Terms and Conditions of Use of The Royal Bank of Scotland plc's Structured Investor Products Internet Web Site

The Royal Bank of Scotland plc, is a member of The Royal Bank of Scotland Group (the RBS Group). For information about our Group of companies please visit www.rbs.com and click on 'About Us', or for similar enquiries please telephone 0131 556 8555 or Textphone 0845 900 5960.

This website is owned and maintained by The Royal Bank of Scotland plc (RBS). The use of this website is subject to the following terms and conditions (the Terms) which you should read carefully. By using this website you agree to be legally bound by these Terms. If you do not accept these Terms, please do not use this website.

This website contains products that are issued and promoted by RBS.

The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. (RBS N.V.) in certain jurisdictions.

Use of website

1. The information provided on this website or in any communication containing a link to this site is for personal use and informational purposes only and the contents have not been prepared with any specific investment objective, financial situation or particular need of any specific recipient in mind. The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation or which would subject any member of the RBS Group to any registration requirement within such jurisdiction or country. Where any opinions are expressed on this website, they are provided by the RBS Group for personal use and for informational purposes only.

2. The distribution of material on this website may be restricted by the laws or regulations of the country from which you are accessing this website. Where such restrictions exist persons accessing this website must inform themselves about, and observe, any such restrictions.

3. The services, products and securities referred to on this website are intended for use by residents of the country specified on the relevant product page as being the jurisdiction in which such services, products and securities are being offered, and are not aimed at or intended for use by residents of any other jurisdiction. Residents of other jurisdictions should not act on anything in this website. In particular, but without limitation, the services, products and securities referred to on this website are not being offered and are not otherwise available in the United States of America or to U.S. persons.

4. Information on this website may constitute a financial promotion or marketing communication. Where any information on this website constitutes a financial promotion or marketing communication, such information is issued and approved for distribution and use in the European Union by The Royal Bank of Scotland plc. Where any information on this website relates to securities, you should note that that information is marketing information only and is not intended to be, nor is it, an offer for sale or subscription of those securities. Notwithstanding Clause 8, if information relating to an offer is included on this website, the website will normally contain the relevant prospectus or other offering documents setting out the terms of the offer and the securities or links to and/or other information where the copy of the prospectus or other offering documents is made available.

5. This website is designed to be accessed through its principal home pages and such other pages as we may decide. If you access the site through individual pages directly, which are not designed for this purpose, you may not see important information which is relevant to information on this website. You will be referred on certain site pages to read "Legal information". This Important Information will contain important details and relevant legal or regulatory information and should be read in conjunction with the relevant site pages.

Exclusion of liability

6. These 'Exclusion of Liability' provisions should be read carefully as they exclude or limit our legal liability in connection with your use of this website. Nothing in these Terms and in particular within the 'Exclusion of Liability' clauses shall attempt to exclude liability to the extent it is not permissible under applicable law, including without limitation, for death or personal injury, or for fraudulent misrepresentation.

7. Nothing in these Terms shall exclude, limit or restrict our duties and liabilities to you under the regulatory system under the United Kingdom's Financial Services and Markets Act 2000, or, to the extent we may not exclude, limit or restrict such duties under applicable law or regulation.

8. We have taken reasonable steps to ensure the accuracy and completeness of the content of the website, including the opinions, charts, indicative rates, calculation tools and reports contained in it. This information has been compiled or arrived at by RBS from sources we believe to be reliable. However, as RBS will not always control these sources of information, we cannot guarantee their accuracy, completeness, currency, or quality as well as the availability at any time of the data and other information provided on the website. Any views, statements or representations provided for on this website do not necessarily reflect the opinion of the RBS Group. Any price information is indicative and may be presented temporally delayed. We exclude any warranties, undertakings or representations (either express or implied) to the fullest extent permitted under applicable law, that the website, including, without limitation, the functions contained in it, will be updated, the access to it uninterrupted or error-free, that defects will be corrected, or that all or any part of the content or materials or the accuracy, availability or completeness of the content of the website or any part of the content or materials are appropriate or available for use in any jurisdiction. If you use this website from other jurisdictions, you are responsible for complying with applicable local laws. We may discontinue production or updating of the website or any part of it without notice.

