1. The Financial Services Authority (FSA)

The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.

2. Whose products do we offer?

Insurance

We offer products from a range of insurers for Life Assurance, Permanent Health Insurance, Critical Illness Cover, Waiver of Premium cover, Accident Sickness & Unemployment cover, Mortgage Protection, Income Protection, Buildings Insurance and Contents Insurance.

We only offer products from a limited number of insurers.

We only offer products from a single insurer.

Mortgages

We offer mortgages from the whole market.

We only offer mortgages from a limited number of lenders.

We only offer a limited range of a single lender.

3. Which service will we provide you with?

Insurance

We will advise and make a recommendation for you after we have assessed your needs for Life Assurance, Permanent Health Insurance, Critical Illness Cover, Waiver of Premium cover, Accident Sickness & Unemployment cover, Mortgage Protection, Income Protection, Buildings Insurance and Contents Insurance

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Mortgages

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

4. What will you have to pay us for our services?

Insurance

No fee. Instead, we will be paid by commission from the Insurer.

A fee of £1000, for arranging each contract, payable at outset. This is a one off fee payable when you decide to take out the insurance we recommend. Your application will then be processed on a nil commission basis with the insurer.

You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

Mortgages

Prime

No fee. We will be paid by commission from the lender.

An upfront Administration fee of on average £300 to cover the pre-application administration costs and a valuation fee. The valuation fee is on a sliding scale, dependant on the value of your property.

A broker fee, on average 1.0%, which can be added to your loan, is deducted at the completion stage of your mortgage. Example: £100,000 loan value attracts a fee of £1,000. The lender will pay us a commission following completion of your mortgage.

Our threshold for prime brokers fees is £1,500.

You will receive a Key Facts Illustration when considering a particular mortgage which will tell you about any fees relating to it.

Subprime

No fee. We will be paid by commission from the lender.

An upfront Administration fee of on average £300 to cover the pre-application administration costs and a valuation fee. The valuation fee is on a sliding scale, dependant on the value of your property.

A broker fee, on average 1.0%, which can be added to your loan, is deducted at the completion stage of your mortgage. Example: £100,000 loan value attracts a fee of £1,000. The lender will pay us a commission following completion of your mortgage.

Our threshold for subprime broker fees is £4000.

You will receive a Key Facts Illustration when considering a particular mortgage which will tell you about any fees relating to it.

You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it.

Refund of fees
If we charge you an upfront administration fee, and your mortgage does not go ahead, you will receive:

A full refund under all circumstances.

No refund if you decide not to proceed.

5. Who regulates us?

Loans4assets.com is authorised and regulated by the Financial Services Authority. Our FSA Register number is 305156. Our permitted business is arranging and advising on regulated mortgages and non-investment insurance contracts. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

6. What to do if you have a complaint

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. 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.

Insurance

Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.

Mortgages

Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.

Further information about compensation scheme arrangements is available from the FSCS.