Terms of
Business
TERMS OF BUSINESS
This document sets out how we will deal with you in the provision of services for Credit Broking.
AUTHORISATION
SigniFi Commercial Finance Group Limited are a credit broker in arranging finance for vehicle and equipment transactions. We are an Appointed Representative of The Compliance Guys Ltd, FRN: 1047595. The Compliance Guys Ltd are authorised and regulated by the Financial Conduct Authority, FRN: 941360 and are the Principal Firm. You can check this on the Financial Services Register by visiting the FCA’s website at register.fca.org.uk. All finance is subject to status. Terms and conditions will apply. Applicants must be 18 years or over.
We act as a credit broker and not a lender.
SigniFi Commercial Finance Group Limited is registered with the Information Commissioners Office under number: Z8659409. VAT Registration: 496893706
SigniFi Commercial Finance Group Limited is also 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.
OUR SERVICES
SigniFi Commercial Finance Group Limited work with a panel of Lenders to find a potentially suitable arrangement for your consideration. Please ask for details of the panel of lenders we use if you require this information.
Once we have found a potentially suitable arrangement, we will present to you the agreements which we believe achieve the most suitable and appropriate customer outcome for you based on the information you have provided us with. It is important that you read the whole document carefully.
We do not provide or offer advice. Please contact your accountant or financial advisor for impartial advice.
PRODUCTS
Most asset finance arrangements involve paying a deposit and then monthly payments. The key difference between products is what happens at the end of the agreement and who gets title of the asset.
Hire Purchase: When all repayments are made, there is an option to purchase the asset. If the option is not taken up, the asset needs to be returned to the lender.
Operating Lease: Is a contract that allows for the use of an asset but does not convey rights of ownership of the asset.
Lease: At the end of the agreement, there are a number of options that may be available to you depending on the type of lease that you have entered into. This may include extending the lease term, returning the asset to the lender, receiving a refund of sales proceeds upon the sale of the asset by the lessor or upgrading the asset via a new agreement. There is no option to purchase the asset at the end of the agreement directly from the lessor and you will not get title to the asset.
Loan: This agreement is lent on the basis the loan is to be fully repaid within a set time period and is unsecured.
Conditional Sale: When you have made all the payments under the agreement, you automatically take ownership of the asset.
Personal Contract Purchase/ Business Contract Purchase: This product is usually only available to finance vehicles. At the end of the agreement there is an optional large final payment to purchase the vehicle and option to purchase fee. Alternatively, you can return the vehicle to the lender, The final payment is dependent on your estimated annual mileage. In deciding which option to select, relevant factors may include how long you expect to use the asset for and the income or corporation tax, VAT and accounting treatment of the product.
OUR CHARGES
We do not charge you a fee for our brokering service, whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow, rate for risk (this is based on the risk profile of the proposal). Under some commission models we operate under, the more that you pay to the lender, the more we may receive by way of commission. If you would like to understand more about how we earn commission / fees, please write to SigniFi Commercial Finance Group Limited, Unit 1 Royds Hall Road, Leeds, LS12 6AJ or email info@signififinance.com.
Further details regarding the nature of Commission, existence, calculation and amount of commission will be provided to you throughout your customer journey, this information will include any fees from the lender that we the broker may benefit from.
Where you have been introduced to us by a third-party Ancillary Service, dealer or introducer, we will confirm to you whether any commission payments have been made to them.
COMPLAINTS
Our aim is to provide you with a professional and confidential service that delivers the highest possible standards. However, there may be occasions where you feel this has not been achieved and should you wish to make a complaint about any aspect of the service we provide to you, you can do this by writing to SigniFi Commercial Finance Group Limited, Unit 1 Royds Hall Road, Leeds, LS12 6AJ or by telephoning us on 01623 203590 or by emailing us at info@signififinance.com where we will try to resolve your concern at the earliest time possible.
FINANCIAL OMBUDSMUN SERVICE (FOS)
Set up by Parliament, the FOS is the UK’s official expert in resolving problems with financial services.
If a business and a customer cannot resolve a complaint themselves, the FOS can give an unbiased answer about what has happened. If they decide someone has been treated unfairly, the FOS has legal powers to put things right. Their contact details can be found here http://www.financial-ombudsman.org.uk.
The customers’ right to have disputes referred to the FOS should be included in any Terms of Service, including contact information.
We take FOS referrals seriously and will comply and cooperate with the FOS entirely by ensuring all information requests required from us as a business are provided in a timely fashion, we will also work with the lender and dealer where necessary.
HEALTH ISSUES AND OTHER CHALLENGES
If you have any health issues or anything else that could affect your ability to fully understand (the product) or commitment you are entering into, you should consider very carefully whether you need further time to consider this application or whether you would like a family member or friend to help you to make your decision. Please tell us if this is the case.
DATA PROTECTION
To approve your application our lenders will supply your personal information to Credit Reference Agencies and the Credit Reference Agencies (CRAs) will give the funders information about you, such as your financial history. The lenders, do this to assess credit worthiness, product suitability, check your identity, manage your account, trace, and recover debts and prevent criminal activity. The lenders will continue to exchange information with the CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants, or other financial associates. The personal information you have supplied may also be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and verify your identity. If fraud is detected, you could be refused certain services, finance or employment. We only retain personal data for the purposes for which it is collected and for a reasonable period thereafter where there is a legitimate business need or legal obligation to do so. For detail of our current retention policy, email info@signififinance.com
SigniFi’s privacy notice can be found with the following link – Privacy Policy
SigniFi Commercial Finance Group Limited are registered with the Information Commissioners Office (ICO), reference number Z8659409.
YOUR RESPONSIBILITIES
You should be confident and comfortable that you would be able to meet, on time, any and all payments as described in the quotation explained or provided for the life of the Agreement.
- You should be aware that late or missed payments may result in any or all of the following:
a. Late / Default charges;
b. Termination of the Agreement;
c. Repossession of any Equipment (where applicable);
d. Adverse credit being registered with Credit Reference Agencies (CRAs);
e. Difficulty in obtaining further credit due to the above. - You should be aware of the various finance options available to you, have taken advice where required, and by proceeding acknowledge that you have chosen the selected option in full knowledge of the implications and your responsibilities.
- You understand that SigniFi intends to rely on this document for the services SigniFi provides and provide your agreement to the Charges and Data Protection sections above. You have read these terms carefully and understand that you can ask for further information at any time if you are unsure or would like clarification on any point.