Refund Policy

1. Introduction and Purpose

1.1 This Refund and Withdrawal Policy (the “Policy”) sets out the principles, conditions and procedures applicable to the withdrawal, refund, return and repayment of monies held in or credited to a client account maintained with T.M. Financials Ltd (the “Company”).

1.2 This Policy shall be read in conjunction with the Company’s Client Agreement, Risk Warning, KYC/AML Policy, Complaints Handling Policy and such other terms, policies and disclosures as may from time to time govern the relationship between the Company and its clients (collectively, the “Client Documentation”).

1.3 This Policy is intended, inter alia, to ensure that withdrawals and refunds are processed in a manner consistent with:

(a) the contractual arrangements between the Company and its clients;
(b) the Company’s obligations under applicable laws, regulations and regulatory requirements;
(c) applicable anti-money laundering, combatting the financing of terrorism and proliferation financing requirements (“AML/CFT Requirements”); and
(d) the Company’s internal risk management, fraud prevention, payment processing and compliance procedures.

1.4 In the event of any inconsistency between this Policy and the Client Agreement, the provisions of the Client Agreement shall prevail to the extent of such inconsistency, subject always to applicable law and regulatory requirements.

1.5 Nothing contained in this Policy shall be construed as creating an entitlement to a refund or payment in circumstances where such refund or payment would be contrary to applicable law, regulatory requirements, the Client Agreement or any lawful direction, restriction or order issued by a competent authority.

2. Definitions and Interpretation

2.1 For the purposes of this Policy, unless the context otherwise requires:

“Account” means the trading account or other client account maintained by the Company in the name of a Client.

“Available Funds” means funds standing to the credit of a Client's Account which are available for withdrawal after taking into account, as applicable, open positions, margin requirements, realised and unrealised losses, fees, charges, liabilities, pending transactions and any other amounts due to the Company.

“Business Day” means a day on which banks are ordinarily open for business in Mauritius, excluding Saturdays, Sundays and public holidays.

“Client” means any natural or legal person who has entered into a Client Agreement with the Company.

“Client Agreement” means the agreement governing the contractual relationship between the Client and the Company, as amended from time to time.

“Deposit” means any monies received by or on behalf of the Company for credit to a Client's Account.

“Payment Method” means the bank account, payment card, electronic payment facility or other payment mechanism accepted by the Company through which a Deposit has been made or a payment is to be processed.

“Refund” means the return or reversal of all or part of a Deposit in circumstances contemplated by this Policy and does not include reimbursement of a Trading Loss.

“Trading Loss” means any loss arising directly or indirectly from trading activity conducted through the Client's Account.

“Withdrawal” means a payment of Available Funds from a Client's Account at the request of the Client or upon termination or closure of the Account.

2.2 References in this Policy to any law, regulation, rule or regulatory requirement shall include any amendment, replacement or re-enactment thereof from time to time.

3. General Principles

3.1 A Client may request the withdrawal of Available Funds from his, her or its Account, subject to the Client Agreement, this Policy, applicable AML/CFT Requirements and such verification or compliance procedures as the Company may reasonably require.

3.2 The acceptance by the Company of a Deposit shall not constitute an unconditional obligation to return that Deposit upon demand. The availability and manner of return of funds shall be subject to the Client's trading activity, outstanding obligations, open positions, margin requirements, applicable fees and charges, and the Company's legal and regulatory obligations.

3.3 The Company reserves the right to decline, suspend or defer the processing of a Withdrawal or Refund where reasonably necessary to:

(a) verify the identity of the Client or the ownership of a Payment Method;
(b) establish or verify the source of funds or, where appropriate, source of wealth;
(c) investigate unusual, suspicious, fraudulent, market abuse or potentially unlawful activity;
(d) comply with AML/CFT Requirements, sanctions requirements or any other applicable legal or regulatory obligation;
(e) comply with a request, direction, order or restriction imposed by a court, regulatory authority, law enforcement agency or other competent authority;
(f) protect the Company or its Clients against fraud, error, unauthorised transactions or payment abuse; or
(g) determine any amount properly due or payable by the Client under the Client Agreement.

3.4 The Company shall not be required to process any payment where doing so would cause the Company to contravene applicable law or any binding regulatory or legal requirement.

