FAQs (Frequently Asked Questions)
Who is SFS Group Ltd?
SFS Group Ltd was first incorporated in 1990 and has been focused on providing well targeted, value for money and uniquely designed financial protection products that act as a safety net for parents with children at fee-paying schools.
I see that the membership agreement is between the member and SFTS Trustees Ltd rather than SFS Group Ltd. Why is this and who is SFTS Trustees Ltd?
Our schemes have been established as trusts for the benefit of members and the trustee of the schemes is SFTS Trustees Limited. The Trustee collects contributions, and pays benefits to members. To enable the Trustee to pay benefits as they fall due, it has chosen to insure its liability to pay benefits with Unum, a specialist insurer of such schemes.
SFS Group Ltd is the appointed administrator of the schemes.
Who is the beneficiary?
For the Personal Possessions, Absence from School, Dental Accident and Emergency and Personal Accident Schemes, the beneficiary is the parent. For the University Trust Scheme, the beneficiary is the student. For all of our other schemes, it is the school attended by the child who is the beneficiary. This avoids all form of taxation on either the parent or the child under current legislation.
When does my membership start?
For the Personal Possessions, Absence from School, Personal Accident and University Trust Schemes, membership begins from the first day of the school term or the date on which the first contribution, Agreement Form and Direct Debit Mandate are received, whichever is the later. For the School Fees Trust Scheme, membership starts from the beginning of the month of collection of the first contribution which is usually the month after an Agreement Form and Direct Debit Mandate have been received.
How is my membership confirmed?
Following receipt of your Agreement Form and Direct Debit Mandate, we will issue a Certificate of Admission confirming your membership.
What am I committing to when I complete an application form and direct debit mandate?
Memberships that are paid monthly can be terminated at one month's notice. Those that are paid termly can be cancelled at a term's notice.
How and when are contributions collected?
Contributions for the Personal Possessions, Absence from School and Personal Accident Schemes and the University Trust Scheme are collected termly by direct debit on or around the 7th September, January and May. Contributions for the School Fees Trust Scheme are collected monthly, on or around the 7th of each month.
How do I cancel my membership?
Advise us by telephone or in writing and cancel your direct debit instruction with your bank. We will write to confirm all cancellations.
How often do you review contributions and benefits?
We review, although do not necessarily change, contributions and benefits annually. Customers will be informed in writing of each change.
How are your products affected by the Financial Services Act 1986?
Unum, which underwrites many of our products, is authorised and regulated by the Financial Services Authority and is a member of the Association of British Insurers.
SFS Group Ltd is authorised and regulated by the Financial Services Authority, registration number 311801.
SFTS Trustees Limited is authorised and regulated by the Financial Services Authority, registration number 313246.
Who do I contact if I have any other questions?
In the first instance you should contact Customer Services on 01306 746300