Bede Financial Group Ltd 2 Redcar Road Marske By The Sea Redcar TS11 6AA T: 01642 487768 F: 01642 276456 |
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INITIAL DISCLOSURE DOCUMENT & TERMS OF BUSINESS
FOR
BEDE INSURE – A TRADING STYLE OF BEDE FINANCIAL GROUP LIMITED
Bede Insure is a trading style of the Bede Financial Group Limited.
Bede Financial Group is registered in England & Wales at 2 Redcar Road, Marske-by-the-Sea, Cleveland, TS11 6AA.
Our Company Registration Number is 5178998.
This document acts as an agreement between yourself and Bede Insure (a trading style of Bede Financial Group Limited). We can be contacted at the above registered address or by telephone on 01642 487768 or email at enquiries@bede-group.co.uk
Financial Services Authority
Bede Insure is a trading style of Bede Financial Group Limited which is authorised and regulated by the Financial Services Authority (FSA), the independent watchdog that regulates financial services. Our FSA Number is 408228. Our permitted business is arranging general insurance contracts. You may check this on the FSA’s register by visiting the FSA website, www.fsa.gov.uk/register, or by contacting the FSA on 0845 606 1234.
Explaining Our Service
This document contains important information about how Bede Insure conducts its general insurance business. Bede Insure will:
- act fairly and reasonably when dealing with its customers
- make sure that information provided is clear, fair and not misleading
- give adequate explanation to enable customers to make informed decisions
- ensure its service meets FSA requirements
- handle claims and complaints fairly and promptly
Which services will we provide you with?
After we have assessed your needs, we will provide you with an advised service making suitable recommendations. A Demands and Needs statement detailing your requirements and our recommendations will be sent to you upon quotation and renewal and any other time necessary.
Unless advised to the contrary, we will assume that you wish to place no restriction on the types of insurances we may recommend.
If a situation arises where we are unable to arrange insurance for you but do not offer advice, we shall confirm the position to you in writing.
Renewals terms will be issued to retail customers 21 days prior to the expiry of the policy along with any changes to the policy terms and conditions.
Whose products do we offer?
We offer products from:
- a range of insurers for car, home and commercial insurances
- a limited number of insurers for travel insurance, motorcycle insurance and Motor Breakdown – ask us for a list of insurers we offer insurance from
- a single provider for Legal Expenses – RVM Assist Limited, and some specialist insurances – Towergate for boat and horse insurance, Event Insurance Services for wedding insurance
We normally arrange the insurance direct with the insurer but sometimes may use the services of other intermediaries and we will advise you if this is the case. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
Payment for Our Services
We receive commission from insurers or product providers for our services. Details of the commission we receive will be provided upon request. We also charge the following Fees for administering your policies:
- new business £10.00 payable before the policy start date once terms have been agreed
- renewal £10.00 payable before the policy renewal date once terms have been agreed
- cancellation £10.00 upon cancellation of the policy (please see the section ‘Right to Cancel, below)
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.
Payment Methods
We normally accept payment by cheque, debit or credit card. However, you may also be able to spread your payments through instalments. There will usually be a charge for paying by instalments and full details will be provided if you select this option. We will give you full details about your payment options when we discuss your insurance in detail.
Full payment of premium and fees is due prior to the inception of any new policy and by the renewal date of any existing policy unless specifically agreed otherwise. In the event of non-payment of the premium within the agreed time, we will take whatever action is necessary to protect our position, which may include the cancellation of any policy arranged through us.
Right to Cancel
You have a statutory right to cancel your policy within 14 days of the conclusion of the contract or receipt of the policy terms and conditions whichever is the later.
In the event of cancellation outside of the 14 day cooling off period, we may retain all fees and brokerage in respect of the full policy period. 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.
We will charge a £10.00 Fee for policy cancellations (outside of the 14 day Cooling off period) and this will be offset against any refund due from the insurer.
Your Responsibilities – Duty of Disclosure
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 of 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 insurance 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 the matter, please contact us for guidance.
Use of Personal Data
The information you provide is subject to the Data Protection Act 1998 (the “Act”). By providing us with this information, you consent to us or any company associated with us 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 (ie Insurers), the Financial Services Authority, 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.
In order to provide services to you, we may be required to pass your personal information to parties located outside of the European Economic Area (EEA) in countries that do not have Data Protection Laws equivalent to those in the UK. Where this is the case we will take responsible steps to ensure the privacy of your information.
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, promotions, or for related marketing purposes in which we think you may be interested.
The information may also contain sensitive personal data for the purposes of the Act, being information as to your physical or mental health or condition; the committing or alleged committing 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 any Trade Union.
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 or 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 will be entitled to have access to your personal and sensitive personal data. 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 Gwen Sutton at the address shown above.
Complaints
We aim to provide you with high level of customer service at all times, but it you are not satisfied, please contact us:
- in writing – FAO Tony McHugh, Bede Financial Group, 2 Redcar Road, Marske-by-the-Sea, Cleveland, TS11 6AA
- by phone – 01642 487768
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme and you may be eligible 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 90% of the claim, without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS.
Handling Money
Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged.
Where an insurer does not allow us to act as agent we will hold your premiums/refunds of premium as client money in a statutory trust account in accordance with the FSA client assets sourcebook. Holding your premiums in a statutory trust account means we will not use your money to pay another clients premium to insurers.
In relation to retail customers, it is deemed we have your consent that any interest or exchange gain earned on client money we hold, will be retained by us.
For the purpose of some transactions, client money may pass through other intermediaries before being paid to the insurer.
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, along with the contact details. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim.
You can also contact us during office hours – Monday to Friday 9am – 5pm on 01642 487768. We will employ due care and skill if we act on your behalf in respect of a claim.
Termination
The authority to act on your behalf may be terminated at any time without penalty by either party giving seven days notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.
Ownership
Bede Financial Group Limited is a private Limited Company – Registered in England and Wales, Number 5178998. The shareholding is held between the Directors – 50% John McVeigh, 50% Tony McHugh. Bede Insure t/a Bede Financial Group Limited are not part of a holding company, Financial Institution or network.