Terms of Business
The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Please use this information to decide if our services are right for you.
We are an Independent Insurance Intermediary and we will act on your behalf in:
a) Arranging your insurance cover with insurers to meet with your requirements and provide advice on the basis of a fair analysis of the market, to offer you enough information to enable you to make an informed decision;
b) Helping you with any changes that you need to make to your insurance during the policy period;
c) Telling you when you need to renew your policy in time to allow you to consider and arrange any continuing cover.
Who regulates us
Wheatley Wright Insurance Services Ltd T/a WW Group, 2 Oakberry Road, Oakberry Industrial Estate, Lutterworth, Leics, LE17 4PP is authorised and regulated by the Financial Conduct Authority. Our FCA number is 308777.
Our permitted business is advising on, arranging, transacting and administering general insurance contracts. You can check this on the FCA’s Register by visiting the FCA’s website: http://www.fca..org.uk/register.or by contacting the FCA on 0800 111 6768 (Freephone) or .300 5008082 from the UK.
Information on Costs
In addition to the premiums charged by insurers, we may charge a professional fee to cover the placing and ongoing handling of your insurance. 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.
When we place insurances or insurance related services on your behalf, we are ordinarily remunerated by your insurer or insurance service provider. Commission may be paid on individual policies and or on a whole account basis. If we need to charge a fee payable by you then we will specify the amount of that fee and explain the nature of the fee before we commence work on your behalf.
In respect of any mid-term transaction we reserve the right to make a charge of up to £25.
Should you choose to cancel a policy of insurance after giving instructions to place cover or if you wish to terminate our appointment as your broker before policies have expired then the commission and/or fee will be deemed to have been earned in full and no refund will be paid in this respect. A refund of the premium element net of our remuneration may be made by insurers. In this event, any refund will be returned to you without unreasonable delay.
We will act in accordance with your reasonable instructions to the best of our abilities. If we are not substantially able to achieve what you want us to achieve or if it is not possible to achieve what you want then we will tell you. We will tell you what we can achieve.
You may instruct us by fax, by e-mail, by telephone or during face-to-face meetings. We cannot guarantee that your instructions have been received unless we have acknowledged them in writing. We reserve the right to refuse instructions, but if we do, we will inform you. Communications using the Internet are not completely secure, and may spread harmful viruses. If you would prefer us not to use e-mails, you must inform us.
Please note that Office Hours are Monday to Friday, 9.00am to 5.00pm. The office is not open for business on statutory (“Bank”) holidays. There may be a delay in responding to instructions, if they are received outside of Office Hours.
We do not ordinarily issue receipts or acknowledgements unless specifically requested by you in writing.
Mid-term adjustments or cancellations:
In the event of an adjustment that results in a return of premium or cancellation mid-term we will refund the premium due net of our full commission and any charge made by insurers. Where the premium is being paid by instalments we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.
You may have a statutory right to cancel this policy within a short period. Please refer to your policy summary or your policy document for further details. If you cancel under certain circumstances you may receive a pro rata refund of premium from the insurer as long as the policy is not on a minimum and deposit basis. Insurers are also entitled to make an administrative charge. We also may keep an amount that reflects the administrative costs of arranging and cancelling the policy.
If you wish to cancel outside this period you may not receive a pro rata refund of premium and those with a minimum and deposit premium will receive no refund. We will also retain full commission and any administration fee or charge.
In the event of an agreed policy not being taken up we reserve the right to claim an amount that reflects our administration costs and any commission or fees that we would otherwise have earned.
We normally accept payment by guaranteed cheque or credit card or the bankers automated clearing system (BACS). We require full payment of the premium within 14 days of cover being effected. You may be able to spread your payments through
a credit scheme and we will give you full information about your payment options and details of the interest payable at the time we provide you with a quotation.
How we will handle your money
Our client bank account has been set up in accordance with the strict rules laid down by the Financial Conduct Authority. Prior to your premium being forwarded to the insurer, and for your protection, we either hold your premium as an agent of the insurer (in which case your policy is treated as being paid for) or we hold it in our client bank account in trust for you. In arranging your insurance we may employ the services of other intermediaries who are regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers.
We will provide you with full details of all the payment options available to you when we provide you with your insurance premium.
If you choose to enter in a finance arrangement, this will be subject to interest charges that we will confirm to you when providing the full details. Importantly, the arrangement you will enter into will be with the finance company not us. It is an entirely separate contract irrespective of the insurance contract. In the event of your failure to meet with the contractual obligations regarding payment the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding finance arrears. You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not us or the insurer.
Please note that we only use Close Brothers for the provision of premium finance facilities.
Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it.
Providing Information to Your Insurer
You must present the risk (i.e. the subject matter of the proposed insurance) fairly. This means that you must disclose to insurers, before arranging or renewing your insurance policy, and throughout the policy period, anything that might influence the judgement of an insurer in fixing the premium, setting the terms or determining whether they would take the risk.
