Product Exposed
Unoccupied residential property insurance
Meet the Team Ben Brook Head of Schemes
Broker Spotlight
Jan Biddulph Acorn to Oaks Financial Services
December 2023
Issue
33
Introduction
A message from Richard Burgess Welcome to this issue of ABACUS Exposed. Firstly, I would like to give our thanks to Jan Biddulph of Acorn to Oaks Financial Services for agreeing to be our Broker Spotlight for this issue. In this issue of Exposed we share with you our update on insurance for non-UK residents, which is available to all our Brokers with AmTrust Europe Ltd. Other interesting snippets from this month’s issue include an FAQ Spotlight on our Unoccupied Residential Property product, and a thought-provoking article entitled ‘Ideas to maximise your insurance shop front when you’re based on the high street’. Additionally, we have an FAQ page which shares in-depth knowledge about Landlord’s insurance, helping brokers answer customer queries with ease. On page 8, we learn what our Head of Agency and Marketing, Robin Gentle has been up to over the past few months in the return of our ‘Out and About’ feature. Furthermore, on page 11, we hear from another member of our team, Ben Brook, who is the star of this issues’ ‘Meet the Team’ article. Here in the ABACUS office we have continued to work hard to deliver high levels of service, but please do contact us if there is anything further we can do to assist you. As always, we thank you all for your continued support of ABACUS and hope you have an enjoyable holiday period and a wonderful New Year.
Richard Burgess ACIEH, Cert CII, MCIM, MICA CEO e: richardb@sabacus.co.uk m: 07725 365447
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Product Updates
Are you struggling to find insurance for Non-UK Residents? Then this new ABACUS update is for you It is OFFICIAL… Here at ABACUS, we are bringing back the availability of a range of our products for Non-UK Residents! This will only be available with AmTrust Europe Limited as our other insurers still have restrictions in place. The products available for this update include: l Residential l Unoccupied l Commercial Unoccupied l UK Holiday Home l Unoccupied Undergoing Works l Landlord’s Contents
To see our full list of insurance products available, click the link Our website has been fully updated to accommodate this change with immediate effect, so gaining quotes for non - UK residents couldn’t be easier. Please feel free to give us a call if you have any questions about this update, our Agency team or New Business team will be happy to assist you.
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News round up Property matters in the UK are often in the headlines. Whether you are a homeowner or a landlord, it helps to stay abreast of the news and keep one step ahead of those changes that may affect your current – or planned – investments. Read on for our news round-up where we look over some of those headlines...
Claim: Landlords want to improve EPCs as soon as possible The Housing Secretary, Michael Gove, seems to be swimming against the tide of landlords’ opinion by back-pedalling on the introduction of stiffer Energy Performance Certificate (EPC) requirements in the private rented sector. Although Mr Gove wants to slow down the introduction of tougher requirements, a majority of landlords want to meet the government’s current deadline of 2028 or even sooner to upgrade their properties from D, E, F, or G ratings to an improved EPC C rating. Commenting on a recent survey of landlords’ attitudes towards the upgrading of energy efficiency standards in the private rented sector, Landlord Today noted the marked change in property owners’ attitudes within just the last 12 months. This time last year, only one-third of landlords surveyed wanted to accelerate the move towards more stringent energy efficiency requirements – now, more than two-thirds want to make the changes more quickly or at least by the current target date of 2028.
Do you live in a burglary hotspot? Landlords and homeowners beware – more than 500 homes in England and Wales were burgled every single day in 2022. A recent story in the Daily Mail newspaper referenced the data gathered from 44 police forces around the country and revealed a total daily number of burglaries of 527 last year – compared with 523 the year before. Some parts of the country appear to be worse than others. In Leicestershire, Staffordshire, and Cleveland, for instance, the annual volume of home invasions went up by 39%, 30%, and 26% respectively. Warwickshire, Humberside, and South Yorkshire, on the other hand, fared relatively better by recording increases of “only” 14%, 16%, and 16% respectively. Still other parts of the country actually recorded decreases in the annual number of burglaries. These were Devon and Cornwall, where they fell by a welcome 21%, Merseyside by 16%, and South Wales by 12%.
