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Terms & Conditions

'The following details the relationship between Innovation Contracting Limited and our clients after our formal Application and Agreement has been signed by both parties'.  

Innovation Contracting Limited is authorised and regulated by the Financial Conduct Authority Reg No. 837443, recorded on the FCA's website http://www.fca.org.uk/register or by contacting the FCA on 0800 111 6768

These Terms and Conditions set out the agreement between you (the Client) and Innovation Contracting Limited. Please read carefully to ensure you understand them before signing. 

The Agreement and Application Form and Terms and Conditions will be binding on both parties (you and Innovation Contracting Limited) once the Agreement and Application Form and this Terms and Conditions document have been signed by both parties and returned to Innovation Contracting Limited. 

References to ‘Innovation Contracting’, ‘Innovation’, ‘we’, ‘us’, ‘our’ means Innovation Contracting Limited, incorporated in England & Wales with company number 08939489 whose registered office is at Alexandra House, Alexandra Road, Wisbech, Cambridgeshire PE13 1HQ.

1. Definitions

1.1.  ‘Agreement' - means that having read and agreed these Claims Terms, you appoint Innovation Contracting Limited to carry out the Services and acknowledge that you have been advised of the alternatives to appointing Innovation to act on your behalf and that you agree to pay Innovation for the Services in the event that you win your Claim  

1.2.  ‘Claim’ - means the Client’s claim or claims against the Financial Company for the mis-selling of an investment, plan, product, policy or scheme and/or Unfair Charges. This includes referring a contested claim to the Financial Ombudsman Service (FOS) and all claims referred to the Financial Services Compensation Scheme (FSCS) or any other independent body.  

1.3.  ‘Claim Application’ - means the Agreement and Application Form provided in the Claims Pack setting out the circumstances under which the investment, plan, product, policy or scheme was sold.  
1.4.  ‘Claim Pack‘ - means the combined documentation containing a Claim Agreement and Application Form, a Letter of Authority and these Claims Terms.  
1.5.  ‘Claims Terms’ - means these Terms and Conditions.  

1.6.  ‘Client(s)’ - means holder(s) of the insurance/investment/pension plan and whose details are shown in the Agreement and Application Form and on the Letter of Authority.  
1.7.  ‘Fee’ - means the Fee payable to Innovation Contracting Limited if your Claim is successful (as detailed in Section 5 below).  

1.8.  ‘Financial Company’ - means the financial adviser, provider, promoter, operator, introducer or other target individual/establishment/company that sold or arranged or advised on the mis-sold investment, plan, product, policy or scheme.  
1.9.  ‘Redress’ - means any sum paid or awarded in respect of any claim made by us on your behalf. This includes compensation, gestures of goodwill, refunds, discounts and/or any interest or capital recovered. It also includes the cost to the Financial Company of any reinstatement, improvement or value increase of the relevant investment, plan, product, policy or scheme.  

1.10.  ‘Services’ - means the work we will undertake on your behalf in respect of your Claim and which is set out more specifically in clause 3.  

1.11.  ‘You and your’ - means the Client(s).

2. Duration

2.1. The Agreement shall commence on the date Innovation receive these Terms and Conditions signed by you and unless terminated earlier as detailed in clause 6 below, will continue until the earlier of: 

i)  Redress is recovered for you by Innovation and you have paid the Fee, or 

ii)  Innovation has advised you in writing that in our opinion your Claim is unlikely to succeed and we are declining to act for you. 

iii)  Innovation has advised you in writing that in our opinion your Claim is only likely to succeed if you take out litigation against the Financial Company, in which case we will decline to act for you.

3. Innovation agrees to:

3.1.  Review your Claim Application and assess the likelihood of your claim(s) being successful. 

3.2.  If after Innovation has reviewed your Claim Application and it is our opinion that your Claim is unlikely to be successful, we may decline to act for you. We will notify you in writing if this occurs. 

3.3.  If Innovation accept your Claim Application we will confirm this to you in writing and prepare and submit your Claim to the Financial Company that sold you the investment, plan, product, policy or scheme. 

3.4.  We will liaise with the Financial Company and use reasonable endeavours to pursue your Claim. 

3.5.  We will notify you promptly of any requests for additional information or documentation that the Financial Company needs to investigate your Claim. 

3.6.  Notify you in writing of any offers of Redress made by the Financial Company. 

3.7.  Obtain your agreement before accepting or rejecting any offer of Redress. 

3.8.  Notify you of any circumstances beyond our control which prevent us from performing the Services under this contract. 

3.9.  Endeavour to resolve your Claim within a period of 12 months. However, where this is not possible, we will endeavour to resolve your Claim as quickly as circumstances allow. 

