Commission Disclosure
Commission disclosure
The Financial Conduct Authority expects any intermediary to disclose to the customer that a commission may be payable by the owner or creditor to the intermediary.
The Financial Conduct Authority has made it clear that "commission" means any financial consideration. CarLease (UK) Ltd will introduce you to a limited number of finance providers which have been carefully selected by us. These are listed in our Initial Disclosure Document for your review. Please note that CarLease (UK) Ltd do not provide independent financial advice.
For clarity, every customer will receive the wording below, as part of our quotation and sales process. Please review this carefully:
Our business is not independent and only works alongside a select panel of finance companies / lenders with specific finance products (which may change from time to time according to our needs). There may be other finance companies or finance products which you may wish to consider outside of our brokering services. Our business will receive a commission for this introduction and this commission will either be a fixed arrangement or a discretionary arrangement. The commission we receive will influence your monthly rental and the overall cost of the agreement. You may be asked by the finance company to sign a form to confirm you have read and understood how we are remunerated as a broker. The Administration Fee is an additional charge our broker business will charge you for our services (see our Commission Disclosure below).
This finance commission will be in addition to any Administration Fees you are charged and, in some cases, additional to any incentives or non-guaranteed commission payable for adhering to specific KPIs or other performance metrics from the selected finance company or 3rd parties. To be clear, some finance companies will operate a fixed commission policy, which means that they dictate to our business what commission is payable for your transactions. Other finance companies will operate a discretionary commission policy, which means that our business can set (within their parameters) the commission we receive for your introduction / transaction. In all cases, the commission we receive will influence your monthly rental and the total cost of the agreement. This is how our credit broker business is remunerated for the services it supplies to you (or your business). Always consider that other finance companies and finance products are available outside of what we offer.
Either before, or at the point of the vehicle order, our business or the selected finance company will set this out for you in a formal document. You may be asked to sign this formal document to confirm your understanding.
If you would like to know more, please make your request in writing to:
CarLease (UK) Ltd, Kings Business Centre, Warrington Road, Leigh, WN7 3XG or by email to enquiries@electriccarlease.co.uk