S-Tech Insurance Services Ltd 154/156 Victoria Road Cambridge
CB4 3DZ
Tel: 01223 445436 www.s-tech.co.uk Version 01/04/2015
1. The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. This document has been designed by the FCA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.
2. Whose products do we offer?
Investment and Pensions
We are Independent – please see section 3 for full details.
We only offer advice on a restricted group of products and / or services (and from a limitednumber of companies).
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We only offer products from a single company.Insurance
We offer products from a range of insurers for Term Assurance, Mortgage Protection Assurance, Critical Illness Insurance, Private Medical Insurance, Permanent Health Insurance, Accident, Sickness and Unemployment Insurance.We only offer products from a limited number of insurers. We only offer products from a single insurer.
Equity Release and Home Reversion Plans
We offer these from the whole market.We only offer these from a limited number of lenders. We only offer these from a single lender.
We are also able to provide a referral service to an experienced independent Mortgage Broker.
About our Services and Costs
of our Services
3. Which service will we provide you with?
Investment and Pensions
Independent advice – We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the market.Restricted advice – We will advise and a make a recommendation for you after we have assessed your needs, but we only offer advice on limited types of products, or products from one company or a limited number of companies.
No advice – You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.
Insurance
We will advise and make a recommendation for you after we have assessed your needs for Term Assurance, Mortgage Protection Assurance, Critical Illness Insurance, Private Medical Insurance, Permanent Health Insurance, Accident, Sickness and Unemployment Insurance. You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.Equity Release and Home Reversion Plans
We will advise and make a recommendation for you after we have assessed your needs. You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.4. What will you have to pay us for our services?
Investment & Pensions
We will discuss your payment options with you and answer any questions you have. We will not charge you anything until you have agreed how we are to be paid.
Whether you buy a product or not, on completion of our work, you will pay us a fee for our advice and services. We will confirm the rate we will charge in writing before beginning work and we will tell you if you have to pay VAT. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first.
Our services come under the three following categories:
1. Advice (understanding your needs / research / making a recommendation)
2. Transactions /Implementation of a plan (arranging contracts / mediation with providers) 3. Reviews of your plans & circumstances
Our charges are based on the following hourly rates:
Financial Advisor: £150 per hour
Financial Administrator: £75 per hour
Fixed Fees
We are able to quote a fixed fee for a specific service/transaction. Please ask us for more information.
S-Tech Insurance Services Limited may ask clients to sign a fee agreement prior to undertaking any chargeable work; this is to avoid any confusion at a later date.
Examples of our minimum costs for carrying out some typical transactions are as follows:
Arranging a Personal Pension Plan £600
Pre-Retirement Pension Transfer Analysis (Money Purchase) £600 At Retirement Pension Consolidation for Income (up to
three plans) £1,000
Arranging an Investment of £100,000 £1,050
Arrangement of a Maximum Stocks & Shares ISA £375
Reviews
Our fees will be based on our hourly rates and will be confirmed in writing before we proceed. In some cases, it may be possible to take our fee directly from a product.
Insurance
We have ticked the payment options we offer.
Paying by fee. Whether you buy a product or not, on completion of our work, you will pay us
a fee for our advice and services. If we also receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce the cost of your product or refund the commission to you.
We will confirm the rate we will charge in writing before beginning work and we will tell you if you have to pay VAT. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first.
Our charges are based on the following hourly rates:
Financial Advisor: £150 per hour
Paying by commission (through product charges). If you buy an insurance product we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges have the effect of increasing the premium. If you buy direct, the product charges could be the same as when buying through an adviser or they could be higher or lower. We will tell you how much the commission will be before you complete a transaction, but you may ask for this information earlier. The amount of commission we receive will vary depending on the amount of your premium and the term of the policy.
Paying by a combination of fee and commission (through product charges). In some
circumstances, we may charge you a combination of fees and commission. We will agree our total remuneration before beginning work and we will tell you if you have to pay VAT. The fee will become payable on completion of our work. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first. We will tell you how much the commission will be before you complete a transaction, but you may ask for this information earlier.
Equity Release and Home Reversion Plans
S-Tech may receive income in the form of a procuration fee from the lender. S-Tech charges £900 for the above services and where this is not achieved through the procuration fee, the whole or part will be charged to you on completion.
In the event of you not completing the transaction, S-Tech reserve the right to charge a fee to cover any costs incurred while acting on your behalf this will be a maximum of £600.
You will receive a Key Facts illustration when considering a particular mortgage, or further information about a particular home reversion scheme which will tell you about any fees relating to it.
5. Who regulates us?
S-Tech Insurance Services Limited, 154-156 Victoria Road, Cambridge, CB4 3DZ is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 118690.
Our permitted business is advising and arranging Life Assurance, Pension products, Investment in authorised unit trusts, unregulated collective investment schemes, individual savings accounts, recognised offshore funds and other regulated schemes.
You can check this on the FCA’s Register by visiting the FCA’s website www.FCA.org.uk/register or by contacting the FCA on 0800 111 6768.
6. What to do if you have a complaint
If you wish to register a complaint, please contact us:
In writing to Mr Kevin Brown at S-Tech Insurance Services Ltd 154/156 Victoria Road Cambridge CB4 3DZ.
By phone: Telephone: 01223 445436
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
7. Are we covered by the Financial Services Compensation
Scheme (FSCS)?
We are covered by the 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.
Investment
The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is 100% of the first £50,000 per person per firm.
Insurance
The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is 90% of the claim with no upper limit.
Mortgages, Equity Release and Home Reversion Plans
The maximum level of compensation for claims against firms declared in default on or after the 1January 2010 is 100% of the first £50,000 per person per firm.
