Terms of Business

Terms and Conditions & Complaints Handling Policy
The following information informs you about our business, the services we provide to Clients, how we conduct business including charges for the services we provide and commissions we may receive. It also sets out policy over the general usage of this web site and our copyright protection.

A list of definitions used within the Terms of Business is outlined at the end of the disclosure.

1. The Company
Trading Name: Farr Business & Finance
Registered Company Name: Dilkusha Ltd referred to as ‘The Company’
Company Registration Number: 06353056
Company Registered Address: Baverstocks Chartered Accountants, Dickens House, 3-7 Guithavon Street, Witham, CM8 1BJ
E-Mail Address for Communication: info@farrfinance.com
Telephone Contact Numbers: 01473 561123

2. Status Disclosure

We are authorised and regulated by the Financial Conduct Authority (FCA) under the Firm Reference Number (FRN): 717514
More information can be obtained by searching the Financial Conduct Authority register: https://www.fca.org.uk/register

3. Our Duty Of Care And Policy On Treating Customers Fairly
The Company works under the control of the Financial Conduct Authority (FCA) and is authorized and regulated as detailed above.
In dealing with Clients our duty of care dictates that it all cases the recommendation we make will be based on the best and most appropriate solution for the client given the information provided to the Company.
In providing our services and support to a client we will normally request ‘Fact Finding’ information pertaining to the overall financial means of the Client, Asset and Liability position, credit status and general personal / company profile.
All information provided by Clients to the Company in this regard is treated as confidential and will be handled in accordance with the Data Protection Act as set out by the Information Commissioners Office under which the Company is registered as detailed above.
ICO Registration Number: Z1045964
More details on data protection can be obtained from the Information Commissioners Office (ICO) via the web site: https://www.ico.org.uk

4. Interpretation
· We are a credit broker and not a lender. We can introduce you to a panel of lenders.
· Whichever lender you choose we receive commission from them (either a fixed fee or fixed % of the amount you borrow) and different lenders pay different rates.
  • For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement.
  • Whichever lender you choose we receive commission from them, and this is included in the amount you pay.
  • The commission is only payable by the Lender to us if you decide to accept the Finance Offer and proceed to enter into a Finance Agreement.
  • We agree to submit Lending Proposals to Lenders on behalf of you in order to procure so far as it can do so from such Lenders an offer of finance to you (“Broker Services”).
  • We offer a wide range of commercial financial products including: Leasing and Asset Finance, Commercial Mortgages, Property Development finance, Cashflow Finance, Invoice Finance/Discounting, Factoring, Secured & Unsecured Business Loans, and more.
  • We will source finance from the market that are suitable to the requirements you disclose to us.
  • We will make a recommendation for you after we have assessed your needs.
· We are not an independent financial advisor. We may advise you on the most suitable products, subject to your personal circumstances, though this may not be the full range available. You are not obliged to take our advice or recommendation and you should investigate other options before deciding whether to enter into a finance agreement.
  • When the preferred option has been agreed, we will provide you with information about the Finance Offer and the Lender to ensure you understand your responsibilities and commitments, before proceeding.
  • You wish to engage us for such Broker Services and are willing for the Lender to pay to us commission in relation to the provision of such Broker Services.

