Packaged Bank Account Terms and Conditions

MG Financial Limited

PRE-CONTRACT INFORMATION AND

TERMS AND CONDITIONS OF CONTRACT

THIS DOCUMENT CONTAINS IMPORTANT INFORMATION.

YOU SHOULD READ IT THOROUGHLY BEFORE SIGNING AND

YOU SHOULD ONLY SIGN IT IF YOU UNDERSTAND IT AND AGREE TO ITS CONTENTS.

 

1. DEFINITIONS AND MEANINGS

1.1. In this contract

1.1.1. ‘We’, ‘Us’ and ‘Our’ means MG Financial Limited registered in England and Wales. Registered company number 06547196. Registered office address: Orchard House, Halsall Business Park, Summerwood Lane, Halsall, Lancashire L39 8RG. CRM14650.

1.1.2. ‘You’ means the person(s) whose name and signature appears in the Engagement Instruction.

1.1.3. ‘Claim’ means the seeking of compensation or damages from the Third Party.

1.1.4. ‘Compensation Scheme’ means the Financial Ombudsman Scheme, Financial Services Compensation Scheme or such other public or industry scheme that makes an offer of Financial Benefit to You as a result of the Claim.

1.1.5. ‘Engagement Instruction’ means the document You sign to enter into this agreement and to provide your Instructions to Us.

1.1.6. ‘Our Fee’ means the amounts that We will charge You under this agreement for providing Our Service as contained at paragraph 6 of this agreement.

1.1.7. ‘Financial Benefit’ means any and all of offers of compensation, damages or gesture of goodwill resulting from the Claim.

1.1.8. ‘Letter of Authority’ means the documented authority given by You to Us to act on your behalf and which We will send to the Third Party to evidence Our authority to act on your behalf.

1.1.9. ‘Packaged Bank Account’ means all current bank accounts for which You are being charged, or have been charged, a regular fee by the Third Party and as part of which the Third Party provides/provided you with, or facilitates/facilitated, additional services such as (but not limited to) insurances.

1.1.10. ‘Personal Information’ means information and documents which contain data which relates to You.

1.1.11. ‘Third Party’ means either the organisation that provides You, or provided You, with the Packaged Bank Account, or any other organisation that subsequently assumed the liability of that organisation.

2. THE PARTIES TO THE CONTRACT

2.1. This contract is between You and Us.

2.2. The services We provide under this agreement, once commenced, are personal to You because it relates to You and your Packaged Bank Account(s) and therefore your rights and responsibilities in this contract cannot be assigned to any other person.

2.3. We can assign Our rights and responsibilities in this contract provided that the person We assign it to agrees to provide the same services to You in accordance with this contract. We will write to You before any assignment is made to ensure that You are aware that it is happening. In such circumstances You have 14 days in which to cancel this agreement without charge (this is in addition to the rights of cancellation set out at section 7 below)

2.4. We exclude the provisions of the Contracts (Rights of Third Parties) Act 1999 from this agreement which means that only You and Us have any rights under this contract. However if You ask Us to liaise with anybody else on your behalf in relation to this contract We will do so provided that You give Us your written permission.

3. OUR SERVICE

3.1. Before offering Our Service to You We asked You some questions to ensure that it is suitable for You. We decided to provide Our Service to You because You have told us that you believe you hold, or have held, a Packaged Bank Account. We cannot continue to provide Our Service to You until You have confirmed that this information is correct which You must do so by signing Our Engagement Instruction.

3.2. In the Engagement Instruction We have also asked You to answer a small number of questions so We can see whether We believe that your Packaged Bank Account was mis-sold. It is important that you answer this accurately and let Us know if you later think any of the information You have provided is inaccurate.

3.3. Upon receipt of your signed Engagement Instruction We will contact You by telephone to confirm We have received your signed documents.

3.4. After the expiry of the 14 day cooling off period, We will contact the Third Party and ask them to confirm whether they hold responsibility for the sale of the Packaged Bank Account to You and to identify all Packaged Bank Accounts they provide, or have provided, to You. If they confirm that this is the case We will submit a Claim to them based upon the information You have provided to Us in the Engagement Instruction. We may need to confirm that information with You if the Third Party identifies more than one Packaged Bank Account relating to You.

3.5. If the Third Party does not provide the requested information to Us within 7 days We will write to them again to ask them to provide it to Us and provide them a final 7 days in which to respond but You should be aware that this will delay Us providing the rest of Our Service. In the event that the Third Party still does not reply to Us We will submit a Claim to them based upon the information You have provided to Us in the Engagement Instruction.

3.6. We anticipate receiving a reply to the Claim from the Third Party within 8 weeks of submitting it although sometimes it can be quicker than this.