9. We accept no liability in contract, tort, negligence, statutory duty or otherwise (to the maximum extent permitted by applicable law) arising out of the use of or access to this website, which includes, without limitation, any errors or omissions contained in it or if the website is unavailable, the act or omission of any other party involved in making this website or the data contained therein available to you, or any other cause relating to your access to, inability to access, or use of the website (including interruptions, deletion of files, viruses, errors, defects, or any failure of performance, communications failure, theft, destruction or unauthorised access), whether or not the circumstances giving rise to such cause may have been within the control of the RBS Group or of any vendor providing software or services support. We shall not be liable for any direct or indirect:

  • economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings);
  • loss of goodwill or reputation;
  • special, incidental, consequential loss or damage,

suffered or incurred or arising out of or in connection with your use of this website and these Terms, even if a member of the RBS Group or any other party has been advised of the possibility thereof.

10. Access to and use of this website is at the user's own risk and we do not warrant that the use of this website or any material downloaded from it will not cause damage to any property, or otherwise minimise or eliminate the risks associated with the internet including, but not limited to, loss of data, computer virus infection, spyware, malicious software, trojans and worms. Also, we accept no liability in respect of losses or damages arising out of changes made to the content of this website by unauthorised third parties.

11. To provide increased value to users of this website, we may provide links to other websites or resources (that are not part of the RBS Group) for you to access at your sole discretion. From time to time there may also be such other websites or resources (that are not part of the RBS Group) which contain links to this website with or without our permission. You acknowledge and agree that, as you have chosen to enter the linked or linking website we are not responsible for the availability of such external sites or resources and that such external sites or resources are not being made available on our behalf by the relevant provider (whether or not we have agreed to the existence of such links to our website), and that we do not review or endorse and shall not be responsible or liable, directly or indirectly, for (i) the privacy practices of such websites, (ii) the content of such websites, including (without limitation) any advertising, content, products, goods or other materials or services on or available from such websites or resources or (iii) the use that others make of these websites or resources, nor for any damage, loss or offence caused or alleged to be caused by, or in connection with, the use of or reliance on any such advertising, content, products, goods or other materials or services available on such external websites or resources.

12. The above limitation or exclusion may not apply to you to the extent that applicable law may not allow the limitation or exclusion of liability for incidental or consequential damages.

Personal Data

13. We may use and share your information with other members of the RBS Group worldwide to help us and them:

  • assess financial and insurance risks;
  • recover debt;
  • develop customer relationships, services and systems;
  • prevent and detect crime;

Your information includes information about your transactions.

We may also disclose your information to third parties outside the RBS Group in certain circumstances, such as:

  • where we have your permission; or
  • where we are required or permitted to do so by law; or
  • to other companies who provide a service to us or you where we may transfer rights and obligations under this agreement

If you would like a copy of the information we hold about you, please write to: The Royal Bank of Scotland plc, 36 St Andrew Square, Edinburgh, EH2 2YB. A fee may be payable.

Intellectual Property

14. All intellectual property rights in any part of the world which subsist in the contents of this website and which belong to The Royal Bank of Scotland Group plc, or another member of the RBS Group are, save as expressly granted, hereby reserved.


15. The contents of this website are protected by copyright. Except as expressly granted, these copyrights belong to The Royal Bank of Scotland Group plc or another member of the RBS Group and are protected with effect from 2008. Reproduction in any form of any part of the contents of this website without our prior written consent is prohibited, except for single copies of extracts solely for personal non-commercial purposes.

Trade marks

16. This website contains numerous registered and unregistered trade marks belonging to The Royal Bank of Scotland Group plc and other companies in the RBS Group. These trade marks include, but are not limited to; 'The Royal Bank of Scotland' logo, 'The Royal Bank of Scotland', and 'RBS'. If you are in doubt as to whether an item is a trade mark of The Royal Bank of Scotland Group plc or a member of the RBS Group, please contact us for clarification at the registered office address below.


17. The contents of this website are not intended to, nor do they, provide any financial, investment or professional advice and nothing on the pages of this website shall be regarded as an offer or provision of financial, investment or other professional advice in any way. Access to the website or the retrieval of any information set out on the website by a user does not mean that the user becomes a client of any member of the RBS Group. In particular, you should obtain advice from a qualified expert before making any investment decision.

18. RBS or any affiliate may purchase or sell financial instruments or hold positions (long or short) which relate to or are derived from the products described herein. This may affect the value of the products. The website does not take into account individual investment objectives, the financial situation or particular needs of any individual users. The securities and financial instruments described on this website may not be suitable as an investment instrument for every user. Further, the purchase of these instruments may entail risk. Information regarding the performance of a security or financial instrument or of an underlying always relates to the past. Any historic price development in respect of a security or financial instrument or of an underlying does not in any way provide a basis for the projection of the future performance and does not in any way constitute a guarantee of their future performance and price development.

