Bofin is not an FCA regulated institution. The Bofin platform operates as a marketplace that brings together consumers and financial institutions for the purchase and sale of financial products and services. As an unregulated UK company, Bofin does not contract directly with consumers for the provision of any financial products or services, does not engage in the provision of financial products or services, and is not a distributor or agent of any financial institution integrated on the Bofin platform. All regulated products and services are offered directly by financial institutions. Behind the screens, Bofin powers the technology that makes it possible on one platform.
The financial institutions integrated to the Bofin platform outsource certain technological and AML operational functions to Bofin. The purpose of these outsourcing arrangements is to enable the financial institutions to (a) leverage the technical interface provided and maintained by Bofin through which consumers are able to register for and access the financial products and services offered by the relevant financial institution, and (b) perform certain customer due diligence checks on consumers.
Consumers contract directly with the relevant financial institution under its standard framework contract for the provision of any regulated products and services, and the financial institution is responsible for the provision of the relevant product or service to consumers in compliance with all applicable legal and regulatory requirements. Bofin has no role in providing or carrying out of the regulated product or service other than providing the technical interface between the consumer and the financial institution. All consumers and financial institutions on the Bofin platform remain subject to Bofin's terms and conditions with respect to their use of Bofin's technology.