Terms of Engagement Copy

  1. Definitions
  • “Benefit” means all non-monetary benefits in whatever form including but not limited to all benefits that will arise from any waiver, cancellation, gesture of goodwill, reduction, saving, deduction or rescheduling of any outstanding or future loan or interest payments, charges or other interest or administrative payments, capital recovery or any other saving, inducement, discount or rebate offered in relation to any other products or services offered by the Company or persons connected to it.
  • “Claim” means the Client’s claim or claims (or potential claim or claims) against the Company relating to the miss-selling, mismanagement or maladministraiton of any investment, pension and/or financial services product(s) or failure to comply with legal or regulatory duties in respect of any of them.
  • “Client” means the account holder(s) whose details are set out in the Letter of Authority and who have appointed Us to provide the Services.
  • “Company” means the financial institution and/or persons you have a Claim against and to whom a Letter of Authority is addressed (including for the avoidance of doubt any employee, director, agents, representatives and associates of those entities or any other entity and/or any of their predecessors).
  • “Compensation” means any sums paid or awarded to you or any Benefit provided in respect of any Claim made by Us on Your behalf including but not limited to any top-up payments which may subsequently be awarded to You from time to time. Where such an offer is revised on appeal (or a partial payment is made followed by a subsequent payment or series of payments), then the higher amount shall be Used in order to calculate the amount of the Compensation subject to Your contract with Us still being in force at the time.
  • “Fee” means the fee of 25% of the total Compensation payable plus VAT (so 30% in total).
  • “Letter of Authority“ means the letter addressed to the Company from the Client setting out that We are authorised by the Client to approach, contact and liaise with the Company in respect of a Claim.
  • “Statutory Ombudsman/Compensation Scheme” means the Financial Ombudsman Service (FOS), the Pensions Ombudsman (TPO), the Financial Services Compensation Scheme (FSCS) and/or any local or national agency, authority, department, government body or professional body regulating or otherwise exercising authority with respect to investment, pension and/or financial services products in the UK from time to time.
  • “Services” means the work which We will undertake on Your behalf in respect of Your Claim including assessing the viability of, preparing, submitting and negotiating Your Claim and which is set out more specifically in clause 3.
  • “Terms” means these terms of business.
  • “Us”, “We” and “Our” means Money Redress Limited, a company incorporated and registered in England and Wales with company number 10483863.
  • “You” and “Your” means the Client(s) who is/are named on the Letter of Authority.
  1. Duration
    1. Our contract with You shall commence on the date You sign these Terms to Us and, unless terminated earlier in accordance with clause 11 will continue until the later of: (i) the final resolution of all Claims You have agreed for Us to submit on Your behalf, whether the result was successful or not; (ii) Compensation is recovered for You by Us and You have paid the Fee in respect of the final resolution of the last outstanding successful Claim; or (iii) We have completed an initial assessment of Your Claim and advised You in writing that in Our opinion Your Claim is unlikely to succeed or We are declining to act on Your Claim for any reason (such as, by way of example, because of a conflict), in which case We will not progress your Claim any further in accordance with clause 10 below.
    2. During the provision of the Services, we may believe that you have a case for further Claims. If this is the case, and you agree for us to submit such Claims to the relevant party, Our contract with You shall continue and these Terms shall apply equally to those additional Claims including the obligation to pay our Fee if Compensation is paid or awarded in respect of such Claims.
  1. Service
    1. Money Redress Limited is a claims management company. We will assess Your Claim and if we consider there is a reasonable chance of success (and We are not otherwise unable to act on Your matter for any reason), pursue a Claim for the recovery of Your losses on Your behalf. We will deal with all areas of Your Claim, including all correspondence and negotiations where required with relevant companies and/or institutions. It may be necessary for Us to obtain further signed documentation to make this possible. If needed, We will pursue Your Claim with the Company and/or the applicable Statutory Ombudsman/Compensation Scheme. We will inform You of any/all offers of settlement We receive, evaluate them, and inform You via Your preferred method of communication whether We consider, in our opinion, that the offer is adequate or not .
    2. We will continue to act on Your behalf in order to ensure that, and until, the full amount of Compensation is paid. This may include bringing a supplemental Claim against a Company if we identify potential grounds for any such Claim at any point during the provision of the Services.
    3. We will use reasonable skill and care in providing the Services and always act in Your best interests when pursuing Your Claim aiming to achieve for You the best results realistically obtainable.
    4. We will contact You, via Your preferred method of communication, every few weeks or, if no progress has been made, then every six months, with any update We have regarding the firms and organisations We have been in contact with in respect of Your Claim. You will always be contacted to approve any material communications We propose to send on Your behalf.
