GSM FINANCE LTD – COMPLAINTS POLICY
1.1 GSM Finance Ltd are committed to providing products and services of the highest standard. If for any reason, you feel you are not entirely satisfied with any aspect of our service, please let us know straight away.
Our Complaints department will investigate your complaint competently, diligently and impartially.
How to make your complaint:
Firstly, let us know what has happened. You can call us, email us or write to us. Our contact information is detailed at the bottom of this document.
We will need to know:
Your name and address.
Your agreement number or policy number as appropriate.
Details of how we can contact you.
A clear description of your complaint and whether any 3rd party is involved.
Details of what you would like us to do to resolve your complaint.
If appropriate, copies of any relevant supporting documentation.
What happens next?
2.1 We will contact you within 5 working days to let you know we are considering your complaint and clarify any points where necessary. If we can resolve your complaint within 5 working days, we will send you a Summary Resolution Communication. This is a written confirmation, which confirms that you made a complaint and that we now consider the matter resolved.
2.2 If you subsequently decide that you are dissatisfied with the resolution of the complaint, you may be able to refer the complaint to the Financial Ombudsman Service, the NACFB or the ICO, dependent upon the circumstances surrounding the case.
2.3 We will indicate within the communication whether we consent to waive the relevant time limits as set out in the FCA handbook (Dispute Resolution) if this is applicable.
2.4 We will keep you regularly updated about what’s happening and discuss our findings. We will consider all the available evidence, the circumstances, relevant laws or regulation, as well as guidance from the Financial Ombudsman Service where applicable. When we have investigated your complaint, we will write to you to let you know our final response. This detailed letter will tell you what we have found, what we plan to do and how we came to our decision. If it is going to take us more than eight weeks to resolve your complaint, from when you first contacted us, we will update you on our progress and explain why it is still ongoing.
Address: GSM Finance Ltd
2nd Floor, Omega Building
London SW18 1AZ
Contact Number: 020 8874 9994
2.5 If you are not satisfied with how we dealt with your complaint or you are not happy with our decision and wish to take it further, you may be able to contact the Financial Ombudsman Service (FOS) regarding your complaint provided that the complaint concerns a regulated activity and you fall within the classification of an "eligible complainant". FOS contact details are:
Address: Financial Ombudsman Service (FOS)
Consumer helpline: 0800 023 4567 or 0300 123 9123
Switchboard: 0207 964 1000
Fax: 0207 964 1001
2.6 Please be aware of the European Commission’s Online Dispute Resolution platform (ODR) which allows you to make a complaint about online purchases through the platform. This platform may be used to facilitate resolution of disputes and sits alongside our existing complaints procedure.
GSM Terms of Business - FCA registration no 719412
Completion; the date any Finance Agreement with a Lender becomes effective following a Lending Proposal
Credit Broking; the Services Which We provide to You under this Agreement
Commencement of the date on which We commence providing Credit Broking to You
Fees the Appraisal Fee, the Broker Arrangement Fee or the Renewal Fee as the case may be
Finance Agreement; a loan, credit or hire agreement
Finance Offer; a written offer setting out proposed terms of finance issued by any Lender whether such offer is conditional or unconditional or any replacement thereof
Lender; any lender to whom the Lending Proposal is presented
Lending Proposal; the proposal prepared by Us setting out the requirements recorded in the Confirmation of Instructions provided in accordance with paragraph 1 of the attached Terms and Conditions as varied from time to time
Loan Amount; the sum of any amounts payable by a Lender to You following the issue of a Finance Offer by that lender which has been accepted by You
The Regulated the Financial Services and Markets Act 2000(Regulated Activities) Order 2001
You, your; the Client as referred to above
We, Our, us the Broker as referred to above
Privacy Notice the Notice provided to You about how We process Your Personal Data
Appointment of the Broker
1.1 This document sets out how we will deal with You in the provision of Credit Broking. We will start providing Credit Broking, and this Agreement will be dated, once we and you have signed this Agreement. This date will be the Commencement of this Agreement.
2. Standards Statement
2.1 GSM Finance Ltd is Authorised and Regulated by the Financial Conduct Authority. The Financial Conduct Authority (FCA) regulates financial services in the UK and You can check Our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website.
2.2 GSM Finance Ltd is a member of the National Association of Commercial Finance Brokers (NACFB). We adopt a strict Code of Practice and Minimum Standards set by the Association. You can check our membership status by contacting the NACFB on the below link.
BROKERS’ TERMS AND CONDITIONS
Confirmation of Instructions
Before signing the Agreement, the Broker will complete a Confirmation of Instructions (the Instructions) which shall be read and take effect as if they form part of the Agreement.
Any change to or variation of the Instructions will not affect the liability of the Client to pay any Fee pursuant to the Agreement.
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.
The Lender may pay the Broker introductory commission in respect of the funding set out in the Finance Offer. 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.
The Broker may terminate the Agreement by giving 14 days written notice to the client.
NACFB Code of Practice/Complaints
The Broker agrees to act on behalf of the Client in accordance with the terms of the Code of Practice of the National Association of Commercial Finance Brokers (NACFB) as amended (the Code) and a copy of the Code is available on request from the Association or on the NACFB website www.nacfb.org
The Broker will investigate and deal with any complaints raised by the Client concerning the services provided under this Agreement promptly and reasonably but if the Broker is unable to resolve any complaint to the Client’s satisfaction the Code of Practice stipulates the procedures available to the Client including NACFB Mediation.
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.
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.
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 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.
The Broker will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.
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.
CONFIRMATION OF INSTRUCTIONS
The Broker has been instructed by the Client to obtain an offer of funding from a reputable lending source. The following terms are those advised by the Broker as likely to apply to any Offer of funding. They are subject to the Client’s acceptance of the Broker’s formal Terms of Business Agreement. When the Agreement has been signed, the Confirmation of Instructions will form a contractual part of the Agreement.
The Broker cannot guarantee that these terms will be achieved.
Any lender selected by the Broker will undertake a thorough examination of the Client’s ability to service the loan. This will include approval of accounting and financial information and a valuation for bank purposes of any property offered as security, Approval of this information is at the sole discretion of the lender (and not the Broker). Several factors, beyond the control of the Broker, may emerge during this process and cause the lender to weight, or vary, the terms indicated in this memorandum which will be revised accordingly.
In addition, funders may require some or all the following:
Suitable insurance on, for example, Buildings, Plant, Machinery and Stock
An independent survey or valuation, for bank purposes, of any security
Detailed financial and accounting information including bank statements, projections and accounts
Any other information as necessary to show the viability of the application e.g. Business Plan.