Terms Of Business
INTRODUCTION
Shire Leasing PLC (“Shire”) is a company incorporated and registered in England and Wales with Company Number 2476571 with their registered office at 1 Calico Business Park, Sandy way, Tamworth, B77 4BF.
Shire provides asset finance solutions to business customers subject to status, eligibility and credit criteria.. The business terms below explain factors that you need to take into account.
REGULATORY INFORMATION
Shire is authorised and regulated by the Financial Conduct Authority (“FCA”) and is permitted to act as both a lender and a credit broker. Our FCA firm reference number is FRN 313055. You may check this information on the FCA’s Register by visiting the Financial Services Register, or by contacting the FCA directly on 0845 606 1234. Not all product types offered by Shire are regulated by the FCA.
CONTACT US
Should you have any additional questions about any information included in this document, please contact us directly.
Shire is available to answer queries via the following details:
• Address: 1 Calico Business Park, Sandy Way, Tamworth, B77 4BF
• Telephone: 01827 68939
• Website: www.shireleasing.co.uk/contact-us
• Email: info@shireleasing.co.uk
OUR ROLE
Shire is a funder and credit broker working with a limited panel of funders. We provide asset finance solutions to business customers subject to status, eligibility, and credit criteria.
Shire specialises in providing funding for UK SME’s and since 1990 we have provided finance to more than 66,000 businesses that want to invest in their business and their future. We help businesses of all sizes from start-ups to established companies find the right solution and we finance a wide and diverse range of assets.
We do not give impartial advice or recommendations, but will provide you with information so that you can decide if the finance product is right for your business. There may be other finance products available from other funders, and you should make your own enquiries to determine if our offering is right for you
Where we are acting as a broker, we offer a range of finance options from a limited panel of lenders and we do not search the entire lending market. However, these quotes are subject to change or decline by the lender upon review of the full proposal. We are not linked to any of our lending panel members.
IS ASSET FINANCE SUITABLE FOR ME?
The main options for financing the purchase of assets are:
1. Take out an asset finance agreement where the funder will purchase the equipment from the supplier you have selected, at the price you have negotiated, you will then hire the equipment from the funder;
2. Purchase outright;
3. Bank facility;
4. Raise new capital;
In deciding which option to select, relevant factors may include:
Whether you have the money to buy outright;
How long you need the equipment for;
Costs of the different options.
Asset finance is unlikely to be suitable if you are not sure if you will need the asset(s) for the minimum contract period or if the asset is unlikely to be maintained and kept in a useable condition for the minimum contract period.
You should be aware:
You will have to continue to pay for equipment for the agreed period or settle the outstanding balance early even if you no longer need the equipment, or if the equipment cannot be used (funders usually offer a small rebate of interest charges in the event of an early settlement).
For more help in deciding whether to select asset finance, see the Government’s Business Finance advice (https://www.gov.uk/business-finance-explained/overview)
WHAT TYPES OF FINANCE PRODUCTS DO SHIRE OR OTHER LENDERS OFFER?
Most asset finance agreements involve paying periodic payments (usually monthly or quarterly) and sometimes with a deposit. The key difference in each finance agreement equipment is what happens at the end of the agreement and who owns the equipment.
Hire Agreement
At the end of the Hire Agreement, you can continue to use the equipment and carry on paying your rentals (if your agreement is a minimum term), or you can return the equipment or you can speak to your supplier about upgrading the equipment.
Hire Purchase Agreement
At the end of the agreement, there is an option to purchase the equipment (usually for a nominal amount).
Loan
With a business loan, your loan provider lends you a lump sum of money, which you repay over a specified period with interest. The money must be used for business purposes, such as marketing, working capital, equipment, or growth.
In deciding which option to select, relevant factors may include:
• How long do you expect to use the equipment;
• The income or corporation tax, VAT and accounting treatment of the equipment.
For more details on these factors please consult with your accountant/ finance team / financial advisor.
