Terms of Business

Who are we?

Stenfax Ltd t/as Royle Insurance Consultants is a privately owned firm of independent insurance consultants. We act as an insurance intermediary, not as an insurance company. We carefully consider the products we offer with our customers in mind and will treat you fairly at all times. We will ensure that the information we provide to you is clear and understandable so that you can be confident and comfortable in your dealings with us.

Accepting our Terms of Business

By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘The processing of your personal data’, and specifically the sub-section titled ‘Credit checks’. For your own benefit and protection, you should read these terms carefully. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us accordingly.

Who regulates us?

Royle Insurance Consultants is a trading name of Stenfax Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register Number is 304469. Our permitted business is advising, arranging, introducing, dealing as agent and assisting in the administration and performance of general insurance contracts and credit broking (and supplementary debt-related administration) in relation to insurance instalment facilities. You can check this on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk/s/ or by contacting the FCA on 0800 111 6768.

Which service will we provide you with?

Our role is to advise you and, after we have assessed your needs, to provide you with a personal recommendation explaining why the product recommended best meets your requirements. Where we can offer the availability of an instalment facility, in order to pay the insurance premium by regular monthly payments, we do not offer advice in relation to this but may ask some questions to narrow down the selection of options available; you will then need to make your own choice about how to proceed. We will help you with any subsequent event or alteration for insurance that we have placed on your behalf. We will usually act on your behalf when arranging your insurances, when helping you make any changes to your policy, when you renew your insurance and in the event of a claim. If there are any circumstances where we act as an agent of the insurer, we will let you know the capacity in which we act before we finalise your insurance arrangements.

Whose products do we offer?

For the majority of policies that we arrange, we deal with a wide range of insurers. The table below shows the range from which we select each product type and it covers the majority of products we offer. However, if a product type is not listed in the table, we offer that product from a single insurer. We provide a personal recommendation and select personal and commercial insurances from a fair and personal analysis of the market, but for certain products, we only select products from a limited number of insurers or only offer products from a single insurer, which means we are unable to give a personal recommendation on the basis of a fair and personal analysis. We will give you further information about this before we finalise your insurance arrangements; Please see a full list of insurers we deal with below. If we propose using another intermediary to help place your business, we will confirm this to you in good time before any arrangements are finalised. We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.

Handling Money

Our financial arrangements with most insurance companies are on a ‘Risk Transfer’ basis. This means that we act as agents of the insurer in collecting premiums and handling refunds due to clients as well as the transfer of claim monies. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. However, if risk transfer does not apply, such monies will be held by us in a Statutory Trust account set up in accordance with FCA rules. Interest earned on monies held in such a Statutory Trust account will be retained by us. For the purposes of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer.

What will you have to pay us for our services?

In return for placing business with insurers, underwriters and/or other product providers, we generally receive a commission from them which is a percentage of the annual premium or alteration premium that you are charged. We may also make a charge for any alteration to your policy such as a change of vehicle, change of address, changes to your sums insured or other alterations. We do not charge any additional fees for handling your insurance or arranging premium finance unless we have agreed these with you in advance. Any fees we do charge are set out on the next page. On certain low commission or net rated contracts we may also add a brokerage charge of up to 20%, but we will make you aware of this before proceeding. You will receive a quotation which will tell you the total price to be paid, and which identifies any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. In good time, and before the conclusion of each insurance contract, or upon renewal, we will remind you of your right to be informed of the level of commission which we receive from underwriters and premium finance providers. If we also arrange monthly premium instalment facilities for you, we earn a variable amount of commission from our premium finance provider(s) which is usually a percentage of the interest that you pay. This means that the amount you pay for credit and the overall cost of arranging your insurance will vary according to the interest charged by the lender and the amount of commission we earn. Using premium finance, or paying on an insurer direct debit arrangement (rather than paying the premium in one amount), makes the overall cost of the insurance more expensive. A full breakdown of the cost of your insurance and the cost of credit will be provided as part of your new business or renewal quotation before you decide whether to proceed. 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 or arranging premium finance. Please be assured that the way in which we are remunerated will not at any time conflict with our responsibilities to meet your needs and treat you fairly. 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. Details of all commissions received will be disclosed to customers upon request.

Monthly Direct Debit / Premium Finance

We may be able to offer finance to pay for your insurance by monthly instalments through either the insurers direct debit facility or Close Brothers Premium Finance. We will give you further information about this before we finalise your instalment arrangements. For full details of the terms and conditions and interest charges please ask. Availability is subject to status and a deposit may be required. Quotations can be given upon request. A consumer credit agreement will be provided by either Close Brothers Premium Finance or the insurer for you to sign and return to us. This agreement will set out your payment schedule. Please also see section below relating to credit assessment. Please note that payment of your premium via a premium finance provider is a finance loan and is still subject to payment in the event of a claim. Please note that we receive a commission for arranging premium finance with Close Brothers Premium Finance but please be assured that at no time will the way in which we are remunerated conflict with our responsibilities to meet your needs and treat you fairly. Please ensure that you can afford the monthly payments before entering this premium loan facility.

