These Terms and Conditions apply to all transactions between Jigsaw Finance Limited and all of its subsidiary companies (herein after called 'The Company') of Genesis Centre, North Staffs Business Park, Innovation Way, Stoke on Trent, ST6 4BF and you (herein after called 'The Introducer').
You acknowledge that you have provided us with the correct bank details for the purpose of paying finance advances to you by BACS or similar electronic transfer. You have indicated that you are an authorised signatory for 'The Introducer', by proceeding with this transaction. You have authorised the nominated finance company (herein after called 'The Lender') to make payment solely to the bank account information provided. The Company or Lender are not liable if it transpires that any monies should have been paid to a different account.
Company: Jigsaw Finance Ltd and any of its subsidiary Companies. Jigsaw Finance Ltd is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 679612.
Lender: Any or all of the finance houses with which The Company transacts business.
Agreement: Any finance agreement between the Lender and the Customer relating to the sale/purchase or hire/hire purchase of a particular asset proposed by The Introducer.
Asset: Vehicle or equipment to be 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 relating 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).
In this agreement, unless the context otherwise requires, references to legislation are to that legislation as amended, extended, or re-enacted from time to time.
1.1. The Company and the Introducer will conduct their regulated activities in accordance with the rules and requirements of the relevant regulators and legislations.
1.2. For the purpose of this agreement, the Introducer is at all times, acting as the agent of its Customers and not the Company. The Introducer has no authority to act on behalf of the Company, unless otherwise expressly stated. For the avoidance of doubt, the Introducer is solely responsible for the advice it gives to its customers.
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 shall immediately advise the Company, in writing, of any significant changes in their regulatory status, company structure, ownership or management.
1.5. Each party will fully and effectively indemnify the other party against any costs, losses, liability, or any expense which may be suffered by the other party directly or indirectly because of any regulatory or legislative breaches.
2.1. The Introducer must take all reasonable steps to ensure the information provided on the proposal form is accurate and taken directly from the Customer.
2.2. In accordance with instructions which the Company's Lenders may issue from time to time, the Introducer shall take reasonable and appropriate steps to collect and verify information concerning the Customer's financial situation and resources to assist the Lender assess the creditworthiness of the Customer.
2.3. The Introducer must ensure the relevant disclosure to the Customer of the introduction to the Company as a credit broker, not a lender. A copy of the Introducer's Fair Processing Notice, or the information contained in it, must be provided to the Customer, along with any commission disclosure.
2.4. The Introducer must notify the customer that credit searches with the relevant credit reference agencies may be made under their name by both the Company and its Lenders, a record of which will be shown in any later searches.
2.5. The Introducer must obtain the relevant written or verbal consent from the Customer for these credit searches to be completed. The Introducer will need to be able to demonstrate, where requested, the relevant consent has been captured.
2.6. When considering a prospective regulated credit agreement, the Introducer must ensure the Customer is provided with an adequate explanation of their prospective regulated credit agreement and that clear and appropriate pre-contract information is provided in good time before the regulated Agreement is made.
2.7. The Introducer must ensure that all finance documentation signed on trade premises is completed correctly and in accordance with instructions set out by the relevant Lender or the Company.
2.8. Where required by the Lender, the Introducer must post the original signed finance documentation, and any stipulated proofs, to the Company of Genesis Centre, North Staffs Business Park, Innovation Way, Stoke-On-Trent, ST6 4BF as soon as the Company instructs them to do so.
3.1. The proposed Asset must be the sole property of the Introducer and 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 as stated on the Invoice will be correct in all respects.
4.1. Where the Asset is a motor vehicle it will be of satisfactory quality, fit for purpose, and comply in all respects with any representations or conditions or warranties, whether express or implied, made by the Introducer or any employee or agents of the Introducer.
4.2. The motor vehicle should have a valid MOT with a minimum of 6 months remaining, have been through a Pre-Delivery inspection and carry a suitable Mechanical/Electrical Warranty.
4.3. The Introducer will settle any existing finance agreement on the proposed Asset and clear title must be evidenced prior to payment being made by the Lender.
4.4. The Introducer will settle any liens and encumbrances on part exchange assets that are associated with the Agreement.
5.1. The Introducer understands that the Lender will purchase the Asset from the Introducer only if the Customer and the Lender enter into the Agreement. The Agreement shall be made when it has been signed by the Customer and Lender and the Lender has paid the Introducer for the Asset in full cleared funds. Title will pass to the Lender immediately on signature of the Agreement.