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News round up More green incentives needed to help homeowners and landlords The online property listings website Rightmove has issued a plea for greater encouragement of landlords and homeowners to switch to greener energy consumption and management. According to Rightmove’s latest Greener Homes Report, around half (50%) of homes in the private rented sector have an EPC rating of D or less. The equivalent proportion among homeowners is 60%. Yet the government’s current target is for the majority of homes – or as many as is “practicable” – to achieve a C rating within the next 12 years. According to Rightmove’s research, it could take as long as 31 years for homes currently in the private rented sector to achieve an EPC rating of C or better - and 43 years for that standard to be achieved by homeowners looking to sell. The listings website identifies stamp duty rebates, mortgage and remortgage incentives, grants and tax benefits, and technological innovation as possible incentives to help landlords and homeowners switch to greener energy use and management.
House prices: the average London home now costs 14 times the typical household income The London Evening Standard has revealed that a typical home in the capital currently costs almost 14 times the income of an average household. Citing data from the Office for National Statistics (ONS), the newspaper noted that the latest figures put the price of the average home in London at £510,000 and the annual income of the average household at £36,800. Based on those figures only the upper 10% of the capital’s population could afford to buy such an “average” property by having saved five and a half years of their income. To do so, these households would need to be earning a combined total of some £92,000 annually. For the lowest-paid section of the capital’s population, an “average” priced home there currently represents thirty-seven and a half years’ of earnings.
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MTA Mountain As we hike up MTA Mountain, we would like to take an opportunity to explain the processes behind some of the mid-term adjustments requested on your policies held through ABACUS. Unoccupied to Occupied Adjustment When an unoccupied property placed on the ABACUS Unoccupied policy becomes occupied at any point mid-term in the policy, we will action this by cancelling the Unoccupied policy (as the property is no longer unoccupied) and transferring pro rata to a newly set up Occupied policy. This process will allow the let policy to hold the occupied cover available. Should you wish for the policy to include Accidental Damage cover, please advise us at the time you notify us that a tenant is in the property and the cover will be updated (if Accidental Damage cover is available, it will be applied). In transferring the policy, there can be a difference of premium depending on a few factors. It will depend on a) the level of unoccupied cover the Unoccupied policy enjoyed, b) the rating of the Occupied policy and c) the date of adjustment. Further to this, you can now request the change via our website, at www.sabacus.co.uk in the incepted policies section. If you have any queries, you can contact our Existing Business team in a number of ways! By telephone on 01702 606 306, email on existingbusiness@sabacus.co.uk or on our live chat facility on the ABACUS website.
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Landlord insurance FAQs Figures reveal that there are around 2.6m private landlords in the UK – meaning there are potentially great opportunities for providing your clients with landlord insurance cover. Here are some FAQs your customers may ask about the product … Is landlord insurance the same as buy to Is landlord insurance the same as buy to let insurance? In the UK, the terms “landlord insurance” and “buy to let insurance” are often used interchangeably, as they refer to the same type of insurance policy. Both terms essentially describe insurance cover specifically designed for residential landlords who rent out their properties.
l landlord liability insurance is
designed to meet the costs of such claims. Some, but by no means all, landlord insurance policies may include – or may offer as optional extras – cover against such risks as subsidence, loss of rental income, malicious damage, and trace and access cover. I’m only letting out part of my house. Why can’t I keep using my existing owner-occupier property insurance? By definition, insurance is all about the management of risk. Once you let your house – or even part of it – to tenants, the risks are different from those when you and your family are the sole owneroccupiers.