3.7. If the Third Party does not make an offer of Compensation, doesn’t respond to the Claim within 8 weeks, or has ceased to exist, We will refer the matter to a Compensation Scheme.

3.8. We will also refer the Claim to a Compensation Scheme if the Third Party rejects the Claim because they do not believe the Packaged Bank Account was mis-sold to You, and We believe based upon the information You have provided, that the Claim could be presented to a Compensation Scheme and have good prospects of resulting in Financial Benefit.

3.9. There may be circumstances in which the Third Party makes an offer of Financial Benefit which may not represent the total redress which We think You are entitled to. In such circumstances We will ask You whether You want to accept the offer or if You want Us to present the Claim to a Compensation Scheme in order to try and obtain the full Financial Benefit which We think You are entitled to.

3.10.You must advise Us if any of the following circumstances apply:

3.10.1. You are currently behind with any payments due to the Third Party (such as loans or credit cards), or you are subject to any formal or informal insolvency arrangements including an Individual Voluntary Arrangement (IVA) and Debt Management Plan.

3.10.2. You have ever been made bankrupt or it is likely you may be made bankrupt in the next 12 months.

3.10.3. During the course of providing Our Services to You any of the matters set out in 3.10.1 or 3.10.2 apply to You as a result of a change in your circumstances.

3.11.Our Service, and therefore the contract between You and Us, will end when any one of the following events occur (i) We write to You and advise You that We do not believe that We can obtain any Financial Benefit for You, (ii) You, or We, receive an offer of Financial Benefit from the Third Party or a Compensation Scheme which We believe represents all of the redress You are entitled to, (iii) You, or We, receive an offer of Financial Benefit from the Third Party which We do not believe represents all of the redress You are entitled to but You decide that You do not want Us to present the matter to a Compensation Scheme, or You do not advise Us whether You want to accept it or not within 28 days of Us notifying You of the offer, (iv) We have exhausted the processes of the Compensation Scheme that We refer your Claim to and You do not receive an offer of Financial Benefit.

4. YOUR RIGHTS AND RESPONSIBILITIES

4.1. You appoint Us as your agent so that We can liaise with the Third Party.

4.2. You must ensure that You always supply truthful and accurate information when We request it and promptly notify Us of any changes in your circumstances.

4.3. You must forward any correspondence which You receive from the Third Party within 5 working days of receiving it.

4.4. Whenever We write to You and request You to either (i) complete and send documents to Us, (ii) provide information or documents to Us, or (iii) do anything else which We require You to do to enable Us to provide Our Services. You must do so within 14 days of Our request. If You do not do this We will write to You to remind You and provide a final 14 days in which for You to do so. If You still fail to do so We shall be entitled to terminate this agreement.

4.5. You should consider the information contained in this document carefully and exercise your right of cancellation, before the expiry of the cooling off period, if You do not want to pay any Fees to Us.

5. OTHER IMPORTANT INFORMATION

5.1. It will take longer than 30 days to provide Our Service in full. We hope to have provided all of Our Services within 4 months of the agreement commencing but this is dependent upon a number of factors including how quickly the Third Party and/or a Compensation Scheme responds to Us.

5.2. Nothing in these Conditions excludes or limits Our liability for death or personal injury caused by Our negligence, for fraud or fraudulent misrepresentation or any other liability that cannot be restricted by law.

5.3. Subject to the paragraph above, Our total liability under this Contract shall be limited to only damages which were reasonable and foreseeable at the time this contract was made.

5.4. We shall not be liable for failure to comply with Our obligations under the Contract due to an event which is beyond Our reasonable control and We will endeavour to provide the Services within a reasonable period of time.

5.5. Any notice to be given under the Contract by either party to the other must be in writing and be served by post to the address of the other party given in the Engagement Instruction. Service of the written notice is deemed to be forty eight hours after posting.

5.6. You have the right to shop around and consider using the Financial Ombudsman Scheme independently. You should also consider, and tell Us, if you have any other means of pursuing the Claim including using any legal expenses insurance.

5.7. These Conditions (and any non‐contractual matters arising under them) are governed by English law. You should only enter into the contract on this basis.

6. OUR FEE

6.1. We will charge you Our Fee on the first occurrence of either of the following events:

6.1.1. You, or We, receive notification of an offer of Financial Benefit from the Third Party or a Compensation Scheme (whether orally or in writing) which We believe represents all of the redress You are entitled to, or

6.1.2. You, or We, receive notification of an offer of Financial Benefit from the Third Party (whether orally or in writing) which We do not believe represents all of the redress You are entitled to but You decide that You do not want Us to present the matter to a Compensation Scheme, or You do not advise Us whether You want to accept it or not within 28 days of Us notifying You of the offer.

