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Terms of Business

Asset Finance Solutions Terms of Business

Regulation:

Asset Finance Solutions is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number is 690013. We are permitted to act as a Credit Broker, not a lender.

You may check this information on the FCA’s Register by visiting www.fca.org.uk/register or by contacting them on 0800 111 6768 (Freephone) or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad.

Some of the services that we provide are not regulated by the Financial Conduct Authority. You will be advised in advance of any such proposal or service.

About Our Service

  • We offer Hire Purchase, Leasing and Loan products from a selected panel of Funders
  • A list of our panel of Funders we introduce will be issued upon request or can be found on our website assetfinancesolutions.info
  • We do not fund any credit contracts ourselves all credit applications are introduced to a Funder
  • Whilst we take steps to ensure any credit application is suitable for your needs, we do not offer and advice and recommendation service.
  • We encourage you to ask us at any stage anything that is unclear and obtain independent legal advice if you still do not fully understand the credit arrangements
  • Please note unless we are satisfied you fully understand the terms and conditions of the finance you are applying for we will be unable to make the introduction to the finance company, this is for your protection and ours
  • We recognise it is important for customers to be able to shop around for credit and alternative sources of credit
  • We are a credit broker and not a Funder, we can introduce you to a limited number of Funders and their finance products.  We are not an independent financial advisor, we will provide details of products available.  You must decide whether the finance product is right for you.  We do not charge you a fee for our services.  Whichever Funder we introduce you to, we will typically receive a commission from them, (either a fixed fee or a fixed percentage of the amount you borrow).  A commission disclosure document will be issued to you which will provide you with details of the commission we receive as a result of placing your finance with a Funder

What we will do.

  • Explain the key features of the regulated credit agreement to enable you make an informed choice
  • Take reasonable steps to satisfy ourselves that a product we wish to recommend to you is not unsuitable for your needs and circumstances
  • Advise you to read, and allow you sufficient opportunity to consider, the terms and conditions of a credit agreement before entering into it
  • Before referring you to a third party which carries on regulated activities obtain your consent, after having explained to you why your details are to be disclosed to that third party
  • Before effecting an introduction of you to a Funder disclose (where applicable) the fact that the Funder is linked to this firm by being a member of the same group as the firm
  • Before effecting an introduction of you to a Funder explain how, when and where you may exercise your cancellation rights

Are we linked in any way to our panel of Funders?

We are not linked to any of our funding panel members.

Quotations:

We will quote figures based on our Funders cost of funds. The Funder has the right to change or decline these quotes on receipt of the full proposal.

Conflicts of Interest:

If through exceptional circumstances Asset Finance Solutions or any of its Partners or other customers has a material interest in business you ask to be transacted for you, we will make you aware of the conflict of interest and we will obtain your consent before your instructions are carried out. A copy of our Conflicts of Interest Policy is available on request.

Our Remuneration:

  • We are paid a fixed commission for Motor Finance, different Funders may pay different commissions for such introductions. The amount of commission received from our Funder does not affect the cost of credit.
  • All other business agreement commission paid is variable, different Funders may pay different commissions for such introductions. The amount of commission received from our Funders will vary depending on the terms of your agreement which may have an impact on the total cost of credit.
  • For your reassurance, all of the Funders we work with could pay commission at different rates, but the commission we receive does not influence the interest rate you will pay. Our aim is to secure finance for you at the most competitive interest rate you are eligible for from our panel of Funders.  We will always work in your best interest to provide you with the best product for your needs.
  • A commission disclosure document will be issued to you which will provide you with details of the commission we receive as a result of placing your finance with a Funder.

Treating you Fairly:

We always aim to treat you fairly. This means that we will always endeavour to:

  • Conduct our business with due skill, care and integrity
  • Never put ourselves in a position where our primary duty to you is compromised
  • Deal with any complaint sympathetically and independently of the colleague to whom the complaint is directed
  • Be transparent in the matter of our remuneration
  • Respect your confidentiality

Types of Asset Finance:

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 to the equipment.