    5. We may use certain third-party providers to assist Us in providing the Services to You, including a legal firm to help assess and prepare Your claim and a processing company to help submit Your Claim. Further details of our current providers are available on request.
  1. What WON’T We do for You?
    1. We will not guarantee to win a Claim nor that any offer of Compensation will be made in relation to any Claim. We will not pursue a Claim that in Our opinion has no realistic chance of success, and We reserve the right to cancel this contract if We form this opinion.
    2. We will not give You nor offer You financial advice.
    3. We will not accept an offer of Compensation on Your behalf without Your agreement. We will not take Your Claim to court (although We will inform You if We think You should and may support You in making such a Claim if You ask Us to).
  1. What do We require You to do?
    1. To enable Us to pursue Your Claim efficiently and effectively We need You to: (i) provide all relevant information/documents We may request without delay; (ii) complete necessary paperwork; and (iii) fully cooperate with Us. You must not mislead, or ask, Us to act in an improper or unreasonable way.
    2. You must provide Us with, and ensure that We have, exclusive authority for the duration of this contract: (i) to pursue Your Claim; (ii) to enter into correspondence and negotiations on Your behalf in respect of any Claim; (iii) to receive, process and provide valid receipt for any monetary Compensation made; and (iv) to ask the financier of the cheque (for Your Compensation payment) to make it payable to You, letting Us know the value of any Compensation settled. This will not apply where we have acted negligently or are in material breach of these Terms.
    3. You must let Us know as soon as possible if You receive an offer of Compensation from a Company or Statutory Ombudsman/Compensation Scheme directly or if you become aware outside of this engagement of any offer of Compensation in relation to Your Claims.
    4. You must let Us know as soon as possible the value of any Compensation You receive directly from a Company or Statutory Ombudsman/Compensation Scheme and pay Our invoice for the Fee in accordance with clause 7.
  1. Your Rights
    1. You do not need to use a claims management company to make a complaint to a Company or any other financial adviser, pension provider or investment provider who may be connected with the circumstances which gave rise to Your Claim. If your complaint is not successful You can refer it to the applicable Statutory Ombudsman/Compensation Scheme Yourself for free.
    2. As at the date of these Terms the applicable Statutory Ombudsman/Compensation Schemes and their contact details, are:
      1. for financial services related matters:
        1. the Financial Ombudsman Service (FOS): You can call them on 0800 243 4567 or find further information at financial-ombudsman.org.uk; or
        2. the Financial Services Compensation Scheme (FSCS): You can call them on 0800 678 1100 or find further information at fscs.org.uk; and
      2. for pensions related issues: The Pensions Ombudsman (TPO). You can call them on 0800 917 4487 or find further information at www.pensions-ombudsman.org.uk;
    3. You also have the right to pursue the Claim Yourself, to seek the assistance of another claims management company or seek independent advice. If, however, You choose to do this after You have received an offer of Compensation, We are entitled to, and You must pay, our Fee on any Compensation awarded to You in relation to that Claim. This will not apply where we have acted negligently, are in material breach of these Terms or the Claim we submitted is rejected for any reason.
    4. Other than Our Fee and any charges set out in clause 8 (non-payment of our invoice) We are not aware of any other costs that You might pay for Our Services.
    5. You have the risk of not being successful with Your Claim, and this may stop You from making another Claim of the same issue in the future unless You have new evidence to present.
  1. Our Fee
    1. If We do not succeed in obtaining Compensation in respect of any Claim, You pay Us nothing. However, if (i) you are paid Compensation in respect of any Claim; or (ii) you reject an offer of Compensation which We consider is adequate; or (iii) you attempt to cancel the Services after an offer of Compensation has been made; then our full Fee is still due and payable in accordance with this clause 7.
    2. Our Fee is be 25% plus VAT (30% total) of the Compensation offered to You. So, if we won £1,000 on Your behalf You would pay Us £300 and You would receive £700. If We won £3,000 on Your behalf, You would pay Us £900 and You would receive £2,100. If We won £10,000 on Your behalf, You would pay Us £3,000 and You would receive £7,000. Please note, these examples are not an estimate of the amount likely to be recovered for You. Depending upon your financial award, you may have to pay more or less than illustrated above.
    3. If you receive any further payments or Benefits from the Company or the applicable Statutory Ombudsman/Compensation Scheme in respect of a Claim this shall also be deemed Compensation and we will be entitled to our Fee on such additional sums.
    4. We may invoice You for Our Fee following the award of any Compensation. You must pay Our invoice in accordance with clause 8 unless you have authorised us to collect the money for You in accordance with clause 9.
    5. Please note that income tax may be deducted at source from any interest payments made to You.
  1. Non-Payment of Invoice

