Terms of Business
Medical Expenses Consulting (UK) Limited (MEC) is a firm of Independent Intermediaries specialising in group income protection (PHI), private medical insurance (PMI) and other associated employee health and welfare benefits. Although we have agencies with all the main insurers, we are fully independent and not linked to them in any way. MEC is principally a corporate adviser although we offer advice to, and arrange insurance for, individual purchasers as required.
THE FINANCIAL CONDUCT AUTHORITY
MEC is regulated and fully authorised by The Financial Services Authority (FCA).
MEC has been inspected and authorised by the FCA to conduct all types of business in the Health, Life and Income Protection sectors. We also have full professional indemnity insurance (£1,200,000 per annum).
COMPLETION OF PROPOSAL FORMS / ANNUAL AGREEMENTS
Your attention is drawn to the importance of the Declaration when signing Insurer proposal forms and / or renewal agreements. Any failure to disclose facts material to the insurance, or any inaccuracies in your answers, could invalidate the cover. You should also be aware that any change in circumstances during the policy period, or which become effective at renewal, should be advised, either to us or to the relevant insurer.
Please consult us if you are in doubt on any aspect.
Dependent upon your chosen insurer, our brokerage and administration fee will be either fee based, commission based, or an element of both. We may receive a commission from certain insurers for arranging your insurance. This does not affect your subscriptions which would be the same if MEC did not advise you. If this is not the case we will always inform you before you take out your policy.
FCA regulations state that, as the holding broker, we are obliged to undertake all renewals in a timely manner, beginning this process no later than 8 weeks prior to the renewal date. If, within this timescale, we have started the process of any renewal on your behalf and you then choose to use another intermediary, we reserve the right to invoice you for an amount not exceeding the commission we would otherwise have earned.
It is our intention to provide you with a high level of customer service at all times. If there are occasions when we do not meet your standards please contact our Compliance Director, either verbally or in writing, who will take details of your concerns. We will acknowledge in writing advising you of who is dealing with your concerns and attempt to address them within five working days. If our investigations take longer we will provide a full response within 20 working days or explain our position and provide timescales for a full response.