Disclosure Document

Information about our services

About us and how we are regulated

Lightbulb Lending is a trading style of Simply Lending Solutions Limited, Barn 12, Runwell Hall Farm, Hoe Lane, Rettendon Common, Chelmsford, Essex, CM3 8DQ is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Number is 745164.

Our contact telephone number is 01245 379977 and our email address is compliance@simplysg.co.uk.

You can check this on the Financial Services Register by visiting the website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.

What is our commitment to you?

Prior to providing you with any advice we will take time to understand your current needs, circumstances and attitude to risk (where applicable). Any advice provided will be confirmed to you in writing.

Simply Lending Solutions Limited takes all our regulatory responsibilities very seriously and we ensure that all our staff are required to demonstrate their competence to undertake their role and our business is structured in a manner that is designed to meet in full all the requirements set by our regulator, the Financial Conduct Authority, and under European Securities and Market Authority rules.

How are you today?

At some point throughout our lifetime, any of us might need extra support and help at a particular time. This can be due to how we are feeling (or health or disability) or due to a certain life event occurring, or even a language barrier.

If you feel you need extra support and help at this time, do let us know, in confidence, so we can make your journey with us the very best it can be.

How we will communicate with you

Unless you advise us otherwise, we will communicate with you via the following methods of communication:

• Face to Face
• Email
• Telephone
• Letter

Please note that all our communications and documents will be provided to you in English.

We can provide the following additional services as appropriate:

• Large Print
• Read out documents
• Other

Call recording

Telephone calls may be recorded and used for training, or regulatory purposes.

How do we look after your personal data?

For details of our Data Protection policy, please see our Data Protection Notice, which will be provided separately to you.

Our governance arrangements

Introductions to a third-party

We may receive a fee for making introductions to third party product or service providers. Should we receive a fee we will confirm in writing to you what that fee will be.

When acting as an introducer, marketer or promoter of a scheme, no responsibility is accepted for any matters arising from the referral to the scheme product provider. It is your responsibility to ensure that you enter into separate Terms & Conditions with the third-party advisor.

How do we deal with your money?

Simply Lending Solutions Limited does not handle clients’ money. We never accept a cheque made out to us (unless it is a cheque in settlement of charges or disbursements for which we have sent you an invoice) or handle cash.

Conflicts of interest

We have a legal and regulatory obligation to take all appropriate steps to identify and to prevent or manage conflicts of interest from arising. In the event of any of our business interests or activities creating a potential conflict of interest we will ensure that we take all appropriate steps to manage the potential conflict by maintaining robust systems, controls and staff training. In the unlikely event that we are unable to prevent the potential conflict, we will fully disclose to you, the general nature and/or sources of conflicts of interest and the steps taken to mitigate those risks.

Further details of our conflict of interest policy are available upon request.

Regulated and Non-Regulated Mortgage Services

Why do you need to classify me as a customer for this advice?

Simply Lending Solutions Limited classifies all mortgage clients as ‘customers’, which means you are afforded all protections under the rules of the Financial Conduct Authority. This is explained further under the headings “What if I need to Complain?” and “What would happen if the provider you recommend to me were to go out of business?”

Should we need to classify you differently we will discuss this with you, however, you should be aware that you may lose a number of regulatory protections which will be outlined in a revised agreement.

Whose products we offer

We offer a comprehensive range of first and second-charge mortgages from across the market, but not deals that you can only obtain by going direct to a lender.

Alternative Finance Options

We do offer the following alternative finance options:

Mortgage Products that are regulated by the Financial Conduct Authority	Mortgage Products that are not regulated by the Financial Conduct Authority
Consumer Buy to let	Buy to let
A further advance from an existing lender	Bridging Finance
A remortgage
A second change mortgage

We do not offer the following alternative finance options:

Mortgage Products that are regulated by the Financial Conduct Authority	Mortgage Products that are not regulated by the Financial Conduct Authority
	Unsecured lending

Unregulated Mortgages

It is important to point out that not all mortgage loans and services are regulated by the Financial Conduct Authority. Some of the advice and services we provide may relate to loans which are either unregulated or have limited consumer protection.

Before proceeding, we will confirm to you if any product we are recommending is not regulated by the FCA.

