General Terms of Business for Institutional Custody Services — Version 8.1
These Terms and Conditions ("Terms") constitute a legally binding agreement between you (the "Client") and SCO AMERICA ("SCO AMERICA," "we," "us," or "our"), governing the provision of custody, settlement, fund administration, and related financial services.
Please read these Terms carefully before using our services. By opening an account or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms and all applicable laws. If you do not agree, you must not use our services.
Our services are available exclusively to:
Before account opening, Clients must provide certified copies of constitutional documents, proof of registered address, beneficial ownership identification, source of funds documentation, and authorised signatory lists. Ongoing monitoring requirements apply throughout the relationship.
We act only on instructions from persons identified in your account documentation. Instructions may be submitted via the Digital Platform (preferred), SWIFT messaging, designated email addresses, or telephone (subject to call recording and verification).
We reserve the right to verify the authenticity of any instruction, refuse to act on ambiguous directions, request additional confirmation for large or unusual transactions, and delay execution pending verification without incurring liability.
Assets may be held through our network of 90+ sub-custodians globally. We apply rigorous due diligence in selecting and monitoring sub-custodians, but local market practices, legal frameworks, and settlement conventions may differ. Assets remain subject to applicable local law.
| Service | Basis | Indicative Range |
|---|---|---|
| Global Custody | Basis points on AUC | 1–4 bps p.a. |
| Transaction Settlement | Per transaction | £18–55 |
| Corporate Action Processing | Per event | £30–80 |
| Fund Administration | Basis points on NAV | 5–15 bps p.a. |
| Platform Access | Annual subscription | £3,000–12,000 |
| Regulatory Reporting | Per submission | £150–500 |
We will exercise reasonable care and skill in all Services. We are not liable for market movements, investment decisions, or losses arising from events beyond our reasonable control. Liability for third-party actions (including sub-custodians) is limited to circumstances where we failed in our due diligence obligations.
We process personal data in compliance with the UK GDPR and our Privacy Policy. Your information is used solely to provide contracted services, meet regulatory obligations, and for risk management. Data is retained in accordance with our documented retention schedules and applicable law.
Access to our Digital Platform is subject to separate Platform Terms. You are responsible for maintaining the security of all login credentials. We target 99.98% platform uptime. Scheduled maintenance is performed outside London business hours. We may suspend access immediately if we detect suspicious or unauthorised activity.
You may terminate this agreement on 30 days' written notice, subject to full settlement of outstanding fees, provision of asset delivery instructions, and completion of all pending transactions.
We may terminate immediately on material breach, client insolvency, regulatory requirement, or where the relationship presents unacceptable legal or reputational risk. All accrued obligations survive termination.
To raise a complaint, please contact your Relationship Manager or email [email protected]. We will acknowledge within 5 Business Days and aim to resolve within 8 weeks. Unresolved complaints may be referred to the Financial Ombudsman Service.
These Terms are governed by the laws of England and Wales. Both parties irrevocably submit to the exclusive jurisdiction of the English courts. Material amendments will be notified with 30 days' notice; continued use constitutes acceptance.
We recommend seeking independent legal advice before entering into this agreement. By proceeding with account opening, you confirm you have had sufficient opportunity to review these Terms and obtain professional guidance.