4. Trading Losses

4.1 Trading in contracts for difference and other leveraged financial instruments involves a high degree of risk and may result in the loss of all or a substantial part of the funds deposited by a Client.

4.2 Subject to any mandatory right or remedy available under applicable law, the Company shall not refund or reimburse genuine Trading Losses arising from or attributable to:

(a) movements in the market or the price of an underlying instrument;
(b) market volatility, price gaps, liquidity conditions or other market conditions;
(c) slippage or differences between an expected execution price and the price at which an order is executed;
(d) spreads, commissions, swaps, financing charges or other trading costs properly incurred in accordance with the Client Agreement;
(e) trading decisions, instructions or strategies of the Client;
(f) the Client's reliance upon trading signals, third-party information, copy-trading arrangements, expert advisers, algorithms, automated trading systems or other software; or
(g) failure, interruption or inadequacy of any internet connection, hardware, software, device or system for which the Company is not responsible under the Client Agreement.

4.3 A request for the withdrawal or refund of funds shall not constitute a mechanism for reversing or cancelling the financial consequences of validly executed trading activity.

5. Withdrawals of Available Funds

5.1 A Client may submit a request to withdraw Available Funds in accordance with the procedures prescribed by the Company.

5.2 A Withdrawal request shall only be processed to the extent that sufficient Available Funds exist in the relevant Account.

5.3 In determining the amount available for withdrawal, the Company may take into account:

(a) margin required to maintain open positions;
(b) pending transactions or payment instructions;
(c) realised or unrealised losses, where relevant;
(d) commissions, spreads, swaps, financing charges and other fees;
(e) amounts due or potentially due to the Company under the Client Agreement; and
(f) any applicable restriction, hold, reserve or minimum holding period imposed in accordance with the Client Agreement.

5.4 The Company may decline or defer a Withdrawal where the requested amount is required to maintain the Client's open positions or where processing the Withdrawal would cause the Account to cease satisfying applicable margin or other trading requirements.

5.5 Submission of a Withdrawal request does not constitute acceptance of that request by the Company. A Withdrawal shall be regarded as approved only once the Company has completed such operational, payment and compliance checks as it considers necessary.

6. Return to Source and Payment Method

6.1 As a general principle, and subject to applicable AML/CFT Requirements, a Refund or Withdrawal shall, where reasonably practicable, be processed to the original source from which the relevant funds were received and through the same Payment Method used to fund the Account.

6.2 Payments shall ordinarily be made only to a bank account, payment card or other Payment Method held in the name of the Client.

6.3 The Company does not ordinarily accept or process payments to or from third parties.

6.4 Where return to the original Payment Method is not reasonably practicable, including where the relevant account or payment facility has been closed, expired or is otherwise incapable of receiving the funds, the Company may permit payment to an alternative Payment Method held in the Client's name.

6.5 Any payment under clause 6.4 shall be subject to such identification, verification, customer due diligence, source-of-funds and other compliance measures as the Company considers appropriate or is required to undertake.

6.6 The Company may require documentary evidence establishing ownership of the alternative Payment Method before processing any payment.

6.7 Nothing in this section shall require the Company to return funds to their source where such return is prohibited, restricted or otherwise inconsistent with applicable law or a requirement imposed by a competent authority.

7. Circumstances in which Deposited Funds May Be Refunded or Returned

7.1 Subject to this Policy, the Client Agreement and applicable legal and regulatory requirements, the Company may refund or return deposited funds in circumstances including the following:

7.1.1 Incomplete or Unsuccessful Verification

Where the Client fails to complete the Company's identification, verification or customer due diligence requirements to the Company's satisfaction, the Company may decline to establish or continue the business relationship and may return funds in accordance with its KYC/AML Policy and applicable law.

7.1.2 Rejected Deposits

The Company may reject and return a Deposit where it is unable to satisfactorily establish the origin of the funds, verify the Payment Method, obtain information reasonably required in relation to the transaction, or otherwise satisfy its legal, regulatory or internal compliance requirements.

7.1.3 Third-Party Payments

Where funds are received from a person other than the Client, the Company may reject the Deposit and, subject to applicable law and satisfactory verification, return the relevant funds to the original remitter or originating Payment Method.

7.1.4 Duplicate or Erroneous Payments

Where a Deposit has been processed more than once or for an incorrect amount as a result of a demonstrable technical, administrative or payment-processing error, the Company may refund the amount received in error.

