(1) About us *
1st Choice Insurance is a trading name of Broker Business Direct Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Broker Business Direct is permitted to arrange, advise on, deal as an agent of insurers and clients with respect to non-investment insurance policies.
(2) Your duty of disclosure
Consumers: You must take reasonable care not to make misrepresentation to the Insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid.
Commercial customers: If the insurance is arranged wholly or mainly for purposes related to your trade, business or profession you have a duty to disclose all material facts whether or not the insurer asks for specific information. This duty applies throughout the life of your policy, and when you renew your insurance. Material facts are any facts which may influence the insurer’s decision to accept the policy and /or what terms are applied. Failure to disclose a material fact may invalidate your insurance and could mean that your claim will not be paid.
(3) Protecting your information
All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance, or where we are required by law.
Some or all of the information you supply to us in connection with your insurance proposal may be passed to other companies for underwriting, claims handling and premium collection purposes. Your data will be held in accordance with the Data Protection Act 1998 under which you have the right to see access personal information held about you that is held in our records, whether electronically or manually. If you have any queries, please write to the Principal at the address below.
(4) Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we will hold your money in one of two ways:
a) in an account as agent of the insurer we have selected. This means that your policy is treated as having been paid or
b) in a segregated Client Trust Account.
We may transfer your money to another intermediary in some cases. However, your money will be protected at all times because of the requirements of FCA rules. We also reserve the right to retain interest earned on these accounts.
By accepting this TOBA, you give your consent for us to operate in this way.
(5) How to cancel
You may have a statutory right to cancel a policy within a short period. Please refer to your policy summary or document for details. If you cancel, within the statutory cancellation period (where this applies) you will receive a pro-rata refund of premium from the insurer, although we may keep an amount that reflects our administrative costs of arranging and cancelling the insurance. Insurers are also entitled to make an administrative charge.
If you wish to cancel outside this period, you may not receive a pro- rata refund of premium. We may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance.
Please refer to your policy summary or your policy document if you need to notify a claim. You should contact the insurer direct as soon as possible using the contact details provided. If in doubt about whom you should contact, please contact us using the contact details below.
(7) Block Transfers
In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms. On occasions it will be necessary for us to transfer blocks from one insurer to another where this is beneficial for our clients. This Terms of Business Agreement constitutes both your acceptance that we may do this and your prior request for us so to do.
(8) Fees and charges
Any administration charges or fees applied will be identified within your confirmation of cover letter. Charges can relate to any new business, renewal, mid-term alteration or cancellation event. In addition, we will apply an FSCS levy to certain policies.
(9) Compensation arrangements *
1st Choice Insurance is a trading name of Broker Business Direct Ltd which is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet obligations to you. This depends on the type of business and the circumstances of the claim. Non-compulsory Insurance advising and arranging is covered for 90% 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.
Our income for business placed is normally in the form of commission paid by insurers, some of whom may, in addition, pay a profit or performance related bonus periodically. That said, your interests are always foremost when we arrange covers on your behalf and we are happy to disclose our remuneration to you upon request: in accordance with our Treating Customers Fairly and Managing Conflict of Interests policies.
(11) Complaints *
It is our intention to provide a high level of service at all times. However, if you have reason to make a complaint about our service you should contact The Principal at the address below.
1st Choice Insurance
Shrewsbury Business Park
The Principal’s Name is: J Martin
If you are in any way dissatisfied with our final response, or if we have been unable to provide our final response to you within eight weeks of receiving your complaint, you have the right to refer your complaint to the Financial Ombudsman Service (FOS) free of charge if you are:
- an individual consumer; a person acting for purposes which are outside your trade, business, craft or profession or
- a micro enterprise or small business (that employs fewer than fifty (50) people and whose annual turnover is less than £6.5 million and annual balance sheet total does not exceed £5 million) at the time the complainant refers the complaint; or
- a charity which has an annual income of less than £6.5 million at the time the complainant refers the complaint; or
- a trustee of a trust which has a net asset value of less than £5 million at the time the complainant refers the complaint.
- a consumer who is a member of any business, charity or trust who is complaining as a beneficiary of a group policy
- A guarantor in respect of an obligation or liability of a person which was a micro-enterprise or small business as at the date that the guarantee or security was given.
The FOS offer an independent service for resolving disputes and you may contact the FOS by:
Calling their consumer helpline on 0800 0234 567 (free on mobile phones and landlines) or 0300 123 9123 (cost no more than calls to numbers starting 01 or 02)
* Note: You can check these details on the FCA Register by visiting their website via https://register.fca.org.uk/ or by contacting them on 0800 111 6768. Broker Business Direct Ltd firm reference number is 709115.
Further information about the Ombudsman is available at http://www.financial-ombudsman.org.uk and on 0800 023 567.
Also, more information about Compensation Scheme arrangements is available from the FSCS at www.fscs.org.uk and on 020 7892 730.