SHIELD (INSURANCE CONSULTANTS) LTD.
TERMS OF BUSINESS
THE FINANCIAL CONDUCT AUTHORITY (FCA)
Shield (Insurance Consultants) Ltd is authorised and regulated by the Financial Conduct Authority. Please read through this agreement; you should use it to decide if our services are right for you. Our FCA registration number is 306314 and our permitted business is arranging general insurance contracts. You can check this if you wish by visiting www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
Shield (Insurance Consultants) Ltd is 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. Insurance arranging is covered for 90% of the claim, without any upper limit, with 100% for compulsory insurances. Further information about this scheme is available from FSCS on 020 78927300 or by visiting http://www.fscs.org.uk.
CABSHIELD PRODUCTS AND SERVICES
We act as an agent for all of our insurance providers. We can supply a list of them if required. We may offer you additional products as we believe they are a valuable benefit. We will not add any additional products without prior agreement. You will not receive advice or a recommendation from us. The information you supply is used to obtain a quote and you then need to decide how to proceed. Some of the insurers we deal with will carry out credit checks and this will appear on your credit report whether or not you take out or renew a policy with them.
INFORMATION ON COSTS
We make a charge for our service and this will always be identified to you. Currently, our charges are:
£60 for new business/ renewal arrangement
£50 for cancellation
£25 for policy adjustment
£25 for direct debit arrangement
£10 for duplicate documentation
You are entitled at any time to request information regarding any commission which we have received as a result of placing your insurance business.
DISCLOSURE OF INFORMATION
It is important that you understand that any information, statements or answers made by you to us, or your insurer, are your responsibility. You must take reasonable care not to make misrepresentations when answering insurer’s questions. If you are careless in answering the insurer’s questions or deliberately make a misrepresentation and have not disclosed all material facts to the insurer this may render the insurance void from inception (the start of the contract) and enable the insurer to repudiate liability (entitle the insurer not to pay your claims). You are advised to keep copies of documentation sent to or received from us for your own protection. Please do consult us if you are in doubt on any aspect. The requirement for correct information not only applies at commencement and renewal of your policy, but also at any time during the period of insurance. If you are in any doubt as to whether information is material, you should disclose it.
AWARENESS OF POLICY TERMS
When a policy is issued, you are strongly advised to read it carefully, as it is that document, the schedule and any certificate that is the basis of the insurance contract you have purchased. If you are in doubt over any of the policy terms and conditions, please contact us immediately.
YOUR RIGHT TO CANCEL YOUR INSURANCE AND YOUR ‘COOLING OFF’ PERIOD
You have the following rights to cancel any insurance you buy through us:
You have a cancellation right which is set out in the policy document. You are also entitled to a ‘cooling off’ period, which ends 14 days after you receive your policy documents except where a claim is pending or notified.
What you will be charged if you cancel your insurance:
1) Within the ‘cooling off’ period
If you cancel your insurance, before the end of the ‘cooling off’ period, you will be charged by the insurer for the service they have provided up to the point of cancellation and the underwriter may charge an administration fee. We will also make a cancellation charge of £50. Our New Policy Inception or Policy Renewal service charge for arranging your insurance will not be refunded. If we have given you a discount off your premium at inception this will be deducted on a pro rata basis from any refund due to you on cancellation. In addition any Cash Back received will be deducted from any refund due. Where a cancellation or other transaction results in a premium refund being due to you, that refund will be reduced by any service charge and any other sums you owe in respect of the policy.
2) After the ‘cooling off’ period
Some insurers do not provide a refund if the policy is cancelled after the cooling off period. Your policy document will set out your insurer’s terms in this respect and any applicable cancellation charges made by your insurer.
To exercise your right to cancel your policy, please send your request in writing to the address on our letterhead detailing the reason for cancellation. The date of cancellation cannot be earlier than the date that it is received in our offices.
OUR RIGHT TO CANCEL
We reserve the right to withdraw and cancel your insurance if:
you fail to pay premiums, or instalment of premiums, on demand.
you fail to supply documentation or information requested by the insurer within 7 days of a written request.
you are found to have made a false declaration relevant to your insurance, at any time.
