Important Information and Terms of Business (Consumer)
What is this document for?
This document sets out the terms of business (“terms”) between you and Custodian Financial Services Limited (“we”, “us”, “our”) under which we will carry out our services to you.
We have provided these terms to you on the basis that we have categorised you as a ‘consumer’ (as opposed to a commercial client) as you are an individual who is acting for purposes which are outside of your trade or profession. If you think you may be wrongly categorised please contact us immediately by using one of the options under the Contact Us heading below.
Whilst we have tried to make these terms as user friendly as possible, this is a legal document and therefore please take care when reading them. If there is anything within these terms that you do not understand then please contact us by using one of the methods below so that we can provide you with clarification:
Post FAO: Insurance Team, Custodian, Palliser House, Palliser Road, London, W14 9EB
Telephone 020 3545 4088
You should read these terms in conjunction with your insurance policy (see definition below) documentation (which includes policy wording, certificate and schedule) and the Insurance Product Information Document (or ‘IPID’ for short).
From time to time, we may amend or supersede these terms with new terms, which will be communicated to you by your chosen method of communication (see paragraph 5 below) and considered as the new terms.
Custodian Financial Services Limited is an insurance intermediary. Our registered address is Palliser House, Palliser Road, London, England, W14 9EB. Our company number is: 14620711.
What we mean by an ‘insurance intermediary’ is that we work on your behalf as the link between you and your insurer(s) (“insurer”, “insurers” or “insurer(s)”) to arrange and administer your insurance policy. We arrange for you to enter into a separate insurance contract (your “insurance policy”) with your insurer(s). We do not insure you.
Custodian Financial Services Limited is an Appointed Representative of BlueFriars Brokers Limited (“BBL”). BBL is authorised and regulated by the Financial Conduct Authority (“FCA”) under firm reference number: 604987 and registered at Lloyds under central settlement number: BFB1605. Custodian Financial Services Limited’s FCA registered number is: 992062. Our permitted business is arranging general insurance contracts. Details can be checked on the financial services register by visiting https://register.fca.org.uk or by contacting the FCA consumer helpline on 0800 111 6768.
About the Insurer(s)
We offer a wide range of motor insurance products from a range of insurers. If you would like to see the list of the insurers we work with, then please contact us by using one of the options under the Contact Us heading above.
Each insurer we work with is authorised and regulated by the Prudential Regulation Authority and regulated by the FCA to underwrite insurance policies. As mentioned above, details can be checked on the financial services register by visiting https://register.fca.org.uk or by contacting the FCA’s consumer helpline on 0800 111 6768.
If, in the future, we engage a new insurer to underwrite part or all of your insurance policy, we will inform you in advance of this change via your chosen method of communication (see paragraph 5 below). We will provide details of the new insurer which, from the date you have been informed of the change, will be an insurer under these terms.
The insurance distribution services we provide to you are:
Based upon information which you provide to us, we will offer products or services that match your stated insurance demands and needs. We will provide you with appropriate information so you can make an informed decision about your insurance.
Where we are unable to meet your ‘demands and needs’, we will explain the differences in the product or service we can offer you, including the costs, risks and benefits attached to each option, and will aim to provide you with enough information so you can make an informed decision about your insurance.
We will explain the main features of the products and services we offer you including details of the insurer, main details and benefits of cover, any unusual restrictions or exclusions, any significant conditions or obligations which you must meet and the period of cover.
Whilst we do not provide any advice or a recommendation to you in relation to our insurance products and services, we may ask you some questions to narrow down the selection of products we will provide details on. You will then need to make your own choice about how to proceed.
We always aim to treat you fairly. We aim to do this by:
You have a duty to take reasonable care in answering all of our and/or the insurers’ questions honestly and to the best of your knowledge and to not make a misrepresentation to the insurer. This means that all the answers you give and comments you make as part of your insurance application, including at renewal and when an amendment to your insurance policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could result in your insurers imposing different terms on your insurance policy, charging you a higher premium (see the definition in paragraph 7 below), cancelling your insurance policy or, in some circumstances, voiding your insurance policy - which means treating your insurance policy as if it never existed (meaning that any claims made would not be paid).
This duty exists whilst we arrange your insurance policy, at renewal and any time that it is varied. Your insurance policy documentation may also provide that your duty continues for the duration of the insurance policy.