Awareness of Policy Terms

When a policy is issued, you are strongly advised to read all the documentation issued to you very carefully, as it is the Policy Wording, the Statement of Fact or Proposal form, the Policy Schedule and any certificate of insurance that forms the basis of the insurance contract you have purchased. If you are in doubt over any of the policy terms or conditions, please seek our advice promptly. A specimen policy can be issued in advance of cover if requested.

Your responsibilities (for consumers – personal lines products such as private car, motorcycle, household, etc)

You are responsible for answering any questions in relation to any proposal for insurance cover honestly and to the best of your knowledge, providing complete and accurate information which insurers will require. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover. This is particularly important before taking out a policy but also at renewal or of if you make a mid-term amendment to your policy. If you fail to disclose any information, or misrepresent any fact which may influence the insurer’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid. You must check all details on any Proposal Form or Statement of Facts and pay particular attention to any declaration you may be asked to sign.
It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any warranties and conditions as failure to comply with them could invalidate your policy or mean that claims may not be paid.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy. If you are unsure if your policy falls under this category, or any other matter, please contact us for guidance.

Your responsibilities (for commercial customers – products such as Liability, Shop, Offices, Van etc).

If you are a commercial customer, you have a duty to give a fair presentation of risk to the insurer. This means that you should disclose every material circumstance relevant to the risk being insured following a reasonable search within your business to identify and verify such information. This should include information which you and where applicable your senior management, persons responsible for arranging your insurance or other relevant third parties know or ought to know and should include all information that would influence the judgement of the insurer or that would put the insurer on notice that it needs to make further enquiries.
Examples of material circumstances are:
• Special or unusual circumstances relating to the risk being covered;
• Any particular concerns which led you to seek insurance cover for the risk being covered; and
• Anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that would be dealt with in a fair presentation of risks for this type of insurance.
The information must be presented in a way which would be reasonably clear and accessible to a prudent insurer. If you are unsure whether to disclose any information you should speak to us. You need to take into account the size and complexity of your business, and allow yourself sufficient time before your renewal date to consider and / or assess your insurance requirements.
Failure to provide a ‘fair representation’ may result in a number of remedies being made by the insurer. For instance, if the breach was deliberate or reckless the insurer can void the contract and keep the premium. If the breach was not deliberate or reckless the insurer can void the contract, proportionately reduce a claim settlement or amend the insurance policy terms and conditions then review the merits of a claim on this basis.
You should therefore always provide complete and accurate information to us when we ask you about the insurance risks your business faces before taking out a policy, at renewal and throughout the life of the policy. This also applies to your responses in relation to any assumptions you may agree to in the process of applying for insurance cover.
You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign. If you are unsure if your policy falls under this category, or any other matter, please contact us for guidance.

The processing of your personal data

In your dealings with us you may provide us with information that may include data that is known as personal data. Where we process personal data we comply with statutory data processing requirements as set out by the Data Protection Act 2018. The personal data we will collect may include information relating to your name, address, date of birth, contact details and health or criminal offences.

We will process your personal data to allow us to provide you with our services as your insurance broker in quoting for, arranging and administering your insurances (and in arranging insurance premium finance where applicable). Your personal data will also be used to manage future communications between ourselves. Where you have agreed, or in circumstances where to do so will be in our mutual interests, your personal data will be used to provide you with further information about our wider products and services. You can opt out from receiving such communications by e-mailing info@royleinsurance.co.uk .

In processing personal data for insurance purposes about health or criminal offences, we will only do so to enable us to provide our service to you and on the basis of it being in the public interest.

We will only use your data for the purpose for which it was collected. We will only grant access to or share your data within our firm or other firms associated with us and with other authorised third parties and product and service providers such as insurers and premium finance providers where we are entitled to do so by law under lawful data processing.

The Data Protection Act 2018 provides you with Access Rights that allow you to gain an understanding on the data being processed, who we share it with, for what purpose, why we need to retain it and retention periods, to object to the processing and to place restrictions on the processing, to request copies of your data and to request the deletion of your data.

If you require further information on how we process your data or you wish to exercise your rights, please contact our data privacy representative by emailing info@royleinsurance.co.uk or by writing to 116 Fortess Road, London NW5 2HL or by telephoning 0207 267 3534. How we process your personal data is detailed further within our Privacy Notice http://www.royleinsurance.co.uk/privacy-policy 

Please note that any information held in paper format that is no longer required is securely cross-shredded for your added security.

Credit Checks

We, and other firms involved in arranging your insurance (insurers, other intermediaries or premium finance companies) may use public and personal data from a variety of sources including credit reference agencies and other organisations. The information is used to help tailor a price, to ascertain the most appropriate payment options for you and to help prevent fraud. Any credit reference search will appear on your credit report, whether or not your application proceeds. If you have any questions about this or any other matter, please do not hesitate to contact us.
If you do not agree to the above stated use of your information, please contact us within the next 14 days either by telephone, email, letter or drop in to see us and let us know that you do not wish for a credit check to be conducted. We will, of course, continue to offer you the best available options but will exclude any insurers that carry out credit checks.

