This page sets out the terms of business between Business Finance Solutions (UK) Ltd and its clients. We are regulated by the Financial Conduct Authority (FCA) and follow their guidance in terms of procedures, treating customers fairly and complaints.
Type of Business
Business Finance Solutions (UK) Ltd is a credit brokerage, not a lender. We arrange Loans, Hire Purchase, Asset Finance, Invoice Discounting, Factoring via third parties all of which are covered under the FCA guidelines.
For agreements we arrange through third parties:
You will not be charged directly for the provision of these finance agreements, however we reserve the right to charge for additional services you request after activation such as for settlement figures. Any such charges will be fair and be provided at reasonable cost for our time and work involved. We also reserve the right to earn a fee from the lender who provides a facility to you.
Advice and Recommendations
Any advice your account manager provides will be based on your personal or business financial disclosures. It is important to answer questions fully and accurately in order that we can best assess your needs and requirements.
A commercial mortgage or loan may be secured against your home or property. Where it is, your home or property may be repossessed if you do not keep up the mortgage / loan repayments.
Your Duty of Disclosure
It is your responsibility to provide complete and accurate information to Business Finance Solutions (UK) Ltd when you apply. It is important that all statements made on documentation are full and accurate. Please be aware that if you fail to disclose any relevant information, or any change of circumstances to us any credit approval may be immediately withdrawn. We strongly recommend that the information you provide is checked thoroughly prior to submission.
Acting in your Best Interests
If any material interest or conflict of interest should arise in business that we are arranging for you, we will let you know and ask for your consent before we carry out your instructions.
Treating Customers Fairly
Treating customers fairly is at the heart of everything we do. We will act in your best interests at all times, provide excellent value products and services, ensure our communications are clear, concise and jargon free and if you have a complaint we will treat it seriously and resolve it quickly and fairly.
The FCA has rules which affect the rights you have as a customer. Ultimately if you become unhappy about our services you may complain to The Financial Ombudsman Service directly:
The Financial Ombudsman Service
London E14 9SR
0800 023 4 567
General Data Protection Regulation (GDPR) 2016
The personal data you provide will be used and stored in accordance with the General Data Protection Regulation (GDPR) 2016. You have a right to access all the personal information that Business Finance Solutions (UK) Ltd holds about yourself.
This agreement shall be governed and construed in accordance with the laws of England and Wales. In relation to any dispute, the client irrevocably agrees to submit to the non-exclusive jurisdiction of the English courts.
All transactions relating to the services provided by us are covered by Money Laundering Regulations and the Proceeds of Crime Act. The FCA also requires that we have appropriate measures in place to prevent fraud, money laundering and other financial crime. Our responsibilities under these Regulations, and the rules of the FCA, include but are not limited to verifying the identity and address of our clients and of any third party making payments on their behalf. Where we require, you must supply proof of your identity in accordance with the requirements of the above Regulations.
Electronic searches of the electoral roll and the use of credit reference agencies, will result in a ‘foot-print’ on your credit records. This foot-print is visible to other financial service providers and may affect your credit rating. We will only action searches if you agree to proceed with a credit approval process with us. Acceptance of our Terms of Business and a wish to obtain credit approval represents your permission to us to action a search and approach credit reference agencies regards your financial affairs.
OUR COMMITMENT TO YOU – OUR CUSTOMER
- We will explain our products fully and the true cost of each. There will be no hidden costs.
- We will always give you the best advice – even if it means losing your business.
- We will ask a number of questions that will enable us to fully understand your circumstances, needs and budget.
- Your business and personal information will always be treated in the strictest confidence.
- We will strive to make strong relationships with our service providers to ensure they mirror our commitment to you.
- Our documentation will be clear and easy to understand. We will always provide adequate explanations wherever required.
- On occasions that we feel it is appropriate for us to charge a fee for additional services, you request, post completion, we promise that it will be reasonable and justifiable.
- All our staff will be professional and courteous to you – even if they are not directly involved in your business.
- If you are unhappy with the service we provide we will take your complaint seriously and attempt to resolve the matter to your complete satisfaction.