Version 8.0, 23 August 2023
By subscribing to use the app, you agree to these terms. If you do not agree to these terms do not subscribe to the app.
These Terms set out the basis upon which Coconut Platform Limited (company number 09904418 whose registered office is located at 5 Cromwell Court, Oldham, Greater Manchester, OL1 1ET (“Coconut/we/us/our”) will provide its Services to you.
Accountant Partner: a third party Accounting Services provider that you share access with to your Coconut Account.
Accounting Features: any accounting features of the App made available to you which may include, without limitation, the ability to estimate your tax liability and profit or loss.
Account Information Service: an online service which provides consolidated information on payment accounts held by you with one or more payment service providers, such as banks.
Account Information Services Provider: a payment service provider which is authorised to provide Account Information Services to you with your explicit consent.
Agreement: the agreement between you and Coconut for the provision of the Services incorporating these Terms and which is formed in accordance with clause 2.
App: any web-based, Android or iOS application made available to you by Coconut.
Coconut Account: Your account held with us to access and use the Services.
Coconut Legacy E-money Account: The discontinued Coconut branded electronic money account and associated debit card issued by the Coconut E-money Account Services Provider.
Confidential Information: means information including (without limitation) any content, document, image or any information relating to the disclosing party’s financial affairs or business in whatever medium and irrespective of any labelling of “confidential” or similar.
Content: any content provided by you or on your behalf which is uploaded onto the App, including all data provided by the Account Information Services Provider and the Accountant Partner in relation to your use of the Services.
Customer Support: The team responsible for supporting queries relating to your Coconut Account.
Data Protection Legislation: all applicable data protection and privacy legislation in force from time to time in any relevant jurisdiction including, in relation to the UK, the General Data Protection Regulation ((EU) 2016/679); the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as amended.
Device: any mobile or other device used by you on which the App is to be installed.
Payment Account: an account which is used for the execution of payment transactions, such as a current account, e-money account or credit card account.
Services: means access to the App and the provision of any services made available via the App.
Strong Customer Authentication (SCA) means additional security measures to verify that you have authorised certain transactions or other actions related to the use of your Card and/or Account.
Subscription Fees of Fees: means Coconut’s monthly subscription fees for your use of the App which you can view at any time when logged into the App by checking your account settings. Coconut’s current monthly Subscription Fees to new customers are set out on the Coconut website at getcoconut.com/pricing.
Subscription Plan: means the pricing plan that you select in order to access the functionality offered in relation to that plan, in exchange for paying the relevant Subscription Fees. The available plans and their functionality are set out in the App and on the Coconut website at getcoconut.com/pricing.
Term: means the term of the Agreement as set out in clause 1.
Terms: means these terms and conditions and any other document expressly incorporated into them by reference as updated from time to time in accordance with clause 4.
Virus: any thing or device (including any software, code, file or programme) which may prevent, impair or otherwise adversely affect:
(i) the operation of any software, hardware or network, any telecommunications service, equipment or network or any other service or device;
(ii) access to or the operation or reliability of any programme or data, including the reliability of any programme or data;
(iii) user experience;
including worms, trojan horses, viruses and other similar things or devices.
you/your/yours: means the relevant customer that wishes to purchase the Services being either you the individual or, where you operate through a corporate entity, the relevant corporate entity identified by you when you create your Coconut Account.
2.1 Your completion of Coconut’s online account registration process, including acceptance of these Terms, shall form a binding agreement between Coconut and you for the provision of the Services.
2.2 At any time during the term of the Agreement, you have the right to obtain a copy of these Terms. If you would like to request a copy of these Terms please email the Coconut customer service team at email@example.com.
2.3 Subject to you paying the Fees and agreeing to these Terms, Coconut hereby grants to you a non-exclusive, non-transferable right to use the Services during the Term solely for your own business purposes.
3.1 Complaints regarding any element of the Services provided by us can be sent to Customer Support by emailing us at firstname.lastname@example.org.
3.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will be provided to you.
3.3 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
4.1 From time to time Coconut may need to update, reset, stop offering and/or supporting particular parts of the Services, or features relating to the Services. These changes may be made automatically by Coconut or Coconut may ask you to update the App for these reasons. If you choose not to install such updates or if you opt out of automatic updates you may not be able to continue using the App and the Services.
4.2 Coconut may revise these Terms from time to time. Such changes will usually occur because of changes being made to the Services, changes in the law or where Coconut needs to clarify its position on something. Any changes to these Terms will take effect in accordance with the timeframe set out in any email sent to you notifying you of the changes, or at the time the revised Terms are posted on the Services (whichever is the earlier).
