Commission Disclosure Statement
In line with Policy Statement PS20/8 and the ban on discretionary commission models, effective from 28 January 2021, The Financial Conduct Authority states that if a credit broker (the definition of which extends to vehicle dealers and motor finance) receives a commission based on the products or services they sell, then the FCA sets an expectation on any intermediary to disclose the existence of commissions, fees or other remuneration payable, in good time before a credit agreement or consumer hire agreement is executed.
How Lindop Toyota complies with FCA rules:
Lindop Toyota confirm the existence of commissions payable within our business. We receive commission, fees and financial remuneration for the Services and Products we provide and sell. We disclose the existence of commission, and upon request, the amount of any commissions payable, which promotes transparency with our customers.
We do this, to ensure that our customers decision to purchase one of our products or services, is fully informed. From a customer’s perspective, the amount of commissions payable to any credit broker, may materially influence the customer's decision to enter into the credit agreement, or not. In addition to this, we provide commission disclosures before customers enter into any credit agreement, so that our customers can rest assured that the product or service recommended to them is not based on the financial payment, that the Broker stands to gain out of the agreement.
What do we disclose and how can you request it?
We are required to disclose, in good time before a credit agreement is made, the existence of commissions payable within our business. We will also disclose to you the commission model that our business relies on, so you may confirm it is not discretionary. When you request it, we will disclose the amount of commissions payable, too.
You can submit a request for a Commission Disclosure at any time, and we will aim to respond to your request within 7 working days.
You can make an enquiry by phone, or in writing to the General Sales Manager using the contact details to the side of this page.