When we make your insurance documents available to you, it is your responsibility to check and confirm all the information contained within them is correct. Please pay particular attention to the declaration(s) you make, the insurance policy limits and levels of cover. If you become aware that any information provided to us is incorrect or incomplete, please contact us immediately by using one of the options under the Contact Us heading on page 1 of these terms.
You must also promptly notify us of any changes to your circumstances. You are responsible for paying all premiums when requested.
If you communicate with us through electronic means, such as e-mail, we will take this as your consent to receive all information from us using the same communication method and it will become your chosen method of communication.
If you want us to communicate with you via another form, please advise us by using one of the options under the Contact Us heading on page 1 of these terms.
We and BBL are each paid for our services in relation to your insurance policy by receiving a percentage of your total annual premium (“commission”). At your request, we will provide you with the basis on which we have calculated our commission or any fees.
We will also charge you additional administration fees in the following circumstances:
You must pay for your insurance policy on an annual basis. The price you pay (your “premium”), includes: (i) the base insurance premium, (ii) insurance premium tax (IPT), (iii) fees as outlined in paragraph 6 above; and (iv) any other additional charges and/or fees in accordance with your insurance policy’s terms.
Payment for your premium will be received by BBL as follows. For:
BBL will receive your premium and pass it to your insurer(s), net of our fees and/or commission. BBL will accept payments by debit or credit card.
If you fail to pay any premium or other fees due, your insurance policy may be cancelled from the start, mid-term adjustment, or renewal date (whichever is relevant) and any claims submitted may be rejected.
We will provide you with insurance policy documentation in a timely manner. This documentation will confirm the basis of the cover and give details of your insurer(s). You should examine any insurance documents we send you very carefully to ensure that they meet your requirements. If you believe they are incorrect, please advise us immediately.
It is important that you keep all insurance policy documents safe.
You can make changes to your insurance policy at any time by contacting us on one of the options under the Contact Us heading on page 1 of these terms.
Any changes to your circumstances that could impact your insurance ‘demands and needs’ (see paragraph 2 above); the ability to comply with these terms; or the ability to comply with your insurance policy, must be raised and communicated to us promptly. Please contact us using one of the options under the Contact Us heading on page 1 of these terms. We will then use our best endeavours to get the agreement of your insurer(s) to these changes. We will advise you of the insurer(s)’s response in writing.
Where any changes have been agreed by an insurer, this could result in an increase or decrease in your premium. Where your insurer is unable to facilitate the requested change(s) we will engage our other insurer partners to see if they can support your request. Where this is possible, we will cancel and replace the existing insurance policy with a new annual policy starting on the requested change date. Custodian will not charge its usual cancellation or policy set up fees in this situation, however, the insurer(s) may still charge administration or cancellation fees.
When your insurance policy is due for renewal, we will contact you in good time prior to your renewal date via your chosen method of communication (see paragraph 5 above), advising you of the steps you will need to take.
We will take reasonable steps to send your renewal terms to you in good time prior to the renewal date. You must ensure these documents are thoroughly checked by you prior to the renewal date, and if there are any changes in your circumstances or the information provided, inform us immediately by contacting us on one of the options under the heading ‘Contact Us’, as listed on page 1 of these terms.
Where we have been unable to renew your insurance policy, for whatever reason, we will make an attempt (but this is not a guarantee) to arrange an alternative insurance policy for you. You are responsible for having insurance in place as is legally required.
Your cancellation rights
You may cancel or make changes to your insurance policy at any time by contacting us using one of the options under the heading ‘Contact Us’, on page 1 of these terms.
Once your insurance policy is cancelled, your insurance cover and these terms will come to an end. You will not be able to make a claim. You will not have insurance cover from the day after notification of cancellation so, as stated in paragraph 10 above, please ensure you have the required legal cover in place for your vehicle(s).
Cooling off period
By law, you have a 14 day cooling-off period during which you can cancel your insurance policy for any reason. This 14 day period starts from the day your cover starts, or (if later), the day you receive the full terms and conditions of your insurance policy (“cooling-off period”).
If you cancel your insurance during the cooling-off period, we will not charge you a cancellation fee (see paragraph 6 above). We will, however, keep fees incurred for providing you with cover during the cooling-off period, such as administration costs to set up your insurance policy.
Where you have chosen any add-on products, such as breakdown or legal expenses cover, and no claim has been made during the cooling-off period, then the premium for these products will be returned to you in full. Where, however, a claim has been made, you will not receive a refund of your premium.
