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 (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 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.
We will contact you 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. You will always be contacted to approve our proposed communications on your behalf.
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 do not need to use a claims management company to make your complaint to your financial adviser, and if your complaint is not successful you can refer it to the Financial Ombudsman Service and/or the Financial Services Compensation Scheme yourself for free. You have the right to pursue the claim yourself, to seek the assistance of another claims management company or seek independent advice.
Other than our Fee we are not aware of any other costs that you might pay for our Services. 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.
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. If we won £3,000 you would pay £900 and would receive £2,100 net. If we won £10,000 you would pay £3,000 and would receive £7,000 net
- You are responsible for settling our invoice for Our Fee directly, unless you authorise us to collect the money for you and deduct it before paying to you.
- Please note that income tax may be deducted at source from any interest payments made to you.
- The fee illustration is not an estimate of the amount likely to be recovered for you. We will update you with any news of a sum that may be recovered for you or a revised estimate of our fee when we have sufficient information to do so.
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.
If You have outstanding liabilities with the person against whom the claim is to be made: (a) any damages, compensation or settlement monies might, in certain circumstances, be off-set against those outstanding liabilities; and (b) You will, where necessary, need to pay Our fees from Your own funds.
In the case of pension related claims: (a) it is possible that Our fee may become payable before You have access to Your pension; and (b) You will, where necessary need to pay Our fees from Your own funds.
If You are subject to or proposing any of the following; (a) bankruptcy; (b) bankruptcy petition; (c) individual voluntary arrangement (entered or proposed, whether approved or rejected by creditors; (d) debt relief order; or (e) have any other similar process; then (a) any damages, compensation or settlement monies might, in certain circumstances, be off-set against Your outstanding debts; and (b) You will, where necessary need to pay Our fees from funds which are not subject to those processes.
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).
- 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), plus any fees which may have been incurred by Us in the administration of Your claim. For example, 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 protected] 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 Financial Ombudsman Service.
- If you would like more information about the Financial Ombudsman Service their contact details are as follows: www.financial-ombudsman.org.uk. You can call them on 0800 023 4567
12. DATA PROTECTION
- We will hold, control and process Your personal information in accordance with the Data Protection Act 2018 and the General Data Protection Regulation. 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
- 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.