TERMS OF BUSINESS
All work we do for you is governed by these terms of business and any agreed written variation. This is an important document. Please keep it for future reference. These terms of business contain important provisions that limit our liability, in broad terms, to £10 million. They may not be varied unless agreed in writing and signed by the Chief Executive of Aston Scott Ltd.Our Company
Aston Scott Ltd of Malling House, West Malling, Kent ME19 6QL is authorised and regulated by the Financial Services Authority under registration number 308048. We are a leading commercial insurance broker providing service-orientated solutions which meet your insurance needs. Our success is built on a team of experienced, forward-thinking insurance staff who have an excellent reputation for quality and service. We look to build long-term relationships with clients to ensure that we fully understand your culture and business needs and can deliver long-lasting solutions.
Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you. Our permitted business is arranging general insurance contracts. You can check this is on the FSAs register by visiting the FSAs website at www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
Our Services
.. We will act for you independently as an Insurance Broker.
.. We will advise and make a recommendation for you after we have assessed your insurance needs.
.. We regularly review the insurers with whom we place business to ensure that their products and service meet your requirements.
Our Dealings with You
.. We aim to treat you fairly and to meet the following outcomes in all our dealings with you:
.. You can be confident that you are dealing with a firm where the fair treatment of customers is central to our corporate culture.
.. The products and services that we have marketed and sold to you are designed to meet your needs as far as possible.
.. We have provided you with clear information and you have been kept appropriately informed before, during and after the point of sale.
.. Our advice is suitable and has taken your circumstances into account.
.. You have been provided with products that perform as firms have led you to expect and the associated service is both of an acceptable standard and as you have been led to expect.
.. You will not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.
.. We will give you full information about the products and services we offer you, including costs or charges (if any) in addition to the premiums and explain why the policy is suitable for your insurance needs.
.. If requested, we will tell you what our commission is and any other amounts we specifically receive for arranging your insurance or providing you with any other services.
Duty of Disclosure
There is a duty to disclose all material facts, as this is used by Insurers to determine whether or not to accept a risk offered and if so at what terms. This obligation applies at the inception of all Policies and throughout the term of all Policies. Failure to disclose material facts can lead to the invalidation of policy cover.
Complaints
At Aston Scott Ltd we are proud of our reputation for high quality and excellent service. If, on any occasion our service falls below the standard you expect, you should communicate directly to Andrew G Scott ACII, Chief Executive, at Malling House, West Malling, Kent ME19 6QL , telephone number 01732 220220. It is the companys policy to acknowledge your complaint within five business days and provide you with a written response within twenty business days.
If following our investigation you are unhappy with our response and you are a private customer or a business with a turnover of less than £2,000,000, you have the right to refer the matter to the Financial Ombudsman Service, who can be contacted at the following address:
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Tel: 0845 080 1800
Fax: 0207 964 1001
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk
Our Liability
Despite our best efforts we may make a mistake, by which we mean any breach of our duties to you. If we do, and are liable to compensate you, you agree that our liability is limited in the following respects:
.. our maximum liability for any mistake (except for fraud) is £10 million including contractual and statutory interest (unless we agree a different amount with you in writing);
.. this overall limit applies whether the mistake affects just one piece of work we do for you or several, so long as it is the same or a similar mistake;
.. for the purpose of the overall limit, more than one mistake on a matter or transaction is considered as one mistake;
.. we have no liability for any indirect or consequential loss or loss of anticipated profit or other benefit;
.. we are not liable to the extent that our mistake results from something you do or fail to do (such as giving us the wrong information, or not giving us information at the time we ask for it);
.. these limits on our liability shall apply to work done under this contract and any future work unless we agree different terms with you;
.. we shall not be liable for any loss arising from or connected with our compliance with any statutory obligation which we may have, or reasonably believe we may have, to report matters to the relevant authorities under the provisions of the money laundering legislation;
.. we believe the limitations on our liability set out in this section are a reasonable amount having regard to our assessment of:
.. the amount of any likely liability to you if we make a mistake;
.. the availability and cost of professional indemnity insurance; and
.. possible changes in the future availability and cost of insurance;
but we are happy to discuss the limit with you if you consider it insufficient for your purposes, and if appropriate we may then consider whether we are able to provide a higher limit at extra cost.
The above provisions do not affect any right to compensation you may have under the Financial Services Compensation Scheme, as described below.
Compensation
We are 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. The scheme provides cover for 90% of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.