4.3 Coconut will try, where possible and reasonable, to let you know about any significant changes to the Services and these Terms via the Services or by separate email.
4.4 Once we have made changes to the Services and/or these Terms, your continued use of the Services will show that you have accepted these changes. If you do not accept any such changes you should stop using the Services and terminate the Agreement in accordance with clause 18.2.
5.1 Coconut is registered with the FCA as an Account Information Services Provider (reference number: 931194). By agreeing to these Terms you are consenting to Coconut acting as an Account Information Service Provider for you in relation to your Payment Accounts.
5.2 Coconut uses TrueLayer to connect your Payment Accounts to Coconut. TrueLayer is authorised by the FCA as an Authorised Payment Institution (reference number: 793171).
5.3 When you connect your Payment Accounts to Coconut, Truelayer gains read-only access to transaction data associated with the connected accounts. This lets Coconut display your account information and transactions within Coconut. All your details are encrypted and protected by bank level security. Transaction data obtained by TrueLayer is deleted from their system after 1 hour.
6.1 Customers that joined Coconut prior to 31 December 2020 may have had a Coconut Legacy E-money Account powered by PrePay Technologies Limited. This product is discontinued. The terms for this service can be found here: www.getcoconut.com/emoney-terms
7.1 Coconut shall be the controller of any personal data of yours which it uses to manage its relationship with you and/or which is required for you to set up your Coconut account and access the Services. You shall be the controller of any personal data contained in the Content when Coconut uses it to provide its Services to you. Coconut may also process personal data contained in the Content as a controller where this is necessary for fraud prevention and/or other lawful purposes. For more information about how Coconut uses your personal data as a controller please see getcoconut.com/privacy.
7.2 Both parties will comply with all Data Protection Legislation in relation to any personal data to be processed by them under the Agreement.
7.3 Where Coconut is acting as a processor of any personal data on your behalf:
(a) the scope of the processing is any processing activities required to provide the Services to you;
(b) the purpose of the processing is the provision of the Services to you, including allowing you to upload Content onto the Services;
(c) the duration of the processing will be for as long as the Services are provided to you;
(d) the data subjects are you or the individual authorised by you to access the Services and any individuals whose personal data is included within the Content; and
(e) the types of personal data is the personal data provided by the Account Information Services Provider, Accountant Partners and any other personal data provided by you or on your behalf within the Content.
7.4 When acting as a processor of your personal data:
(a) Coconut shall:
(i) process such personal data in accordance with your instructions from time to time provided that such instructions are within the scope of the Services;
(ii) take appropriate technical and organisational measures against unauthorised or unlawful processing of the personal data or its accidental loss, destruction or damage appropriate to the harm that might result from the unauthorised or unlawful processing or accidental loss;
(iii) ensure that all personnel who have access to and/or process personal data are obliged to keep the personal data confidential;
(iv) not transfer any personal data outside of the European Economic Area without providing appropriate safeguards in relation to the transfer as required by Data Protection Legislation;
(v) assist you, at your cost, in responding to any request from a data subject and in ensuring compliance with your obligations under the Data Protection Legislation with respect to security, breach notifications, impact assessments and consultations with supervisory authorities or regulators;
(vi) notify you without undue delay if it becomes aware of a breach of security which has resulted in the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of or access to personal data;
(vii) at your written direction, delete or return personal data to you on termination of the Agreement unless required by applicable law to store the personal data;
(viii) maintain complete and accurate records and information to demonstrate its compliance with this clause 7.4; and
(ix) permit you (or your third party auditor) to audit its compliance with these Terns on giving reasonable notice, provided that any third party auditor mandated by you to conduct such audit has entered into confidentiality undertakings which are satisfactory to Coconut and you use reasonable endeavours to ensure that any such audit is designed to minimise disruption to Coconut’s business. You shall not be entitled to conduct such audits more than once in any twelve-month period unless an audit is mandated more frequently by a regulatory authority;
(i) consent to Coconut appointing third-party sub-processors of personal data provided that Coconut ensures that they are subject to terms substantially similar to those in this clause 7.4. Coconut shall inform you of any intended changes to the identity of any third-party sub-processor. Coconut shall remain fully liable for all acts or omissions of any third-party sub-processor appointed by it pursuant to this clause 7.4(b)(i);
(ii) shall ensure that you are entitled to transfer the relevant personal data to Coconut so that Coconut may lawfully use, process and transfer the personal data in accordance with these Terms on your behalf; and
(iii) shall ensure that the relevant third parties have been informed of, and have given their consent to, such use, processing and transfer as required by Data Protection Legislation.
