CREDIT BROKER RESPONSIBILITY
" We promise "
We promise we will never:
Charge you anything,
Target customers in financial distress
Pressure you to agree to loans that are not suitable
Share your data with unlicensed third parties
We promise we will always:
Work with fully licensed, reputable lenders
Offer a free, unbiased service
Uphold the very best practices of the industry
Keep safe your details & maintain a secure application service
Please be advised that you:
Should not apply if you are in debt
Should read over your loan agreement and understand it fully before signing
Should only borrow what you can afford
Should pay back your loan on the agreed date to avoid being charged more
Need help? Contact the Citizens Advice Bureau – www.citizensadvice.org.uk
Missing payments or failing to pay will lead to money problems. For help go to moneyadviceservice.org.uk
TREATING YOU FAIRLY
Principle 6 states we must pay due regard to the interests of our customers and treat them fairly. Principle 7 requires we states we must communicate with our customers in a clear and fair way. We must not mislead them. Firms should ensure, for example, that their charging policy is clear and accessible.
CONC 2.5 stops firms taking a fee from a customer’s bank account without express authorisation. We expect the amount or likely amount of the fee to be disclosed as early as practicable in the process.
SHARING OF PERSONAL DATA
CONC 2.5 stops companies passing customers’ personal data – including payment details – to anyone, without consent or for a purpose other than that for which consent was given. Failure to abide by this rule would be a breach of the Data Protection Act.
CONC 3.3 means financial promotions (this includes websites) must be clear, fair and not misleading. Firms must not mislead as to their identity or status, for example by stating or implying that they are a lender where this is not the case.
TRANSPARENCY OF STATUS
CONC 3.7 means brokers must make it clear in financial promotions and other documents intended for customers their status, including the extent of their powers, the nature of the service they provide and any links with lenders.
TRANSPARENCY OF FEES & COMMISSIONS
CONC 4.4 deals with fee disclosure and CONC 4.5 with commission disclosure. Any fee payable by the customer must be disclosed at an early stage and agreed in writing prior to a credit agreement being entered into. The disclosure must include how and when the fee is payable. Whether refunds are available must also be disclosed.
Section 155 of the Consumer Credit Act entitles the customer to a refund (less £5) of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a source of credit, and CONC 6.8 provides guidance on this. A broker should respond promptly to any request for a refund.