Bruce Burke & Company Limited – Terms of Business
v.08 01.09.2022
Contact Detail
Registered Address: Red Column, 1st Floor, Unit 16-22, Abbey Trading Estate, Canning Road, London, E15 3NW Tel No: 020 8597 2515 Fax No: 020 8599 1687
Company Registration No: 1494855 – Registered in England
Customer Service Manager: Mr Athol Burke
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 ‘Use of personal data’ and specifically the paragraph explaining how ‘sensitive personal data’ will be used; and
- The section headed ‘Handling money’, which explains our terms for handling client money in a Non-Statutory Trust Client account
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 at the above address.
The Financial Conduct Authority
Bruce Burke & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA).
Our permitted business is introducing, advising, arranging, dealing as agent and assisting in the administration and performance of general insurance contracts.
You may check this on the FCA’s register by visiting the FCA website, www.fsa.gov.uk/register/ or by contacting the FCA on 0845 606 1234. Our FCA Register number is 141800
Our Service
In providing our service, we may sometimes act as an agent of the insurer. We will confirm the capacity in which we will act for you before undertaking any relevant transactions on your behalf.
Our role is to advise you and make a suitable recommendation after we have assessed your needs. In situations where we are able to arrange insurance for you but do not offer advice, we shall confirm the position to you in writing.
We will not in any circumstances act as an insurer nor guarantee or warrant the solvency of any insurer.
Personal insurances:
- We select motor & household insurance products from a range of insurers.
Commercial insurances:
- We select commercial insurance products from a range of insurers but, for certain products, we may only deal with a single insurer or select from a limited number of insurers.
Customers can ask for a list of insurers we deal with on these products
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.
Complaints and Compensation
We aim to provide you with a high level of customer service at all times, but if you are not satisfied, contact us:
in writing… Bruce Burke & Co Ltd 819 High Road Goodmayes Essex IG3 8TD
by phone… Telephone 020 8597 2515
by email… athol.burke@bruceburke.co.uk
When dealing with your complaint we will follow our complaint handling procedures, a summary of these procedures is available upon request. If you are still not satisfied, you may refer the matter to the Financial Ombudsman Service.
Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:
- Consumers (eg private individuals)
- Before 1st November 2009 – businesses with a group annual turnover of under £1 million
- From 1st November 2009 – businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million
- Charities with an annual income of under £1 million
- Trustees of a trust with a net asset value of under £1 million
We are covered by the Financial Services Compensation Scheme (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. If you are eligible to claim from the FSCS, compensation is available as follows:
- Insurance advising and arranging is covered for 90% of the claim, without any upper limit
- For compulsory classes of insurance (such as Third Party Motor or Employers Liability), insurance advising and arranging is covered for 100% of the claim without any upper limit
Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or www.fscs.org.uk.
Payment for Our Services
We normally receive commission from the insurers or product providers and make charges for handling your insurances as attached.
You will receive a quotation which will tell you the total price to be paid, showing any fees, taxes and charges separately from the premium, before your insurance arrangements are concluded.
We also draw your attention to the sections headed ‘Cancellation of insurances’ and ‘Ending your relationship with us’.
In good time 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. 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.
Credit Checks
To make sure you get our best deal and to ascertain the most appropriate payment options for you and to protect you from fraud, some insurers use public and personal data from a variety of sources, including a credit reference agency and other organisations. The 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 me.
Handing Client 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. In these circumstances such monies are deemed to be held by the insurer(s) with which your insurance is arranged. You will be notified if Risk Transfer does not apply and such monies will then be held by us in a Non-Statutory Trust account pending payment.
The establishment of the Non-Statutory Trust account follows the rules which the FCA introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. A copy of the Deed of Trust is available on request or may be inspected at our premises during normal office hours. If you object to your money being held in a Non-Statutory Trust account, you should advise us immediately. Otherwise, your agreement to pay the premium together with your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non-Statutory Trust account will be retained by us.
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.
Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us or to the insurer concerned. In the event of cancellation, charges for our services will apply in accordance with the Tariff of Fees attached. The terms of your policy may allow insurers to retain the premium in full or to charge short-period premiums in the event of cancellation before the policy expires.
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.
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.
Your Responsibilities
You are responsible for providing the complete and accurate information which insurers require in connection with any proposal for insurance cover. This is particularly important before taking out a policy and at renewal, but it also applies throughout the life of a policy. If you fail to disclose 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.
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 about any matter, please contact us for guidance.
We will not otherwise use or disclose the personal information we hold without your consent.
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 will include information relating to your name, address, date of birth(, / and) 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 (athol.burke@bruceburke.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 with other authorised third parties and product and service providers such as insurers and premium finance 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’Athol Burke) by emailing athol.burke@bruceburke.co.uk or by writing to us or by telephoning 020 85972515 How we process your personal data is detailed further within our Privacy Notice (http://www.bruceburke.co.uk/privacy/)
Conflicts of Interest
Occasions can arise where we, or one of our 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.
Claims Handling Arrangements
You should take note of the required procedures in the event of a claim, which will be explained in the policy documentation. Generally, insurers require immediate notification of a claim or circumstances which might lead to a claim. We will employ due care and skill if we act on your behalf in respect of a claim.
Terms of Business Appendix 1
Additional to the premium, the following scale of charges will apply
New Business fee: £20.00
Liability Policies: £20.00
Referred Cheques: £20.00
Referred direct debit payments: £20.00
Mid Term Adjustments: £20.00
Renewal Fee: £10.00
Lost certificate replacement: £20.00
Larger Commercial Risks Minimum: 5% of the premium – maximum 20%
Cancellation Charges
Mid Term Cancellations: Deduction of the intermediary. Commission from the refund.
Minimum retained premium: 50% following cancellation due to non return of documents and/or 50% of any premium due.
Where policies sold at Nil or minimal commission a charge will be applied and will be included in our quotation
This will be discussed prior to conclusion of contract.
Where your policy is described as being on a “Minimum & Deposit basis” your insurer will not allow any refund and you are responsible for the entire premium. If instalments have been allowed you will need to carry on paying them until the account is settled, otherwise action can be taken to recover the debt.
Direct Debit Charges
Interest and number of instalments vary according to insurer
In some instances we may offer the use of a finance house if they are more competitive than the insurer and in these circumstances we can add up to 4% commission.
