Introduction to Commission Disclosure
If a credit broker (including motor dealers) receives a commission, then the FCA expects that under the CONC 4.53R that any disclosures of commissions, fees or other remunerations are in made in a timely manner before a good credit agreement or consumer hire agreement is entered into.
Section 4.53R of the CONC states that:‘At the request of the customer, a credit broker must disclose to the customer, in good time before a regulated credit agreement or regulated consumer hire agreement is entered into, the amount (or if the precise amount is not known then the likely amount) of any commissions or fee or other remuneration payable to the credit broker by the lender or owner or a third party’.
The FCA has made it clear that ‘commission’ means any financial considerations.What does Drivespeed Leasing do?
Drivespeed Leasing Limited have commercial agreements in place with a range of dealerships, product providers and funders. Drivespeed Leasing Limited are a commission-based organisation, which means that we receive commission-based payments from those we work alongside. We will receive financial remuneration which may be variable or pre-set dependent on the product and the organisation. The amounts that we receive may vary.
Drivespeed Leasing aim to provide you with as much product information as possible to enable you to make an informed choice on how you proceed.
Under Consumer Credit Directive rules, customers are entitled to request potential commission earning from Drivespeed Leasing.
Drivespeed Leasing Limited maintains a policy of transparency regarding commissions disclosure requests and will willingly provide this information to all customers that request it Process
The existence of commission is communicated to all Drivespeed Leasing’s customers prior to completing their application. This is disclosed, in the Initial Disclosure Documents which is sent out to a customer along with their vehicle hire quote and included on the website.
However, should a customer wish to understand more about the commission or potential commission payable, this will be provided in writing in line with Drivespeed Leasing’s Commissions Disclosure Policy.
How to make a commissions disclosure request
In line with legislation, if you would like Drivespeed Leasing to disclose any potential commissions, please make your request to firstname.lastname@example.org.
Once your request is made, it will be dealt with by the Group Compliance Manager. A record of all commission requests and responses will be retained in line with Drivespeed Leasing’s retention policy.
Alternatively, you can also contact us via the following methods:
In writing: Helen Rains, Group Compliance Manager, Drivespeed Leasing Limited, Arabesque House, 1st Floor, Unit 5, Monks Cross Drive, Monks Cross, York, YO32 9GZ
By phone: 01904 682892