If you are in any doubt as to what is or is not a material fact, please do not hesitate to contact us. Examples of material facts include, but are not limited to: .. Alterations in location or occupancy
.. Acquisitions or mergers
.. Any changes in occupation, manufacturing processes or additional products or services
.. Removal of sprinkler systems or alarm systems and/or their response
.. Deterioration of health or driving record
Whose Products Do We Offer?
.. We offer products from a range of insurers. A list of insurers is available on request.
.. For our scheme business we offer products from a limited number of insurers. We also reserve the right to transfer the scheme members to a new insurer or panel of insurers, in the event of the holding insurer withdrawing from the scheme or whose terms are no longer competitive or no longer meet the needs of our clients insured under the scheme.
.. We only offer products from a single insurer for most motor legal expenses and accident management services, and certain other facilities. Our staff will provide specific information on request.
Termination
Our authority to act on your behalf may be terminated at any time, without penalty, by either of us giving written notice to that effect. Such termination will be without prejudice to either party's obligations to complete transactions already initiated on your instructions whether written or oral.
Client Money
We will treat any cash balances held by us for you in accordance with the FSA’s Client Money Rules. This means that such monies are held separately from our own money. We will hold such cash in our client bank accounts with suitable UK banks, which will be statutory trust accounts as defined in the Client Money Rules. Client money may be transferred to another person in the United Kingdom (such as another insurance intermediary) for the purposes of carrying out a transaction for you.
We do not pay interest on premiums held by us in the course of arranging and administering your insurance.
On some occasions we will receive the premium you pay to us as agent for the insurers. This will be the case where we place your insurance under a binding authority or where the insurer has agreed that payment of monies to us is payment to the insurer. This means that, in effect, premium has been paid to the insurer as soon as it is received by us.
Client Records
You have a right to inspect copies of contract notes, and entries in our books or computerised records relating to your transactions with us. We keep records of our business transactions for at least 3 years.
What You Will Have To Pay Us For Our Services
.. We derive our income from commission and fees. Prior to the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be advised of the level of commission which we receive from underwriters. You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
.. All premium rebates from insurers will be transacted net of commission.
.. If we propose to charge you fees for our services we will identify the fee clearly on our invoice.
.. It is our intention to receive a 3% overrider on all premiums paid to insurers as their contribution to the work that our staff carry out to assist them.
Further information about compensation scheme arrangements is available from the FSCS.
Quotations
Unless otherwise agreed any quotation given will remain valid for a period of thirty days from the date or issue of the quotation.
Cancellation Rights
If you have bought your policy for purposes which are outside your trade, business or profession, you have a legal right to cancel the policy and receive a refund up to 14 days after the latter of the following dates:
.. the date on which you accept the quotation and instruct us to arrange cover on your behalf, or
.. the date on which you receive your policy documentation.
Please contact us within the 14 day period should you wish to cancel your policy.
Payment of Premiums
Many of our clients choose to utilise the instalment facilities that we have negotiated with Premium Credit Ltd and/or Close Premium Finance Limited, and we will be more than happy to assist you in deciding upon the most appropriate method of payment.
Under the terms of our agency agreements, we become responsible for premium payment as soon as a policy becomes effective, and for this reason we must ask for payments to be made or instalment plans to be signed, prior to relevant effective dates.
Should you make payment to us by debit or credit card we will hold your details securely for a period of three months.
Confidentiality/Security
We may be required from time to time to disclose personal information about you. We will not do this unless:
.. You have given us specific instructions to do so
.. We are required to do so because we are authorised and regulated by the Financial Services Authority
.. We are required to do so by law
We are registered under the Data Protection Act 1998 and will abide by the rules laid down at all times. We will also take appropriate steps to ensure that any money, documents or other property/information we hold on your behalf is secure at all times.
Data Protection
Information about your 'data' (including 'sensitive data' as defined in the Data Protection Act 1998) will be put on to the Aston Scott Ltd database/manual records and held, processed, disclosed and used by us and our third party product providers in servicing our/their relationship with you, including verification and money laundering checks. By accepting these terms of business, you agree to that storage use and disclosure.
For your security and training purposes, telephone calls may be recorded. The recordings may be used as evidence in the event of any dispute with us.
You agree to us sharing any information that we hold about you with a fraud reference agency should it be required.
Unless you notify us otherwise, you agree that Aston Scott Ltd and its third party product providers may use and analyse your 'data', including the nature of your transactions to give you information by post, telephone, fax or e-mail about our/their products and services and those of selected third parties which may be of interest to you.
Law and Jurisdiction
All documents including policies will be written in English. These terms of business will be governed by and construed in accordance with English law and you agree to submit to the exclusive jurisdiction of the Courts of England and Wales as the forum for determining any disputes arising therefrom.