Legal information for terms of business agreement

Terms of Business Agreement

1. General

1.1 Bradford & Bingley is a trading name of Bradford & Bingley plc, whose business is the provision of financial services. Bradford & Bingley’s Registered Office is: PO BOX 88, Croft Road, Crossflatts, Bingley, West Yorkshire, BD16 2UA. Registered in England No. 3938288. VAT Registration No. 287371034.

1.2 Bradford & Bingley offer a range of financial planning services. These Terms of Business set out: the general terms and condition that apply; how we perform these services; and our charges.

1.3 We shall conduct our relationship with you at all times in accordance with these Terms of Business. We shall be entitled to any fees or commissions under these Terms of Business once you have consented to them, subject to any rights you may have to cancel the agreement.

1.4 These Terms of Business should be read in conjunction with such other documents describing the contract or that the Financial Services Authority require us to use to disclose our services and charges. In case of any contradiction between these Terms of Business and other documents, the other documents shall have priority.

1.5 In these Terms of Business references "we" "us" and "our" shall mean Bradford & Bingley as providers of these services. References to "you" and "your" means you as the recipient of these services.

2. Regulatory Status

2.1 Bradford & Bingley are authorised and regulated by the Financial Services Authority (FSA) ) under firm reference number 106126. The Financial Services Authority are the principle regulatory body for Financial Services in the UK. They can be contacted at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

Or by visiting their website http://www.fsa.gov.uk/contact

2.2 Bradford & Bingley plc have no voting rights or capital holding or other agreement, direct or indirect, representing more than 10% of the voting rights of the capital in any insurance undertaking through which we transact business.

2.4 No insurance undertaking – or parent undertaking of an insurance undertaking – with whom we conduct business has a holding, direct or indirect, representing more than 10% of the voting rights or of the capital in Bradford & Bingley plc.

3. Mortgages

3.2 If you deal with us through our direct service unit by phone, we will offer to arrange mortgages without advising you as to suitability.

3.4 If our loan to you is not a regulated mortgage contract ( for example our ‘ buy to let’ range), your rights to compensation (see section 10) or to complain (see section 21) may be restricted.

If you require a further loan on an existing mortgage, this can be arranged via our Direct Telephone Unit.

4. Life Insurance - non investment

4.1 This section only applies to non-investment life insurance contracts. These are insurance policies that only pay out on death, incapacity or injury, sickness and infirmity. They must end before the life insured reaches age 70 or be for a term of 10 years or less.

4.2 This section only applies in relation to business undertaken with Bradford & Bingley on the phone or through our on-line website Bradford & Bingley are contractually obliged to arrange non-investment life insurance through Legal & General Assurance Society. Legal & General is authorised and regulated by the Financial Services Authority. FSA Registration Number 117659. Legal & General Assurance Society Limited, Registered in England No. 166055. Registered Office: 1 Coleman Street, London, EC2R 5AA.

4.3 For mortgage related life insurance advice, we introduce customers to Legal & General. Bradford & Bingley do not make a charge for this, but may receive commission in respect of products purchased from Legal & General. Bradford & Bingley does not advise you or make a specific recommendation.

4.6 If you deal with us through our on-line website we do not offer advice or make a specific product recommendation.

4.7 We will carry out any instructions you give us to arrange such contracts.

5. Investment

5.1 For investment and non-mortgage related life insurance advice, we introduce customers to Legal & General. Bradford & Bingley do not make a charge for this, but may receive commission in respect of products purchased from Legal & General. Bradford & Bingley does not advise you or make a specific recommendation.

5.2 Legal & General provides advice on its own products and selected funds from other providers. Legal & General is authorised and regulated by the Financial Services Authority. Firm Reference Number 117659. Legal & General Assurance Society Limited, Registered in England No. 166055. Registered Office: 1 Coleman Street, London, EC2R 5AA.

6. General Insurance

6a. General Insurance – Home Insurance

6a.1 Bradford & Bingley arrange Home Insurance from a limited number of insurers.

6a.2 If you deal with our direct service unit by phone we will advise you and make a specific personal recommendation as to which cover best meets your demands and needs.

6a.3 If you deal with us through our on-line website we do not offer advice or make a specific product recommendation.

6a.4 We will carry out any instructions you give us to arrange such contracts.

6a.5 For clients with larger properties, we may introduce customers to Hiscox Insurance Company Limited. Bradford & Bingley do not make a charge for this, but may receive commission in respect of products purchased from Hiscox Insurance Company Limited. Bradford & Bingley does not advise you or make a specific recommendation.

