1. All purchases of Investments are subject to a 10 day clearance period.
- 7.2. All purchases are subject to Investments being made available to members of the public for investment by Old Mutual Unit Trusts
8. Valid instructions
- 8.1. All instructions to 22seven must be submitted by you through the 22seven Application in order for them to constitute valid instructions.
- 8.2. Instructions to 22seven will only be valid instructions where you have satisfied all 22seven’s requirements, including but not limited to the provision of required supporting documents, where applicable.
- 8.3. You agree that only valid instructions are legally binding on 22seven and Old Mutual Unit Trusts.
- 8.4. You agree that it is solely your responsibility to ensure that no person provides instructions to 22seven by gaining unauthorised access to your account.
- 8.5. You indemnify 22seven and Old Mutual Unit Trusts and hold them harmless against any claims of whatsoever nature arising out of any person submitting instructions to 22seven or Old Mutual Unit Trusts through gaining unauthorised access to your account.
9. Complete and accurate information
You agree to ensure that all the instructions and supporting documents you give to 22seven are accurate, clear and complete.
10. Administration rules
- 10.1. You agree that the rules specified in the 22seven Application and the Old Mutual Unit Trusts Terms and Conditions (as specified by Old Mutual Unit Trusts from time to time) shall apply in respect of the following:
- 10.1.1. Cut-off times for transactions (including withdrawals, switch instructions and any other changes to your Investment) to be processed
- 10.1.2. Turnaround times for transactions to be processed
- 10.1.3. Required supporting documents
- 10.1.4. Updating your details
- 10.2. 22seven may decide whether to accept or reject instructions received from you through the 22seven Application. Where appropriate 22seven may also reverse transactions.
- 10.3. 22seven will endeavour to action instructions at the earliest reasonable opportunity. Any instructions received will be subject to prevailing law, 22seven’s administrative procedures and Old Mutual Unit Trusts administrative procedures.
- 11.1. Should you have invested in a taxable Investment you are liable for tax on the interest earned in your Investment.
- 11.2. Please note that a withdrawal of your Investment from a taxable Investment may result in you being liable for capital gains tax.
- 11.3. No tax is payable in respect of a tax-free Investment but you may have to satisfy some SARS reporting requirements.
In the event of your death, the amount available in your Investment will be paid according to your executor’s instructions once all processing requirements have been met.
13. Tax certificates
- 13.1. After each tax year, 22seven will provide you with an income tax certificate reflecting any interest and dividends (Income Distributions) you earned within your Investment over the relevant tax year and the capital gains tax that you may be liable for.
- 13.2. You are responsible for informing the South African Revenue Service (SARS) of the interest and dividends you earned during the relevant tax year and, if required, for submitting the certificate to SARS.
14. Keeping your personal information confidential
- 14.1. 22seven will keep your personal information relating to your Investment confidential unless the sharing of your personal information is required to give effect to these terms and conditions or by law.
- 14.2. 22seven may share your personal information with OMLACSA and Old Mutual Unit Trusts from time to time.
15. Accept, suspend, delay or withdraw your instructions
- 15.1. 22seven will only accept instructions that are valid.
- 15.2. 22seven may accept, suspend, delay, reverse or withdraw your instructions or transactions where it believes that there is a good reason to do so.
16. Communicate with you
You agree that 22seven may, in circumstances permitted in law, communicate with you (from time to time) on behalf of Old Mutual Unit Trusts.
17. Exclusions from this investment contract
- 17.1. Investment guarantees
The value of your Investment is not guaranteed and will fluctuate in line with market movements.
- 17.2. Financial advice
22seven and Old Mutual Unit Trusts do not give any financial advice and will only give you factual information. Please contact your financial planner if you require financial advice.
18. Certain losses suffered
22seven is not responsible for any losses suffered if, for example, but not limited to:
- 18.1. there is a delay in processing your instructions or if your instructions are rejected for reasons beyond our control e.g. regulatory requirements, etc.
- 18.2. you provide the 22seven with incorrect information.