3.10.  Enquire into whether you have been charged any Unfair Charges. If the Financial Company confirms that Unfair Charges have been charged, we may at our discretion pursue a Claim for the recovery of these Unfair Charges. If the Financial Company confirms that there are no Unfair Charges but you disagree, we will not pursue your claim for the recovery of Unfair Charges with FOS and it shall be your responsibility to do so. This shall not affect your Claim in relation to a mis-sold investment, plan, product, policy or scheme. 

3.11.  Submit your clam to the Financial Ombudsman Service (FOS) and/or the Financial Services Compensation Scheme (FSCS) on your behalf if this is deemed necessary.

4. You agree to:

4.1.  Appoint Innovation as your exclusive agent to handle this Claim. This means that you can not handle the Claim yourself or appoint another person or Firm to act on your behalf in respect of this Claim, unless you terminate this Agreement with us. 
4.2.  Provide full authority to Innovation to deal with the Financial Company on your behalf and that any Redress due should be paid to us directly from the Financial Company. 

4.3.  Provide prompt, truthful and accurate information regarding your Claim. 

4.4.  Provide copies of all documentation that are in your possession and which relate to the Claim. 

4.5.  Report to us immediately if the Financial Company contact you direct and provide us with any communication you receive direct from the Financial Company. If any direct communication regarding your Claim (including letters, telephone calls and personal conversations with the Financial Company’s representatives) is entered into with the Financial Company other than by us, you will report this to us within 3 days of the communication taking place, or being received and will forward all relevant documentation to us as soon as possible. 

4.6.  Obtain our agreement before accepting or rejecting any offer of Redress. 

4.7.  Notify us of any settlement received from the Financial Company immediately on receipt. 

4.8.  Respond promptly to requests by us for further information or documents that may be needed to progress your Claim. 

4.9.  Return all completed documents to us prior to their submission to the Financial Company, or FOS, FSCS or other body. 

4.10.  Pay Innovation the fee due as a result of a successful Claim (in line with Section 5 below), regardless of whether the Redress is paid in cash, paid into a pension policy, used to reinstate/improve or increase an investment, plan, product, policy or scheme, or paid into an IVA or to a Trustee in Bankruptcy. 

4.11.  Where we have invoiced you for the Fee, you will pay the amount due within 7 days of the date of the receipt of payment or offset of Redress. 

4.12.  Except where you request otherwise in writing, allow us to use any successful claim you may have for the purpose of Innovation advertising. Clearly your details will be changed to protect your identity in such advertising. 

4.13.  Provide Innovation with authority to pursue any and all potential claims for mis-selling in relation to the investment, plan, product, policy or scheme in your Claim and any other previous or current products.

5. Fees

5.1.  Success Fee. We offer a “no win, no fee” service in that we charge a success fee if your Claim is successful (subject to clause 5.4 and 6.5 below). The Success Fee applies to the value of all sums and crystallised financial benefits received by you or on your behalf. Our success fee will be calculated as an agreed percentage (as detailed below) of one or more of the following: 

a)  Any sums offered by the Financial Company (or on their behalf) to settle your Claim.
b)  Any award (including monetary awards and recommendations) ordered by the FOS or FSCS.
c)  Any sums received as a result of the insolvency of the Financial Company. 

5.2. The Success Fee is calculated as 30% (including VAT) of all sums awarded/offered. Consequently, if you were to receive redress of £1,000 the Success Fee would be £300 including VAT, leaving you with £700. If you were to receive redress of £3,000 the Success Fee would be £900, leaving you with £2,100 and If you were to receive redress of £10,000 the Success Fee would be £3,000 including VAT, leaving you with £7,000.

On occasions, particularly in respect of Redress for pension plan mis-selling, the Redress may be used to reinstate an investment, plan, product, policy or scheme or be paid directly into a investment, plan, product, policy or scheme. In this case, we will invoice you directly for the amount of the Success Fee (in line with the above tiered rates), even though you may not be able to withdraw the Redress from the said investment, plan, product, policy or scheme. 

5.3.  Should the amount you owe us under 5.1(a-c) exceed the value of any sums recovered by you or on your behalf, Innovation Contracting’s fees will be capped at the amount of the sums recovered. 

5.4.  Disbursements. We charge separately for disbursements but we will not incur any disbursements in excess of £100.00 without your written consent. Disbursements include expenses (including photocopying, reasonable travel and third party costs) for subject access and documentation requests. 

5.5.  On receipt of any sums comprising a settlement or award, we will promptly provide you with a detailed account showing the sums received less our Success Fee and any disbursements for your approval. Within 14 days of receiving written approval from you, a balancing payment will be made to you by bank transfer or cheque. In the unlikely event of the sums being insufficient to meet our success fee, our Success Fee will be capped at the amount recovered in accordance with 5.3.  