6.2. Our Fee is 25% + VAT of the Financial Benefit which is offered to you under either 6.1.1 or 6.1.2 above. For example if the Financial Benefit is £700 Our Fee would be £175 + VAT leaving you with £490.

6.3. There may be circumstances in which the Financial Benefit consists only of reducing money which you owe to the Third Party and in such circumstances You would still have to pay Our Fee. For example if the Financial Benefit is £800 consisting of £200 to be paid to You by the Third Party or Compensation Scheme, and £600 used to reduce the money You owe to the Third Party, Our Fee would be £200 + VAT. You should think carefully about whether this might apply to You and how You would pay Our Fee in such circumstances.

6.4. We will send an invoice to You when Our Fee becomes due as set out above. You must pay that Fee within 10 days of the date of our invoice however We will allow You longer to pay if the Third Party or Compensation Scheme advises that You have not received payment of the Financial Benefit from the Third Party or Compensation Scheme during that time. In any event You must make payment of Our Fee no later than 10 days after you receive payment of your Financial Benefit (or 10 days after it is used to repay any money you owe to the Third Party).

6.5. In the event that You breach this agreement by not making payment of Our Fees when they become due we will be entitled to seek our reasonable costs for enforcing the agreement. In such circumstances We will also charge You 8% statutory interest calculated on a daily basis until the date that You make payment of Our Fee.

7. CANCELLATION AND TERMINATION

7.1. You can cancel this contract within 14 days of entering into it and You will not have to pay anything further to Us.

7.2. After the conclusion of the cooling off period contained in paragraph 7.1 You can still ask Us to cease providing Our Services at any time but not if it has already ended in accordance with 3.11 above.

7.3. We can terminate this agreement if You materially breach any of your responsibilities and You fail to rectify your breach within 28 days of Us telling You which We will attempt to do by both telephone and post.

8. USE OF YOUR INFORMATION

8.1. We will comply with Our obligations under the Data Protection Act 1998 as amended from time to time. You consent to Us passing on Your Personal Information to all Third Parties We deem necessary to provide Our Services.

8.2. To obtain a copy of the personal information held by Us, please write to the Data Protection Officer at the address shown in 1.1.1 of this agreement and enclose a cheque for £10.

8.3. On occasions it may be necessary for Us to disclose your Personal Information to regulatory bodies as part of our regulatory obligations.

8.4. We may send You updates and information in relation to Us and Our products and services. You have the right to ask Us not to use Your information for such purposes and You can exercise Your right to prevent this by indicating this when We collect the information. You can also exercise this right at any time by contacting Us in writing.

9. COMPLAINTS

9.1. Please contact Us if for any reason You are dissatisfied with Our service.

9.2. We are committed to resolving complaints as quickly as possible. In the event that You wish to make a complaint, please contact Us in writing, by email or by phone. We will acknowledge receipt of the complaint with 5 working days and provide a copy of Our full complaints handling procedure. We have a maximum of 8 weeks in which to respond to your complaint but We hope to resolve matters within 28 days.

9.3. If You are dissatisfied with the handling of your complaint, or if we don’t provide a full response within 8 weeks, You can refer the matter to the Claims Management Regulator.

9.3.1. The Claims Management Regulator can be contacted in writing at 57-60 High Street, Burton upon Trent, Staffordshire, DE14 1JS. Tel: 0333 200 0110 E-mail: consumer@claimsregulation.gov.uk.

You should only sign this agreement if you have read it and understand it and agree to be bound by its terms

Signature:

Name:

Date:

 

 

Right to cancel

You have the right to cancel this contract within 14 days without giving any reason.

The cancellation period will expire after 14 days from the day of the conclusion of the contract.

To exercise the right to cancel, you must inform us MG Financial Limited, 25 Orchard House, 17 Summerwood Lane, Halsall Business Park, Halsall, Lancs, L39 8RG, info@mg-financial.co.uk, (Tel: 01704 842860) of your decision to cancel this contract by a clear statement (e.g. a letter sent by post, fax or e-mail). You may use the attached model cancellation form, but it is not obligatory.

To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.

 

Cancellation Notice

To: MG Financial Limited, 25 Orchard House, 17 Summerwood Lane, Halsall Business Park, Halsall, Lancs, L39 8RG, info@mg-financial.co.uk, (Tel: 01704 842860)

I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]/for the supply of the following service [*]

Ordered on [*]/ received on [*]

 

Name of consumers:

 

Address of consumers:

 

Signature of consumers (only if this form is notified on paper):

 

Date:

 

[*]Delete as appropriate