- 18.3. a third party does something illegal, invalid or does not do something that it should have done
- 18.4. 22seven cannot verify the bank account details you provide
- 18.5. changes in tax or other laws affect the performance of your investment
- 18.6. there is a failure or delay with any networks, electronic or mechanical devices, or any other form of communication used to process your instructions
- 18.7. there is a delay in the sale of units in your Investment due to ring-fencing (when a large amount of units are sold in an Investment, Old Mutual Unit Trusts may apply the process of ring-fencing to protect Investments and investors remaining in the Investment. Ring-fencing may result in the separation and delay of the sale of your units).
19. Professional indemnity cover and fidelity insurance
22seven confirms that OMLACSA has the necessary professional indemnity and fidelity insurance in place to cover 22seven’s activities in terms of these Terms and Conditions.
20. Fees and charges
22seven will receive the following Intermediary Services fees and pay the following Charges in respect of your investment:
- 20.1. Intermediary Services Fees
Fees in respect of Intermediary Services rendered to you by 22seven are payable by Old Mutual Unit Trusts to OMLACSA. OMLACSA in turn pays its juristic representative, 22seven each month. These fees are already included in the single service fee that Old Mutual Unit Trusts discloses in your Investment’s Fund Fact Sheet. These fees are built into the daily unit price of your Investment and are not collected through the sale of units. The latest applicable fees are:
OMLACSA’s Fee Paid to 22seven 0.2% of your Investment market value, per annum for the following fund(s):
Old Mutual Core Balanced Fund
Old Mutual Top 40 Index Fund
OMLACSA’s Fee Paid to 22seven 0.1% of your Investment market value, per annum for the following fund(s):
Old Mutual FTSE RAFI® All World Index Feeder Fund
- 20.2. Charges
There are other charges (in addition to the above Intermediary Services fees) that may be deducted from your Investment. These charges are included in the unit price of your Investment and will not show on your investment statement. They include the following:
- - bank charges
- - trustee fees
- - audit fees
- - securities transfer tax
- - value added tax
- - brokerage fees
- 20.3. Value added tax (VAT)
All fees and charges are shown exclusive of value added tax (VAT), unless stated otherwise.
21. Changes to these terms and conditions, fees and charges
These Terms and Conditions, and the fees and charges applicable to this Investment, may change from time to time. If required by law, 22seven will give you written notice of changes to these Terms and Conditions or the fees and charges relating to your Investment.
22. Laws that apply to your investment
Your Investment is governed by the laws of South Africa. The most important laws that apply are detailed below.
Financial Intelligence Centre Act (38 of 2001 and any amendments thereto)
This Act aims to prevent money laundering and terrorist financing. It requires 22seven to establish and prove your identity and source of funds before accepting your investment application.
The Collective Investment Schemes Control Act (45 of 2002 and any amendments thereto)
This Act regulates the administration and management of collective investment schemes.
Exchange Control Regulations
Certain collective investment scheme portfolios are subject to exchange control regulations.
Financial Advisory and Intermediary Services Act (FAIS) (37 of 2002 and any amendments thereto)
This Act regulates the activities of those who give advice or provide intermediary services to investors regarding financial products. It requires such persons be licensed and enforces professional behaviour through codes of conduct.
Income Tax Act (52 of 1962 and any amendments thereto)
This Act applies to taxation.
Consumer Protection Act (68 of 2008 and any amendments thereto)
This Act promotes a fair, accessible and sustainable market place for consumer products and services.
Please note that changes or additions to, or replacements of, any applicable law may change the terms and conditions of your Investment.
The Protection of Personal Information Act
22seven may use your information or obtain information about you for the following purposes:
- - Credit searches and/or verification
- - Fraud prevention and detection
- - Market research and statistical analysis
- - Audit & record keeping purposes
- - Compliance with legal & regulatory requirements
- - Verifying your identity
- - Sharing information with service providers we engage to process such information on our behalf or who render services to us.
- - Sharing information with OMLACSA and Old Mutual Unit Trusts on behalf of OMLACSA as Financial Services Provider where you are invested in an Old Mutual Unit Trusts Fund.
23. Contact details and domicile
22seven can be contacted at:
Jan Smuts Drive
P.O. Box 50128
Tel: (021) 4265771
22seven has chosen the above registered address as its domicilium citandi et executandi for the purposes of receiving notices and legal proceedings in connection with your Investment.
