Terms & Conditions
TSF Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 842682 is an authorised credit broker and not a lender.
Fees
The Broker confirms and agrees that the Broker’s fees in connection with the provision of the Services shall be the responsibility of the relevant Lender from whom a Finance Offer is secured for the Client.
Whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts.
Services
Client Obligations
In addition to the General Terms and Conditions, throughout the term of the Client Agreement the Client undertakes to the Broker (1) to act with the utmost good faith in respect of its provision of information to the Broker, whether the Broker has asked for such information or whether the Client has provided it voluntarily, (2) not to withhold relevant information from the Broker, (3) to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by any Lender who makes a Finance Offer and (4) to promptly notify the Broker if at any time the Client intends to appoint an additional or alternate broker or intermediary to obtain an offer of finance for them whereupon the Broker will be entitled to terminate this Client Agreement forthwith.
FCA
The Broker confirms that it is authorised and regulated by the Financial Conduct Authority (“FCA”). The FCA regulates financial services in the UK and the Client can verify the Broker’s authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk/.
NACFB
The Broker confirms that is a member of the National Association of Commercial Finance Brokers (“NACFB”). The Broker adopts a strict Code of Practice and Minimum Standards all as set by NACFB. The Client can verify such membership status by contacting NACFB on the following link https://www.nacfb.org/.
Client Searches
By the Client’s execution of this Client Agreement, the Client authorises the Broker and any Lender to gather and use any and all financial and/or credit information relevant to the Client including, without prejudice to that generality, information sourced by carrying out credit searches against the Client, its Directors and/or principal Shareholders.
GDPR
The Broker confirms that it is required to adhere to and comply with the requirements set out in the General Data Protection (EU) 2016/67.
By acknowledging this Client Agreement, the Client shall be responsible for the provision of any personal data supplied to the Broker and the Client confirms that it has the appropriate authority to provide the Broker with such personal data.
GENERAL TERMS AND CONDITIONS
1. INTERPRETATIONIn these Terms and Conditions the following expressions will have the following meanings unless inconsistent with the context:
"Broker" means TSF Finance Limited (SC570934).
"Client" means the person(s), firm or company who enters into the Client Agreement with the Broker.
"Client Agreement" means a client agreement letter between the Client and the Broker into which these Terms and Conditions shall be deemed to be incorporated in full.
"Commencement Date" means the last date of execution of the Client Agreement.
"Completion" means the date any Finance Agreement becomes effective following a Lending Proposal.
"Finance Agreement" means a loan, credit or hire agreement between the Client and a Lender.
"Finance Offer" means a written offer setting out proposed terms of finance to the Client as issued by any Lender, whether such offer is conditional or unconditional together with any replacement or update thereof.
"Lender" means any lender to whom the Lending Proposal is presented by the Broker.
"Lending Proposal" means the proposal prepared by the Broker for submission to a Lender or varied from time to time.
"Loan Amount" means such amount as is specified as payable by a Lender to the Client in terms of any Finance Offer accepted by such Lender.
"Regulated Activities Order" means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
"Services" means those services which the Broker will provide to the Client under a Client Agreement.
"Terms and Conditions" means the standard terms and conditions set out in this document together with any special terms agreed in writing between the Client and the Broker.
2. PREVAILING TERMSEach Client Agreement will be subject to these Terms and Conditions, to the exclusion of all the other terms and conditions and all previous oral or written representations including any terms or conditions which the Client purports to apply under any purchase order, acceptance of order or similar document, whether or not such document is referred to in the Client Agreement.
3. CLIENT ACKNOWLEDGEMENT3.1 The Client acknowledges and agrees that:
3.1.1 the Client has been urged to seek such independent advice as the Client considers necessary before signing the Client Agreement;
3.1.2 the Broker shall source Lending Proposals from a panel of lenders whose details will be supplied if requested by the Client.
3.1.3 the Broker may receive fees and/or commission from the Client, for the avoidance of doubt, these sums are additional to any fees or commission that the terms of the Broker's separate arrangements with the Lender who pays those fees and/or commission.
3.2 The Client confirms that, having been advised that the Broker may receive fees and/or commission from a Lender, it has no objections to the Broker receiving such sums.
4. RENEWAL OF THIS AGREEMENTThe Client Agreement, incorproating these Terms and Conditions, shall continue for a period of six months from the date the broker first submits a Lending Proposal for the Client at which point, should no Finance Offer have been received, it will lapse.
