Terms last updated: 14.07.26
PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE USING THIS WEBSITE / THE PELHAM SMITHERS ASSOCIATES LIMITED KNOWLEDGE BASE
INITIAL TERMS OF USE:
These Terms of Service (‘the Terms’), the Cookies Policy and our Privacy Statement govern access to and use of the PSA Website and/or Research Platform / Knowledge Base (the ‘Platform), provided by Pelham Smithers Associates Ltd (‘PSA’, ‘we’, ‘’us’’), a limited company registered in England and Wales (company number 07075266)
By accessing the Website and/or Platform, you and any organisation that you represent (‘you’, ‘your’) explicitly agree to the Terms and you explicitly agree to comply with the Terms. If you do not agree to the Terms, you must not access or use the Platform.
We recommend that you print a copy of the Terms for your future reference.
To contact us, please email info@pelhamsmithers.com
If you purchase a service from us, any client or subscription agreement between you (or your organisation) and PSA will apply.
We may amend the Platform and/or the Terms that apply to the Platform from time to time. Every time you wish to use the Platform, please check the Terms in order to ensure that you understand the terms and conditions that apply at that time.
We do not guarantee that the Platform, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of the Platform for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.
In the event that the content of the Terms are translated, this version in English will apply.
You are also responsible for ensuring that all persons who access our site through your internet connection are aware of the Terms, the Cookies Policy and the Privacy Statement, and that they comply with them.
We may transfer our rights and obligations under the Terms to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under any contract for services that you may have.
You may link to the Platform, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it. You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists. You must not establish a link to the Platform in any website that is not owned by you. We reserve the right to withdraw linking permission without notice.
Where the Platform contains links to other sites and resources provided by third parties, these links are provided for your information only. Such links should not be interpreted as approval by us of those linked websites or information you may obtain from them. We have no control over the contents of those sites or resources.
We do not guarantee that the Platform will be secure or free from bugs or viruses. You are responsible for configuring your information technology, computer programs and platform to access our site. You should use your own virus protection software.
You must not misuse the Platform by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful, or otherwise harmfully interacting with our site or any part of it. You must not attempt to gain unauthorised access to the Platform, the server on which it is stored or any server, computer or database connected to the Platform or any other equipment or network connected with it. You must not interfere with, damage or disrupt any software used in the provision of the Platform or any equipment or network or software owned or used by any third party on which the Platform relies in any way. You must not attack the Platform via a denial-of-service attack or a distributed denial-of-service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use the Platform will cease immediately.
1. ELIGIBILITY AND AUTHORISED USERS
The Platform is made available to professional and institutional clients only and is not intended for retail investors or the general public. Access is granted to the individual users that your organisation authorises. Accounts are personal to each user and must not be shared by you. You are responsible for all activity under your accounts and for keeping your login credentials secure. You must inform us immediately in the event that the login details and the related security have been compromised in any way.
2. YOUR LICENCE
Subject to and in accordance with the Terms, the Cookies Policy, the Privacy Statement and any client or subscription agreement between you and PSA. PSA grants you a limited, non-exclusive, non-transferable licence to access the Platform and its research for your own internal use. You may make reasonable internal copies to inform your own investment decisions.
3. RESTRICTIONS
You must not, and must not permit others to:
- Redistribute, resell, publish, or otherwise share the content outside your organisation.
- Use the Platform or its content to train AI models, or to build any competing product or service.
- Conduct, facilitate, authorise or permit any text or data mining or web scraping (automated or otherwise) in relation to the Platform or any services provided via, or in relation to it.
- Scrape or use automated means to extract content.
- Copy, imitate, or reverse-engineer the Platform's software, design, or user interface.
All of the above are proprietary to PSA.
4. INTELLECTUAL PROPERTY
All research, data, software and other content published on the Platform are owned by PSA and protected by intellectual property and copyright law. All rights are reserved. You receive only the licence set out in paragraph 2 of the Terms. "Pelham Smithers Associates" and "PSA" are trademarks of PSA. You are not permitted to use these trademarks without our explicit written approval, unless they are part of material you are using as permitted so to do.
You must never use anything published on the Platform for commercial purposes without obtaining a licence to do so.
If you act in breach of the Terms, the Cookies Policy, our Privacy Statement or any client or subscription agreement between you (or your organisation) and PSA, your right to use the Platform will cease immediately and you must, at PSA’s option, return or destroy any copies of the materials you have made in breach.
The provisions in the Terms should be treated as an express reservation of PSA’s rights in this regard, including for the purposes of Article 4(3) of the Digital Copyright Directive ((EU) 2019/790) and section 29A of the Copyright, Designs and Patents Act 1988.
5. RESEARCH DISCLAIMER (IMPORTANT)
The content of the Platform is investment research and opinion, current only as at its publication date for your information only. It is not investment advice and is not an offer or solicitation to buy or sell any security or financial instrument. You are responsible for your own investment decisions and should obtain independent advice where appropriate. Information is believed to be reliable at the time of publication but is not guaranteed as accurate and/or does not amount to advice of any kind. Views and estimates may change without notice; and past performance is not a reliable indicator of future results.
Although we make reasonable efforts to update the information on the Platform, we make no representations, warranties or guarantees, whether express or implied, that the content is accurate, complete or up to date.
PSA and its personnel may hold positions in securities referred to in the research.
6. AI FEATURES
The Platform uses artificial-intelligence tools (including search, summarisation, question-answering, company profiles compiled from public disclosures and translation) to help you navigate PSA's research. AI-generated outputs may be inaccurate or incomplete and should not be relied upon in place of the underlying research and your own professional judgement and/or does not amount to advice of any kind. This is at all times subject to the disclaimer in paragraph 5 of the Terms.
7. CONFIDENTIALITY AND DATA
The Platform and its content are confidential and proprietary to PSA, and you must treat them as such. We process personal data in accordance with our Privacy Statement and Cookies Policy and applicable data-protection law, including the UK GDPR.
8. AVAILABILITY
We aim to keep the Platform available but provide it "as is" and "as available", without any guarantee of uninterrupted or error-free access, and may modify, suspend, or discontinue it at any time.
9. LIMITATION OF LIABILITY
Nothing in these Terms limits any liability that cannot be limited by law. Subject to that, PSA is not liable for any indirect and/or any directly consequential loss of any kind. In any event and notwithstanding the above limitation. PSA's total aggregate liability under these Terms is limited to the fees paid for access in the previous 12 months.
10. TERMINATION
We may suspend or terminate your access at any time. On termination, your licence ends and you must stop using the Platform; with paragraphs 3–7, paragraph 9 and paragraphs 11–12 surviving.
11. JURISDICTION
The laws of England and Wales shall apply exclusively to these terms and shall always apply, and the courts of England and Wales have exclusive jurisdiction.
12. GENERAL
We may update these Terms from time to time, and continued use of the Platform constitutes acceptance. These Terms sit alongside any subscription or client agreement between us. Questions: info@pelhamsmithers.com