Terms of Business – Equity Release Products

Accepting our Terms of Business - By asking us to quote for or arrange an equity release mortgage, you are providing your informed agreement to these Terms of Business. We draw your particular attention to the section headed ‘Confidentiality and Data Protection’ (specifically the sub-section titled ‘Credit checks’).

These Terms of Business come into force on the date you receive it from us and will remain in force until you are provided with revised terms; they set out the terms on which we agree to act for you and contain details of our regulatory and statutory responsibilities. Please contact us immediately if there is anything in these terms of business that you do not understand or with which you disagree.

Regulation - Just Compare Limited is authorised and regulated by The Financial Conduct Authority (FCA). Our Financial Services Register number is 814312. Our permitted business is advising, arranging, dealing as agent and making arrangements for the performance of insurance contracts and advising, arranging, dealing as agent and making arrangements with a view to regulated mortgage contracts. These details can be checked on the FCA’s register by visiting their website, register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.
We are registered with The Information Commissioner’s Office (Data Protection) under Registration No. ZA319642. Calls may be recorded for quality and training purposes and to give you the best possible service.

Our Service 

In arranging Equity Release we only offer equity release products we do not offer home reversion plans. We have a panel of providers from whom we select the most appropriate equity release mortgages in accordance with your circumstances, you can ask us for a list of the lenders from whom we will offer products. We will advise and make a personal recommendation for you on equity release products after we have assessed your needs

Policy Fees/Charges
Our initial recommendation and personalised illustration is free of charge and without obligation. Only if you choose to proceed and your case completes will Just Compare charge an advice fee, currently not exceeding £1,195.

This fee will be payable upon conclusion of your contract. We will also be paid commission from the lender. 

You will receive a Key Facts Illustration when considering a particular equity release product, which will tell you about any fees relating to that mortgage.

We also draw your attention to the sections heading “Cancellation”

Disclosure
It is your responsibility to provide us with sufficient information to ensure that any recommendations we make are suitable.  Where you do not provide full information for the relevant area of advice, our advisors will not be able to make appropriate recommendations and this could affect the advice and recommendations we make for you.

Confidentiality & Data Protection - All personal and sensitive information about our customers (‘personal data’) is treated as private and confidential. Unless we are notified of any changes, we shall assume the personal data we hold about our customers is correct. In the interest of security and to improve our service, telephone calls may be monitored and/or recorded for training purposes.

Where we process personal data, we comply with statutory data processing requirements as set out by the Data Protection Act 2018.  The personal data we will collect will include information relating to your name, address, date of birth, contact details and your health.

We will process your personal data to allow us to provide you with our services as your equity release broker in quoting for and arranging insurance (and in arranging insurance premium finance where applicable). Your personal data will also be used to manage future communications between ourselves. Where you have agreed, or in circumstances where to do so will be in our mutual interests, your personal data will be used to provide you with further information about our wider products and services. You can opt out from receiving such communications by contacting us.

In processing personal data, for equity release purposes, about your health or medical history, we will only do so to enable us to provide our service to you and on the basis of it being in the public interest.

Data will not be transferred by us to any other firm or company with the exception of equity release mortgage providers and our Compliance Auditor (Thistle Initiatives Limited). We may also provide information to our regulators and their successors (where we are required to do so by law).

The Data Protection Act 2018 provides you with Access Rights that allow you to gain an understanding on the data being processed, who we share it with, for what purpose, why we need to retain it and retention periods, to object to the processing and to place restrictions on the processing, to request copies of your data and to request the deletion of your data.

If you require further information on how we process your data, or you wish to exercise your rights, please contact our Data Privacy Representative. How we process your personal data is detailed further within our Privacy Policy.

Credit checks

Other firms involved in arranging your equity release products may use public and personal data from a variety of sources including credit reference agencies and other organisations.  The information is used to help tailor a price and to help prevent fraud.  Any credit reference search will appear on your credit report whether or not your application proceeds.  We will pass information about you and details of your payment record with us to credit reference agencies for the purpose of arranging payments by instalments. If you have any questions about this or any other matter, please do not hesitate to contact us.

Complaints - It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please contact us by writing to: Complaints Department, Just Compare Limited, 25-29 Sandy Way Yeadon, Leeds, LS19 7EW. Or get in touch by email: complaints@justcompareretirement.com.

When dealing with your complaint, we will follow our complaint handling procedures; a summary of these procedures is available on request.  If you are still not satisfied, you may be entitled to refer the matter to the Financial Ombudsman Service (FOS). For further information you can visit FOS website www.financial-ombudsman.org.uk.

Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:

• Consumers (private individuals acting for purposes which are wholly or mainly outside that individual's trade, business, craft, or profession)
• Micro Enterprises (Businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million)
• Other small businesses (with an annual turnover of below £6.5m and less than 50 employees or with an annual balance sheet total of below £5million
• Charities with an annual income of under £6.5 million
• Trustees of a trust with a net asset value of under £5 million

The Financial Services Compensation Scheme (FSCS) - We are covered by the Financial Services Compensation Scheme (FSCS) for our equity release mortgage activities.  You may be entitled to compensation from the scheme if we cannot meet our obligations.  This depends on the type of business and the circumstances of the claim.  If you are eligible to claim from the FSCS, compensation is available in relation to equity release advising and arranging and is covered up to a maximum limit of £85,000.
Further information about compensation scheme arrangements is available from the FSCS on 0800 678 1100 (freephone) or 020 7741 4100 or www.fscs.org.uk. 

8. Cancellation Rights and Charges
Should you change your mind about proceeding with equity release prior to completion, it is possible to withdraw your application at any time, although you may be liable for costs incurred up to that date. We will advise you if this is the case.

Once your equity release plan has completed, it is possible to cancel the plan at any time.  In the future however, depending on the terms of your plan you may incur early repayment penalties or other costs.

In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Valid reasons may include non-payment of fees, failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or mortgage providers documentation, deliberate misrepresentation or non-disclosure or attempted fraud, use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.

Other Taxes & Costs - Other taxes or costs, or both, may exist in relation to the products and services offered by us which are not paid through, or imposed, by us.

Conflict of interests - Occasions can arise where we, or one of our clients or product providers, may have a potential conflict of interest with business being transacted for you.  If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions and we will detail the steps we will take to ensure fair treatment. 

Governing Law - This agreement shall be governed by the laws of England and Wales and the parties agree herewith that any dispute arising out of it shall be subject to the (non) exclusive jurisdiction of the English Courts.