FCA Customer Policy

Initial Disclosure Document

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?

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 are not an independent 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.

Who Regulates Us?

Prestige Auto Group Ltd T/A as UKCVS, 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

Ownership

UKCVS legal entities are subsidiaries of:
Prestige Auto Group LTD,
Unit 14, Stafford Park 12,
Telford,
Shropshire,
West Midlands,
TF3 3BJ

Complaints Procedure

What To Do If You Have A Complaint?

If you wish to register a complaint, please contact us:

By e-mail: sales@ukcvs.co.uk
In writing - FCA Compliance Manager
Prestige Auto Group LTD
Unit 14
Stafford Park 12
Telford
TF3 3BJ

We will send you a letter acknowledging receipt of your complaint within 7 days of us receiving the complaint.

We will then investigate your complaint within 14 days of sending you the acknowledgment letter and contact you to discuss it via telephone or a meeting in person.

Following the telephone conversation/meeting we will write to you to confirm what took place and any solutions we have agreed with you; or send you a detailed written response to your complaint to include suggestions for resolving the matter. We will do this within 21 days of sending you the acknowledgment letter.

We will aim to have a full resolution within an 8wk deadline providing third party supplies are obtained within said timeline.

If you are still not reasonably satisfied with the response after following the above steps you must contact us again and we will arrange for a review of the decision. We will contact you within 21 days of receiving your request for a review, confirming our final position on your complaint and explaining our reasons.

After making a complaint to us you are still unhappy and feel the matter has not been resolved to your satisfaction, please contact the Financial Ombudsman Service.

www.financialombudsman.org uk

Please note that FOS may not be able to deal with complaints from business customers. Further details about our complaints procedure and FOS are available on request

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).

Commission Disclosure

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 annual percentage rate (or 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 via email at sales@ukcvs.co.uk.

Vulnerable Customer Policy

What is a vulnerable customer?

The Financial Conduct Authority (FCA) defines a vulnerable customer as "someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care."

The FCA expects firms like us to treat customers fairly when we are dealing with people with vulnerable circumstances.

Identifying a vulnerable customer

Our staff are trained to identify vulnerable customers so we can take extra steps to assist outside of our standard procedures. However, it is not always possible to recognise these characteristics Therefore, if you believe you may fit the criteria for a vulnerable customer, please read this policy and notify us immediately of your needs.

Signs we look out for:

Do they ask us to speak up or speak more slowly?

Do they understand what we are saying, or do they miss important bits?

Do they appear confused about what is being offered?

Do they ask any unrelated questions?

Do they keep wandering off the point in the discussion and talk about irrelevant things or things that do not make sense?

Do they keep repeating themselves?

Do they take a long time to answer questions or say that someone else deals with these things for me?

Do they have a language barrier?

Do they say they do not understand their statements, a previous phone conversation or recent written correspondence?

Vulnerability groups

We recognise that certain groups of customers may be vulnerable. Whilst not all customers in these groups may be vulnerable, we will consider a customer's individual circumstances where a potential vulnerability is identified. These groups may include, but are not restricted to:
Customers with communication difficulties (including learning difficulties and English not being their first language, dyslexia).

A customer with a reduction in physical or mental capacity.

Customers with health issues - illness, whether physical or mental illness, severe or long term.

A sudden diagnosis of serious illness to the customer or close family member

Personal circumstances of the customer - - factors such as financial difficulties, bereavement, caring responsibilities, or redundancy.

The customers age particularly older and younger people. For example, a younger person may be considered inexperienced, and the older person may be less technologically able.

Steps we take if we believe a consumer may be vulnerable

We speak slowly, clearly and explain fully.

We are patient and empathise where appropriate.

We don't rush as it may sometimes take the consumer time to get relevant information together such as account details.

We keep on the subject under discussion.

We do not make assumptions about a consumer's needs.

We clarify understanding at every point and always ask if there is anything else, they would like us to explain.

We ask the consumer to explain to us what they understand the agreement to be.

We offer alternative types of communication -- phone, post, email, in person.

We do not make assumptions that the person we are dealing with is sighted as they may be unable to read or understand serial numbers or account numbers.

We do not make assumptions that the person we are talking to can hear everything we say as they may have a hearing impairment.

We always remember that the person we are speaking to may sometimes be forgetful or overly trusting and believe that a sales representative is always acting in their best interest.

We understand that some people may be lonely and welcome the opportunity just to talk to someone.

We give the consumer time to explain their circumstances fully and don't interrupt or appear impatient.

We also listen for what is NOT being said for example lack of questions about price, lack of commitment, timing of responses, extended silences.

We always ask if there is a better time to discuss matters as some people may perform better at different times of the day.

We ask if there is anyone else, they may need to talk to before making the decision.

Prior to forming the contract

We ensure that yes is a real agreement not just a "giving in".

We ensure that the consumer demonstrates that they understand the decision they need to make, why they need to make it and that they understand the consequences of making, or not making that decision.

We ask if they need to discuss the matter with anyone else, or if they would like us to explain anything else, or if there is anything else we can do further to help.

We are always prepared to repeat anything to clarify understanding.

We do not assume that they fully understand all the implications of the agreement and explicitly and clearly confirm all the important points.

We ensure that the consumer is not flustered, agitated or in an emotional state when they make a decision.

We suggest that they talk it through with someone else and offer to contact them when they have had a chance to talk with the 3rd party. If appropriate we suggest that a third person could be present.

Post Contract

If we identify communication needs, we store that information so future communication is handled appropriately.

We record that we are satisfied that the consumer completely understood everything that was discussed.

We allow consumers to make a personal declaration about their capabilities or communication needs and store this information.

Any records that are held are with the full knowledge and consent of the consumer and are deleted when the relationship no longer exists in accordance with the Data Protection Act 2018.