Financial Conduct Authority
The Financial Conduct Authority expects any intermediary to disclose to their customers that a commission may be payable to the intermediary by a supplier or creditor that we may introduce you to; and, to disclose the amount of this potential commission when requested. The Financial Conduct Authority have made it clear that “commission” means any financial consideration. If a credit broker (including a motor dealer) receives a commission then The Financial Conduct Authority expects [under CONC 4.5.3R] that any intermediary discloses the existence of commissions, fees or other remuneration payable, in good time before a credit agreement or consumer hire agreement is entered in to. Discretionary commission models are banned by the FCA as of the 28th of January 2021.
Charges for our services
AFL (Fleet Management) Ltd rely on the commission paid from our Finance Lenders when you engage our services. AFL (Fleet Management) Ltd are a broker and not a lender and will work with a panel of lenders to ensure the customer is provided the most cost-effective solution on each occasion. AFL are paid a commission by the Finance Lender and/or Motor Retailer, once the agreement is live. The commission we receive maybe pre-set but can vary depending on the funder selected, the terms of the funding and other criteria’s, such as achieving high levels of customer service, some funders may also pay us an additional commission based on business volumes which may be reflected in the monthly lease rate that you pay for the vehicle.
Disclosure of Commissions Earned
In line with recent legislation, brokers are now required to disclose the commissions earned to customers and obtain their consent. This means that we will inform you of any commission received from lenders with whom we arrange finance agreements on your behalf. By signing the Commission Consent Form, you acknowledge and consent to the commission payment from the lender to us.
If you have any further questions or need additional information, please contact us at:
- Email: customerservices@carleasingmadesimple.com
- Phone: 01753 878 430