Terms and Conditions


Here are our standard terms and conditions used to pursue financial mis-selling claims. You can also find answers to some commonly asked questions about our claim process in our pre-contract terms.

These Terms and Conditions form the Agreement between us.

  1. Definitions

    'Claim/Claims' means the Client’s claim or claims against the third party relating to the mis-selling of a financial product.

    'Third Party' means the financial institution and/or persons to whom the Form of Authority and Engagement is addressed being the Insurance Company, Bank, Building Society, Credit Card Company, Broker, or Financial Adviser or any other entity which sold the financial product or gave the advice to You (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). 'Third Party' also means the Financial Ombudsman Service and the Financial Services Compensation Scheme.

    'Financial Products' means payment protection insurance (PPI), general insurance contracts and mortgage finance products, payday loans and packaged bank accounts (PBA).

    'Client Account' means a separate bank account in which client funds are deposited. This account is separate to our main business account and the management of the account is in accordance with the Client Account Rules 2006.

    'Compensation' means any sums paid or awarded in respect of any Claim made by us on your behalf. This includes “benefits”, redress, gestures of goodwill, ex gratia payments, refunds, discounts, any reduction in the loan outstanding and/or any interest or capital recovered. Where such an offer is increased on appeal during the term of this agreement, then the higher amount shall be used in order to calculate the amount of the compensation.

    'Service Charge' means the charges payable by you as set out in these terms.

    '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.

    'Us', 'We' and 'Our' means Financial Recovery Solutions Limited.

    'You' and 'Your' means the client(s) whose details are recorded on the Form of Authority and Engagement.

  2. Duration:

    1. The contract shall commence on the date you sign and return these terms to us and, unless terminated earlier as per clauses 6 or 7 below, will continue until Compensation is recovered for you by us and you have paid the Service Charge in respect of all Claims we are processing.
    2. Where we identify any further Claims that arise from the original instructions we will pursue these under these same Terms and Conditions as the original instructions. We will notify you of any additional Claims that we identify.
  3. We agree to:

    1. Conduct the Services with care and skill and act in your best interests.
    2. Review your Claim and assess the likelihood of your Claim being successful.
    3. If after we have reviewed your Claim, we determine that it is unlikely to be successful or it is not in your best interests to pursue a claim we may decline to act for you. We will notify you of this fact in writing.
    4. If we accept your Claim, we will confirm this to you and prepare and submit your Claim to the relevant Third Party, where appropriate.
    5. We will liaise with the Third Party and use reasonable endeavours to pursue your Claim.
    6. We will notify you promptly of any requests for additional information or documentation that the Third Party needs to investigate your Claim.
    7. Notify you in writing of any offers of compensation made by the Third Party.
    8. Where the Third Party requires written acceptance of an offer of Compensation we will obtain your agreement before accepting or rejecting any offer on your behalf.
    9. Where necessary and appropriate, we will seek your further instructions and agreement to refer your Claim to the Financial Ombudsman Service.
    10. Notify you of any circumstances beyond our control which prevent us from performing the services under this contract.
  4. You agree to:

    1. Appoint us as your exclusive agent to handle this Claim. This means you cannot appoint another person, including yourself, or firm to act on your behalf in respect of this Claim, unless you terminate this agreement with us.
    2. Provide us with information about your circumstances which is truthful and accurate, to the best of your knowledge and belief.
    3. Provide full authority to us to deal with the Third Party on your behalf.
    4. Provide copies of all documentation that are in your possession and which relate to the Claim.
    5. Co-operate with us at all times.
    6. Respond promptly to requests by us for further information, or documents and/or questionnaires that may be needed to progress your Claim.
    7. Notify us promptly of any offer, rejection or other information or communication (including telephone calls) made or requested by the Third Party relating to the Claim.
    8. Notify us promptly upon becoming aware of any changes in your circumstances which could affect the claim. This includes, but is not limited to, any arrears, the issue of a default notice, a petition for a County Court Judgement or bankruptcy claim, where the matter relates to an account under which we are pursuing a claim on your behalf. In these circumstances, we reserve the right to terminate the agreement in accordance with 7.1a.
    9. Pay our Service Charge due as a result of a successful Claim.
  5. Service Charges

    1. Our Service Charge is 30% plus VAT (at the standard rate) of the Compensation offered or refunded to you by the Third Party in respect of the Compensation for PPI claims and 30% plus VAT (at the standard rate) of the Compensation for PBAs and other financial product claims.
    2. If the Third Party makes payment of the Compensation directly to us this will be credited to our Client Account which is held separately from our business account. We will deduct our Service Charge and make payment of the balance to you.
    3. If the Third Party makes payment of Compensation directly to you, you must notify us promptly and we will send you an invoice equal to the amount of our Service Charge.
    4. Our Service Charge must be paid within 10 business days of receipt of the invoice (this is known as the grace period).
    5. We reserve the right to charge you for any reasonable costs incurred in seeking to recover our Service Charge from you including interest at the rate of 4% per annum over the base lending rate of HSBC if our Service Charge is unpaid at the end of the grace period described in 5.4 above.
    6. If you reject an offer of Compensation that is calculated in accordance with rules of the Financial Conduct Authority or the principles used by the Financial Ombudsman Service or, any other reasonable offer of Compensation which we recommend is accepted by you, we reserve the right to charge the full Service Charge on the basis of the offer of Compensation being made.
  6. How You Can Cancel This Agreement

