Essex Financial Services 62 Woodbridge Rd Barking IG11 9ES. 

Tel: 07952310267 essexfinancialservices@hotmail.co.uk

Terms of Business Agreement

1. The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. Zahid Khan T/A Essex Financial Services is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA. Our Firm Reference Number is 789833. Our permitted business is advising and arranging mortgages and arranging non-investment insurance contracts. You can check this on the Financial Services Register by visiting the FCA’s website at https://register.fca.org.uk/.
2. Whose products do we offer?
Mortgages: For residential mortgages – We offer a comprehensive range of mortgages from across the market but not those that you can only obtain by going directly to the lender. (Although we can advise on the whole of market, we are currently unable to arrange mortgages with Halifax and Lloyds Banking Group. In such cases we would refer this to one of our trusted partners to arrange or support you with arranging this mortgage independently). For buy-to-let or commercial mortgages – We only provide mortgages from a limited range of lenders from across the market, which does not represent the whole market. We only sell bridging products from a limited range of lenders from across the market, which does not represent the whole market. Product Transfers – For residential product transfers, we will provide our services on an advised basis as we would for a standard mortgage or re-mortgage. However, we may also provide this service on an execution only basis if requested to do so. For buy-to-let or commercial product transfers, we will provide our services on a non-advised basis as we would for any other buy-to-let or commercial products. Insurance: For General Insurance – We offer a range of policies from a limited range of insurers from across the market which does not represent the whole market. A list of insurers we offer products from is available at the end of this document. For Life Insurance, Critical Illness and Income Protection (Pure Protection) – We offer a range of policies from a range of insurers that represents the Whole of Market. A list of insurers is available on request.
3. Which service will we provide you with?
Mortgages: For residential mortgages – You will receive advice or a recommendation from us as to which is the most suitable product for your requirements, once we have assessed your needs for the respective product. For buy-to-let or commercial mortgages – You will not receive advice or a recommendation from us as to the most suitable product. You will however be provided with information on one or more products which are suitable (although not necessarily the most suitable) for your requirements, in line with the information you have provided. Ultimately, you will need to make your own decision about how to proceed, and it is your responsibility to ensure that any product that you take out is suitable for your requirements.  In all cases, we will arrange the product on your behalf. Insurance: For General Insurance – We do not provide advice or a recommendation as to the most suitable product. We may ask you some questions to narrow down the selection of products and will then provide you with sufficient information on one or more products that match your stated demands and needs. This information is provided in order for you to make an informed decision regarding which product you require. Ultimately, you will need to make your own decision about how to proceed, and it is your responsibility to ensure that any product that you take out is suitable for your insurance requirements.  In all cases, we will arrange the product on your behalf. For Life insurance, critical illness and income protection (Pure Protection) – we can provide advice and recommendations as to which are the most suitable product/s for your requirements, once we have assessed your needs. Should you take out a product following our recommendation we will also arrange the product on your behalf.
4. Disclosure of Information
Insurance Clients only: It is important that you understand that any information, statements, or answers made by you to us or your Insurer are your responsibility and must be correct, as failure to disclose facts material to the insurance or any inaccuracies in your answers may invalidate your insurance cover. These facts must be disclosed at the earliest opportunity and certainly at each renewal. If you are a retail client you are duty bound to avoid any misrepresentation & if you are a commercial client you are duty bound to make a fair representation of risk, (more information is available upon request). Responsibility for this is solely yours as we cannot be expected to have known facts which have not been disclosed to us. Please keep copies of any documentation sent to you for future reference.
5. What will you have to pay for the service?
