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Cancellation & Refund Policy
1. Policy Statement
The company are committed to ensuring that all customers using our products or services are provided with a compliant and fair service that is both transparent and straightforward. We also adhere to all regulatory requirements as set out under the FCA Handbook, which includes the requirements under CONC 11.1 and the UK Distance Selling Regulations.
Under those requirements, this policy sets out the company’s intent and objectives regarding a customer’s right to cancel any agreement or order within the legal allotted time.
2. Purpose
The purpose of this policy is to provide clear guidance to our staff and customers of our cancellation policy and our objectives regarding a customer’s right to cancel under the CONC 11.1, FCA regulations and the UK Distance Selling Regulations.
The company provide staff training on the objectives in this policy to ensure that any customer requesting a cancellation of an agreement is treated in a compliant and fair manner. We are committed to providing all customers with a high level of service whilst remaining compliant with the legal, statutory and regulatory requirements.
3. Scope
The policy relates to all staff (meaning permanent, fixed term, and temporary staff, any third-party representatives or sub-contractors, agency workers, volunteers, interns and agents engaged with the company in the UK or overseas) within the organisation and has been created to ensure that staff deal with the area that this policy relates to in accordance with legal, regulatory, contractual and business expectations and requirements.
4. What is the Right to Cancel?
Under the UK Distance Selling Regulations and section CONC 11.1 of the FCA handbook, a consumer has a right to cancel a distance contract without penalty and without giving any reason, within 14 calendar days where that contract is: –
- a credit agreement
- an agreement between a consumer and a firm, the subject matter of which comprises or relates to credit broking, debt counselling, debt adjusting, providing credit information services or providing credit references, other than an agreement that relates to any of those activities in relation to a consumer hire agreement
For the purposes of this policy, a distance contract is defined as any contract concerning financial services concluded between a supplier and a consumer under an organised distance sales or service provision scheme run by the supplier, which, for the purpose of that contract, makes exclusive use (directly or through an intermediary) of one or more means of distance, up to and including the time at which the contract is concluded.
The cancellation period begins:
- either from the day the distance contract is made; or
- from the day on which the consumer receives the contractual terms and conditions of the service and any other pre-contractual information required, as the case may be, under CONC 2.7.6 R or under CONC 2.7.12 R, if that is later than the date referred to in the above clause.
5. Objectives
The company has laid out the below objectives which it intends to meet in relation to a customer’s right to cancel. the company will ensure that: –
- A current and up-to-date Cancellation Policy is kept at all times and is reviewed at least annually to ensure that it is fit for purpose and compliant with all relevant regulations
- All staff are made aware of the Cancellation Policy and associated procedures and will be provided with support and training to ensure that all customers receive a fair and compliant service
- Where a customer exercises their right to cancel before the expiry date of the cancelation period, we will accept that notification and follow the firm’s Cancellation procedures
- Customers have an acceptable number of options for cancelling with in the cancellation period and that there are no obstacles to cancelling. Such options will include providing the customer with verbal and written confirmation of their agreement and supplying an email address, telephone number and our official trading address should they wish to cancel
- Customers are clearly provided with, and are aware of, the cancellation period and how to notify us of their wish to cancel
- We have adequate records concerning the exercise of a right to cancel and will retain them for at least three years
- We accept both oral and written notification of cancellation before the end of the 14-day period
The company confirms that in accordance with CONC 11.1.8, we will accept any indication that the customer wishes to cancel, as long as it satisfies the conditions for notification. In the event of any dispute, unless there is clear written evidence to the contrary, we will treat the date cited by the customer as the date when the notification was dispatched.
The company will return any sums to the customer within 30 calendar days of the cancellation notification, with the exception of any amount that the customer is required to pay under the terms of the credit agreement. This period will begin from the day on which we receive the notification of cancellation.
6. Credit Broker Refunds
Under section 6.8 of the FCA handbook (CONC) and section 155 of the Consumer Credit Act, a customer is entitled to a refund (minus £5), of any fee charged by a broker, where a credit agreement is not entered into within 6 months of an introduction by the broker.
Where any brokerage fees are charged, the company complies with this regulation and advises all customers prior to agreeing any contract that this refund option is in place.
7. Responsibilities
The company will ensure that all staff are provided with the time, training and support to learn, understand and implement the Cancellation Policy and subsequent procedures. Management are responsible for a top down approach and in ensuring that all staff are included and have the support needed to meet the regulatory requirements in this area.