Terms and Conditions of Business
Cavendish Online Ltd is an Independent Financial Adviser (IFA) and is authorised and regulated by the Financial Conduct Authority (FCA). Our company number is 4045709 and our Financial Services Register number is 469385.
Cavendish Online is bound by the rules of the Financial Conduct Authority and will provide non-advised sales on our website in accordance with the FCA's Insurance Conduct of Business (ICOB) rules on a whole of market basis.
Cavendish Online will provide advised sales over the phone for protection products only in accordance with the FCA's Insurance Conduct of Business (ICOB) rules on a whole of market basis.
Although Cavendish Online is authorised to do so, we will not offer any advice for any investment or pension products available when using our service.
You can choose to receive advice with regards to protection products (life assurance, income protection etc) from Cavendish Online In-House advisory service or with our partners Vita, or you can choose to proceed on an execution-only basis with no advice.
If you have any doubt about the suitability of the investment or pension product, then please seek alternative advice. If you have any doubts about the suitability of any protection policies, then please contact our Advisers who will be able to assist you.
Full Disclosure of Information
We require our clients to give us written instructions to act on their behalf on an execution-only basis. We will accept your instructions by mail or email. We will confirm all such instructions by mail or email.
You or we may terminate our authority to act on your behalf at any time without penalty. Notice of this termination must be given in writing. In case of termination of our authority, we will retain the right to any renewal commission on policies and investments arranged by us on your behalf unless or until you change the agency of your plan to another adviser.
Execution-Only service - We derive our income from fees paid to us by you in respect of transactions in life assurance, investments and pensions or by commission being paid to us from such transactions. We shall tell you the amount of commission payable to us on any such products and the discounts that you are entitled to and shall receive.
Advised Life Assurance / Protection - We derive income from commission only, however, we have agreed to sacrifice some of the commission paid to us to reduce your premiums. We shall tell you if there are any exceptions to this when we make our recommendations and shall explain the commission payable to us.
Renewal Commission Service
Renewal commission is paid to Cavendish Online by investment and insurance companies based upon the value of your investments held with them. Under this service Cavendish Online will in no circumstances be liable to pay commission in excess of the commission received in respect of your plans registered with Cavendish Online.
Cavendish Online is not responsible for the amount of commission received, but will always endeavour to collect all renewal commission due in respect of the plans that you have registered with Cavendish Online.
We retain the right to alter our fees subject to three months notice to the client of our intention to do so.
Life Assurance commission sacrifice
When customers choose the fee-based execution-only route we ask the Life Assurance provider to re-invest 100% of the initial and trail (renewal) commission. When choosing the no-fee execution-only route we ask the provider to re-invest 81% of the commission and we receive 19% of the commission from the provider rather than taking a fee.
Vita Protection Advisers
Vita work together with the Cavendish Online protection advisers to offer advice on a range of protection products to our customers. Advice on a range of products is available including Life Assurance, Critical Illness, Income Protection and Business Protection.
If you have stated during your Life Assurance quote that you may either have a medical condition or a hazardous occupation that may affect your cover then we may contact you to discuss this in more detail. Likewise, if you have completed an online quote but not proceeded with obtaining cover, then we may contact you to see whether you need any assistance. The reason for this is that our online (non-advised) route can only offer quotes on a limited panel of Insurers. Our advisers may be able to find you both cheaper and more comprehensive cover by having access to a much larger panel of Insurers and variety of products that are not available via the online (non-advised) route.
Our advisers also have experience of which Insurers are able to offer more favourable terms depending on a customer’s medical conditions, lifestyle, BMI or any hazardous pursuits they may participate in. For more details please call us on 03456 44 25 40.
Cavendish Online work with Reassured who offer a telephone based execution-only life assurance service. If you have carried out a quotation on our site but have not managed to purchase a policy, we may phone you to see whether you would like any help. We will ask you whether you would like to speak to a representative from Reassured to help you obtain life assurance cover. They help over 4,000 customers with their life assurance needs each month and currently have a 9.6 out of 10 rating on Trust Pilot.
