01Section 01
Scope of This Policy
This policy applies to all fees, retainers and engagement deposits paid to Prime Bunc in connection with the introduction, structuring or arrangement of financial services, including joint venture funding, property development funding, bridging finance, secured business loans, bonds and guarantees, and unsecured trade finance. It does not affect any statutory rights you may have under the Consumer Credit Act or under the regulations of the Financial Conduct Authority.
02Section 02
Engagement Fees and Retainers
Engagement fees and retainers are charged to cover the cost of initial diligence, structuring work and the time committed by our principals before a transaction is placed. Once work has commenced on a mandate, these fees are non-refundable, as the resource, analysis and opportunity cost incurred cannot be recovered.
03Section 03
Arrangement and Success Fees
Arrangement and success fees become payable upon the successful introduction, completion or drawdown of a facility, in accordance with the engagement letter signed prior to the commencement of work. These fees are earned at the point of successful placement and are not ordinarily refundable once the facility has been drawn, drawn in part, or formally committed by a lender or counterparty.
04Section 04
Circumstances in Which a Refund May Be Considered
A refund, or partial refund, may be considered at our sole discretion where a fee has been charged in error, where a service has not been delivered as described in the engagement letter, or where a transaction fails to complete due to a verifiable failure on the part of Prime Bunc. Requests of this nature must be submitted in writing, with supporting evidence, for review by our compliance team.
05Section 05
Cooling-Off Period
Where a client is a consumer within the meaning of the Consumer Contracts Regulations, a fourteen calendar day cooling-off period applies from the date the engagement letter is signed. Written notice of cancellation within this period will entitle the client to a full refund of any fee paid in advance, provided that no work has been carried out and no introduction has been made to a lender or counterparty during that time.
06Section 06
How to Request a Refund
All refund requests must be made in writing and addressed to our compliance office at the correspondence details set out on our Contact page. Each request should include the engagement reference, the date and amount of the payment in question, and a clear statement of the grounds on which the refund is sought. We aim to acknowledge written requests within five business days and to provide a substantive response within thirty calendar days.
07Section 07
Processing of Approved Refunds
Approved refunds are issued to the original payer and through the original payment channel wherever reasonably practicable. We do not deduct administrative charges from approved refunds, although we reserve the right to recover any third-party costs that were directly incurred on the client’s behalf and that cannot be recovered from the relevant third party.
08Section 08
Disputes and Escalation
If you are dissatisfied with the outcome of a refund request, you may escalate the matter in writing to a senior principal of the firm. Where a dispute cannot be resolved informally, the parties agree that the laws of England and Wales shall apply, and that the courts of England and Wales shall have exclusive jurisdiction, save where a consumer elects to rely on the protection of their home jurisdiction.
