FCA Supervisory Notice

On 20 December 2023 the FCA issued a First Supervisory Notice and a series of requirements to RCWatches Ltd such that it (quoting directly from the notice): has decided to

- vary with immediate effect the Part 4A permissions granted to RC Watches Ltd by removing all regulated activities from those to which the permission relates with the effect of this Variation being that RCWatches Ltd no longer has permission to conduct regulated activity.

In addition the FCA has imposed the following requirements:

-RCWatches Ltd must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of, its customers or investors (whether in the United Kingdom or elsewhere), whether held by the Firm as at the date of the imposition of the Requirements or acquired thereafter.

- By close of business on 3 January 2024, RCWatches Ltd must publish in a prominent place on every website in its name (or that it operates) in a form to be agreed in advance with the FCA, a notice setting out the terms and effects of the Requirements and Variation.

- RCWatches Ltd must, by 5pm on 4 January 2024 notify all consumers and creditors in writing of the imposition of the terms and effects of these requirements ; and

-RCWatches Ltd must secure all books and records and preserve all information and systems in relation to all activities carried on by it, including but not limited to regulated

activities, and must retain these in a form and at a location within the UK, to be notified to the FCA

The requirements include provision for RCWatches Ltd to continue dealing with or disposing of any of its own assets in the ordinary and proper course of business provided that the sum or value of such dealings or disposals, whether as a single transaction or a combination of related transactions, does not exceed £1,000 (or £3,000 in the case of legal expenses).



The effect of these requirements can be found here: https://register.fca.org.uk/s/firm?id=0014G000034VEWBQA4

Terms & Conditions

WELCOME TO RCWATCHES

This section (together with the documents expressly referred to in it) tells you information about us and the terms and conditions on which we sell any of the products listed on our website to you.

These terms and conditions will apply to any contract between us for the sale of our products to you.

Please read these terms and conditions carefully and make sure that you understand them, before ordering any products from our website.

Please note that by ordering any of our products, you agree to be bound by these terms and conditions and the other documents expressly referred to in it.
If you refuse to accept these terms and conditions, you will not be able to order any products from our website.
These terms and conditions should be read in conjunction with our "Privacy Policy" and "Terms of Website Use" terms and conditions.
Please note that these terms and conditions only apply to our consumer customers. If you are a business, you will be advised of the terms and conditions applicable.

INTERPRETATION
The following definitions and rules of interpretation apply in these terms and conditions:
1- Our website, the website:
the website at the domain https://www.rcwatches.com
2-Watch(es), product(s), good(s), item(s):
the watch (or any part of it) that you wish to buy together with any accompanying box, sales literature, promotional material and other documentation (where applicable), or any other product that we advertise for sale (including without limitation watch winders).
3- We, us, our:
RCWATCHES LTD
4- You, your:
the person or other entity that wishes to purchase a product from us.
Clause headings shall not affect the interpretation of these terms and conditions.
Unless the context otherwise requires, words in the singular shall include the plural and in
the plural shall include the singular.

OUR CONTRACT WITH YOU
Our order process allows you to check and amend any errors before submitting your order to us. Please take the time to read and check your order at each page of the order process.
When you submit an order to purchase a product from us, your order represents an offer to us to purchase a product. After you place an order, you will receive an e-mail from us acknowledging that we have received your order. However, please note that this does not mean that your order has been accepted. Our acceptance of your order will take place as described in paragraph (d) below. We will confirm our acceptance to you by sending you an
e-mail that confirms that the products have been dispatched (Dispatch Confirmation). The contract between us will only be formed when we send you the Dispatch Confirmation. Any products forming part of the same order which we have not confirmed in the Dispatch Confirmation do not form part of that contract.
All products shown on our website are subject to availability. If we are unable to supply you with the products, for example because that product is not in stock or no longer available or because of an error in the price on our website as referred to in clause 3(e), we will inform you of this by e-mail and we will not process your order. If you have already paid for the products, we will refund you the full amount as soon as possible.
Without prejudice to clause 2(e) above, please note that all watches will remain on our website and will be available for sale to another customer until you have paid a deposit to us.
The images of the products on our website are for illustrative purposes only. Although we have made every effort to display the colours accurately, we cannot guarantee that your computer's display of the colours accurately reflect the colour of the products. Your products may vary slightly from those images.
In the case of products sold without accompanying paperwork, the age listed on the website is an estimate only. While this estimate has been given in good faith, no representation or warranty, express or implied, is made by us in relation to the accuracy of this information.
Please note that in the case of watches sold with paperwork, the age of the watch is the date that the warranty is officially stamped by the retailer: this is not the date of manufacture, which may be significantly earlier.