What does landlord insurance cover? As with practically any kind of general insurance, landlord insurance policies may differ quite widely from one insurer to another. You need to look carefully at the detail of any particular policy for its Because those risks are different, you match to your needs and expectations. need specialist landlord insurance to safeguard against them. For all the differences, though, the If you have tenants in any part of typical landlord insurance cover your house, you may find that any addresses three main areas of risk: subsequent claim for loss or damage is rejected by your insurer if you have Buildings insurance only regular owner-occupier’s home l this covers the structural integrity insurance. of the building itself, protecting it against such potentially serious risks What’s the link between landlord as fire, flooding, escape of water, insurance and mortgages? storm damage, impacts, and theft; If you are buying the property with Contents insurance (optional) the help of a mortgage, the lender l any contents owned by the landlord distinguishes clearly between a and kept in the let property may be residential home mortgage for covered by an element of contents prospective owner-occupiers and a buy insurance; to let mortgage for landlords. Landlord liability insurance l any landlord owes a duty of care to his or her tenants; l if a tenant, one of their visitors,
a neighbour, or a member of the public is injured or has their property damaged, they may hold the landlord in breach of that duty of care and sue for damages;
insurance in place at all times, in order to protect both your financial interests in the property. Do your policies include public liability injury to guests and third parties? Our policies include up to £2m public liability for guests and third parties, with options to increase up to £5m if required. I have an HMO (House in Multiple Occupation) – what insurance do I need? If you have an HMO, then you need a specialist type of landlord insurance – namely HMO insurance. This policy should give you all the benefits of standard buy to let insurance cover but is designed to protect HMOs in particular. Also, if you provide any furnished or partly furnished areas within the HMO, such as communal areas or individual rooms, you may want to consider landlords contents insurance to protect those items from theft or damage. Are my tenants contents covered under my residential let insurance policy? No, any tenants’ contents will NOT be covered by your landlord/HMO insurance policy. Therefore, it makes sense to remind your tenants that they will need their own cover in the form of tenants contents insurance
Just as mortgage lenders recognise the essential differences in the way the property is to be used, so, too, do insurers – home insurance for owneroccupiers and buy to let insurance for landlords. Your mortgage lender may also make it a condition of your mortgage agreement that you have buy to let
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Ideas to maximise your insurance shop front when you’re based on the high street As an insurance business based on the high street, it is crucial to maximise the potential of your shop front to attract customers and generate more business. With the right strategies and implementation, you can create a captivating and inviting shop front that will leave a lasting impression on passers-by. In this article, we’ll explore some effective ideas to make the most of your insurance shop front. 1. Eye-catching signage and branding Your shop front signage and branding play a significant role in attracting attention and conveying your business identity. Opt for bold and prominent signage that clearly displays your company name, logo, and key services.
Participate in community events, sponsor local initiatives, and engage with neighbouring businesses. By actively involving yourself in community activities, you can build strong relationships and increase your visibility. This community engagement will help establish your insurance shop as a trusted and valued part of the local area.
Ensure that the colours and design elements align with your brand image and are visually appealing. A welldesigned shop front with captivating signage will make your insurance business stands out.
5. Offer incentives and promotions To attract new customers and encourage repeat business, consider offering incentives and promotions. This could include discounted insurance packages, referral programmes, or exclusive deals for high street shoppers.
2. Showcase your products and services Utilise your shop front space to showcase your insurance products and services.
Promote these offers prominently in your shop front to catch the attention of potential customers and entice them to enquire about your services.
Use attractive displays and visuals to highlight the key features and benefits of your offerings. Consider using interactive screens or digital displays to engage customers and provide them with valuable information.
6. Leverage your online presence While your physical shop front is essential, don’t neglect the power of your online presence. Ensure that your insurance business has a professional website that is easy to navigate and provides detailed information about your products and services.
Creating visually appealing displays will pique the interest of potential customers and encourage them to step inside your shop. 3. Create a welcoming atmosphere Make your insurance shop front warm and inviting to create a positive first impression. Ensure that the entrance is well-lit, and the windows are clean and clutter-free. Decorate the space with tasteful furnishings, plants, and artwork that reflect your brand personality. A welcoming atmosphere will make customers feel comfortable and more inclined to explore your offerings. 4. Engage with the community Being based on the high street provides an excellent opportunity to connect with the local community.
Insurance
Optimise your website for search engines to increase your online visibility. Additionally, maintain an active presence on social media platforms relevant to your target audience. Engage with followers, share valuable content, and promote your shop front events and promotions online. (Visit InsuranceMarketing.co.uk for more useful information on how to promote your brokerage online). In summary, when you are based on the high street, maximising your insurance shop front’s potential is vital for attracting customers and generating business. By implementing these ideas, such as eye-catching signage, showcasing your products, creating a welcoming atmosphere, engaging with the community, offering incentives, and leveraging your online presence, you can create a compelling and successful shop front that stands out from the competition.