You nominate the physical address inserted by you in the 22seven Application as your domicilium citandi et executandi for the purposes of receiving notices and legal proceedings in connection with your Investment
Old Mutual Unit Trusts Managers (RF) PTY LTD
(Registration no. 65/008471/07)
Collective Investment Scheme Portfolios
Terms and conditions
1. Information about your investment
- a. The investment that you have made is the purchase of participatory interests (“Units”) in Collective Investment Scheme portfolios (“Unit Trusts”).
- b. Two types of portfolios are being made available by Old Mutual Unit Trusts, namely:
- i. Taxable Investments
- ii. Tax-free Investments
- c. Should you have invested in a Tax-free Investment then:
- i. The Tax-free Investment is offered to individual people only (i.e. not for Trusts, companies, etc.) by Old Mutual Unit Trust (“we” or “us” or “our”) through 22seven Digital (Pty) Ltd’s (“22seven”) digital application (“22seven Application”).
- ii. “Tax-free” means that you will not pay income tax on the interest earned in the portfolio, or dividend withholding tax on the dividends earned in the portfolio, and when you eventually sell, you will pay no capital gains tax on the growth of the value in your portfolio.
- iii. You can invest up to R33,000 each year, until your total investment reaches R500,000 which is the lifetime limit that you are allowed to save in a tax-free investment or savings account. If you go over these limits you will be taxed at 40% of the extra amount by SARS.
- iv. Your Tax-free Investment account will be opened when we have received your application form and supporting documents through the 22seven Application, your debit order has been actioned and your money reflects in our bank account.
- v. You can withdraw money from your portfolio at any time, but remember that should you withdraw from your Tax-free Investment then the amount you withdraw remains part of your maximum lifetime investment amount and cannot be reinvested at a later stage. This means withdrawals permanently reduce your total amount of allowable tax-free savings.
- vi. You may switch into a Tax-free Investment and between unit trusts in the Tax-free Investment but you may not switch out of this portfolio.
- d. Should you have invested in a Taxable Savings Investment then the capital growth and returns accruing to your investment will be subject to the tax laws prescribed in the Income Tax Act 58 of 1962 and may be subject to income tax.
- e. In order to withdraw money from your portfolio, you need to sell your units using the 22seven Application and the money must be paid into the same bank account that we have on record for you.
2. Bank details for investments
- a. This is the bank account that you provided to Old Mutual Unit Trusts through the 22seven Application.
- b. You agree to fund your investment and all future payments from this account or the account that you later provide to us through the 22seven Application.
- c. Please note:
- i. Deductions cannot be made from credit cards.
- ii. Payments can only be made to your own bank account
3. Administrative arrangements
If all our requirements are met by 15h00 you will receive the same day’s price. Otherwise the first working day’s price will apply once all requirements have been met, with the same cut-off times applying.
4. Minimum investment amounts
- a. We may specify minimum investment amounts from time to time.
- b. We are under no obligation to accept below minimum investments and reserve the right not to debit or to cease debiting your account under certain circumstances.
5. Reinvestment of distributions
Distributions are automatically reinvested.
6. Financial intelligence centre act
Certain buying and selling requests require at least proof of identity (e.g. bar-coded ID/passport) and residential address (e.g. recent utility bill), unless we have your current documents on record or you have made them available to 22seven through the 22seven Application.
7. Statutory disclosure
Unit trusts are generally medium- to long-term investments. Past performance is no indication of future performance. Shorter term fluctuations can occur as your investment moves in line with the markets. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Unit trusts can engage in borrowing and scrip lending. The fund’s TER reflects the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees related to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. A schedule of fees, charges and maximum commissions is available from Old Mutual Unit Trust Managers (RF) (Pty) Ltd. You may sell your investment at the ruling price of the day (calculated at 15h00 on a forward pricing basis). Certain funds may be capped to be managed in accordance with their mandates. Old Mutual is a member of the Association for Savings and Investment South Africa (ASISA).
By using the 22seven Application you declare that:
- a. you accept the number of units sold to you by virtue of the 22seven Application and you warrant that you have full power and authority to enter into and conclude this transaction, with the necessary assistance where such assistance is a legal requirement.
- b. you are aware that this product offers no cooling-off rights.
