Important Notices & Policy Updates
On this page you will find links to important documents with regards to our services
This page displays policy updates informing customers in advance of important changes to our services,
our Client Agreement or other policies.
Effective Date: 6th June 2019
Updates to our Client Agreement
We are making changes to our Client Agreement. The new Client Agreement (which replaces our previous one) will be effective to all customers of Compass on 6th June 2019.
We encourage you to review this Policy Update and familiarise yourself with all of the changes that are being made. By continuing to use Compass’ services from that date, you are agreeing to the changes. If you do not agree to these changes, you should close your account with us before 31st May 2019.
Amendments to Compass’ Client Agreement
If you would like a copy of the Client Agreement at any time, please email your Account Manager or [email protected]
We have replaced our Client Agreement to clarify:
– When you indemnify us including:
– Transferring funds to an incorrect beneficiary where the error was included in the trade confirmation
– where we relied on instructions that were sent to us due to a fraud or cyber incident or other information breach that affected your business or email address or account details;
– That you must provide us with adequate identification before you can use our products and you must ensure that all information you provide to us is true correct and complete and notify us promptly of any changes to that information;
– We are not liable for any loss that arises from incorrect identification information being provided by you, or from currency rate quotation errors.
– Trade Confirmations – It is your responsibility to carefully review the Trade Confirmation that we will provide to you, to ensure that the data we have on file matches the data of the nominated beneficiary account that you have provided us
– That moneys paid to us are, typically, payment towards a foreign exchange contract. Deposits – whether initial deposits or margin deposits are part-payments towards the pre-agreed contract value and are not client monies that we hold on trust for you.
– We can delay, decline or reverse any Order if we reasonably:
– suspect that the transaction might be unlawful or might be associated with financial crime;
– believe that by carrying out the transaction Compass might breach its compliance obligations; or
– believe that you are in breach of the Client Agreement. Under such circumstances Compass will not be liable for delaying or refusing to carry out an Order.
– Stopping or cancelling a payment
– The factors that contribute to the amount of these costs are based on the currency market pricing at the time the funds you requested to purchase are sold back to the market.
– Once a funds transfer has been sent, it is extremely difficult to cancel it. An attempt to recall the funds transfer can be made but will be subject to further fees charged by the banks involved. Those charges will be passed onto you and are out of our control. If you believe you have instructed us to send a funds transfer in error, notify us immediately. It is much easier to halt a transfer in transit than one that has already been received by
the beneficiary bank.
– We reserve the right to cancel any contract immediately . Those circumstances include (but are not limited to) your insolvency, non-payment or late payment, or for a breach by you of the Client Agreement.