Terms of Business

Vendor Finance Ireland Ltd t/a Asset Finance Ireland (VFI) is the full name of the firm and the address is Unit 2, St. Vincent’s Business Park, Finisklin Road, Sligo, F91 N243. These terms of business set out the general terms under which our firm will provide business services to you. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.

Authorised Status:

VFI is regulated by the Competition and Consumer Protection Commission to act as a credit intermediary under the terms of the Consumer Credit Act 1995.

Codes of Conduct:

VFI is subject to the Central Bank’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity standards which offer protection to consumers. These codes can be found on the Central Bank’s website – www.centralbank.ie.

Our Services:

As an independent professional financial services firm, we will consider more than one product provider and offer advice on which is most suitable for you. We will act as your agent in any dealings with the product providers and are responsible for any advice which we may give to you. This means we will research the market place and recommend the best product provider to suit your needs and circumstances.

Communicating with You:

We shall act on instructions given by you.  We can accept instructions over the telephone, by e-mail or in writing, which will not take effect until actually received by us. If we accept instructions over the telephone, we may act on them before we receive confirmation in writing, unless you specifically tell us not to. We shall keep you informed about transactions we arrange for you. We may also send contract notes/finance agreements to you by post or e-mail. Any change in these instructions should be made in writing.

To enable us to provide a proper service to you, there may be occasions when we will need to contact you without your expressed invitation. For example, it may be in your interest to finance a particular asset and we would wish to be able to inform you of that fact. We therefore may contact you in such circumstances. We would however, do so only between 9am and 7pm on weekdays. We shall, of course, comply with any other restrictions you may wish to impose and which you have notified us in writing.

Data Protection:

VFI is both a Data Controller and a Data Processor as defined in the General Data Protection Regulations (GDPR). We may use, store or otherwise process personal information provided by you for the purposes of providing asset finance brokerage services, administering your account or for the purposes ancillary thereto, including without limitation, for the purposes of credit enquiries or assessment.

The information we hold about you is confidential and will not be used for any purpose other than in connection with the provision of services. Please refer to our Privacy Notice for full disclosure on how we use, process and protect, your personal data.

Record Retention:

In accordance with legal and regulatory requirements, we will maintain your records for a minimum period of six years, including the period following the termination of any relationship between us. This period may be extended by force of law, regulatory requirements or agreement between us.

Foreign Exchange Booking:

In instances where a foreign exchange rate is booked to facilitate your finance agreement, and you subsequently cancel or back out of the finance arrangement AFTER the rate has been booked, any costs incurred for cancelling the foreign exchange rate will be met solely by you and payable to Vendor Finance Ireland Ltd within 7 days of the rate being cancelled.

Adviser Remuneration:

When you meet with VFI to discuss your finance needs, there is no direct charge on the

client for the first two hours. Each subsequent hour’s work is charged at a rate of €150 per hour or any such fee agreeable between the customer and VFI.  If business is conducted with VFI as a result of advice given, VFI will receive a commission directly from the lender for arranging the finance on their behalf. In these instances, the above hourly rate is not chargeable.

We reserve the right to charge you a fee for the services provided in cases whereby commissions would not be payable in respect of business completed or for payment in respect of complex cases to reflect value and specialist skills. We will notify you in advance of any fee chargeable.

Conflicts of Interest:

It is the policy of our firm to avoid conflicts of interest in providing services to you. We have in place arrangements to manage conflicts of interest that arise between ourselves and our clients and between different clients and suppliers. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service. If you have not been advised of any such conflict you are entitled to assume that none arises.

Complaints Procedure:

If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please let us know. VFI has a written procedure in place for the effective consideration and handling of complaints. Please refer to our Complaint Policy for our full procedures.

Disclosure of Information:

VFI take the authenticity of all data received seriously. When verifying your identity as part of our application process, we may ask you to complete a 12-point verification check on your photo ID, which is provided via a third party. Any failure to disclose material information may invalidate your finance application and render your application void.

Nothing in this agreement shall impose on VFI any obligations to execute or undertake any transaction on your behalf and we may refuse to execute any transaction at our sole discretion.

 

 

This Statement was last updated on 11/06/2020