LSA Endowments - Endowment policy, Selling endowment, Sell Endowment Policy or Buy Endowment Policy

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Terms of Business

ENDOWMENT POLICY PURCHASE TERMS OF BUSINESS

Regulator's Statement : Leonard Simmonds Associates Limited ("LSA") is independent of any life assurance company and can arrange the sale or purchase of endowment policies issued by any suitable company. We offer an execution-only service that means that we do not provide advice as to the merit of any sale or purchase. If you require any advice regarding the sale of the policy or policies you must contact an Independent Financial Adviser. We are authorised and regulated by the Financial Services Authority and are bound by its rules.

LSA does not handle clients’ money. LSA never accepts a cheque made out to it nor handles cash.
LSA acts as agent for its associated companies and other parties (“the Purchaser”) for the purchase and/or sale of appropriate forms of investment.
Any and all taxes and/or duties payable in respect of this transaction are the sole responsibility of the Seller.
By entering into this agreement the Seller agrees to execute irrevocably all deeds and documents that may be required to complete the transfer of title of the policy or policies to the Purchaser or any nominee. Any contract for purchase of a policy is subject to LSA's solicitors obtaining prior verification of all details that may be required and subject to the production of all documents of title including notices, charges, prior release, previous assignments and completion of the assignment in the form required by the Buyer.
The Seller shall at all times provide such information in relation to the policy or policies as required by LSA to purchase the policy or policies within a time scale reasonably specified by LSA.
The Seller or their appointed agent may inspect contract notes, vouchers and entries in LSA books of accounts (whether kept manually or electronically) which relate solely to the Seller's transaction and LSA will on receipt of the Seller's written request supply copies at the cost of the Seller. LSA keeps records of business transactions for a period of six years from completion of the transaction but does not review or advise with regard to the investments made.
In the event that the gross premium is higher than set out overleaf LSA shall be entitled to make a deduction from the purchase price in respect of the total additional premiums payable until maturity of the policy.
In the event that there are premiums unpaid by the Seller prior to completion LSA will deduct such premiums from the purchase price.
At its absolute discretion LSA may withdraw the offer at any time prior to completion in the event that one or more of the following circumstances apply:-

9.1 if any premiums are not paid by the Seller up to the date specified overleaf;
9.2 if the policy has been altered in any way at any time since its start date;
9.3 if the current bonus rates payable by the issuing life office either annually or at the maturity of the policy quoted by the issuing life office are altered prior to completion;
9.4 if the policy was originally written by a life office which is subsequently taken over and the offer overleaf has been prepared in the name of the incorrect company;
9.5 if the policy is categorised as being of any of the following types: Unitised, unit-linked, clustered, flexi/flexi endowments or similar, the policy is written under trust, Friends Provident Table 72 Multi endowment policies, Table 37 Flexible Saving Plan, Legal and General E Plan or Additional Mortgage Plan, Industrial Branch, Prudential Plan 100, Guardian compound bonus series, Pearl Homebuilder, Home buyers, Windsor Life (Gresham), or home and savings plan;
9.6 if a material error has been made by LSA in calculating the purchase price;
9.7 if a clerical error has been made by LSA in relation to the purchase price;
9.8 if any of the information concerning the policy provided by the Seller is incorrect;
9.9 if the Seller is bankrupt or does not hold a full unencumbered title to the policy for any reason whatsoever;
9.10 if the Seller fails to comply with the contractual obligation to provide such information in relation to the policy which LSA reasonably requires to effect the purchase and shall be liable to LSA in respect of any losses it may suffer, as set out in clause 13 below.
9.11 if the surrender value drops below the amount stated on the initial contract.

Alternatively in the event that one or more of the circumstances set out above apply LSA may alter the offer to be accepted by the Seller in writing.

LSA will hold information about the Seller on computer and/or in paper files pursuant to the provisions of the Data Protection Act 1998. The information held will be used to administer this transaction, deal with queries and may be disclosed to third parties and to the Financial Services Authority. Should you require access to the information we hold about you, this will be provided within 40 days of request, subject to payment of a £10 charge and proof of identity. You may challenge the data and request we amend or delete any information we hold on you.
In the event of any dissatisfaction with our services, sellers are entitled to complain. Complaints which are not resolved by LSA should be addressed to The Complaints Manager, Leonard Simmonds Associates Limited, LSA House, Chequers Close, Malvern, Worcestershire, WR14 1GP, who will explain our complaints procedure. Failing internal resolution, complaints by private clients may be referred to the Financial Ombudsman Service.
This document must be signed overleaf and returned, confirming acceptance of these Terms of Business. By signing these Terms of Business you are entering into a legally binding contract and must sell the policy in accordance with the terms of this agreement as directed by LSA. You will be responsible for any losses of any nature whatsoever sustained by LSA resulting from your breach of this agreement.
This contract will be governed by and construed in accordance with English law and all parties submit to the exclusive jurisdiction of the Courts of England and Wales.

LSA Endowments is the trading name of Leonard Simmonds Associates Limited.
Registered in England & Wales No. 5214741. Registered Office: LSA House, Chequers Close, Malvern, Worcs, WR14 1GP. Authorised and regulated by the Financial Services Authority.

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