Terms and Conditions

Financial Recovery Solutions Limited is authorised and regulated by the Financial Conduct Authority with reference number 836358.

You should be aware of time limits attached to your claim such as when you may run out of time to bring a claim (known as the ‘limitation period’).

These 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 our pre-contract summary document.

These Terms and Conditions form the legal agreement between us.

  1. Definitions which apply to this agreement

    1. 'Claim/Claims' means Your claim or claims against the Third Party relating to the mis-selling of a Financial Product or a breach of legislation relating to a Financial Product.
    2. '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 Financial Conduct Authority’s Client Asset Handbook (CASS) and Claims Management Conduct of Business Handbook (CMCOB).
    3. 'Compensation' means any sums paid, offered or awarded in respect of any Claim as a result of Our efforts. This includes benefits, redress, gestures of goodwill, ex gratia payments, refunds, discounts, any reduction in the loan outstanding or outstanding liabilities 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.
    4. ‘Data Protection Legislation’ means the Data Protection Act and the General Data Protection Regulation 2016.
    5. 'Financial Products' means payment protection insurance (PPI), payment protection products (PPP), general insurance contracts, mortgage finance products, payday loans, packaged bank accounts (PBA) and breaches of the Consumer Credit Act 2006 or a combination of these.
    6. ‘Gross Amount’ means the total amount of Compensation offered before any tax is deducted, before our Service Charge is deducted or before any Compensation is offset against debt or arrears.
    7. ‘Letter of Authority’ means the signed letter of authority which you provide to Us in respect of a Claim.
    8. ‘Personal Data’ means any information relating to an identifiable person who can be directly or indirectly identified in particular by reference to an identifier such as name, identification number, location data or an online identifier.
    9. 'Services' means the work which We will undertake on your behalf in respect of your Claim set out in clause 3.
    10. 'Service Charge' means the charges payable by You as set out in these terms.
    11. ‘Sequestration’ means a person's assets being transferred into the control of an appointed person so that they can be used to satisfy creditors.
    12. 'Third Party' means the financial institution and/or persons to whom the Form of Authority and Engagement in relation to a Claim is addressed such as 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 . 'Third Party' also includes the Financial Ombudsman Service and the Financial Services Compensation Scheme.
    13. 'Us', 'We' and 'Our' means Financial Recovery Solutions Limited (Companies House Registration Number: 06621703).
    14. 'You' and 'Your' means the client(s) whose details are recorded on the Form of Authority and Engagement.
  2. Length of this Contract:

    1. The contract between Us and You will start on the date You sign and return these terms to Us and, unless terminated earlier under clauses 6 or 7 below, will continue until:
      • (a) Compensation is recovered for You by Us and You have paid the Service Charge in respect of all Claims We are processing; or
      • (b) Your Claim is rejected and either We notify You that there is no avenue of appeal remaining or any such avenue is, in Our reasonable opinion, unlikely to succeed.
    2. If it becomes apparent, following submission of a Letter of Authority to the relevant Third Party, that the Claim to which a Letter of Authority relates is dealt with over more than one account then We will, for the avoidance of doubt, be entitled to charge you a Service Charge in accordance with clause 5 below in respect of any and all additional accounts identified. We will notify You of any additional accounts that are identified.
  3. The Services We will provide to You

    We will:

    1. Carry out the Services with reasonable care and skill.
    2. Review Your Claim and ask you a series of questions to enable Us to ascertain the basis and merits of your claim.
    3. We will assess the likelihood of Your Claim being successful and provide Our advice on this.
    4. If after We have reviewed Your Claim, We reasonably believe 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 and tell You why We have reached Our decision.
    5. If We accept Your Claim, We will confirm this to You and prepare and submit Your Claim to the relevant Third Party, where appropriate.
    6. We will liaise with the Third Party and use reasonable endeavours to pursue Your Claim.
    7. We will notify You promptly of any requests for additional information or documentation that the Third Party needs to investigate Your Claim
    8. We will update You within 10 working days when there are any material developments on Your case or when We receive any information which is for Your attention. Where there are no material developments, We will update You at least every 6 months. These updates will be in a durable medium.
    9. Notify You in writing of any offers of Compensation made by the Third Partyand provide Our advice regarding whether the offer You have received is in line with the FCA’s Dispute Resolution Handbook.
    10. Where necessary and appropriate, We will seek Your further instructions and agreement to refer Your Claim to the Financial Ombudsman Service.
    11. Notify You of any circumstances beyond Our control which prevent Us from performing the Services under this contract.
  4. Your obligations to Us

    You agree:

    1. We are appointed as Your exclusive agent to handle this Claim. This means that, once You have instructed Us to act for You, 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 in accordance with clause 6 below.
    2. to Provide Us with information about Your circumstances which is truthful and accurate, to the best of Your knowledge and belief. Such information will relate to Your financial circumstances, employment details, recollections of the sale of the product and health information.
    3. to Provide full authority to Us to deal with the Third Party on your behalf.
    4. to Provide copies of all documentation that are in Your possession and which relate to the Claim. Documentation which may be required are; finance agreements or statements, proof of identity documentation, proof of beneficiary documentation such as grant of probate. This is not an exhaustive list.
    5. to Co-operate with Us at all times.
    6. to Respond promptly to requests by Us for further information, or documents and/or questionnaires that may be needed to progress Your Claim.
    7. to Notify Us promptly of any offer, rejection or other information or communication (including telephone calls) made or requested by any person (including the Third Party or on their behalf) relating to the Claim.
    8. Notify Us promptly upon becoming aware of any changes in Your circumstances or of any documents not provided to Us 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 clause 7.1a below.
    9. Pay our Service Charge due as a result of a successful Claim.
  5. Service Charges

    1. Our Service Charge is 20% 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 you have arrears or outstanding liabilities on your finance then the Third Party may use the Compensation to pay those before making any payment to You. This may result in you not receiving any cash benefit back. If you do not receive any cash benefit and all compensation is used against debt, You will still be required to pay Our Service Charge.
    3. Examples table:
      Compensation Service Charge @ 20% VAT Total To Pay
      £1000 £200 £40 £240
      £3000 £600 £120 £720
      £10,000 £2,000 £400 £2,400

      These examples are for illustration purposes only and are not to be taken as an estimate of the likely amounts to be recovered. The amount You receive may be more or less than these examples.

