The Financial Conduct Authority (FCA) is the national independent regulator of financial services. The FCA legally requires us to provide you with an ‘Initial Disclosure Document’. This Document has a number of purposes, one of which is to ensure you are provided with essential information about us as a company, what we charge for our services, the products and services we offer, and how we are regulated. It will also provide information on what you should do if you have a complaint and any details regarding the Financial Services Compensation Scheme.
We are a Credit broker, not a lender. We can introduce you to a limited number of lenders and we do not offer independent financial Advice. You will make no payment to us for the introduction to our panel of lenders. Typically, we will receive a commission payment from the lender if you agree to enter into an agreement this will either be a flat fee or a % of the amount borrowed, the amount of commission we earn does not impact the amount you borrow. Any commision we may receive will be disclosed to you prior to completion of the finance agreement. This will be expressed in the actual amount where possible or if not as a formula such as a percentage. At any point before or after entering into the agreement you can ask for the commission amount, we will then supply this in writing for you. As an FCA-licensed organization, we rely purely on commission. We may be paid a commission by the finance provider/lender, once the agreement is live. The commission we receive may be pre-set but can vary and may impact the amount payable by the customer. Clifton Motor Company is a broker and not a lender and works with multiple suppliers and/or funders.
Clifton Motor Company is both authorised and regulated by the Financial Conduct Authority (FCA) We provide broker services to customers and work with our finance partners in order to find suitable finance for our customers.
As an FCA-regulated credit broker, we are able to introduce you to a range of lenders who can help you finance your vehicle and can also provide warranties with companies such as RAC for the vehicles we sell. We work with some of the UK’s most prominent and trusted finance providers in order to help secure you the best and most appropriate deal. We do not have a fully comprehensive list of all lenders and as such are limited to those providers we work with.
All products are optional and there is no fee to be paid to us by the customer for any of the regulated services offered.
We will provide you with either comparable details of any firms most appropriate to your lending or purchasing needs or any other general information relating to finance products. In order to do this, we may seek personal information about your circumstances and objectives as this may be relevant in order to enable us to identify your exact needs and establish a line of credit. It is always important that you provide us with accurate and relevant information so that we can try and find a product or agreement that is most suitable for you.
Clifton Motor Company is regulated by the FCA. You can verify this by checking the FCA Register on the website: https://www.fca.org.uk/firms/financial-services-register or contacting them on 0300 500 8082. Our firm reference number is 843048.
If you are unsatisfied with the service we provided for any reason then please;
Firms directly authorised by FCA and the Claims Regulator have a documented complaints procedure and a copy of ours will be made available to you upon request, or if you make a complaint against us. Should you have a complaint, please put it in writing to Clifton Motor Company 1 Doncaster Road Conisbrough DN12 3AF or email us at [email protected]
In the unlikely event that a complaint remains unresolved after 8 weeks from the date it was made, you may be able to refer it to the Financial Ombudsman Service (FOS), depending upon the nature of your complaint. The FOS provides a mechanism for resolving disputes which is a simple, informal, and accessible alternative to the courts. Their address is The Financial Ombudsman Service (FOS), Exchange Tower. LONDON E14 9SR. Email: [email protected]. Tel: 0800 023 4567 (free), or 0300 123 9123 (costs no more than calls to 01 and 02 numbers).
As with all firms directly authorised by FCA, Clifton Motor Company is covered by the FSCS. This is the body established to operate and administer the compensation scheme, set up by major insurance companies, to compensate consumers when authorised firms are unable, or likely to be able, to satisfy claims against them. Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remainder of the claim without any upper limit.
Credit Search Information
If you proceed with an order you would have already provided consent for a credit search to be completed as part of the credit application.
The key difference between PCP and HP is with HP, you own the vehicle at the end of the agreement whereas, with PCP, you don’t own the car until your final payment is made. With PCP, at the end of the contract, you can pay off the remaining finance balance, return the car, or take out another deal.
Hire purchase car finance lets you “hire” your vehicle from your finance company for a monthly payment over a set period. Once you make the final payment, you own the car outright.
With a hire purchase agreement, the cost of your car is spread across the contract. HP comes with more attractive terms and conditions and usually with no mileage conditions. However, you should be aware that the loan is secured against the vehicle so if payments are missed, the vehicle could be repossessed.
PCP or personal contract purchase is a popular car finance method that involves a low initial payment, fixed monthly installments followed by a final payment (if you want to purchase the car). You set the contract length and annual mileage allowance when taking out the agreement.
PCP deals are suited to people who are likely to change their vehicle more frequently or haven’t decided what they’d like to do at the end of the agreement. The finance is secured against the vehicle and comes with a set annual mileage allowance.
Addendum
Due to the New complaints rules in DISP and the commencement of s166 review as set out by the Financial Conduct Authority, the following now applies;
Making rules in DISP Appendix 5 that:
- Pause for 37 weeks the requirement on firms to provide a final response to a DCA complaint within 8 weeks of receiving it, and the corresponding right that complainants have to refer their complaint for consideration by the Financial Ombudsman; and
- Extend the time limit for complainants to refer complaints about DCAs to the Financial Ombudsman from 6 to 15 months.
FCA rules mean that motor finance firms do not have to provide final responses to DCA complaints within 8 weeks during the period from 11 January 2024 to 25 September 2024 and give complainants the right to refer their complaints for consideration by the Financial Ombudsman Service.
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