You should note that if we are arranging a ‘Buy-to-Let’ mortgage for you, it is very important to understand that very few Buy-to-Let mortgages are regulated by the Financial Conduct Authority (FCA). If the Buy-to-Let mortgage product being recommended is not regulated, we will advise you of this fact beforehand. We will confirm to you if any product we are recommending is a Business Loan; a Business Buy-to-Let; or a Consumer Buy-to-let loan and whether the product concerned is a non-regulated product.

Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You may request an illustration from your adviser whenever our firm provides you with information specific to the amount you want to borrow following an assessment of your needs and circumstances.

What will I have to pay you for your advice?

Our fee is based on the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to proceed with an application. If you would like to proceed our fee would never be more than £2495, which is only payable once a mortgage has been offered or on completion.

Our typical fees for first-charge mortgages are:

• No fee for product transfers, we will be paid a commission by the lender.
• A fee of £595 when you apply for a straightforward mortgage, we will also be paid a commission from the lender.
• A fee of between £995 and £1995 for a complex mortgage (for example adverse credit or a mortgage through a limited company), we will also be paid a commission from the lender.

Our typical fees for second-charge mortgages are:

• A fee of £1995 for a second charge mortgage with a loan amount under £30,000, we will also be paid a commission from the lender.
• A fee of £2495 for a second charge mortgage with a loan over £30,000, we will also be paid a commission from the lender.

You will receive an illustration when considering a particular mortgage, which details the full remuneration and all fees payable by you.

When will I have to pay you for your advice?

The fee is due either upon receiving the mortgage offer or, in some cases, upon completion of the mortgage, we will confirm this before you decide to proceed. The commission will be payable when the mortgage is completed. If you wish, you can request a complete list of all the lenders we work with, along with the procuration fees they pay.

Will I get a refund if the mortgage does not go ahead?

If we charge you a fee, and your mortgage does not go ahead, you will receive:

• No refund of our fee if you decide not to proceed, this will cover our administration costs.

Non-Investment and General Insurance Services

Why do you need to classify me as a consumer for this advice?

Simply Lending Solutions Limited classifies all clients as ‘consumers’ for non-investment insurance business, which means you are afforded all protections under the rules of the Financial Conduct Authority. This is explained further under the headings “What if I need to Complain?” and “What would happen if the provider you recommend to me were to go out of business?”

Should we need to classify you differently we will discuss this with you, however, you should be aware that you may lose a number of regulatory protections which will be outlined in a revised agreement.

Non-investment and General Insurance permissions

• Simply Lending Solutions Limited is permitted to advise on and arrange (bring about) deals in non-investment and general insurance contracts.

Non-investment and General Insurance Services

• We offer a personal recommendation on the basis of a fair and personal analysis of the market for life insurance, critical illness cover, and income protection.
• What will I have to pay you for advice?

No fee, we will be paid a commission by the provider.

We will provide details of the total remuneration payable, including any fees, commissions, charges, expenses and benefits, in the illustration provided by the product provider.

What if things go wrong?

What if I need to complain?

If you wish to register a complaint, please contact us by email, telephone or in writing at the address at the front of this agreement.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. http://www.financial-ombudsman.org.uk

Please note, advice given in connection with unregulated mortgage products outlined above may not be eligible for consideration by the Financial Ombudsman Service.

What would happen if the provider you recommend to me were to go out of business?

We have briefly set out some information about the Financial Services Compensation Scheme (FSCS) below. If you would like further information about compensation scheme arrangements, or to make a claim, details are available at www.fscs.org.uk or call 0800 678 1100.

Most of the products we advise on are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if product providers or we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

The actual level of compensation you receive will depend on the basis of your claim. The FSCS only pays compensation for financial loss. Compensation limits are per person per firm, and per claim category (listed below).

Protection and non-Investment Insurance mediation Firms failing after 8th October 2020

Protection is at 100% without limit, where the claim is in relation to a long-term insurance contract that is a pure protection contract, or the claim is in respect of a liability subject to compulsory insurance.

In all other cases: 90% of the claim without limit.

Mortgages firms failing after 1st April 2019

Mortgage advising and arranging is covered for 100% of the first £85,000, so the maximum compensation is £85,000 per person per firm.

Where a non-regulated mortgage product has been recommended, you should be aware that such products will NOT normally be eligible for compensation under the FSCS.

(Please note that the FSCS does not cover buy to let mortgages)

Your consent to us, so that we may proceed

This is our standard agreement upon which we intend to rely. For your own benefit and protection, you should read these terms carefully before proceeding. If you do not understand any point please ask for further information.