  • Hire Purchase:
    At the end of the agreement there is an option to purchase the equipment. If the option is not taken up, the equipment needs to be returned to the Funder.
  • Lease:
    At the end of the agreement, there is no option to purchase. The agreement can usually be extended, you may be offered the option to sell the asset on behalf of the Funder, or the equipment can be returned to the Funder. You do not get title.
  • Loan:
    A sum of money which is borrowed over a fixed term and paid back with interest.
  • Sale and HP Back / Sales and Lease Back:
    This finance option enables you to convert a recent purchase (within 90 days of original purchase from a bona fide supplier) to a finance agreement which releases cash back into your business. The Funder would purchase your asset at an agreed value, and finance it back to you over a fixed period with repayments matching the income stream generated by the asset.
    The Lease back option can be written on either a Finance Lease or a Hire Purchase agreement.
    Private Sale: This is an agreement that facilitates a sale where the supplier is not an equipment dealer. For example, this could be a Farmer to Farmer sale. The seller will need to provide evidence of clear title to the asset and invoice accordingly.
  • In deciding which option to select, relevant factors may include;
    How long you expect to use the equipment for.
    The income or corporation tax, vat and accounting treatment of the product.

 

Do You need Asset Finance?

For more help in deciding whether to select Asset Finance the main options for financing newly acquired equipment are:

  • Purchase outright for cash
  • Bank facility
  • Raise new capital
  • Rent for a short period (typically less than one year)
  • Take out an asset finance agreement. The Funder will purchase the equipment from the supplier you have selected, at the price you have negotiated. You will then hire or lease the equipment from the Funder.

In deciding which option to select, relevant factors may include:

  • Whether you have the cash to buy outright
  • How long you need the equipment for
  • Costs of the different options

For more help in deciding whether to select Asset Finance, see the Government’s Business Finance advice (https://www.gov.uk/business-finance-explained/overview)

Right to Withdraw:

Regulated Agreements – Regulated by the Consumer Credit Act 1974

You have the right to withdraw from your agreement with the finance company, without giving a reason, by writing to them or telephoning them.  Your right to withdraw starts on the day after you receive your copy of the executed agreement and ends after a period of 14 days.

Un-regulated Agreements

You do not have the right to withdraw from your agreement if the agreement is Un-regulated

Your Responsibilities:

In order for us to fulfil our responsibilities to you, you must:

  • Read the documentation we give you and let us know if there is anything that is unclear or that does not represent your requirements
  • Comply with the terms and conditions of any agreement we arrange for you
  • A condition of taking our an Asset Finance Agreement is that you insure the equipment.

It is your responsibility to verify that all payments due on the Finance Agreement are successfully transmitted and received by the Funder

Suitability of Asset Finance:

Asset finance may not be suitable in certain circumstances. You should be aware:

  • You will have to continue to pay for the equipment for the agreed period even if you no longer need the equipment or it cannot be used.
  • If you change the equipment during the agreed minimum rental period this could lead to higher charges.
  • Asset Finance is unlikely to be suitable if you are not sure if you will need the equipment for the minimum contract period.

Asset finance is unlikely to be suitable if you are not sure the equipment will be maintained and kept in a useable condition for the minimum contract period.

Data Protection and Confidentiality:

We pay a data protection fee to the ICO under the Data Protection Regulations and abide by the requirements of the Regulations.  Our registration number is Z5795129. The information we receive from you is used to provide quotations and arrange finance with a Funder.

You have the right to cancel your authority to use such information. Before or after you enter into any agreement with a Funder, to help make credit decisions, the Funder will make a credit search with a credit reference agency. If you are a company or partnership they will also make enquiries about the principle director(s) or partner(s) with a credit reference agency. Full details of the use and disclosure of your information by the Funder is contained within the terms and conditions of any agreement which you should read before signing.

All customers’ records are treated as private and confidential and Asset Finance Solutions therefore reserves the right to give you copies of your particular records rather than allow access to files containing records concerning other clients. If you want sight of your records please send a written request to: info@thefinancefamily.co.uk or Asset Finance Solutions, Monument House, Unit Z13, Westpark 26, Chelston, Wellington, Somerset, TA21 9AD

We are required to verify your identity in accordance with the Proceeds of Crime Act 2002 (POCA) and the Money Laundering Regulations 2017.

Asset Finance Solutions Privacy Policy can be found on our website www.assetfinancesolutions.info or you can call us and we will post a copy out to you.

What to do if you are not satisfied with our service:

If you wish to register a complaint please contact William Coles, Complaints Manager in writing at Asset Finance Solutions, Monument House, Unit Z13, Westpark 26, Chelston, Wellington, Somerset, TA21 9AD or by telephone on 01823 653610.  Upon receipt of your complaint we will send you our complaints procedure. This is also available at any other time upon request, and can be found on our website www.assetfinancesolutions.info

You may be entitled to refer a complaint against us to the Financial Ombudsman Service if you are not satisfied with our response.

The contact details are as follows:

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

Website – http://www.financial-ombudsman.org.uk/

E-mail: complaint.info@financial-ombudsman.org.uk       Tel: 0800 023 4567