Ashby Wray & Partners Ltd - Terms of Business (TOBA)
Applicable Law & Language
This Terms of Business is subject to English Law & the jurisdiction of English Courts. English will be used in all communications.
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?
We are authorised and regulated by the Financial Conduct Authority for General Insurance Business and the Consumer Credit Activity of Credit Broking. Our FCA number is 302760. You can check this by contacting the FCA on 0800 111 6768 or by visiting www.fca.org.uk
We are an Independent Insurance Intermediary and Credit Broker and as such we act as the agent of our client. In certain circumstances, however, 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 and make a recommendation for you after we have assessed your insurance and associated premium finance needs. If we are unable to make a recommendation or offer advice or 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 and with the renewal of your insurance policy and associated premium finance and with any claim you need to make.
Whose products do we offer?
We offer products from a range of insurers. For some classes of insurance we only offer products from a limited number of insurers - a list of these is available on request. For Motor & Family Legal Expenses we choose to deal with a single insurer. We will either offer credit facilities from your insurer or from a single provider, as advised to you at the time of arranging your premium finance.
We usually receive commission from the insurers and premium finance providers with whom we place your business. In addition we may charge a professional fee to cover the placing and handling of your insurance. We normally make the following standard charges to cover the administration of your insurance: Arranging new policies, Mid-term adjustments, cancellations, renewals & copy documents - £10. From time to time depending on the work and risk involved it may be necessary to charge greater fees. The amount and purpose of any professional fees & administration charges will always be advised to you in advance. We earn all our commission &/or fees when your risk is successfully placed and take our commission &/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 in connection with your business.
We normally require full payment by cheque, BACS or CHAPS within 7 days of cover being arranged unless otherwise agreed beforehand.
How we will handle your money
Our Statutory Trust account has been set up in accordance with strict rules laid down by the FCA. We are the Agent of Insurers for the collection of certain premiums. 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 retain any interest, or investment returns, earned on your money whilst in our possession.
How to cancel
You may have a statutory right to cancel your policy within a short period. Please refer to your policy summary, policy document or renewal notice for further details. If you wish to cancel outside this period your cancellation rights will be detailed in your policy document.
Mid-term adjustments or cancellations
If an adjustment 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. If 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.
Cancellations due to premium instalment default
If any credit agreement payment is not met, you acknowledge and agree that we may instruct on your behalf the relevant insurer to cancel the insurance and to collect any refund of premiums which may be made by the insurer and use it to offset any outstanding costs.
Providing information to your insurers
Your insurance is based upon the information provided to the insurance company. Unless otherwise indicated by the specific insurer underwriting your particular policy, the following circumstances apply.
Consumers (individuals buying insurance wholly or mainly for purposes unrelated to their trade, business or profession) this means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.
Non Consumers must disclose all 'Material Facts' (any information that may influence the insurer's decision over cover or terms) prior to inception and throughout the period of insurance. Failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid.
Motor Insurers Database
If you hold motor trade &/or fleet policies on a declaration basis you are responsible for notifying vehicle changes to the Motor Insurers Database (MID) by the method specified by insurers.
We do not guarantee the solvency of any insurer we place business with. An insolvent insurer may be unable to pay a proportion or all of any claim made and you may have to pay a further premium to pay for alternative insurance cover.
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 Andrew Ashby to oversee TCF. If at any time you feel that you have not been treated fairly please contact us so that the matter may be addressed.
Prevention of Bribery
We have appointed Andrew Ashby with overall responsibility for the prevention of bribery. It is our intention to meet the requirements of the Bribery Act 2010. If, at any time, you feel that we have not acted in a way that meets these requirements you should contact us immediately.
When you first become a customer we will advise how to make a claim and tell you what your responsibilities are in relation to making claims. Please contact us if you are unsure what to do in the event of a claim.
Our aim is always to provide our customers with a first-class service; however we are aware that, occasionally, it is possible that we may fail to meet your expectations. If for any reason we have not met your expectations, let us know as soon as possible, by calling our main office telephone or write to Andrew Ashby at the above address. We will supply you with a copy of our complaints procedure upon receipt of a complaint or at any time upon request. You will be advised of any redress available to you, if you believe the matter has not been resolved to your satisfaction. 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.
Financial Conduct 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 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.
Credit & Identity Checks
To make sure you get their best offers, ascertain your most appropriate payment options, protect their customers from fraud, and to verify your identity, insurers and premium finance providers may at quotation, at renewal, or at any time use publicly available data, which they obtain from a variety of sources including credit reference agencies and other external organisations. Their search will appear on your credit report whether or not your application proceeds.
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.
Issue 3.61 - March 2016
Ashby Wray & Partners Ltd
Kenant Chambers, 2 Bath Avenue, Wolverhampton, WV1 4EQ
Telephone – 01902 420461 Fax – 01902 420771