The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services. Firms are required by the FCA to provide status disclosure documents to consumers who are considering buying certain financial products. It is therefore important that you read this document. It explains the service you are being offered in relation to finance and insurance. Please use this information to decide if our services are right for you.
Whose Products Do We Offer?
We offer a limited number of insurance products to protect and complement your vehicle purchase (Tyre & Alloy Wheel Insurance, Asset Protection and New Car Replacement Insurance), each from a single insurer.
Should you require finance to assist with the purchase of a vehicle, we can introduce you to a limited number of lenders we work with, who offer a range of finance products. If you request it, we can provide a list of lenders we work with.
Which Services Will We Provide You With?
We are a credit broker and not a lender.
We will explain the finance products available to you from the lenders we work with and advise you on suitability of those finance products, after we have assessed your needs. You will then need to make your own choice about how to proceed.
We will advise and make a recommendation for you on insurance products after we have assessed your eligibility for the insurance products we offer. You will then need to make your own choice about how to proceed.
We are not an independant financial advisor. We do not assess the wider market for finance or insurance, or provide any advice on whether the finance or insurance products we offer represent the best value you could obtain.
What Will You Have To Pay Us For Our Services?
We do not charge you a fee for our services.
We will typically receive a commission from the lender, as either a fixed fee or a fixed percentage on the amount you borrow. These arrangements are negotiated with our lenders in advance and do not give us any discretion to negotiate or adjust your APR or any other item included in the total charge for credit. The APR may vary according to your credit status or the amount you borrow. The commission we earn does not change in relation to the type of finance (Hire Purchase, Personal Loan or Personal Contract Purchase) you choose or the length of the finance agreement.
At any time prior to concluding your vehicle purchase, if you are an individual, sole trader or small partnership, you are entitled to request details of any commission we will receive as a result of arranging your finance with a lender. This request can be made from the Sales Executive handling your sale, or by contacting [email protected]
If you buy an insurance product we recommend to you, we will make a margin on the sale of that product from the price paid by you. We also receive training support from the insurance administrators.
Who Regulates Us?
All Bristol Street Motors legal entities are authorised and regulated by the Financial Conduct Authority, either as a principal firm or an appointed representative. Your document if you enquire on a vehicle will confirm which legal entity you are dealing with. The relevant legal entity for each franchise and site is also shown at the foot of this website under "Legal Entities".
Our permitted business is to act as a broker for consumer finance and to provide insurance distribution of non-investment insurance.
You can check this on the FCA register by visiting the FCA website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768 or 0300 500 8082
All Bristol Street Motors legal entities are subsidiaries of: Vertu Motors Plc, Vertu House, Fifth Avenue Business Park, Team Valley, Gateshead, Tyne and Wear, NE11 0XA
What To Do If You Have A Complaint
If you wish to register a complaint, please contact us as follows
By e-mail - [email protected]
In writing - FCA Compliance Manager
Vertu Motors Plc
Fifth Avenue Business Park
Gateshead, Tyne and Wear, NE11 0XA
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Are We Covered By The Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. The scheme does not cover consumer credit. Further information about compensation schemes is available from FSCS (www.fscs.org.uk).