5. Interpretation
  • A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).
  • A reference to a Party includes third parties to which it has outsourced activities, agents, successors and permitted assigns.
  • A reference to a statute or statutory provision is a reference to it as amended or re-enacted or updated. A reference to a statute or statutory provision includes all subordinate legislation made under that statute or statutory provision.
  • Any words following the terms ‘including, include, in particular, for example’ or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
  • A reference to writing or written includes fax and email.
  • References to clauses, schedules, appendices are, unless specified otherwise, references to clauses found in, schedules attached to or appendices attached to a Finance Agreement.
  • Data Controller, Data Processor, Data Subject, European Economic Area, Personal Data, ‎Sensitive Personal Data and Processing shall have the same meanings as in the Data ‎Protection Legislation and Processed and Process shall be construed in accordance with the ‎definition of Processing in such Data Protection Legislation.‎
6. Regulated Credit Agreements (Loan or Hire Purchase) Used To Finance Motor Vehicles
  • For Regulated Agreements used for the finance of motor vehicles you are aware that we are required to disclose the nature of Commission in our communications, as well as when making a recommendation to you. The existence and nature of Commission arrangements where the Commission varies depending on the Lender, product or other permissible factors will always be disclosed. The disclosure will also cover how the arrangements could affect our recommendations to You. Such disclosures will be included with any recommendation issued to You.
7. Documentation Fees
  • Document and Option to Purchase Fees are charged by all finance companies but vary from Lender to Lender, details will be disclosed within your Finance Offer.
8. Early Settlement
  • All agreements can be subject to early settlement charges, these differ depending on whether the agreement is regulated or non-regulated. Full details can be found within each lenders Terms & Conditions.
9. Your Representations And Acknowledgements
  • You represent and acknowledge that:
  • you have been advised by us to seek independent advice before signing any Financial Agreement;
  • we source Lending Proposals from a panel of lenders who will be supplied upon request
  • you are aware that Lenders may undertake a credit search to assess your credit history and that any search may appear on your credit file.
  • you have the authorisation to give consent to search, automate processing and marketing of all
  • parties both individual and corporate associated in relation to the finance application and that
  • the authorisation supersedes any previous permissions (if you are unsure as to whom the associated parties are please contact your account manager)
  • you are aware we may receive commission from a Lender for introducing you to them and you have no objections to us receiving this amount.
  • if you wish to receive further information concerning commission paid to us by the lender you can submit your request in writing;
  • you have read the terms and conditions of this Agreement and confirm that you 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. In addition, you acknowledge that:
  • the Lender is likely to make a Finance Offer relying on the information which is submitted to the Lender in the Lending Proposal by us, such information being given to us by you;
  • should such information be false, it may render any Finance Offer void and any Finance Agreement entered terminated;
  • you will not withhold any information from us which you know, or ought reasonably to know, would affect the Lender’s view of the Lending Proposal or of you themselves.
  • The duty set out in clause 9.2 is continuous and applies to all the information you provide, whether ‎we have asked for it or whether you have provided it voluntarily.
  • 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 for you whereupon we ‎will be entitled, but not obliged, to terminate this Agreement forthwith.
10. Renewal Of This Agreement
  • This Agreement is for a duration of six months from the date of the Confirmation of Instruction or will expire upon your entry into a Finance Agreement with a Lender as a result of the Lending Proposal.
  • Following the duration set out in clause 10.1, should you then 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.
11. Termination Of This Agreement
  • The Parties may terminate this Agreement by giving 30 days written notice to the other Party.
  • We may terminate this Agreement immediately at its reasonable discretion if you:
  • have provided false, fraudulent or misleading information to us either in the Confirmation of Instructions or at any other point in your communications with us or any Lender;
  • have breached any of the material terms of this Agreement;
  • have committed a minor breach of this Agreement but have failed to remedy such breach within 10 days of it occurring;
  • have been made bankrupt or entered into any arrangements with your creditors;
  • died;
  • refuse to accept on three or more occasions any reasonable Finance Offers which satisfy the Confirmation of Instructions;
  • breach the ML Regulations or any other financial crime legislation or regulation.
12. 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 the UK Data Protection Legislation when we are carrying out the Broker Services we are doing so as a Controller of your Personal Data and will act accordingly.
  • We agree that 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 our personnel who have access to and/or handle Personal Data keep the Personal Data confidential save to the extent that it is necessary to share such Personal Data in order to perform the Broker Services.
  • We agree that we will not transfer any of your Personal Data outside of the UK Economic Area.
  • We will maintain complete and accurate records and information to ensure that we can demonstrate our compliance with the Data Protection Legislation.
  • On termination of this Agreement for any reason we shall as soon as reasonably practicably return or destroy all Personal Data which we hold in relation to you save where it is legally obliged otherwise to do so.
  • We will provide you with a Privacy Notice which complies with the UK Data Protection Legislation and which advises you of your rights in relation to your Personal Data.
  • Our Privacy & Data Protection policy can be located here: https://farrfinance.com/privacy-policy
13. Money Laundering
  • You agree to provide us with any documents we and/or a Lender requires in order to comply with the requirements of the ML Regulations including any identity documents.
  • You agree to comply with any other financial crime requirements that we or the Lender or any relevant authority or regulator may require from time to time.
14. Amendments & Variations To This Agreement
  • Any amendment or variation to this Agreement proposed by us shall take effect on the date specified unless in the meantime you notify us of any objection to the amendment or variation or requests an extension of time before such amendment or variation take effect. Thereafter any such amendment or variation will only take effect when the Parties have agreed it in writing.
  • Any amendment or variation to this Agreement proposed by you shall take effect only when accepted by us in writing.
15. Assignment & Third-Party Rights
  • Pursuant to the Contracts (Rights of Third Parties) Act 1999 no person shall be entitled to enforce the terms of this Agreement other than the Parties.
  • We may assign, sub-contract, novate, mortgage, declare a trust in or otherwise transfer or deal within any manner this Agreement or any of its rights or obligations under this Agreement and shall give reasonable notice to you upon any such occurrence. You may not make any assignment, sub-contract, novation, mortgage, trust or otherwise transfer your rights or obligations under this Agreement.
16. Miscellaneous
  • The invalidity or unenforceability of any provision in this Agreement shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision will be deemed to be severed from this Agreement.
  • The release or the failure to enforce any of the provisions in this Agreement by us at any time or for any period will not release or exonerate or in any way affect the liability of you or constitute a waiver of any term of this Agreement.
  • Headings are inserted for reference only and shall not affect the construction of this Agreement.
  • This Agreement and any Schedules hereto constitute the entire agreement between the Parties.
  • We do not act as agent for you and nothing contained within this Agreement shall constitute, or be deemed to constitute, partnership or joint venture between the Parties hereto.
  • We will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.
  • If we hold your money, it will be kept in a separate designated client account for the benefit of you.
  • You accept that we 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 us of the Broker Services or any obligations arising under this Agreement. This exclusion of liability will not, however, otherwise affect any statutory rights of yours.
  • 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.

