Migration to Lightyear U.K. Ltd
We’re happy to let you know that the Financial Conduct Authority (FCA) has directly authorised Lightyear UK, a company under the Lightyear group. This means there’ll be some changes in the near future, so please read on carefully.
What’s changing?
Account set-up
Current set-up: all personal and business accounts are provided by Lightyear Financial Ltd, which is authorised as an appointed representative of RiskSave Technologies Ltd.
- As a Lightyear customer residing in the UK, you’re entered into i) the Terms of Service with Lightyear Financial Ltd and ii) the Broker Agreement with Lightyear Europe AS.
- Lightyear Europe AS acts as the broker and custodian for safeguarding your assets.
New set-up: All personal and business accounts of Lightyear customers based in the UK will be migrated and assets transferred to Lightyear UK.
- Your customer agreement will only be with Lightyear UK (Lightyear U.K. Ltd), who’ll serve as a custodian for safeguarding your assets.
- Lightyear UK will take on any claims, complaints, liabilities, entitlements and anything else that you currently have in place with Lightyear Financial Ltd.
- After migration, we’ll send you the new bank details for any manual transfers. (Until this time, keep using the current details).
FSCS protection
Assets of Lightyear UK customers will be protected up to the FSCS limit of £85,000 per customer, per financial institution. This will come into force once we’ve completed the migration of your assets; the protection scheme for your assets will change from the Estonian Investor Protection Sectoral Fund (the scheme for Lightyear Europe) to Financial Services Compensation Scheme (FSCS – the scheme for Lightyear UK).
Other changes
- Data controller: Lightyear UK will be the new data controller in respect of your personal data.
- No negative changes to the service or support you get: you’ll continue to get the same quality of service, and pricing will not change as a result of this.
- ISAs for personal accounts: Lightyear UK Terms of Service will include new product-specific provisions for Cash ISAs and Stocks and Shares ISAs for personal accounts.
When is this changing?
All accounts of Lightyear customers based in the UK - including all uninvested cash and assets - will be migrated to Lightyear UK between 21.12.2024 and 16.01.2025.
From that date onwards, the Lightyear UK Terms of Service (for both personal and business accounts) and other relevant documents listed below will apply to your relationship with Lightyear UK.
If you’d like to close your accounts because of these changes, you can do so before the migration takes place. If you don’t close your accounts with Lightyear before the migration, you'll automatically be:
i) consenting to the migration of your accounts from Lightyear Financial Ltd, and to the transfer of your uninvested cash and the safeguarding of your assets from Lightyear Europe to Lightyear UK; and
ii) accepting the Terms of Service of Lightyear UK (for both personal and business accounts).
This consent and acceptance of terms is automatic, so you don’t need to do anything.
If you have a business account with Lightyear and if there are directors in the business besides yourself, please let them know about this change.
If you have any questions, please email to support@lightyear.com. We’re happy to help!
Legal documents
We will notify you once the migration is completed. From that date onwards, the Lightyear UK Terms of Service (for both personal and business accounts) and other relevant documents listed below will apply to your relationship with Lightyear UK. Until then, please note that the documents linked in the footer of this page reflect the current Lightyear Financial Ltd terms and policies applicable to all customers pre-migration.