Terms of Business - Purchase of an endowment policy
| Regulatory Notice: Absolute Assigned Policies (“ aap” ) are authorised and regulated by the Financial Services Authority (“FSA”) registration number 154022. It is important to note that aap does not provide any investment advice nor advice on the merits of selling or retaining a policy. If in doubt you should contact a FSA regulated Independent Adviser. |
1. You (“the Seller”) are a private customer and under the rules of the Financial Services Authority you will be entitled to the highest level of regulatory protection. It is important to note that neither aap nor the Buyer will be responsible for giving you investment advice on this transaction. Neither aap nor the Buyer will be recommending the price of the offer nor advising on the merits of selling or retaining your policy – this is entirely your decision.
2. aap acts as AGENT on behalf of one or more potential purchasers (“the Buyer”) which may include companies associated with aap. Unless notified otherwise the Buyer will be TIS Group Ltd. TIS Group Ltd will prepare all the transfer and assignment documentation which will be prepared at no cost to the Seller. However, the Seller may if they wish employ their own solicitors at their own expense.
3. It is the Seller’s responsibility to arrange payment of all taxes and duties payable by the Seller on this transaction.
4. Any contract for the purchase of a policy is subject to the Buyer obtaining prior verification of all details that may be required and subject to the satisfactory production of all documents of title, including, but not limited to, previous assignments, notices, charges and their prior release and completion of the assignment in the form required by the Buyer. The Seller and the Buyer agree to execute all deeds and documents as may be required to complete the transfer of title.
5 The Seller or their appointed agent may inspect contract notes or relevant documentation (whether kept manually or electronically) which relate solely to their transactions and aap will, on receipt of the Seller’s written request, supply copies. aap keeps records of business transactions for at least six years.
6. Any complaint can be made to the General Manager Lorraine Warren, (T.I.S House, Spring Villa Park, Edgware, Middx, HA8 7EG; 020 8282 8000). If aap becomes aware that their interests or those of their principal conflict with the Seller’s interests, aap will inform the Seller in writing and obtain the Seller’s consent to proceed. A copy of aap’s dispute resolution procedure is available on request and this makes reference to the Financial Ombudsman Service.aap is covered by the Financial Services Compensation Scheme. All calls may be recorded or monitored for training and compliance purposes.
7. aap and the Buyer normally make no charge whatsoever to the Seller unless by prior written arrangement. Where relevant aap may choose to pay a commission to introducing intermediaries. aap may receive a fee or commission from the Buyer, and ongoing commission, where applicable.
8 We will always endeavour to act in the best interests of our customers. However, circumstances can arise where we or one of our other customers may have some form of interest in business being transacted for you. If this happens or we become aware that our interests or those of one of our other customers conflict with your interests, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
9. Please return the contract, signed to confirm acceptance of these Terms of Business. aap will accept oral instructions only if they are subsequently confirmed in writing. The contract shall be governed by English Law and both parties submit to the exclusive jurisdiction of the English Courts. If any unpaid premiums are outstanding up to the date specified on the contract these will be deducted from the completion monies paid by the Buyer. If the policy is subject to a charge or loan, payment will be made to settle the loan and such amount will be deducted from the completion monies.
10. Some services are provided to aap by third parties such as processing business or obtaining compliance and regulatory advice, which warrant the disclosure of more than just your basic contact details. The Seller agrees that personal information held by aap may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to the Buyer and to any such third parties. The Seller also agrees that this information may be transferred electronically, e.g. email and you agree that we, or any such third party, may contact the Seller in the future by any means of communication which we consider appropriate at the time.
11 The completion monies will be paid by the Buyer to the Seller by cheque drawn on the Buyer’s bank account. aap does not handle customer’s money. Cheques made payable to aap will not be accepted. aap does not handle cash.
12. This agreement is conditional upon none of the following circumstances applying, and the Buyer may withdraw or vary the offer by giving written notice to the Seller if any of the following circumstances are applicable:
12.1 If premiums increase between the date specified on the contract and the maturity date.
12.2 If the policy has been altered at any time since inception.
12.3 If the policy was originally written by a life office which has subsequently been taken over and the contract has been prepared in the name of the latter office and not the original office.
12.4 If the Seller is currently or has been bankrupt or the Seller does not have good title
12.5 If the policy falls within any of the following policy types:-
Unitised or unit linked policies, Without-profit policies, paid up policies, flex endowments or similar, the policy is written under trust, Canada life, Concordia and Manulife policies, Colonial Mutual Homelink and Tenflex plans, Friends Provident Table 72 multidowment policies, Table 37 Flexible Savings Plan, Irish Life policies participating in Bonus series 1 and 2, Sun Life Type B, C ,D and Ten Plus Plans, Legal & General E Plan Cash Builder and Additional Mortgage Plan Endowments, Industrial Branch policies, NPI policies participating in series 1, Norwich Union Super saver and 50/50 plans, Royal Liver Low Cost Endowments, Provincial Life policies, Guardian policies participating in the compound bonus series or policies originally issued as Atlas, Sun Life of Canada policies issued as Confederation Life, Swiss Life policies issued as Pioneer Life or policies participating in Bonus series B and C, Prudential Plan 100 Low Cost Endowments, Pearl & Commercial Union Homebuilder policies, Windsor Life (Gresham), Homebuyers, Scottish Life policies participating in the Simple series and Home & Savings Plans, Eagle Star – Star 100 or Star Low Cost policies.
12.6 If in the opinion of the Buyer market conditions change so as to affect the commercial viability of the transaction.
12.7 If the existing bonus rates, payable by the issuing life office either annually or at the maturity of the policy, quoted by the issuing life office are altered prior to the completion of the policy purchase.
12.8 If a material error has been made in the calculation of the offer of a policy.
12.9 Where the policy information, on which the Buyer’s offer was based, is inaccurate.
12.10 If the Seller is unable or unwilling to provide such information in relation to the policy which the Buyer reasonably requires to effect the sale.
12.11 If the surrender value provided to the Buyer on or before the date of the contract overleaf has altered prior to the completion of the policy purchase by the Buyer.
Please inform aap if any of the above apply to your policy and we will confirm if the offer can be maintained.
(If you are not sure whether any of the above applies to your policy, please let us know and we will explain how to check).