Financial Services Terms of Business
General Insurance Terms of Business
Nott Pybus & Associates Ltd is authorised to conduct investment business under the Financial Services & Markets Act 2000 and is authorised and regulated by the Financial Services Authority. Nott Pybus & Associates Ltd’s FSA Registration number is 147535.
You can check the above details on the FSA Register by visiting the FSA website www.fsa.gov.uk/register or by contacting FSA on 0845 606 1234.
Nott Pybus & Associates Ltd is an independent adviser and will act on your behalf in advising you on life assurance, pensions and investments from the whole market.
INVESTMENT SERVICES
Nott Pybus & Associates Ltd is permitted to arrange (bring about) deals in investments. The particular investment types relate to life assurance, pensions, investments in authorised collective investment schemes, Unit Trust PEPs and ISAs.
With regard to investments, which we have arranged for you, these will not be kept under review but we will advise you upon your request. However, we may contact you in the future by means of an unsolicited promotion should we wish to contact you to discuss the relative merits of an investment or service which we feel may be of interest to you.
Nott Pybus & Associates Ltd does not handle client’s money. We never accept a cheque made out to us (unless it is a cheque in settlement of charges or disbursements for which we have sent you an invoice) or handle cash.
MATERIAL INTERESTS
Nott Pybus & Associates Ltd offers independent advice, but occasions can arise where we or one of our other clients will have some form of interest in business being transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your interests, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
TERMINATION OF AUTHORITY
You or we may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees, which may be outstanding.
FINANCIAL SERVICES COMPENSATION SCHEME
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. Most types of investment business are covered for 100% of the first £30,000 and 90% of the next £20,000, so the maximum compensation is £48,000. Further information about the compensation arrangements is available from the Financial Services Compensation Scheme.
COMPLAINTS
If you should have any complaint about the advice you receive or a product you have bought please write to Mike Tipper at Nott Pybus & Associates Ltd at Lyon Court, Walsworth Road, Hitchin, Hertfordshire, SG4 9SX. If following our subsequent investigation and response you are still not satisfied you may contact the Financial Ombudsman Service. Full details are contained within our internal complaints procedure, which is available to you on request at any time.
RIGHT TO WITHDRAW
In the case of a non-packaged product ISA or PEP recommended we will inform you in writing of any right to withdraw or cancel you may have or, if it is the case, we will inform you in writing that no such rights will apply.
CLIENTS RISK
You are advised that because investments can fall as well as rise, you may not get back the full amount invested. Past performance is not a guide to future performance.
DATA PROTECTION STATEMENT
The information you have provided is subject to the Data Protection Act 1998 (the “Act”). By signing this document you consent to us or any company associated with us (such companies include, for the avoidance of doubt, Bankhall Investment Associates Limited and any member of its group and/or companies, persons or entities of any nature whatsoever with which it is associated or allied from time to time) processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.
“Processing” includes obtaining, recording or holding information or data, transferring it to other companies associated with us, product providers, the FSA or any other statutory, governmental or regulatory body for legitimate purposes including, where relevant, to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.
We may also contact you or pass your details to other companies associated with us to contact you (including by telephone) with details of any other similar products, promotion, or for related marketing purposes in which we think you may be interested.
The information provided may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the commission or alleged commission of any offence by you; any proceedings for an offence committed or alleged to have been committed by you, including the outcome or sentence in such proceedings; your political opinions, religious or similar beliefs, sexual life; or your membership of a Trade Union.
If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, please contact The Data Protection Officer on 01462 440088 or in writing at Lyon Court, Walsworth Road, Hitchin, Hertfordshire, SG4 9SX.
You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purpose. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to the data.
Subject to certain exceptions, you are entitled to have access to your personal and sensitive personal data held by us. You may be charged a fee (subject to the statutory maximum) for supplying you with such data.
PAYMENT FOR SERVICES
We normally derive our income from commission paid to us by life assurance companies and the operators of collective investment schemes through which investments are made. We shall tell you the amount of commission payable to us on any such investment.
