For the benefit of anyone called by REI.
REI is an FSA registered company and must follow regulated compliance procedures. If you have a complaint about their services
that is not resolved you have recourse to both the Financial Services Authority and the Financial Ombudsman (details below).
About the insurance REI supply.
REI do not supply warranties. Beware of companies who supply warranties as they are not regulated and many have been shut down by Trading Standards Agency. Be very careful if you are offered a warranty as these do not have to be underwritten and if the company folds your warranty folds with it.
The insurance REI supply is genuine underwritten insurance from reputable and known insurers in the market place which is designed to save the customer money over many current high street mobile phone suppliers and their insurers who tend to overprice their mobile phone insurance.
The typical insurance which REI sell will cost £133.20 over the term of an 18 month phone contract (note REI insurance is monthly so you are not locked into a contract and you can cancel at any time).
Compare this with insurance provided by the networks and high street providors.
O2 £10.00 pm over 18 months = £180 - Save £46.80
Carphone Warehouse @ £13.99pm over 18 months = £251.82 - Save £118.62
Please note: You will always have a 14 day cooling off period in which to check that your new insurance is appropriate and please do the sums and see if it works for you. If not you can still cancel the policy for a full refund.
Under current laws and compliance REI are allowed to make what is termed an 'advertising call' to potential customers, however they must say who they are and why they are calling. They also must explain all details of the product and they must not proceed with a sale unless they get verbal confirmation from the customer.
An FSA regulated company like REI must comply with strict compliance rules and all agents follow a script which outlines who they are and why they are calling. In the case of the script REI currently use, their agent will mention their name 3 times and also how they are regulated, also if you take the insurance with them that you must cancel your previous policy if you have one, and finally, that REI are not associated with your mobile phone provider or current insurer. The agent will require confirmation from the customer that they understand this before they proceed. Agents are strictly monitored but if you think that these procedures have not been followed, REI would like to know so please call them on their customers sevices number 01792 222322 / 222324 so that they can investigate.
If you sign up with REI they will send you a welcome letter with all the details about themselves including contact details and how to contact the FSA and the Insurance Ombudsman if you have a problem. For clarification this letter also states all the information again that was given in the script by the agent. The letter also gives you a 14 day cooling off period from receipt of your policy, so that if you are not happy about anything you have the right to cancel by calling their customer services.
Under FSA regulations, if you are not happy with anything you should make a complaint to the company concerned who must deal with it in a set time guideline. However if you are still not happy you have recourse to the Financial Ombudsman or the FSA and they will look into it for you. (all details below)
Real Estate International (Financial Services) Limited 91 High Street
Customer Services: 01792 222322 / 222324
FAX: 01792 224055
Real Estate International (Financial Services) Limited
are an appointed representative of Comparisure Ltd
which is authorised and regulated by the
Financial Services Authority.
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Consumer helpline: 0300 123 9 123 or 0845-080-1800
open 8am to 6pm, Monday to Friday
Financial Services Authority
25 The North Colonnade,
Consumer Helpline: 0300-500-5000