19. September 2025

Notice of Updated Terms and Conditions

We would like to draw attention to the updated General Terms and Conditions and Business Terms and Conditions for Investment Services. The updated terms have been published on the Bank’s website and may be accessed here. The updated terms will take effect upon publication on Fossar’s website on 19 September 2025. 

By continuing to engage in business with Fossar after the effective date, clients are deemed to have accepted the updated terms. If clients do not agree with the amendments made to the terms, they have the option to terminate their business relationship with the Bank in accordance with the provisions of the terms. 

The main changes to the terms are as follows: 

General Terms and Conditions 

• Amendments reflecting Fossar’s position as part of the Skagi Group. 

• New provision stating that a client accepts the terms by requesting or using Fossar’s services. 

• Further definition of Fossar’s rights where a client fails to provide required information, including the right to decline transactions, freeze, or close accounts. 

• Revised provisions on communication with Fossar, including the option for clients to consent to the sharing of personal data within the Skagi group for marketing purposes. 

• Further definition of Fossar’s right to debit a client’s account for costs, fees, or commissions payable by the client. 

• Further definition of Fossar’s right to request collateral in connection with lending activities. 

• New provision authorising the disclosure of client information in connection with the sale of claims against a client.

Business Terms and Conditions for Investment Services 

• Amendments reflecting Fossar’s position as part of the Skagi Group. 

• Clarified provisions on outsourcing and the authorisation to disclose necessary client information in connection with outsourced services. 

• Clarified provisions on record-keeping. 

Please note that the above summary is not exhaustive and is provided for information purposes only. In the event of any discrepancy between this summary and the relevant terms, the terms themselves shall prevail. 

Further information about the updated terms may be requested by sending an email to info@fossar.is.