Terms of Business
Regulation
Johnson Reed Limited is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number is 661888. We are permitted to act as a Credit Broker. You may check this information on the FCA’s Register by visiting www.fca.org.uk/register or by contacting them on 0800 111 6768 (Freephone) or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad.
About Our Service
We offer; Lease finance – hire agreement, minimum term lease, fixed term lease, operating lease: Hire Purchase: Business cash advance: Commercial loans: Loans. (For all minimum term lease documents please ensure you terminate direct with the principal lender 3 months prior to the end of the contract, should you wish to terminate, or the Lender may continue taking rentals as you are still using their equipment.
A list of our panel of Lenders we introduce to can be seen on our website www.johnsonreed.co.uk for your information.
We do not fund any credit contracts ourselves, all credit applications are introduced to a third party Lender.
We are able to introduce our Customers to one of the Lenders on our panel but are not impartial and cannot provide independent advice to you as to the suitability of any finance which may be provided by those Lenders. You should ensure that you have considered what alternative finance options are available to you elsewhere before the agreement is signed.
We encourage you to ask us at any stage anything that is unclear and obtain independent legal advice if you still do not fully understand the credit arrangements.
We recognise it is important for Customers to be able to shop around for credit and alternative sources of credit. You may receive a more competitive offer elsewhere.
What We Will Do
We will deal with your enquiry promptly.
We will introduce you to a Lender (or in some cases more than one Lender) to facilitate your borrowing request. We might not look at all Lenders on our panel.
We advise you to read, and allow you sufficient opportunity to consider, the terms and conditions of a credit agreement before entering into it.
We may undertake a search with Equifax for the purposes of verifying your identity (AML compliance). To do so Equifax may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.
Are we linked in any way to our panel of lenders?
Johnson Reed Limited has a mutual Director and shared parent company with Mellor Finance Limited.
Johnson Reed Limited has a mutual Director with Corporate Credit Leasing Limited. We recognise it is important for Customers to be able to shop around for credit and alternative sources of credit. You may receive a more competitive offer elsewhere.
Quotations:
We will quote figures based on our Lender’s cost of funds. The Lender has the right to change or decline these quotes on receipt of the full proposal.
Our Remuneration:
We do not charge any fees for our services, our remuneration is an introductory payment payable by the Lender. This covers the total cost of our services.
If a finance agreement is signed and completed, we will receive a commission payment from the Lender for introducing them to you.
The amount of commission to be paid to us for the introduction of your agreement will be confirmed in writing prior to the agreement going live. If any of our commission is payable to the Supplier/Introducer, this will also be confirmed in writing prior to the agreement going live.
The commission payment is calculated as a percentage of the net amount financed and is payable by the Lender to us. The percentage will be confirmed in writing prior to the agreement going live.
The commission paid by the Lender is not an additional charge to those set out in the finance agreement but is included in the total payments detailed in that agreement. For capitalised settlements any Lender’s fees and our original commission may also be added and accounted for.
Conflicts of Interest:
If through exceptional circumstances Johnson Reed Limited or any of its Directors or other Customers has a material interest in a business you ask to be transacted for you, we will make you aware of the conflict of interest and we will obtain your consent before your instructions are carried out.
Treating you Fairly:
We always aim to treat you fairly. This means that we will always endeavour to:
- Conduct our business with due skill, care and integrity
- Never put ourselves in a position where our primary duty to you is compromised
- Deal with any complaint sympathetically and independently of the colleague to whom the complaint is directed
- Be transparent in the matter of our remuneration
Respect your confidentiality
Your Responsibilities
In order for us to fulfil our responsibilities to you, you must:
- Read the documentation we give you and let us know if there is anything that is unclear or that does not represent your requirements
Comply with the terms and conditions of any agreement we arrange for you
Data Protection and Confidentiality:
We pay a data protection fee to the ICO under the Data Protection Regulations and abide by the requirements of the Regulations. The information we receive from you is used to provide quotations and arrange finance with a Lender. You have the right to cancel your authority to use such information. Before or after you enter into any agreement with a Lender, to help make credit decisions, the Lender will make a credit search with a credit reference agency. If you are a company or partnership they will also make enquiries about the principle director(s) or partner(s) with a credit reference agency. Full details of the use and disclosure of your information by the Lender is contained within the terms and conditions of any agreement which you should read before signing.
All Customers’ records are treated as private and confidential and Johnson Reed Limited therefore reserves the right to give you copies of your particular records rather than allow access to files containing records concerning other clients. If you want sight of your records please send a request to Carol Seery, Operations Director at Johnson Reed Limited, Bridge House, Newbridge Lane, Stockport, Cheshire, SK1 2NA.
We are required to verify your identity in accordance with the Proceeds of Crime Act 2002 (POCA) and the Money Laundering Regulations 2017. Please refer to our Privacy Policy for further information, this can be found on our website www.johnsonreed.co.uk or upon request.
What to do if you are not satisfied with our service:
If you wish to register a complaint please contact Carol Seery, Operations Director in writing at Johnson Reed Limited, Bridge House, Newbridge Lane, Stockport, Cheshire, SK1 2NA. Upon receipt of your complaint we will send you our complaints procedure. This is also available at any other time upon request.
You may be entitled to refer a complaint against us to the Financial Ombudsman Service if you are not satisfied with our response.
The contact details are as follows:
The Financial Ombudsman Service, Exchange Tower, London E14 9SR
Website – http://www.financial-ombudsman.org.uk/
E-mail: [email protected] Tel: 0800 023 4 567
Updating this Policy
This policy will be updated from time to time in the light of legislative requirements. It was last updated on 12th November 2024.