17. Definitions

Advance 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 under the Finance Agreement
This document together with a Confirmation of Instructions and any other schedules and any other documents specifically referred to herein as being incorporated within this agreement between the Parties and as may be updated or amended from time to time in accordance with the terms of this agreement.
Broker Services: (Our agreement to submit Lending Proposals to Lenders on behalf of you in order to procure so far as it can do so from such Lenders an offer of finance to you)
Our agreement to submit Lending Proposals to Lenders on behalf of you in order to procure so far as it can do so from such Lenders an offer of finance to you
A sum of money that is paid upon completion of a task from a Lender
The date of your Finance Agreement with a Lender
Credit Search:
Search carried out on your credit report to understand your financial behaviour.
Credit History:
Record of your responsible repayment of debts.
Credit File:
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 ‎‎(including, without limitation, the privacy of electronic ‎communications and the guidance and codes of practice issued ‎by the relevant data protection or supervisory authority and ‎applicable to a party
Financial Conduct Authority – the conduct regulator for financial services firms and financial markets in the UK
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 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 including where such an offer is conditional or unconditional or a replacement of any Finance Offer previously made
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:
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 which may be in place from time to time to prevent financial crime including the Bribery Act 2010.
Us the Broker and You the Client
Permitted Recipients:
The Parties to this Agreement
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 their ‎rights under UK ‎Data Protection ‎Legislation as may be amended ‎or updated from time to time
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001‎
Regulated Agreement:
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) (as updated by Directive 2009/136/EC) and the ‎Privacy and Electronic Communications Regulations 2003 (SI ‎‎2003/2426) as amended)
We, Our, Us:
Dilkusha Limited (trading as Farr Business & Finance) registered in England and Wales (No.09250316)
You, Your:
The Client