Terms of Business
These Terms of Business explain the basis on which Lavant Finance Ltd provides its credit-broking and finance-arranging services.
Please read them carefully. By asking us to introduce you to a lender or arrange finance on your behalf, you agree that our services will be provided on the basis set out below.
About LAVANT Finance.
Lavant Finance Ltd is registered in England and Wales under company number 05564813.
Our registered office is Mount Pleasant Farm, Walton, Warwick, England, CV35 9HT.
Lavant Finance Ltd is authorised and regulated by the Financial Conduct Authority for credit-broking activities.
FCA Firm Reference Number
[INSERT CONFIRMED FRN]
ICO registration number
[INSERT CONFIRMED ICO NUMBER]
You can verify our regulatory status by searching the Financial Services Register.
We are a credit broker, not a lender.
Our service.
We offer products from a limited number of lenders and finance providers with whom we have commercial arrangements. We do not search the whole market.
Our services may include:
· discussing your finance requirements;
· obtaining information about your circumstances and intended purchase;
· introducing you to one or more lenders;
· obtaining and presenting finance quotations;
· assisting with the completion of a finance application;
· communicating with lenders, dealers and other relevant parties;
· assisting with finance documentation; and
· supporting the transaction through to completion.
We do not provide finance ourselves and cannot guarantee that a lender will approve an application.
The finance options available to you will be limited to the lenders and providers on our panel at the relevant time.
You are free to seek finance elsewhere and are not obliged to proceed with any quotation we obtain.
Regulated and unregulated services.
Some finance arrangements introduced or arranged by us may be regulated by the Financial Conduct Authority, while others may be unregulated. Regulated agreements for private individuals or other natural persons may be protected under consumer-credit legislation and may fall within the jurisdiction of the Financial Ombudsman Service. Finance provided to limited companies and certain exempt agreements may be unregulated and may fall outside the Financial Ombudsman Service's jurisdiction.
Whether an agreement is regulated will depend on matters including the identity of the customer, the purpose of the finance, the type of asset and the structure and value of the agreement.
We will make the regulatory status of the proposed arrangement clear to you where applicable.
Quotations and applications.
Any quotation supplied by us is indicative unless expressly stated otherwise.
Quotations are based on the information available at the time and on the lender's prevailing rates, fees and lending criteria. A lender may amend or withdraw a quotation after reviewing the full application or carrying out its underwriting and verification checks.
All finance is subject to:
· status;
· affordability and creditworthiness assessments;
· the lender's underwriting criteria;
· satisfactory identity and fraud-prevention checks;
· satisfactory valuation and acceptance of the asset; and
· the lender's final approval.
We may conduct a credit search to assess your eligibility for available credit products. Once we submit an application, the lender may also conduct its own credit search. Depending on the type of search and the lender involved, this may affect your credit record or credit score.
The lender's own privacy notice, pre-contract information and terms and conditions will explain how it uses your information and how any searches may affect your credit record.
Fees and remuneration.
We do not charge customers a fee for our credit-broking service.
The lender may charge its own fees. These may include documentation fees, option-to-purchase fees, excess-mileage charges or administration fees. Any such fees will be shown in the lender's quotation or documentation before you proceed.
We have commercial relationships with the lenders on our panel and will receive commission from a lender where an introduction results in completed finance. Our introduction is therefore not impartial, although we will make introductions having regard to the information you provide about your needs and circumstances. Commission may be calculated as a flat fee or as a percentage of the amount financed and may vary between lenders, products and transactions. The precise commission structure has not yet been fixed.
The amount of commission may depend on factors including:
· the lender selected;
· the type and amount of finance;
· the product chosen;
· the work involved in arranging the finance; and
· the commercial arrangement between us and the lender.
The commission available to us may therefore differ between lenders and products.
The exact commission amount may not be known until an application has been agreed in principle. The amount, or the basis on which it is calculated, will be disclosed to you before you enter into the finance agreement. The commission may or may not affect the total amount repayable.
We will obtain your explicit consent to receiving commission before progressing your application. You may also request details of the amount, or likely amount, of commission or other remuneration that we will receive.
If we introduce any separate customer fee in the future, it will be clearly disclosed and agreed with you in writing before you enter into the relevant agreement.
Introductions and lender relationships.
We act as a broker and intermediary between you and potential lenders.
We are not acting as your lender, independent financial adviser, solicitor, accountant or tax adviser.
We do not act independently or search the whole market. We have commercial arrangements with the limited number of lenders and providers on our panel.
The lenders to whom we introduce business are responsible for:
· deciding whether to offer finance;
· determining the interest rate, deposit, term and other conditions;
· assessing affordability and creditworthiness;
· issuing the finance agreement; and
· administering the agreement after completion.
Product information and your decision.
We do not provide advice or personal recommendations in relation to finance. We may ask questions about your requirements and circumstances to help narrow the range of products we present and will explain the advantages and disadvantages of the product types available to you.
You remain responsible for deciding which product, if any, is suitable for you and how you wish to proceed.
Before entering into an agreement, you should carefully consider:
· the total amount payable;
· the monthly or periodic payments;
· the interest rate and fees;
· any deposit or advance payment;
· any final, balloon or optional payment;
· the length of the agreement;
· early-settlement terms;
· mileage, condition or usage restrictions;
· the consequences of missed payments; and
· whether you can afford the agreement for its full duration.
You should not enter into a finance agreement unless you understand its terms and are satisfied that you can meet the repayments.
Your responsibilities.
You agree to:
· provide information that is complete, accurate and not misleading;
· inform us promptly if your circumstances or requirements change;
· read all quotations, explanations and documentation supplied to you;
· ask us or the lender about anything you do not understand;
· disclose any information that may be relevant to the application;
· provide requested identification, financial and supporting documents;
· check that the terms of any agreement reflect your requirements before signing; and
· comply with the terms of any finance agreement you enter into.
