4WheelsUK

Commission Disclosure Policy for Customers

We’re a vehicle finance broker who is authorised and regulated by the Financial Conduct Authority. We’re not a funder or a lender. We don’t provide independent financial advice but offer the service of providing information about the various finance products which are available to you to fund your vehicle from our carefully selected panel of funders. We’ll source the vehicle on your behalf which will be the subject of your finance agreement from our preferred selection of main dealers. We’ll also advise you of ancillary products which may be of interest to you from our other suppliers, including insurance to protect any potential shortfall in the event that your vehicle is declared a total loss, cover for minor repairs, alloy wheel refurbishment and loss of keys, and for business users, various fleet management tools.

Our income

If you decide to use our services and enter into an agreement with a funder and/or with one of our ancillary product providers, we will receive a commission for introducing you to them. We may also receive a commission from the main dealers that we use to supply vehicles. Commission is our main source of income and enables us to run our business and provide our services to you.

How much do we receive?

We want to ensure that you have fair value for the service that we provide. The commission that we receive from funders is capped at a percentage of the taxable list price of the vehicle.  The higher the amount that we receive in commission, the more you will pay to hire or finance your vehicle. We may also receive an extra amount based on how much business we give to the lender and the quality of the business that we introduce to them.

We receive a fixed amount of commission from our ancillary product suppliers which is dependent on the product that you choose.

You may have the right to ask us the amount of commission that we will receive from your transaction.

What are we required to disclose and why?

The Financial Conduct Authority requires us to ensure that you are aware of the existence of commission before you enter into an agreement. This is because  

  • Commission could act as an undue incentive when recommending a particular product to you
  • Commission could affect our impartiality and potentially give rise to a conflict of interest when offering suitable products to you
  • Knowing that we receive commission could have a material impact on your decision

If you ask us, we are required to let you know the amount or likely amount of any commission, fee or other remuneration payable to us by the lender and/or any other of our suppliers.

Who can request us to disclose our commission?

The Financial Conduct Authority requires us to ensure that retail customers are aware of the existence of commission before they enter into a credit agreement. If you are a consumer, sole trader or small partnership and use our services to enter into an agreement which is regulated by the Consumer Credit Act, you have a legal right to ask us to disclose the amount of commission that we will receive. All customers have the right to ask us the amount of commission that we will receive for regulated insurance products.

When can you request this?

You can ask us to disclose the amount of commission that we will at any time from our initial discussions through to the point when your agreement is set live. After this point we have no obligation to disclose what we have earned from transacting the deal. We’ll remind you in writing of the existence of commission and your right to ask us to disclose before you sign our order form. This can be found in ‘Declaration’ immediately before the signature box.

How can you request commission disclosure?

If you’d like to know what we’ll earn from providing our services to you, you can submit a commission disclosure request by contacting us  any means, over the phone, by email, or by post. You may contact us by

Phone: 0345 009 2044

Email: hello@4wheelsuk.com

Writing to: 4WheelsUK Ltd, Unit 15B, Atlantic Business Park, Barry, Vale of Glamorgan, CF63 3RF

 

We’ll respond to you within 5 working days