Invoice Discounting Brokers

Invoice discounting brokers will work to achieve your best interests and they will do the following:

• Ask about your businesses cash flow needs so a suitable invoice discounting provider can be found.
• Make your invoice discounting choices clear by informing you of the range of service an invoice discounting provider offers.
• Explain all the advantages and disadvantages of invoice discounting – clearly and honestly
• Make sure you know exactly how an invoice discounting facility works.
• Provide commitment to customers.
• Provide professional support to those seeking invoice discounting.
• An invoice discounting broker should provide advice and be up to date on all prevailing legislation.
• An invoice discounting broker should not act dishonesty, dishonorably or deceitfully, or be otherwise unfair to clients.
• An invoice discounting broker should not seek, or acquire, business using business methods which are oppressive, dishonest, deceitful, and misrepresentative.
• An invoice discounting brokers terms and conditions should be fair and reasonable.
• Prior to the acceptance of a client’s instructions an invoice discounting broker should submit a memorandum of instructions summarising the material terms on which an approach to a funding source is to be based.
• An invoice discounting broker shall not act in circumstances where the client cannot be represented with a standard of competence consistent with their professional status.
• At all times and when representing a client’s interests a invoice discounting broker should use all due diligence, exercise reasonable care and skill in effecting his client’s instructions and keep his client properly and regularly informed including complying promptly with reasonable requests for information.
• An invoice discounting broker should disclose in writing to his client any existing conflict of interest or any circumstances which might give rise to a conflict of interest.
• An invoice discounting broker should disclose to his client all information within his actual knowledge which is material to the client’s seeking of finance according to the circumstances of his business.
• An invoice discounting broker in any matter treat clients and all other third parties at all times with standards of fairness and courtesy.
• An invoice discounting broker should at all times respect (and ensure that his staff do likewise) the confidentiality of information supplied to him in the course of his business;
• An invoice discounting broker should not make any profit for his own or any other person’s purposes by the use of confidential information gained from the client.
• An invoice discounting broker should give impartial and objective advice to his client free from any external or adverse pressures or interest which would destroy or weaken the Member’s independence r agency relationship with his client.
• An invoice discounting broker should at all times only refer commercial finance proposals to reputable lenders/funders.
• An invoice discounting broker should not advertise or promote his services in such a way as to cause offence, attract charges of poor taste or misrepresentation, or breaches of prevailing legislation, or advertise in any style or content that is in breach of ASA legislation.
• An invoice discounting broker should establish a complaints procedure.
• An invoice discounting broker should ensure that appropriate professional indemnity insurance is in force.