V12 Procedure Guide - Flipbook - Page 37
Product + Procedure Guide
Enhanced Bank Check
We cannot accept bank details that are not
in the customer’s name. An enhanced bank
check will be completed at payout to con昀椀rm
the bank account for the Direct Debit is in
the customer’s name and not a third-party or
business bank account. If this check fails, proof
of bank account will be requested. If different
bank account details are provided, a new Direct
Debit mandate form will need to be completed,
and a re-sign may be required.
Acceptable proof of bank account includes:
• A copy of a bank statement showing the
customer’s name, current address, sort
code and account number.
• A copy of a cheque or paying-in slip.
• A copy of a debit card (with the card
number redacted) can be provided to
con昀椀rm bank name, sort code and
account number.
If the customer has changed their name but
still needs to update their bank details, proof of
name change may be required.
The Signing Up Process
Customer agreements can be accessed on-line
for electronic signature (eSign) via our CALMS
FMO platform.
Where eSign is not being used, the customer
agreement must be printed and presented to
the customer for ‘wet signing.’ The documents
must be completely legible, ensuring all the
information is clear and present.
The dealer or broker must ensure the
customer is presented with the correct
documents according to the type of sale.
Where the sale is not face-to-face but
completed at a distance (Distance Contract),
the pre-contract information contains
additional information which must be supplied
to the customer. Our distance sale documents
contain this additional information to comply
with Consumer Contracts Regulations 2013,
e FSDMR, CONC 2.7, (where relevant) CONC
11, and the Consumer Credit (Disclosure of
Information) Regulations 2010.
What are distance sales
Distance sales are those where a trade, such
as a dealer, makes exclusive use of distance
communication (for example, via the internet,
email, or telephone) up to and including the
point at which the contract is entered into with
the customer.
In all circumstances (both for eSign and ‘wet
sign’) the dealer or broker is obligated to:
• provide adequate explanations to the
customer of the details of the agreement;
• allow adequate time for the customer to
read and consider the documents and the
agreement and to ask questions; and
• If at any time the dealer or broker
believes the agreement is unsuitable
for the customer, either through lack of
understanding, inability to afford or any
other reason, DO NOT PROCEED with
the acceptance and instead contact our
Underwriting and Pay-outs (New Business
Processing Team) regarding the applicant.
The dealer or broker must ensure that all
the details on the documents are accurate,
including ensuring the customer’s name and
address match the identi昀椀cation documents
provided, and the V5 document is completed in
the customer’s name.
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