8.1 Coconut undertakes that the Services will be performed substantially in accordance with these Terms and with reasonable skill and care and in compliance with all applicable laws and regulations. This undertaking shall not apply to the extent any non-conformance is caused by use of the Services in breach of these Terms or contrary to Coconut’s instructions, or modification or alteration of the Services by any party other than Coconut or Coconut’s duly authorised contractors.
8.2 If the Services do not conform with the undertaking in clause 8.1, Coconut will, at its expense, use reasonable endeavours to correct any such non-conformance promptly, or provide you with an alternative means of accomplishing the desired performance. Such correction or substitution constitutes your sole remedy for any breach of this undertaking.
8.3 If we suspect there has been any actual or suspected fraud or a security threat in relation to your Coconut Account we will contact you as soon as possible by email, SMS, push notification or phone.
9.1 By using the App or any of the Services, you agree to Coconut collecting and using technical information about your Device and related software and hardware and your use of the Services to improve its products and to provide its Services to you.
9.2 Coconut may create analysis using information derived from your use of the Services, however such analysis will not include any personal data.
10.1 You shall:
(a) provide Coconut with all necessary cooperation in relation to the Agreement and all necessary access to such information as may be required by Coconut in order to provide the Services, including but not limited to Content;
(b) ensure that any individuals authorised by you to use the Services on your behalf do so in accordance with these Terms and shall be responsible for any breach by such individuals of these Terms;
(c) use all reasonable endeavours to prevent any unauthorised access to, or use of, the Services and, in the event of such unauthorised access or use, promptly notify Coconut. You shall be liable for any loss, or any unauthorised use, of your login details;
(d) ensure that your network, browser and systems and any Devices comply with the relevant specifications required by Coconut from time to time to allow you to use the Services;
(e) ensure that you have permission from the Device owner to download or stream the App onto it and shall be responsible for complying with these Terms, whether or not you own the Device; and
(f) be solely responsible for procuring and maintaining your network connections and telecommunications links from your systems and any Device to the Services.
11.1 You must not:
(a) use the App or the Services in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, such as Viruses, or harmful data, into the App, the Services or any operating system;
(b) infringe Coconut’s intellectual property rights or those of any third party in relation to your use of the App or the Services, including by the submission of any Content (to the extent that such use is not licensed by these Terms);
(c) transmit any material or use the App or Services in any way that is defamatory, offensive, incites or leads to criminal offenses or glorifies or downplays violence, is sexually offensive or pornographic, is not suitable for children or endangers adolescents or harms the reputation of Coconut or is otherwise objectionable;
(d) use the App or the Services in a way that could damage, disable, overburden, impair or compromise Coconut’s systems or security or interfere with other users;
(e) collect or harvest any information or data from the Services or Coconut’s systems or attempt to decipher any transmissions to or from the servers running the Services;
(f) except as may be allowed by any applicable law which is incapable of exclusion and except to the extent expressly permitted under these Terms;
(i) attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the App in any form or media or by any means; or
(ii) attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the App; or
(g) access all or any part of the App or the Services in order to build a product or service which competes with the App or the Services;
(h) use the App or the Services to provide services to third parties;
(i) subject to clause 21.6, license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services or the App available to any third party; or
(j) attempt to obtain, or assist third parties in obtaining, access to the App or the Services, other than as expressly agreed by Coconut.
12.1 Subscription Fees are payable monthly in advance using the payment method selected by you when you selected your Subscription Plan or as otherwise agreed with you from time to time.
12.2 All card payments to Coconut are made via Coconut’s chosen third party payment provider.
12.3 Coconut may increase its Subscription Fees at any time on giving not less than 30 days’ prior written notice to you of any such increase.
12.4 If Coconut has not received payment by the due date, and without prejudice to any other rights and remedies it may have, without liability to you, Coconut may disable your account and access to all or part of the Services and/or the Content and Coconut shall be under no obligation to provide any or all of the Services while the Fees remain unpaid.
12.5 All amounts and Fees stated or referred to in these Terms:
(a) shall be payable in pounds’ sterling;
(b) are, except in accordance with clause 18.6, non-refundable;
(c) are exclusive of value added tax which shall be payable by you at the applicable rate, unless otherwise stated.