Mortgages: Processing stage: An up- front fee amount of upto £ 199.00 is payable. For mortgage telephone appointments a fee of up to £ 995 is payable for producing a mortgage offer. For home visits a fee of up to 1% of the loan amount is payable. We will also be paid a commission by the lender (which will be disclosed to you if greater than £250). Insurance: We may charge you a fee for our Insurance services, which will be disclosed to you in writing prior to us providing you with our services. We may also receive a commission as a percentage of the Gross Premium from the insurance provider, which will be disclosed to you in writing.
6. Professional Indemnity Insurance
We conform to the FCA requirements in respect of Professional Indemnity Insurance. This type of insurance is mandatory for mortgage and insurance intermediaries.
7. Banking
Insurance Clients Only: We do not hold Client money, however, Richdale Brokers and Financial Services Ltd will hold Client money in a statutory trust account, and where interest received exceeds £20 we will disclose this to you at the time.
9. Cancellation rights.
Mortgages: We do not provide any refunds should you decide not to proceed with the mortgage after the offer has been issued. You do however have the right to withdraw from your mortgage within 7 days of accepting the offer. This does not affect your statutory rights. Please note our fee will be charged should the lender reject your mortgage application due to you not disclosing any material information about your personal situation.  If you follow our recommendation but the lender rejects your application, you will receive a full refund. Insurance: If you wish to cancel your policy please contact us in writing at Zahid Khan T/A Essex Financial Services, Cancellations Department, 62 Woodbridge Road, Barking, Essex IG11 9ES or by phone on 07952 310 267. We reserve the right to charge a fee of £20 upon cancellation of a policy unless the cancellation is within 14 days of inception or renewal of the policy. Please note that we operate on an auto renewal basis, in that all policies will be automatically renewed upon at renewal date, unless specified otherwise or unless you have informed us of your intention to lapse the policy. Your statutory rights are not affected.
10. What to do if you have a complaint?
If you wish to register a complaint, please contact us in writing at Zahid Khan T/A Essex Financial Services, Complaints Department, 62 Woodbridge Road, Barking, Essex IG11 9ES or by phone on 07952 310 267. Please be in contact with us if you wish to obtain a copy of the firm’s Complaint Handling Procedure. Please be assured that we treat complaints seriously. For your further protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’). Full details can be found on the FOS website at www.financial-ombudsman.org.uk.
11. We are 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. Mortgage: Advising and arranging mortgages is covered up to a maximum of £50,000. Further information about the compensation scheme arrangements is available from the FSCS. Insurance: Advising and arranging of optional insurance policies is covered for 90% of the claim, without any limitation. Compulsory insurance policies are covered 100%.
12. Data Protection
The information you have provided is subject to the Data Protection Policy and Privacy Notice of the firm, which is available upon request. You may request confirmation of the information we hold about you, to which we will respond within 30 days.  You consent to us or any company associated with us for processing your personal data in accordance with the Data Protection Policy and Privacy Notice of the firm. If you wish to obtain a copy of the firms Data Protection Policy and or Privacy Notice, please be in contact with Zahid Khan T/A Essex Financial Services. We may undertake checks via credit reference and fraud prevention agencies to manage your account with us. Please note that these checks should not affect your credit rating. Furthermore, any of our Product Providers may also undertake checks via credit reference and fraud prevention agencies to obtain information with regards to your credit profile. This may affect your credit rating.

I/we hereby confirm that I/we have received, read and understood this Terms of Business Agreement and understand that this forms the terms of business between myself/us and Zahid Khan T/A Essex Financial Services.

(Applicant One)

Name:_____________________ Signature:_____________________   Date:_____________________

(Applicant Two)

Name:_____________________ Signature:_____________________   Date:_____________________

Insurers and Broker

This table is designed to provide you with an exclusive list of the insurers and brokers we work with when arranging a policy on your behalf.
 
 Policy Type
InsurersBuildingsCommercial *Commercial BuildingsMotorPersonal LinesHouseholdHNW**Liability
         
         
         
Wholesale Brokers        
         
         
         
         
         
         
         
         
         

* Commercial Policies

** High Net Worth Policies (e.g. for Buildings which have rebuild cost in excess of £300,000 and Contents Insured in excess of £80,000)