TERMS OF BUSINESS CUSTOMER CHARTER
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 Conduct Authority (FCA) and our reference number is 305126, we are bound by their rules. You can check this on the FCA register by contacting them on 0800 111 6768 or visiting their website www.fca.org.uk. This authority gives permission for us to advise you on General Insurance Products including giving recommendations.
1. Product Selection. Advice and recommendation will be given to you after assessing your needs. We will:-
Select products from a range of insurers for retail and commercial clients.
2. Charges. Our income is derived from commission, brokerage and other remuneration paid by the insurers or fees that will be agreed with you before conclusion of the contract.
We reserve the right to make charges in addition to any insurance premiums, for the arranging, amending, renewing and cancelling of any policy of insurance. These charges are set out below and will be shown in all correspondence with you. Where charges are known you will be advised prior to conclusion of the contract. Our charges are :-
On Commercial Insurance policies and renewals a £25 administration fee.
In respect of lost certificates and the provision of duplicate documents a £25 administration fee.
On Personal Lines policies at renewal or Inception a £20 administration fee.
A minimum charge of £5 will be made for payment by Credit Card.
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.
3. 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 in respect of retail business only, you will have 14 days to change your mind and cancel the insurance contract from the date you receive the policy document. A charge may be made for the time the policy was in force.
4. Listening to our clients. If you have a complaint about the advice you receive or a product you have bought, please contact a Director 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 will have been sent to you with our complaint acknowledgement letter.
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 90% the claim (no upper limit). For compulsory classes of insurance the cover is for 100% of the claim.
5. 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 claims may not be paid.
5b. Consumer Disclosure Act (Retail Customers)You are required by the provisions of the Consumer Insurance Act to take reasonable care to supply accurate and complete answers to all the questions in the Statement of Facts or Proposal Form to make sure that all information supplied is true and correct.
You must tell us of any changes to the answers you have given as soon as possible. Failure to advise us of a change to your answers may mean that your policy is invalid and that it does not operate in the event of a claim.
6. Claims and Underwriting Exchange Register and Motor Insurance Anti-Fraud Register. Insurers pass information to the Claims and Underwriting exchange register operated by Database Services Limited and the Motor Insurance Anti-Fraud Register compiled by the Association of British Insurers. The objective is to check information provided and to prevent fraudulent claims. Motor insurance details are also added to the Motor Insurance Database operated by the Motor Insurers’ Information Centre (MIIC), which has been formed to help identify uninsured drivers and may be accessed by the police to help confirm who is insured to drive. In the event of an accident, this database may be used by insurers, MIIC and your motor insurer to identify relevant policy information. Other insurance related databases may also be added in the future.
7. Accounting Procedures. We will hold client money separately from our own money with an approved bank, segregated in a client bank account designated as subject to a Statutory Trust. We act as Trustees of our clients money and must meet certain legal and regulatory requirements.
8. Acting as agent of the insurer. Sometimes we will act as an agent of the insurer for the collection of premiums and payments of claims and refunds of premiums. This means that premiums are treated as being received by the insurer when received in our bank account and that any claims money or premium refund is treated as received by you when it is actually paid over to you. There are occasions where such transactions are restricted (for example, to receiving premiums only) and we will tell you if this is the case.
9. Other Taxes and Costs. Other taxes or costs or both may exist in relation to the products and services offered by us which are not paid through, nor imposed by us.
10. 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.
11. Transferring your monies 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 FCA. This will require the transfer of monies to those third parties and your consent to this will be assumed unless you withdraw it.
12. Disclosure of Commission (Commercial Customers). Prior to the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be advised of the level of commission which we receive from underwriters.
13. 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. The information may be disclosed to third parties for the purposes of processing your application. We may use the information held about you to contact you by post, fax, e-mail or telephone to bring to your attention additional products or services which may be of benefit to you. In the interests of security and to improve our service, telephone calls you make to us may be recorded or monitored.
Under The Data Protection Act 1998 individuals have the right to see personal information about them that we hold in our records. A charge may be made for this service. If you wish to exercise this right, or have any other related queries you should write to us at the address below.
Irvine Commercial Insurance Brokers Ltd.
Authorised and Regulated by The Financial Services Authority
Lower Farm Barns, Brandon Lane, Coventry, West Midlands, CV3 3GW
Tel: 024 7621 0230 Fax: 024 7621 0231 Email: email@example.com
Directors: Matthew J Finch ACII, John Townsley, Stephen C Sawrey BA (Hons) FCII. Registered in England No. 248 2944