Before Private Finance Limited acts on your behalf, you will be asked to read and consent to the following terms. You will be asked to sign the Terms of Business Letter, which will come into effect from the date of issue and will continue until it is amended or replaced. The business card, the Initial Disclosure Document ‘Keyfacts about our services’ and the Private Finance Limited fee agreement are all deemed to form part of the Terms of Business Letter.
1.1 Private Finance Limited (henceforth PF) is an independent mortgage adviser authorised and regulated by the Financial Conduct Authority (FCA). We are authorised by the FCA to advise on and arrange regulated mortgage contracts and non-investment (pure protection) contracts.
1.2 We can also advise on and arrange buy to let and commercial mortgages which are not regulated by the FCA.
2. Payment for our services
2.1 At PF we offer the following remuneration options; fee, combination of fee and commission and commission. The Initial Disclosure Document (IDD) and our specific fee agreement with you will confirm the exact basis on which PF will charge for its services. We will agree this with you before carrying out any work and supply you with a record of the particular fee charging arrangement.
3. Authority to act
3.1 You will be asked to authorise PF to make enquires and request any references as PF considers necessary in
connection with making a mortgage application, whether of your employer(s) or otherwise and you will be asked to authorise such persons to give this information to PF.
3.2 You will be asked to authorise any institution with whom you have existing accounts, policies or arrangements of any sort to provide PF with any information it might request.
3.3 You will be asked to authorise PF to pass, at its discretion, any such information obtained to mortgage lenders
(lenders). You will be asked to give permission to lenders to conduct credit searches about you on the understanding that:
- credit reference agencies keep a record of all credit searches whether or not you proceed to make a mortgage application
- lenders may use credit-scoring methods to assess your status and to verify your identity.
- credit searches and other information provided to lenders and/or the credit reference agencies about you and those with whom you are linked financially may be used by lenders and other companies if credit decisions are made about you or other members of your household.
You will also be asked to authorise PF to access information held by a lender related to a mortgage application made by you as a result of a service provided by PF to the extent permitted by applicablelaw or regulation.
3.4 You will be asked to authorise PF to access information held by your solicitor, in relation to the conveyancing work they are conducting for you.
3.5 You will be asked to confirm that the personal and confidential information provided by you can be disclosed by PF to third parties for the purpose of making mortgage and other arrangements on your behalf.
3.6 You will be asked to acknowledge receipt of the Initial Disclosure Document 'Keyfacts about our services'.
4. Conflicts of Interest
4.1 We offer independent mortgage and pure protection advice, but occasions can arise where we or oneof our other clients will have some form of interest in business which we are transacting for you. If this happens, or we become aware that our interests or those of one of our other clients conflict with your interests, we will inform you in writing and ask for your consent before we carry out your instructions.
5. Client Money
5.1 FOR YOUR ADDITIONAL SECURITY WE DO NOT HANDLE CLIENTS' MONEY. We never handle cash or accept a cheque payable to Private Finance (unless in settlement of fees which we have invoiced to you).
6. Client Verification
6.1 Where we are required to verify your identity in accordance with the Money Laundering Regulations, mortgage applications will not be progressed until such verification has been obtained.
7. Termination of the Terms of Business
7.1 Our authority to act on your behalf may only be terminated in writing, at any time, without penalty, by either party without prejudice to the completion of any transactions initiated prior to receipt of such notice. Such notices will take effect from the date of the notice.
8. Complaints and the Financial Ombudsman Service (FOS)
8.1 Please refer to section 6 of our Initial Disclosure Document ‘Keyfacts about our services’
9. Financial Services Compensation Scheme (FSCS)
9.1 Please refer to section 7 of our Initial Disclosure Document ‘Keyfacts about our services’
The information you will be asked to provide is subject to the Data Protection Act 1998 (the “Act”). By signing the Terms of Business letter, you will be consenting to us or any company associated with us for processing, both manually and by electronic means, using your personal data for purposes of providing advice, administration and management. Personal Information provided may be maintained on computer records and will not be disclosed to other parties, except representatives of our compliance advisers, our auditors and any organisation requiring access to such information for regulatory purposes only, or any person having a legal entitlement to access. You or your appointed agent may inspect your file or computerised records which relate solely to your mortgage and / or pure protection contract(s). We reserve the right to provide copies only if to do otherwise would allow you access to information relating to other clients. All our transaction records will be retained for at least six years.
You will also be asked, as part of the Terms of Business letter, whether you give your consent to the following uses of your data:
(i) We may pass information about you which you have provided to us to external companies to help us to process and/or analyse it as part of the provision of a service to you. These may contact you by telephone, email or write to you with information about special services or products which may be of interest to you.
(ii) From time to time, where we believe it may be in your best interest, we may pass your details to third parties who we think may be of interest to you.
(iii) Such personal data may also be used for marketing purposes, or to conduct market research for us that may use the personal data to bring to your attention products and services that may be of interest to you and also to assist in the efficient management of the services offered to you.
(iv) From time to time, where we believe it may be in your best interests, we may telephone, email or write to you without express invitation to discuss your investments or potential investments. Which relate to a packaged product or other products which may be specified by the Financial Conduct Authority for this purpose or other “unsolicited real – time financial promotions”.
(v) We may contact you in the future with regards to information and / or advice on reviewing your mortgage arrangements.