What is an Initial Disclosure Document?

The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA require us to provide you with a document called an 'Initial Disclosure Document'. This document provides information about us, the products we offer, the services we will provide, finance commission disclosure, regulatory information and what to do if you have a complaint.

Who regulates us?

We are authorised and regulated by the Financial Conduct Authority for credit brokerage. Our FRN number is 305852. You can check this on the FCA's website www.FCA.gov.uk/register or by contacting the FCA on 0300 500 8082.

Treating customers fairly

Sonning Common Garage is committed to ensuring that the FCA principle of treating customers fairly (TCF) is applied in all areas of our day-to-day business activities. We aim to ensure that the TCF principle is embedded and rooted in everything that we do. This principle underpins how we operate and function as a business.

Who can apply for finance?

All finance is subject to status. Terms and Conditions apply. A guarantee may be required. Over 18’s only. UK residents only.

What service do we provide?

We offer a non-advised service, meaning we cannot give you financial advice or a recommend financial products. We will ask you for information to enable us to identify your needs and present products relevant to your requirements. You will then need to make your own decision around suitability and how to proceed. You will receive the pre-contract credit information which will detail the terms & conditions of the product you have chosen and advise you about any other fees and interest relating to the product. All financial applications submitted to through Sonning Common Garage are processed and/or administered by Santander Consumer Finance or Evolution Funding.

What products do we offer?

We offer a limited number of finance products such as ‘hire purchase agreements’ and personal contract purchase agreements ‘PCP’, through various lenders. The companies we use are Santander Consumer Finance who are a lender and Evolution Funding who a broker and have a panel of lenders. Customers can view examples and obtain quotes through our website www.sonningcommongarages.com or through talking with a member of staff. We would advise you to take time to consider your options and decide if they meet your requirements. Sonning Common Garage is a credit broker, not a financial advisory service nor a lender. We do not offer impartial or independent financial advice.

Commission disclosure

We often benefit financially from a finance commission paid by the lender to us, when you enter a finance agreement. You may indirectly fund this commission payment through the interest payable on the credit agreement or through the rental payments in hire agreements. The amount of commission we receive will be stated in good time, so that you can consider how this may affect you before you enter into an agreement. We only use a select panel of lenders and do not search the whole market. You may be able to find a cheaper or preferred option elsewhere. You do not have to enter the agreement; you can abort or reconsider at any point before signing the agreement.

Suitability and affordability

We will not provide impartial or independent financial advice nor recommend a particular product; rather we will provide factual information and quotations for our products and services, and you should decide if your needs and requirements are met. It is important that you only enter into an agreement if you can comfortably afford the repayments. You should assess the monthly payments you are required to make throughout the term of the agreement and ensure you can meet these and other current obligations without suffering undue hardship. If you are aware of any changes in your life or your household circumstances, that may affect your ability to maintain your loan repayments, please make us aware. Your credit rating could be adversely affected if you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.

Vulnerable customers

We aim to support and tailor our service appropriately to those customers who may be particularly vulnerable due to their current circumstances or recent life events. If you have a disability, physical or mental health condition, feel vulnerable due to a change in personal circumstances, or just need extra support please let us know and we will do our best to help you. You should make sure you have sufficient time and support to assess the information given to you and ensure the funding option offered is suitable for you and meets your requirements. If you are unsure, please don’t hesitate to ask us for further explanations, help and support.

Questions

If you have any questions we would encourage you to ask them as early as possible and prior to entering an agreement.

What to do if you have a complaint

If you wish to make a complaint, the first step is for us to understand your complaint. You can contact us by:

Phone: 0118 9721114

Post: Sonning Common Garage, 63 Peppard Road, Sonning Common, Reading, RG4 9RN

Email: sales@scgarages.com - Please provide your name and contact number where we can get in touch with you between the hours of where we can contact you between the hours of 09:00-17:00 Monday to Friday.

We will promptly acknowledge your complaint in writing, investigate your complaint and endeavour to send you a final response within 8 weeks of receipt of the complaint. If we are unable to provide you with a final response within this time, we will send you an update. If you are not happy with our response, and you are an eligible complainant, you can escalate your complaint to the Financial Ombudsman, you must do so within six months of the date of the final response letter. You can contact them:

By phone: 0800 023 4567

By post: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

By Email: complaint.info@financial-ombudsman.org.uk

Alternatively, you may also contact the BVRLA Conciliation Service as an approved Alternative Dispute Resolution service. Details can be found at www.bvrla.co.uk or by contacting complaint@bvrla.co.uk.

Updated November 2024