5.6.  If the Financial Company does not pay Innovation the Redress directly, we will invoice you the Fee amount. 

5.7.  You are entitled to accept or reject any settlement or award made in accordance with the regulatory guidelines. If (once settlement negotiations have been exhausted where applicable) you choose to reject a settlement or award made in accordance with the regulatory guidelines, you will remain liable to pay our success fee as set out in clauses 5.1 and 5.2 above. 

5.8.  If you have not paid a bill 30 days after you have received it, we may charge interest on unpaid amounts at 3% above the Bank of England base rate from time to time and we may decide not to carry out further work until we are paid. 

5.9.  By signing and returning our Agreement and Application Form, you are agreeing to indemnify us against all costs and expenses (including reasonable legal fees) that we may incur due to any failure on your part to pay our fees.

6. Cancellation, how you can cancel this Agreement and our Authority

6.1.  You can change your mind at any time after signing this Agreement and cancel both the Agreement and your Authority for Innovation to act. 

6.2.  You have 14 days from the date we receive your signed Agreement and Application Form, Claims Terms and Letter of Authority to cancel your authority for Innovation to act on your behalf without incurring any charge (this is referred to as the ‘Cooling-Off Period’). Cancellations can be by post: Innovation Contracting Limited, Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQ, by completing the attached tear off Cancellation Form and returning it to Innovation Contracting Limited, Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQS,by email: enquiries@innovationcontractingltd.co.uk or by telephone: 01945 583792. 

6.3.  You can cancel our Authority and this Agreement at any time after this by post to Innovation Contracting Limited, Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQS, by completing the attached tear of Cancellation Form and returning it to Innovation Contracting Limited, Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQS, by email to enquiries@innovationcontractingltd.co.uk or by telephone to 01945 583 792. 

6.4.  If you terminate our engagement under 6.3 before we have submitted a Complaint Letter to the Financial Company (or the Financial Services Compensation Scheme) for you, we will not charge you any Success Fee.  However, you will remain liable to pay us for costs reasonably incurred to reflect work undertaken on your behalf prior to termination at the rate of £150 per hour (including VAT). 

6.5.  If you terminate our engagement under 6.3 after we have submitted a Complaint Letter to the Financial Company (or the Financial Services Compensation Scheme) and your Claim is subsequently successful, even if we are no longer managing your Claim, you will remain liable to pay us the Success Fee as detailed in Section 5.2. 

6.6.  If at the time of cancellation described in 6.2/6.3 above, we have received an offer of Redress which is reasonable based upon the guidelines of FCA and FOS and which we would, in all circumstances, recommend is accepted by you, we reserve the right to charge the Fee as detailed in Section 5.2.

7. Innovation, how we can cancel or change this Agreement

7.1.  Innovation can cancel this Agreement by giving you 14 days’ notice in writing if any of the following events occur:

a) We believe that due to material changes to circumstances surrounding the claim or regulation changes, the case is unlikely to succeed.
b) You are declared bankrupt.
c) You enter into an Individual Voluntary Arrangement with your creditors.
d) You provide information which you knew to be false or misleading in support of your Claim and this information is material to the success of your Claim.
e) You refuse to accept an offer of Redress which is reasonable based on the guidelines of FCA and FOS and which we would, in all circumstances, recommend is accepted by you. 

7.2.  We may terminate this Agreement immediately by giving you written notification if you are in breach of clauses 4.2 to 4.9 and you do not correct or remedy the situation within 21 days of being notified. If we have already commenced the Services we may charge you for costs reasonably incurred to reflect work undertaken on your behalf at the rate of £150 per hour plus any unpaid disbursements. 

7.3.  This Agreement shall apply to each case on which you instruct us to act and cancellation by us of one case shall not prejudice the Agreement in respect of any other cases you may have. Cancellation of one Claim does not prejudice our right to invoice for Fees in relation to other Claims we may be conducting on your behalf.

8. Personal Details and Data Protection

8.1.  We recommend that you read this carefully as it defines the personal information we obtain about you and how it is used. Please be aware that we may record and monitor your telephone calls to maintain or improve our Services. 

8.2.  We hold all personal data in accordance with the Terms of our Privacy Policy, pursuant to the Data Protection Act 1998. In providing us with your personal information, you authorise us to process this information for the purposes of assessing your claim and carrying out our Services. We will only share your information with other parties if we believe it necessary to progress your Claim. 

8.3.  Innovation Contracting Limited is registered under the Data Protection Act 1998 (Licence Number ZA075827) and complies with all applicable laws and regulations in force from time to time.  

