Terms of Business Agreement - Introducer Appointed Representative - Sample

This agreement, made between B. Portwood & Co Ltd” and                                                              

.

the “Introducer” is to take effect from the date shown in, and between the parties listed in the schedule “Schedule” below.

 This agreement replaces and supercedes any previous Introducer or Agency agreements with B. Portwood & Co Ltd

 “B. Portwood & Co Ltd” is Authorised and Regulated by the Financial Services Authority “FSA”.  ITS FIRM Reference Number is 300694 

 “B. Portwood & Co Ltd” markets a range of General Insurance policies.

 This agreement will be terminated if at any time “B. Portwood & Co Ltd”’s or the “Introducer”’s authorisation from the “FSA” is suspended, withdrawn or cancelled.  It may also be terminated by either “B. Portwood & Co Ltd” or “the Introducer” giving thirty (30) days notice in writing to the other to that effect.

 Termination shall not affect the rights and obligations of either party in respect of business already completed by “B. Portwood & Co Ltd”.

 “B. Portwood & Co Ltd” AGREES:

… to service the “Introducer”’s Clients in a manner consistent with B. Portwood & Co Ltd Initial Disclosure Documents which is issued to each client “Client” introduced to B. Portwood & Co Ltd by “the Introducer”.  A copy of this document is available upon request.

… to pay the “Introducer” a share of commissions received from any Insurance Company which relates to business transacted on behalf of the “Client” at a rate which will be communicated to the “Introducer” from time to time.

THE INTRODUCER SHALL:

… provide sufficient information on the “Client” to enable “B Portwood & Co Ltd” to contact the “Client”.

… co-operate fully with any investigation into any complaint received.

… not hold out the “Introducer” or his/her connected business as having any relationship with “B. Portwood & Co Ltd” other than that of an “Introducer” of existing or potential “Clients”.

 … not advise “Clients” in the name of B. Portwood & Co Ltd” nor complete application forms to any Insurance Company on behalf of “B. Portwood & Co Ltd” or “the Client”.

 … understand and agree that should any Insurance Company reclaim any commission already paid, for whatever reason, the “Introducer” must make a full repayment to “B. Portwood & Co Ltd” within thirty (30) days of a reclaim, by deduction from the next payment.  If the next payment is insufficient to cover the reclaim, then the “Introducer” shall make repayment to “B. Portwood & Co Ltd” at that time.

 … return any stationery, brochures or sales literature (issued by “B. Portwood & Co Ltd” to the “Introducer”) to the offices of “B. Portwood & Co Ltd” upon termination of this agreement. 

The Schedule to this Agreement

B. Portwood & Co Ltd

We agree to be bound by the above terms

Signed   

Print Name:                  John Portwood

Position:                                       Director.

for B. Portwood & Co Ltd

Dated:                                           October 18th 2006.

We agree to be bound by the above terms

 Signed

 Print Name:

Position:

 for

Dated

Agreed commission rates at outset:

Payment Protection Insurance                             20%, 27.5%, 35%

Introducer AR number ………………………………………….

Introducer’s details:

 Name ……………………………………………………………….

 Firm ………..……………………………………………………….

 Address ……………………………………………………………

 ……………………………………………………………………….

 Postcode …….                       Telephone: ……………………

 e-mail ………………………………………………………………

 FSA Number ………………………………………………………