You must not provide false or misleading information or withhold material information from us or a lender.
We may stop acting for you if we believe that information supplied is inaccurate, misleading, fraudulent or incomplete.
Asset and supplier checks.
Where finance relates to a vehicle or another asset, the lender may require checks relating to:
· ownership and title;
· provenance and history;
· valuation;
· age, condition and mileage or usage;
· the supplying dealer or vendor;
· insurance; and
· any existing finance or security.
Our involvement in arranging finance does not amount to an inspection, valuation or guarantee of the asset.
Unless expressly agreed otherwise, you are responsible for satisfying yourself as to the asset's condition, suitability, specification, ownership, history and value.
Any rights you may have against a dealer, supplier, lender or manufacturer will depend on the applicable contract and law.
Conflicts of interest.
A conflict of interest may arise where our interests, the interests of a lender, dealer or introducer, or the interests of another customer could influence the service we provide to you.
We take reasonable steps to identify, prevent and manage conflicts of interest.
Where a material conflict cannot be adequately managed, we will disclose it to you before proceeding and may seek your informed consent or decline to act.
A copy of our Conflicts of Interest Policy is available on request.
Treating customers fairly.
We aim to act honestly, fairly and professionally and to deliver good outcomes for our customers.
We will seek to:
· communicate in a way that is clear, fair and not misleading;
· act in good faith;
· avoid causing foreseeable harm;
· support customers in pursuing their financial objectives;
· have regard to customers' needs and characteristics;
· provide appropriate support throughout the customer journey;
· treat vulnerable customers fairly; and
· handle complaints promptly and impartially.
Vulnerable customers and additional support.
We recognise that health, life events, resilience, capability or other circumstances may affect a customer's ability to understand information, make decisions or engage with the finance process.
Please tell us if you need information or support to be provided in a particular way. We will take reasonable steps to accommodate your needs and provide appropriate assistance.
Data protection and confidentiality.
We will collect and use your personal information for purposes connected with providing our services, assessing and progressing your application, communicating with lenders and other relevant parties, preventing fraud and complying with legal and regulatory obligations.
We may share your information with parties including:
· lenders and finance providers;
· dealers, suppliers and asset vendors;
· credit-reference and fraud-prevention agencies;
· identity-verification providers;
· professional and compliance advisers;
· introducers involved in your application;
· regulators, law-enforcement bodies and public authorities; and
· service providers supporting our business operations.
We will only use and share personal information in accordance with applicable data-protection law and our Privacy Policy.
Please refer to our Privacy Policy for fuller details of how we collect, use, retain and share personal information and of your data-protection rights.
Identity, fraud prevention and financial crime.
We and the lenders with whom we work may be required to verify your identity and carry out checks for fraud prevention, sanctions, anti-money-laundering and other financial-crime purposes.
We may request identification, proof of address, source-of-funds information and other supporting evidence.
We may decline to proceed, pause an application or disclose information to an appropriate authority where required or permitted by law. We may be unable to explain the reason for certain checks or actions where doing so would be unlawful.
Communications.
We may communicate with you by telephone, email, post, SMS, messaging services or other agreed electronic channels.
You are responsible for ensuring that the contact details you provide remain accurate and for checking communications sent to you.
Calls may be recorded or monitored for training, quality-assurance, evidential and regulatory purposes.
Complaints.
We aim to provide a high standard of service. If you are dissatisfied, please contact us:
Telephone
07930 345392
Post
Lavant Finance Ltd, Mount Pleasant Farm, Walton, Warwick, England, CV35 9HT.
Further details are available in our Complaints Procedure.
If you remain dissatisfied after receiving our final response, you may be entitled to refer your complaint to the Financial Ombudsman Service.
Financial ombudsman service.
The Financial Ombudsman Service provides a free and independent service for resolving eligible complaints.
Website
www.financial-ombudsman.org.uk
Telephone
0800 032 8000
Complaint.info@financial-ombudsman.org.uk
Post
Financial Ombudsman Service, Exchange Tower, London E14 9SR.
Any referral will be subject to the Financial Ombudsman Service's eligibility requirements and applicable time limits.
Liability.
Nothing in these Terms of Business excludes or restricts any responsibility or liability that cannot lawfully be excluded, including any duty or liability arising under the Financial Services and Markets Act 2000 or applicable FCA rules.
We will not be responsible for:
· a lender declining, delaying, withdrawing or changing an offer;
· changes in interest rates, lending criteria or market conditions;
· the acts or omissions of a lender, dealer, supplier or other third party;
· the condition, quality, value, performance or suitability of an asset;
· losses caused by inaccurate, incomplete or delayed information supplied by you or another party; or
· indirect or consequential losses, except where liability cannot lawfully be excluded.
Nothing in this section affects your statutory rights.
Cancellation and withdrawel.
Any rights to withdraw from or cancel a finance agreement will be set out in the lender's agreement and pre-contract documentation.
Cancelling an application with us does not necessarily cancel an order or purchase contract entered into with a dealer or supplier. You should contact the relevant dealer, supplier and lender separately where appropriate.
Changes to these terms.
We may amend these Terms of Business from time to time to reflect changes in our services, business arrangements, legal obligations or regulatory requirements.
The version available on our website will be the current version.
Governing law.
These Terms of Business are governed by the laws of England and Wales.
The courts of England and Wales will have jurisdiction, subject to any rights you may have as a consumer to bring proceedings elsewhere.
Governing law.
These Terms of Business are governed by the laws of England and Wales.
The courts of England and Wales will have jurisdiction, subject to any rights you may have as a consumer to bring proceedings elsewhere.
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