19. The values and prices set out on this website in relation to a particular security or financial instrument or of an underlying may not reflect the value or price available in the respective market at the time a user intends to purchase or sell a particular security or currency. Values and prices set out on this website do not take into account the size of a transaction. Consequently, the size of an ascertained transaction may result in differing values and prices.

20. RBS does not in any way provide any guarantee, recommendation, representation or warranty regarding a) the suitability of the securities or other financial instruments presented on the website for the investor; b) the accounting or fiscal consequences of an investment in the presented securities or financial instruments; c) the future performance of any underlyings, securities or financial instruments as well as d) the notification of limits to the users of the website in a timely and accurate manner.

21. Investors should consider all risks carefully prior to investing in any securities or financial instruments and should consult (as necessary) any independent financial advisers and legal, accounting, tax and other advisers with respect to any investment in the securities.

22. Access to the website or the retrieval of any information set out on the website by a user does not mean that the user becomes a client of RBS. Further, RBS has no obligations or responsibilities towards any users of the website, in particular no information provision agreement will be concluded between either RBS and the user.

Regulatory Information

23. RBS is authorised and regulated by the Financial Services Authority. RBS is entered in the FSA's Register and its Register number is 121882. The FSA's Register can be accessed at www.fsa.gov.uk/register/. The Bank's registered VAT number is GB 243852752. We may be contacted by email at the following address markets.uk@rbs.com.

Changes to website

24. The contents of this website, including these Terms of use, are subject to change by us without notification and the RBS Group shall not be obliged to remove any outdated information from the website or to expressly mark it as being outdated. You are reminded that the contents of this website should not be relied upon as up to date or current and should not be used in substitution for the exercise of independent judgement. You should read and consider carefully any disclosures or disclaimers made within this website.

Telephone Calls

25. You, and any person connected to or representing you, accept that all communications (including telephone conversations) between us may be recorded by us. Such recording will be our sole property, and will in the absence of manifest error be conclusive evidence of the communications recorded and may be used as evidence in event of a dispute. If you have made similar recordings they will be accorded similar status.

Internet communications

26. In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, the RBS Group reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorised as being in breach of the RBS Group Dignity at Work and Information Security policies.

27. A 'cookie' is information that a website stores on your computer so that it can remember something about you at a later time. Cookies are commonly used on the Internet and do not harm your computer. The cookies on this website are used in conjunction with SSL for the purpose of authentication and authorisation. Cookies are also used to record the user's access configuration and preferences and to act as a flag to help us recognise when we have already asked you to participate in any on-line market research and to prevent you from being asked to complete the same questionnaire every time that you visit this website. They do not include any personal information that others could read and understand about you, such as your name or account numbers. If you do not want us to use cookies when you visit this website, you can configure your browser not to accept them or opt-out. Please refer to your browser's help facility for further information. Please note, the use of cookies is fundamental to the operation of this website, and that opting out or refusal to accept cookies may affect its operation.

Australian Residents

28. Persons accessing this website from Australia should note that their access to, and use of, the information, services and products on this website may be prohibited under the Australian Corporations Act 2001 or authorised under RBS' Australian Financial Services Licence. Nothing contained in this website should be interpreted as an authorisation to access or use the information, services or products on this website in Australia where such prohibition apply.

United States



31. By clicking "I agree" to the terms and conditions of this website and accessing the information on the website, you shall be deemed to have represented to us that you are not a U.S. person and that you are not located in the U.S., its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any State of the United States or the District of Columbia and that you are otherwise authorised to receive the information referred to on the website.

United Kingdom

32. The information on the website is presented, or otherwise approved for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA), by RBS.

33. The FSA's website www.fsa.gov.uk contains a wide range of information of specific relevance to investors and potential investors resident in the United Kingdom and provides access to the FSA register. Other entities referred to on this website may not be regulated by the FSA and may not have a place of business or provide services in the United Kingdom. As against such entities the regulatory regime governing an investor's rights may be different to that of the United Kingdom. Investors and potential investors may, however, be entitled to similar protection in the jurisdiction in which the relevant entity is organised or resident.

Other Important Information

34. The information, and any opinion contained in this website does not constitute a public offer under any applicable legislation or an offer to sell or solicitation or an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments, or a representation that any investment strategy or security is suitable for you. The information contained on the website may constitute the judgement of certain individuals.

