TERMS OF BUSINESS
The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. Use this information to decide if our services are right for you.
Whose products do we offer?
We offer products from a range of UK based Insurers whose status and financial security has been to a high standard for many years, and about whom there has been no public warning of any financial difficulties or irregularities. We can supply a list of insurers on request. LFC cannot be responsible for the financial failure of any insurance carrier.
Which service will we provide you with?
LFC will advise and make recommendations for your insurances after carefully considering your needs. The process includes knowing the risk, what is available in the insurance market, researching prices and providing the right product for you.
What will you have to pay us for our services?
In the majority of cases, LFC will receive a percentage commission from the insurer for arranging the cover on your behalf and from the premium finance company, should you choose to fund your premiums in this way. These commissions are within the normal acceptable range for the industry.
In certain circumstances we may charge a broker fee and this will be agreed with you before commencement of the contract. For full information on our income, please see our website under ‘regulations’ or simply request a hard copy.
In the event of mid-term cancellation (other than any statutory cancellation period laid down by the FSA) LFC has the right to retain the commission of fee earned for the full period of insurance, in addition to the retention of commission of fee on any return premium for whatever reason.
Who regulates us?
LFC Insurance Group, LFC House, Knight Street, South Woodham Ferrers, Essex, CM3 5ZL is authorized and regulated by the Financial Services Authority. Our FSA Frim Reference is 301666. Our permitted business is arranging general insurance contracts.
You can check this on the FSA Register by visiting the FSA website www.fsa.gov.uk/register, or by contacting the FSA on 0845 606 1234.
Ownership
LFC Insurance Group is a trading title of LFC Insurance Brokers Ltd.
What to do if you have a complaint
If you wish to register a complaint, please contact us:
In writing:
LFC Insurance Group\
LFC House
Knight Street
South Woodham Ferrers
Essex, CM3 5ZL
By phone:
01245 320033
By e-mail:
enquiries@lfcinsurance.co.uk
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Are we covered by the 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 100% for the first £2000 and 90% of the remainder of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS.
LFC Invoices
When LFC has arranged your new insurances or at renewal we will always send you an invoice, which must be settled in one of the various ways as explained in our ‘Ways to Pay’ leaflet. Contained in our invoice is all the information that we are required to provide to you including cover dates, Insurer details, summary of cover, etc. There are some particular points to bring to your attention and these are detailed below.
Duty of Disclosure
It is essential that all material facts be disclosed at inception or during currency of the insurance. A material fact is information that may affect the Insurers decision to provide cover, such as previous losses, convictions, vehicle modifications, occupancy of property, etc. If you are in any doubt please contact us as non-disclosure could render the insurance invalid.
Holding Premiums
The FSA has stringent rules over the handling of insurance premiums and we confirm that we hold your premiums, and refunds of premiums, as agent of Insurers in statutory trust client bank accounts. We are not obliged to pay interest to you but will request consent from ‘Retail’ customers in the event of any interest being earned in excess of £20. In certain cases we pass premiums to third parties such as where a wholesale broker is used.
Confidentiality & Date Protection
LFC is registered under the Data Protection Act and we take care to ensure we keep client and policy information confidential. Our system requires us to request either a password or postcode to access your personal information.
