Terms for a fintech product that is not regulated

A fintech product that has been structured to stay outside regulation depends on its terms to keep it there: the terms describe what the product does and does not do, and if they describe a regulated activity, the product is carrying one on. They also have to handle financial promotions, avoid giving advice, define the relationship with the regulated partners that hold money and provide payments, and give consumers the rights they have as consumers even where they have none as investors or borrowers. I draft those terms for a fixed fee of £995, delivered in five working days.

Who this is for

Fintech businesses in England and Wales offering budgeting, analytics, invoicing, expense, savings-marketplace, comparison, cashflow or other financial tools that are designed not to require authorisation, often built on regulated partners' payment, e-money or open banking services.

What matters in terms for an unregulated fintech product

The regulated perimeter and what the terms describe

Carrying on a regulated activity without authorisation is prohibited by section 19 of the Financial Services and Markets Act 2000, and what is regulated is set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, with payment services under the Payment Services Regulations 2017, e-money under the Electronic Money Regulations 2011 and consumer credit under the Consumer Credit Act 1974. The terms should describe the product in words that match the activity the business in fact carries on, and should avoid language (holding funds, arranging investments, providing credit, executing payments) that describes a regulated activity the business has structured itself not to perform.

Financial promotions and what is said about the product

Inviting or inducing someone to engage in investment activity is a financial promotion restricted by section 21 of the Financial Services and Markets Act 2000 unless made or approved by an authorised person or exempt, and the terms, the website and the app copy should stay on the right side of it: describing what the tool does without inviting the customer to invest, borrow or move money in ways the restriction catches. The terms should state that nothing in the service is a financial promotion of a regulated product, and that any regulated products are offered by the named partner under its own terms.

No advice and no recommendation

Advising on investments is a regulated activity, and generic information and tools that help a customer make their own decision are not, so the terms should say that the product provides information and calculations, not advice or recommendations, that the customer is responsible for decisions taken on the basis of it, and that the customer should take advice where needed. The disclaimer has to match the product: a feature that tells the customer which account to switch to is closer to a recommendation than a table of rates is.

Regulated partners and who the customer contracts with

Where the product uses a regulated partner for payments, e-money accounts, open banking access or lending, the terms should say that those services are provided by the partner under its own terms, which the customer accepts separately, that the business is not the provider of them and, where it acts as the partner's agent or introducer, in what capacity, and how complaints about the partner's services are handled. The partner's own contract will require this, and the terms should be consistent with it.

Money, who holds it and what the business may not do

The terms should make clear that the business does not hold customer money, that funds are held by the named partner or the customer's own bank, and that the business cannot move money without the customer's instruction through the partner's service; a business that receives customer funds into its own account is likely to be providing a payment service or issuing e-money. Where the product initiates payments or accesses account data through open banking, those are regulated services provided by an authorised provider, and the terms should identify it.

Data, consumer rules and liability

Financial data is personal data of a sensitive kind in practice, and the terms should refer to the privacy notice under the UK GDPR, describe the data the product accesses and why, and address security under Article 32. Consumers using the product have their rights under the Consumer Rights Act 2015 and the cancellation right under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, and the liability clause should sit within them, excluding losses from decisions the customer makes with the information the product provides, which is the exposure the business is structured to avoid. Business customers are governed by the Unfair Contract Terms Act 1977 test.

What it costs

SaaS terms of service, £995. Your standard customer-facing terms. Five working days.

Buying online forms the engagement on payment. The scope is what the saas and technology contracts page describes, you accept the Terms of Service at checkout, and I email you within four working hours to get started. If you would rather ask something first, email me.

What you get

• A bespoke contract drafted for how your product is sold, delivered and supported
• Service levels you can meet, with remedies that are proportionate rather than aspirational
• A liability position that is defensible and will survive enterprise procurement
• IP and data provisions that fit together rather than contradicting each other
• A commercial note on where you will get pushback and what is worth conceding
• One round of amendments

What is not included

• Negotiating individual enterprise deals, which I quote separately
• Advice on the law of jurisdictions outside England and Wales
• Technical security certification or audit
• Regulatory advice for regulated sectors such as financial services or health

Questions I am often asked

Our app moves money between a user's accounts when they tap a button. Is that regulated?

Initiating a payment from another provider's account is a regulated payment service. If an authorised open banking provider performs it, the terms identify that provider and say the business does not; if the business does it itself, it needs authorisation.

Can we show users which savings account pays the most?

A comparison table with information is generally not advice; a feature that tells the user to move their money to a particular account is closer to it. The terms describe the feature accurately, and the feature has to stay on the information side.

Do we need FCA authorisation to use a partner's e-money accounts?

Not to use them for your own business, and not to introduce customers to the partner under its terms, provided you do not hold or move the money yourself and the partner's contract permits the model. The terms are drafted to that model and should be checked against the partner's contract.

Related guidance and services

• SaaS and technology contracts, £995, the service this page describes
• Contract review, £495
• Data protection agreements and privacy terms, £795
• SaaS terms of service for a consumer app
• Reviewing an asset finance agreement

This page is general guidance for businesses in England and Wales, not advice on your own circumstances. Last reviewed: September 2026. Email geoffrey@caesar.co.uk.