6.1. The Introducer shall deliver the Asset to the Customer as soon as the Agreement is made (refer to 5.1 for clarification of when the Agreement is made). Delivery for this purpose is delivery to the Customer’s address as set out in the Agreement or collection by the Customer of the Asset from the Introducer's premises. Under no circumstances must the asset be delivered prior to the Agreement being made.
6.2. The Introducer must ensure that the Asset is only delivered to the Customer as named on the Finance Agreement. Before release of the Asset the Introducer must check the identity of the Customer by seeking photographic proof of identity (driving licence or passport). If the Introducer has any doubts as to the identity of the person seeking to take the Asset, the Introducer must ring the Company on 01782 450745 and await instructions.
6.3. The Introducer acknowledges and agrees to:
6.3.1. Co-operate fully and promptly in settling any dispute that may arise in connection with the Asset, or any description or representation regarding the Asset alleged to have been made by the Introducer.
6.3.2. Provide the Company with full and prompt co-operation and assistance in relation to any Customer Complaints and/or investigations by any statutory or other authorities, including without limitation by the Financial Ombudsman Service and the Financial Conduct Authority ("FCA").
6.3.3. Pay the case fee for investigations accepted and made by the Financial Ombudsman Service and, where the Introducer's actions relating to Asset quality or mis-selling only, are cited by the Financial Ombudsman as being non-compliant and thus result in a loss to the Company or its funder to pay the cost of any loss including any compensation payable to the Customer.
7.1. Unless otherwise instructed in writing, the Company will always require proper verification of a Customer's identity and address in accordance with Anti Money Laundering ("AML") Regulations.
7.2. For the purpose of this agreement, the following constitutes proper verification of the Customer's identify and address:
7.2.1. Where the Introducer has viewed the original photographic ID (driving licence or passport), along with any supporting proof of current address (Utility bill/bank statement) and signed the photographic ID verifying the original documentation is a true depiction of the Customer whose details appear in the credit Agreement. A copy of which must then be forwarded to the Company.
7.2.2. Where the Customer provides a copy of their photographic ID (driving licence or passport), along with a selfie of them holding the original photographic ID for the Company to verify. An additional proof of current address (Utility bill/bank statement) will be required where current address cannot be confirmed using the photographic ID).
8.1. The standard model used by the Company is rate for risk, which is driven by the Company's scorecard, with a fixed commission payable (where applicable).
8.2. Where a bespoke fixed APR model is agreed between the Company and the Introducer, the rate and level of commission or fee payable will be detailed within a separate schedule.
8.3. Unless otherwise specified, commission payments will be made a month in arrears, on or around the 15th of the month.
8.4. In the event of early/partial settlement, all commissions paid to the Introducer will be debited back in line with the existing arrangement negotiated by the Company with the respective Lender.
8.5. In the event of fraud/litigation the Company reserves the right to debit back the commission in full subject to any other provisions of this agreement.
8.6. The Company reserves the right to amend its rates and terms.
8.7. If the Introducer is at any time unsatisfied with amendments to rates and terms it may terminate this agreement forthwith by providing the Company with written notice.
8.8. If at any time the Company or Introducer terminate the trading relationship the above provisions relating to debit back will continue to apply for all agreements written prior to termination.
8.9. In the event of termination of this agreement, the Company shall pay all commissions due in accordance with the terms of this agreement in relation to Agreements entered in to prior to termination.
9.1. In performing its obligations under this Agreement, each party agrees to comply with all applicable statutes and regulations including, without limitation, the AML Regulations, the Anti Bribery Act 2010, the Consumer Credit Act (CCA), the Financial Services and Markets Act 2000 (FSMA) and the Financial Conduct Authority Consumer Credit Sourcebook ("CONC"), together with any subordinate legislation or re- enactments ("the Consumer Credit Regime").
9.2. Each party agrees to maintain current adequate and effective policies and procedures and carry out the relevant customer due diligence to mitigate any potential instances of Money Laundering and Fraud.
9.3. The Introducer will provide the Company with copies of its current policies and procedures, if requested.
9.4. Where feasible, the Introducer must ensure that it meets face-to-face with the Customer prior to the Customer signing the Agreement.
9.5. For any Distance Selling Agreements, the Introducer will always comply with the Financial Services (Distance Marketing) Regulations 2004 and the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 and any amendments thereof.
9.6. The Introducer must inform the Customer of their rights to a cooling off period and of any potential deductions for the use of goods during this cooling off period on any 'Distance Selling' Agreements.
