INITIAL DISCLOSURE DOCUMENT
TERMS OF BUSINESS LETTER
Please read this document carefully because it sets out the terms on which we act for you and it gives details of our Regulatory and Statutory responsibilities to you.
B Mulligan trading as Thomson James is an Appointed Representative of Corrigans Limited which is authorised and regulated by the Financial Conduct Authority (FCA) and are bound by their rules. You can check this on the FCA register by contacting them on 0800 111 6768 or visiting their website www.fca.gov.uk/register. This authority gives permission for us to DEAL AND ARRANGE General Insurance Products.
Advice and a recommendation will be given to you after assessing your needs. We shall
ü select products from a range of insurers for retail and commercial clients.
x only select products from a limited number of insurers.
ü only deal with products from DAS for motor legal expenses cover.
ü Only deal with products from Jackson Lee Underwriting for GAP Insurance.
Our income is derived from commission, brokerage or other remuneration paid by the insurers or fees that will be agreed with you before proceeding. You are entitled at any time to request information regarding any commission, which we may have received as a result of placing your insurance business.
An administration fee will be applied to all renewal premiums, £10.00 for personal policies, £12.00 for commercial polices where the premium is below £500 and £24.00 for commercial policies where the premium exceeds £500. Furthermore an administration charge will be made for all mid-term adjustments, £10.00 for personal lines increasing to £20.00 for commercial lines.
Credit card payments will be charged at 2% of the amount payable, whilst Debit card payments will attract no charge.
Should a policy be cancelled mid term we will refund the return premium when received from the insurer, subject to a deduction of commission repayable to the insurer. The actual amount of the deduction will be advised to you at the time.
We will give you enough information and help so that you can make an informed decision before you make a final commitment to buy your insurance policy. However, you will have 14 days to change your mind and cancel the insurance contract from the date you receive the policy documentation. A charge may be made for the time the policy was in force.
Listening to our Clients
If you have a complaint about the advice you receive or a product you have bought, please contact the Compliance Officer at the address shown on this document. If following our subsequent investigation and response you are still not satisfied you may contact the Financial Ombudsman Service. Their website address is http://www.financial-ombudsman.org.uk/ and contact details are 0300 1239 123. Their address is Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
You are protected by the Financial Services Compensation Scheme and 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 any claim. Full details are available on request at any time from this office. Eligible claimants are covered for 90% of the claim with no upper limit for non-compulsory classes of insurance. For compulsory classes of insurance the cover is for 100% of the claim.
Definition of a Material Fact
Any fact which may influence the judgement of a prudent underwriter in deciding whether to accept a risk and if so, at what rate of premium.
Disclosure of Material Facts (Commercial Customers)
You must disclose any material facts at inception, renewal and during the currency of your Insurance Contract. If you are aware of any facts or circumstances that may affect an insurer’s assessment of the risk, you should let us know as soon as possible. If in doubt as to whether a fact is material or not, please contact us to discuss the matter. The consequences of not disclosing material facts are that your policy may not be valid and so claims would not be paid.
You must take reasonable care not to make a misrepresentation when answering underwriting questions. You should answer questions carefully and accurately. If you fail to exercise reasonable care Insurers may not pay a claim.
If you need to make a claim you should contact us as soon as possible and we will advise you of the procedures to be followed. In assisting you with your claim we will act with due care, skill and diligence and avoid conflicts of interest. If there is a conflict of interest we will advise you in writing and seek your authority to continue to act for you.
Thomson James does not handle client money. All invoices will be issued on behalf of Corrigans Limited and payment should be made to Corrigans Limited. Corrigans Ltd have been authorised by the FCA to hold your money and money from insurers in a Non-Statutory Trust Account and this needs your informed consent. That permission imposes additional requirements upon our capital and systems for your protection. Our bankers are Barclays Bank plc at PO Box 2, 25 High Street, Coventry, CV1 5QZ and Close Brothers Premium Finance Limited at 21st Floor, Tolworth Tower, Ewell Road, Tolworth, Surbiton, Surrey, KT6 7EL. Your consent to this arrangement will be assumed unless you withdraw it. Your money will either be held in our capacity as agent of the insurer or alternatively as client money in these accounts to protect your interest.
Interest on Client Money
No interest will be paid to retail clients upon single transactions unless it exceeds £20 after 25 working days at the standard rate offered by Barclays Bank plc for deposits at call.
Transferring Your Money to Third Parties
Your policy may be arranged directly with an insurer or through another intermediary, each of whom will be authorised and regulated by the FCA. This will require the transfer of your money to those other parties and your consent to this will be assumed unless you withdraw it.
You agree that:
Termination of Authority
You can withdraw our authority to act for you at any time without penalty, but you will be liable for any transaction effected or charges due before that final instruction is received.
Please address any complaints to The Compliance Manager, Corrigans Ltd, 5 Sycamore Court, Birmingham Road, Allesley, Coventry, CV5 9BA.
Thomson James Registered No. 567211
Released 19th February 2016 Corrigans Ltd Registered No. 303778