Important Information About Our Services
Who are we and what do we do?
We are Armed Forces Financial Services which is a trading name of TIMC Independent Financial Advisers, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the independent regulator of financial services in the United Kingdom. Armed Forces Financial Services is entered on the Financial Services Register (www.fca.org.uk/register) under reference 439451.
We are an Independent Mortgage Brokerage specialising in providing Mortgage & Protection advice for HM Forces. As an independent mortgage brokerage, we believe in establishing and maintaining long term relationships so we can help you with all your property financing, and protecting your assets, now and in the future.
What can we do for you?
Our mainstream service is to act on your behalf for the purpose of arranging and advising on the following:
For all the services described above we will complete a detailed fact find so we can understand your circumstances, specific needs and objectives. Following our research we will provide a recommendation(s) for you to consider. With your agreement we will then implement our recommendation(s) and arrange any products on your behalf. Ultimately, whichever type or level of service you require from us we will act in your best interests at all times.
Further details about these and other related services we provide are contained in the pages below. This also confirms their typical cost and how you can pay us for them.
|IMPORTANT INFORMATION Before you consider our services in more detail we would like to draw your attention to the following important information: When we have discussed and agreed with you the services that we are to provide we will confirm this to you in a Client Agreement. This will describe the scope and specific services to be provided, the cost and how it can be paid for. It will also confirm how we use and store personal information that we collect from you in the course of providing our services. A copy of our standard Client Agreement is available on request. From time to time it may be necessary for us to collect personal information from you, prior to concluding a written Client Agreement, to assess whether we are able to meet your needs. In this event we will clearly identify the data to be collected and will use it only for the purpose of assessing our ability to provide services to you. We will not advise you if you are experiencing difficulties managing debt. Free help and advice about managing your debts is available by contacting the Money Advice Service via its website; www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice|
INFORMATION ABOUT OUR MORTGAGE SERVICES
Whose products do we offer?
We have access to all mortgage products in the market. We offer advice on both first and second charge mortgages.
For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender or an unsecured loan (e.g. a personal loan).
We do not charge a fee for serving or retired HM Forces.
If you choose to proceed with our recommendation and the mortgage goes ahead, we will be paid commission from the lender for arranging the mortgage on your behalf.
The amount of commission we receive varies from lender to lender. This will be declared on the mortgage illustration
You will receive a personalised illustration when considering a particular mortgage. This will highlight the key facts about the mortgage product, including any fees relating to it and the amount of any commission due to us from the mortgage lender.
INFORMATION ABOUT OUR EQUITY RELEASE SERVICES
Whose products do we offer?
Equity release products are either lifetime mortgages or home reversion plans. We only offer a comprehensive range of Lifetime equity release products from across the market but not deals that you can only obtain by going direct to a lender.
How much will you have to pay for our equity release services?
We do not charge fees for our advice
If you choose to proceed with our recommendation and your lifetime mortgage goes ahead, we will be paid commission from the company that lends you money or buys your home.
INFORMATION ABOUT OUR INSURANCE SERVICES
Personal and Family Protection
We offer products from a range of insurers for Life Assurance, Critical Illness Cover, and Income Protection Insurance.
We do not offer Buildings & Contents, Accident Sickness & Unemployment and Private Medical Insurance.
We do not charge a fee for advice and arranging an insurance product. We will receive commission from the insurer and this is reflected in the premium amount you pay to them. The amount of commission we receive will vary depending on the type of contract, term of the cover and the premium amount.
We will tell you how much commission we expect to receive before we transact business for you. You will receive a quotation, which will tell you about any other fees relating to any particular insurance policy we arrange for you.You will receive a personalised illustration when considering a particular equity release product. This will highlight the key facts about the lifetime mortgage or home reversion plan including any fees relating to it.
INFORMATION ABOUT OUR OTHER RELATED SERVICES
We are also Credit Brokers. This means that if you require a loan other than a mortgage (e.g. a personal loan) we can refer you to a specialist third party who can discuss your specific needs with you. We will not advise you on this type of borrowing and you will need to make up your own mind whether to go ahead with it or not.
WHAT HAPPENS IF YOU HAVE A COMPLAINT?
If you are unhappy with the service you have received or a product we have arranged on your behalf, a copy of our complaints procedure, which sets out how we will handle your complaint, is available upon request.
If you would like to make a complaint please contact us either in writing to: Complaints, Armed Forces Financial Services, THE ELWICK CLUB, CHURCH ROAD, ASHFORD, KENT, TN23 1RD; or by e-mail: Paul@affs.co.uk; or by telephone: 01797 364666.
If we are unable to settle your complaint or you are unhappy with our response, the Financial Ombudsman Service may be able to help. We will explain how at that point.
If you require further information about the Financial Ombudsman Service you can contact them directly:
Tel: 0800 0234567
ARE WE COVERED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)?
Yes, we are covered by the FSCS. You may be entitled to compensation from the scheme if we are unable to meet our obligations. This will depend on the type of business and the circumstances of the claim. The FSCS only pays compensation for financial loss and the limits are per person per firm, and per claim category, as listed below:
Long Term Insurance Contracts:
Arranging and advising on long term insurance contracts (e.g. a life insurance or critical illness policy) is covered for 100% of the claim without upper limit.
General Insurance Contracts:
Arranging and advising on compulsory classes of insurance (e.g. employers liability), professional indemnity insurance, and general insurance contracts that pay out on death or incapacity due to injury, sickness, or infirmity (e.g. an accident & sickness policy) is covered for 100% of the claim without upper limit.
Mortgages & Equity Release Products:
Arranging and advising on mortgages and lifetime equity release products is covered up to a maximum limit of £85,000 per person per firm.
Further information about the FSCS is available from their website: www.fscs.org.uk