eCommerce Directive

The service provided by TEP-Exchange Limited is free to Independent Financial Advisers ("IFAs") who register directly with us to use our services. No VAT is chargeable. IFAs bear the cost of their communications and post with endowment policy traders in respect of each transaction concluded on the TEP Exchange

The service provided by TEP-Exchange Limited is subject to commission charges and/or membership fees for endowment policy traders. The amount of commission and/or membership fees is negotiated with each endowment policy trader prior to the trader having access to the TEP Exchange. VAT is charged on membership fees. VAT registration number 769010626.

Whilst TEP-Exchange Limited is the only service in the TEP market to provide quotes from a number of endowment policy traders in seconds, the technical steps to conclude the contract involve your clients signing legal papers.

It is necessary for each endowment policy trader to undertake a due diligence of the policy which is being purchased which includes a check on the ownership of the policy, enquiries with the relevant life office and bankruptcy searches. It is usual to experience some weeks delay before receiving the proceeds of sale. The amount of time it takes is dependent upon how quickly the life office is able to provide replies and on the history of ownership of the endowment. Using the TEP-Exchange Limited is quicker than any other service in the TEP market as the legal papers are sent to your IFA by e-mail after the deal is arranged on the TEP Exchange website.

The TEP-Exchange encourages IFAs to use our service in the presence of their clients to ensure that legal papers can be sent to endowment policy traders immediately.

The deal arranged on the TEP Exchange is recorded on the IFA's Home Page and is accessible by the IFA.

The Contract for Sale contained in the legal papers between the policy seller and the endowment policy trader is stored on the TEP Exchange system but is not accessible to the policy seller's IFA. It is recommended that IFAs keep copies of all documents sent to endowment policy trades and that all documents are sent by recorded delivery.