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ABACUS Out & About Summer ended just as quickly as it started, then autumn passed by in a flash, and now we have finally arrived at the beginning of winter. Here at ABACUS HQ, it has been as busy as ever as we work hard to give our brokers the top-quality service they have come to expect of us. Robin has been travelling around the country as usual making visits to brokerages to discuss our products and services with a wide range of our customers. He has also been making teams calls to brokers to offer product training and refreshers. These calls allow us to give a bit more detail on any product updates to those brokers who have used us many times already and offer insights to those who are new to using our products. Robin and the team have also attended many events in the past few months including Broker Expo in October. So, without further ado, here a short insight into Robin’s activities over the past four months…
July Miles & Smiles Number of Brokers Seen – 33 Number of Miles Travelled – 2,605 Robin started July by visiting brokers in London and the ABACUS home county, Essex. He had the chance to visit a few Key Account Brokers, one Broker remarking that they liked ABACUS’s continuity, another reflected on the fact that property is becoming a large part of their business, and that our website’s easy-to-use functions is the main reason we are seeing a growth in their account with us, which is wonderful feedback to hear. Robin ended the summer by visiting brokers in Durham and Sunderland. He left with great feedback yet again, and followed up by sending across our Broker Pack, which is filled with information about our products and contact details for our teams.
August Miles & Smiles Number of Brokers Seen – 16 Number of Miles Travelled – 317
September Miles & Smiles Number of Brokers Seen – 23 Number of Miles Travelled – 2,065
October Miles & Smiles Number of Brokers Seen – 34 Number of Miles Travelled – 2,058 October was a month filled with events. Firstly, on October 5th, the ABACUS team hosted a racing day at Warwick Racecourse, in which they invited 25 brokers to join them for the day’s racing events and lunch at the course itself. Then in the evening a few of the brokers stayed on with the team to have an evening meal at a local Indian restaurant. It was a brilliant opportunity for the team to catch up with brokers face-to-face and discuss their agencies with us. A week later, on October 12th, the ABACUS team travelled up north to Birmingham to attend the Broker Expo exhibition, which was in a new venue this year. After exhibiting at the Expo, the team hosted a dinner for brokers at a restaurant called the Sky Bar Restaurant, which is local to the Exhibition Centre. The dinner was a success for the team, as they got another chance to catch up with brokers that we usually would not get to interact with face-to-face.
We are ready and waiting
If you would like Robin to hold a meeting with you (be that in person or virtual) to discuss your agency with ABACUS, please let us know. Email us at agency@sabacus.co.uk or call us on 01702 606 312.
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Product Exposed Unoccupied residential property insurance (including property undergoing works) At ABACUS, we are committed to our broker members by offering what we believe are desirable, cost-effective products that provide market-leading benefits for your customers. This time we take a look at our unoccupied residential property insurance (including property undergoing works) Who is the product for?
Plus Our unoccupied residential property insurance product is for l ability to switch the policy to an occupied let or owneranyone who owns (or has financial responsibility for) a vacant occupied product mid term residential property - for example: l easy to get a quote and buy online l landlords who own a residential property and who are awaiting l for every quotation request you submit we will provide you a tenant; with a quotation for each level of cover available l someone renovating an empty property (including structural works); l flexible cover options including short term policies of 3, 6 and l executors of a property in probate; 12 months l homeowners who are having an extended holiday (such as a l we can cover most unoccupied properties undergoing gap year) or working away from home for more than around 45 works including redecoration, redevelopment, restoration, consecutive days, leaving the property empty; extensions, renovations etc. l people buying an empty property at auction; l we have flexible limits to the value of the works being l where a house is standing empty awaiting sale; undertaken. l and so on. Unoccupied properties undergoing works
What about exclusions?
