These Terms and Conditions apply to all transactions between Equaliti Ltd, located at Glasshouse, Alderley Park, Alderley Edge, Cheshire, SK10 4TF, United Kingdom (referred to as 'The Company') and you (referred to as 'The Introducer').
Confirmation of Authority
You acknowledge that you have provided accurate bank details for the purpose of receiving finance advances by BACS or similar electronic transfer. By proceeding with this transaction, you affirm that you are an authorised signatory for 'The Introducer'. You authorise the nominated finance company ('The Lender') to make payments solely to the bank account information provided. The Company or Lender are not liable if any monies should have been paid to a different account.
Glossary
Company: Equaliti Ltd.
Lender: Any finance houses with which The Company transacts business.
Agreement: Any finance agreement between the Lender and the Customer related to the sale/purchase or hire/hire purchase of a particular asset proposed by The Introducer.
Asset: Vehicle or equipment bought by the Lender to be provided to a Customer pursuant to a particular Agreement.
Customer: Customer as defined in a particular Agreement who will be utilising the Asset.
Invoice: An invoice related to the sale of a particular Asset to the Lender or to the Customer.
Data Protection legislation: All applicable laws relating to data protection, including the EU General Data Protection Regulation 2016/679 (GDPR).
Distance Selling: Business concluded with no face-to-face contact (via telephone, internet, or other means).
General Term
1.1. The Company and the Introducer will conduct their regulated activities in accordance with relevant regulators' rules and requirements.
1.2. The Introducer acts as the agent of its Customers and not the Company. The Introducer has no authority to act on behalf of the Company, unless expressly stated.
1.3. The Company and the Introducer may, by mutual written consent, agree to vary the terms and conditions of this agreement at any time.
1.4. The Introducer must inform the Company in writing of any significant changes in their regulatory status, company structure, ownership, or management.
1.5. Each party will indemnify the other against any costs, losses, liability, or expenses due to regulatory or legislative breaches.
Documentation and Proposals
2.1. The Introducer must ensure accuracy in the information provided on the proposal form, obtained directly from the Customer.
2.2. The Introducer shall collect and verify information concerning the Customer's financial situation and resources, following instructions issued by the Company's Lenders.
2.3. Disclosure to the Customer of the introduction to the Company as a credit broker must be ensured by the Introducer. The Introducer's Fair Processing Notice or its information must be provided to the Customer, along with any commission disclosure.
2.4. The Introducer must notify the Customer that credit searches may be made under their name by both the Company and its Lenders, with records appearing in later searches.
2.5. Written or verbal consent from the Customer for these credit searches is required by the Introducer. Demonstrable capture of relevant consent may be requested.
2.6. When considering a regulated credit agreement, the Introducer must provide the Customer with an adequate explanation of the agreement and clear pre-contract information in good time.
2.7. All finance documentation signed on trade premises must be completed correctly per instructions from the relevant Lender or the Company.
2.8. The Introducer must send original signed finance documentation, as required by the Lender, to the Company's specified address.
Asset Title/Description
3.1. The proposed Asset must be solely owned by the Introducer, free of all charges, liens, and encumbrances.
3.2. The Introducer will sell the Asset to the Lender at the cash price stated on the Invoice, including VAT. The description and cash price of the Asset on the Invoice will be accurate.
Asset Condition, Satisfactory Quality, Consumer Rights Act 2015
4.1. If the Asset is a motor vehicle, it should be of satisfactory quality, fit for purpose, and compliant with any representations or warranties made by the Introducer or its employees or agents, whether express or implied.
4.2. The motor vehicle should have a valid MOT with at least 6 months remaining, must have undergone a Pre-Delivery inspection, and carry a suitable Mechanical/Electrical Warranty.
4.3. The Introducer must settle any existing finance agreement on the proposed Asset, and clear title evidence must be provided before payment by the Lender.
4.4. The Introducer will settle any liens and encumbrances on part-exchange assets associated with the Agreement.
Passing of Title
5.1. The Lender will purchase the Asset from the Introducer only if the Customer and the Lender enter into the Agreement. Title will pass to the Lender immediately upon signature of the Agreement.
