STATUS DISCLOSURE
The Financial Conduct Authority (FCA) is the independent authority that regulates financial services. Use the information below to decide if our services are suitable and meet your needs.
Who Regulates Us?
We are Worcester Carsales Limited, T Wall Garages, High Street, Pensnett, Kingswinford, DY6 8XB who are authorised and regulated by the Financial Conduct Authority for the purposes of credit broking and general insurance distribution. You can check this by visiting register.fca.org.uk using our Firm Registration number 303948
Whose Products Do We Offer?
It is a requirement of the Financial Conduct Authority that all finance and insurance products offered are correctly explained to you to ensure that, in all instances, they meet your needs and circumstances and that you are treated fairly. We do not act on your behalf. The final decision as to whether to enter into any agreement is yours. Your options, with regards to product suitability, will be based on the information you give us. In order to facilitate this please let us know if there is anything that we can do to aid any communication, access or support needs. Your data will be used in accordance with our Privacy Notice which is available on our website.
Which Services Will We Provide You With?
We are a credit broker and not a lender. We offer a limited number of optional finance products from leading lenders but there may be other equally or more suitable products on the open market. Our finance products vary but may include Hire Purchase, Conditional Sale, Fixed Sum Loan (Personal Loan), Personal Contract Hire (PCH) and Personal Contract Purchase (PCP). In some instances we use the services of an external credit broker to secure finance for you. We will provide you details of our lenders and / or our credit broker partners on request. We are not an independent financial advisor and act as an agent of the lender. With your consent we will submit a finance application to a lender who will carry out a credit check and an affordability assessment.
What Will You Have To Pay Us For Our Services?
We do not charge you a fee for our services however there may be contractual fees and charges associated with the products you decide to purchase. These will be included in any documentation relating to these products. Please read all documentation carefully. We may receive commission from enders we introduce you to. Typically either a fixed fee or a fixed percentage of the amount you borrow. For your reassurance, the panel of lenders we work with pay commission at different rates but the commission we receive does not influence the interest rate you will pay. Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel.
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.
Who To Contact If You Have A Complaint:
If you wish to register a complaint, please contact us;
In writing or by phone to the General Manager
A copy of our full complaint’s procedure is available on request. If you cannot settle your complaint with us you may contact the Financial Ombudsman Services free of charge at www.financial-ombudsman.org.uk within six months of receiving our final outcome letter.
Are We Covered By The Financial Services Compensation Scheme (FSCS)?
Please note that finance products and our credit broking activities are not covered by the Financial Services Compensation Scheme.