8.4. We can confirm that all personal information supplied by you will not be passed on to any one other than: 

o  where we are required to do so by law, regulation or regulatory body (including for crime investigation, fraud prevention and money laundering)
o  to any of our directors, officers, employees and consultants for the purpose of providing the Service.
o  to the Financial Company, FOS, FSCS or other third parties who require information in connection with your claim.
o  to HMRC if they request information.to our permitted agents and service providers for use by them to provide services to us which are necessary and reasonable for us to perform the Service.
o  to our Professional Indemnity Insurers and legal advisers for advice on defending our legal rights. 

By signing and returning these Terms and Conditions and the Agreement and Application Form you have given your written consent for us to do so.

9. Your Right to Seek Alternative Advice

 9.1. You are entitled to seek alternative advice or shop around so as to compare fee levels and/or technical expertise of personnel. You are also entitled to represent yourself in any Claim. In such circumstances, we cannot be held responsible for advice received by you from alternative sources and you are responsible for ensuring that any time limits within which a Claim must be made are met. 

10. Referral Fees and Commission

10.1. Where your case has been referred to us by one of our introducers with whom we have a formal agreement (“Permitted Introducers”) we may pay the Permitted Introducer a commission which will be a percentage of the success fee we charge. We will tell you if a commission is payable prior to our engagement. The amount of commission paid will not affect the level of any settlement you receive as it will be paid from Innovation Contracting’s own funds.

11. Risks

11.1. There are risks in pursuing a Claim, in particular: 

a)  We cannot guarantee that your Claim will be successful.
b)  Following our review and evaluation, we may at our sole discretion conclude that we cannot proceed with a Claim on your behalf. Reasons for this may include (but are not limited to): no adequate grounds for a Claim, insufficient evidence to justify proceeding with your Claim, your claim is out of time, there is no viable Financial Company, the Financial Company was not authorised at the time of the advice, the Claim falls outside of FOS or FSCS jurisdiction or your Claim has no reasonable chance of success at the FOS or the FSCS. In such circumstances, no liability will be incurred to Innovation Contracting by you (except for disbursements as detailed in 5.4 above) and you will not be charged any fees. However, our non continuance with the Claim will not prevent you from attempting to pursue the Claim yourself (unless the Claim is out of time).
c) Your Claim may be dismissed or rejected by the FOS or the FSCS.
d)  In the event that your Claim is upheld, there is a risk that the Financial Company (or its insurers) will refuse or may be unable to pay all or part of the sum awarded. In such circumstances you may decide to appoint solicitors or (where appropriate) an insolvency practitioner to act on your behalf to recover any amounts due. If you take this course of action, you will be liable to pay any associated costs.
e)  There are time limits within which you must bring your regulatory Claim about mis-selling. We will advise you what the relevant time limits are in relation to you specific circumstances when you first contact us. We will make every effort to ensure your Claim is submitted within the relevant time scales.

12. Limitation of Liability and Insurance

12.1.  We maintain professional indemnity insurance in accordance with all applicable laws and regulations in force from time to time. 

12.2.  Our maximum liability for loss or damage arising out of or in connection with the Services as a result of our breach of this Agreement, breach of statutory duty, tort (including negligence) or otherwise howsoever arising shall not exceed the sum of £150,000 per claim.

13. Conflict of Interest

13.1. In order to protect your interests, we cannot act or continue to act in circumstances where it is believed there is a conflict of interest. If it believed that a conflict of interest has arisen, we will discuss the position with you and determine the appropriate course of action

14. Complaints Procedure

14.1.  We value our clients and take complaints seriously. If you are unhappy about any aspect of our Services please contact David Graham by telephone on 01945 583792. or by email to david.graham@innovationcontractingltd.co.uk. Alternatively, please write to David Graham at Innovation Contracting Limited, Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQ  

14.2.  If you are not satisfied with our handling of your complaint or if the complaint is not resolved within eight weeks, you may refer the complaint to: Financial Ombudsman Service, Exchange Tower, Harbour Exchange, London E14 9SR. Their website address is www.financial-ombudsman.org.uk and the telephone number is 0800 023 4567.

15. General Conditions applicable to this Agreement

15.1.  This Agreement is governed by the laws of England and Wales. 

15.2.  We may transfer our rights and obligations under this Agreement to another organisation but we will always notify you in advance if this happens. This will not affect your rights under this Agreement 

15.3.  You cannot transfer your rights and/or obligations under this Agreement, but you can terminate the Agreement in accordance with clause 6. 

15.4.  Each of the clauses in this Agreement act separately. If any court or relevant authority decides that any of them are unlawful, the remaining clauses will continue to be in force and effect. 

15.5.  Neither of us shall be liable to the other as a result of any clause or event which is outside or beyond our reasonable control. In such circumstances, the affected party shall notify the other party who shall have the option of terminating or suspending the operation of this Agreement without charge

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