After the cooling off period
Any fees paid or due in accordance with paragraph 6 above are non-refundable.
We will send you a pro-rata refund of our commission for arranging your insurance policy with the insurer.
Where you have chosen any add-on products, such as breakdown and legal expenses cover, whether a claim has been made or not prior to or on the cancellation date, then you will not receive a refund of your premium.
Insurer’s refund of premium
This section deals with how your insurers deal with the return of premium (except in the case of any add-on products, as that has been dealt with above) on cancellation.
On cancellation, whether within or outside of the cooling-off period, and provided no claims have been made prior to or on the cancellation date, your insurer may send you a refund of the base insurance premium (which, in the insurance policy may be referred to as the ‘net premium’). Calculations will be made in accordance with the relevant provisions in your insurance policy. Please check those terms or speak to us if you are unsure how this applies to you.
If you have made a claim, then no premium will be refunded to you. You remain liable for any costs incurred after the cancellation date.
Our cancellation rights
We, or your insurer, may cancel your insurance policy at any time by giving you 14 days’ written notice. In the event of cancellation, we shall advise you of any outstanding matters, which includes any fees or refunds due, and how these matters will be concluded.
Where you owe us or the insurer any monies, which includes charges for our time and costs, you are responsible for settling those payments or any extra costs incurred to cover any outstanding amount. We will provide further details of this on request.
Premiums and any other money that BBL holds in the course of the arrangement or administration of your insurance is treated by BBL as ‘client money’ in accordance with the FCA’s Client Assets Sourcebook (“CASS”). BBL will hold your premium on trust for you either in a statutory or non-statutory trust account operated in accordance with CASS, before it is paid to your insurer (net of our fees and BBL’s fees).
Client money is segregated from BBL’s own money and CASS requires BBL to maintain the solvency of the client account and conduct regular reconciliations. In the unlikely event of our or BBL’s failure, client money will be available to you ahead of other creditors.
Under CASS 5, BBL are not entitled to use client money to pay our or their fees or commission before they receive the relevant premium from you. Please note that CASS rules apply differently to BBL than they will do to your insurer.
If you wish to make a claim or report a potential claim, then please contact your insurer directly using the contact details in your insurance policy.
You must notify your insurer(s) promptly of any loss, claim or circumstance which falls within the notification provisions of your insurance policy. Failure to notify the insurer(s) promptly may entitle them to reject your claim. You should not admit liability or agree to any course of action, other than emergency measures carried out to minimise the loss, or in the interests of health and safety, until you have obtained agreement from your insurer.
Claims payments due to you will be sent directly to you from your insurer(s). In the event that an insurer delays or fails to make settlement of a claim for any reason, we do not accept liability to pay you such amounts.
We strive to do everything to ensure that you receive the best possible service at all times. However, we recognise that on occasion, things do go wrong. Where this happens, we are committed to resolving issues promptly and fairly.
If you wish to complain about our service, then you may do so by contacting us on the following:
Post FAO: Head of Insurance, Custodian, Palliser House, Palliser Road, London, W14 9EB
Telephone 020 3545 4088
Please mark your correspondence with ‘complaint’ in the heading and quote your insurance policy number and any other reference number we have given you.
We will acknowledge receipt of your complaint in writing within 5 working days and provide you with a response to your complaint within 8 weeks. Our complaints procedure is available from us on request.
If your insurance is provided by certain underwriters at Lloyds, we will confirm this to you when acknowledging your complaint. If you are unhappy with our response to your complaint, you may be entitled to refer the matter to the complaints team at Lloyds. Lloyds will investigate the matter and provide you with a final response. Full details of the Lloyds complaints procedures are available at www.lloyds.com/complaints.
If, after our, and where applicable Lloyds, attempts to resolve your complaint you remain unhappy with our decision, or if we and/or Lloyds do not complete our investigation within 8 weeks, you may refer your complaint to the Financial Ombudsman Service (“FOS”).
FOS is an independent and free to access service in the UK for settling disputes between businesses providing financial services and their customers. Further information on FOS and whether you would be eligible to refer your complaint to them can be found at www.financial-ombudsman.org.uk or by calling them on 0800 023 4567.
