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About Us > Information > Terms of Business
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TERMS OF BUSINESS AND
INITIAL DISCLOSURE DOCUMENT
Please read this document carefully because it sets out the terms on which we act for you and it gives details of our Regulatory and Statutory responsibilities to you.
We are authorised and regulated by the Financial Services Authority (FSA) and are bound by their rules. You can check this on the FSA register by contacting them on 08456 061 234 or visiting their website www.fsa.gov.uk/register. This authority gives permission for us to:-
* Give advice to you on non-investment insurance contracts.
* Arrange deals (policies) in non-investment insurance contracts.
* Make arrangements with a view to transactions in non-investment insurance contracts (hold agencies with Insurers).
* Deal as agents in non-investment insurance contracts.
* Assist in the administration and performance of non-investment insurance contracts (claims administration and settlement negotiation).
Product Selection
Advice and a recommendation will be given to you after assessing your needs. We shall:
* select products from a range of insurers for retail and commercial clients.
*
only select products from a limited number of insurers.
* only deal with products from DAS for motor legal expenses cover.
Charges
Our income is derived from commission, brokerage or other remuneration paid by the insurers or fees that will be agreed with you before proceeding. You are entitled at any time to request information regarding any commission, which we may have received as a result of placing your insurance business.
A compliance fee will be applied to all renewal premiums, £6.00 for personal policies and £12.00 for commercial polices, to cover the cost of regulation by the Financial Services Authority.
Should a policy be cancelled mid term we will refund the return premium when received from the insurer, subject to a deduction of commission repayable to the insurer. The actual amount of the deduction will be advised to you at the time.
Cooling-off
We will give you enough information and help so that you can make an informed decision before you make a final commitment to buy your insurance policy. However, you will have 14 days to change your mind and cancel the insurance contract from the date you receive the policy documentation. A charge may be made for the time the policy was in force.
Listening to our Clients
If you have a complaint about the advice you receive or a product you have bought, please contact the Compliance Officer at the address shown on this document. If following our subsequent investigation and response you are still not satisfied you may contact the Financial Ombudsman Service. Full details are available on request at any time from this office.
You are protected by the Financial Services Compensation Scheme and may be entitled to compensation from the scheme if we cannot meet our liabilities to you following a complaint. This depends on the type of business and the circumstances of any claim. Full details are available on request at any time from this office. Eligible complainants are covered for 100% of the first £2,000 and 90% of the remainder. For compulsory classes of insurance the cover is for 100% of the claim.
Disclosure of Material Facts
You must disclose any material facts at inception, renewal and during the currency of your Insurance Contract. If you are aware of any facts or circumstances that may affect an insurer's assessment of the risk, you should let us know as soon as possible. If in doubt as to whether a fact is material or not, please contact us to discuss the matter. The consequences of not disclosing material facts are that your policy may not be valid and so claims would not be paid.
Claims
If you need to make a claim you should contact us as soon as possible and we will advise you of the procedures to be followed. In assisting you with your claim we will act with due care, skill and diligence and avoid conflicts of interest. If there is a conflict of interest we will advise you in writing and seek your authority to continue to act for you.
Accounting Procedures
The FSA has authorised us to hold your money and money from insurers in a Non-Statutory Trust Account and this needs your informed consent. That permission imposes additional requirements upon our capital and systems for your protection. Our bankers are Barclays Bank plc at PO Box 2, 25 High Street, Coventry, CV1 5QZ and Close Brothers Limited at 10 Crown Place, London, EC2A 4FT. Your consent to this arrangement will be assumed unless you withdraw it. Your money will either be held in our capacity as agent of the insurer or alternatively as client money in these accounts to protect your interest.
Interest on Client Money
No interest will be paid to retail clients upon single transactions unless it exceeds £20 after 25 working days at the standard rate offered by Barclays Bank plc for deposits at call.
Transferring Your Money to Third Parties
Your policy may be arranged directly with an insurer or through another intermediary, each of whom will be authorised and regulated by the FSA. This will require the transfer of your money to those other parties and your consent to this will be assumed unless you withdraw it.
Data Protection
You agree that:
* All information supplied, together with any other information held about you, can be stored on computer and/or paper files.That information may be disclosed to third parties for the purpose of processing your application.
* We may use the information held about you to contact you from time to time by post, fax, email or telephone to bring to your attention additional products or services which may be of benefit to you.
Termination of Authority
You can withdraw our authority to act for you at any time without penalty, but you will be liable for any transaction effected or charges due before that final instruction is received.
Released 22nd August 2006 Registered No. 303754
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