Xchanging Broking Services Limited:
Registered office: The Walbrook Building, 25 Walbrook, London, EC4N 8A
Registered number: Registered in England and Wales no. 5879221

Aon UK Limited:
Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN
Registered in London No. 210725 . VAT Registration No. 480 8401 48

Confidentiality

“Confidential Information” is any information which is non-public, confidential or proprietary in nature relating to you or Aon and/or any Aon Group Member, or any subsidiary, holding company, or subsidiary of any holding company of you or Aon (“Associates”), which is disclosed by or on behalf of one party (the “disclosing party”) to the other party (the “receiving party”), whether before, after, or on the date of, these terms of business. Aon takes appropriate measures to protect the privacy and confidentiality of our clients, as well as comply with applicable laws and regulations.

Except as set out below, both parties agree to keep all Confidential Information received from each other confidential and to use it solely for the purpose of providing or receiving (as the case may be) the Services.

This obligation of confidentiality will not apply to the extent that:

1. the disclosing party has given prior written approval to disclose;
2. disclosure is required to satisfy legal obligations or regulatory requirements, Aon UK Limited policy or in response to a request from law enforcement authorities or other government officials;
3. disclosure is normal to broking industry practice (for example to (re)insurers or prospective (re)insurers);
4. you have assigned your rights (in accordance with the terms defined under the Assignment section of these terms of business) and it is therefore necessary for you to disclose to your assignee, provided that such assignee agrees to respect the confidentiality of our Confidential Information;
5. Aon have assigned, sub-contracted or outsourced the Services (or any part thereof) and it is therefore necessary for Aon to disclose to our assignee, sub-contractor or outsource provider provided that such persons agree to respect the confidentiality of your Confidential Information;
6. such Confidential Information is or becomes available in the public domain without breach of these terms of business;
7. the Confidential Information is rightfully in the receiving party's possession other than as a result of a breach of any obligation of confidentiality; or
8. It is necessary for the receiving party to disclose to its Associates and/or to its and/or its Associates’ auditors, professional advisors, agents or representatives (in the case of auditors or professional advisors, only to the extent required to permit them to discharge their professional obligations to the receiving party or its Associates) provided that any such Associate or advisor to which such disclosure is made agrees to respect the confidentiality of such Confidential Information.

This obligation of confidentiality shall cease to apply three years from the expiry of any legal and regulatory record keeping requirements.

Data Protection

Aon warrants that Aon will duly observe the requirements of the Data Protection Act 1998 (as required by EC Directive 95/46/EC), and you warrant that you will duly observe the requirements of any equivalent legislation applicable to you with regard to privacy and/or data protection.

Due to the global nature of services provided by Aon UK Limited, the data you provide may be transmitted, used, stored and otherwise processed outside of the country where you submitted that information.  Notwithstanding the aforementioned, all access to data is at all times subject to Aon UK Limited’s security policies and procedures and must be safeguarded accordingly.

You agree that information given by you can be disclosed to our Associates or other third parties and can be used by Aon and our Associates for analytics, compiling data and statistical purposes. Unless we have your consent, if such analysis, data or statistics are circulated outside of our Associates, it will not be done in a way that identifies you.

Electronic Processing

Aon may transact business on your behalf, including the submission of claims and underwriting information, by means of electronic placement and claims systems. This may require (for example in the case of electronic claims submissions) the submission of documents to a market repository which will be available to (re)insurers. Such market repository may be operated by a third party. It will not be possible for Aon to withdraw documents from the repository once they have been submitted.

For Aon’s Clients:

Safeguarding Clients Money

Where Aon act on your behalf Aon shall hold premiums due to (re)insurers, any claims payments and/or premium refunds due to you as client money (“Client Money”). During the provision of the Services to you, Aon and any of our Appointed Representatives (as defined in law and the FCA Rules) will deposit all payments received in respect of Client Money in a bank account governed by a trust deed that complies with FCA Rules (“Trust Account”). These regulations seek to protect clients against any inability of a (re)insurance broker to transfer premiums to a (re)insurer or to transfer claims payments and/or premium refunds to the client. Client Money subject to Scottish Law will be held by Aon acting as your agent.

Where Aon act on your behalf in respect of activities other than insurance mediation activities that are regulated by the FCA, Aon may not be permitted by the FCA to hold Client Money in the same Trust Account as Aon use for regulated activities. In this case Aon will hold Client Money in segregated bank account(s) established solely for this purpose.

Where Aon act on (re)insurers behalf Aon shall hold money as insurer money (“Insurer Money”). Premiums received by Aon will be treated as having been received by (re)insurers whereas claims payments and/or premium refunds will only be treated as having been received by you when they are actually paid to you. Aon may co -mingle Insurer Money with Client Money under the terms of the same trust deed when permitted by the FCA to do so

The terms of the Trust Account(s) permit Aon to place part of the Trust Monies into money market funds. Aon shall retain sole rights to all interest and earnings received on Trust Monies rather than pay them to you. Under the terms of the Trust Account(s) Aon is responsible for meeting any trust fund shortfalls arising from this. The terms also permit us to use the money held in the Trust Account (“Trust Monies”) on behalf of one client to pay another client’s premium before the premium is received from that client, and to make claims payments and/or premium refunds to another client before Aon receives payment from the (re)insurer. However, Aon is not permitted to use Client Money for any other purpose.

Aon will pay premiums directly to (re)insurers and receive premium refunds and/or claim payments directly from (re)insurers or their representatives except where Aon has engaged the services of another intermediary or settlement agent in which case settlements may then be transferred between Aon and the other intermediary or settlement agent. Should such an intermediary or settlement agent be located outside of the United Kingdom, payments will be made to and from their jurisdiction and will be subject to a legal and regulatory regime different from that of the United Kingdom. In the event of a failure of the intermediary or settlement agent, the Client Money may be treated differently from the treatment which would have applied if it were held by an intermediary in the United Kingdom. You may notify Aon if you do not wish your money to be passed to a person in a particular jurisdiction and Aon will consider making a payment to an alternative jurisdiction.

Aon may deposit Client Money in a client bank account outside the United Kingdom, unless you notify Aon that you do not wish your money to be held in a particular jurisdiction.  In such circumstances, the legal and regulatory regime applying to the approved bank will be different from that of the United Kingdom and, in the event of a failure of the bank, your money may be treated in a different manner from that which would apply if the money were held by a bank in the United Kingdom.

Aon believes the above arrangements provide you with significant and effective protection for Client Money. Your agreement to all aspects of these arrangements will be assumed unless an objection is registered with Aon or where applicable Aon’s appointed representative prior to your first remittance being received by us.