If we receive a commission or other form of benefit from the issuer of a security or from another intermediary, we will inform you, but we will not tell you its amount unless you ask us to do so.
Alternatively, if you or we propose to operate on a fee basis, we will agree its basis, frequency and method with you in writing before we carry out any chargeable work. Should we receive commission from any third party in relation to transactions arranged for you, we will offset the amount received against any fees due.
ACCOUNTING TO YOU
Unless in exceptional circumstances, we will confirm to you in writing the basis or our reason for recommending the transaction executed on your behalf.
We will also make arrangements for all your investments to be registered in your name unless you first instruct us otherwise in writing. We will forward to you all documents showing ownership of your investments as soon as practicable after we receive them; where a number of documents relating to a series of transactions is involved, we will normally hold each document until the series is complete and then forward them to you.
INVESTMENT OBJECTIVES & RESTRICTIONS
Following the issue of this letter any subsequent advice or recommendation offered to you will be based on your stated investment objectives, acceptable level of risk and any restrictions you wish to place on the type of investments or policies you are willing to consider. Details of your stated investment objectives will be included in the suitability letter we will issue to you to confirm our recommendation. Unless confirmed in writing, to the contrary, we will assume that you do not wish to place any restrictions on the advice we give you.
CLIENT TERMS OF BUSINESS
INFORMATION ABOUT US
Nott Pybus & Associates Ltd of Lyon Court, Walsworth Road, Hitchin, Herts, SG4 9SX is a wholly owned subsidiary of Nott Pybus Holdings Ltd. Nott Pybus & Associates Ltd is authorised and regulated by the Financial Services Authority (‘FSA’), the independent watchdog that regulates financial services. Our FSA Register number is 147535. Our permitted business includes advising and arranging general insurance. You can check this by visiting the FSA’s website www.fsa.gov.uk/regisiter or by contacting the FSA on 0845 606 1234.
Please read this document carefully. It sets out the terms on which we agree to act for you and contains details of our regulatory and statutory responsibilities. Contact us immediately if there is anything which you do not understand.
We would particularly draw your attention to the following sections of these Terms of Business:
- duty of disclosure
- premium payment
- cancellation
- client money arrangements
ADVISING ON/ARRANGING YOUR INSURANCE
We will usually provide advice or information on the basis of a fair analysis of the market. The number of insurers approached will depend upon the type of insurance required and sometimes a selection of insurers or single insurer may be used. If you wish you might ask us for a list of the insurers we use to provide insurance. If we are not providing advice on a fair market analysis we will confirm this in writing to you.
Upon receipt of instructions we will place insurance with insurers and keep you informed on the progress of our negotiations. If it is not possible for us to place your insurance we will, of course, confirm.
SECURITY
We will advise which insurers it is proposed to place any insurance on your behalf. However, we cannot and do not guarantee the solvency or continuing solvency of any insurer used. You should note the financial position of an insurer can change after cover has been incepted. A liability for the premium, whether in full or pro-rata, may arise under policies where a participating insurer becomes insolvent.
DUTY OF DISCLOSURE
You must disclose to insurers, before the contract is concluded, any fact or circumstance which is known to you (or which ought to be known to you) in the ordinary course of your business and which is material to the risk. A fact or circumstance is material if it would influence the judgement of a prudent insurer in fixing the premium or determining whether he should take the risk. You must also advise us immediately of any alterations to the risk.
Should you not act with the utmost good faith or fail to disclose any material fact or circumstance to insurers, they may void the contract.
PREMIUM PAYMENT
You must provide the premium due in cleared funds in accordance with the amounts and payment dates specified in our debit notes. Failure to meet the payment dates may lead to insurers cancelling your policy. Where insurers have specified that the premium must be received by a certain date, failure to comply can result in the automatic termination of your insurance.
CANCELLATION
In the event of cancellation of the insurance contract after inception, insurers may return a pro-rata premium to us; once our remuneration has been earned our brokerage or fees will not usually be returnable. We therefore reserve the right to retain our brokerage or fees in full in such circumstances.