Supply of Vehicle
6.1. The Introducer must deliver the Asset to the Customer upon Agreement (refer to 5.1 for clarification of Agreement). Delivery is to the Customer’s specified address or by the Customer's collection from the Introducer's premises. The asset must not be delivered before the Agreement is made.
6.2. The Introducer must verify the identity of the Customer by seeking photographic proof (driving licence or passport) before releasing the Asset. In case of doubts, the Introducer must contact the Company for instructions.
6.3. The Introducer agrees to cooperate promptly in settling any dispute related to the Asset or any misrepresentations made by the Introducer. Additionally, the Introducer must assist in Customer Complaints and investigations by authorities.
Validation of Proofs
7.1. Proper verification of a Customer's identity and address, in accordance with Anti Money Laundering ("AML") Regulations, is required.
7.2. Verification includes viewing original photographic ID (driving licence or passport), any supporting proof of current address (Utility bill/bank statement), and signed verification of the ID.
7.3. If the Customer provides a copy of their photographic ID (driving licence or passport), along with a selfie holding the original ID for verification, additional proof of current address (Utility bill/bank statement) will be needed if the current address isn't confirmed using the photographic ID.
Rates and Commissions
8.1. The standard model used by Equaliti Ltd is rate for risk, driven by the company's scorecard, with a fixed commission payable (if applicable).
8.2. Any bespoke fixed APR model agreed between Equaliti Ltd and the Introducer will outline the rate and commission/fee payable in a separate schedule.
8.3. Commission payments, unless specified otherwise, will be made one month in arrears.
8.4. In case of early/partial settlement, all commissions paid to the Introducer will be debited back following the existing arrangement negotiated with the respective Lender.
8.5. Equaliti Ltd reserves the right to debit back the commission in full in case of fraud/litigation, subject to the provisions of this agreement.
8.6. The company reserves the right to amend its rates and terms, with notice to the Introducer. If dissatisfied, the Introducer may terminate this agreement by providing written notice.
8.7. Upon termination, provisions related to debit back will continue to apply for agreements written prior to termination, and Equaliti Ltd will pay all commissions due.
Licensing and Regulatory Requirements
9.1. Both parties agree to comply with applicable statutes and regulations, including AML Regulations, Anti-Bribery Act 2010, Consumer Credit Act (CCA), Financial Services and Markets Act 2000 (FSMA), and the Financial Conduct Authority Consumer Credit Sourcebook ("CONC").
9.2. Adequate policies and procedures must be maintained to mitigate instances of Money Laundering and Fraud, with customer due diligence performed where feasible, especially for face-to-face meetings.
9.3. For Distance Selling Agreements, the Introducer must comply with the Financial Services (Distance Marketing) Regulations 2004 and the Consumer Contracts (Information, Cancellation, and Additional Charges) Regulations 2013.
9.4. The Introducer shall inform Customers of their rights to a cooling-off period and any potential deductions for goods used during this period on 'Distance Selling' Agreements.
Data Protection
10.1. Both parties warrant processing Customer's personal and sensitive data in compliance with Data Protection legislation, providing co-operation for individual data access requests and ensuring valid notification with the Information Commissioner.
10.2. The Introducer will indemnify Equaliti Ltd against liabilities arising from data breaches or misconduct in data processing.
Termination
11.1. Either party may terminate this agreement by providing no less than 1 month's written notice.
11.2. Termination may occur with immediate effect due to fraud, breaches, insolvency, or regulatory non-compliance by either party.
IT Systems
12.1. Equaliti Ltd will provide the Introducer access to a proposal system. The Introducer is responsible for the security of provided usernames/passwords and must notify Equaliti Ltd immediately of any termination/resignation of employees with system access.
Intellectual Property
13.1. Neither party shall use the other party's names, logos, or trademarks without prior written consent, which can be withdrawn at any time.
13.2. These conditions shall persist after the expiry or termination of this Agreement.
General
14.1. This agreement is governed by English law, subject to the exclusive jurisdiction of the English Courts.
14.2. Any variations to this agreement must be confirmed in writing and signed by both parties.
14.3. Both parties shall manage any conflicts of interest arising and ensure compliance with the written terms of the Agreement.
14.4. All group companies of the Introducer passing business to Equaliti Ltd are bound by the terms and obligations detailed in this agreement.
Last updated: 07/12/23