Hire Agreements, Hire Purchase Agreements, and Loans with sole traders, partnerships with only 2 or 3 partners and/or unincorporated associations are likely to be regulated by the Consumer Credit Act 1974 unless (i) the total credit or rentals (including VAT) payable over the minimum term is more than £25,000; and (ii) the equipment/finance is wholly or predominantly for business purposes.
If you are an incorporated body (e.g. limited company) your agreement will not be regulated.
THE APPLICATION PROCESS
We will keep you updated about the progress of your finance application. Of course, you are entitled to request an update at any time during the process. Where we decline a proposal or receive notice of a decline from a funder, we shall contact you accordingly.
DELIVERY & AVAILABILITY
Any equipment availability and delivery dates provided to you by us is based on estimates provided to us by the suppliers. These estimates may be subject to change and are intended to be an estimate only. If a delay occurs as a result of a supplier, Shire does not accept liability for any losses incurred as a result.
REMUNERATION & COMMISSION
If you have been introduced to us by a supplier, dealer or broker or any other person (an “Introducer”) and we pay the Introducer a commission in relation to this Agreement, we will give you a commission disclosure letter to read and sign before you enter into the Agreement. This will disclose the amount of commission that we will pay to the Introducer in relation to the introduction made and the basis for its calculation.
Where we act as a broker, we do not charge a fee for our service. If you enter into a finance agreement with a funder we have introduced to you, we will receive a commission for our work. This will be factored into the amount you pay under the finance agreement.
ASSET PROTECTION
A condition of taking out an asset finance agreement is that you insure the equipment. We do not act as an insurance intermediary, but if you fail to provide evidence on request that you have adequately insured the equipment yourself, we have the right (but not the obligation) to insure the equipment for our own benefit and pass the associated cost for doing so onto you. You would not be an insured party nor a beneficiary of our policy.
CUSTOMER RESPONSIBILITIES
For us to fulfil our responsibilities to you, you must:
• Read the terms of the documentation provided to you, and let us know if anything is unclear or does not represent your needs and requirements.
• Comply with the terms and conditions of agreements we may arrange for you.
CONSUMER DUTY & TREATING CUSTOMERS FAIRLY (TCF)
As Shire are authorised by the FCA, we are committed to the principles of Consumer Duty and Treating Customers Fairly (TCF). Our goal is to provide our customers with clear, accurate information so they can make an informed decision, and to offer them suitable products with fair value.
Our aims:
• Clear Communication: Ensuring all information is transparent and easy to understand.
• Product Suitability: Offering products that meet customers' financial needs and provide value.
• Support for Vulnerable Customers: Identifying and assisting customers in vulnerable situations.
• Complaints Handling: Providing a fair and efficient process to address customer concerns.
CONFLICTS OF INTEREST
If through exceptional circumstances, Shire or any of its directors or other customers has a material interest in the business you ask to be transacted for you, we will make you aware of the potential conflict of interest and we will obtain your consent before your instructions are carried out.
CANCELLATION POLICY
Full details of any cancellation rights (if any) will be included in your finance agreement with the lender.
COMPLAINTS
If you wish to register a complaint or request a copy of our complaints handling procedures, please contact us:
• In writing: Customer Services Department, Shire Leasing PLC, 1 Calico Business Park, Sandy Way, Amington, Tamworth, B77 4BF
• Via email: customerservices@shireleasing.co.uk.
Our business is covered by the Financial Ombudsman Service, the FLA and the BVRLA Conciliation Services. If we are unable to settle your financial services complaint within 8 weeks of your initial complaint, you may refer the complaint to the Financial Ombudsman Service. You may also refer your complaint to the BVRLA Conciliation Service (where the asset is a vehicle). However, complaints should be referred to the Financial Ombudsman Service in the first instance to ensure the complaint is received within appropriate timescales.
Financial Ombudsman Service
• Address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR
• Phone: 0800 023 4 567
• Web: www.financial-ombudsman.org.uk
• Email: complaint.info@financial-ombudsman.org.uk.
