Commission Disclosure Policy

Introduction

This Commission Disclosure Policy outlines the guidelines and procedures followed by A & H Car Sales Limited regarding commission disclosure. The policy aims to ensure transparency, fairness, and the provision of clear and accurate information to customers regarding any commissions or financial incentives received by A & H Car Sales Limited in relation to its credit brokering services.

General Status Disclosure

A & H Car Sales Limited will make clear and upfront disclosure to customers regarding any commission or financial benefit received in connection with its credit brokering services. This disclosure will be provided in a clear, fair, and prominent manner, ensuring that customers can easily understand the nature and amount of the commission.

Please see the below status disclosure which is prominent on our website and on all financial promotions.

A & H Car Sales Limited is registered in England and Wales. Company Number: 15831846
Registered Address: 68 Bury New Road, Heywood, Greater Manchester, OL10 4RF.
A & H Car Sales Limited is authorised and regulated by the Financial Conduct Authority Firm reference number FRN______. We are a credit broker and not a lender. We are able to introduce you to a limited number of lenders and their finance products which may have different interest rates and charges. We may advise you on products subject to your personal circumstances although you are not obliged to take our advice or recommendation. We do not charge a fee for our credit brokering services provided to you, however the lender we introduce you to, we will typically receive commission from them, this will be either a fixed fee or a fixed percentage of the amount you borrow. The lender we work with may pay commission at different rates, however, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to the lender under your credit agreement. The warranty products that we provide are not regulated by the FCA and are separate to the finance products that we are authorised by the FCA to broker.

Timing of Disclosure

Commission disclosure, including the total amount of commission received from the lender, will be made to customers before the point of sale, ensuring that they have sufficient information to make an informed decision. The disclosure will be provided in writing, either electronically or in a physical format, depending on the customer's preference and the customers consent to proceed with the finance agreement will be obtained.

Method of Disclosure

Commission disclosure will be provided in a separate document, distinct from other documents related to the vehicle finance transaction. The disclosure document will include the following information:

  • Our full trading name
  • The fact that we receive commission for providing a credit brokering service
  • The existence of any other financial benefits, if applicable
  • The nature and amount of the commission or financial benefit
  • Any potential impact of the commission on the customer's overall costs

Documentation and Record-Keeping

A & H Car Sales Limited will maintain accurate and up-to-date records of all commission disclosures made to customers. These records will include the date, time, method, and content of the disclosure. The records will be retained for a period of 5 years in compliance with regulatory requirements.

Training and Competence

A & H Car Sales Limited will provide regular training to its staff involved in its credit brokering service to ensure they understand the importance of commission disclosure and can effectively communicate the information to customers. Training will cover the requirements of this policy, relevant regulations, and best practices for commission disclosure.

Review and Monitoring

A & H Car Sales Limited will conduct periodic reviews and monitoring activities to ensure compliance with this Policy. This includes:

  • Regular review of commission disclosure processes and documentation
  • Sample checks of commission disclosure provided to customers
  • Staff training assessments to ensure understanding and adherence to the policy
  • Addressing any identified issues promptly and implementing corrective measures

Policy Updates

This policy will be reviewed and updated as necessary to reflect changes in regulatory requirements, industry best practices, and internal procedures. Any updates or changes to the policy will be communicated to all relevant staff members and implemented promptly.

Complaints Handling

Complaints regarding commission disclosure will be handled in accordance with A & H Car Sales Limited's complaints handling policy. We will ensure that all complaints related to commission disclosure are promptly investigated, resolved fairly, and appropriate remedial actions are taken when necessary.

Contact Information

For any queries or concerns regarding the commission disclosure, customers can contact:
Robyn Stewart
A & H Car Sales Limited
Performance House,
Heywood Street,
Bury,
BL9 7DZ
Tel: 07926 129134
Email: [email protected]