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Terms of Business

Terms of Business

1.     Appointment of the Broker

1.1 This sets out how we will deal with you in the provision of Credit Broking. This date will be the Commencement of this Agreement. 

2.     Standards Statement 

2.1 Risecap adopt a strict Code of Practice and Minimum Standards set by the National Associations. 

3.     Appraisal and Arrangement Fees

3.1    Appraisal Fee 

In consideration of the appointment, you will pay no upfront appraisal fee for the purposes of assessing and preparing the Lending Proposal

3.2   Arrangement/broker fee

In the majority of cases Risecap provides a free service as Risecap receives fees directly from the lender on completion of the funding request. Any fee received by the lender will be disclosed with the client. In cases where lenders do not pay Risecap or the fee the lender does pay to Risecap is negligible, Risecap will confirm and agree with the client a success fee of between 2.5 – 5% depending on a variety of factors. All fees will be explicitly discussed as soon as the client has been matched to suitable lenders.

4    Client Acknowledgement 

4.1 You acknowledge that:

4.1.1 We may receive commission from the Lender as well as receiving Fees separately from you pursuant to clause 3.1 and 3.2 of this Agreement;

4.1.2 You have read the broker terms and conditions set out below and agree that they form part of this agreement. 

4.2   You consent that; you agree to pay the Fees where required.

4.2.1 You are aware that we may receive commission from a Lender for the arrangement of this agreement and you have no objections to us receiving this amount. 


BROKERS’ TERMS AND CONDITIONS

The Client’s Duty to the Broker

The Client agrees to be act with utmost good faith in the provision of information to the Broker. The duty is continuous and applies to all the information the Client provides, whether the Broker has asked for it or whether the Client has provided it voluntarily. The Client agrees not to withhold information from the Broker.  

The Client agrees to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender who has made a Finance Offer that accords with the requirements set out in the Confirmation of Instructions letter.

The client agrees to notify the Broker if at any time, they intend 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 Agreement forthwith. 

If the Client fails to notify the Broker that they intend to appoint an alternate or additional Broker or intermediary prior to doing so and if an Offer of Finance is obtained from any Lender the Client will pay the Arrangement Fee calculated by reference to the Finance Offer made but otherwise in accordance clause 3.2 of the Agreement to the Broker. 

Introductory Commission

The Lender may pay the Broker introductory commission in respect of the funding set out in the Finance Offer. If commission is to be paid, and the amount of commission is known to the Broker prior to acceptance of the Finance Offer, the Client will be informed that commission will be paid.  Commission paid to the Broker may vary in amount depending on the Lender or product.

The Client having acknowledged the matters set out under the Client Acknowledgment consents to the Broker receiving and retaining any commission paid.  

Termination 

The Broker may terminate the Agreement by giving 14 days written notice to the client.

Amendments 

Any amendment whether proposed by the Broker or the Client shall be notified in writing to the other party.  Any amendment proposed by the Broker shall take effect on the date specified unless in the meantime the Client notifies the Broker to the contrary or requests an extension of time.  Any amendment proposed by the Client shall take effect when accepted by the Broker in writing.

Privacy Notice and Data Protection

A Privacy Notice has been issued separately from the Terms of Business. Being transparent and providing accessible information to individuals about how We will use Your personal data is a key element of the EU General Data Protection Regulation (GDPR)  

This Privacy Notice details;

Lawful bases for processing data, who we are, how we use the information about you, marketing consent, what information is collected, why the personal data is required, our data retention periods and individuals’ rights to personal data. More detailed information can be obtained on request.

You must be confident you understand how your data will be processed. If you require further clarification, please contact us before entering into an Agreement.

If you have not received/seen or seen the Privacy Notice. Contact us before confirming to this agreement.

Assignments and third-party rights

This Agreement is personal to the client and a person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.

Professional Indemnity 

The Broker will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.

Client Money 

If the Broker holds Client money, it will be kept in a separate designated client account for the benefit of the Client.  

Exclusions

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 loss of business, loss of Client data, interruption of business or loss of profits or goodwill because of the manner of performance by the Broker of any obligations arising under this Agreement.  This exclusion of liability will not, however, otherwise affect any statutory rights of the Client.

Choice of Law

The Agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English Courts. 

Complaints Policy

If a Client is unhappy with the Broker’s response to their complaint, and the complainant falls within the regulated activities, they 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

The Ombudsman will be able to confirm whether he can look at the complaint. If the Client is entitled to make a complaint to the Ombudsman, then they are not bound to follow any alternative procedure and can make their complaint to the Ombudsman within the timescales set down by the rules applicable to that scheme, details of which will be provided to the Client by us on request.

 
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