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Terms of Business Agreement
This document sets out our Terms of Business on which we agree to act for you as our client. This contains details of our new regulatory and statutory responsibilities under supervision of the Financial Services Authority.
A copy of this document can be downloaded here:- PCM Agreement
This is divided into ten easy sections for ease of reference.
Please contact us immediately if there is anything in these terms of business that you do not understand or with which you disagree. If you have any questions, please advise your usual contact in the first instance who will be pleased to assist you.
1. About Us
PCM Risk Solutions Limited is authorised and regulated by the Financial Services Authority (“FSA”). Our registration number is 313075. Our permitted business area is advising on and arranging general insurance contracts. You may check our details on the FSA Register by checking their website www.fsa.gov.uk/register, or by telephoning the FSA on 0845 606 1234.
Our registered office is 104 Croydon Road, Caterham, Surrey, CR3 6QD. Our principal place of business is Airport House, Purley Way, Croydon, CR0 OXZ.
We are committed to providing a high standard of professional service and to acting in accordance with the FSA Rules.
2. Our Service
In arranging general insurance for you, we act on your behalf as an independent insurance intermediary. However, in certain circumstances we may act for and owe duties of care to other parties. We will advise you when these circumstances occur so you will be aware of any possible conflict of interest.
Our service includes:
Advising on your insurance needs
Arranging your insurance cover with insurers to meet your requirements
Helping you with ongoing changes you have to make
Assisting you with any claim you need to make
Products offered
Depending on your insurance requirements, we can normally offer products from a range of insurers. The number of insurers approached will depend upon the type of insurance required. Sometimes a single insurer or restricted panel will be approached. We will provide details of these arrangements before you make any commitment on any product we offer you. If requested, we will provide you with a list of insurers with whom we offer products.
3. Your Duty of Disclosure
Your Duty of Disclosure applies when you make an application for insurance and throughout the period of your policy.
It is your responsibility to disclose all material information that is known to you and which might influence the judgement of insurers in determining the scope of cover, the price or whether or not to accept your risk. This applies even if you complete a proposal form.
The insurer is not required to make enquiries, the onus falls on you. If you fail to disclose material information this may entitle insurers to avoid cover from inception (the starting date of your policy) and seek repayment of claims they may have paid to you. If insurers void cover, you will no longer have an insurance policy and claims will not be paid.
Some insurance contracts may also include a condition that requires you to disclose any material changes throughout the terms of the policy.
If you are unsure whether information or a change in circumstances may be material, you should disclose it.
If you need to make any changes to your insurance cover during the period of your policy (mid-term changes), please contact us immediately so that we can advise your insurers and obtain their approval. We may also need to seek further information from you. We will confirm the revised terms of cover for you in good time following receipt of your instructions.
We will approach you for renewal information or provide you with renewal terms when we obtain them from your insurers, which should be at least 21 days before expiry of your existing policy. We will also advise you if renewal is not being invited and any of any alternative terms. We will then provide a statement of any proposed changes to the terms of the policy and its price.
Please remember that the duty of disclosure all material information applies for any alteration, extension or renewal of your insurance contract.
4. Insurer Security
We take all reasonable steps to monitor the security of insurers.
We will provide you with details of insurers we use to insure your risk. Whilst we cannot guarantee the solvency of any insurer or its ability to meet policyholder obligations, we do use our reasonable endeavours to protect the interests of our clients by reviewing and monitoring the suitability of all insurers that we use. As we cannot guarantee the solvency of any insurer with whom we place business, you may still be liable for any premium due and not be able to recover the premium paid, whether in full or part, should an insurer become insolvent.
The final decision on the suitability of an insurer does rest with you. If you have any concerns about the insurers we are using to provide cover, please contact us immediately.
5. Premiums
We will provide you with an invoice for the premium due for your insurance, plus any taxes that may be payable, when cover is confirmed.
The premium will become due from the moment your insurance commences. In order that we can settle the premium to your insurers, we ask that you pay us promptly in accordance with the instructions given.
If you fail to pay your premium by the due date, your insurance may be cancelled by insurers from inception (the date your policy started).
Payment Methods
We normally accept payment by cheque (payable to PCM Risk Solutions Ltd) or by bank transfer. You may also be able to spread your payments over a period of instalments for which a charge will be made. Full details will be provided if you select the instalment option.
We will give you full details about your payment options when we discuss or write to you in detail about your insurance.
Our Remuneration
Our remuneration will be either a fee, as agreed with you, or brokerage which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom the insurance contract is placed. If appropriate we may receive both a fee and brokerage.
Brokerage and fees are earned in the policy period and we will be entitled to retain all fees and brokerage in respect of the full policy period in relation to the policies placed by us. In the event that our services are terminated by you we reserve the right to retain any fees or brokerage received, or to claim any that are still payable.
Client Money
Client money is any money that we receive and hold in the course of arranging or administering insurance on your behalf, or which we treat as client money in accordance with FSA client money rules.
Money Laundering
We are obliged to take reasonable steps to safeguard our company and our clients against the risk of financial crime.
To help us achieve this we may need to ask you to provide us with additional information relating to any insurance transactions you ask us to undertake on your behalf.
6. Complaints
We take complaints made against us very seriously and maintain a procedure to ensure that complaints are dealt with promptly and fairly.
If you wish to register a complaint please contact us in writing to the address at the top of our letterhead or by telephone 0208 288 3501. If we cannot solve your complaint straight away, we will acknowledge its receipt promptly and arrange for a senior manager to investigate the matter and provide you with a response.
If you are eligible, we will provide you with details of how to refer to the Financial Ombudsman Service when we send you our final written response or at eight weeks after receipt of your complaint (whichever occurs first).
Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. 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.
Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, with no upper limit. For compulsory classes of insurance such as Employers’ Liability, insurance advising and arranging is covered for 100% of the claim, with no upper limit.
Further information about the compensation scheme arrangements is available from FSCS.
Financial Services Compensation Scheme,
7th Floor, Lloyds Chambers
Portsoken Street,
London, E1 8BN
Telephone – 020 7892 7300, www.fscs.org.uk
7. Claims
It is essential that all claims are notified to us promptly. We will either issue a claim form or inform you of the information that is required and pass these details to insurers.
You must notify us of all incidents that may result in a claim against your insurance policy. You need to do this whether you believe you are liable or not. Any letter of claim received by you must be passed to us immediately, without acknowledgement. Please contact us for guidance on claiming under your policy.
8. Confidentiality and Data Protection
All information about you will be treated as private and confidential and kept secure. We will only use and disclose the information we have about you in the normal course of arranging and administering your insurance.
PCM Risk Solutions Ltd may use information we hold about you to provide you with details of other products and services that we offer which we feel may be appropriate to you, unless you advise us that you do not wish to receive such information. Under the Data Protection Act 1998 you have rights of access to any personal information we hold about you in our records. If you have any queries or requests in this regard please contact us.
9. Language
As a UK firm, all documentation, correspondence and communications we provide to you will be in English unless we separately reach agreement with you to use another language.
10. Governing Law and Jurisdiction
PCM Risk Solutions Ltd undertakes its activities as an insurance intermediary in accordance with English law. Any disputes will be governed by and construed in accordance with English law and subject to the exclusive jurisdiction of the courts of England & Wales.
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