6a.6 Hiscox Insurance Company Limited provides advice on its own products and are authorised and regulated by the Financial Services Authority. Firm Reference Number 113849 Registered in England AC000492. Registered Office. 1 Great St Helen's, London EC3A 6HX .

6b. General Insurance – Mortgage Payment Protection Insurance

6b.1 If you deal with the Direct Service Unit by phone, they will introduce you to St Andrews Insurance plc, who will arrange Accident, Sickness and Unemployment insurance to protect your existing mortgage payments.

6b.2 St Andrew's Insurance plc is authorised and regulated by the Financial Services Authority. FSA Registration Number 202932. Part of St Andrew's Group. Registered in England no 3011193 St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9SA.

6b.3 for mortgages to new customers, via our direct telephone service, Bradford & Bingley introduce to Legal & General for mortgage payment protection.
Bradford & Bingley do not make a charge for this, but may receive commission in respect of products purchased from Legal & General. Bradford & Bingley does not advise you or make a specific recommendation.
Legal & General is authorised and regulated by the Financial Services Authority. FSA Registration Number 117659. Legal & General Assurance Society Limited, Registered in England No. 166055. Registered Office: 1 Coleman Street, London, EC2R 5AA.

We will not advise you or make a personal recommendation to which policy is the most suitable for you.

6b.4 we will carry out any instructions you give us to arrange such contracts.

6c. General Insurance – Travel Insurance

6c.1 Bradford & Bingley plc acts as an introducer to First Assist Insurance Services Limited who arrange travel insurance through Great Lakes Reinsurance (UK) plc. Bradford & Bingley do not make a charge for this, but may receive commission in respect of products purchased from Great Lakes Reinsurance (UK) plc. Bradford & Bingley does not advise you or make a specific recommendation.

6c.2 First Assist Insurance Services Limited is authorised and regulated by the Financial Services Authority. Firm Reference Number 310671. First Assist Insurance Services Limited, PO Box 500, 1 Drake Circus, Plymouth, Devon PL1 1QH. Registered in England and Wales No 04617110.

6c.3 Great Lakes Reinsurance (UK) plc is authorised and regulated by the Financial Services Authority. Firm Reference Number 202715. Registered Office: 1 Minster Court, Mincing Lane, London EC3R 7YH Registered in England & Wales No 2189462.

6d. General Insurance – Motor Insurance

6d.1 Bradford & Bingley arrange motor insurance from a range of insurers.

6d.2 We will advise you and make a specific personal recommendation as to which cover best meets your demands and needs.

6d.3 If you deal with us through our on-line website we do not offer advice or make a specific product recommendation.

6d.4 We will carry out any instructions you give us to arrange such contracts.

7. Personal Loans

7.1 For unsecured loans Bradford & Bingley plc introduces customers to The Co-operative Bank plc. Bradford & Bingley do not make a charge for this service, but may receive commission in respect of products purchased from The Co-operative Bank plc Bradford & Bingley does not advise you or make a specific recommendation.

7.2 The Co-operative Bank is authorised and regulated by the Financial Services Authority (Firm Reference Number No 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No.006110). The Co-operative Bank plc, Head Office, PO Box 101, 1 Balloon Street, Manchester, M60 4EP, Registered No. 990937.

7.3 The FSA do not regulate loans and your rights to compensation (see section 10) or to complain (see section 21) may be restricted.

8. Our remuneration

8.1 Unless agreed otherwise (see 8.2 below), we will derive our income from commission paid to us by the companies with which we place your business.

8.2 If it is proposed that we should be remunerated on a fee-paying basis, we will agree its basis in writing with you before carrying out any chargeable work. Any fee agreement we may issue to you is deemed to form part of these Terms of Business.

8.3 Any fees payable by you, in connection with a mortgage, will be shown on each product illustration. Please note that these fees include an estimate of any legal fees you may have to pay and we recommend that you ascertain what these fees may be prior to taking out your mortgage.

9. Communication

9.1 Unless specifically requested to do so, we will not carry out a review of any products that you have already taken out or that we have arranged on your behalf.

9.2 At our discretion and unless we hear from you to the contrary we may telephone you from time to time between the hours of 9am to 9pm without your further prior consent to such contact.

9.3 All cheques, documents of title etc will be sent by post to your last known address and shall be sent at your own risk. We will not be responsible for lost documents or any consequences that may arise from any error or failure of the postal system. First class mail will normally be used.

