Terms of Business

Accepting our Terms of Business

By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business.

The Financial Services Authority

Mark Richard (Brokers) Ltd. is authorised and regulated by the Financial Services Authority (FSA). Our register number is 305499. Our permitted business is advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.

You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register/home.do or by contacting the FSA on 0845 606 1234.

Our Service

Our role is to advise you and make a suitable recommendation after we have assessed your needs. In situations where we arrange insurance for you without advice, we shall confirm the position to you. We will not in any circumstances act as insurer nor guarantee or warrant the solvency of any insurer. A liability for the premium, whether in full or pro-rata, may arise under policies where an insurer becomes insolvent.

We select insurance products from a range of insurers. For legal expenses insurance we only offer policies from a single insurer.

For policies incepted on our web site, we do not provide advice or make a recommendation. We ask questions to narrow down the selection of products on which we provide details. You then make your own choice on how to proceed. Once a policy has been completed on our web site all your subsequent requirements or queries on the policy including mid term adjustments, claims or renewals should be dealt with by contacting us by phone or in person. We will therefore provide advice and a recommendation on all these subsequent transactions with us.

Complaints and compensation

We aim to provide you with a high level of customer service, but if you are not satisfied, contact the manager:
 ...in writing   Write to Mark Richard (Brokers)Ltd., 282 St Johns Lane, Bristol, BS3 5AY.
 ...by phone   Telephone 0117 9231330
If you are not satisfied with our final response you may refer the matter to the Financial Ombudsman Service (except in the case of a business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more).

We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk

Payment for our services

All adjustments and cancellations will incur an administration fee of £22. This is in addition to any other charges imposed by the product provider.

You will receive a quotation giving the total price to be paid, showing any fees separately, before your insurance arrangements are concluded.

Cheques returned unpaid by your bank, and unpaid direct debit requests will incur a £10 fee.

Duplicate insurance certificates will be chargeable at £10.

Your Right to Cancel

You have a legal right to cancel your policy for any reason, subject to no claims having occurred, within 14 days of receiving the full terms & conditions. You will always be advised where this Right applies. A charge will apply for the period of cover provided and, in addition, we make an administration charge as detailed above .

All policies are quoted on the basis that the policy will run for its full term irrespective of the payment method. In the event of a policy being cancelled prior to this insurers short period rates will normally apply. Any refund payable will be reduced by the amount of commission reclaimed by the product provider.

Legal Expenses and Vehicle Breakdown policies run concurrently with the main policy and in the event of the main policy being cancelled these policies will also terminate without refund.

You are therefore advised to seek our advice before deciding to cancel any policy.

Handling Client Money and/or Insurer Money

Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurer with which your insurance is arranged. If Risk Transfer does not apply then all such monies will be held by us in a Non-Statutory Trust account pending payment. The establishment of the Non-Statutory Trust account follows the rules which the FSA introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non-Statutory Trust account will be retained by us.

Your responsibilities

You are responsible for providing complete and accurate information, together with supporting documentation either we or your insurers may require, when you take out your insurance policy, throughout the life of your policy, and when you renew your insurance. It is important you check all details on any proposal form or statement of facts and pay particular attention to any declaration you may be asked to sign.

If you fail to disclose any material information to your insurers, this could invalidate your policy and mean that claims may not be paid. If you are in any doubt what constitutes material information please ask for advice.

Claims

You must notify us as soon as possible of any claim or circumstances which may give rise to a claim. Failure to do so can mean that your insurers may not pay your claim.

Confidentiality of personal data

All personal data is treated by us as confidential and is processed in accordance with the relevant legislation. We will not disclose personal data without your consent, other than in the normal course of administering your insurances, except where we are compelled by law to disclose such data.

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