Terms of Business

AN AGREEMENT BETWEEN

Asset Finance & Leasing Ltd of 2 Honeysuckle Close, Melksham, Wiltshire. SN12 7FR and of

1. Appointment of the Broker

This document sets out how We will deal with You in the provision of Credit Broking Services.   We will start providing Credit

Broking Services, and The Agreement will be dated, once We and You have signed The Agreement.  This date will be the Commencement of The Agreement.

2.             Standards Statement

Asset Finance & Leasing Ltd is Authorised and Regulated by the Financial Conduct Authority (FRN: 0680090). The Financial Conduct Authority (FCA) regulates financial services in the UK and You can check Our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website.

https://register.fca.org.uk/

Asset Finance & Leasing Ltd is a member of the National Association of Commercial Finance Brokers (NACFB). We adopt a strict Code of Practice and Minimum Standards set by the Association. You can check Our membership status by contacting the NACFB on the below link.

https://www.nacfb.org/

3              Client Acknowledgement

You acknowledge that:

You have been urged to seek such independent advice as You consider necessary before signing The Agreement;

We source Lending Proposals from a panel of lenders whose details will be supplied upon request. In this role, We are doing no more than effecting an introduction between You and the Lender(s) to enable You to choose a Finance Product which, in your sole opinion, is suitable for You.  We are not Your agent or otherwise acting on Your behalf, and there is no duty upon Us to provide you with impartial advice, information or recommendation.

We may receive Commission from the Lender.

You have read The Brokers terms and conditions set out below and agree that they form part of this agreement.

You are aware that We may receive Commission from a Lender for introducing You to them, and You have no objections to Us receiving this amount.  If you wish to receive any further information concerning Commission paid to us by the Lender, please let Us know in writing.

You are aware that We are required to disclose the nature of Commission in Our communications, as well

as when making a recommendation to You. The existence and nature of Commission arrangements where

the Commission varies depending on the Lender, product or other permissible factors will always be

disclosed. The disclosure will also cover how the arrangements could affect Our recommendations to You.

Such disclosures will be made in Our Suitability Letter issued to You.

Signed         

(The Broker/an authorised Officer for and on behalf of the of The Broker)

Dated  

Signed    ……………………………………………  

(The Client [a duly authorised partner for and on behalf of each of the partners in The Client who shall be jointly and severally liable to perform the terms of this Agreement)

BROKERS’ TERMS AND CONDITIONS

Confirmation of Instructions

Before signing The Agreement, The Broker will complete a Confirmation of Instructions (the Instructions) which shall be read and take effect as if they form part of The Agreement.

Any change to or variation of the Instructions will not affect the liability of the Client to pay any Fee pursuant to The Agreement.

Your duty to Us

The Client agrees to be act with utmost good faith in the provision of information to The Broker. The duty is continuous and applies to all the information the Client provides, whether The Broker has asked for it or whether The Client has provided it voluntarily. The Client agrees not to withhold information from the Broker. 

The Client agrees to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender who has made a Finance Offer that accords with the requirements set out in the Confirmation of Instructions letter.

The client agrees to notify the Broker if at any time, they intend to appoint an additional or alternate Broker or intermediary to obtain an offer of finance for them whereupon The Broker will be entitled to terminate this Agreement forthwith.

If the Client fails to notify The Broker that they intend to appoint an alternate or additional Broker or intermediary prior to doing so and if an Offer of Finance is obtained from any Lender the Client will pay the Arrangement Fee calculated by reference to the Finance Offer made but otherwise in accordance clause 3.2 of the Agreement to the Broker.

Introductory Commission

You acknowledge that the Lender may pay The Broker introductory commission in respect of the funding set out in the Finance Offer.   If You wish to receive further information about any such commission (including the amount), you will let Us know in writing 

Commission paid to The Broker may vary in amount depending on the Lender or product. Where the nature of any financial arrangement, including the amount of commission or any other type of remuneration is known, in advance of The Broker promoting or recommending a particular Lender or Finance Product, this information will be disclosed to You.

The Client having acknowledged the matters set out under the Client Acknowledgment consents to The Broker receiving and retaining any commission paid. 

Termination

The Broker may terminate the Agreement by giving 14 days written notice to The Client.

National Association of Commercial Finance Brokers – The Code

The Broker agrees to act on behalf of the Client in accordance with the terms of the Code of Practice of the National Association of Commercial Finance Brokers (NACFB) as amended (the Code) and a copy of the Code is available on request from the Association or on the NACFB website www.nacfb.org 

The Broker will investigate and deal with any complaints raised by The Client concerning the services provided under The Agreement promptly and reasonably but if The Broker is unable to resolve any complaint to The Client’s satisfaction the Code of Practice stipulates the procedures available to The Client including NACFB Mediation.

If The Client is unhappy with The Broker’s response to their complaint, and the complainant falls within the regulated activities, they may be able to complain to the Financial Ombudsman Service at:

Address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR. Contact: 0800 0234567, 0300 1239123.

