The EU Insurance Distribution Directive ("IDD") is in force in the UK from 1 October 2018. This Directive replaces the Insurance Mediation Directive ("IMD"). The requirements of the IDD have been implemented by the Financial Conduct Authority ("FCA") in the detailed rules to which authorised businesses are subject and which are available on the FCA's website.
The IDD extends the regulatory regime in various ways, and the following headings outline our position under the IDD and other regulatory requirements.
Private Roads Services Ltd: status
- We are Private Roads Services Ltd, a company registered in England and Wales under the Companies Acts, No. 5123228. The address of our registered office is Barnwell Farm, Station Road, Marsh Gibbon, Bicester, Bucks, 0X27 0HN. This is also the address of our principal place of business.
- We are authorised and regulated by the Financial Conduct Authority as an insurance intermediary; that is a broker — a business which sells insurance. We are No. 306931 on the FCA Register. The FCA does not regulate other aspects of our business. You can check our status on the FCA's website, at http://www.fca.org.uk/register/, or by telephone on 0845 606 9966.
- We hold no shares in any insurance company, nor does any insurance company hold shares in Private Roads Services Ltd.
- We are not contractually obliged to conduct our business as an insurance intermediary exclusively with one or more insurers and we do not give advice on the basis of a fair analysis of the market.
- Insurance contracts concluded through us are subject to the law of England and Wales.
- The insurer whose insurance contracts we sell is Ansvar Insurance ("Ansvar"), a business division of Ecclesiastical Insurance Office plc ("Ecclesiastical"). Ecclesiastical is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA.
- Within the limited terms of our agency agreement with Ansvar/Ecclesiastical, we act as their agent in starting and renewing insurance policies, and also in giving quotations for insurance and sending out insurance documents. We have no authority from Ansvar/Ecclesiastical to process claims. We act as agent of insurance clients in passing relevant information to Ansvar/Ecclesiastical.
- When we sell insurance we do not receive a fee from Ansvar: our remuneration takes the form of a commission which is a percentage of the net of tax cost of the insurance premium.
- Our insurance clients are residents' associations in private roads and estates, acting collectively in the form of a company, unincorporated association or other body. In regulatory terms they are "commercial" rather than "consumer" clients, and this distinction determines the regulatory requirements which apply.
- Information about insurance must now be provided in the form of an Insurance Policy Information Document ("IPID").
- There is a standard form of IPID for consumers, but not for commercial clients. In our case, IPID information will be found in the brochure we send to prospective clients, and in the relevant pages of this website.
- Please see our page on Privacy/data protection.
- In accordance with the IDD we now have a complaints procedure for all clients.
- We will aim to acknowledge a complaint within two working days, and to provide a detailed written response within 28 days.
- Thereafter, if the complaint is not satisfactorily resolved, we will co-operate in making use of any agreed mediation or other dispute-resolution procedures, including where applicable the Financial Ombudsman Service, in a timely and effective manner.
- Clients may be entitled to compensation from the Financial Services Compensation Scheme ("FSCS") if we fail to meet our obligations. Further information about the FSCS can be obtained from the FSCS.
- As an insurance broker we are a "financial institution" for the purposes of the money laundering legislation (in particular the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) and our Terms and Conditions and procedures reflect the obligations imposed on us and on our clients and customers by the relevant legislation.
Other regulatory matters
- In so far as we provide services which do not involve selling insurance, we are subject to the Provision of Services Regulations 2009, SI 2009/2999. The information we are required to disclose under the above regulations is set out above and on our Contact Us page.
- In selling published material to consumers we are subject to the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, SI 2013/3134. The relevant requirements are explained in the documentation we produce for these sales.