Investment, SIPP & FSAVC Terms of Business
Your signed Letters of Authority will amount to acceptance of our following terms of business and will form a contract between Consumer Savings Network (CSN) and you. You should not sign the Letters of Authority until you have read the Terms of Business, Client Care Letter and Damages Based Agreement, which will include details of fees payable to CSN.
1. Your assessment
In making your claim through CSN, you acknowledge that you are aware that you can pursue the claim(s) yourself directly with the financial provider and the free Financial Ombudsman’s Service, but you elect to use our services. If you are still uncertain, please contact us for any further explanations which you need before making up your mind.
2. Procedures
We will gather information from you and from the financial services provider and determine if you were affected. Where a claim is determined, we will forward a carefully prepared claim with supporting documents based on the FCA guidelines for compensation and any breaches of FCA Rules, Guidance and Principles we have determined in your case. We will contact you whenever further details are required or when we have received a refund offer from the finance company, usually in the form of a Settlement Agreement for you to sign and return. The settlement offer may be for all or for part of the losses incurred and will be at your discretion to accept or refuse. If a reasonable offer is refused and no other higher offer can be obtained through normal negotiation, our fee will be based on the highest offer made. We will settle your claim without the need for court action, so there are no other costs to worry about. If you have a liability to the firm (for example, if you owe them money) the firm may offset any redress against these liabilities. In this instance you will still need to pay our fees.
3. Fees
CSN will seek to reclaim any and all losses you have incurred. Our fees are as follows:
| Band | Redress awarded to client (£) | Our fee % + VAT | Maximum total charge (£) + VAT |
|---|---|---|---|
| 1 | £1 – £1,499 | 30% | £420 |
| 2 | £1,500 – £9,999 | 28% | £2,500 |
| 3 | £10,000 – £24,999 | 25% | £5,000 |
| 4 | £25,000 – £49,999 | 20% | £7,500 |
| 5 | £50,000 or more | 15% | £10,000 |
There’s no charge for our service if you see your claim out to the end and it is unsuccessful.
If an offer is refused and no other higher offer can be negotiated through normal correspondence, then our fee will be based on the highest offer made.
We inform you that, if applicable, we may pay a fee of up to 50% of our fee, after deducting expenses, to an introducer involved in your case. This will not impact the amount you receive.
4. Documentation
All we require you to sign is the Letter of Authority to enable us to act on your behalf and acknowledge you accept our terms. Please retain a copy of these documents for your own records. If you can provide us with copies of any documents that relate to the investment product in question, that would be helpful.
5. Complaints
In the event you feel the need to make a complaint you may lodge this by letter, telephone or email. Your complaint will be investigated wherever possible by a person who was not directly involved in the subject matter of the complaint. We will acknowledge your complaint within 5 business days of receiving it and at that stage we will provide appropriate details of our ongoing complaints procedure. Our full complaints procedure is available here: Complaints — Consumer Savings Network.
We are committed to resolving complaints fairly and promptly in accordance with FCA guidelines. However, if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. You can contact the Financial Ombudsman Service at:
Exchange Tower
London E14 9SR
Tel: 0800 023 4567 (free for most people ringing from a fixed line)
or 0300 123 9123 (cheaper for those calling using a mobile)
or 020 7964 0500 (if calling from abroad)
Email: complaint.info@financial-ombudsman.org.uk
Web: financial-ombudsman.org.uk
6. Early cancellation
You may cancel this contract by giving us notice in writing, email or by telephone without any charge, within a 28-day cooling off period. A Cancellation Form is available to download.
You will be responsible to notify the financial provider of the re-assignment of the claim to yourself.
7. Withdrawal by you
You may withdraw from this contract at any time after the 28-day cooling off period outlined in Section 6.
If you choose to cancel after the cooling off period and after we have received written or verbal notification of a successful claim as a result of the work we have already undertaken on your behalf, you will remain liable for the payment of our standard commission fee, as outlined in Section 3.
We reserve the right to charge a fee of up to £400 to reflect the time and work already carried out on your claim if you cancel after the cooling off period, prior to any notification of a successful claim. This fee will be based on the actual services performed on your case. We will provide a detailed breakdown of the work undertaken and the basis for any such fee upon request.
8. Your responsibilities
- You should carefully read all documentation we supply to you and keep copies for your reference.
- You should ask for assistance from us in explaining anything you do not understand.
- You should take care to make sure that all information you provide is accurate to the best of your recollection.
- You should inform us of any and all communications you have received including any settlement offers made by the financial provider.
- Please inform us if you need information in a different format.
9. Our responsibilities
- We will be clear and upfront about our fees.
- We will keep you informed of the progress of your claim.
- We will promptly notify you of all steps to be taken and any further information we require from you.
- We will argue the merits of your case where necessary with all relevant parties.
- We will always act in your best interests.
10. Data protection
You authorise CSN to use and discuss data and information provided by you concerning you in the furtherance of your claim. All information will be held and controlled in accordance with the Data Protection Act with information only being forwarded to those who need to access it to manage your claim and who are registered with the Information Commissioner or a recognised authoritative body.
Our Privacy Policy is available on our website here: Privacy Policy.
We will contact you with other services we offer and believe may be of interest to you from time to time. You can opt-out of this contact at any time.
11. Regulation
Consumer Savings Network Ltd is regulated and authorised by the Financial Conduct Authority, FRN 833181.
Consumer Savings Network is a claims management company. You do not need to use a claims management company to make your complaint. If your complaint is not successful you can refer to the Financial Ombudsman Service for free.