Terms of Business
More money for your future
These are the terms on which we shall supply the Equity Release Services to you. They set out your rights and responsibilities when you use (and our rights and responsibilities when we supply you with) the Services.
This is an essential document upon which we intend to rely, so for your own benefit and protection, please read it carefully and ensure you are happy with its contents before you use our Services.
If you require clarification on any part of this document, please call us on 01565 364380.
1.0 Who we are
Equity Release Works is a trading style of Pension Works Limited (company number 09775967), which is authorised and regulated by the Financial Conduct Authority (FCA) and we are bound by its rules.
Pension Works Limited FCA firm reference number is 739922 and further details can be obtained by visiting the Financial Conduct Authority website www.fca.org.uk/register.
We are completely impartial and not tied to any lender, allowing us to find the most suitable lender and product to release equity from your property. As members of the Equity Release Council and a number of trade bodies, we operate in an open and transparent nature, with our teams working to a strict ethical policy (detailed in section 5.2).
2.0 Our services
The services outlined below are offered by Equity Release Works, a trading style of Pension Works Limited: –
- We sell lifetime mortgages only and not home reversion plans.
- We will consider all lifetime mortgages available on the market, but not deals that you can obtain by going direct to a mortgage lender.
- We are impartial equity release advisers and will only recommend a lifetime mortgage after a thorough and careful assessment of your personal needs and circumstances.
2.1 Permitted users of the services
The Services are only available to UK residents for their own personal use. Clients must also own the property to be eligible for equity release, and be 55 years of age or over.
2.2 How to proceed with our recommendations
To proceed with our advice and recommendations, we prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings.
2.3 Client verification
We may be required to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date.
For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning.
3.0 Our charges
We charge a fee of £995 for our services, this fee becomes payable only upon completion.
We will receive and retain any commission paid by the lender when your lifetime mortgage completes. This amount will be confirmed by the lender in their disclosure document.
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendations to you.
3.1 Refund of fees
We do not offer a refund of fees, as we only charge you upon completion.
Under current legislation, our services are primarily exempt from VAT. We will notify you before conducting any work should VAT be applicable.
4.0 What to do if you have a complaint
We pride ourselves on our service and conduct with our clients. In the unlikely event that we have not met your expectations, please contact us in writing at: –
The Compliance Manager
Equity Release Works,
Booths Park 5,
or email: email@example.com
A summary of our internal complaints handling procedures for the reasonable and prompt handling in the unlikely event of a complaint is available on request. We agree to acknowledge your complaint within five working days and continue to process your complaint according to our complaint’s procedure and the FCA rules.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.
4.1 Compensation scheme
If you make a complaint and we are unable to meet our obligations, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), who can pay out up to £85,000.
Further information about the limits applicable to the different product types is available at www.fscs.org.uk/what-we-cover/ products.
5.0 Other things you need to know
We reserve the right to decline to undertake any service at our discretion.
5.2 Our ethical policy
We are committed to providing the highest standard of advice and service possible. The interest of our clients in paramount and we’ve developed our company to place you at the heart of our business. In doing so, we will: –
- Be open, honest and transparent in the way we deal with you.
- Not place our business interests above yours.
- Communicate clearly, promptly and without jargon.
- Seek your views and perception of our dealings with you, to ensure it meets your expectations.
- To continually identify any service improvements we can make.
5.3 Conflicts of interest
We are always determined to treat our customers with honesty and integrity. We have a policy in place to ensure that we continually identify and handle any conflicts of interest that may arise fairly.
5.4 Data protection
Equity Release Works adheres to all GDPR directives in regard to protecting your data. If you wish to view our full data protection policy; please visit our website www.equityreleaseworks.co.uk/privacy-policy or email firstname.lastname@example.org to request a copy.
5.5 Call recording
We record every call both inbound and outbound for training, monitoring and development purposes.
This agreement is governed and shall be construed in accordance with the relevant Laws of England, Wales, Scotland and Northern Ireland and the parties shall submit to the exclusive jurisdiction of the relevant Courts.
5.7 Force majeure
Equity Release Works shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
5.8 Anti-money laundering
We adhere to all applicable UK legislation, including the anti-money laundering regulations.
5.9 Your money
Equity Release Works will not handle or hold your money during our service. Instead, money will be transferred directly between your mortgage lender and your bank for added security. We cannot accept any payment unless it is in respect of an item invoiced by Equity Release Works.
Our authority to act on your behalf in accordance with these Terms of Business can be terminated at any time by either side in writing, without prior notice and without penalty. This will be effective from the date the notification is received. However, if transactions already initiated remain outstanding, the notification will only take effect once these have been completed.
5.11 Terms Of Business version
This version of Equity Release Works Terms Of Business was produced and updated on 02/10/2019. Version 1.2.