    4. If the Third Party makes payment of the Compensation directly to Us this will be paid into our Client Account. We will deduct Our Service Charge and make payment of the balance to You within 2 business days of receipt by Us.
    5. 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.
    6. Our Service Charge must be paid within 10 business days of receipt of the compensation.
    7. 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 Bank plc (from time to time) if Our Service Charge is unpaid at the end of the period described in 5.6 above plus a grace period of 10 business days.
    8. We reserve the right to charge the full Service Charge on the basis of the offer of Compensation being made if:
      • (a) 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
      • (b) You reject any other reasonable offer of Compensation which We recommend (acting reasonably) should be accepted by You.
  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 You sign and return 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 10.1 below. You can electronically fill in and submit the model cancellation form on our website 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 10.1 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. Such charges will be calculated as follows:

    5. Work completed by us Charge VAT Total
      Substantiation and referral of Your Claim to the Third Party £60 £12 £72
      Referral of Your Claim to the FOS or FSCS £60 £12 £72
      Each manual communication e.g. an outgoing or incoming call/letter/email to or from either You or the Third Party £40 £8 £48
      Each automated communication to e.g. automated update letters or text messages to you £10 £2 £12

      However, if We are in breach of Our obligations under this agreement You can cancel this contract at any time without having to pay a fee to Us.

    6. 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;
      2. You are declared bankrupt, enter into an Individual Voluntary Arrangement or a Trust Deed with Your creditors, or have a Bankruptcy petition presented against You, enter into Sequestration, or a reduced repayment arrangement with Your creditors;
      3. 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;
      4. You fail to respond to reasonable requests for information in a timely manner and this prevents Us from providing the Services;
      5. We become aware or suspect that the claim is fraudulent or vexatious;
      6. 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. If We cancel this agreement due to any of the events detailed in clause 7.1 b, c or d 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 the cancellation for each Claim. Such charges are detailed in clause 6.4 above, and costs of any disbursements incurred by Us.
    3. Subject to the notice period in clause 7.4 below, We may change the terms of this agreement from time to time to reflect the increased cost of providing the Services to You, to reflect changes or predicted changes in taxation, or legislation.
    4. 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. If 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 or otherwise.

  9. Other Important Terms

    1. We may transfer these Terms and Conditions and Our rights and obligations under it. We will always provide You with at least 28 days’ written notice of such a transfer. You will be free to cancel the agreement if You object to such a transfer. You will not be charged a cancellation fee if You cancel as a result of the proposed transfer.
    2. This agreement is governed by English Law and is subject to the jurisdiction of the English courts.
  10. Complaints

    1. You can cancel Your contract / submit a complaint to us in one the following ways:

      The Complaints Team,
      Financial Recovery Solutions Ltd,
      57 St Petersgate,
      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)

    2. We will send you a written acknowledgement with a copy of our complaints procedure promptly and in any event within 3 business days. 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 Financial Ombudsman Service, whose contact details are:

      Financial Ombudsman Service,
      Exchange Tower,
      Harbour Exchange,
      E14 9SRG

      Tel: 0800 023 4567

      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.

    3. If you believe we have breached our Data Protection Warranties, you have the right to make a complaint at any time to the Information Commissioner's Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk).

    We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance by submitting your complaint to:


  11. Further information about Us

    We are Financial Recovery Solutions a company registered in England and Wales with company name Financial Recovery Solutions Limited. Our company registration number is 06621703 and our registered office is at Plus House, Administration Dept, Ground Floor, 57 St. Petersgate, Stockport, Cheshire, SK1 1DH. Our registered VAT number is 994 0192 00.

  12. Our Data Protection Warranties

    We warrant and undertake, in respect of all your Data supplied, forwarded or otherwise made available to us for the purpose of pursuing financial mis-selling claims to:

    1. Obtain your valid consent to the transfer of such Customer Data to us and to the processing by us of your Personal Data for the purpose of our Services
    2. Transfer and process your Data in accordance with the Data Protection Legislation at all times
    3. Promptly cease using, erase (unless we are required to hold information for regulatory obligations) or rectify any inaccuracies of your Personal Data for marketing or any other purpose or any complaint if you request us to do so in writing.
    4. Take appropriate technical and organisational measures to protect your Data against unauthorised or unlawful processing and against accidental loss or destruction of or damage. This shall include without limitation appropriate encryption of and password protected access to all such your Personal Data however stored;
    5. Restrict access to your Data only to employees who require to have it;
    6. Retain your Data for no longer than necessary for the purpose for which we hold such data;
  13. Alternative steps to pursue my claim

    I am aware that I can take alternative steps to pursue my claim without using a CMC, which may be free of charge and I do not wish to do so for the following reason/s:

    1. I do not have the time
    2. I do not know how to make a claim
    3. I would prefer professional help
    4. Other

    I/We confirm that we have read and understood these Terms and Conditions and agree to be bound by the Terms contained herein.