9.7. The Introducer agrees to indemnify and keep indemnified the Company (or any of its group companies or affiliates) in full and on demand against all liabilities, losses, damages, demands, actions, proceedings, claims, costs, expenses, fines, charges, or settlements suffered or incurred by the Company arising out of or relating to its failure to provide the correct information, or the cooling off rights for Distance Selling to the Customer.
9.8. If the Customer notifies the Introducer of their wish to cancel the Agreement, the Introducer will immediately advise the Company accordingly and it will treat any request to cancel submitted by a Customer in person or over the telephone as a request equally valid to requests submitted in writing.
9.9. Where an Agreement has no right of cancellation but does have a right of withdrawal the Introducer will:
9.9.1. Immediately advise the Company accordingly treating any request to withdraw submitted by a Customer in person or over the telephone as a request equally valid to requests submitted in writing; and
9.9.2. If the Customer withdraws under the terms of the Agreement, and pays the Introducer direct for the Asset, the Introducer will immediately pass all monies received on to the Company.
10.1. Each party warrants and undertakes in respect of all Customer Data supplied, forwarded, received, or otherwise made available for the purpose of this agreement:
10.1.1. To process the Customer's personal data and sensitive personal data in compliance with Data Protection legislation.
10.1.2. To provide the other with full co-operation and assistance in relation to any request made by an individual to have access to that personal data or sensitive personal data.
10.1.3. To comply with the provisions of the Data Protection legislation in relation to its performance of this agreement and ensure that it holds and, continues to hold for the duration of this agreement, a valid notification with the Information Commissioner and any other relevant licenses, authorisations and registrations as required by Data Protection legislation.
10.2. The Introducer agrees to indemnify and keep indemnified the Company (or any of its group companies or affiliates) in full and on demand against all liabilities, losses, damages, demands, actions, proceedings, claims, costs, expenses, fines, charges, or settlements suffered or incurred by the Company arising out of or relating to its breach of this clause or its negligence or wilful misconduct in the processing of customer data.
11.1. Either party may terminate this agreement by giving the other no less than 1 month's written notice.
11.2. Either party may terminate this agreement on written notice with immediate effect if:
11.2.1. Either party has reasonable grounds for suspecting the other party, or its employees, agents, appointed representatives are guilty of fraud, dishonesty, or poor administration.
11.2.2. Either party has breached any provisions of the agreement and failed to remedy such breach within 7 days.
11.2.3. Either party becomes the subject of voluntary or involuntary rehabilitation of liquidation proceeding or becomes the subject of an action in bankruptcy or makes or proposes any composition with its creditors or otherwise acknowledge its insolvency.
11.2.4. Either part suspends payments or is unable to pay its debts in accordance with the Insolvency Act 1986.
11.3. The Company may terminate this agreement by written notice with immediate effect if:
11.3.1. The Introducer ceases to hold any necessary licence, consent, authorisation, or permission required under any applicable laws or if any regulatory action is taken or commenced against the Introducer, such as steps to revoke any authorisation, permission, licence, or consent.
11.3.2. The Introducer fails to repay any sum due to the Company under this agreement.
11.3.3. The Introducer ceases or threatens to cease to carry on business.
11.3.4. Any change to the Introducer's trading status results in a failure to meet the Company’s minimum due diligence criteria.
12.1. The Company will provide the Introducer and its employees with access to a proposal system. The Introducer is responsible for the security of any passwords and usernames that are provided to it or its employees and shall not disclose this information to any other party.
12.2. The Introducer must inform the Company immediately of the termination/resignation of any of its employees with system access.
13.1. Neither party shall use any of the other party's names, logos, or trademarks without its prior written consent. Such consent may be withdrawn at any time by the Company.
13.2. The provisions of this condition shall survive the expiry of termination of this Agreement.
14.1. This agreement shall be governed by and interpreted in accordance with the laws of England and both parties hereto agree to submit to the exclusive jurisdiction of the English Courts.
14.2. Any variations to the terms of this agreement must be confirmed in writing and signed by both parties.
14.3. Both parties shall maintain procedures to ensure that they have in place arrangement for the identification and management of any conflict of interest that may arise.
14.4. No representations will be made by the Introducer or its employees or agents that are in any way inconsistent with the written terms of the Agreement.
14.5. All group companies of the Introducer that pass business to the Company will be bound by the above terms and obligations detailed in this agreement.
Last updated: 25th January 2021.