Deposit and
Withdrawal

1.2The Policy is issued in satisfaction of the Client Agreement, which provides that deposits and withdrawals are governed by this Policy.

1.3This Policy does not create, extend or limit any contractual right. Where this Policy and the Client Agreement address the same matter, the Client Agreement prevails in accordance with the order of precedence stated in it.

1.4Nothing in this Policy removes or reduces a protection conferred on the Client by Applicable Law that cannot lawfully be excluded, including any mandatory obligation concerning Client Money.

1.5Terms defined in the Client Agreement have the same meaning in this Policy.

2.2Each entity is separately licensed and separately supervised. Client Money rules, safeguarding arrangements and withdrawal commitments differ between the entities, as summarised in the entity variation table above.

2.3A Client holding Accounts with more than one entity has a separate relationship with each. Funds held by one entity are not available to meet an obligation owed to the other, except to the extent set-off is lawfully permitted under the relevant Client Agreement.

2.4Regulation does not eliminate risk. No regulator guarantees the return of Client Money, and segregation does not remove the risks described in section 22.

3.2Client Money is identified and held separately from the Company's own money, in accounts with approved banks, payment providers, custodians or other permitted institutions, and is recorded so that each Client's entitlement is identifiable at all times.

3.3Client Money is not the Company's asset. It is not available to the Company's general creditors in the ordinary course, subject to Applicable Law and to the insolvency law of the jurisdiction in which it is held.

3.4The institutions with which Client Money is held are selected and reviewed by the Company having regard to their regulatory status, financial standing and operational reliability.

3.5The Company does not represent that any deposit-protection or investor-compensation arrangement applies to Client Money. Where such an arrangement exists in a relevant jurisdiction, its scope and limits are determined by that arrangement and not by the Company.

4.2Where money is pooled, the Client does not have a claim against a specific sum or a specific account. The Client's claim is to the entitlement recorded in the Company's books, met from the pooled balance.

4.3The Company performs reconciliations between its internal records, its Client records and the balances held with each institution, at the frequency required by Applicable Law and by the arrangements applicable to the contracting entity.

4.4A discrepancy identified on reconciliation is investigated and corrected, and any shortfall is funded by the Company from its own money where required.

4.5The Client must promptly report any apparent funding or withdrawal discrepancy on the Account.

5.2A transfer of that kind may be made to a regulated principal broker, liquidity provider, custodian, execution counterparty or payment provider forming part of the Company's execution or safeguarding arrangements.

5.3Money transferred to a third party for those purposes may be subject to that party's own arrangements and to the insolvency law of another jurisdiction, which may treat client assets differently.

5.4The Company does not use Client Money for proprietary trading, to meet its own debts, or for any purpose other than those set out in this section and permitted by Applicable Law.

5.5The Company does not lend Client Money to itself or to a group member, and does not grant security over Client Money in a manner inconsistent with mandatory safeguarding rules.

6.2Availability of a method depends on the contracting entity, the Client's country of residence, the Account currency, the Client's verification status and the requirements of the relevant payment provider.

6.3The Company may add, suspend or withdraw a payment method at any time, including where a provider changes its terms, where a method presents unacceptable financial-crime or operational risk, or where Applicable Law requires it.

6.4Minimum and maximum amounts may apply to a payment method and are published with that method.

6.5The Company is not a bank or a payment institution and does not provide payment services independently of the Services. An Account must not be used as a banking or payment-transmission facility.

7.2The Company may reject or return a third-party payment. A payment received from a person other than the Client may be returned to its source, and the Company is not obliged to credit it to the Account.

7.3Where a lawful and documented third-party arrangement has been approved by the Company in advance, payments may be made under that arrangement on the terms approved.

7.4The Client must not permit another person to fund or withdraw from the Account, and must not fund another person's account from the Client's own payment instruments.

7.5Returning a third-party payment may take longer than an ordinary withdrawal because the Company must verify the source before releasing funds, and the receiving provider may apply its own checks.

8.2The Client is responsible for providing accurate and complete payment information, including any reference the Company requires in order to identify the payment.

8.3A deposit made without the required reference, or with information that does not match the Account records, may be delayed while the Company identifies it, or may be returned to source.

8.4The Company may set limits on deposit frequency and amount, and may require additional information where a deposit is inconsistent with the information held about the Client.

8.5The Client should not send funds to any account other than the account details displayed in the Client Portal or otherwise confirmed by the Company through an Approved Medium. The Company will never request a payment to a personal account or to an account communicated through an unofficial channel, and the Client should verify unusual payment requests using the published contact details before acting.

9.2The Company is not responsible for delay caused by a bank, card issuer, payment provider, network, intermediary or blockchain, or by incomplete or inaccurate payment information supplied by the Client.

9.3Funds are not available as Margin until they have been received and credited. A deposit made during a period of market stress may not be credited before a stop-out level is reached.

9.4Where a deposit cannot be identified to a Client within a reasonable period, the Company will return it to source.

10.2The Company may request documents or explanations at any time, including evidence of the origin of funds, and may hold a payment until a satisfactory response is received.

10.3The Company may refuse, delay, block, cancel, return or report a payment, and may restrict or suspend an Account, where reasonably required or permitted by Applicable Law. In some circumstances the Company is prohibited by law from explaining the reason.

10.4Repeated funding and withdrawal without genuine trading activity may be investigated and restricted, and the reasonable costs incurred may be charged to the Client.

10.5The Company may verify information using public records, credit or fraud databases, identity-verification services, banks and payment providers, and the Client authorises those enquiries.

10.6Verification may be required again where the Client changes payment instrument, address, country of residence or beneficial ownership, or where the pattern of activity on the Account changes materially.

