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Disclosure of Commission and Fees
The FCA require that any broker or introducer disclose their fees and/or commission to the customer in accordance with sections CONC 4.4 and 4.5 of the FCA Handbook.
The company uses the FCA’s Services & Cost Disclosure Document, a copy of which is located in this manual.
21.3.6 INSERT: Services and Costs Disclosure Document
[Credit Brokers are to add their fees/commission structures and disclosure documents to this section.]
Information about the breadth of advice or scope of basic advice and the nature and costs of the services offered by a firm as described in COBS 6.3.7 G, which contains the keyfacts logo, headings and text described in COBS 6 Annex 1.
NOTE: If you do not have an IDD – you can download the FCA’s free disclosure document from http://www.fca.org.uk/firms/firm-types/intermediaries/disclosure
21.4 Lender
[If you do not undertake any regulated consumer credit lending or hiring activities, delete this section].
21.4.1 General Conduct
The company confirm that we provide the key features of our regulated credit agreements to the customer in a verbal and/or written format to ensure that they have understood the content and are able to make an informed choice as required.
Where our lending involves the use of a credit broker service, we follow our Outsourcing Procedures and use both a Due Diligence Checklist and an Introducer Agreement to ensure that all brokers used are authorised, suitable, competent and compliant.
21.4.2 Provision of Credit Card Cheques
The company only provides credit card cheques to a customer who has specifically requested them and on a single occasion in respect of each request made, of which the number provided does not exceed 3.
21.4.3 Credit References
The company confirms that where any such search has been conducted and the customer is not yet ready to purchase the product, we will leave no evidence of the search on the credit file and where able will use the “quotation search facility”.