Terms of Business
About this document
This document outlines our terms of business and is given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it. By choosing to transact business with us, you are agreeing to accept our terms of business and both parties will be bound by the terms laid out in this document.
Our regulator
Protect My Income is an appointed representative of Hive Insurance Services Limited (FRN 308655) who are authorised and regulated by the Financial Conduct Authority.
Hive Insurance Services Limited (registered in England No 3179382) registered address: The Hive, Almondsbury Business Centre, Bradley Stoke, Bristol BS32 4QH.
Our status
Protect My Income of Mallory House, Goostrey Way, Mobberley, WA16 7GY trades as a Limited Company.
Our Company Number is: 10709728.
Advice
We offer a non-advised service for Insurance. We will present options applicable to you after we have assessed your needs.
We offer products from a range of insurers for pure protection {non-investment) insurance contracts. E.G. Life, Critical Illness and Income Protection Insurances. We offer products based upon a fair analysis of general insurance providers for:
• Property, contents, personal possessions cover
• Accident, sickness & unemployment cover
• Life and Critical Illness insurance
A list of the insurers with whom we transact business is available on request.
What we will do
Communicate clearly, promptly and in plain English;
• Explain all costs involved before they are incurred;
• Evaluate your needs before presenting options;
• Review the market from our list of providers and present relevant options based on your needs and circumstances;
• Deal with reputable providers of insurance products; however, we cannot be responsible for their levels of service, including any delays in processing of your application caused by the product provider. Of course, we will work to mitigate these wherever possible.
What we will not do
• Act without first obtaining your permission to do so;
• Cause you to incur costs without your prior agreement to proceed.
How we will operate
During our initial consultation, we will complete a client questionnaire (fact find) to enable us to better understand your circumstances and your needs. A copy of this questionnaire is available for you to review upon request.
We will subsequently conduct research to establish what products are most appropriate for your needs and present these options to you. These will be confirmed in writing.
Costs
Insurance
• No fee is payable for our service in relation to insurance contracts;
• We will be paid commission by the insurer.
Complaints
If you wish to register a complaint, please contact us:
In writing: Hive Insurance Services Limited,
The Hive,
Almondsbury Business Centre,
Woodlands,
Bradley Stoke,
Bristol
BS32 4QH.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
http://www.financial-ombudsman.org.uk
Your responsibilities
We offer a non-advised service for Insurance. We will present options to you after we have assessed your needs.
Insurance products
It is your responsibility to deal with us in an honest and transparent manner. Failure to disclose key facts that relate to your personal circumstances could significantly influence the options presented to you. In some circumstances failure to disclose information could impact upon your ability to obtain the most suitable product and could even invalidate the product, such as in the event it is interpreted as material non-disclosure that could be considered to be a fraudulent act.
If you have any doubts as to whether you should disclose a matter it is better to notify the provider and allow them to make an informed decision.
It is also your responsibility to check that the product provided is as you expected, therefore you should check the application and documents for your insurance policy. If it is not as expected, please notify Head Office immediately.
Financial Services Compensation Scheme (FSCS)
Insurance Advising & Arranging
For firms declared in default on or after 3 July 2015 Protection is at 100% where claims:
a) arise in respect of a liability subject to compulsory insurance; or
b) arise in respect of a liability subject to professional indemnity insurance; or
c) arise from the death or incapacity of the policyholder due to injury, sickness, or infirmity including contracts for Long Term Insurance such as Long Term Care, pensions and annuities
Protection is at 90% where claims arise under other types of policy with no upper limit.
Cancellation Rights
Depending on the product provided you will have different cancellation rights; these will be explained to you as part of our advisory process and will be disclosed to you by the provider in their communications also. It is your responsibility, however, to exercise these rights in a timely fashion; we cannot do this on your behalf.
You will also be provided with an illustration regarding the product(s) recommended.
Instructions
We will normally accept your instructions verbally or in writing; however, we always recommend that all instructions are provided in writing for the avoidance of misunderstandings.
Client Money
We do not handle client money.
Call recording
Telephone calls made to Protect My Income may be recorded and used for training and/or regulatory purposes.
Conflicts of interest
We undertake not to transact business where we believe that to do so could result in a conflict of interest. Where we believe that our interests conflict we will notify you in writing first and outline the basis upon which we are prepared to proceed. However the decision to proceed will be yours.
Declarations
If you have received a copy of this Terms of Business Document you are agreeing:
• That this document has been clearly explained to you
• You are prepared to be bound by our terms and conditions as included in this document.
• That where appropriate we may forward your information on to necessary third-party insurance providers to facilitate the provision of any products as agreed with you (details about our use of your data is included in the separate consent document).
• That the insurer we approach on your behalf may conduct a credit search.