5. MORTGAGE APPLICATIONS ("MORTGAGE ONLY CREDIT BROKING")
5.1 If any Services are provided only to enable the Client to enter into a loan secured by a mortgage over land or property, the Client will sign and submit to the Broker a written declaration in the form set out in Condition 5.2 below in which case the Broker is unable to, and will not , submit any other Lending Proposal for the Client for any form of unsecured lending.
5.2 The declaration referred to in Condition 5.1 above shall be addressed to the Broker and shall take the following form :-
"You have requested that we provide mortgage-only credit broking and you acknowledge that we are unable to, and do not offer you, any lending or finance products which do not involve a mortgage offer land or property owned by you. We will not provide any other credit broking services to you.
7. TERMINATIONThe Broker may terminate the Client Agreement, incorporating these Terms and Conditions, by givng 14 days' written notice to the client.
8.PERFORMANCE
8.1 The Broker agrees to act on behalf of the Client in accordance with the terms of the Code of Practice of NACFB as amended ("the Code"), a copy of which Code is available on request from NACFB or on the NACFB website www.nacfb.org
8.2 The Broker will investigate and deal with any complaints raised by the Client concerning the Services provided promptly and reasonably but if the Broker is unable to resolve any complaint to the Client's satisfaction, the Code sets out the procedures available to the Client including NACFB mediatin.
8.3 If the Client is unhappy with the Broker's response to any complaint, and the complaint falls within the regulated activities, the Client may be able to complain to the Financial Ombudsman Service at:
Address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Contact: 0800 0234567, 0300 1239123
Website: www.financial-ombudsman.org.uk
9. VARIATIONThese Terms and Conditions may only be varied or amended with the prior written consent of the Broker.
10. DATA PROTECTION
10.1 Each of the Broker and the Client confirms that they are each considered an independent data controller in relation to personal data and that each will comply with the relevant provisions of applicable data protection legislation.
10.2 The Client will also ensure that any disclosure of personal data to the Broker complies with applicable data protection legislation.
10.3 If the Client supplies the Broker with any personal data, the client shall ensure it has a lawful basis to pass it to the Broker and will fully indemnify and hold the Broker harmless if the Client is not so entitled and that causes the Broker loss.
11. PROFESSIONAL INDEMNITY
The Broker will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.
12. CLIENT MONEYIf the Broker holds Client money, it will be kept in a separate designated client account for the benefit of the Client.
13. EXCLUSIONS13.1 The Client accepts that the Broker shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to the loss of business, loss of Client data, interruption of business or loss of profits or goodwill because of the manner of the performance by the Broker of any obligations arising in terms or the Client Agreement, incorporating these Terms and Conditions.
13.2 The provisions of Condition 14.1 shall not affect any statutory rights of the Client.
14. GENERAL14.1 In the event of any inconsistency between the provisions of the Client Agreement and these Terms and Conditions, the provisions of the Client Agreement shall prevail.
14.2 Each right or remedy of the Broker under the Client Agreement is without prejudice to any other right or remedy of the Broker whether provided under the Client Agreement or not.
14.3 If any term of the Client Agreement, incorporating these Terms and Conditions, is found by any court, tribunal, administrative body or authority of competent jurisdiction to be illegal invalid or unenforceable, then that provision, will, to the extent required, be severed from the Client Agreement, incorporating these Terms and Conditions, and will be ineffective, without , as far as possible, modifying any other provisions of the Client Agreement, incorporating these Terms and Conditions, which will remain in full force and effect.
14.4 No failure or delay by the Broker to exercise any right, power or remedy will operate as a waiver of it, nor will any partial exercise preclude any further exercise of the same or of any other right. power or remedy.
14.5 The Broker may assign or sub-contract all or any of its rights or obligations under the Client Agreement.
14.6 The Client Agreement is personal to the Client who may no assign or sub-contract all or any of its rights or obligations under the Client Agreement without the Broker's prior written consent.
14.7 Any notice in connection with the Client Agreement, incorporating these Terms and Conditions, will be in writing addressed to the other part at its registered office, or principal place or business and will be delivered by hand, first class post or special delivery post. The notice will be deemed to have been duly served, if delivered by hand, when left at the proper address for service or if made by first class post or special delivery post, 48 hours after being posted.
14.8 The construction, performance, validity and all aspects whatsoever of the Client Agreement, incorporating these Terms and Conditions, will be governed by Scottish Law.
14.9 The Scottish Courts will have exclusive jurisdiction to settle any dispute, which may arise out of, or in connection with the Client Agreement, incorporating these Terms and Conditions, and each of the Broker and the Client parties agree to submit to that jurisdiction.
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