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Initial Disclosure Document

Initial Disclosure Document

About Us

Compariqo Limited is an Appointed Representative of Kay International PLC who are authorised and regulated by the Financial Conduct Authority No. 300468. You can check this on the FCA Register by visiting the FCA’s website www.fca.org.uk/register, or by contacting the FCA on 0800 111 6768. Compariqo Limited is an insurance intermediary.

Compariqo Limited: Registered office is: Victory House, 400 Pavilion Drive, Northampton, England, NN4 7PA. Registered in England under company registration No. 11463258.

Whose products do we offer?

As an independent intermediary we offer a wide range of insurance products and have access to many leading insurers. As such we are acting on your behalf in our dealings with you.

Which service will we provide you with?

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.

What will you have to pay us for our services?

We will receive our remuneration by one or more of the following methods:

  • A fee or administration payment which will be payable by you and will be agreed with you in advance of payment. This will be detailed in our invoice.
  • A commission payment from the insurer of your policy which is included in the premium you pay.
  • We may charge fees for additional services which we carry out on your behalf. Any additional fees will be agreed with you in advance.

It is our practice to add at our discretion an administration charge to your premium and this charge will be stated as a separate item on the invoice documentation that we send to you before you are asked to commit to the arrangement of any insurance.

Please note: All instructions which we receive verbally or in writing from you or your representative are binding. Any remuneration arising from such instructions will be deemed to be earned in full on receipt of your payment. For the avoidance of doubt once our remuneration has been earned, in the event that the insurance is cancelled after inception, our fees or brokerage may not be returnable.

Protecting your money

Payments we receive from you will be held in a client money account via our Principal, Kay International PLC and paid directly over to the insurer on your behalf. This account is used exclusively for client payments.

We will deduct any commission entitlements before paying premiums to the insurer.

Data Protection

We take protecting our customers data very seriously and abide by the rules of the General Data Protection Regulation (GDPR).

Where personal information is collected about individuals in connection with the arranging of insurance, this information will be collected and processed in accordance with our Privacy Policy which can be viewed on our website https://compariqo.com/privacy-policy-2/.

Alternatively, you can contact us for a copy.

What to do if you have a complaint?

If you wish to register a complaint, please contact us:

In writing to: The Compliance Officer, Compariqo Limited, Victory House, 400 Pavilion Drive, Northampton, England, NN4 7PA

By emailing: The Compliance Officer, Mark Griffin – hello@compariqo.com

By telephoning: 0203 745 1819.

If you cannot settle your complaint with us, you are entitled to refer it to the Financial Ombudsman Service.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

By writing to: The Financial Ombudsman Exchange Tower, Harbour Exchange Square, London, E14 9SR.

By the internet: www.financial-ombudsman.org.uk

By telephone: 0845 080 1800.

OR via the Online Dispute Resolution

(https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.show&lng=EN)

The Online Dispute Resolution website is an official website managed by the European Commission dedicated to helping consumers and traders resolve their disputes out-of-court. If you have had a problem with something that you have bought online, you can use this site if you live in the EU and the trader is based in the EU.

Are we covered by the Financial Services Compensation Scheme (FSCS)?

Compariqo Limited is covered by the FSCS. You may be entitled to compensation from the scheme if they cannot meet their obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.

Conflicts of Interest

Conflicts of interest may arise where we or one of our clients or product providers will 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 detail the steps, we will take to ensure fair treatment.

Insurer Security

Whilst we monitor the financial strength of the Insurers, with whom we place business it should be noted that the claims-paying ability of even the strongest Insurers could be affected by adverse business conditions. We cannot therefore guarantee the solvency of any Insurer or underwriter. A liability for the premium, whether in full or pro rata, may arise under policies where a participating Insurer becomes insolvent.

Credit Checks

As part of our process, we may carry out checks with credit reference and fraud prevention agencies in order to verify your identity, assess your application for a quotation or credit. The checks may be against both public data (such as information from the electoral roll) and private data (such as your credit history). A record of the search will appear on your credit report. As part of the quote process the Insurers we pass your details onto may exchange information with various industry databases in order to verify the information that you have provided. We may also carry out checks against data that we already hold on you such as data from existing products or account data. We may use this data to help us when obtaining a quotation from an insurer.

Bribery Act

Neither party shall be involved in the offering, promising or giving of any financial or other advantage to any person in breach of any law against bribery (including without prejudice to the generality of the foregoing the Bribery Act 2010). The Parties shall insofar as required to do so, and whether or not either party is an associated person of the other for the purposes of the Bribery Act 2010, maintain on an ongoing basis its own anti-corruption/bribery policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010, to prevent corruption/bribery offences and will enforce them where applicable.

Receipt of Instructions

We do not consider instructions to arrange or change cover sent to us by post, electronic mail, or facsimile or left on answering equipment to have been received until they reach the relevant personnel in our office. We do not accept responsibility for instructions which do not reach us due to failures in postal, electronic or telecommunication systems.

Meeting your Demands and Needs

Structural Warranty Cover and Insurance Cover

The structural warranty and insurance cover that we can source meets the demands and needs of a customer requiring protection in respect of latent defects in the design, workmanship, materials or components, which arise during construction, conversion or renovation, but are not discovered until after completion of the home, or homes typically for a period of 10 years.

We have not provided any recommendation as to the cover you should take, and the chosen product has been selected by you based on the factual information supplied.

By proceeding to purchase the policy, you will have come to your own decision that this particular product meets your demands and needs and are therefore happy to proceed and purchase the cover.

Surety Bonds

The different types of bonds that we can source meets the demands and needs of a customer requiring protection in respect of:

– Advance payment bonds. This protects purchaser’s reservation deposits when buying a new home typically up to 10% of the purchase price should the builder/developer become insolvent prior to completion of the purchase.

– Insolvency, or a performance bond. This provides protection to the insured party, typically a developer should a contracted entity, usually a contractor constructing a new development for a developer fail to meet their obligations as set in out in the contract between the insured and the contractor.

We have not provided any recommendation as to the cover you should take, and the chosen product has been selected by you based on the factual information supplied.

By proceeding to purchase the policy, you will have come to your own decision that this particular product meets your demands and needs and are therefore happy to proceed and purchase the cover.

Other Products

At Compariqo, we aim to provide a broad range of additional products, including:

Professional Consultants Certificates (PCC’s)
Unoccupied Property Insurance
Indemnity insurance
Contractor’s Combined/ Contractors All Risks

We will provide information relating to the cover when we discuss your needs, however we will not provide any recommendation as to the cover you should take, and the chosen product has been selected by you based on the factual information supplied.

By proceeding to purchase the policy, you will have come to your own decision that the particular product your enquiry relates to meets your demands and needs and are therefore happy to proceed and purchase the cover.

By proceeding to purchase the policy, you will have come to your own decision that this particular product meets your demands and needs and are therefore happy to proceed and purchase the cover.

We research the market, so you don’t have to

We research the market, so you don’t have to