PRICE AND PAYMENT
The price of the products will be set out in our online system that is specific for your order.
Our prices may change at any time, but price changes will not affect orders that we have confirmed with you.
The prices quoted on our website are in GBP Sterling. You will be responsible for the exchange rate and you are advised that refunds may be affected by such exchange rate.
Payments must be made in GBP and any refunds will only be issued in Pounds Sterling.

The prices for the products exclude delivery costs, which will be added to the total amount due.
Our website contains a large number of products. It is always possible that, despite our best efforts, some of the products we sell may be incorrectly priced. We will normally check prices as part of our dispatch procedures so that: Where we are providing products to you, you must make payment for products in advance.
In all cases we must receive full and cleared funds prior to dispatch of the products to you.
We accept payment by the following methods: where the product’s correct price is less than the price stated on our website, we will charge the lower amount when dispatching the products to you. However, if the pricing error is obvious and unmistakeable and could have reasonably been recognised by you as a mispricing, we do not have to provide the products to you at the incorrect (lower) price;
and if the products’ correct price is higher than the price stated on our website, we will contact you as soon as possible to inform you of this error and we will give you the option of continuing to purchase the product at the correct price or cancelling your order.
We will not process your order until we have your instructions. If we are unable to contact you using the contact details you provided during the order process, we will treat the order as cancelled and notify you in writing (which include e-mail).
Debit card: Accepted.
The watch must usually be dispatched to the billing address of the card holder.
Credit card: 2% surcharge applies to most credit card payments.
A 3% surcharge applies to American Express card payments.
The watch must usually be dispatched to the billing address of the card holder.
You may also be asked to provide evidence of identity and proof of address;
Cheque: Payable to "RCWATCHES LTD
Funds may take up to 5 working days to clear into our account after that we will deliver the item;
Bankers draft: Payable to " RCWATCHES LTD " All drafts will be authenticated by our bank before the watch is released;
Bank transfer: We accept payment by SWIFT transfers.
CRYPTO CURRENCY : We can accept any Crypto Currency, 3% surcharge applies on final price Please contact us for our bank account details; If after paying the initial deposit for the products we do not receive the balance payment in full and cleared funds within a reasonable time, namely 2 weeks after we receive the deposit payment from you, then we reserve the right to cancel the transaction and relist the watch for sale on our website.

DELIVERY
1-Delivery destinations and charges:
Timescales for delivery will vary depending on factors including availability of the products and your address. Unfortunately, we may not be able to deliver to the following countries:
Afghanistan; Angola; Cuba; Ethiopa; Iran; Iraq; Lebanon; Liberia; Libya; Myanmar; Nicaragua; Nigeria; North Korea; Rwanda; Sierra Leone; Somalia; Sudan; Syria; Uganda; Zimbabwe; and countries comprised by the former territories of USSR and/or the Federal Republic of Yugoslavia and/or the Republic of Serbia.
Delivery charges will vary depending on your address and the weight of the parcel. We will advise you of our delivery charges.
If returning an item to us, you will be responsible for the postage and packaging costs unless we waive this requirement in writing (which includes email and fax). Please note that customers outside of the United Kingdom will not be refunded their postage costs for unsuitable items.
2- Delivery method and date
Domestic deliveries are usually made using Royal Mail courier service.
Notwithstanding the above, all dates quoted by us for dispatch and delivery of your products are estimations only. RCWATCHES LTD will not be liable for any delay in delivery of the products that is caused by an event outside of our control or your failure to provide us with adequate delivery instructions or any other instructions that are relevant to the delivery of the products.
A signature will be required for receipt of our products by the purchaser providing relevant proof to verify their identity before the shipment will be released. Any parcel which has been damaged or tampered with should not be signed for and delivery should be refused.
3- Delivery address
We will deliver the products to the delivery address given by you at the point of purchase.
Please note that, for security reasons, if you pay by debit or credit card, we will usually only deliver to your billing address.
4- Collection
Products may be collected by appointment only from our offices. Please note that, for security and other reasons, if you wish to collect your watch in this way, it is essential that you contact us in advance to make an appointment. A weekend appointment must be confirmed by the close of business on the previous working day.
5- Completion of delivery
Delivery of the products will be completed when we deliver the products to the address you gave us or you collect them from us. Please note that if you arrange for your own courier to collect the products, delivery will be completed when the watch is collected from our offices
6- Risk and title
Risk in the products will pass to you on completion of delivery, though ownership of the products will only pass to you when we receive payment (in full and cleared funds) of all sums due in respect of the products, including all delivery charges.
CUSTOMS
If you are based outside of the United Kingdom, you may also have to pay import duty or other taxes, fees and charges applied by customs or other authorities in the country of receipt. You must comply with all laws and regulations of the country in which you are receiving the products.
Any additional charges for customs clearance must be borne by you; we have no control over these charges and cannot predict what they may be. If you are unsure about whether these charges might apply to your order, you should contact your local tax or customs office for further information.