Cavendish Online Annuity Service
The Cavendish Online Annuity service is an execution-only service and therefore no advice is given or provided by this website. We have a panel of providers on the website but not all providers will provide a quotation every time as this will be dependent upon the details entered and type of annuity quotation requested. Not all the quotations will be guaranteed and may be subject to underwriting. Certain providers will require further clarification from questions asked in the application form once you apply and this can cause your quotation to either increase or decrease.
The annuity guidance contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. If you have any doubt about the suitability of the annuity, then please seek advice. We recognise that not everybody will be comfortable in dealing with an internet based process and making their own decisions.
WE DO NOT HANDLE CLIENTS' MONEY. We will never accept a cheque made payable to Cavendish Online for forwarding to investment companies (unless it is a cheque for our transaction fees). We will not handle cash.
We will make arrangements for all your investments and policies to be registered in your name unless you first instruct us otherwise in writing.
Due to the nature of our service, we will not review any investment you have purchased via our company. You will be able to either access your investment online or contact the investment company you have chosen for this information.
We keep records of all our business transactions for at least six years. You or your appointed agent may inspect contract notes, vouchers and entries in our books (whether kept manually or electronically) that relate solely to your investments. As we treat all our clients' records as confidential, we reserve the right not to give you copies of your records if to do so would allow access to files containing records about other clients. We will supply a list of transactions at no cost, but we reserve the right to charge a fee for copies of records. Currently, our charges are £25 per file or part thereof.
Cavendish Online maintains Professional Indemnity Insurance that satisfies the level of cover stipulated by the FCA.
Charges and product information
The information on the website with regards to products and their charges is provided to us by the Life and Pension companies on a regular basis. The information on the website is correct to the best of our knowledge but is subject to change. You will also receive confirmation of the charges when you receive your policy documents.
Life Assurance underwriting
The Life Assurance comparison quotes we are able to provide on our website do not take into account your complete health and lifestyle. These questions are asked once you choose and apply to an insurer. If your insurer reviews your application and revises their acceptance terms, resulting in an increase in the premium, regrettably this does not invalidate our fee as you have still benefited from having utilised our services and obtained cover on a discounted nil-commission basis. However, if you decide not to take out this policy, then no fee is required.
Cavendish Online Life Assurance refund policy
If your Life Assurance policy is declined you can either apply to another company or ask us for a full refund of your fee. If your premium is increased due to health / lifestyle reasons or deferred then you can either apply to another company or ask us to refund your fee if you decide not to proceed. If your premium has not increased but you decide not to take up the policy we do not offer a refund.
Life Assurance companies use similar underwriting criteria but some do vary. Therefore, we recommend if you are unsure of how your health and lifestyle may affect the acceptence by certain companies then you can either speak directly to the underwriters (of the various companies listed on the online comparison) to see how they will treat your situation before applying, or you can speak with one of our Advisers who can recommend you companies and products, and will be able to assist further if you have been declined.
If you should have any complaint about a product or service which you have bought through Cavendish Online or a complaint about the service received by Cavendish Online, please write to the Compliance Officer, Cavendish Online, 20 Cathedral Yard, Exeter, EX1 1HB.
Financial Services Compensation Scheme and the Financial Ombudsman
If you make a valid claim against Cavendish Online in respect of the financial products we have arranged for you, and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme.
Please be aware that buying protection products without advice will affect your right to recourse via the Financial Ombudsman Service, although this is only in the event of the suitability of a product bought on an execution-only basis. You could still take a claim to the ombudsman about the service that you have received, unclear or misleading information or that you received information equivalent to advice prior to an execution-only sale taking place.
The terms of this agreement are issued to you in compliance with the requirements of our regulatory body, the Financial Conduct Authority. Should any of the aforementioned terms change in any material way, a revised Terms of Business document will be published on our website. Where it is necessary to charge fees, we shall charge you fees. Our current fee scale is £50 per hour plus disbursements. Such fees may be subject to VAT.
Please note that you will not be charged fees unless you have been advised to the contrary in advance of incurring any such fees.
Data Protection Act
Cavendish Online retains all relevant client information on computer files. This information is only disclosed to third parties for the purpose of processing applications. We will also use this information to contact clients by email, post or telephone to bring to the client’s attention any additional products or services that we believe may be of interest to the client. We agree that the client may withdraw this right at any time by contacting Cavendish Online through email or post.
If you have any further queries please Contact us