All invoices must be paid in full within 28 days of issue. If You fail to pay Our invoice in accordance with these terms, in addition to our Fee, we may add the costs of any court fees and other costs the court permits to be charged as a result of a Hearing to the amount You owe Us. Full details of these fees are available on request.

  1. How Your Compensation will be paid
    1. In relation to Compensation payments made by the Financial Services Compensation Scheme (FSCS) or any Company You give authority for: (i) these payments to be made to Our client account; and (ii) for Us to deduct Our Fee from any such sum and to forward the remaining amount to an account of Your choice.
    2. Except in relation to Compensation payments made by the Financial Services Compensation Scheme (FSCS) or any Company under clause 9(a), You and We shall normally request that any Compensation payment be made directly to You or Your Pension Scheme, but You can ask that a Compensation payment be made directly to You as part of any Claim. You must contact Us immediately upon receipt of a settlement decision; whereupon when We have been made aware that You have received Your settlement decision, We will forward You an invoice for payment in accordance with clause 8.
    3. If at any time during this contract, having authorised Us to collect a Compensation payment for You, you subsequently contact the Financial Services Compensation Scheme (FSCS) or Company paying such sum to make alternative payment arrangements, we will be entitled to invoice You for Our Fee which You must pay in accordance with clause 8.
    4. If You have outstanding liabilities with the Company against whom the Claim has been made, it is possible any damages, compensation or settlement monies might, in certain circumstances, be off-set against those outstanding liabilities. In those circumstances You will need to pay Our Fees from Your own funds.
    5. In the case of pension related Claims, it is possible that the settlement monies will be paid back in to your pension and Our Fee may become payable before You have access to Your pension. In those circumstances You will need to pay Our Fees from Your own funds. It is important to consider this point if any Compensation were awarded and paid directly to Your pension scheme rather than Yourself.
    6. If You are subject to or proposing any of the following; (i) bankruptcy; (ii) bankruptcy petition; (iii) individual voluntary arrangement (entered or proposed, whether approved or rejected by creditors; (iv) debt relief order; or (v) have any other similar process; then (vi) any damages, Compensation or settlement monies might, in certain circumstances, be off-set against Your outstanding debts. In these circumstances You will need to pay Our Fees from funds which are not subject to those processes.
  1. Cancelling this contract
    1. We can cancel this contract at any time on written notice to You. There will be no Fee payable if We tell You Your Claim is unlikely to succeed or that We are declining to act on Your Claim for any reason, and You have fulfilled Your obligations (as laid out in clause 5 of this contract).
    2. You have the right to cancel this contract within 14 days of the date You sign these Terms to Us (the “Cooling Off Period”) and you will not be required to make any payment of Fees or otherwise to Us. You have the right to cancel this contract at any time after the Cooling Off Period, but you may be obliged to pay Our Fee and other charges as detailed in this clause 10.
    3. If this contract is cancelled (by You or Us) after a reasonable offer of Compensation has been made), We will be entitled to Our Fee (as described in clause 7) on any Compensation that is paid to You or would, but for Your rejection of such offer, have been paid to .
    4. If You cancel this Agreement before any offer of Compensation has been made to You or Us, there is no Fee payable to Us. However, You are responsible for Our Fee if an offer of Compensation has been made to Yourself directly and We have not been informed of Your cancelling this contract when the offer was made. We believe that is fair.
    5. To cancel your contract with Us You can contact Us using any of the following methods:
      • by telephone by calling 0116 4646 600 and let Us have Your details; We will confirm on the call that Our records are updated, whether there is any Fee to pay and how much;
      • by email at [email protected] and We will reply confirming Our records are updated, whether there is any Fee to pay and how much;
      • by writing to Us at Cancellations, Money Redress Limited, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ; or
      • by visiting Us in person at the above address.