Website: www.financial-ombudsman.org.uk

The Ombudsman will be able to confirm whether he can look at the complaint. If The Client is entitled to make a complaint to the Ombudsman, then they are not bound to follow any alternative procedure and can make their complaint to the Ombudsman within the timescales set down by the rules applicable to that scheme, details of which will be provided to the Client by Us on request.

Amendments

 Any amendment whether proposed by The Broker or The Client shall be notified in writing to the other party.  Any amendment proposed by the Broker shall take effect on the date specified unless in the meantime The Client notifies The Broker to the contrary or requests an extension of time.  Any amendment proposed by The Client shall take effect when accepted by The Broker in writing.

Privacy Notice and Data Protection

A Privacy Notice has been issued separately from the Terms of Business. Being transparent and providing accessible information to individuals about how We will use Your personal data is a key element of the EU General Data Protection Regulation (GDPR)  

This Privacy Notice details;

lawful bases for processing data, who We are, how We use the information about You, marketing consent, what information is collected, why the personal data is required, Our data retention periods and individuals’ rights to personal data. More detailed information can be obtained on request.

You must be confident You understand how Your data will be processed. If You require further clarification, please contact Us before entering into an Agreement.

If You have not received or seen the Privacy Notice. Contact Us before confirming to this agreement.

Assignments and third-party rights

This Agreement is personal to The client and a person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.

Professional Indemnity

The Broker will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.

Exclusions

The Client accepts that The Broker shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to loss of business, loss of Client data, interruption of business or loss of profits or goodwill because of the manner of performance by The Broker of any obligations arising under The Agreement.  This exclusion of liability will not, however, otherwise affect any statutory rights of The Client.

Choice of Law

The Agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English Courts.

Definitions:

The Agreement - Means the agreement by and between The Broker and The Client, that comprises these

terms and conditions.

Completion - The date any Finance Agreement with a Lender becomes effective following a Lending Proposal.

Credit Broking Services - The Services Which We provide to You under this Agreement.

Commission - A sum of money that is paid upon completion of a task from a Lender.

Commencement of this Agreement - The date on which We commence providing Credit Broking to you

Confirmation of Instructions Letter - A confirmation that You instruct the Broker to engage with Brokering services.

Financial Conduct Authority - The conduct regulator for financial services firms and financial markets in the UK and the prudential

supervisor

Finance Agreement - A loan, credit or hire agreement.

Finance Product - Is an instrument in which a person can either: make a financial; borrow money; or. save money.

Financial Services Register - The register helps consumers to confirm the authenticity and contact details of regulated financial services firms.

Lender, Lenders - Any lender to whom the Lending Proposal is presented

Lending Proposal - The proposal prepared by Us setting out the requirements recorded in the Confirmation of Instructions provided in accordance with paragraph 1 of the attached Terms and Conditions as varied from time to time.

Loan Amount - The sum of any amounts payable by a Lender to You following the issue of a Finance Offer by that lender which has been accepted by You.

Parties to The Agreement - A party to a contract is one who holds the obligations and receives the benefits of a legally binding agreement.

Privacy Notice - The Notice provided to You about how We process Your Personal Data

Contract - A written agreement that is intended to be enforceable by law.

Funding Structure - The mix of debt and equity that a company uses to finance its operations.

Suitability Letter - A report outlining a Brokers recommendation as to which provider they feel is most suitable, responsibilities, postponement, implementation plans and next steps.

The Code - The Code of practice of the National Association of Commercial Finance Brokers.

The Broker – Asset Finance & Leasing Ltd. Registered in England, Companies House No. 6936260. Authorised & Regulated by the Financial Conduct Authority FRN 0680090

The Ombudsman – The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

The Regulated Activities Order - The Financial Services and Markets Act 2000(Regulated Activities) Order 2001

Unsecured Lending - A loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral.

We, Our, Us - The Broker as referred to above

You, Your - The Client as referred to above

The following terms are those advised by US as likely to apply to any Finance Offer. They are subject to Your acceptance of The Agreement. When The Agreement has been signed, the Confirmation of Instructions Letter will form a contractual part of The Agreement.

LETTER OF INSTRUCTION

Note: The Broker cannot guarantee that these terms will be achieved.

Any Lender selected by The Broker will undertake a thorough examination of The Client’s ability to service the loan. This will include approval of accounting and financial information and a valuation for bank purposes of any property offered as security, Approval of this information is at the sole discretion of the Lender (and not The Broker). Several factors, beyond the control of The Broker, may emerge during this process and cause the lender to weight, or vary, the terms indicated in this memorandum which will be revised accordingly.

In addition, funders may require some or all the following:

• Suitable insurance on, for example, Vehicle, Plant, Machinery and Stock
• Directors guarantees
• Detailed financial and accounting information including bank statements, projections and accounts
• Any other information as necessary to show the viability of the application e.g., Business Plan.

I understand and agree to the Terms of Business and Terms and Conditions.

Signed (The Client) ……………………………………….……………