7.1.5 Error Attributable to the Company

Where funds have been incorrectly debited, transferred or otherwise processed as a result of an error attributable to the Company, the Company may take such corrective action as is reasonably necessary to restore the Client to the position that would have applied had the error not occurred, subject to the Client Agreement and applicable law.

7.1.6 Closure or Termination of Account

Upon closure of an Account or termination of the Client Agreement, the Company may return any remaining balance to the Client after:

(a) closing or otherwise dealing with all open positions;
(b) settling pending transactions;
(c) deducting all amounts properly due to the Company;
(d) completing any required compliance, fraud prevention or payment verification procedures; and
(e) complying with any applicable legal or regulatory restriction.

7.2 A Refund shall not be available merely because a Client has changed his or her trading strategy, is dissatisfied with the outcome of trading activity, or no longer wishes to maintain an Account with the Company.

8. Anti-Money Laundering and Financial Crime Controls

8.1 The Company is required to maintain systems and controls designed to prevent its products and services from being used for money laundering, terrorist financing, proliferation financing, fraud or other financial crime.

8.2 Accordingly, prior to processing a Refund or Withdrawal, the Company may require the Client to provide such information and documentation as the Company considers reasonably necessary, including information or evidence relating to:

(a) the Client's identity and address;
(b) the beneficial owner of the Account;
(c) ownership of the relevant Payment Method;
(d) the source of funds;
(e) where appropriate, the source of wealth;
(f) the purpose and economic rationale of a transaction; and
(g) any other matter relevant to the Company's legal, regulatory or compliance obligations.

8.3 The Company may delay, suspend, decline or otherwise refrain from processing a Refund or Withdrawal while required verification, due diligence, enhanced due diligence, sanctions screening, transaction monitoring or other compliance procedures remain outstanding.

8.4 The Company shall not be liable for a delay arising from the proper performance of its legal or regulatory obligations, except to the extent that liability cannot lawfully be excluded.

8.5 Nothing in this Policy shall require the Company to disclose to a Client any information where such disclosure is prohibited or restricted by applicable law.

9. Fraud, Abuse and Improper Activity

9.1 The Company reserves the right to investigate any Deposit, Withdrawal, Refund request or trading activity where it reasonably suspects fraud, misrepresentation, payment abuse, market manipulation, unauthorised activity or other improper conduct.

9.2 Subject to the Client Agreement and applicable law, the Company may, where appropriate:

(a) suspend processing of a payment;
(b) reverse or cancel an erroneous or unauthorised transaction;
(c) withhold amounts pending completion of an investigation;
(d) correct an Account balance;
(e) cancel or remove any credit, benefit or amount to which the Client is not properly entitled; or
(f) take such other action as may be permitted or required under the Client Agreement or applicable law.

9.3 Where the Company is required by law or by a competent authority to freeze, preserve, restrict or otherwise refrain from dealing with funds, the Company shall comply with such requirement notwithstanding any request for a Refund or Withdrawal.

10. Bonuses, Promotional Credits and Other Benefits

10.1 Unless otherwise expressly provided in the applicable promotional terms, bonuses, promotional credits, trading credits and other non-cash benefits provided by the Company shall not constitute Client funds available for Refund or Withdrawal.

10.2 The eligibility, cancellation, withdrawal and treatment of any promotional benefit shall be governed by the terms and conditions applicable to that promotion.

11. Chargebacks and Payment Disputes

11.1 A Client who considers that a payment has been processed incorrectly should notify the Company promptly and provide all information reasonably required to investigate the matter.

11.2 Where a Client initiates a chargeback, payment reversal or payment dispute through a bank, card issuer or payment service provider, the Company may provide relevant transaction records, Account information and supporting documentation to the relevant payment institution for the purpose of investigating and responding to the claim.

11.3 The Company reserves all rights available to it under the Client Agreement and applicable law in respect of any fraudulent, abusive, unfounded or improperly initiated chargeback or payment reversal.

11.4 Nothing in this Policy shall operate to exclude any mandatory right which a Client may have under applicable law or applicable payment scheme rules.

12. Processing of Refunds and Withdrawals

12.1 Refund and Withdrawal requests shall be submitted through the Client Area or by such other means as the Company may prescribe from time to time.

