Terms of Business

The Financial Services Authority (FSA)

The FSA is the independent watchdog that regulates financial services. Please use this information to decide if our services are right for you.

Who regulates us?

LBS is authorised and regulated by the Financial Services Authority. Our FSA number is 305522.

You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/pages/register or by contacting the FSA on 0300 500 5000.

Our Service

We are an Independent Insurance Intermediary and we will act on your behalf in:

Products Offered

We offer products from a range of insurers, ask us for a list of insurers we offer insurance from. At renewal we will offer renewal terms from the holding insurer and may offer an alternative.

Note: Please be aware that unless we specifically state otherwise, we will not provide advice or recommendations. We will however, ask questions to narrow down the selection of products applicable to you and provide you with details about the product and cover. You will then need to make you own choice about how to proceed, however, if you need advise, please contact us.

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. We normally make the following standard charges to cover the administration of your insurance:

In addition to the amount charged by insurers we may make charges to cover the administration of your insurance as follows:

Non refundable agreement fee £25; Renewal £10; Mid Term Adjustments £10; Lost papers or documents £10; Temporary Changes £10.

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 regarding 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. Obviously 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.

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.

Cancellations due to premium instalment defaults

If any payment in respect of a credit agreement 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.

Consumers Cancellation Rights

Persons operating outside their business trade or profession have 14 days to cancel the insurance policy without penalty. The cancellation period begins the later of, the day of the conclusion of the contract or when the contractual terms and conditions are received. Exercising the right to cancel means that you have withdrawn from the contract and that cover is terminated. When exercising the right to cancel, costs may be incurred for the service provided.

Payment Terms

We normally accept payment by cheque, BACS or credit card (if accepted by the Insurer). We require full payment of the premium when cover is effected. You may be able to spread your payments through a credit scheme either run by your insurer or by a finance provider and we will advise you further if these options are available.

How we will handle your money

Our Statutory Trust account has been set up in accordance with strict rules laid down by the Financial Services Authority. 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 FSA 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.

Insurers

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.

Your duty to disclose information

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 when you renew your insurance. 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 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.

Claims

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.

Treating Customers Fairly

It is our intention at all times to treat customers fairly. If at any time you feel that you have not been treated fairly please contact us in order that the matter may be rectified.

Restriction of liability

Except in respect of injury to or the death of any person resulting from our negligence (for which no cap of liability will apply), our liability to you for the services we provide shall not exceed £2,000,000 in connection with any one event or connected events

Complaints

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 Simon Lawrence. 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, should 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 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. Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit. For compulsory classes of insurance this increases to 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.

Confidentiality

All personal information about you will be treated as private and confidential. We will only use and disclose information we have about you in the normal course of arranging and administering your insurance. We may pass information about you to premium finance companies and credit reference agencies for the purpose of arranging payments via instalments and may also pass to them details of your payment record with us. We will not disclose any information to any other parties without your consent, unless required to do so by the FSA, it is in the public interest, or we have to by law. We may, however, use the information we hold about you to provide information to you about other products and services which we feel may be appropriate to you. Under the Data Protection Act 1998 you have a right to see personal information about you that we hold in our records. If you have any queries in this regard please write to us.

If you do not wish to receive marketing information from us please let us know by contacting us at the address below.

Applicable Law

This Terms of Business document is subject to English Law and the jurisdiction of English Courts.