RETURNS AND CANCELLATION
1- Faulty items
We are confident that you will be happy with the quality of the products delivered to you.
Nevertheless, as a consumer, you have legal rights in relation to products that are faulty or not as described.
You must inspect the products as soon after delivery as is reasonably practicable and must notify us of any defects in the products within 3 working days from the day after the date the products were delivered. You must return any defective or faulty product to us within 14 working days from the date of delivery, to allow us to inspect the watch and carry out testing if required. Provided you notify us of any defects and return the defective product (complete with box and paperwork where applicable) within the periods set out above, on confirmation by us that the product is defective we will either replace your product on a like for like basis, repair your product or we will refund your payment in full including the product’s normal postage charge usually within 14 working days of the defective product being returned to us.
If you buy more than one product from us as part of the same transaction, and only some of these products are defective, you may return the defective products and benefit from the same remedies as described above. However, this does not entitle you to reject other nondefective products.
2- Our cancellation rights
We may have to cancel an order for products before the products are delivered, for example, due to an event outside our control or the unavailability of stock. We will promptly contact you if this happens.
If we have to cancel an order and you have made any payment in advance for products that have not been delivered to you, we will refund these amounts to you.

OUR LIABILITY
Subject to the clause below, we shall under no circumstances whatever be liable to you, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for any loss of profit, or any indirect or consequential loss arising under or in connection with a failure by us to comply with these terms and conditions; and our total liability to you in respect of all other losses arising under or in connection with the sale of the products, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall in no circumstances exceed the purchase price paid by you. Some jurisdictions do not allow the exclusion or limitation of liability for incidental or consequential damages, so the above exclusion may not apply to you, provided always that we will not be responsible for any incidental or consequential loss that is not reasonably foreseeable to both you and us when you commenced using the website or when you purchased an item from us.
Nothing in the above clause shall limit or exclude our liability for: death or personal injury caused by our negligence, or the negligence of our employees, agents or subcontractors (as applicable); fraud or fraudulent misrepresentation; or any matter in respect of which it would be unlawful for us to exclude or restrict liability.

EVENTS OUTSIDE OF OUR CONTROL
We will not be responsible for any failure to perform, or delay in performance of, any of our obligations under these terms and conditions that is caused by events outside our reasonable control including without limitation Acts of God, fire, flood, severe weather, explosion, war, act of terrorism, industrial dispute (whether or not involving RCWATCHES LTD), or acts of local or central government or other competent authorities.
This does not affect your statutory rights.

COMUNICATIONS BETWEEN US
When we refer, in these terms and conditions, to "in writing", this will include e-mail.
If you wish to contact us in writing, or if any clause in these terms and conditions requires you to give us notice in writing, you can send this to us by e-mail at info@rcwatches.com .
We will confirm receipt of this by contacting you in writing, normally by e-mail. If you are a consumer and exercising your right to cancel under paragraph 6(a), please see that paragraph 6(a) for how to tell us this.
If we have to contact you or give you notice in writing, we will do so by e-mail.

WAIVER
If we fail, at any time during the term of a contract, to insist upon strict performance of any of your obligations under the contract or any of these terms and, or if we fail to exercise any of the rights or remedies to which we are entitled under the contract, this will not constitute a waiver of such rights or remedies and will not relieve you from compliance with such obligations.
A waiver by us of any default will not constitute a waiver of any subsequent default.
No waiver by us of any of these terms and conditions will be effective unless it is expressly stated to be a waiver and is communicated to you in writing.

SEVERABILITY
If any court or competent authority decides that any of the provisions or paragraphs of these terms and conditions or any provisions of a contract are invalid, unlawful or unenforceable to any extent, the term will, to that extent only, be severed from the remaining terms, which will continue to be valid to the fullest extent permitted by law.

VARIATION
No variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

THIRD PARTY RIGHTS
This contract is between you and us. No one other than a party to this agreement shall have any right to enforce any of its terms.
However, the benefit of any warranty with the products may be transferred to another named recipient at the time of purchase with our consent (not to be unreasonably withheld), but we and you will not need their consent to cancel or make any changes to these terms and conditions. Please see the terms and conditions applicable to our warranty for further information.

OUR RIGHT TO VARY THESE TERMS AND CONDITIONS
We have the right to revise and amend these terms and conditions from time to time.
You will be subject to the policies and terms and conditions in force at the time that you order products from us, unless any change to those policies or these terms and conditions is required to be made by law or governmental authority (in which case it will apply to orders previously placed by you), or if we notify you of the change to those policies or these terms and conditions before we agree to purchase your watch (in which case we have the right to assume that you have accepted the change to the terms and conditions).

 

OUR DETAILS

RCWATCHES LTD

WWW.RCWATCHES.COM

INFO@RCWATCHES.COM

VAT NO:  358210606

Address: 70 Hatton Garden, London, EC1N 8JT