12.6 You can change the Subscription Plan applicable to your Coconut account at any time by contacting Coconut customer support at email@example.com. Your plan will be changed at the end of the billing cycle in which the request is received.
13.1 You acknowledge and agree that Coconut and/or its licensors own all intellectual property rights in the App and the Services. Except as expressly stated herein, these Terms do not grant you any rights to, or in, patents, copyright, database right, trade secrets, trade names, trade marks (whether registered or unregistered), or any other rights or licences in respect of the App or the Services.
13.2 We acknowledge and agree that you and/or your licensors own all intellectual property rights in the Content. You shall have sole responsibility for the legality, reliability, integrity, accuracy and quality of the Content. You hereby grant Coconut a non-exclusive, worldwide, transferable, royalty-free licence to use the Content to the extent necessary for the provision of the Services to you.
13.3 You warrant that you have the right to upload the Content on the App and that the use of the Content in relation to the Services by Coconut in accordance with these Terms will not infringe the rights of any third party.
14.1 Neither party shall disclose any Confidential Information belonging to and received from the other to any third party or use any such Confidential Information for any purpose other than in accordance with these Terms. This obligation shall not apply to Confidential Information which is: (i) in the public domain other than due to a breach of an obligation of confidence; (ii) known to both parties prior to disclosure; or (iii) required to be disclosed by law.
14.2 Each party shall take all reasonable steps to ensure that the other’s Confidential Information to which it has access is not disclosed or distributed by its employees or agents (including, in respect of you, the Users) in violation of these Terms.
14.3 You acknowledge that details of the App, the Services and the Fees constitute Coconut’s Confidential Information.
You shall indemnify Coconut against all losses, damages, costs, claims and expenses, (including reasonable legal fees) incurred by Coconut arising out of or in connection with any third-party claim against Coconut relating to:
(a) your use of the Services not in accordance with these Terms; and
(b) the Content (except to the extent caused solely by Coconut’s breach of these Terms).
16.1 Except as expressly and specifically provided in these Terms:
(a) Coconut shall not be responsible, to the fullest extent permitted by applicable law, for:
(i) any Content and you assume sole responsibility for results or information obtained from your use of the Content, and for any acts, omissions or conclusions drawn from such use;
(ii) damage caused by errors or omissions in any information, materials, Content or instructions provided to Coconut by you, or any actions taken by Coconut at your direction;
(iii) any loss or damage caused by the Accountant Partner or any third party payment provider used by Coconut;
(iv) any loss or harm caused by Viruses, worms or other programmes designed to impair the Services;
(v) all problems, conditions, delays, delivery failures and all other loss or damage arising from or relating to your network connections or telecommunications links or caused by the internet
(b) all warranties, representations, conditions and all other terms of any kind whatsoever implied by statute or common law are, to the fullest extent permitted by applicable law, excluded from these Terms;
(c) the Services and App are provided to you on an “as is” basis; and
(d) you acknowledge that the App has not been developed to meet your individual requirements, and that it is therefore your responsibility to ensure that the facilities and functions of the App meet your requirements.
16.2 In the event of any loss or damage to Content due solely to Coconut, your sole remedy shall be for Coconut to use reasonable endeavours to restore the lost or damaged Content from the latest back-up of such Content maintained by Coconut in accordance with its standard archiving procedures. Coconut shall not be responsible for any loss, destruction, alteration or disclosure of Content caused by any third party (except those third parties sub-contracted by Coconut to perform services related to Content).
16.3 Nothing in these Terms excludes the liability of Coconut:
(a) for death or personal injury caused by Coconut’s negligence;
(b) for fraud or fraudulent misrepresentation; or
(c) for any other liability which cannot be limited or excluded by law.
16.4 Subject to clause 16.3:
(a) Coconut shall not be liable whether in tort (including for negligence or breach of statutory duty), contract, misrepresentation, restitution or otherwise for any loss of profits, revenue, business, goodwill and/or similar losses or loss or corruption of data or information, pure economic loss, or for any special, indirect or consequential loss, costs, damages, charges or expenses however arising under the Agreement; and
(b) Coconut’s total aggregate liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the Agreement shall be limited to the Fees received from you by Coconut during the 12 months immediately preceding the date on which the claim arose.
Coconut may suspend or limit your use of the Services if you are in breach of these Terms, including without limitation clause 11, or where continued use may result in material harm to the App, the Services or any other users. Coconut will promptly notify you of the suspension or limitation.
18.1 The Agreement shall commence when you accept these Terms during the Coconut online account registration process and shall continue until terminated as provided in this clause 18.