The above contact details may change from time to time. Please see our website www.moneyredress.com for Our most up to date contact details.

    1. We have enclosed a ‘Notice of the Right to Cancel’ form if You would like to complete it and wanted to post it to Us – but there is no obligation to Use the form if You don’t want to.
  1. Complaints
    1. We pride Ourselves on the high level of customer service that We provide, but if You feel that We haven’t delivered then We want to hear from You.
    2. If you have a complaint you can contact us by calling 0116 4646 600, emailing us as [email protected]; or in person at Money Redress Limited, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ. These contact details may change from time to time. Please see our website moneyredress.com for Our most up to date contact details
    3. To see our complaints policy please see https://moneyredress.com/complaints-policy/ and you can contact us to request a copy of our policy at any time.
    4. If you remain dissatisfied with our response to your complaint, you may have the right to refer your complaint to the applicable Statutory Ombudsman/Compensation Scheme.
    5. As at the date of these Terms the applicable Statutory Ombudsman/Compensation Schemes and their contact details, are:
      1. for financial services related matters: the Financial Ombudsman Service (FOS): You can call them on 0800 023 4567 or find further information at www.financial-ombudsman.org.uk; or
      2. for pensions related issues: The Pensions Ombudsman (TPO). You can call them on 0800 917 4487 or find further information at www.pensions-ombudsman.org.uk
  1. Data Protection
    1. We will hold, control, and process Your personal information in accordance with the Data Protection Act 2018 and the General Data Protection Regulation (GDPR) (in so far as it is implemented in the UK from time to time).
    2. By providing Your personal information to Us, You explicitly authorise Us to use the information to provide the Services to You and process any payments due to, or from, You in accordance with this contract.
    3. By personal information We mean information that is about identifiable living individuals. A complaint will include a considerable amount of information about a person such as their name, age, their financial affairs etc.
    4. If You provide information to Us about another party, You confirm that such party authorised You to do so and consents to Our processing that personal information. During an investigation other organisation may give Us additional information about You.
    5. If You agreed to this when You engage Us (or at any time after that) from time to time We may give You information (using the preferred method of communication You have selected) about additional services that We, or selected third party suppliers, provide which may be of interest to You arising from or in connection with Your Claim. You may stop receiving this at any time by contacting Us using any of the following methods:
      1. by telephone by calling 0116 4646 600;
      2. by email at [email protected];
      3. by writing to Us at Data Protection, Money Redress Limited, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ; or
      4. by visiting us in person at the above address.

