Commission Disclosure
Commission Disclosure Policy for Customers
As a credit broker we’ll introduce you to one of our funding partners, who either offers the best rate or is most suitable for you. Subject to acceptance from the finance company and agreement from you, we’ll progress your order through to delivery.
Our income
If you decide to use our services by entering into an agreement with one of our funding partners and/or with one of our ancillary product providers, we’ll receive a commission for introducing you to them. This is the source of income that allows us to trade.
How much do we receive?
Our commission is based on the amount of work that we do and the support that we give you throughout the term of your agreement. The commission that we receive from our funders is either capped at a percentage of the taxable list price of the vehicle, within a band, or is a fixed amount. The higher the amount that we receive in commission, the more you will pay to hire or finance your vehicle. Finance companies may also pay us a bonus based on how much business we give them, the quality of the business that we introduce to them and how we perform against their standards.
We may also receive a payment from the main dealers that we use to supply vehicles and a fixed amount of commission from suppliers of ancillary products.
You may have the right to ask us the amount of commission that we will receive from your transaction.
What are we required to disclose and why?
The Financial Conduct Authority requires us to ensure that retail customers are aware of the existence of commission before entering into an agreement. This is because :
- Commission could act as an undue incentive when recommending a particular product to you
- Commission could affect our impartiality and potentially give rise to a conflict of interest when offering suitable products to you
- Knowing that we receive commission could have a material impact on your decision
If you ask us, we have to let you know what we’ll receive or are likely to receive in commission or any other type of incentive from the lender and/or any other of our suppliers.
Who can request us to disclose our commission?
If you’re a consumer, which may include sole traders and small partnerships, and use our services to enter into a finance agreement which is regulated by the Consumer Credit Act, you have a legal right to ask us to disclose the amount of commission that we will receive.
When can you request this?
You can ask us to disclose the amount of commission that we will receive at any time from our initial discussions through to the point when your agreement is set live. After this point we have no obligation to disclose what we have earned from transacting the deal. We’ll remind you in writing of the existence of commission and your right to ask us to disclose before you sign our order form.
How can you request commission disclosure?
If you’d like to know what we’ll earn from providing our services to you, you can ask us by
Calling us on: 01904 211 933
Emailing us at: hello@theleasingguys.co.uk
Or dropping a line to : TLG Group Limited, 2A St Martins Lane, York YO1 6LN
We’ll respond to you within 5 working days