Terms of Business

You should use the information provided within this document to decide if our services are right for you.

WHOSE PRODUCTS DO WE OFFER?

INSURANCE

We offer products from a range of insurers for policies to cover manufacturing, public sector, construction, private clients, entertainment & leisure, professionals, property owners, agricultural, food & beverage, motor trade, courier & haulage,

private medical insurance, term assurance, non-profit whole of life, critical illness and income protection.

MORTGAGES

We offer products in the following ‘relevant markets:

  • Regulated mortgage contracts that are used for a non-business purpose.
  • We offer a comprehensive range of first and second charge mortgages from across the market, but not deals that you can only obtain by going direct to a lender.

Please note that, where you are increasing your mortgage borrowing although we do not (or are unable to) advise on the following finance options these may be available to you and be more appropriate:-

  • A further advance from your existing lender
  • An unsecured loan

WHICH SERVICE(S) WILL WE PROVIDE YOU WITH?

INSURANCE

We will advise and make a recommendation for you after we have assessed your needs for policies to cover manufacturing, public sector, construction, private clients, entertainment & leisure, professionals, property owners, agricultural, food & beverage, motor trade, courier & haulage

private medical insurance, term assurance, non-profit whole of life, critical illness and income protection.

MORTGAGES

We offer an ‘advised’ sales service

This means we will provide advice and make a recommendation for you after we have     assessed your specific needs and circumstances.

WHAT WILL YOU HAVE TO PAY US FOR OUR SERVICES?

BUSINESS GENERAL INSURANCE

For general insurance products you will pay for our services on the basis of:

A fee of no more than 40% of the insurer premium for advising on and arranging policies to cover manufacturing, public sector, construction, private clients, entertainment & leisure, professionals, property owners, agricultural, food & beverage, motor trade, courier & haulage

Example

If we advise and arrange a commercial insurance policy with an annual premium of £500 we would charge you a fee of no more than £200 (£500 x 40%).

You will receive a quotation which will tell you about any other fees relating to any General insurance policy

For life protection products, you will pay for our services on the basis of:

No fee for advising on and arranging term assurance, non-profit whole of life, critical illness and income protection. For business cover these products include, keyman, shareholder protection, relevant life and business loan cover. We receive a commission from the insurer to cover our costs.

No fee for advising on and arranging term assurance, non-profit whole of life, critical illness and income protection. For business cover these products include, keyman, shareholder protection, relevant life and business loan cover. We receive a commission from the insurer to cover our costs.

CANCELLATION OF INSURANCE POLICIES

GENERAL INSURANCE

A fee of £30 is chargeable if the policy is cancelled within the policy term and after the 14      day cooling off period.

PURE PROTECTION

A fee of £250 is chargeable if the policy is cancelled within the first 48 months of the policy and after the 30 day cooling off period.

All cancellations must be made in writing to:

Customer Relations Department,

One Direct Business Limited,

24 Picton House, Hussar Court,

Waterlooville,

Hampshire,

PO7 7SQ

MORTGAGES

For mortgage products you will pay for our services on the basis of:

Our initial consultation is free. If you decide to proceed with an application you will pay for our services on the type of mortgage required:

  • For first charge regulated mortgages a flat fee of £99 will be payable on application.
  • For Consumer Buy to Let mortgages a flat fee of £99 will be payable on application.
  • For second charge regulated mortgages, our fee is up to 2% of the loan value. For example, if your loan amount is £30,000, our fee will be £600.
  • Business Buy to Let and Commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances.

We may also receive commission from the lender in addition to this fee, which we will retain

We will tell you how much the total fee will be in good time before you apply for a mortgage, but you may ask for this information earlier.

You will receive a key facts illustration / ESIS (European Standardised Information Sheet) when considering a particular mortgage, which will tell you about any fees relating to that mortgage.

You also have the right to request an illustration / ESIS for any mortgage we offer.

Commission Statement

The exact amount of commission we will receive is not known to us at this stage.  We will confirm the actual amount to you as part of the lending illustration we are required to obtain from the lender.

REFUND OF FEES

If we charge you a fee and this is paid, and your mortgage does not go ahead, you will receive:

  • A full refund if the lender recommended rejects your application.

WHO REGULATES US?

We are authorised and regulated by the Financial Conduct Authority (FCA).  Our Financial Services Register number is 713999.

 Our permitted business is: advising on, arranging (bringing about) and making arrangements with a view to non-investment insurance contracts and mortgages

 You can check this on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768 (Freephone) from 8am and 6pm, Monday to Friday (except public holidays) and 9am to 1pm, Saturdays.

WHAT TO DO IF YOU HAVE A COMPLAINT

If you wish to register a complaint, please contact us:

…..in writing                                        …..by phone                            …..by email

Gareth Birkett,                                        03333440129                    contactus@odbis.co.uk

One Direct Business Limited

24 Picton House, Hussar Court

Waterlooville

Hampshire

PO7 7SQ

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 COMPENSATON SCHEME (FSCS)?

We are covered by the FSCS.  You may be entitled to compensation from the scheme if we cannot meet our obligations.  This will depend on the type of business and the circumstances of the claim.

INSURANCE

Long term insurance benefits (e.g. Life Assurance)

The maximum level of compensation for claims against firms declared in default is 100% of the claim with no upper limit.

General Insurance

General insurance advice and arranging is covered for 90% of the claim with no upper limit.

Protection is at 100% where claims arise in respect of compulsory insurance (e.g. employer’s liability insurance), professional indemnity insurance and certain claims for injury, sickness or infirmity of the policyholder.

Protection is at 90% where claims arise under other types of policy with no upper limit.

MORTGAGES

Mortgage advising and arranging is covered up to a maximum limit of £50,000.

Further information about compensation scheme arrangements is available from the FSCS.