The above contact details may change from time to time. Please see our website www.moneyredress.com for Our most up to date contact details.

    1. We may share Your personal information with a small number of other organisations if We think it necessary in helping them carry out their own functions during the process of Your Claim, but We will always consider this carefully before doing so. This will include any third party providers We use to assist Us in providing the Services to You and any person involved in the chain of events which gave rise to Your Claim (including for example financial advisers, intermediaries, providers of financial, investment or pension products and Statutory Ombudsman/Compensation Schemes). We will only give Your personal information to other third parties where the law either requires or allows us to do so. We will remain responsible to You for how Your information is processed by any party with whom We share such information.
    2. You can, at any time, request a copy of all information We hold relating to You by writing to Us.
    3. For further information on how we will process your personal information under this contract, please see our privacy policy which can be found on our website at https://www.moneyredress.com/privacy-policy/
  1. Our liability to You

We are responsible to You for foreseeable loss and damage caused by Us. If We fail to comply with these Terms, We are responsible for loss or damage You suffer that is a foreseeable result of Our breaking this contract or Our failing to use reasonable care and skill. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both We and You knew that it might happen. We do not exclude or limit in any way Our responsibility to You for death or personal injury caused by Our negligence or Our responsibility for fraudulent misrepresentation.

  1. Other important terms
    1. We may pay the person who referred You to Us commission. They will disclose to You the actual amount paid to
    2. All intellectual property rights in any documents and materials We create in the course of providing these Services shall be owned by Us or, as the case may be, the third-party licensor.
    3. Where more than one person is the Client, each person named on the Letter of Authority will be jointly and severally liable under these Terms.
    4. In the event of Your death during the course of this engagement Your acceptance of these Terms constitutes express authority for Us to liaise and communicate with Your personal representatives, beneficiary, spouse, or executors in relation to all on-going Claims as at the date of Your death and to seek their approval of any offer of Compensation received by Us in relation to any Claim We have submitted prior to Your death.
    5. We may transfer Our rights and/or obligations under these terms to another organisation. We will always tell You in writing if this happens and We will ensure that the transfer will not affect Your rights under this contract.
    6. This contract may be varied by us by giving you reasonable notice via Your preferred method of communication if such changes are required: (i) to comply with any applicable law or regulatory decision; or (ii) otherwise necessary in order to improve or maintain Our performance of the Services, provided that any such changes are not detrimental to You. If You are unhappy with the proposed changes You may contact Us to end the contract within 30 days of Us telling You about it. Provided that no offer of Compensation has been made by the Company or the applicable Statutory Ombudsman/Compensation Scheme at the point you so notify Us, You shall not be liable for payment of Our Fees in accordance with clause 11 above.
    7. This contract is between You and Us. Save as provided in clause 14(d), no other person shall have any rights to enforce any of its terms. Neither of You nor We will need to get the agreement of any other person to end the contract or to make any changes to these Terms.
    8. If a court finds part of this contract illegal, the rest will continue in force. Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
    9. You and We agree that the laws of England and Wales apply to these Terms and that any dispute between You and Us arising out of or in connection with these Terms will only be dealt with by the English or Welsh courts, unless You live in another part of the UK, in which case the applicable law of that part of the UK will apply and any dispute will be brought before the courts of that part of the UK.
  1. Declaration
  • I / We have read and understood the Covering Letter to these Terms of Engagement.
  • I / we confirm that I / we have read and agree to be bound by the Terms provided to me. I / we confirm that I / we have had the opportunity to ask Money Redress Limited any questions that I / we have regarding the Terms and documents provided to me. I / we confirm that the information shown on my Claim Form is true and accurate to the best of my knowledge. I / we appoint Money Redress Limited, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ to act on my behalf in respect of my potential Claim regarding the miss-selling, mismanagement, maladministration or failure to comply with legal or regulatory duties of my investment, pension and/or financial services product(s), and to represent me in investigating, presenting and negotiating my Claim.