18.2 You may terminate the Agreement at any time on giving written notice to Coconut, such termination shall take effect at the end of the billing cycle in which the request is made.
18.3 Coconut may terminate the Agreement at any time and for any reason on giving you written notice without further liability to you.
18.4 Without affecting any other right or remedy available to it, either party may terminate the Agreement with immediate effect by giving written notice to the other party if the other party commits a material breach of any other term of these Terms which breach is irremediable or, if such breach is remediable, fails to remedy that breach within a period of 30 days after being notified in writing to do so.
18.5 On termination of the Agreement for any reason:
(a) all licences granted under these Terms shall immediately terminate and you shall have no further use of the Services or access to the Content;
(b) Coconut may destroy or otherwise dispose of any of the Content unless it receives from you, no later than ten days after the effective date of the termination of the Agreement, a written request for a copy of the Content. Coconut shall use reasonable endeavours to deliver a copy of any Content that it holds to you within 30 days of its receipt of such a written request, provided that you have, at that time, paid all amounts outstanding at, and resulting from, termination (whether or not due at the date of termination). You shall pay all reasonable expenses incurred by Coconut in returning Content;
(c) subject to clause 18.7, you will pay all outstanding Fees due to Coconut; and
(d) any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of termination shall not be affected or prejudiced.
18.6 On termination of the Agreement by you pursuant to clause 18.4 or by Coconut pursuant to clause 18.3, you shall not be obliged to pay any Fees due for periods after the effective date of termination.
18.7 In addition to those provisions which by their nature are intended to survive any termination of the Agreement, clauses 1, 2, 7.2, 7.3, 5, 9, 9.1 10, 12, 13, 14, 15, 16, 18.5, 18.6 and 21 of these Terms shall survive such termination.
19.1 Coconut shall have no liability to you if it is prevented from, hindered or delayed in performing its obligations under these Terms, or from carrying on its business, by acts, events or omissions beyond its reasonable control. Coconut shall inform you promptly of any such acts, events or omissions.
20.1 You acknowledge that the Accounting Features are dependent on the accuracy and completeness of the information inputted by you when using the Services and in any event Coconut makes no representation, and excludes all warranties (whether implied by statute or common law), to the extent it may do so by law, as to the accuracy of the Accounting Features and in respect of any information provided to you in relation to your use of the Accounting Features.
20.2 The Accounting Features of the App are provided by Coconut entirely at its discretion. Coconut may change, restrict, suspend or terminate your access to the Accounting Features at any time and without notice.
20.3 Any information Coconut provides to you via the Accounting Features is solely for your internal informational purposes and should not be treated as professional advice or relied upon for the purposes of submitting tax returns or any official filing.
21.1 No variation of these Terms shall be effective unless it is in writing and signed by the parties.
21.2 No failure or delay to exercise any right or remedy provided under these Terms or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy.
21.3 Except as expressly provided in these Terms, the rights and remedies provided under these Terms are in addition to, and not exclusive of, any rights or remedies provided by law.
21.4 If any provision (or part of a provision) of these Terms is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.
21.5 The Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersedes any previous arrangement, understanding or agreement between them relating to the subject matter they cover.
21.6 Subject to clause 21.7, neither party shall, without the prior written consent of the other, assign, transfer or sub-contract or deal in any other manner with all or any of their rights or obligations under these Terms.
21.7 Coconut may:
(a) sub-contract its obligations provided that it shall be liable for the acts and/or omissions of its subcontractors as if they were Coconut’s acts and/or omissions; and
(b) assign its rights under these Terms to any person to which it transfers its business, provided that the assignee undertakes to be bound by Coconut’s obligations under these Terms.
21.8 These Terms do not confer any rights on any person or party (other than the parties to the Agreement and, where applicable, their successors and permitted assigns) pursuant to the Contracts (Rights of Third Parties) Act 1999.
21.9 Any notice given to a party under or in connection with the Agreement shall be sent by email:
(a) to you at the then current email address linked to your Coconut account; and
(b) to Coconut at firstname.lastname@example.org.
21.10 Any notice shall be deemed to have been received at the time of transmission, or, if this time falls outside business hours in the place of receipt, when business hours resume. In this clause 21.10 business hours means 9.00am to 5.00pm Monday to Friday on a day that is not a public holiday in the place of receipt.
21.11 Clauses 21.9 and 21.10 do not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.
21.12 The Agreement shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any matter arising out of or in connection with the Agreement.