Credit Broking Information Notice and Terms of Business

Thank you for choosing Astmoor Finance to assist with your upcoming requirement. We are an independent commercial finance intermediary offering a comprehensive range of commercial finance solutions and other business services. We work with a wide range of Providers in the market in relation to products including asset finance, property finance, invoice finance, cashflow finance, and insurance.

We will be acting as a credit broker on your behalf. We are not a lender. Currently we deal with an unrestricted panel of lenders.

We provide a non-advice service which means you will not receive financial advice, nor a formal recommendation from us. You will need to make your own choice about how to proceed with any of the solutions sourced and presented.

The information you provide together with that provided by credit reference and fraud prevention agencies will be used to assess your requirement and circumstances, verify your identity (and that of each of your partners, company directors, significant shareholders. beneficial owners and other relevant individuals to your requirement), prevent fraud and prepare statistical analysis.

Definitions

Application means a proposal with the intention of sourcing a product or service for you. Applications, Apply, and Applying shall be interpreted accordingly
Broker Fee means an arrangement fee paid to Astmoor Finance for facilitating and arranging a facility with a Provider
Completion means the successful provision of a product or service from a Provider to you
Credit-Backed Offer means the outline terms of a credit-sanctioned agreement from a Provider or syndicate of multiple Providers for a product or service which, subject to conditions being satisfied, will lead to Completion on the terms outlined
Credit Reference Agency (CRA) means a person which provides credit references on businesses and individuals. Credit Reference Agencies shall be interpreted accordingly
Credit Search means a search carried out with a Credit Reference Agency. Credit Searches shall be interpreted accordingly
Provider means any entity to which we may make an Application including (but not limited to) banks, peer-to-peer lenders, private investors, alternative finance providers, insurers and other intermediaries. Providers shall be interpreted accordingly

 

Authorisation statement

The Financial Conduct Authority (FCA) regulates financial services in the UK.

Astmoor Finance is a trading style of Astmoor Finance Limited (company registration number: 12297014). Astmoor Finance is directly authorised by the FCA (FCA registration number 941193). You can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website or by contacting the FCA on 0800 111 6768.

We are a member of the National Association of Commercial Finance Brokers (NACFB) and we adopt a strict code of practice and minimum standards set by the association.

As a credit broker, we carry on an activity, by way of business, of the kind specified in article 36A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544). This enables us to introduce customers to a finance or credit provider and to introduce business to other credit brokers who then introduce customers to a finance or credit provider. Not all transactions require an intermediary to hold these regulatory permissions, however we feel it is important to hold ourselves to the highest standards so you have full confidence in us in all dealings.

Broker Fee

In consideration of the services carried out by us in relation to this appointment, you may be asked to pay to us a Broker Fee. Any Broker Fee will be in addition to any fees charged by a Provider to you as part of the provision of a product or service.

If a Broker Fee is applicable, it shall be set out within our Broker Agreement and shall be payable upon acceptance of a formal offer from a Provider. Any variation or reduction to your requirement/requirements following the signing of a Broker Agreement shall not reduce the Broker Fee set out in a signed Broker Agreement, however any increase in your requirement/requirements may lead to the Broker Fee increasing and a new Broker Agreement being issued.

If, after the date which is six months from the date of signing the relevant Broker Agreement, a Completion has not been achieved through no fault or delay from you, the Broker Fee shall cease to be payable and any relevant amounts paid in respect of the broker fee shall be refunded to you. Any such refund shall be made within 30 days of the date which is six months from the date of signing the Broker Agreement or earlier at our discretion.

For the avoidance of doubt, if you opt to delay draw-down of a facility or schedule delivery dates of equipment being financed to a future date that is over three months from the date of signing the Broker Agreement, the Broker Fee will continue to apply in full with no entitlement to refund and any unpaid amounts will still be payable. If a Provider rescinds an offer following a Broker Fee being paid due to detecting any fraudulent conduct, misrepresented documentation, declining trading performance that impacts their willingness to continue with a facility, or a material change in credit circumstances (including, but not limited to, a new or worsening default on a credit file or a county court judgement being issued), this will be construed as being your fault and subsequently would not entitle you to a refund of the Broker Fee.

We shall accept payment of fees as they fall due by the following payment methods: credit card, debit card, or direct bank transfer.

Commission

In addition to any Broker Fee payable by you, a Provider may pay us commission on a transaction. Any such commission will typically take the form of a fixed fee or a percentage of the facility amount you draw down, however commission structures vary between Providers.

The commission structure adopted may impact the amount that you pay in respect of any product or service including (but not limited to) interest rates and fees. It may be that we know, in advance of making an Application, what commission structure a Provider shall apply. In some circumstances, there will be scope for us to set the amount of commission we receive, which may impact the amount that you pay in respect of any product or service including (but not limited to) interest rates and fees.

Where Astmoor Finance is charging you a Broker Fee, any commissions due to be earned will be detailed explicitly in the Broker Agreement.