If you are uncertain whether anything is material, you should disclose it. In order to identify what must be disclosed, you are obliged to carry out a reasonable search before presenting the risk to insurers. This includes (but is not limited to) consulting with all senior managers (anyone who plays a significant role in the making of decisions about how your activities are to be managed or organised, regardless of whether or not that individual is a member of your board or is formally in a management role).
You must also consult with anyone who has particular knowledge about the risk to be insured. Failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid or an additional premium may be incurred.
All statements and facts disclosed on proposal forms, statement of facts, claim forms and other documents should be full, true and accurate. Where forms are completed on your behalf you must check them for accuracy and completeness before signing them. You must always read the declaration and make sure you understand it before you sign.
As part of our service we can assist you with any claim 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 given below.
It is our intention to provide a high level of service at all times. However if you have reason to make a complaint about our service you should contact the managing director at the above address or ring 01455 203377. You may be entitled to refer it subsequently to the Financial Ombudsman Service. Further information is available at http://www.financial-ombudsman.org.uk/ The FOS Consumer Helpline is on 0800 023 4567 (free for people phoning from a “fixed line” (for example, a landline at home) or 0300 123 9123 (free for mobile-phone users paying monthly charge for calls to No’s starting 01 or 02). Alternatively you can contact them at Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London, E14 9SR. www.financial-ombudsman.org.uk
A full copy of our complaints procedure is available on request.
We are covered by the Financial Services Compensation Scheme. 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. Most Insurance contracts are covered for 90% of the claim, without any upper limit. Compulsory insurances (for example, motor insurance and employers’ liability insurance),are covered for 100% of the claim, without an upper limit. Further information about compensation scheme arrangements is available from the FSCS.
Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or by visiting http://www.fscs.org.uk/
Limitation of Liability
In the event of any breach of these terms and or in the event of any representation, statement or tortuous act or omission including negligence arising under or in connection with all contracts between us then the following provisions set out our entire financial liability (including any liability for the acts or omissions of our employees, agents and sub-contractors) to you. Nothing in these terms excludes or limits our liability for death or personal injury caused by the Company’s negligence, fraud, fraudulent misrepresentation or regulatory obligation.
We shall not be liable to you for any indirect or consequential loss or damage, these may be losses that are not reasonably foreseeable, (whether for loss of profit, loss of business, depletion of goodwill or otherwise), costs, expenses or other claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with the services we provide to you.
Our total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation or otherwise, arising in connection with the performance or contemplated performance of our services to you (“Claim”) shall be limited to £5,000,000 (five million pounds).
If you are not a Consumer (as defined by the FCA) and our professional indemnity insurers refuse to indemnify us for any claim made by or on behalf of you then our total liability in relation to that claim shall be limited to £1,000,000 (one million pounds).
Liability for Directors, Officers or Employees
You acknowledge and agree not to make any claim personally against any employee, director or officer arising out of the work and services provided under this agreement. This clause does not in any way limit or affect our liability to you as detailed in the limitation of liability clause.
We do not guarantee the solvency of any insurer we place business with. We do not accept liability for any losses you may incur arising directly or indirectly from the financial failure or insolvency of any insurer.
You may have a liability for the premium, whether in full or pro-rata where a participating insurer becomes insolvent.
Protecting your Personal Data (data)
We are the Data Controller for the data you provide to us. We need to use your data in order to arrange your insurance and associated products and for marketing purposes (please let us know if you would prefer not to receive marketing information from us). You are obliged to provide information without which we will be unable to provide a service to you. We may pass your data to other organisations, such as insurers, auditors, external consultants, credit providers, banks, financial transaction processors, crime and fraud prevention agencies and databases and regulators.
We process all data in the UK but where we need to disclose data to parties outside the European Economic Area (EEA) we will take reasonable steps to ensure the privacy of your data. In order to protect our legal position, we will retain your data for a minimum of 7 years. We have a Data Protection regime in place to oversee the effective and secure processing of your data. You can request copies of the data we hold, have it corrected, sent to a third party or deleted (subject to our need to hold data for legal reasons). If you wish to complain about how we have handled your data, you can contact us and we will investigate the matter.
If you are not satisfied with our response or believe we are processing your data incorrectly you can complain to the Information Commissioner’s Office Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF Tel: 0303 123 1113
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.
Please be aware that current UK money laundering regulations require us to obtain adequate Know Your Client information about you. We are also required to cross check you against the HM Financial Sanctions List as part of the information gathering process.
We are obliged to report to the Serious Organised Crime Agency any evidence or suspicion of financial crime at the first opportunity and we are prohibited from disclosing any such report.
We will not permit our employees or other persons engaged by them to be either influenced or influence others in respect of undue payments or privileges from or to insurers or clients.
This Terms of Business document is subject to English Law.
Please do not hesitate to contact us if you have any queries with regards to any points mentioned in our Terms of Business
Wheatley Wright Insurance Services Ltd T/a WW Group
2 Oakberry Road, Oakberry Industrial Estate, Lutterworth, Leics, LE17 4PP
Telephone Number: 01455203377
Fax Number: 01455203388
E-Mail Address: firstname.lastname@example.org
Version May 2017