Credit Broker Responsibility
Metro Loan PROMISES:
- We won’t charge you any fees
- We won’t target people in financial distress
- We won’t encourage people to take out loans not suitable for them
- We won’t share your data with unlicensed lenders
- We will work with only fully licensed lenders
- We will offer a free and unbiased matching service
- We will uphold industry best practices
- We will always protect customer’s details
Please be advised that you:
- Should not apply if you are already struggling with debt
- Should always read your loan agreement before signing and understand your obligations
- Should only borrow what you can afford and pay back your loan on time
If you remain unsure about the process contact us at firstname.lastname@example.org.
If you require some free financial guidance visit the Citizens Advice Bureau website at www.citizensadvice.org.uk.
Late repayments can cause serious money problems. For help go to moneyadviceservice.org.uk.
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You pay back: £352.80
Total loan cost: £72.80*
Treating customers fairly: Principle 6 requires firms to pay due regard to the interests of their customers and treat them fairly and Principle 7 requires firms to communicate with customers in a manner which is clear, fair and not misleading. Firms should ensure, for example, that their charging policy is clear and accessible.
Authorisation and consent: CONC 2.5 prohibits firms from taking a fee from a customer’s bank account without express authorisation. We expect the amount or likely amount of the fee to be disclosed as early as practicable in the process.
Sharing of personal information: CONC 2.5 also prohibits firms from unfairly passing customers’ personal data – including payment details – to third parties, without consent or for a purpose other than that for which consent was given. This is also likely to breach the Data Protection Act.
Advertising and marketing: CONC 3.3 requires financial promotions (including websites) to be clear, fair and not misleading. Firms must not mislead as to their identity or status, for example by stating or implying that they are a lender where this is not the case.
Transparency of status: CONC 3.7 requires brokers to make clear in financial promotions and other documents intended for customers their status, including the extent of their powers, the nature of the service they provide and any links with lenders.
Transparency of fees and commissions: CONC 4.4 deals with fee disclosure and CONC 4.5 with commission disclosure. Any fee payable by the customer must be disclosed at an early stage and agreed in writing before a credit agreement is entered into. The disclosure must include how and when the fee is payable and whether a refund may be available.
Refunds: Section 155 of the Consumer Credit Act entitles the customer to a refund (less £5) of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a source of credit, and CONC 6.8 provides guidance on this. A broker should respond promptly to any request for a refund.