Implications of the credit check

As the credit checks relate to insurance propositions, they are highly unlikely to impact upon lending decisions but the public and private data checks both leave a footprint on your credit history. The public check is only visible to you whereas the private data check is also available to other organisations.
Credit checks are already widely used within the insurance industry eg; by RSA Group including Morethan, Aviva, RBS Group including Direct Line, Privilege and Churchill, Admiral group including Diamond and Elephant and also by online price comparison websites.

Credit Assessments

To comply with Consumer Credit legislation, if you wish to pay by monthly direct debit, we will pass your name, address and date of birth to providers of premium finance such as Close Premium Finance who are required to carry out affordability assessments before making loans. In assessing your application the provider may search information held by credit reference agency. Please note the credit reference agency will add details of the search and your application to their records whether or not your application proceeds.

Conflict of interests

Occasions can arise where we or one of our associated companies clients or product providers may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment.

Insurer Security

Whilst we monitor the financial strength of insurers with whom we place business it should be noted that the claims paying ability of even the strongest insurers could be affected by adverse business conditions. We cannot therefore guarantee the solvency of any insurer or underwriter. A liability for the premium, whether in full or pro-rata, could arise where a participating insurer becomes insolvent.

Claims

In the event of an incident which may give rise to a claim under your policy, you must notify us immediately. You may, of course, advise your insurer direct. We will advise you of your insurers’ requirements concerning claims, including the provision, as soon as possible, of information required to establish the nature and extent of a loss. You should not admit liability or agree to any course of action; other than emergency measures carried out to minimize the loss, until you have agreement from your insurer. We will employ due care and skill if we act on your behalf in respect of a claim.

What to do if you have a complaint

It is always our intention to provide you with a first class level of customer service at all times. However, if there are occasions when we do not meet your expectations, please contact us at 116 Fortess Road, London, NW5 2HL, or by telephone on 020-7267-3534.
When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request. If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). For further information you can visit FOS website www.financial-ombudsman.org.uk .
Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:
• Consumers (private individuals acting for purposes which are wholly or mainly outside that individual's trade, business, craft, or profession)
• Micro-enterprises (businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million
• Other small businesses (with an annual turnover of below £6.5m, and less than 50 employees or with an annual balance sheet total of below £5 million
• Charities with an annual income of under £6.5 million
• Trustees of a trust with a net asset value of under £5 million

If you have a complaint against your insurer please refer to the insurers’ policy booklet for details of their complaints procedure. By making a complaint, you do not prejudice your rights to any legal proceedings.

Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the Financial Services Compensation Scheme (FSCS) for our insurance mediation activities. 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. If you are eligible to claim from the FSCS, compensation is available in relation to insurance advising and arranging as follows:
• 90% of the claim, without any upper limit;
• 100% of the claim without any upper limit for
- compulsory classes of insurance (such as Third Party Motor or Employers Liability); and
- ‘pure protection’ contracts, professional indemnity insurance, and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, all where the insurance intermediary has failed to pay money to an insurer, pay away money it has received from an insurer, or has failed to take steps to allow the insurer to effect the contract of insurance.
Please note, the Financial Services Compensation Scheme (FSCS) does not cover consumer credit and payment options. Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (freephone) or 020 7741 4100 or www.fscs.org.uk.

Your right to cancel your insurance policy

If you are a consumer of a personal insurance product, you may be entitled to cancel your policy for any reason within 14 days of receiving your full policy terms. We will charge £25.00 to cover our administration costs within this period and your insurer may be entitled to retain a portion of your premium (please check the policy wording). You may not be entitled to a refund of premium if a claim has been made against the policy.
Most policies are an annual contract but if you wish to cancel your policy mid-term you may be due a refund for the remaining part of your premium as long as you have not made a claim during the time you have been on cover. Refunds will be issued to you once they have been received from the insurers. Please note that this may take up to 30 or 60 days dependant on the insurers terms.

To cancel your policy we require your verbal and written confirmation. If your policy is a motor policy, following a change in law, we no longer require your certificate to be returned, however, your policy will only be cancelled upon receipt of your written confirmation (by letter, email to info@royleinsurance.co.uk, or text to 07825 001686).
We will charge £50.00 plus 10% of the premium refund (please note that there will usually be no refund after cancelling some policies where the premium is under £ 75.00, or add-on products e.g. Travel, Legal Expenses, Breakdown Cover, etc). If, following cancellation, the refund given by your insurer is not enough to clear your outstanding balance you will have to pay the difference. There is no refund of instalment or administration charges. Additionally, Insurers do not normally allow a refund in cases where a minimum and deposit premium has been charged. Please remember that cancelling your direct debit mandate does not constitute cancellation of your policy and any balance of premium owing may be requested by the insurers.

Ending your relationship with us

Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Valid reasons may include but are not limited to, a conflict of interests, non-payment of premium or fees, commission clawback by insurers where instructions are given to another party to handle the customer’s insurance(s), failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or insurer’s documentation, deliberate misrepresentation or non-disclosure or attempted fraud, Use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers. Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.

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Fixed Charges