Cancellations, Refunds and Remedies Policy
This policy lists every situation in which HBC returns money, replaces a product or closes a transaction, and your statutory rights. It is written so that a customer or a regulator can see the rule for each case in one place.
1. The principle
1.1When you pay HBC, your money buys silver and ownership passes to you. HBC therefore does not "refund" a bullion purchase: there is nothing to refund, because you own the silver. If you no longer want it, you may sell it to HBC at the buying price under the Sell to HBC Policy, which is a new sale.
1.2Money is returned at the amount paid only where HBC has not performed, has made an error, or the law requires it. Those cases are listed below.
2. Every case
| Situation | What HBC does | Where | Timing |
|---|---|---|---|
| You change your mind about a confirmed bullion purchase | No cancellation. You own the silver. Collect it, keep it in custody, or sell it to HBC at the buying price. | Sell to HBC Policy | Buy-back from the third day after collection; from custody at any time |
| You stop paying or want to leave a plan | Your silver is delivered as finished products. Nothing forfeited. Then sell to HBC if you want cash. | Early Settlement Policy | On request |
| Special product (AZAYA, custom, one-of-a-kind) out of stock | Comparable or better product at no extra cost, or full refund of every amount paid including fees and levy. Your choice. | Purchase Policy §5 | Refund within 10 working days |
| Wrong product, weight or purity supplied | Replacement with the correct product, or refund at price paid at your election. | Purchase Policy §6 | Report within 7 days of collection |
| Defective or not as described | Replacement or refund at price paid, as the law requires. | Purchase Policy §7 | Report within 7 days of collection, or on discovery of a latent defect |
| HBC cancels for a plain pricing error (within 7 days, before handover or custody) or because the law prevents the sale | Every amount paid returned, no interest. HBC tells you within 2 working days of the decision. | Terms §5.5 | Within 10 working days |
| Duplicate or failed payment | The duplicate or failed amount returned to the paying account. | Payments Policy | Within 5 working days of identification |
| Payment that cannot be matched to a purchase | Returned to the paying account. | Payments Policy | Within 5 working days |
| Fee charged in error | Returned to the paying account. | Payments Policy | Within 5 working days |
| Unauthorised or fraudulent payment from your account | HBC cooperates with your bank and the authorities. Money is returned where the bank reverses it or a court orders it. HBC may hold the related product meanwhile. | Payments Policy | As the bank or court directs |
| Product lost or damaged in custody | Identical replacement or insured value. | Custody Agreement §5 | Within 30 days of the claim being established |
| KYC cannot be completed after payment | HBC holds the silver you own until KYC is completed. Only where the law prohibits HBC from completing the sale at all is the sale unwound and every amount paid returned to the paying account. | KYC and AML Notice | As the law permits |
| You want to return a product you no longer want | HBC's return route is the Sell to HBC Policy, at the buying price. HBC does not refund the price paid for a change of mind. Statutory rights, where they apply, are honoured: see §3. | Sell to HBC Policy | Buy-back windows |
3. Returns and statutory rights
3.1HBC's return route is buy-back. Silver is a commodity whose price is set by the market each day. When you buy from HBC you buy at that day's price and own the silver. If you later wish to return it, HBC buys it back at its buying price on that day under the Sell to HBC Policy. HBC does not refund the price paid for a change of mind, because that would make HBC the insurer of the silver price for every customer.
3.2Statutory rights are not affected. The Consumer Protection Act 2075 and the Electronic Commerce Act 2081 give buyers certain rights to return goods and to remedies for goods that are defective, not as described or not delivered. Where such a right applies to a product you bought from HBC, HBC honours it on the terms and within the exceptions the law provides, and pays the amount the law requires.
3.3HBC's position is this. A sale of silver at a disclosed live market price is a completed sale of a commodity whose value every buyer knows will move. The buyer owns the silver from payment and can realise its value at any time through HBC's buy-back. A right to return silver for the price paid after the market has moved would not protect the consumer against a defect or a misdescription, which is what consumer-protection law exists to do; it would transfer the market risk the buyer knowingly accepted onto HBC. HBC therefore treats a change of mind as a sale back to HBC at the buying rate, and applies the statutory return and refund provisions to defects, misdescription and non-delivery. If a competent authority or court rules otherwise on a specific case, HBC complies with that ruling.
3.4To raise a statutory claim, bring the product in its original condition, with its receipt, within the statutory period, to HBC's office, or write to help@app.himalayanbullion.com.
4. How refunds are paid
4.1Refunds of money are paid to the account from which you paid HBC, by bank transfer, or by cheque in your name where you paid in cash. HBC does not refund in cash and does not refund to a third party's account.
4.2A refund is of the amount paid. HBC pays no interest and no compensation beyond what the law requires.
5. What HBC never does
- Convert a refund you are entitled to into a buy-back at the buying price.
- Convert a plan into cash without first delivering your silver as product.
- Forfeit any silver you have paid for.
- Deduct a charge from your silver.
- Refuse a statutory remedy by reference to this policy.
6. Complaints
6.1If you believe a refund or remedy has been wrongly refused, use the Complaints and Disputes Policy. The related product or plan is not closed while your complaint is open.