REGENCY FINANCIAL & INSURANCE SERVICES – 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. We draw your particular attention to: The section headed ‘Use of personal data’, and specifically the paragraph explaining how ‘sensitive personal data’ will be used. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at: Regency FIC Ltd, 317 Stanstead Road, Forest Hill, London SE23 1JB.
The Financial Conduct Authority
Regency Financial & Insurance Services is a trading style of Regency FIC Ltd. Our FCA Register number is 301926. We are authorised and regulated by the Financial Conduct Authority (FCA). Our permitted business is introducing, advising, arranging, and dealing as agent, assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalments. You may check this on the FCA’s register by visiting the FCA website, www.fca.gov.uk/register or by contacting the FCA on 0845 606 9966
Our role is to advise you and, after we have assessed your needs, to make a suitable recommendation. We select Personal Lines and Commercial Insurance products from a range of insurers. We only select Private and Public Hire Insurance products from a limited number of insurers. You may ask us for a list of the insurers we deal with for these products. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
Complaints and compensation
We aim to provide you with a high level of customer service at all times, but if you are not satisfied, please contact us:in writing… Write to Regency FIC ltd, 317 Stanstead Road, Forest Hill, London, SE23 1JB. By phone…Telephone 020 8690 8667 / 3407 / 1186. By email…. firstname.lastname@example.org If you are still not satisfied, you may be entitled to 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 (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 (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk.
Payment for our services
We normally receive commission from insurers or product providers [On request, we will be pleased to provide information about any commission received by us in the handling of your insurances]. We also charge you for handling your insurances as follows:
Personal Lines Insurance
New business – £20 Not applicable to short term Private Hire/Taxi Insurance Mid-term amendments – £20 Also applicable to short term Private Hire/Taxi Insurance Cancellations – within the 14 day cooling off period – £25 – Not applicable to short term Private Hire/Taxi Insurance. Cancellations- after the 14 day cooling off period – £50: Not charged if the insurance is cancelled prior to the commencement date of your insurance. Not charged on the cancellation of Add-Ons such as legal protection, excess protection, breakdown and windscreen cover. Not applicable to short term Private Hire/Taxi Insurance. Issuing duplicate documentation – free unless specified by insurer Renewals – £20 Not applicable to short term Private Hire/Taxi Insurance Copies of personal data we hold about you – £10 per request. Returned Cheques – £20 Payment by Credit card – 2.5% of total amount payable (£5 minimum); only charged on short term policies such as 3 Month, 1 Month, Weekly Taxi and Temp Cover.
Commercial Lines Insurance
In addition to above charges a Broker Fee or Policy Fee may be applied depending on the complexity of the risk and/or a financial assessment of the individual or company. This will be based on a percentage of the Gross Premium. In the event of cancellation this fee will be retained along with any other charges noted above. You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you. We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.
Cancellation of insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance must be returned to us or to the insurer concerned. In the event of cancellation, charges for our services will apply in accordance with the Tariff of Fees indicated above. The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.
Short term taxi (private Hire) and temporary cover can be cancelled at any time by the insured but there will be no refund as stipulated by the Insurers Policy Wording.
Ending your relationship with us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Non-payment of premium or fees Commission claw back by insurers where instructions are given to another party to handle the customer’s insurance(s) Failure to provide requested documentation or information Deliberate failure to comply with terms set out within the TOB or insurer’s documentation Deliberate misrepresentation or non-disclosure, attempted fraud, or other instances of ‘bad faith’.
Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided [see fee tariffs].
You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose information, or misrepresent any fact which may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid. You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy.
If you are unsure about any matter, please contact us for guidance.
Treating you fairly
We aim to treat you fairly. We consider carefully the products we offer and we select or design them with our customers in mind. We work hard to make sure you’re not misled and that the information we provide is clear and understandable. Our complaints process is fair and accessible and we aim to put things right if we’ve made a mistake. We want you to be confident and comfortable in your dealings with us.