In the event we cancel your policy, provided no claims are pending or notified, you will receive a refund in accordance with your Insurers cancellation terms less our £50.00 cancellation fee.
FINANCE INSTALMENT PLANS
We may offer you a facility to pay for your insurance through Close Brothers Premium Finance or via your insurance company. In these circumstances the charges and other details are advised to you separately in accordance with the consumer credit act regulations.
If you choose to receive finance from Close Brothers Premium Finance, they are providing a loan to pay for your insurance. Please note this loan is not directly connected to your insurance policy and you must meet the monthly repayments, regardless of any changes to, or cancellation of your policy. Any refunds will be applied to any outstanding monies on the loan.
We normally accept payment by cash, debit or credit card. We do not accept personal cheques.
Any payments that we receive from you or which need to be refunded to you are held in a non-statutory trust account for your protection in accordance with FCA rules. A non-statutory trust account allows us to extend credit to other clients. Any interest earned on this money will be retained by us but is expected to be minimal. We may transfer money to another person, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that person.
You may notify us if you do not wish us to hold your money in this way, otherwise we will assume that we have your consent to hold your money in a non-statutory account.
DATA PROTECTION ACT
FRAUD PREVENTION AND DETECTION
To prevent and detect fraud the insurance company and ourselves may at any anytime:
share information about you with other organisations and public bodies including the Police.
check and /or file your details with fraud prevention agencies and databases.
we and other organisations may also search these agencies and databases to help make decisions about the provision and administration of your insurance.
undertake credit searches and additional fraud searches.
We can supply further details of the databases which we use on request, these include:
Claims and Underwriting Exchange Register (CUE) and Motor Insurance Anti-Fraud Register (MID)
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 used by Insurers, MIIC and your
motor insurer to identify relevant policy information. Other insurance related databases may also be added in the future.
HM Financial Sanctions List
We are required to screen all our clients against the Financial Sanctions List as it is prohibited for a firm to deal with any person or organisation on this list.
Driver and Vehicle Licensing Agency (DVLA)
With effect from 8th June 2015 the paper counterpart licence is no longer valid. Any new penalty points (endorsement) will only be recorded online by the DVLA and the only way to check driving history is online. Please visit the DVLA website http://www.gov.uk/view-driving-licence.
For training and compliance purposes all calls may be recorded.
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 contact us at the address given below.
we shall supply you with a copy of our complaints procedure upon receipt of your 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. We will advise you if you are able to refer any complaint to the Financial Ombudsman Service.
In writing: Complaints Department
2 Strathmartine Road
By email: email@example.com
By telephone: 01382 889222
By fax: 01382 832349
If your complaint concerns the service from your insurer
Cabshield acts on behalf of Insurance companies or Lloyd’s syndicates: the procedure that will apply depends on the insurer. To identify which procedure applies to you, please refer to your policy wording.
If the complaint is against one of the Insurance companies or Lloyd’s syndicates we deal with on your behalf, we will supply you with their complaints procedure on request. However this can usually be found in your POLICY BOOKLET or the KEY FACTS sheet.
We will inform them of your complaint on your behalf.
If your complaint regards a Lloyd’s syndicate, you can ask them to investigate your complaint by contacting:
In writing: Complaints Team
One Lime Street
By email: firstname.lastname@example.org
By telephone: +44 (0)20 7327 5693
By fax: +44 (0)20 7327 5225
Via website: www.lloyds.com/complaints
Details of Lloyd’s complaints procedures are set out in a leaflet “Your complaint – How We Can Help” available at www.lloyds.com/complaints and are also available from the above address.
FINANCIAL OMBUDSMAN SERVICE (FOS)
If you are not satisfied with how your complaint has been handled or we are unable to resolve your complaint:
You can refer your case to the Financial Ombudsman Service. You can find information about the FOS at
In writing: The Financial Ombudsman Service
By email: email@example.com
By telephone: 0800 023 4567 or 0300 123 9123