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Terms of Business
The Financial Conduct Authority (FCA)
The FCA is the independent body that regulates financial services. Please use this information to decide if our services are right for you.
Who regulates us?
Newstead Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Our FCA number is 306812. You can check this at www.fca.gov.uk/pages/register or by contacting the FCA on 0845 606 1234. Our permitted business is advising on, arranging and assisting in the administration and performance of a contract of insurance.
We are an Independent Insurance Broker 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 may issue policies on behalf of certain insurers.
We will advise and make a recommendation for you after we have assessed your insurance 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 help you with any ongoing changes you have to make to your policy and provide a claims assistance service.
Whose products we offer
We offer advice on all classes of personal and commercial insurance products and have access to leading insurers. In some instances we will provide cover via another intermediary in which case you will be advised. 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 or our marketing prior to inception of the policy.
In some circumstances we may recommend a product from an insurer with whom we hold a delegated underwriting agency.We offer products from Kindertons for Motor Legal Expenses insurance. We use a limited number of insurers for Travel insurance. Please let us know if you would like a list of these insurers. We use RAC for Breakdown insurance cover.
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: £25 payable when you accept our quotation
Mid term adjustments: £25 payable immediately the change takes place
Mid term cancellations: £25 deducted from the refund of premium
Renewals: £25 payable on or before renewal date
Replacement certificates or cover notes: £25 payable immediately the request is made
Cheques not honoured: £25 payable immediately we are aware
From time to time depending on the work and risk involved it may be necessary to charge greater fees. The specific amount 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.
Where a return premium is issued, we will refund the premium when received from the insurer, subject to a deduction of commission repayable to the insurer and our fee of £25 mentioned above. In view of the costs involved, we will not issue any return premium that is less than £25 after deducting repayable commission and our fee. These provisions do not apply should the policy offer a cancellation right and you exercise this right within the cancellation period. In these circumstances the insurer’s calculated refund will be returned to you in full less our fee for arranging the policy.
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.
Where the premium is being paid by instalments and is cancelled mid-term, we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.
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 and premium financiers, 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.
In order to offer you credit facilities, we are registered under the Consumer Credit Act. We normally accept payment by cheque, BACS or Visa and MasterCard. Credit card payments. You may be able to spread your payments through an insurer’s instalment schemes or a credit scheme that we have arranged with a third party finance provider. This may incur a credit and/or service charge. Full details will be provided when your payment options are discussed with you.
How we will handle your money
Our Non-Statutory Trust account has been set up in accordance with strict rules laid down by the Financial Conduct Authority. We are required to inform you that we may use your premium to settle premiums due under other policies including those payable by other clients. We are the Agent of Insurers for the collection of certain premiums and hold your money on a risk transfer basis. In arranging your insurance we may employ the services of other intermediaries who are Authorised and Regulated by the FCA and your premium may be passed to these intermediaries for payment to insurers. Any interest, or investment returns, earned on your money whilst in our possession will be retained by us.
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)
It is our intention at all times to treat customers fairly. We have appointed Sarah Giles 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 Sarah Giles 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.
What information do you need to disclose?
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.
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 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 Sarah Giles, Director. 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.
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.