Secured & Unsecured Loan Applications

[nick279]

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Hi Everyone,

People like Loans.co.uk, Debtbusters etc all offer excellent rates through TD etc. which is enticing me in.

Here is my question, I've designed a site but don't want to pass leads on through a link/banner, want to store applicants details and forward that on to Loans.co.uk etc.

Can I simply manually enter the applicants information through the form on Loans.co.uk through a TD link, or what is the best and most widely used way of passing applicants data accross without losing the commission?

Read something about satisfying the Consumer Credit Act (1974) - can anyone tell me if that is relevant here?

Thanks.

[drivetowin]

a) you need to get a Consumer Credit Licence (contact the Office of Fair Trading)

b) you need to register with the Data Protection Registrar or whatever they're called these days.

c) you'll need to check with each lender whether they are happy for you to work this way - some are and some wont let you.

[lurker]

If you're collecting + forwarding personal data you'll need to be FSA registered too.

[AndyH]

Both Kbudden and lurker are spot on, alot more regulations will apply if you want to send a customers personal information to a broker other than through an affiliate link.

If you would like to drop me a PM I may be able to offer you a bit of assistance.

All the best.

[marky]

unsure this is entirely true. Secured Loans (2nd charge) are not covered regulated by the FSA, but the OFT. Personal Data collection is covered by the DPA. I don't see how this translates into needing FSA authorisation & regulation ? Mortgages and most Insurance, definately. Secured loans, don't think so.

[AndyH]

The problem will arise if Nick279 sends an application directly to the broker, the broker then issues the secured loan with payment protection cover (a regulated activity) and Nick279 has then stepped into the realms of 'introducing' or even possibly 'arranging' a regulated insurance contract for which he will require the relevant FSA authorisation / permission.

[marky]

If Nick279 is only being payed per lead per loan, then the insurance is irrelevant. It is something the lead buyer has cross sold. It would be like passing a lead to a car salesman who subsequently cross sells car insurance, the salesman is responsible for the insurance, not the lead provider. Finance regulation in this instance would come under whether it was deemed a financial promotion, and as the insurance has not been mentioned or advertised (by nick279) , it would not.
If the broker isn't paying Nick279 for any insurance, I don't think he has to be too concerned with it (as long as he does not mention insurance at all on his site or advertise it.)

I guess the best place for clarification on this apart from FSA/OFT themselves is the compliance department of the broker concerned.

[speedtouch]

Hi everyone, this is my first post.

In answer to the original post, yes there are regulatory issues with client data. I work in the finance industry and can supply white label/branded/compliant content for almost any financial product. I have a new website due to go live designed specifically for introducers. Please pm me if you would like to discuss anything.

I am interested in generating all financial leads except personal loans: Mortgages, secured loans, assurance, investments, pensions, IHT planning, wills, healthcare etc
I have not announced anything yet as I am organising the website. But I do not sell leads, have advisers that write the business.

Actually, I might put up a pre launch post to gather feedback of what affiliates and introducers would like – commissions, content etc