Use of personal data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurances it will be necessary for us to pass such information to insurers and other product or service providers which may also provide us with business and compliance support. We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of interest to you. We will not otherwise use or disclose the personal information we hold without your consent. Some of the details you may be asked to give us, such as information about offences or medical conditions, are defined by the Act as sensitive personal data. By giving us such information you signify your consent to its being processed by us in arranging and administering your insurances. Subject to certain exceptions, you will be entitled to have access to your personal and sensitive personal data for which you will be charged a fee of £10. If at any time you wish us, or any company associated with us, to cease processing any of the personal data or sensitive personal data we hold, or to cease contacting you about products and services, please write to Regency FIC Ltd, 317 Stanstead Road, Forest Hill, London, SE23 1JB.
Conflict of interests
Occasions can arise where we or one of our associated companies, clients or product providers may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.
Claims handling arrangements
You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim. You should also be aware that: We and most of the insurers we deal with have a sharing of information agreement to prevent fraud. Whenever you arrange your insurance through us, this will be on the basis that you agree to your claims information being passed onto the Claim Underwriting Exchange. To help prevent fraudulent claims, your insurer exchange information with other insurers through various databases. Also to help detect people who break the law by not having insurance, your insurer will supply details of your motor insurance to a database which can be accessed by the police or other insurers.
Credit and Other Searches
All quotes are subject to automatic consent of the following terms: Insurers may obtain publically available information from third parties, for the purpose of identity verification and fraud prevention, including a credit reference agency. The, search will appear on your credit report whether or not your applications proceed but will not impact your credit history You should be aware that insurers exchange information through various databases to help check information provided and to prevent fraudulent claims. Specifically, Insurance Database Services Limited (IDSL) hosts the Claims and Underwriting Exchange (CUE) which holds a record of incidents reported to insurance companies by Policyholders and third party claimants. Insurers may validate the information provided by you, both about yourself and about any other person named on the application, against the information held on CUE and against other databases hosted by IDSL. Insurers may use this information to consider whether to accept the risk. To ensure our insurers and credit providers have the necessary facts to assess your insurance risk, verify your identity, to help prevent fraud and to provide you with their best premium and payment options, they may obtain information from third parties at quotation and renewal and in certain circumstances where policy amendments are requested. This information includes a quotation search from a credit referencing agency. This search will appear on your credit report and will be visible to other credit providers. It will be clear that this is a quotation rather than a credit application by you. For details relating to information held about you on the Claims and Underwriting Exchange please visit: www.insurancedatabases.co.uk
Payment can be made in the form of cash, cheque, credit or debit card, insurers own direct debit facility or a third party finance provider such as Close Premium Finance or Premium Credit. Where possible we will offer the insurer’s own direct debit facility. However, certain types of insurances particularly commercial insurance a finance provider can only be used. Our Instalments Provider is Close Premium Finance who we have a non-recourse telesign facility with for premiums up to £5000. Above this limit premiums are subject to a non recourse non-telesign agreement where customers are required to check and sign a contract for their finance provision. Prior to commencing any instalment facility (Third Party Finance or Insurers direct debit) an explanation of the charges and cost of monthly payments would be quoted. APR% rates can vary from one provider to another and also on the type of policy.
What are your rights?
Under the Data Protection Act 1998 you have certain rights in relation to the information we hold about you: You may request, by writing to the address below and enclosing a cheque for £10 payable to Regency FIC Limited, details of the information that we hold about you. Details will be provided to you within 40 days of us receiving your request and fee.
Customer Assistance, Regency FIC Ltd, 317 Stanstead Road, Forest Hill, London, SE23 1JB.
We will contact you to tell you about insurance and related products. We may contact you about these from time to time mainly verbally by telephone, or by mail, text, email and other reasonable methods. Please let us know if you do not want us to do this.
A third party may have introduced you to us and for this the introducer may be paid a fee by us.
Regency FIC Limited, registered in England number 3855526, whose registered address is at: 317 Stanstead Road, Forest Hill, London, SE23 1JB, is Authorised and regulated by the Financial Conduct Authority