(050916V2P1-3/Edition Sept 2016)
Lagrove Insurance Brokers T/as Lagrove Assurance Brokers
Basepoint Unit 4C, Metcalf Way, Crawley, West Sussex, RH11 7XX
Tel: 01293 8176920 Email: email@example.com
TERMS OF BUSINESS
The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. Please use this information to decide if our services are right for you.
Who regulates us?
Lagrove Assurance Brokers is a trading name of Lagrove Insurance Brokers Ltd which is authorised and regulated by the Financial Conduct Authority. Our FCA number is 309380. You can check this at www.fca.org.uk/register or by contacting the FCA on 0800 111 6768. Our permitted business is advising on, arranging and assisting in the administration and performance of a contract of insurance.
We are an Insurance Intermediary and as such we act as the agent of our client. However, in certain circumstances we may act for and owe duties of care to other parties.
We will advise you when these circumstances occur so you will be aware of any possible conflict of interest.
We will advise you and make a recommendation for you after we have assessed your insurance needs. If we are unable to make a recommendation or offer advice where your requirements cannot be fully met we will provide you with enough information to enable you to make an informed purchasing decision.
We will assist you in effecting any changes that you need to make to your insurance policy, with any renewal of your insurance policy and with any claim you need to make.
Whose products we offer
In the majority of cases we will carry out a ‘fair analysis’ of the market in order to identify a suitable product. This means that we will compare products from a sufficiently large range of insurance providers in terms of cover, price, quality of service and other relevant features in order to select appropriate policies for you. If this is not the case we will advise you of the breadth of our marketing prior to inception of the policy.
We receive commission from insurers which is a percentage of the premium paid by you and allowed by the insurers. In addition we may charge a professional fee to cover the placing and ongoing handling of your insurance. We normally make the following standard charges to cover the administration of your insurance:
- Arranging new policies and renewals : £20.00
- Mid-term adjustments : £20.00
- Replacement/duplicate certificates or cover notes : £20.00
From time to time depending on the work and risk involved it may be necessary to charge greater fees. The specific amount and purpose of any professional fee and administration charges will always be advised to you in advance.
We earn the entirety of our commission and/or fees when your risk is successfully placed and take our commission and/or fees immediately upon receipt of payment unless agreed otherwise with your insurer.
Disclosure of Earnings
You are entitled at any time to request information about earnings that we, or any other intermediary we have used, receive as a result of placing your business. In addition to commission from insurers, we may also receive payments based on volumes of business or profitability of the account placed with them. These payments can vary from year to year. Such remuneration is only earned on the basis that it does not detract from our obligation to act in our client’s best interest at all times.
Lagrove Assurance Brokers does not handle client money. The client pays premiums for the relevant “non-investment term assurance contract” directly to the insurer by direct debit. In certain circumstances such as annual, as opposed to monthly premiums, some insurers do accept the payment by cheque.
If the client misses a direct debit/scheduled premium payment, it is possible in certain circumstances to catch up and repay, in order to keep the policy “on risk”. Most insurers/life offices have their own criteria for this and if the specific “period of grace” is exceeded, the insurer/life office is entitled to cancel the cover with immediate effect.
In all cases where payment of premiums missed, the insurer/life office reserves the right to request a further “declaration of health” for reinstatement of cover. If this then discloses a change in health from that originally disclosed on the application, from which original terms were offered, the insurer/life office is entitled to re-underwrite the original contract, applying new terms that could lead to increased premiums for the remainder of the policy term, or at worst decline reinstatement.
It is imperative that the client understands the financial commitment when taking out a term assurance/protection contract – it is for the duration of the policy term.
Mid-term adjustments or cancellations
In the event of an adjustment that results in a return of premium or cancellation mid-term , the insurer / life office will refund any premium relevant to the client. Where the commission is being paid by instalments (generally up over a period of up to 48 months) , we reserve the right to reclaim our outstanding full commission along with any charge made by the insurers in the calculation of any outstanding monies, directly from you as the client.
Whilst we take every care to check the financial stability of any firm with which we place business, we cannot be held responsible if that firm subsequently ceases to trade.
Treating Customers Fairly (TCF)
We set high standards for ourselves and it is our intention to treat customers fairly at all times. We have appointed Mr Michael Mackay to oversee TCF within this firm. If at any time you feel that you have not been treated fairly, please contact us in order that the matter may be addressed.
Prevention of Bribery
It is our intention to meet the requirements of the Bribery Act 2010. We have appointed Mr Michael Mackay with overall responsibility for the prevention of bribery. If, at any time, you feel that we have not acted in a way that meets the requirements of the Bribery Act 2010 you should contact us immediately.
Your Duty to Provide Information
It is your duty to take reasonable care to answer all questions honestly and to the best of your knowledge. If you do not, your insurance policy may be cancelled or treated as if it never existed or your claim may be rejected or not paid in full. It is important that all statements you make on proposal forms, claim forms and other documents are full and accurate. If a form is completed on your behalf, you should check that the answers shown to any of the questions are true and accurate before signing the document. Failure to provide requested information to your insurers could invalidate your insurance cover and mean that part or all of a claim may not be paid.
Disclosure of Material Facts (Commercial Customers)
It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy, throughout the life of your policy and/or if you renew your policy. Failure to disclose any material information to your insurers could invalidate your insurance cover and mean that part or all of a claim may not be paid. If you are in any doubt as to whether information is material, you should disclose it.
As part of our service we can assist you with any claims you need to make. When you first become a customer we will give you details of how you can make a claim and tell you what your responsibilities are in relation to making claims. If you are ever in any doubt as to what action to take in the event of a claim, please contact us at the address above.
It is our intention to provide you with a high level of customer service at all times. If you should wish to make a complaint about our service we have a formal complaints procedure. In the first instance you should address your complaint to Mr Michael Mackay, Complaints Manager. We will supply you with a copy of our complaints procedure upon receipt of a complaint or at any time upon request. If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service. Alternatively other out of court complaint and redress procedures may be available to you.
Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Full details and further information on the compensation scheme is available from the FSCS.
All personal information about you will be treated as private and confidential. We are registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with your personal data. Your personal information will be kept secure.
This Terms of Business document is subject to English Law and the jurisdiction of English Courts.