NON-PAYMENT
Non-payment of finance agreements may affect your credit rating and may result in the asset being repossessed by the lender or action being taken via the County Courts. This may also affect your chances of being accepted for credit in the future. The lender may impose an administration fee for late payment of periodic rentals.
Use of Your Information
Shire Leasing Plc (“we”, “us”, “our”) is committed to processing your personal data in accordance with data protection laws. In order to process your application, we and our funders to whom we may assign our agreements will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). We may also make periodic searches at CRAs to manage your account with us. To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
We will use this information to:
• Assess your creditworthiness and whether you can afford to take the product;
• Verify the accuracy of the data you have provided to us;
• Prevent criminal activity, fraud and money laundering;
• Manage your account(s);
• Trace and recover debts; and
• Ensure any offers provided to you are appropriate to your circumstances.
We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs. When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at www.experian.co.uk/crain/index.html CRAIN is also accessible from each of the three CRAs – clicking on any of these three links will also take you to the same CRAIN document:
Transunion www.transunion.co.uk/crain;
Equifax www.equifax.co.uk/crain.html;
Experian www.experian.co.uk/crain/index.html.
You can find further information about how we collect, use and disclose personal information about you in our Fair Processing Notice which can be found at www.shireleasing.co.uk/fair-processing-notice/ and our full Privacy Policy on our website at www.shireleasing.co.uk/privacy-policy/. The Privacy Policy also provides full details of your rights and how you can exercise them, including our retention periods and how we may use automated decision making processes, however these will only be used to make decisions to provide finance and no application will be rejected on the basis of an automated decision.
We may pass information to third party finance providers or funders to consider and manage any credit provided. Any agreement may be assigned to these funders. For a list of our funders to whom agreements may be assigned or who provide funding to us is available on our website at www.shireleasing.co.uk/third-party-funders where you can find details of how to access their Privacy Policy. Alternatively hard copies of our funders contact details can be provided upon request.
You may contact our data protection officer at 1 Calico Business Park, Sandy Way, Amington, Tamworth, Staffordshire, B77 4BF if you have any queries about your data or wish to exercise any rights.
Shire Leasing PLC (“Shire”) is a company incorporated and registered in England and Wales with Company Number 2476571 with their registered office at 1 Calico Business Park, Sandy way, Tamworth, B77 4BF.
Shire provides asset finance solutions to business customers subject to status, eligibility and credit criteria.. The business terms below explain factors that you need to take into account.
REGULATORY INFORMATION
Shire is authorised and regulated by the Financial Conduct Authority (“FCA”) and is permitted to act as both a lender and a credit broker. Our FCA firm reference number is FRN 313055. You may check this information on the FCA’s Register by visiting the Financial Services Register, or by contacting the FCA directly on 0845 606 1234. Not all product types offered by Shire are regulated by the FCA.
CONTACT US
Should you have any additional questions about any information included in this document, please contact us directly.
Shire is available to answer queries via the following details:
• Address: 1 Calico Business Park, Sandy Way, Tamworth, B77 4BF
• Telephone: 01827 68939
• Website: www.shireleasing.co.uk/contact-us
• Email: info@shireleasing.co.uk
OUR ROLE
Shire is a funder and credit broker working with a limited panel of funders. We provide asset finance solutions to business customers subject to status, eligibility, and credit criteria.
Shire specialises in providing funding for UK SME’s and since 1990 we have provided finance to more than 66,000 businesses that want to invest in their business and their future. We help businesses of all sizes from start-ups to established companies find the right solution and we finance a wide and diverse range of assets.
We do not give impartial advice or recommendations, but will provide you with information so that you can decide if the finance product is right for your business. There may be other finance products available from other funders, and you should make your own enquiries to determine if our offering is right for you
Where we are acting as a broker, we offer a range of finance options from a limited panel of lenders and we do not search the entire lending market. However, these quotes are subject to change or decline by the lender upon review of the full proposal. We are not linked to any of our lending panel members.
IS ASSET FINANCE SUITABLE FOR ME?
