UK Terms of Business

We are delighted that you have considered Yonder Financial Technology Limited “Kota”. These Terms of Business set out the basis on which Kota will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.  If there are any material changes to these terms we will notify you.

Please take a few minutes to read through our terms of business document and if you have any questions we will be happy to answer them. 

Our Contact Details

Yonder Financial Technology Limited (Kota): 

The Stable Yard Vicarage Road, Stony Stratford, Milton Keynes, Buckinghamshire, England, MK11 1BN

E-mail: [email protected]

About Kota

Kota is the trading name of Yonder Financial Technology Limited. Registered number 14135818.

Yonder Financial Technology Limited is authorised and regulated by the Financial Conduct Authority, FCA registration [TBC] as an appointed representative of Innovative Risk Labs Ltd. Innovative Risk Labs Ltd is authorised and regulated by the Financial Conduct Authority, FCA Registration 609155. You can check this by visiting the Financial Services Register or by contacting the FCA on 0800 111 6768

Our Services

Our principal business is to arrange transactions on behalf of clients in relation to the below products. On receipt of your instructions we will transmit orders on your behalf to the relevant insurance and pension providers. We will offer assistance in relation to existing policies in processing changes to policies and in seeking renewal terms. 

It is your choice to use Kota. You must make your own decisions as to whether Kota is suitable for you and your own individual circumstances.  

We do not offer choices across the whole of the relevant market and are tied to working with one product provider. If you require a whole-of-market product selection, you should choose a firm that offers these services.

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.

Private Medical Insurance (PMI):

We only offer PMI products from Vitality Health Limited.

Pensions

We only offer access to a pension product through Smart Pensions. The Smart Pension Master Trust is authorised and supervised by the Pensions Regulator. Our service in relation to this is not regulated by the Financial Conduct Authority, as we do not arrange for you to acquire specific investments within the pensions and arranging deals in occupational pension schemes is not regulated in the United Kingdom. 

If you need professional guidance on any of the products mentioned in these Terms or on our App,  please speak to an accountant, lawyer or other appropriate financial services professional specialising before you make any decisions about your own insurance or pension. 

Help available to you 

If you are 50 or over there is a free and impartial service called Pension Wise to help you understand what your choices are and how they work. This can be accessed online, over the telephone or face to face - see www.pensionwise.gov.uk or call 0800 138 3944. 

It is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover.

To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service. 

Commission / Fees / Charges

Kota receives commission from the Vitality Health Limited of 15% initially and 10% on renewals.

Kota charges a platform fee of £8.99 per employee.

Our Schedule of Fees and Charges is updated from time to time and can be found on our website. Please ensure that you review the current Schedule of Fees and Charges carefully when entering into a specific transaction. 

In certain circumstances we may charge you a fee or an admin charge for the services provided. If we do this, we will provide you with a written estimate of this in advance of providing any such business service and get agreement from you the customer in advance.

Loans and ownership

Kota Technology Limited owns 100% of Yonder Financial Technology Limited. Yonder Technology Limited is an Irish registered company which is registered with the Central Bank of Ireland as a Tied Insurance Intermediary.

Regular Reviews

It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change which may result in you having insufficient insurance cover and/or inappropriate investments.

Conflict of Interest

It is the policy of Kota to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises. Upon request, we can provide a copy of our Conflict of Interest Policy.

Default on payments by clients

Kota and the relevant product provider will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client. 

Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions. 

When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.

Quotations

All quotations are valid on the day the quotation is offered. All quotations and cover are issued subject to acceptance by the insurer. A full copy of the insurers’ policy wording, terms and conditions will be provided to you.

Money Laundering and Sanctions

Kota reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with relevant Anti-Money Laundering or Sanction regulations

Cancellation

PMI: You may choose to cancel your plan at any annual renewal date. You also have the right to cancel your plan during the plan year subject to certain conditions, which are set out in the terms and conditions of your Vitality Health policy

Smart Pension: You may opt out of the pension if you wish and must notify your employer if you wish to do so. You have one calendar month to opt-out of the pension, no contributions will be taken during this period.

Opting back into the pension scheme: You can do this at any time by writing to your employer. They do not have to accept you back into their workplace scheme if you’ve opted in and then opted out in the past 12 months.

Cooling Off Period

A consumer has the right to withdraw from an insurance policy within 14 working days of the start date of the policy without penalty and without giving any reason. This is known as the cooling off period. The right of withdrawal may be exercised by notice in writing to your insurance or pension provider quoting your policy number. The right to withdraw applies provided that no claim or adjustment has been made or is intended to be made or no incident has occurred which is likely to give rise to a claim. Should this right be exercised the insurance company may charge for the period you are on cover. Please note that the policy set up charge is non refundable if you choose to withdraw from the policy within the cooling off period.

Complaints Procedure

Any complaint that you may have in relation to the services provided should be made in writing to us outlining the nature of your complaint. Any complaint (whether verbal or written) will be acknowledged within 3 days of receipt with regular updates then being made to you.  More details on our Complaints Handling Procedure, can be found on our Help Centre

If you are not satisfied with our response, you may be entitled to refer your complaint to the Financial Ombudsman Service (FOS) if the complaint relates to our Private Medical Insurance services, but not if it relates to our Pensions services. You must have received a final complaint response from Kota before you can refer your complaint to the FOS.  More information about the FOS, including on eligibility to refer a complaint, is available at https://www.financial-ombudsman.org.uk.

Online Complaint Form: On their website (https://www.financial-ombudsman.org.uk) you can fill out online complaint form or  

Phone: 0800 023 4567 or 

By Post: post their complaint form to 

Financial Ombudsman Service 

Exchange Tower London 

E14 9SR

[email protected]

Financial Services Compensation Scheme (FSCS)

Kota is covered by the FSCS for Health Insurance only. 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.

Further information about compensation scheme arrangements, including eligibility, is available from the FSCS website at www.fscs.org.uk.

Data Protection

Kota is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.  

The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, this will be given to all our clients at the time of data collection. 

We will ensure that this Privacy Notice is easily accessible. Please refer to our website

Please contact us at [email protected] if you have any concerns about your personal data.

Applicable Law

If you are a consumer, please note that these terms of use, its subject matter and its formation, are governed by English law. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction. However, if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.

If you are a business, these terms of use, its subject matter and its formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.