1. Introduction
By asking us to quote for, apply for, or arrange Broker Services, you acknowledge and agree that those services will be processed by us in accordance with these terms.
Sorbus Finance Ltd is an independent finance brokerage and not a lender. We can introduce you to a wide range of finance providers based upon your requirements and circumstances. Sorbus Finance Ltd may receive payment(s) or other benefits from the finance provider if you decide to enter into an agreement with them.
Sorbus Finance Ltd is an Appointed Representative of Moorgate Finance Limited T/A MBN, which is Authorised and Regulated by the Financial Conduct Authority (firm reference number 662419). Sorbus Finance Ltd is incorporated in England and Wales (Registration Number: 14329357) with its registered office at Sunny Bank, 12 Albion Road, Chesterfield, Derbyshire, S40 1LJ.
2. Definitions
In these terms, the following words have the meanings set out below:
- Agreement
- This document together with a Confirmation of Instructions and any other schedules and documents specifically referred to herein, as may be updated or amended from time to time in accordance with these terms.
- Broker Services
- Our agreement to submit Lending Proposals to Lenders on your behalf in order to procure, so far as we can do so, an offer of finance from such Lenders.
- Code of Practice
- The Code of Practice of the NACFB as may be amended or updated from time to time.
- Commission
- A sum of money paid upon completion of a transaction from a Lender.
- Credit Amount
- The amount to be advanced to you by way of credit under a Finance Agreement following your acceptance of a Finance Offer; and in relation to a Finance Agreement which is a hire agreement, the total amount of the rentals due from you to the Lender.
- Credit Reference
- A search carried out on your credit report to understand your financial behaviour. This includes records of your responsible repayment of debts and a list of credit arrangements including bank and credit card accounts, loan agreements and/or utility company payment records.
- Data Protection
- The UK Data Protection Legislation relating to personal data and all other legislation and regulatory requirements in force from time to time which apply to a party relating to the use of personal data.
- FCA
- The Financial Conduct Authority — the conduct regulator for financial services firms and financial markets in the UK.
- Fee
- An Appraisal, Broker Arrangement Fee or Renewal Fee, as the case may be.
- Finance Agreement
- A loan, credit or hire agreement of any type which is entered into by you with a Lender following the provision by us of the Broker Services.
- Finance Offer
- An offer by the Lender to enter into a Finance Agreement with you, whether conditional or unconditional, or a replacement of any Finance Offer previously made.
- Lender
- Any creditor or owner to whom we have presented a Lending Proposal.
- Lending Proposal
- A proposal presented by us to the Lender containing details of you and your finance needs.
- ML Regulations
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as may be updated or amended from time to time, and any other relevant Directives, legislation or regulations in place to prevent financial crime including the Bribery Act 2010.
- NACFB
- The National Association of Commercial Finance Brokers.
- Parties
- Us (the Broker) and You (the Client).
- Privacy Notice
- A notice to you as required by UK Data Protection Legislation, informing you how your Personal Data will be dealt with and informing you of your rights under UK Data Protection Legislation.
- RAO
- The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
- Regulated Agreement
- An agreement between two parties, one of whom (the debtor) is an individual, and the other of whom (the creditor) is any other person, in which the creditor provides the debtor with credit not exceeding £25,000.
- UK Data Protection
- All applicable data protection and privacy legislation in force from time to time in the UK, including the UK General Data Protection Regulation; the Data Protection Act 2018; the Privacy and Electronic Communications Directive (2002/58/EC); and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as amended.
- MBN / Permitted Recipients
- Moorgate Finance Limited, registered in England and Wales (No. 09250316).
3. Scope of Services
We will use our reasonable endeavours to identify Lenders willing to provide finance to you in accordance with your requirements as set out in the Confirmation of Instructions. By entering into this Agreement you confirm that:
- You have read the terms and conditions of this Agreement and wish to proceed to engage the Broker Services.
- You agree to act with the utmost good faith in the provision of information to us to enable us to accurately complete the Lending Proposal.
You acknowledge that the Lender is likely to make a Finance Offer relying on the information submitted in the Lending Proposal. Should such information be false, it may render any Finance Offer void and any Finance Agreement entered into may be terminated. You will not withhold any information which you know, or ought reasonably to know, would affect the Lender's view of the Lending Proposal or of you.