The main options for financing the purchase of assets are:
1. Take out an asset finance agreement where the funder will purchase the equipment from the supplier you have selected, at the price you have negotiated, you will then hire the equipment from the funder;
2. Purchase outright;
3. Bank facility;
4. Raise new capital;
In deciding which option to select, relevant factors may include:
Whether you have the money to buy outright;
How long you need the equipment for;
Costs of the different options.
Asset finance is unlikely to be suitable if you are not sure if you will need the asset(s) for the minimum contract period or if the asset is unlikely to be maintained and kept in a useable condition for the minimum contract period.
You should be aware:
You will have to continue to pay for equipment for the agreed period or settle the outstanding balance early even if you no longer need the equipment, or if the equipment cannot be used (funders usually offer a small rebate of interest charges in the event of an early settlement).
For more help in deciding whether to select asset finance, see the Government’s Business Finance advice (https://www.gov.uk/business-finance-explained/overview)
WHAT TYPES OF FINANCE PRODUCTS DO SHIRE OR OTHER LENDERS OFFER?
Most asset finance agreements involve paying periodic payments (usually monthly or quarterly) and sometimes with a deposit. The key difference in each finance agreement equipment is what happens at the end of the agreement and who owns the equipment.
Hire Agreement
At the end of the Hire Agreement, you can continue to use the equipment and carry on paying your rentals (if your agreement is a minimum term), or you can return the equipment or you can speak to your supplier about upgrading the equipment.
Hire Purchase Agreement
At the end of the agreement, there is an option to purchase the equipment (usually for a nominal amount).
Loan
With a business loan, your loan provider lends you a lump sum of money, which you repay over a specified period with interest. The money must be used for business purposes, such as marketing, working capital, equipment, or growth.
In deciding which option to select, relevant factors may include:
• How long do you expect to use the equipment;
• The income or corporation tax, VAT and accounting treatment of the equipment.
For more details on these factors please consult with your accountant/ finance team / financial advisor.
Hire Agreements, Hire Purchase Agreements, and Loans with sole traders, partnerships with only 2 or 3 partners and/or unincorporated associations are likely to be regulated by the Consumer Credit Act 1974 unless (i) the total credit or rentals (including VAT) payable over the minimum term is more than £25,000; and (ii) the equipment/finance is wholly or predominantly for business purposes.
If you are an incorporated body (e.g. limited company) your agreement will not be regulated.
THE APPLICATION PROCESS
We will keep you updated about the progress of your finance application. Of course, you are entitled to request an update at any time during the process. Where we decline a proposal or receive notice of a decline from a funder, we shall contact you accordingly.
DELIVERY & AVAILABILITY
Any equipment availability and delivery dates provided to you by us is based on estimates provided to us by the suppliers. These estimates may be subject to change and are intended to be an estimate only. If a delay occurs as a result of a supplier, Shire does not accept liability for any losses incurred as a result.
REMUNERATION & COMMISSION
If you have been introduced to us by a supplier, dealer or broker or any other person (an “Introducer”) and we pay the Introducer a commission in relation to this Agreement, we will give you a commission disclosure letter to read and sign before you enter into the Agreement. This will disclose the amount of commission that we will pay to the Introducer in relation to the introduction made and the basis for its calculation.
Where we act as a broker, we do not charge a fee for our service. If you enter into a finance agreement with a funder we have introduced to you, we will receive a commission for our work. This will be factored into the amount you pay under the finance agreement.
ASSET PROTECTION
A condition of taking out an asset finance agreement is that you insure the equipment. We do not act as an insurance intermediary, but if you fail to provide evidence on request that you have adequately insured the equipment yourself, we have the right (but not the obligation) to insure the equipment for our own benefit and pass the associated cost for doing so onto you. You would not be an insured party nor a beneficiary of our policy.
CUSTOMER RESPONSIBILITIES
For us to fulfil our responsibilities to you, you must:
• Read the terms of the documentation provided to you, and let us know if anything is unclear or does not represent your needs and requirements.
• Comply with the terms and conditions of agreements we may arrange for you.