- c. you know that the cost of buying units may include an initial charge plus VAT, depending on the amount invested, and that there are no guarantees on your capital.
- d. you acknowledge that there are further allowable deductions from the unit trust (e.g. an annual service fee) that impact on the value of your investment.
- e. you are satisfied that the facts you provided through the 22seven Application are accurate and complete.
- f. you are aware of the unit trust’s/unit trusts’ objectives, risk factors, the charges and income distributions, as set out in the unit trust fund fact sheet/s.
- g. you acknowledge that we may borrow up to 10% of the portfolio to bridge insufficient liquidity.
- h. you have read and fully understood all the pages of these terms and conditions together with all information contained in the 22seven Application.
- i. you hereby authorise us to debit the account mentioned above with the monthly amount/lump sum specified.
- j. you further authorise us to accept instructions from you via the 22seven Application
9. Contact details
Old Mutual Unit Trust Managers (RF) (Pty) Ltd
(Registration no. 65/08471/07)
Mutualpark, Jan Smuts Drive, Pinelands 7405, South Africa
PO Box 207, Cape Town 8000, South Africa
Telephone no.: +27(0)21 503 1770
Helpline: 0860 234 234
Fax no.: +27(0)21 509 7100
Internet address: www.omut.co.za
Complaints: Write to our Client Services Manager at the above address or call 0860 234 234.
Compliance Department: +27(0)21 503 1770
Old Mutual Investment Administrators (Pty) Ltd (Registration no. 1988/003478/07)
Mutualpark, Jan Smuts Drive, Pinelands 7405, South Africa
PO Box 5408, Cape Town 8000, South Africa
Telephone no.: +27(0)21 503 1770
Fax no.: +27(0)21 509 7100
Compliance Department: +27(0)21 503 1770
Professional indemnity cover and fidelity insurance cover are in place. Old Mutual Investment Administrators (Pty) Ltd is a third party administration and service provider to Old Mutual Unit Trust Managers (RF) (Pty) Limited and is a licensed financial services provider.
22seven Digital (Pty) Ltd (company registration number 2010/011767/07) (“22seven”) is a juristic representative of Old Mutual Life Assurance Company (South Africa) Ltd (company registration number 1999/004643/06) (“Old Mutual”) which is a licensed Financial Services Provider (FSP number 703) in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (“FAIS”). A copy of the Old Mutual FSP license is available on request. 22seven is authorised to provide intermediary services on behalf of Old Mutual as it relates to the unit trust funds (as listed below) offered by Old Mutual Unit Trust Managers (RF) (Pty) Ltd (company registration number 1965/008471/06)(“Old Mutual Unit Trust”). 22seven is not authorised to provide advice as defined in FAIS. Old Mutual will only accept responsibility for intermediary services rendered by 22seven where provided in respect of the following Unit Trust funds:
Old Mutual Top 40 Index Fund,
Old Mutual Core Balanced Fund,
Old Mutual FTSE RAFI® All World Index Feeder Fund.
Old Mutual has a complaints resolution process and will reply to any written complaint. A copy of the complaints process is available upon request. Complaints may be addressed to email@example.com If you are dissatisfied with the response, you may refer your complaint to the Old Mutual Compliance Officer, or if you are still dissatisfied with your response, to the Office of the Ombud for Financial Services Providers.
Compliance with the FAIS Act (Old Mutual) is monitored by:
The Executive Compliance Officer, Retail Affluent
Old Mutual Life Assurance Company (South Africa) Limited
P.O. Box 66, Cape Town, 8000. Telephone: +27 (0) 21 509 2127 (telephone)
Contact details of the FAIS Ombud:
PO Box 74571, Lynwood Ridge, 0040,
phone: 012 348 3447
Old Mutual holds professional indemnity and fidelity insurance.
22seven, Old Mutual and Old Mutual Unit Trust will be required to obtain and share your personal information for the purpose of rendering intermediary services to you. Your personal information will be kept by 22seven, Old Mutual and Old Mutual Unit Trust on a confidential basis and will not be made available to third parties unless so authorised, in writing by you, or if 22seven, Old Mutual or Old Mutual Unit Trust is required to do so in the public interest or under any law.