The policy excludes damage caused by the Contractor (which should be covered under the Contractor’s own insurance). Where structural works are taking place, no cover is in force for any part of the building that is either being constructed or worked upon. Why ABACUS unoccupied residential property owners insurance (including properties undergoing works)? Three levels of cover available + added value We are proud of our unoccupied residential property owners insurance benefits (including properties undergoing works) as not only does it offer, in our opinion, fantastic cover and great value for your customers, but it We have three levels of protection available, meaning you can offer provides you - our brokers - many benefits too: your clients a choice of cover to suit their own unique requirements. l up to 25% commission Key features of our unoccupied residential property l immediate online access to our panel of insurers - offering a variety insurance (including property undergoing works) of cover options for your customers Plus, some of the key features of our unoccupied residential property l simply complete your quotation online in the usual way and you owners product include benefits not always offered as standard by will receive your quote for all three levels of cover immediately. Or, some other unoccupied property insurance/property undergoing works if it “refers”, we will come back to you quickly with our terms insurance providers such as: l cost-effective, flexible cover to meet your customers’ own unique l subsidence (all levels) needs l property owners liability up to £5m (all levels) l market-leading product - our policies cover all the standard risks associated with unoccupied insurance including many elements l malicious damage by tenant (levels 2 and 3) of protection which some unoccupied property insurance policies l escape of water (levels 2 and 3). from other providers exclude. Our unoccupied property insurance (including properties undergoing works) product is also suitable for residential properties being renovated - no matter whether they are to be let or owner-occupied after the works have been completed.
these are typically all included as standard (depending on the level of cover chosen – policy limits and risk-based restrictions also apply).
l policy documentation available immediately online l help and support readily available from our Sales & Marketing
Team on 01702 606 312. For more product details, please visit Insurance-Marketing.co.uk.
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Broker Spotlight
Jan Biddulph Acorn to Oaks Financial Services
1. Tell us a bit about your brokerage, and the origins of the company. Acorn to Oaks Financial Services was set up in 2008 by three Oakley family members. The name tries to embrace the idea that we are here to support clients as they grow and develop. It is about long term relationships and our business being built on strong foundations. 2. What makes your brokerage unique? We are wider than just being an insurance brokerage. We also have a finance broking and IFA arm to the business. It is probably a cliché, but we believe our staff sets us apart from other organisations. We are such a close “family”, focused on great client service. Some of our staff have been in the insurance industry for over 30 and 40 years. 3. What does a typical week look like for you? That’s a great question! As anybody who works in insurance will know, no two days are ever the same. I think this is the great thing about working in our industry - you can never say it’s dull! I take care of a book clients (some of which have been with me for over 20 years, so I guess I’m doing something right!), handle renewals and take care of claims. In addition I also do new quotes and try to win new business. 4. What are the best pieces of advice you have received in your years of experience working in the insurance industry? I am now in the 29th year of my insurance career, and looking back feel both very fortunate and extremely lucky to have worked with some quality and talented people who have had a big influence on me. Sadly, some of those are no longer with us, but what they taught me and the advice they gave me I have never forgotten and will stay with me forever. Early on when I started out in insurance, it is simply one of the best pieces of advice I ever
had - it has always stayed with. The advice was quite simply to always remember the “Three C’s”. These “Three C’s” are: “Claims, Conscientious, Cover Notes”. It shows how long I’ve been around as cover notes doesn’t really apply these days! 5. What, in your opinion, is the biggest reason you continue to work with us here at ABACUS? Acorn to Oaks Financial Services is extremely pleased to be able to work with ABACUS. The service is first class, the website is user friendly and quick and straight forward to use, the quotes are competitive, the cover is excellent, and documents available straight away. Because of this our account has continue to grow. It is a partnership which has flourished, and long may we continue to work with ABACUS for many years to come. 6. Your main office is based in the West Midlands, near Wolverhampton; If someone were to visit your area, what would you recommend they go and see or do first? We recommend trying the orange chips – yes orange chips! Majors fish n chip shop is close to our office. There is the Black Country Working Museum which is truly a wonderful magical place! There is the 19thcentury Wolverhampton Art Gallery which has collections from Old Master paintings to locally made steel jewellery. There is Wightwick Manor and Gardens which is known for its William Morris House Museum. And nearby, Victorian-era West Park has a lake, bowling green and conservatory - well worth a visit!