We, BBL and the insurer(s) are covered by the Financial Services Compensation Scheme (“FSCS”). You may be entitled to compensation from the FSCS, if we or your insurer cannot meet our/their obligations, depending on a number of factors including: where the risk is located, your status and the type of insurance policy concerned.
For further information about the compensation scheme arrangements, please visit the FSCS’s website: www.fscs.org.uk. You may also contact the FSCS by email: email@example.com, or by phone: 0800 678 1100.
We will not engage in any activity that would breach any applicable financial crime law, statute or regulation. Neither you nor we shall be involved in the offering, promising or giving of any financial or other advantage to any person in breach of any applicable anti-bribery laws.
We will not arrange insurance or benefit or pay any claims which may result in us breaching any such laws, statutes or regulations. Where reasonably believed by us, we will take certain actions such as (by way of an example only), withholding services from you, freezing funds held on your behalf, passing your details onto relevant authorities or regulators. Where we are required to do so, we may not disclose the fact that we have taken such actions against you.
At the start and throughout our relationship, we will require you to provide evidence to assist us in verifying your identity and/or legitimacy of any transactions we conduct on your behalf. We may also take reasonable steps to verify any payment details you provide to us. Any checks will be conducted by a third party agency and/or a relevant anti-fraud organisation. The third party service(s) that we use to complete these checks will be made available upon request.
We have appointed a data protection officer (“DPO”) who is responsible for overseeing any questions in relation to data processing, including complaints about how your personal data has been processed. If you need to contact our DPO please do so here: by post, on FAO: DPO, Custodian, Palliser House, Palliser Road, London, W14 9EB and/or by email, on firstname.lastname@example.org.
You have certain rights under data protection legislation. This includes a right to access the personal information we hold on you and a right to ask us to amend that data if it is incorrect. To exercise any of your data rights please contact our DPO.
In some circumstances, we may need to pass information on you to credit reference agencies in connection with your financial standing. Information may include details of your payment record to us.
It is important that you are clear and understand all the terms of any insurance policy that we provide to you. If you have any doubt or questions, then please contact us by using one of the options under the Contact Us heading on page 1 of these terms. It is also important that you treat all conditions precedent and warranties seriously and comply strictly with them. A failure to do so may mean the insurer declines a claim under the insurance policy. If you are aware that you are in breach of a warranty, you should keep a record of when the breach occurred and when the breach was remedied. You should always remedy a breach as quickly as possible. If the breach is not capable of remedy, you should contact us as soon as possible.
Our liability for losses you have suffered as a result of us performing our services (whether due to breach of contract, negligence, breach of statutory duty or otherwise) is limited to £2,000,000 per claim. Our total aggregate liability per policy term is limited to £2,000,000.
We will not be liable to you for any of the following (whether arising directly or indirectly): losses related to profit, revenue, use, contract, opportunity, savings, reputation, goodwill, or business; and any special, consequential, exemplary or punitive damages.
Nothing in this paragraph 19 or these terms excludes or limits our liability for those actions that cannot be legally limited for: (a) death or personal injury caused by our negligence, (b) loss caused by our fraud or fraudulent misrepresentation, (c) breach of the regulatory obligation we owe to you, or (d) breach of terms implied by section 12 of the Sales of Goods Act 1979 or section 2 of the Supply of Goods and Services Act 1982.
If we become aware of any circumstance that is a potential conflict of interest when carrying out our service on your behalf, then we will contact you via your chosen method of communication (see paragraph 5 above), to inform you of the conflict. We will then seek your consent and instructions prior to carrying out any further handling or administration of your insurance policy.
Telephone calls may be monitored and recorded for training and quality assurance purposes.
Any person who is not a party to these terms has no rights under the Contracts (Third Party Rights Act) 1999 to enforce any term of these terms. This does affect any right or remedy of a third party which exists or is available apart from that under the Contracts (Third Party Rights Act) 1999.
These terms shall take effect immediately. We reserve the right to amend these terms where required, by way of an example only: due to changes in law or regulation. We will give you notice of any changes in writing.
If any of the terms in these terms are, or becomes, invalid, illegal or unenforceable in whole or in part, then that term or part thereof shall be deemed excluded from these terms. All remaining terms shall be unaffected and continue to be valid, enforceable and legally binding.
These terms and any dispute or claim arising out of or in connection with it or its subject matter shall be governed by and construed with the laws of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these terms or its subject matter.
Version 0.2 - July 2023