Where a product or service is defined as a Regulated Product with meaning given to it in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), the existence and nature of commission arrangements where the commission varies depending on the Provider, product, or other permissible factors will always be disclosed. This disclosure will also cover how the arrangements could impact the products we propose to you. Such disclosures will be made in a formal document (the “Suitability Document“) issued to you along with our Broker Agreement where applicable and this Suitability Document will detail the calculation of commission or commission amount.

You will indemnify Astmoor Finance Ltd in respect of any commission we are required to repay to a Provider as a result of you being in breach of the terms of your agreement with that Provider following a Completion.

Complaints

If you wish to register a complaint you can do so by emailing complaints@astmoorfinance.co.uk and providing the relevant details. Please include as much information as possible and tell us what you want to happen. A copy of our complaints procedure will be outlined to you in our response. If we cannot resolve your complaint, you may be entitled to refer it to the Financial Ombudsman Service via their website: https://www.financial-ombudsman.org.uk or by calling 0800 023 4567.

Your transaction may be covered by the Financial Services Compensation Scheme (the “FSCS“). The FSCS is the UK’s statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. The FSCS exists to protect customers of financial services firms that have failed. If the company you have been dealing with has failed and is unable to pay claims against it, the FSCS may be used to pay compensation. You can find out more about the FSCS at https://www.fscs.org.uk/.

Data Protection and Regulatory Notice

We shall comply with all applicable requirements of the General Data Protection Regulation ((EU) 2016/679) (the “GDPR”). We are registered with the Information Commissioners Office (ICO) as a “Data Controller” which has meaning given to it by the ICO and more information is detailed on the ICO website.

You are providing your personal information to us to enable us to assist you in obtaining appropriate products and/or services in support of your requirements, along with providing information on your business and requirements. In processing this information our staff may share this data with carefully selected third parties who may either be a Provider or a packager / broker of such services whom the company believes can satisfy your requirement. We may also share data with other third parties to assess your requirement and source appropriate solutions such as comparison platforms.

We take our responsibilities under GDPR seriously and we will at all times respect your privacy and legal rights. We will never sell or distribute any data you have provided to us to any unrelated or unconnected third party except where necessary to source a product or service with a Provider, or to adhere to prevailing regulatory and compliance obligations. We may contact you on an ongoing basis to inform you about relevant products and services only if you have given us specific permission to do so and at any time you may opt out of receiving such contact and information from us.

Your information is collected and may be shared and processed with our Providers and third-party service partners to:

  • Help make decisions about credit, loan or mortgage applications and credit or insurance related services
  • Establish the best possible source of financial support to satisfy your borrowing requirements
  • Trace debtors, recover debt, prevent money laundering and financial fraud

Where we share your information with Providers they will be acting as a “Data Processor” or “Data Controller” in their own right and their own privacy policy will apply. We will share links to Providers’ privacy policies where feasible and on request. Due to the number of Providers we work with, we do not hold copies of their privacy policies as there is a risk that the information we hold may become out of date where a Provider makes changes to their policies and we have not been made aware of these changes.

In order to fully assess your circumstances in support of any Applications we make, we and relevant Providers may wish to search your records with selected Credit Reference Agencies (CRAs) by conducting Credit Searches. Credit Searches may be conducted on any partner, director, or beneficial stakeholder connected to the applicant entity and its wider group and relevant requirement/requirements. Credit Searches may add a record of the details of the search made to the relevant credit file when they are conducted. We and Providers may see Credit Searches conducted by other organisations. Similarly, other organisations that carry out such searches may see Credit Searches conducted by us and Providers we approach.

Providers may be required to check your details with Fraud Prevention Agencies as part of their assessment of an Application. If you provide us false or inaccurate information then this may be recorded at such agencies.

An association between you (or another individual a Credit Search is conducted on) and any named partner or spouse may be created at the Credit Reference Agency. This may link your financial records, each of which may be taken into account in all future Applications by either or both of you. If an association already exists then your application may be assessed with reference to these associated records. This situation will continue until one of you successfully files a disassociation with the relevant Credit Reference Agency.

We will generally collect your personal data directly from you, or via third parties such as introducers or other intermediaries. We may also collect data from and/or combine your personal data with information from other source such as CRAs, fraud prevention agencies, marketing affiliates, agents working on our behalf and publicly available sources such as Companies House and social media.

