Terms of Business

The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Please use this information to decide if our services are right for you.

Our Service
We are an Independent Insurance Intermediary and we will act on your behalf in:
a) Arranging your insurance cover with insurers to meet with your requirements or where requirements cannot be fully met, provide you with enough information to enable you to make an informed decision;
b) Helping you with any changes that you need to make to your insurance during the policy period;
c) Telling you when you need to renew your policy in time to allow you to consider and arrange any continuing cover.

Who regulates us?
London & Essex Insurance Services Ltd is authorised and regulated by the Financial Services Authority. Our FSA number is 307951. Our permitted business is advising on, arranging, transacting and administering general insurance contracts. You can check this on the FSA’s Register by visiting the FSA’s website: www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Information on Costs
In addition to the premiums charged by insurers, we may charge a professional fee to cover the placing and ongoing handling of your insurance. Charges will apply to all installment cases, mid-term adjustments and cases where the commissions earned are considered to be at unprofitable levels. It is also possible that we earn a credit fee and/or a profit share from arranging/setting up credit agreements for your insurance requirements. The specific amount and purpose of any professional fee and administration charges will always be advised to you in advance and any credit fee/profit share amount will be disclosed upon request. We earn the entirety of our commission and/or fees when your risk is successfully placed and take our commission and/or fees immediately upon receipt of payment unless agreed otherwise with your insurer.

Mid-term adjustments or cancellations:
In the event of an adjustment that results in a return of premium or cancellation midterm we will refund the premium due net of our full commission and any charge made by insurers. Where the premium is being paid by instalments we will claim our full commission along with any charge made by the insurers in the calculation of any outstanding monies.

Payment Terms
We normally accept payment by guaranteed cheque or credit card or the bankers automated clearing system (BACS). We require full payment of the premium within seven days of cover being effected. You may be able to spread your payments through a credit scheme and we will give you full information about your payment options and details of the interest payable at the time we provide you with a quotation.

How we will handle your money
Our client bank account has been set up in accordance with the strict rules laid down by the FSA. In arranging your insurance we may employ the services of other intermediaries who are regulated by the FSA and your premium may be passed to these intermediaries for payment to insurers. We will retain any interest derived from holding your money.

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