35. This website contains certain "forward looking statements" which can be identified by the use of forward-looking terminology such as "expect", "estimate", "project", "anticipate", "should", "intend", "plan", "probability", "target", "goal", "objective", "will", "endeavour", "outlook", "optimistic", "prospects" and similar expressions or variations on such expressions.

36. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this website include, but are not limited to, general economic conditions in the UK and in other countries in which the RBS Group has significant business activities or investments, including in the United States; the monetary and interest rate policies of the Bank of England, the Board of Governors of the Federal Reserve System and other G-7 central banks; unanticipated turbulence in interest rates, foreign currency exchange rates, commodity prices or equity prices; changes in UK or foreign laws, regulations or taxes; changes in competition or pricing environments; natural and other disasters; the inability to hedge certain risks economically; the adequacy of loss reserves; acquisitions or restructurings; technology changes; changes in consumer spending and saving habits; and the success of the RBS Group in managing the risks involved in the foregoing. The risks and uncertainties are discussed in the RBS Group's SEC filings. The forward-looking statements contained in this website speak only as of the date of the related document, and the RBS Group does not undertake to update any forward looking statement to reflect events or circumstances after the date hereof.

37. The information contained in this website is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by RBS. In particular, the terms of any product are governed by applicable documents establishing such terms. In the event of any inconsistency between the information on the website regarding a particular security and the terms specified in, or determined pursuant to, the documents establishing the terms of issue or contract, the terms so specified or determined shall prevail. Any person at any time acquiring the securities must do so only on the basis of such person's own judgement as to the merits of the suitability of the securities for its purposes and only on such information as is contained such in public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained herein. In particular, RBS does not provide tax advice. Investors should consult their own tax advisors regarding the tax consequences of any securities mentioned on the website. Levels and bases of taxation may change. The information is not tailored for any particular investor and does not constitute individual investment advice.

38. You should consider whether an investment strategy or the purchase or sale of any investment product is appropriate for you in the light of your particular investment needs, objectives and financial circumstances. Questions regarding the suitability of an investment for your specific financial and tax situation should be referred to your financial and tax advisers. Certain investment strategies and investment products featured on the website may not be available or suitable to all persons.

39. Information in this website on past performance cannot be relied upon as a guide to future performance. The value and income of any products mentioned in this website can fall as well as rise and an investor may get back less than he invested.

40. The purchase of products may entail risks. In particular, changes in (a) interest and exchange rates, (b) the credit of an issuer of a security and (c) the political climate may have a negative effect on the value, price or return of the mentioned securities and financial instruments. Unless otherwise stated, any pricing information on this website is indicative only, is subject to change and is not an offer to deal. Unless otherwise stated, any price quoted is exclusive of tax and delivery costs.

41. The financial information published or to be published on this website, or made available or to be made available through this website, is compiled and placed on this website with the greatest of care. Nevertheless, only the original hard-copy English versions of this information shall be regarded as the original version. No rights may be derived from financial information published or to be published on this website, or available or to be made available through this website, including with regard to its accuracy and completeness.

United Kingdom Regulatory Information

Regulatory Information

42. RBS subscribes to the Banking Code and Business Banking Code. If you would like a Banking Code or Business Banking Code leaflet ask a member of staff at any branch. Full details of the Code are also available from the British Bankers' Association website.

43. If you are not satisfied with any of RBS' products or services we have a complaint handling procedure that you can use to resolve such matters.

44. The Bank is a member of The Financial Ombudsman Service. If you are still not satisfied after following the Bank's procedures, you can ask the Ombudsman to review the complaint.

45. You can find out more about The Financial Ombudsman Service in a leaflet available from any branch or by telephoning the Bank. Alternatively you can write to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 0845 080 1800.

General Information


46. In the event any provision of these Terms of use and access of this website is held unenforceable, it will not affect the validity and enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.

Governing Law

47. The Terms of use of this website are governed by the laws of Scotland and any dispute regarding this website shall be subject to the exclusive jurisdiction of the Scottish courts.

Registered details

48. The Royal Bank of Scotland plc, Registered in Scotland No 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.

Notice to Customers

49. To help the government fight the funding of terrorism and money laundering activities, all financial institutions are required by law to obtain, verify and record information that identifies each individual or entity that opens an account.

What follows is a list of links that may be of use to you after reading the main content.