9.4 You may communicate with us by writing, phoning or sending an email to our head office. There is no additional charge.

10. Compensation

10.1 If you make a valid claim against us in respect of the mortgage, investments or insurance we arrange for you, and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme. Details of the cover provided by the Scheme are available on request. Further information is available from the FSA and the Financial Services Compensation Scheme.

11. Verifying identity

11.1 We are required to verify your identify in accordance with the Terrorism Act 2000, Proceeds of Crime Act 2002 and the Money Laundering Regulations. This will be required at the outset of our dealings with you and we will not arrange or advise you on a term assurance policy or other financial product until such verification has been obtained.

12. Your investments, policies and legal documents

12.1 Any investments, policies, contracts and legal documents will be registered in your name unless otherwise agreed in writing. Unless you instruct us in writing to the contrary, we will forward to you all documents as soon as practicable after we receive them. Where a number of documents of title are involved we will await arrival of all of them before sending them to you.

13. Your money

13.1 We do not handle client money in respect of mortgage, investments or insurance. We cannot accept any cheques payable to ourselves, or cash. The only exception relates to fees, as described in section 8.2 above. Any insurance premiums we receive will be held as agent of the insurance company.

14. Law

14.1 The law governing this agreement both before and after completion is the law of England and Wales.

14.2 We normally require our clients to give us instructions in writing, to avoid possible disputes, but we shall be entitled, at our sole discretion, to act upon your oral instructions. We can refuse your instructions at our discretion.

14.3 We may vary the terms of this agreement by writing to you at your last know address. Proof of delivery to this address will constitute proof of notice being served.

14.4 These Terms of Business represent our understanding of the law and our Terms of Business at 26th September 2008. They are valid on that date.

15. Languages

Any contract and communication between you and us will be in English.

16. Taxes

16.1 Other taxes or costs may exist which are not paid through us or imposed by us.

17. Cancellation

17.1 Where these Terms of Business are given in respect of a "distance contract", that is services provided: though our on-line website; or through our branch-electronic-shopping-facility; or by phone, you may cancel the agreement during a period of 14 calendar days from the later of the day the contract is concluded, or you receive our full Terms of Business.

17.2 Notice of cancellation by you must be given in writing to our Registered Office. The agreement will terminate upon our receipt of such notice.

17.3 Bradford & Bingley will not make any charge or apply a penalty if you cancel the contract. You must pay for any transactions initiated prior to termination at your express request and a due proportion of any fees applicable.

18. Termination

18.1 Subject to point 17.2, you or we, may terminate this agreement at any time, without any notice period.

18.2 Notice of termination by you must be given in writing to our Registered Office. The agreement will terminate upon our receipt of such notice.

18.3 Notice of termination by us must be given in writing to you. We will normally send such notice by post to your last known address.

18.4 Termination of the agreement is without prejudice to the completion of any transactions initiated prior to receipt of such notice. Existing policies, investments and loans will be unaffected.

18.5 These Terms of Business will automatically terminate should you die.

18.6 These Terms of Business have no minimum period during which they must remain applicable.

19. Amendment

19.1 We are not bound to maintain these terms of business indefinitely and in particular may amend the arrangements in sections 3 to 7 at any time, without notification.

19.2 When you undertake further transactions in respect of business described in sections 3 to 7, the Terms of Business in use at the time will apply. You will be given an opportunity to review these before the transaction is concluded.

20. Classification & Agency

20. We classify all customers as ‘private customers’, within the meaning given this term by the Financial Services Authority Conduct of Business Rules, including in relation to the conclusion of a distance contract, a retail customer. If you would otherwise be a classified as a market counterparty or intermediate customer, you may not necessarily have rights under the Financial Ombudsman Service or the compensation scheme notwithstanding our classification.

20.2 Where we arrange contracts for you with other firms, you agree to appoint us as your agent until you revoke this in writing, or otherwise terminate these terms in accordance with section 18.

20.3 When any of the services referred to in sections 3 to 7 are offered on-line or through other means of distance communication these terms of business comprise the general conditions applicable to an ‘initial service agreement’, within the meaning of the Distance Marketing Directive (DMD). Accordingly the information and cancellation rights accorded by the DMD shall apply only to the first operation in successive operations or the separate operations of the same nature performed over time.

21. Complaints

21.1 When you purchase a product referred to in sections 3 to 7 without advice, your rights to compensation or to complain may be restricted if they relate to the suitability of the product.

21.2 We maintain a formal complaints procedure which may be amended from time to time. Please see our website or ask our staff for a copy.

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