Services & Costs
Kingsway Mortgages Ltd
2 Grafton Mews
London
W1T 5JD
About Our Services and Costs
1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. This document is designed to be given to customers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.
2. Whose products do we offer?
Investment |
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We offer products from the whole market. |
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We only offer products from a limited number of companies. |
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We only offer products from a single group of companies.
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Insurance |
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We offer products from a range of insurers. |
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We only offer products from a limited number of insurers.
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We can only offer products from a single insurer. |
Mortgages |
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We offer products from the whole market |
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We only offer mortgages from a limited number of lenders. |
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We only offer mortgages from a single lender. |
3. Which service will we provide you with?
Investment |
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We will advise and make a recommendation for you after we have assessed your needs. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:
conduct a full assessment of your needs; |
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Insurance |
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We will advise and make a recommendation for you after we have assessed your needs. |
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You will not receive advice or a recommendation from us for payment protection insurance. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
Mortgages |
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We will advise and make a recommendation for you after we have assessed your needs. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
4. What will you have to pay us for our services?
Investments |
Paying by fee
If we receive commission from the product provider when you buy a product, we will pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee, or reduce your product charges, or increase your investment amount, or refund the commission to you. We will confirm in writing the actual rate we will charge before beginning work.
Our typical charges are:
| Director | £150 - £200 per hour |
| Financial Adviser | £100 - £150 per hour |
| Administration | £25 per hour |
You may ask for an estimate of how much in total we might charge, you may also ask us not to exceed a given amount without checking with you first.
Paying by commission (through product charges)
If you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay us nothing up front, that does not mean our service is free as you still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. These charges reduce the amount left for investment. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower.
The amount of commission we receive will vary depending on the amount you invest and (sometimes) how long you invest for and/or your age. For example:
If you pay £100 a month into a personal pension, according to the company selected, with a term of 25 years then we would receive an average initial amount of commission of £240 plus 0.5% of your fund value, which would be £12 in the first year. The actual amounts will vary in line with your fund value.
If you pay £50 a month towards a whole of life policy then we would receive £840. Again, this is an average amount according to the company selected.
Paying by a combination of fee and commission
The actual amounts will depend on the service provided to you, but will be in line with the arrangements set out above sections headed "Paying by fee" and "Paying by commission (through product charges)".
Insurance |
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A fee. |
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No fee. |
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy. |
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Mortgages |
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No fee.
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A fee, (dependant on loan size) which is payable upon completion of the mortgage. The maximum fee that may be charged by Kingsway will be 1.5% of the loan. You can pay this fee on one of two ways - |
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Kingsway will be remunerated solely by you. Where we are able to recover any commissions from the lender we will refund these to you in full when we receive payment from them.
For example –
For a £100,000 loan where the lender pays us a fee of £300. A fee of £1500 will be payable on completion by you. We will then refund the £300 we receive from the lender to you when it is paid to us.
For a £400,000 loan where the lender pay us a fee of £1,200. A fee of £6,000 will be payable upon completion by you. We will then refund the £1,200 payment we receive from the lender to you when it is paid to us. |
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Kingsway will be remunerated both by you and the lender. A fee of £0 is payable at the outset and a further fee may be payable on completion of the mortgage or home reversion scheme. In addition, we will receive and retain commission from the lender.
For example –
For a £100,000 loan where the lender pays us a fee of £300. A fee of £1200 will be payable upon completion by you. We will then retain the £300 we receive from the lender when it is paid to us.
For a £400,000 loan where the lender pay us a fee of £1,200. A fee of £4,800 will be payable upon completion by you. We will then retain the £1,200 payment we receive from the lender when it is paid to us.
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You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it. |
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Refund of fees If we charge you a fee, and your mortgage does not go ahead, you will receive: |
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A full refund
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No refund in any circumstances. |
5. Who regulates us?
Kingsway Mortgages Ltd, 2 Grafton Mews, London W1T 5JD is authorised and regulated by the Financial Services Authority. Our FSA register number is 191079.
Our permitted business is advising on and arranging life assurance, pensions and unit trust business, non-investment insurance contracts, and mortgages.
You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234
Home reversion schemes are not regulated by the FSA.
6. What to do if you have a complaint
If you wish to register a complaint, please contact us:
…in writing |
The Compliance Officer, Kingsway Mortgages Ltd, 2 Grafton Mews, London W1T 5JD |
… by phone |
Telephone: 020 7383 4181
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If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
7. Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Investment
Most types of investment business are covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.
Insurance
Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.
Mortgages
Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.