Terms & Conditions

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.


Who regulates us?

Penk Insurance Services Ltd of 49-53 Chatsworth Road, Brampton, Chesterfield, Derbyshire, S40 2AL is authorised and regulated by the Financial Services Authority.

Our FSA Register number is 308744.

Our permitted business is arranging and advising on non-investment insurance policies. You can check this on the FSA register by visiting the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Which service will we provide you with?

In arranging insurance for our customers, we act as an independent intermediary. Our service includes advising you on your insurance needs, arranging your insurance cover with insurers to meet your requirements and helping you with any ongoing changes you have to make.

Whose products do we offer?

We offer products from a wide range of insurers for motor, household & property owners insurance.

We only offer products from a limited number of insurers for motor breakdown & caravan insurance. Ask us for a list of insurers we offer insurance from.

We only offer products from Fortis Insurance Ltd for travel insurance and E-Claim Ltd for stand-alone motor or household legal expenses cover.

Your duty of disclosure

It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy, throughout the life of the policy and when you renew your policy. If any forms are completed on your behalf, it is your duty to check that the information declared is true and accurate before signing the document. If the application for insurance is in the form of a ‘Statement Of Fact’ that does not require a signature, you are required to check the information is true and accurate and contact us immediately should any corrections be necessary.

You are reminded that it is an offense under the Road Traffic Act to make a false statement or to withhold any information to obtain a certificate of insurance.

You are advised to keep copies of any correspondence you send to us or direct to your insurer.

Failure to disclose material information may invalidate your insurance and could mean that part, or all, of a claim may not be paid. If you are in any doubt whether information is material, you should disclose it.

What will you have to pay us for our services? 

A fee of £ 3.00 for Motor, Household & Annual Travel (New Business & Renewal). 
A fee of £10.00 for a duplicate certificate (motor) or policy/schedule (household). 
A fee of £10.00 for a motor insurance cover note required for taxation purposes where the certificate has been lost or misplaced. 
A fee of £25.00 for Private/Public Hire (New Business & Renewal). 
A fee of £25.00 for any Mid-Term Policy Alteration/Policy Cancellation.
Where a return premium arises, for example where an insurance risk is reduced or a policy is cancelled, we repay commission on the amount to your insurer and this will be deducted from the final amount due to you.

The above charges will be additional to those charged by the insurer.

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

Cancellation rights (the right to change your mind)

FSA rules state that a ‘Retail’ customer must be provided with a ‘Period Of Reflection’ and has the right to cancel a policy within 14 days commencing from either
a) the day of the conclusion of the contract or
b) the day on which you receive the contractual terms, conditions and information of the contract
whichever is the later.

These cancellation rights do not apply to ‘Commercial’ customers.

For further details of the chosen insurers cancellation rights, reference must be made to the insurers keyfacts, policy or similar documentation.

Should you wish to cancel the contract outside of the 14 day period then the insurers specified cancellation charges as outlined in the policy document will apply.

Premiums and financial arrangements

In order to be able to offer you credit facilities we are registered under the Consumer Credit Act 1974 and our license number is 246936.

Payment options and finance arrangements we can provide

We may be prepared to offer you the payment of the premium by installments and the following credit charges will apply:
£10.00 charge (deposit plus 1 consecutive monthly payment) 
£30.00 charge (deposit plus 2 consecutive monthly payments) 
£40.00 charge (deposit plus 3 consecutive monthly payments)
We reserve the right to make a charge of £5.00 per week (or part thereof) on any overdue payment/instalment.

We accept payment by cash, debit card (Maestro/Switch, Visa, Visa Electron & Solo) & credit card (Visa & Mastercard). Credit card transactions will be subject to a 1.5% processing charge. No charge will be made for debit card transactions.

Payment by cheque (which is not guaranteed) may not be an acceptable method of payment dependant upon the type of insurance contract being undertaken.

A £30.00 charge will be payable by you to us on any cheque payment not honoured by your bank. Future payments may not be accepted by us should a cheque payment default occur.

Protecting your money (Client money segregation : Non-statutory trust)

Premiums that we collect from you are held in a ‘Client Money Bank Account’ specifically used for the purpose of holding client premiums. By virtue of agreements we hold with insurers, we collect premiums as agent of the insurer. Therefore once we have collected premiums from you, under the terms of our agreements with insurers, those premiums are treated as having been paid to the insurer. We will remit the premiums to insurers, after deduction of our commission, in accordance with the terms of our agreements with insurers. We may agree to extend credit to other customers using money from the Client Money Bank Account. We will have in place, and maintain, systems and controls adequate to ensure that we are able to monitor and manage client money transactions and any credit risk arising from the operation of the trust arrangement. Your money will be protected at all times because of our requirements under the FSA rules.

Payment by insurer direct debit or by a third party finance provider

You may be able to spread the cost of your premium through your insurers own direct debit facility or we may be able to provide credit through a third party finance provider where appropriate. We will provide you with full information, including the credit charge, when we discuss the insurance payment options available.

Governing law

This agreement shall be governed by the laws of England and Wales. Any dispute arising out of it shall be subject to the exclusive jurisdiction of the English courts.

Other taxes and costs

Other taxes and/or costs may exist in relation to the products and services offered by us which are not paid through, nor imposed, by us.

What to do if you have a complaint

It is our intention to provide you with a high level of customer service at all times. If there is an occasion where you wish to register a complaint, please contact us either:

…in writing to The Complaints Department, Penk Insurance Services Ltd, 49-53 Chatsworth Road, Brampton, Chesterfield, Derbyshire, S40 2AL
… by phone on 01246 558844

A copy of our Complaints Handling Procedures is available on request. If we cannot resolve your complaint within the required time scale, you may be entitled to refer it to the Financial Ombudsman Service. Further information is available at http://www.financial-ombudsman.org.uk

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 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.

Further information about compensation scheme arrangements is available from the FSCS which is available at http://www.fscs.org.uk

Version: 2/TOB/11-03-05