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Partner Terms & Conditions

The Terms & Conditions were last updated on 2021-03-12

Complete Finance Management Ltd are aware that IAR’s are not permitted to discuss finance options with the customer and this is confirmed in the IAR Agreement and explained verbally to the IAR upon initial engagement with them. IAR’s will be monitored regularly and the customer will complete a satisfaction survey upon completion of the services / installation and the survey will ask the customer if the IAR discussed finance options with them at any point.

If it is found that the IAR has discussed finance options with the customer, then Complete Finance Management Ltd will be in breach of FCA regulations and will notify the FCA immediately and will terminate the agreement with the IAR.

1. Introducer Appointed Representatives

IARs will be experts in their chosen markets. They are not expected to have experience or knowledge of FCA requirements.

Complete Finance Management Ltd are aware of the on-boarding and training regime IAR’s should complete. Complete Finance Management Ltd will complete an on-boarding process and ongoing monitoring moving forward.

2. IAR On-Boarding

Complete Finance Management Ltd will on-board [sign up] the IAR in the following way:

  1. Agree commercial terms
  2. Complete due diligence on the firm. This will include a check on the reputation and legal status of the proposed IAR
  3. If they pass this initial stage, enhanced due diligence will be carried out, which includes a credit check on all Directors
  4. If the IAR fits Complete Finance Management’s risk profile, the application will be completed within the FCA Connect system

There will be strict procedures in place and business terms will be agreed with each IAR. The IAR firms will be subject to due diligence checks and regular monitoring.

Complete Finance Management Ltd will accept companies who have the relevant industry accreditations and a business model that we approve of.

Complete Finance Management Ltd will not work with companies who have negative customer feedback or a business model that we do not approve of. We will not work with ‘direct sales’ companies or any company who engages in pressure sales tactics. We believe this to be the biggest risk to our licence and reputation.

3. IAR Monitoring

Complete Finance Management Ltd will put in place monitoring procedures. This will include sending out questionnaires to all IAR’s on a quarterly basis to ensure that nothing has changed within the business or with the Director’s statuses. This will help to address any routine updates of information and will highlight any changes in the IAR status.

4. IAR Termination

If professional standards are found to not being met by IAR firms, Complete Finance Management Ltd will instruct further training or a compliance audit visit. Should the standards not improve, the IAR agreement will be terminated.

5. Remuneration

  1. Complete Finance Management Ltd will receive a fee / commission from the lender
  2. Complete Finance Management Ltd will not charge any administrations to their customers

6. IAR Remuneration

The IAR network of Complete Finance Management Ltd will be remunerated purely through the sale of their goods or services; they will not receive any remuneration for the provision of finance. They will purely be able to offer their customers a payment option, should the customer be unable to pay for the goods / services in full.

7. IAR Sales Process

  1. Customer requires a service and contacts a registered Complete Finance Management Ltd registered IAR
  2. Retailer provides a quote for the work to the customer. As the retailer is IAR, they will not discuss finance with the customer but will instead refer them directly to Complete Finance Management Ltd to discuss payment options
  3. If the customer elects to pay via a finance option, the IAR takes basic customer information (name & contact details) and makes an introduction to Complete Finance Management Ltd
  4. Complete Finance Management Ltd is a licensed credit broker and can make referrals to suitable authorised lenders from an approved panel. The customer is provided with a copy of the chosen lenders Terms of Business
  5. General discussion with customer to ascertain an overview of their requirements
  6. Fact finding / creditworthiness assessment [checking if product is suitable and affordable]
  7. Complete Finance Management Ltd research the solutions that will fit within the requirements of the customer
  8. If suitable solution is found, then proceed to step 9 – if no suitable solution is found the sale will not proceed
  9. Customer is provided with pre-contract information and the SECCI
  10. If applicable, complete the lender application form
  11. Lender will send the loan agreement directly to the customer
  12. If customer decides to proceed, the customer will return the signed agreement directly to the lender
  13. Complete Finance Management Ltd advises the IAR that funding is in place and the tradesperson / retailer starts / completes the service
  14. Customer signs a customer satisfaction report confirming that they are happy with the work that has been carried out and the money is released to Complete Finance Management Ltd
  15. Complete Finance Management Ltd pays the IAR

8. Clients and Marketing Plan

Clients of Complete Finance Management Ltd is a business who are looking to offer a payment option to their customers. The plan is these firms will all be private contracted companies.

All customers will be referred to Complete Finance Management Ltd and Complete Finance Management Ltd will introduce the customer to the finance provider, following the sales process as detailed above.

The customers of the IAR firms will be people looking to purchase the goods or service of the firm.

Complete Finance Management Ltd will have control of any financial promotions that an IAR completes. IAR firms will only be permitted to use financial promotions provided by Complete Finance Management Ltd.

It is expected that Complete Finance Management Ltd will receive approximately 40 leads per week from each IAR.

9. Compliance Arrangements

Complete Finance Management Ltd recognises the importance of regulatory compliance and implementing effective controls for managing compliance. Complete Management finance have therefore taken the following steps:

  • Directors will take primary responsibility for compliance and TCF
  • Compliance Manager will look after compliance on a day-to-day basis. All future staff will receive training in key compliance issues
  • Complete Finance Management Ltd will have a support contract in place with Compliancy Services, covering the following key areas:
    • File checks
    • Provision of compliant policies and procedures
    • Compliance audits
    • Assistance with complaints
    • Compliance training
    • Compliance help desk
    • Regulatory updates

10. Sales Process

  • The IAR will either contact the customer by phone or the customer will visit the retailer for the customer to purchase the goods / service of the IAR firm
  • The IAR will sell the goods of the IAR firm and discuss the price of the goods / service
  • Should the customer opt for a payment option, the IAR firm will advise the customer that they are an IAR of Complete Finance Management Ltd and can introduce them to Complete Finance Management Ltd who may be able to source them a suitable finance arrangement by referring the customer to a finance provider
  • Complete Finance Management Ltd will lead the customer through the application process. At each point of the sales process, the customer will be advised of adequate explanations, costs of finance and the fact that they will be subject to a credit search
  • Upon approval of the application for credit, Complete Finance Management Ltd will advise the IAR
  • The customer is made aware of the cooling off period for the finance and this does not affect the purchase of the goods
  • The IAR firm will arrange a suitable time for the installation or service which is being provided to the customer
  • Upon installation / provision of services, the customer is asked to complete a customer satisfaction survey which is provided to Complete Finance Management Ltd and is kept on file
  • The finance provider will then pay Complete Finance Management Ltd a fee / commission for their role in the provision of finance

11. Marketing

IAR firms will market their services directly to customers. Where an IAR firm mentions the availability of credit, they will be asked to submit all financial promotions to Complete Finance Management Ltd for sign off.