8. Christmas and New Year are slowly creeping up on us, do you have any plans for the holidays? Christmas is important as it gives me the opportunity to have a break and some down time. There will be quality time spent with family and friends, and lots of food and drink! 9. If you had to choose an animal to represent your brokerage, what animal would you choose and why? A Cairn Terrier. We actually have an office dog called Tilly. She is 16 and since the business was set up she has been a part of all of our lives. She’s a little crafty and often tries to steal everyone’s lunch! You will always find her sat at the table in board meetings and ready and happy to greet all visitors that come in. Cairns are known to be small, sturdy and intelligent which pretty well sums us up! 10. Is there a particular ABACUS event that you have attended that stood out for you? I am most grateful to ABACUS to have been invited to a few events over the years. The one that stands out for me is the meal at Resorts World after the Broker Expo last month. It was a wonderful evening, there was great company, lovely food and drink and fantastic restaurant. It was a thoroughly enjoyable evening – thank you ABACUS!
7. What are your go-to holiday destinations? Mexico and Morocco.
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Meet the Team Ben Brook Head of Schemes 1. Hi ABACUS team member Introduce yourself! Hi, I’m Ben Brook and I am Head of Schemes for ABACUS 2. What is your role within ABACUS? As Head of Schemes, I oversee and manage the relationship between ABACUS and our insurer panel. My role includes building and maintaining relationships as well as enhancing and developing our products. I work closely with all departments within ABACUS including our IT team, Existing Business Team, New Business Team and Underwriting Team. 3. What do you like about working at ABACUS, and what do you think ABACUS does the best? We still have a family feel with a lot of colleagues being friends, everyone looks out for each other. 4. What are the values that drive you? We have a good set of company core values, that I feel also crossover and work well in my personal and professional life, such as: Honesty and integrity, Get it right but fix it when it goes wrong and to Share enthusiasm. 5. What do you enjoy doing when you are not working? Being outdoors – Clay-pigeon shooting, playing golf, having a cold beer in the sun and barbecuing!
6. Who inspires you? Robin Gentle for his hard work, long hours and his commitment to the business. 7. What is something you are proud of? Being part of ABACUS in general makes me feel proud. The whole company makes up an amazing group of people. 8. What is your most-used productivity hack? I like to play music through my noisecancelling headphones, and this helps me to keep my head down so I can crack on with work! 9. What three items would you take with you to a deserted island? A fishing rod, a six-pack of beers and a mini barbecue… Sounds like the perfect holiday! 10. Tell us about a memorable moment with ABACUS. I have had many memorable moments whilst working here at ABACUS – I think one of the moments that springs to mind is hosting the Annual Staff BBQ, which is always a good event for colleagues and their families.
Agency & Marketing Are Here To Help! Our Agency & Marketing team are here to help you with all Agency queries! If you would like to discuss your ABACUS agency over many of the video platforms, or via the telephone, Robin & Jecelda are available to speak to you on 01702 606 312, or email us at agency@sabacus.co.uk. We look forward to hearing from you!
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Contact Information Accounts
Claims
New Business Team
Agency & Marketing
Existing Business
Portfolios
Tel: 01702 606 320 Email: accounts@sabacus.co.uk
Tel: 01702 606 312 Email: agency@sabacus.co.uk
Tel: 01702 606 311 Email: claims@sabacus.co.uk
Tel: 01702 606 306 Email: existingbusiness@sabacus.co.uk
Tel: 01702 606 304 Email: newbusiness@sabacus.co.uk
Tel: 01702 880802 Email: portfolios@sabacus.co.uk
The information contained above is not intended as legal or broking advice. Specific advice should always be sought on individual requirements and it is always necessary to read the contractual documentation for full details of the product and cover provided. This newsletter is managed by ABACUS, the content including all views and expressions are those of ABACUS. ABACUS is one of a range of products marketed and distributed by BLINK Intermediary Solutions. ABACUS is provided by Alan Blunden & Co Limited, Baxter Building, 80 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ. Alan Blunden & Co Limited is authorised and regulated by the Financial Conduct Authority. Full details of FCA authorisations can be found at www.fsa.gov.uk/register Produced by iamyourdesigner - 07969 663 847 | 2961
ABACUS
Baxter Building 80 Baxter Avenue Southend on Sea Essex SS2 6HZ Tel: 01702 606 300 Email: info@sabacus.co.uk Fax: 01702 606 369