The duty of good faith set out above is continuous and applies to all information you provide, whether we have requested it or you have provided it voluntarily.
4. Client Obligations
- You agree to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender.
- You agree to notify us at any time you intend to appoint an additional or alternative broker or intermediary to obtain an offer of finance, whereupon we will be entitled, but not obliged, to terminate this Agreement forthwith.
- You will not make any direct approach to any Lender to whom we have submitted a Lending Proposal on your behalf during the term of this Agreement without first notifying us.
5. Fees and Commission
We may receive a commission or other remuneration from the Lender if you enter into a Finance Agreement as a result of our Broker Services. The amount and nature of any commission will be disclosed to you before you enter into any Finance Agreement.
Where an arrangement fee is payable by you, this will be set out in the Confirmation of Instructions and will become payable upon the date of your Finance Agreement with a Lender.
Sorbus Finance Ltd operates as a whole-of-market broker. We will disclose any commission or benefit we receive and will obtain your informed consent before proceeding on any application where such a conflict could arise.
6. Duration and Renewal
This Agreement is for a duration of six months from the date of the Confirmation of Instructions, or will expire upon your entry into a Finance Agreement with a Lender as a result of the Lending Proposal.
Following the initial period, should you wish to continue to receive the Broker Services, you may ask us to renew the Agreement for a further period of six months or until your entry into a Finance Agreement or further Finance Agreement.
7. Termination
Either party may terminate this Agreement by giving 30 days' written notice to the other party.
We may terminate this Agreement immediately at our reasonable discretion if you:
- Have provided false, fraudulent or misleading information to us or any Lender;
- Have breached any material term of this Agreement;
- Have committed a minor breach and failed to remedy it within 10 days;
- Have been made bankrupt or entered into any arrangement with your creditors;
- Refuse to accept on three or more occasions any reasonable Finance Offers which satisfy the Confirmation of Instructions; or
- Breach the ML Regulations or any other financial crime legislation or regulation.
On termination, you will remain liable for any fees due for Broker Services delivered prior to the date of termination.
8. Limitation of Liability
We shall not be liable to you for any loss of profits or goodwill arising from the manner of performance of the Broker Services or any obligations under this Agreement. This exclusion of liability will not, however, otherwise affect any statutory rights you may have.
Nothing in this Agreement limits our liability for death or personal injury caused by our negligence, fraud or fraudulent misrepresentation, or any other liability that cannot be limited or excluded by law.
9. Data Protection
We will comply with all applicable requirements of the Data Protection Legislation. This clause is in addition to, and does not relieve, remove or replace, our obligations or rights under the Data Protection Legislation.
We acknowledge that for the purposes of UK Data Protection Legislation when we are carrying out the Broker Services, we are acting as a Controller of your Personal Data and will act accordingly.
When sharing any Personal Data with a Lender, we will ensure that the Lender has in place all appropriate technical and organisational measures to protect against unauthorised or unlawful handling of your Personal Data.
We will ensure that all personnel who have access to and/or handle Personal Data keep the Personal Data confidential, save to the extent that sharing is necessary to perform the Broker Services.
We will not transfer any of your Personal Data outside of the UK Economic Area without your consent and appropriate safeguards in place.
We will maintain complete and accurate records and information to demonstrate our compliance with the Data Protection Legislation. Please refer to our Privacy Policy for full details of how your personal data is handled.
10. Complaints
If you have a complaint about our services, please contact us in writing at: Sorbus Finance Ltd, Sunny Bank, 12 Albion Road, Chesterfield, Derbyshire, S40 1LJ, or by email at hello@sorbusfinance.co.uk.
We will acknowledge your complaint within five business days and aim to resolve it within eight weeks. If we cannot resolve your complaint to your satisfaction, you may refer it to the Financial Ombudsman Service.
11. Governing Law
This Agreement is governed by and construed in accordance with the laws of England and Wales. Any disputes arising from or in connection with this Agreement will be subject to the exclusive jurisdiction of the courts of England and Wales.