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Initial Disclosure Document (IDD)

19th Dec 2018 - If you would like more information on any offers in our range or a bespoke quotation, call a member of the team on 0370 700 5220

The Financial Conduct Authority is the independent regulator of financial services. The Financial Conduct Authority require us to provide you with a document called an 'Initial Disclosure Document'. This document provides information about us, the products we offer, the services we will provide, what we charge for our services, who regulates us, what to do if you have a complaint and details about the Financial Services Compensation Scheme.

Whose products do we offer?

We only offer BMW branded products as follows: Shortfall Insurance, Tyre Insurance and Cosmetic Repair Insurance from MAPFRE Asistencia Compania Internacional de Seguros y Reaseguros S.A. Car Insurance from Allianz Insurance plc. Any premium paid to us in respect of Shortfall Insurance, Tyre Insurance and Cosmetic Repair Insurance, will be held as an agent to Abraxas Insurance Administration Services Ltd.

The service we will provide you with.

We will advise and make a recommendation for you after we have assessed your needs for Shortfall Insurance, Tyre Insurance, and Cosmetic Repair Insurance. Further details on Shortfall Insurance, Tyre Insurance and Cosmetic Repair Insurance can be obtained from www.bmw.co.uk/finance/bmw-insurance or by calling the BMW Protect Services Team on 0330 400 1514. You will receive an introduction only to Allianz Insurance plc for Car Insurance.

What will you have to pay for our services?

An administration fee of £15 will be payable for cancellation of a Shortfall Insurance, Tyre Insurance or Cosmetic Repair Insurance policy after 30 days from receiving your documents. An administration fee of £50 will be payable for a cancellation of an annual premium Car Insurance policy after the cooling off period and before the first renewal date. You will receive documentation which will tell you about any other fees relating to any particular insurance policy you take out.

Who regulates us?

BMW Park Lane is an Appointed Representative of BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 OFB which is authorised and regulated by the Financial Conduct Authority. BMW Financial Services (GB) Limited’s Financial Services Register Number is 312578. BMW Financial Services (GB) Limited’s permitted business is advising on and arranging general insurance contracts. You can check this on the FCA’s Register by visiting the FCA’s website www.fca.org.uk or by contacting the FCA on 0800 111 6768.

What to do if you have a complaint.

If you wish to register a complaint relating to Shortfall Insurance, Tyre Insurance or Cosmetic Repair Insurance, please contact us in writing at BMW Protect Services Manager, 1 Victoria Street, Bristol Bridge, Bristol BS1 6AA or by telephone on 0330 400 1420. If you wish to register a complaint relating to BMW Car Insurance, please contact us in writing at BMW Car Insurance, 2530 The Quadrant, Aztec West, Almondsbury, Bristol, BS32 4AW or by telephone on 0344 854 1780. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

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. Insurance advising and arranging is covered for a maximum of 90% of the claim with no upper limit. Further information about compensation scheme arrangements is available from the FSCS.

Printable IDD - BMW Cars, Mini Cars or BMW Motorrad Bikes

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