COMMISSION DISCLOSURE POLICY
Finset Limited abides by the Financial Conduct Authority (FCA) rules regarding the disclosure of commission.
We receive our income through our panel of lenders for the introduction of customers who are consumers, sole traders or small partnerships and who use our services resulting in them entering into an agreement which is regulated by the Consumer Credit Act through our panel of lenders.
The FCA expects regulated firms to ensure that customers are aware of the existence and amount of any commission, before the credit agreement is entered into, if any of the following apply:
● from the customer’s perspective, the commission could have unduly influenced the broker into recommending or offering a particular product.
● knowing about the existence or amount of the commission would materially impact the customer’s decision in entering the credit agreement
● the customer has formally requested details of the commission.
What Are We Required to Disclose?
We are required to disclose the existence of commission, how this is calculated and the amount. We will make sure you are aware of this information in good time before the completion of your agreement, and we will ask you to consent to proceeding with the knowledge of this information.
We will receive a commission from our lenders should you decide to proceed with a finance agreement. This commission can vary by lender, however this is a fixed fee or a fixed percentage of the amount you are financing. Commission will not impact the rate, amount or acceptance you are provided.
Can a Customer Request more Information?
A Customer may ask for commission disclosure at any time from our initial discussions through to the point when their agreement is set live. In line with our company policy, any further information on our commission will be provided within 5 business days.
How Do I Request a Commission Disclosure?
If you would like Finset Limited to disclose any commission, please make your request to:
In writing:
Joanne Mowatt-Morris
Compliance Manager
Finset Limited
64-66 Burgundy Court
Springfield Road
Chelmsford
Essex CM2 6JY
Email: compliance@finset.co.uk
Telephone: 01245 967 999