DOCUMENTATION
We will issue documentation confirming details of the policy purchased, including the identity of your insurers. We will advise you of dates on which any premiums are due and, if relevant, the consequence of late payment.
Where required by regulation we will also: -
- set out your demands and needs as understood by us
- confirm whether the contract has been personally recommended and , if so, the reasons for making that recommendation
- include a summary of the key aspects of your policy
- provide you with policy confirmation
- provide you with renewal terms in good time before the expiry of the policy, or notify you that renewal is not being invited
It is important that you read all your documentation carefully and inform us immediately if you have any concerns with the cover arranged for you.
CLAIMS
You must notify us as soon as possible of a claim or circumstances which may give rise to a claim. We will advise you what you need to do to pursue your claim; you should note that you would need to state all material facts concerning the claim.
We will remit claims payments to you as soon as possible after they have been received on your behalf. We will provide you with every assistance in submitting a claim and seeking to obtain reimbursement.
REMUNERATION
Remuneration for our services is normally in the form of commission or brokerage which is a percentage of the insurance premium paid by you and allowed by the insurer(s) with whom the insurance is placed; or by way of a fee previously agreed with you. In addition to client fees and/or brokerage payments we may also receive remuneration by way of;
- interest earned on insurance monies passing through our bank accounts
- profit commissions or profit shares paid by insurers
We will deal openly and, when requested, we will disclose the amount of any additional income we may receive in relation to insurance that we arrange.
CLIENT MONEY ARRANGEMENTS
Historically we have held premium monies on behalf of our clients. Recently, some insurers have elected for Risk Transfer whereby we hold premiums as agent for the insurer. In these circumstances premiums paid to us are deemed to be paid to the insurer. It is therefore possible that on any risk placed by us there could be a combination of some insurers who have accepted risk transfer and some who have not. If you would like to know the exact position on any particular placement please let us know.
Non-Statutory Trust
We keep client money with Barclays Bank plc; it is separate from our own money and subject to a non-statutory trust as prescribed by the FSA. We only take our remuneration from client money when we receive the relevant premium from the client. We also hold insurer money in the same non-statutory trust account. However, it is a condition that insurers subordinate their rights to those of our clients in respect of monies held in the account.
Please note that in accepting these Terms of Business you are giving your consent for us to hold your money in a non-statutory trust and for us to retain any interest or exchange gains.
Funding
Notwithstanding the operation of the non-statutory trust as described above, our policy is not to fund premium on your behalf to insurers.
COMPLAINTS
It is always our intention to provide a high level of service. If our service falls below the standard our clients reasonably expect and they have cause for complaint, we endeavour to ensure that, at the appropriate stage, a suitable senior and independent member of staff handle the matter fairly and promptly.
If you wish to register a complaint then please contact our complaints manager in writing at the address shown above; or telephone 01462 440088 or email at info@nottpybus.com.
If we consider that your complaint does not relate to our service (for instance if the matter concerns the performance of your insurer) we will put you in contact with an appropriate person to whom your claim may be addressed.
We have a formal complaints procedure, details of which we will send to you either on receipt of a complaint or on request. If we are unable to settle your complaint, you may be entitled to refer to the Financial Ombudsmen Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR , telephone 0845 080 1880; website www.financialombudsmen.org.uk.
COMPENSATION
Depending on the type of business and the circumstances, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if we cannot meet our obligations to you. Advising and arranging insurance is covered for 100% of the first £2,000 and 90% of the remainder of the claim without any upper limit. Full details and further information on the scheme are available from the FSCS at Lloyds Chambers, Portsoken Street, London, E1 8BN, telephone 0207 892 7300; email enquiries@fscs.org.uk.
MONEY LAUNDERING/PROCEEDS OF CRIME ACTb>
We are obliged to report to the National Crime Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.
DATA PROTECTION
We are registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with client’s personal data.
LAW & JURISDICTION
These terms of business shall be governed by and construed in accordance with English Law. In relation to any legal action or proceedings arising out of or in connection with these terms of business we both irrevocably submit to the non-exclusive jurisdiction of the English court.
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