Compliance is at the core of our business and we take it very seriously. This approach allows us to stay ahead of what is happening and to communicate existing requirements and any changes which are coming our way.
Currently this is what is expected from us from the FCA.
Sales practices cannot be misleading or high pressure.
What does this mean for me?
Examples of inappropriate sales practices:
- Pressuring clients to enter into a new credit agreement.
- Encouraging or allowing clients to sign blank or incomplete forms.
- Filling in any documentation on behalf of your client without their permission.
- Misleading the client as to the availability of a particular credit product.
- Passing the clients' personal data to Freedom for Intermediaries without their consent.
- Witholding information you believe would affect the lending decision.
Through using our market leading sourcing portal there are a number of disclosures you are required to complete to ensure your clients have all the information they require to make a decision. These are:
- Amount of credit
- Amount of fees
- Duration of the agreement
- Timing of repayments
- Amount of repayment
- Total amount payable
During the online process we will provide you with PDF quotes that cover these disclosure regulations. By passing these on to your client you are meeting the requirement.
You are required to tell your client that you will receive a commission for any loan which completes with Freedom Finance through Freedom for Intermediaries.
Any fees charged in relation to arranging loan products for clients must be included in the APRC quoted on the loan product.
All fees must be clearly indicated on the loan agreement and therefore included in the APRC.
Treating Clients Fairly
Treating clients fairly applies to loan agreements. Freedom Finance believes that Treating Clients Fairly means:
- Not taking advantage of any financial vulnerability of the client
- Behaving in a way that encourages the client to want a long term relationship with you
- Behaving in a way that instils trust in your client
- Working with clients to allow them to make informed decisions about the financial services products which meet their needs
- Being clear and transparent in respect of all products and in all communication with the client
- Dealing with all clients promptly and in a consistent and equitable manner
- Ensuring all suppliers of products can understand our TCF policy
Freedom for Intermediaries is a trading style of Freedom Finance Limited registered in England and Wales. Company number 06297533. Freedom Finance Ltd is Authorised and Regulated by the Financial Conduct Authority. Registered office: Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. VAT Registration Number: 156 0324 34 Copyright © 2010-2015 Freedom Finance Limited. All rights reserved. Reproduction in whole or in part without permission is prohibited. Calls may be recorded for training and monitoring purposes.