The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA requires us to provide you with this Initial Disclosure Document. It explains who we are, the products and services we offer, what we charge, your cancellation rights, who regulates us, what to do if you have a complaint, and details about the Financial Services Compensation Scheme.

What services do we provide?

We act as a credit broker. We will introduce you to lenders who may be able to help finance your vehicle and provide other related products or services. We do not act as a lender.

We will provide you with information on finance products that match your stated requirements. In assessing your needs, we may ask questions about your personal circumstances and objectives so that we can identify products most suited to you. It is important that the information you provide is accurate and complete. We do not provide regulated advice or personal recommendations; the final choice of product remains yours.

Whose products do we use?

As an FCA-regulated credit broker, we work with a range of authorised lenders and funders. The panel of lenders we use is reviewed regularly. A list is available on request.

Do we charge for our services?

Yes. We charge a fee of £250 plus VAT (£300 inclusive of VAT) for our services and administration. This fee is clearly stated on the quote and order documentation we issue, is consistent with the fee disclosed in our separate Fee Information Notice, and is payable on commencement of the agreement.

In addition to the customer fee, we will earn a commission from the finance provider on commencement of the agreement. The commission we earn varies between lenders and product types and is set by the lender’s commission arrangements.

We are open and transparent about our commission arrangements. We are obliged to disclose the existence of commission because:

It could act as an incentive to recommend a particular product;

It may give rise to a conflict of interest when offering products to customers;

Knowing about the commission may have a material impact on a customer’s decision; and

The commission we earn will form part of the lender’s overall cost of funding and, where commission is variable, may impact the amount payable by the customer.

Where lenders or manufacturers offer to cover all or part of our customer fee as part of a specific promotion, the financial consideration we receive from that lender/manufacturer represents our commission for that transaction.

Where lenders or manufacturers offer us incentives or volume-related bonuses, we will disclose the existence of those arrangements to you.

You are entitled to request the specific commission, incentive or other financial consideration we have received in relation to your transaction. To request this information, email [email protected]. We will respond within 5 working days.

Your right to cancel

This section explains your right to cancel our brokerage service. It does not affect your separate cancellation rights with the finance provider or the vehicle supplier. Full details are set out in our Cancellation Policy, which is available on our website and on request.

Consumer customers — 14-day cooling-off period

Under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, where you are a consumer (an individual acting wholly or mainly outside their trade, business or profession), you have a 14-day cooling-off period from the date we confirm your order during which you may cancel.

If you cancel within the 14-day cooling-off period, we may charge a cancellation fee proportionate to the work we have performed up to the point of cancellation, as follows:

Our broker fee of £250 plus VAT (£300 inclusive of VAT) is retained. This reflects the work we have undertaken up to the point of cancellation. If the fee has not been paid at the point of cancellation, £300 will become payable.

An additional administration fee of up to £200 (inclusive of VAT) may be charged to cover reasonable costs incurred in cancelling the order, including liaison with suppliers and administrative processing.

The total amount payable to us will not exceed £500 (inclusive of VAT).

Business customers

The 14-day cooling-off period under the Regulations does not apply to business customers (including sole traders, partnerships, limited companies and limited liability partnerships). When you sign the order form, you request that we commence providing our services and you accept that the 14-day cancellation right does not apply.

If, as a business customer, you cancel between order and delivery, the cancellation fees set out above (broker fee of £300 inc VAT plus a reasonable administration fee of up to £200, capped at a total of £500) apply on the same basis.

How to cancel

To cancel, please email [email protected] including your full name, address and order details. The total amount payable to us is due within 14 days of being invoiced. Failure to pay on time may result in a negative impact on your credit rating.

Where the vehicle supplier or finance provider also charges cancellation fees, these are separate to our brokerage cancellation fees. We will confirm any such third-party fees in writing as part of the cancellation process.

Who regulates us?

carleasing-online.co.uk is a trading style of Mercury Vehicle Solutions Limited. Mercury Vehicle Solutions Limited is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number is 654819. You can verify this on the FCA’s Register at https://register.fca.org.uk/ or by contacting the FCA on 0300 500 8082.

Other services we offer that are not regulated by the FCA may still fall within the remit of the Financial Ombudsman Service in relation to certain complaints under the Consumer Credit Act.

If you have a complaint

We are committed to providing a high standard of service. If you have a complaint, please contact us at [email protected] or by writing to us at our registered office. Full details of our complaints procedure, our timescales for handling complaints (in line with FCA DISP 1.5 and DISP 1.6), and your right to refer the matter to the BVRLA conciliation service or the Financial Ombudsman Service are set out in our Complaints Policy, which is available on our website and on request.

Financial Services Compensation Scheme (FSCS)

The FSCS may provide compensation if we are unable to meet our obligations. The level of compensation available depends on the type of business and the circumstances of the claim. Further information is available from www.fscs.org.uk.