CONSUMER DUTY & TREATING CUSTOMERS FAIRLY (TCF)
As Shire are authorised by the FCA, we are committed to the principles of Consumer Duty and Treating Customers Fairly (TCF). Our goal is to provide our customers with clear, accurate information so they can make an informed decision, and to offer them suitable products with fair value.
Our aims:
• Clear Communication: Ensuring all information is transparent and easy to understand.
• Product Suitability: Offering products that meet customers' financial needs and provide value.
• Support for Vulnerable Customers: Identifying and assisting customers in vulnerable situations.
• Complaints Handling: Providing a fair and efficient process to address customer concerns.
CONFLICTS OF INTEREST
If through exceptional circumstances, Shire or any of its directors or other customers has a material interest in the business you ask to be transacted for you, we will make you aware of the potential conflict of interest and we will obtain your consent before your instructions are carried out.
CANCELLATION POLICY
Full details of any cancellation rights (if any) will be included in your finance agreement with the lender.
COMPLAINTS
If you wish to register a complaint or request a copy of our complaints handling procedures, please contact us:
• In writing: Customer Services Department, Shire Leasing PLC, 1 Calico Business Park, Sandy Way, Amington, Tamworth, B77 4BF
• Via email: customerservices@shireleasing.co.uk.
Our business is covered by the Financial Ombudsman Service, the FLA and the BVRLA Conciliation Services. If we are unable to settle your financial services complaint within 8 weeks of your initial complaint, you may refer the complaint to the Financial Ombudsman Service. You may also refer your complaint to the BVRLA Conciliation Service (where the asset is a vehicle). However, complaints should be referred to the Financial Ombudsman Service in the first instance to ensure the complaint is received within appropriate timescales.
Financial Ombudsman Service
• Address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR
• Phone: 0800 023 4 567
• Web: www.financial-ombudsman.org.uk
• Email: complaint.info@financial-ombudsman.org.uk.
NON-PAYMENT
Non-payment of finance agreements may affect your credit rating and may result in the asset being repossessed by the lender or action being taken via the County Courts. This may also affect your chances of being accepted for credit in the future. The lender may impose an administration fee for late payment of periodic rentals.
Use of Your Information
Shire Leasing Plc (“we”, “us”, “our”) is committed to processing your personal data in accordance with data protection laws. In order to process your application, we and our funders to whom we may assign our agreements will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). We may also make periodic searches at CRAs to manage your account with us. To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
We will use this information to:
• Assess your creditworthiness and whether you can afford to take the product;
• Verify the accuracy of the data you have provided to us;
• Prevent criminal activity, fraud and money laundering;
• Manage your account(s);
• Trace and recover debts; and
• Ensure any offers provided to you are appropriate to your circumstances.
We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs. When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at www.experian.co.uk/crain/index.html CRAIN is also accessible from each of the three CRAs – clicking on any of these three links will also take you to the same CRAIN document:
Transunion www.transunion.co.uk/crain;
Equifax www.equifax.co.uk/crain.html;
Experian www.experian.co.uk/crain/index.html.
You can find further information about how we collect, use and disclose personal information about you in our Fair Processing Notice which can be found at www.shireleasing.co.uk/fair-processing-notice/ and our full Privacy Policy on our website at www.shireleasing.co.uk/privacy-policy/. The Privacy Policy also provides full details of your rights and how you can exercise them, including our retention periods and how we may use automated decision making processes, however these will only be used to make decisions to provide finance and no application will be rejected on the basis of an automated decision.
We may pass information to third party finance providers or funders to consider and manage any credit provided. Any agreement may be assigned to these funders. For a list of our funders to whom agreements may be assigned or who provide funding to us is available on our website at www.shireleasing.co.uk/third-party-funders where you can find details of how to access their Privacy Policy. Alternatively hard copies of our funders contact details can be provided upon request.
You may contact our data protection officer at 1 Calico Business Park, Sandy Way, Amington, Tamworth, Staffordshire, B77 4BF if you have any queries about your data or wish to exercise any rights.