Terms of Business
Our Terms of Business outline the conditions under which our services are provided.
Regulation
Gap Funding Limited operates as an independent finance brokerage with a carefully selected panel of lenders. We are authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number 664411, permitting us to act as a Credit Broker. This information can be verified on the FCA’s Register at www.fca.org.uk/register or by calling 0845 606 1234. Please note, Gap Funding Limited is a credit broker and not a lender, earning commissions from our panel of lenders based on either fixed or risk-based models.
The lender we recommend will be chosen based on your specific circumstances and needs. We receive commissions from these lenders (either a fixed fee or a percentage of the amount borrowed), which vary among lenders. In certain cases, we may have an influence on the interest rate, affecting the overall cost based on factors such as the complexity of the funding requirement, the time involved, and your business’s credit profile.
Our Services
We provide the following services:
– Arranging finance with a lender after you agree to the costs and charges (or the basis of such costs if they cannot be determined in advance)
– Preparing and witnessing appropriate loan documentation on behalf of the lender
We maintain independence from our lending panel members, ensuring you have the opportunity to explore various credit options. Some of our services are not regulated by the FCA, and you will be informed in advance if this applies.
Quotations
Our quotes are based on our lenders’ cost of funds, which may change or be declined upon the full proposal’s receipt. Lenders may conduct both soft and hard credit checks before completing the finance application. More details will be available from the selected lender’s Privacy Notice or Terms and Conditions.
Our Remuneration
We receive an introductory payment from the lender, payable only after the funding is disbursed. You have the right to request information about any payment we receive from placing your finance with a lender.
Conflicts of Interest
In exceptional cases where Gap Funding Limited or any of its Directors or customers has a material interest in the business we transact for you, we will disclose the conflict of interest and seek your consent before proceeding. Our Conflicts of Interest Policy is available upon request.
Treating You Fairly
We are committed to fair treatment, ensuring we:
– Conduct business with skill, care, and integrity
– Avoid compromising our primary duty to you
– Address complaints sympathetically and independently
– Maintain transparency regarding our remuneration
– Respect your confidentiality
Complaints
To register a complaint, please contact Mr. Michael Gaffney, Director, at Gap Funding Limited, 6 The Common, Ashtead, Surrey KT21 2ED by phone at 01372 276631 or email enquiries@gapfunding.co.uk. Our internal complaints procedure is available on request. Complaints may also be referred to the Financial Ombudsman Service, with full contact details provided as necessary.
Your Responsibilities
To help us meet our responsibilities to you, please:
– Read all provided documentation and clarify any unclear or misrepresentative information
– Comply with the terms and conditions of any agreement arranged for you
Data Protection and Confidentiality
We adhere to Data Protection Regulations, using your information to provide quotations and arrange finance. You can withdraw your consent to use this information at any time. Credit decisions will involve a credit search by the lender, and for companies or partnerships, inquiries about principal directors or partners may be made. The full use and disclosure details of your information by the lender will be in the agreement terms and conditions. All customer records are treated confidentially, and we reserve the right to provide copies of your records rather than access to files containing other clients’ information. To request your records, please contact Michael Gaffney, Director, Gap Funding Limited, 6 The Common, Ashtead, Surrey KT21 2ED.
We verify identities as required by the Proceeds of Crime Act 2002 (POCA) and the Money Laundering Regulations 2007.