The nature of information provided may depend on the nature of the requirements you seek our assistance with and may include but is not limited to details as follows:

Who you are:

  • Your name
  • Your date of birth and/or age
  • Your address and address history
  • Your contact information including phone numbers and/or email addresses
  • Your civil/marital status, family, lifestyle or social circumstances if relevant to an Application e.g., number of dependents you have
  • What we learn about you from letters, emails and conversations
  • Details about you that are stored in original documents or copies, such as identity documents like your passport, driving licence, birth certificates, and marriage certificates.
  • Usage data about how you use our products and services
  • Details on the devices and technology you use

Your employment status and sources of income:

  • Whether you are employed/retired and your employment history
  • Your entitlement to receive benefits
  • Your salary and other sources of income
  • Your savings
  • An overview of assets you own
  • An overview of liabilities registered in your name

Your financial commitments and position:

  • Bank account details
  • Tax information
  • Loan and credit commitments
  • Household income and expenditure
  • Your personal credit profile and credit circumstances
  • Existing borrowings, loans, and other financial products
  • County Court Judgement information

We will not collect or retain any personal data from you we do not need for our purposes. The legal grounds that are relevant to us in justifying our processing of your personal data is as follows:

  • Processing necessary to source your clear consent or to process your consent to share your personal information with our Providers for a specific purpose, such as applying for a product or service
  • Processing necessary to perform our contract with you or to take specific steps prior to entering into contract
  • Processing necessary for us to comply with our legal obligations (not including contractual obligations)
  • Processing necessary for us to meet vital interests such as the protection of someone’s life
  • Processing necessary for notifying other people or organisations such as CRAs, fraud prevention agencies, regulatory bodies such as the Financial Conduct Authority, the Prudential Regulation Authority, the Financial Ombudsman Service, the Information Commissioner’s Office, courts and other organisations where it is necessary for the administration of justice, to protect vital interests and to protect the security or integrity of our business operations, including the National Crime Agency
  • Processing necessary for your legitimate interests or the legitimate interests of a third party unless there is a good reason to protect your personal data which overrides this legitimate interest.

We are required under regulation to keep your basic personal data, such as name, address, and contact details for a minimum of 6 years, after which time it will be erased. The information used for marketing purposes will be kept with us until you notify us that you no longer wish to receive marketing communication from us.

Should you wish to be provided with the details of the data and information we hold on you please email admin@astmoorfinance.co.uk detailing your request and the information you wish to be provided with. You have the legal right to be provided with these details and to receive a copy of all data that we hold about you. At your request Astmoor Finance will amend/correct/destroy all data that we hold about you and remove all records from our systems, except where the right to erasure conflicts with our legal obligation to keep hold of your data to comply with financial or other regulations, or other relevant circumstance as outlined by the ICO’s guidance.

Some Providers and Credit Reference Agencies to whom your data may be provided may require you to apply in writing directly in respect of any request for information or erasure and a fee may be payable for the provision or erasure of such information.

If you wish to raise a complaint on how we have handled your personal data, you can so by following the steps in the section referencing Complaints above and marking your complaint for the attention of the Data Protection Officer.

Client Acknowledgement and Consent

By providing your signature and/or continuing to engage with Astmoor Finance Ltd following the provision of this notice you provide consent for Astmoor Finance and associated related/group companies to share your details with Providers and relevant third parties who will process your information, in turn allowing Astmoor Finance to offer suitable products and services that Providers may provide.

You have the right to withdraw consent and object an any time to the processing of your personal data and this means that we cannot process your data without your consent. Please be aware that if you withdraw consent, we will not be able to proceed any further with any relevant Applications, and depending on the stage reached in our proposals, we may not be able to remove all of your data due to our responsibilities laid out by the Financial Conduct Authority.

You agree to act with the utmost good faith in the provision of information to Astmoor Finance and you warrant that all information and documentation provided throughout the course of this engagement is full and correct to the best of your knowledge. You agree not to withhold any material information that could influence the decision for Astmoor Finance to proceed with this engagement, nor withhold any information or documentation that may influence the willingness of a Provider to provide a product or service.

You agree to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by a Provider.

You are in agreement to pay any Broker Fee where applicable as stated in a Broker Agreement.

You understand that Astmoor Finance may receive commission from Providers without prejudice to any Broker Fee you pay for our services and you have no objections to Astmoor Finance receiving such remuneration.

You are aware that Astmoor Finance may not receive commission or commission may be repaid if you do not honour the terms of your obligations under an agreement with a Provider, if a condition set out in a formal offer cannot be satisfied, if a Provider withdraws an Agreement in Principle or seeks to make a material variation to the terms of a formal offer such that you are no longer able to proceed to Completion, or in any case Completion does not occur and the product or service or any part of it is not advanced or provided by a Provider. You agree to indemnify Astmoor Finance Ltd in respect of any commission that needs to be repaid.

You are aware that Astmoor Finance is required to disclose the nature of commission upon request.

You are aware that where the product or service is defined as a Regulated Product with meaning given to it in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), the existence and nature of commission arrangements where the commission varies depending on the Provider, product, or other permissible factors will always be disclosed. This disclosure will also cover how the arrangements could impact the products we propose to you. Such disclosures will be made in the Suitability Document issued to you along with our Broker Agreement where applicable and this Suitability Document will detail the calculation of commission or commission amount.

You confirm that you have read this notice in full and have received any independent advice as you consider necessary before agreeing to our terms and continuing to engage with Astmoor Finance.