Terms of Engagement
- “Benefit” means all non-monetary benefits in whatever form including but not limited to all benefits that will arise from any waiver, cancellation, reduction, saving, deduction or rescheduling of any outstanding or future loan or interest payments, charges or other interest or administrative payments 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 against the company relating to the miss-selling of any investment product(s).
- “Client” means the account holder(s) whose details are set out in the Letter of Authority and who have appointed Money Redress Limited to provide the Services.
- “Company” means the financial institution and/or persons to whom the letter of authority is addressed being the business entity which sold the investment product (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 in respect of any claim made by us on your behalf. This includes “benefits”, compensation, gestures of goodwill, refunds, discounts, any reduction in the loan outstanding and/or any interest or capital recovered. Where such an offer is revised on appeal, then the higher amount shall be used in order to calculate the amount of the compensation subject to this contract still being in force at the time.
- “Fee” means the fee of 25% plus VAT of the total compensation payable.
- “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.
- “You” and “Your” means the client(s) who is/are named on the Letter of Authority.
The contract shall commence on the date You sign and return these Terms to Us and, unless terminated earlier will continue until Compensation is recovered for You by Us and you have paid the Fee, or We have advised You in writing that in Our opinion Your claim is unlikely to succeed and We are declining to act for You.
We will assess Your claim and if appropriate, 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 Financial Ombudsman Service and/or the Financial Services Compensation Scheme. We will inform you of any/all offers of settlement We receive, evaluate them and inform You in writing whether We consider You should accept or reject the offer. We will always act in Your best interests when pursuing Your claim and achieving for You the best results realistically obtainable. If a payment of compensation is made directly to You, We will forward an invoice to You for immediate payment.
4. WHAT WON’T WE DO FOR YOU?
We will not guarantee to win a Claim nor pursue a claim that in Our opinion has no realistic chance of success, and We reserve the right to cancel this Agreement if We form this opinion. We will not give you nor offer you financial advice. We reserve the right to cancel this Agreement if You decide to accept an offer of redress We consider insufficient or to reject an offer We deem to be adequate. We will not accept an offer of redress on Your behalf without Your agreement. We will not take Your Claim to court (although we will inform you if we think you should).
5. WHAT DO WE REQUIRE YOU TO DO?
Provide all relevant information We may request without delay, to enable Us to pursue Your claim efficiently. We need you to fully cooperate with Us. You must not mislead, or ask, Us to act in an improper or unreasonable way. You must provide Us with, and ensure that We have, exclusive authority for the duration of the Agreement: a. to pursue Your claim, b. to enter into correspondence and negotiations on Your behalf, c. to receive, process and provide valid receipt for any remuneration made, d. to ask the financier of the cheque (for Your redress payment) to make it payable to You, letting us know the value of any compensation settled. You must let us know the value of any compensation settled and pay Our invoice immediately.
6. YOUR RIGHTS
You have the right to pursue the claim yourself, to seek the assistance of another claims management company or seek independent advice. You also have the right to refer the matter yourself to the Financial Ombudsman Service and/or the Financial Services Compensation Scheme.
7. OUR FEES
If we do not succeed in obtaining compensation based on the Claim, You pay nothing.
If we won £1,000 on Your behalf Our fee would be 25% plus VAT (30% total). So you would pay £300 and would receive £700 net. You are responsible for settling our invoice for Our Fee directly.
Please note that income tax may be deducted at source from any interest payments made to you.
8. NON PAYMENT OF INVOICE
Without exception, all invoices must be paid in full within 14 days of issue. The costs of any invoice reminders at £25 plus VAT per time, or other fees and charges for outstanding invoices (including court fees and other costs the court permits to be charged as a result of a Hearing) may be added to the outstanding debt. Full details of these fees are available on request.
9. HOW YOUR SETTLEMENT WILL BE PAID
In relation to settlement payments made by the Financial Services Compensation Scheme You give authority these will be made to our client account where we will deduct our fee and forward the remaining amount to an account of your choice. Except in relation to settlement payments made by the Financial Services Compensation Scheme, you & we shall request that any settlement payment be made directly to You or Your Pension Scheme; you must contact Us immediately upon receipt of settlement decision; whereupon when We have been made aware that You have received Your settlement decision We will forward You an invoice for immediate payment.
10. CANCELLING THIS AGREEMENT
- We can cancel this Agreement at any time. There will be no fee payable if We tell you Your claim is unlikely to succeed and You have fulfilled your obligations (as laid out in section 3 of this Agreement).
- There will be no fees payable if You cancel within 14 days of this Agreement.
- If this Agreement is cancelled (by either party) when an offer of payment has been made, We will enforce Our charges of 25% plus VAT (30% total). If the offer was £1,000 Our fee would be 25% plus VAT (30% total). So you would pay £300. You are responsible for settling our invoice for Our Fee directly.
- You can contact us 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. You can contact us by email at email@example.com and we will reply confirming our records are updated, whether there is any fee to pay and how much. You can write to us at Cancellations, Money Redress Limited, Ground Floor, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ. You can also visit in person to the above address.
- We have enclosed a cancellation 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.
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. We have eight weeks to consider your complaint. You must have tried resolving your complaint with us first but if we are unable to help you then you can have the complaint independently looked at by the Legal Ombudsman. The Legal Ombudsman investigates problems about poor service from Claims Management Companies. Their time limits for investigating complaints are: 1. Within six months of receiving a final response to your complaint; and 2. Six years from the date of act/omission; or 3. Three years from when you should reasonably have known there was cause for complaint (if the act took place more than six years ago). The act or omission, or when you should have reasonably known there was cause for complaint, must have been after 5 October 2010.
If you would like more information about the Legal Ombudsman their contact details are as follows: Visit www.legalombudsman.org.uk or Call 0300 555 0333 between 8.30am to 5.30pm. Calls to 03 numbers will cost no more than calls to national geographic numbers (starting 01or 02) from both mobiles and landlines, and will be included as part of any inclusive call minutes or discount schemes in the same way as geographic calls. Calls are recorded and may be used for training and monitoring purposes. For minicom call 0300 555 1777. Email firstname.lastname@example.org. Legal Ombudsman PO Box 6806, Wolverhampton, WV1 9WJ Do not send original documents to the Legal Ombudsman. They will scan any documents you send us to make computer copies and then destroy the originals.
12. DATA PROTECTION
- We will hold, control and process Your personal information in accordance with the Data Protection Act 1998. By providing Your personal information to Us, You explicitly authorise Us to process the information for the purposes set out in these Terms. We will use the personal information You provide to assess Your claim and carry out Our Service in accordance to this Agreement. 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. 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 organisations may give us additional information about You. 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 for redress, but we will always consider this carefully before doing so.
- You can, at any time, request a copy of all information We hold relating to You by writing to Us (a written Data Subject Access Request in accordance with the Data Protection Act). You will be charged an administration charge of £10.00 for this. Declaration
I confirm that I have read and agree to be bound by the Terms provided to me. I confirm that the information shown on my Claim Form is true and accurate to the best of my knowledge. I appoint Money Redress Limited, Ground Floor, 22 Vantage Park, High View Close, Hamilton, Leicester, LE4 9LJ to act on my behalf to provide advice in respect of my investment product miss-selling claim, and to represent me in investigating, presenting and negotiating my claim.