12.2 The Company may require a Client to provide:

(a) the Client's full name and trading Account number;
(b) details of the amount requested;
(c) the date and method of the relevant Deposit;
(d) the reason for the request, where applicable;
(e) proof of payment;
(f) a bank statement, card statement or equivalent evidence;
(g) proof of ownership of the receiving Payment Method; and
(h) such further information or documentation as the Company may reasonably require.

12.3 The Company shall endeavour to process complete requests within a reasonable period. Any processing period communicated by the Company shall be indicative only unless expressly stated otherwise.

12.4 The time required for funds to be credited to a Client following processing by the Company may depend upon banks, card issuers, payment service providers, correspondent institutions and other third parties over which the Company has no control.

12.5 The Company shall not be responsible for delays attributable exclusively to a third-party payment provider or financial institution, except to the extent otherwise required by applicable law.

13. Fees, Charges and Currency Conversion

13.1 Refunds and Withdrawals may be subject to fees and charges in accordance with the Client Agreement and the Company's applicable schedule of fees and charges.

13.2 The Company may, to the extent permitted under the Client Agreement and applicable law, deduct reasonable third-party costs incurred in connection with:

(a) processing a Refund or Withdrawal;
(b) reversing or recalling a payment;
(c) investigating an erroneous or disputed transaction; or
(d) charges imposed by banks, payment service providers, card schemes or correspondent institutions.

13.3 Where a Refund or Withdrawal requires currency conversion, the amount ultimately received by the Client may be affected by the applicable exchange rate and any conversion fees imposed by the Company or a third-party payment provider.

13.4 The Company shall not be responsible for differences arising solely from exchange-rate movements or charges independently imposed by third-party financial institutions or payment providers.

14. Incorrect Payment Instructions

14.1 The Client is responsible for ensuring that all bank account, payment and other information supplied to the Company is complete and accurate.

14.2 Where a payment has been made in accordance with incorrect information supplied by the Client, the Company shall use reasonable efforts, where practicable, to assist in tracing or recovering the payment but does not guarantee that recovery will be possible.

14.3 The Client may be responsible for reasonable third-party costs incurred in attempting to trace, recall or recover a payment made pursuant to incorrect instructions supplied by the Client.

15. Confidentiality and Disclosure of Information

15.1 For the purpose of processing a Refund or Withdrawal, preventing fraud, conducting payment investigations or complying with legal and regulatory obligations, the Company may disclose relevant information to its banks, payment service providers, card schemes, correspondent institutions, professional advisers, service providers and competent authorities, subject to applicable confidentiality and data protection requirements.

15.2 The Company shall process personal information in accordance with its applicable privacy and data protection policies and applicable law.

16. Complaints

16.1 A Client who is dissatisfied with the manner in which a Refund or Withdrawal request has been handled may submit a complaint in accordance with the Company's Complaints Handling Policy.

16.2 Submission of a complaint shall not prevent the Company from continuing to undertake any verification, investigation, compliance or other procedure required in relation to the relevant transaction.

17. Limitation and Reservation of Rights

17.1 Nothing in this Policy shall restrict any right of the Company arising under the Client Agreement or applicable law.

17.2 Any discretion conferred upon the Company under this Policy shall be exercised subject to applicable law and regulatory requirements.

17.3 No provision of this Policy shall exclude or restrict any liability, duty or Client right which cannot lawfully be excluded or restricted.

17.4 The Company's processing of a Refund or Withdrawal in any particular circumstances shall not constitute a waiver of any right of the Company or establish a precedent requiring the Company to process another request in the same manner.

18. Amendments to this Policy

18.1 The Company may amend this Policy from time to time to reflect changes in applicable law, regulatory requirements, the Company's products and services, payment arrangements, operational procedures or risk management requirements.

18.2 The most recent version of this Policy shall be made available on the Company's website or through such other means as the Company considers appropriate.

18.3 Amendments shall take effect from the date specified by the Company, subject to any notice requirements contained in the Client Agreement or imposed by applicable law.

19. Contact and Refund Requests

19.1 Requests relating to Refunds or Withdrawals should be submitted through the Client Area or addressed to:

T.M. Financials Ltd

30 St Georges Street

3rd Floor, Manor House

Port Louis

Mauritius

Email: help@tagmarkets.com

Website: www.tagmarkets.com

19.2 Clients should quote their full name and relevant trading Account number in all correspondence relating to a Refund or Withdrawal.