terms & conditions

Terms of Business Agreement. Version 1/2/18

Name and Address
Andrew Yule Insurance is the trading name of Andrew Yule Limited registered in Scotland No. SC388038. Our trading and Registered Office address is 6 Burnside Road, Glasgow, G73 4SA.

The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. Use this information to decide if our services are right for you. By accepting a quote, renewal or adjustment you are accepting the terms in this TOBA.

Whose products do we offer?
We offer products from a range of insurers for vehicle, travel, business & home insurance; motor legal expenses, family legal protection and home emergency cover from BD Elite only; direct debit facility from Close Brothers Premium Finance only. Importantly, we are a broker for the products we offer and are not an insurer or lender. We arrange your insurance and associated products in good faith, but can’t guarantee providers’ financial stability.

When we sell you a policy the insurer pays us a percentage commission from the total premium. If the type of policy we sell reaches a specific profit target we may also receive and additional bonus. When we arrange a direct debit with Close Brothers Premium Finance, they pay us a percentage of the total premium that is financed, less any bad debts that are incurred. When BDElite provide their claim services, we may be paid an ‘introducers commission’ depending on the services that are provided. We also charge fees for the service we provide as per our terms of business agreement.

Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your need for all types of insurance. We will not give you advice about premium finance.

What will you have to pay for our services?
Arranging a new/renewing a policy, copy documents, all mid-term changes £100
Where no commission from the insurer, 20%-40% depending on the type of policy, min £25
Cancellation of a policy at ANY time, 25% min £25
We do not charge a fee for credit broking
If we cancel a policy leaving an outstanding balance, we may also cancel other policies you have in order to clear that balance

Who regulates us?
Andrew Yule Limited is authorised and regulated by the Financial Conduct Authority. Our FCA Reference no. is 538267. Our permitted business is arranging & advising on non-investment insurance and credit broking. Check this by phoning the FCA on 0845 606 1234 or at http://www.fca.gov.uk/register

What to do if you have a complaint.
If you have a complaint please write to: The Manager, Andrew Yule Insurance, 6 Burnside Road, Glasgow, G73 4SA or phone 0141 634 6827. If we cannot settle your complaint you may be entitled to refer it to the Financial Ombudsman Service http://www.financial-ombudsman.org.uk.

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. Insurance advising and arranging is covered for 90% of the claim, without any upper limit and for compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.