11.2The Company may convert an amount where reasonably required for Margin, settlement, fees, withdrawals, close-out or account administration, using a rate reasonably derived from an available market or service-provider rate together with any disclosed conversion charge.

11.3The Client bears the cost and the risk of conversion. A withdrawal returned in a currency other than that of the original deposit may be worth more or less than the amount deposited.

11.4Intermediary banks and payment providers may apply their own conversion rates and charges, over which the Company has no control.

12.2A payment provider, bank or intermediary may deduct its own charges from a payment. The amount received may therefore be less than the amount sent.

12.3The Company may pass on a charge levied by a provider in connection with a specific payment, including a charge arising from a returned, recalled or incorrectly addressed payment.

12.4Charges may be amended prospectively by notice or through an updated fee schedule. A change driven directly by a payment provider, bank, tax authority or regulator may take effect on shorter notice where reasonably necessary.

13.2A withdrawal request must specify the amount, the Account and the payment method, and must be made by the Client or by a duly authorised representative whose authority the Company has accepted.

13.3The Company may require confirmation of a withdrawal request through an authentication step or a verified channel before processing it.

13.4A request that is ambiguous, unauthorised, incomplete or inconsistent with the Account records may be declined, and the Client will be told what is required.

13.5Withdrawal requests are processed in the order received, subject to the checks described in this Policy.

14.2Where a Client has funded an Account by more than one method, withdrawals may be allocated across those methods in proportion to the amounts funded, or in the order the Company reasonably determines.

14.3A refund to a payment card is generally limited to the amount originally paid by that card and may be subject to time limits imposed by the card scheme.

14.4Profit, or an amount exceeding the original funding, may be paid by another verified method in the Client's name where a return to source is not possible or not permitted.

14.5The Company does not pay a withdrawal to a third party, to an unverified instrument, or to an account in a jurisdiction to which payment would breach Applicable Law or a provider's requirements.

15.2A withdrawal request does not reduce open exposure and does not reserve funds until it is approved and processed. Market movement between request and processing may reduce the amount available.

15.3Where a withdrawal would leave insufficient Margin, the Company may decline it, reduce it to the amount available, or require Positions to be closed first.

15.4Unrealised profit on an open Position may be excluded from the amount available for withdrawal until the Position is closed.

15.5Where a credit, bonus or similar benefit has been applied to the Account, its treatment on withdrawal is governed by the terms on which it was granted.

16.2For a Client of Royce Capitals Ltd., where there are sufficient free funds, lawful verification is complete, payment instructions are accurate and no legal or operational restriction applies, the Company is expected to complete a withdrawal of Client Money within three Working Days after receiving a valid withdrawal request.

16.3For a Client of Royce Global Markets Limited, the Company applies the same service standard as a matter of practice, subject to the same conditions.

16.4Time taken by a bank, card scheme, payment provider or intermediary to credit the receiving account is additional to the periods above and is outside the Company's control.

16.5Where completion is delayed, the Company will inform the Client of the reason and of the outstanding requirement, so far as it is lawful and practicable to do so.

17.2A delay applied for one of those reasons is limited to what is reasonably necessary, and the Company will resume processing as soon as the reason no longer applies.

17.3The Company does not delay a withdrawal in order to encourage continued trading, to defer a loss to itself, or as a response to a Client having complained.

17.4Where a withdrawal is refused, the Company will tell the Client that it has been refused and, where it is lawful and practicable to do so, why.

17.5A Client who considers that a withdrawal has been delayed or refused without proper basis may complain under the Complaints Handling Policy.

18.2Where a payment is reversed, recalled or dishonoured, the Company may suspend the Account, cancel a related credit or benefit, close Positions where necessary to prevent further loss, and recover the reversed amount together with reasonable direct costs.

18.3Action under this section is taken following investigation and does not prevent the Client from disputing an error.

18.4An unjustified chargeback may constitute an Event of Default under the Client Agreement.

18.5The Company cooperates with card schemes, banks and payment providers in the investigation of a disputed payment and may provide them with relevant Account and transaction records.

19.2Where an institution pays interest on an account in which Client Money is held, the treatment of that interest is determined by the applicable client-money rules and the arrangements in force for the contracting entity.

20.2Charges of that kind are disclosed before they are applied and are not applied so as to reduce a balance below zero.

20.3No dormant-account rule permits the Company to appropriate Client Money contrary to Applicable Law. A Client remains entitled to a recorded balance and may claim it, subject to verification.

20.4The Company will take reasonable steps to contact a Client before closing a dormant Account, using the latest contact details recorded for the Account.

21.2The Company may retain amounts required to meet unresolved Transactions, chargebacks, complaints, investigations, taxes, legal holds and regulatory obligations, and will return the remainder.

21.3An undisputed balance is returned once the requirements in this section are satisfied. The Company will explain any amount retained and the basis for retaining it, so far as it is lawful to do so.

21.4Where a balance cannot be returned because verification cannot be completed or a payment route is unavailable, the Company will continue to hold it as Client Money and will record the Client's entitlement.

22.2Where a bank, payment provider or custodian fails or becomes insolvent, the Client may share proportionately in any shortfall attributable to pooled client funds, subject to Applicable Law and to any available compensation or recovery rights.

22.3Recovery following the failure of an institution may take a long time and may be partial. The Company is responsible for its own breach of mandatory safeguarding duties but is not an insurer of third-party failure.

22.4A payment in transit is exposed to the systems and solvency of the institutions handling it. The Company is not responsible for a failure of an independent institution that it selected with reasonable care.

22.5Further information about these risks is set out in the Risk Disclosure Policy.

23.2The current version of this Policy is made available through an Approved Medium. The Company maintains version control and records the effective date of each version.

23.3The governing language of this Policy is English. A translation is provided for convenience only and, in the event of conflict, the English version prevails to the extent permitted by Applicable Law.