    1. You have the right to cancel this contract within 14 days without giving any reason. This cooling off period will expire after 14 days from the day after you sign the agreement.
    2. To exercise your right to cancel, you must inform us of your decision to cancel this contract by a clear statement, for example, a letter sent by post, fax or e-mail or in person by visiting our registered office. Contact details are given in clause 10.2 below. You can electronically fill in and submit the model cancellation form on our website, www.financialrecoverysolutions.co.uk, but it is not obligatory. If you use this option, we will communicate to you an acknowledgement of receipt of such a cancellation on a durable medium, e.g. by e-mail, without delay. If you cancel this contract within the cooling period, you will have no liability to pay any fees.
    3. You can cancel at any time after this initial 14 day cooling off period using the contact details shown in clause 10.2 below.
    4. If you cancel the agreement in accordance with clause 6.3 above, we reserve the right to apply a Service Charge to cover our reasonable costs for the work undertaken in processing your Claim up to the date of cancellation subject to a maximum of £300 for each Claim. Such charges will be calculated at an hourly rate of £30 plus the costs of any disbursements incurred by us.
    5. If you cancel this agreement after Compensation has been offered or refunded to you by the Third Party in respect of the Claim, we are entitled to our Service Charge in accordance with clause 5.1.
  7. How We Can Cancel or Change This Agreement

    1. We can cancel this agreement by giving you 14 days notice in writing if any of the following events occur:
      1. We become aware that your Claim is unlikely to succeed; You are declared bankrupt, enter into an Individual Voluntary Arrangement or a Trust Deed with your creditors, have a Bankruptcy petition presented against you, enter into sequestration, or a reduced repayment arrangement with your creditors;
      2. You provide information which you knew to be false or misleading in support of your Claim and this information is material to the success of your Claim or as to whether we would have agreed to act for you;
      3. You fail to respond to reasonable requests for information in a timely manner and this prevents us from providing the Services;
      4. You breach a term of the agreement and you do not correct this breach within 14 days of receiving written notification from us detailing the breach and the action required to resolve the breach.
    2. Subject to the notice period in clause 7.3 below, we may change the terms of this agreement from time to time to reflect the increased cost of providing the service to you, to reflect changes or predicted changes in taxation, or legislation.
    3. We will always give you at least 21 days written notice of any changes before they take place. If you are not willing to accept the proposed change, you will be free to end the agreement and you will have no amount to pay under the Agreement.
  8. Waiver

    From time to time we may decide not to apply certain conditions of these terms to some/all of your claims. Should we decide not to apply a condition of these terms to one of your claims, this does not mean that we cannot apply it to any of your other claims that you have instructed us to pursue on your behalf arising from your original instructions.

  9. General Conditions

    1. We may assign these Terms and Conditions and the rights under it. We will always provide you with at least 28 days written notice of such a transfer. You will be free to reject such a transfer by writing to us at the address given within the assignment notice. You will not be charged a cancellation fee if you reject such a transfer.
    2. This agreement is governed by English Law.
  10. Disputes

    1. Disputes about the agreement or the parties’ obligations therein may be referred to the Association of Professional Claims Managers (APCM) for independent arbitration. Please visitwww.apcm.org.uk. This alternative dispute resolution is in addition to the standard complaints procedure which we operate and does not alter or diminish your rights to bring a complaint under those procedures.
    2. You can submit a complaint to us in one the following ways:

      The Complaints Officer,
      Financial Recovery Solutions Ltd,
      57 St Petersgate,
      Stockport,
      Cheshire,
      SK1 1DH

      By email: complaints@financialrecoverysolutions.co.uk
      By fax: 0161 850 2240
      By telephone: 0800 612 7922
      Or in person by visiting our premises (address detailed above)

      We will send you a written acknowledgement within 5 business days and send you a copy of our complaints process. If we haven’t resolved your complaint within 8 weeks of receipt or you are not satisfied with our response you can refer it to the Legal Ombudsman, whose contact details are:

      Legal Ombudsman,
      PO Box 6804,
      Wolverhampton,
      WV1 9WG

      www.legalombudsman.org.uk/cmc
      Email: cmc@legalombudsman.org.uk
      Call: 0300 555 0333

      Calls may be recorded for training and quality purposes. Calls to 03 numbers are included in free call packages. Calls from landlines may be charged up to 9p per minute, whilst calls from mobiles will be more.

       

      Updated October 2016