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CDS Disclosure

Commission Disclosure Statement

 Introduction
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 (definition of which extends 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 commission, fees or other remuneration payable, in good time before a credit agreement or consumer hire agreement is executed.

How Richardsons Car Sales complies with FCA rules:
Richardsons Car Sales confirm the existence of commission 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 commission payable, which promotes transparency with our customers.
We do this to ensure that our customer’s decision to purchase one of our products or services is fully informed. From a customer’s perspective, amount of commission 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 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 commission 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 commission payable, too.
You can submit a request for a Commission Disclosure at any time, and we will aim to respond to your request within 14 days.