Initial Disclosure Document
The Financial Conduct Authority (FCA) is the independent regulator of financial services. The FCA requires us to provide you with an Initial Disclosure Document to help you decide if our services are right for you. This document provides information about Nationwide Vehicle Contracts Limited, the products we offer, the services we will provide, what we charge for our services, who regulates us, what to do if you have a complaint, and details about the Financial Services Compensation Scheme.
About Nationwide Vehicle Contracts
Nationwide Vehicle Contracts Limited is authorised and regulated by the Financial Conduct Authority (FCA). Nationwide Vehicle Contracts Limited is a credit broker and not a lender. We are permitted by the FCA to carry out credit broking, debt administration, debt counselling and advising and the arrangement of non-investment insurance products.
Our registered address is Unit 9, Christie Way, Christie Fields, Manchester, M21 7QY. Our Financial Conduct Authority Firm Reference Number is 668741. You can verify our status on the Financial Services Register by visiting the FCA website at www.fca.org.uk or by contacting the contact centre on 0800 111 6768.
You may also find out more about what we do and who we are on our dedicated About Us section on our website.
The credit broking services we provide
We will provide you with either comparable details of firms most appropriate to your funding requirements or general information relating to finance products. To assist us in assessing your needs, we may seek relevant information about your personal circumstances and objectives to enable us to identify the best possible solutions applicable to you.
The finance products we use
As a Financial Conduct Authority regulated credit broker, we may introduce you to a range of finance providers who may be able to help you finance your vehicle and provide other products/services, such as vehicle maintenance and servicing packages.
We will only offer products from a carefully selected panel of finance providers. We will not refer you outside of this panel without your consent. You can ask us for a list of the suppliers who provide our finance and insurance products. All the products we offer are optional.
Commission disclosure
We will receive a commission or other benefits from one of our finance providers should you decide to enter into an agreement with them as a result of our introduction, or from another credit broker to whom we refer you should we be unable to arrange funding for you. In some instances, we may receive a commission from the vehicle supplier. These payments could be reflected in the monthly lease rate that you pay for your vehicle. The amount of commission received may vary depending on the funder or supplier selected, the terms of the funding and other criteria, such as achieving high levels of customer service. Some funders or suppliers may also pay us an additional commission based on commercial volumes. We will disclose the commission amount we receive and the finance company providing the payment prior to sending your finance agreement and will ask for your consent to proceed. You may also be required to sign a document confirming your acceptance and understanding of this disclosure.
If you would like more information regarding the disclosure of commissions, please email [email protected] or visit our Commission Disclosure document.
The charge for our credit broking services
Nationwide Vehicle Contracts Limited charge a fee for our credit broking services.
Processing Fee - We charge a processing fee of £300 including VAT (£250 excluding VAT) for our services. The processing fee is the broker fee charged by Nationwide Vehicle Contracts for our service and represents the costs incurred for arranging the sale, ordering the vehicle, arranging the finance, and organising delivery of the vehicle. This processing fee is payable by debit or credit card or by BACs payment and is taken once finance approval has been received, along with all relevant paperwork signed by you instructing us to place an order on your behalf.
Transaction Fee – For certain agreements, we may also charge a transaction fee for our service. The transaction fee represents the fee taken by Nationwide Vehicle Contracts Limited for the arrangement of the agreement. The transaction fee is payable by debit or credit card or by BACs payment and is taken once finance approval has been received, along with all relevant paperwork signed by yourself instructing us to place an order on your behalf.
Contract Amendments – Subject to approval by the finance provider, you may be able to amend the mileage or term on your contract. Please note, this option is not available with all funders. Nationwide Vehicle Contracts Limited will charge a contract extension arrangement fee of £120 including VAT (£100 excluding VAT) for a six-month extension and £150 including VAT (£125 excluding VAT) for a 12-month extension. This fee is payable by debit or credit card or by BACs payment and will be taken on receipt of your signed finance documentation detailing the amendment. We may also receive a commission from the finance provider for arranging the extension agreement. We will disclose the commission amount we receive prior to sending your extension agreement and ask for your consent to proceed. You may also be required to sign a document confirming your acceptance and understanding of this disclosure. Please speak to your sales consultant for further information or email [email protected]
Additional Charges - In certain cases, we may apply an administration fee of £18 including VAT (£15 excluding VAT) for additional services, such as generating parking permits, congestion, ULEZ, clean-air zone and/or toll or dart documents. This fee represents the expenses incurred for additional administrative work and record-keeping. This fee is payable by debit or credit card or by BACs payment and is taken before we produce the necessary paperwork.
The insurance products we offer
Contract Hire and Lease GAP Insurance/Tyre and Alloy and SMART Repair Insurance: Nationwide Vehicle Contracts Limited offer Guaranteed Asset Protection (GAP) and Tyre and Alloy plus SMART Repair insurance products from a single provider. These products are underwritten by Fortegra Europe Insurance Company SE UK Branch, a brand of Fortegra Europe Insurance Company SE (Malta Company Registration Number SE 17; UK Branch registration number BR021916), who is authorised and regulated by the Malta Financial Services Authority. Fortegra Europe Insurance Company SE has its registered office and principal place of business at Office 13, SOHO Office, The Strand, Fawwara Building, Triq-I-Imsida, Gzira, GZR 1401, Malta. Together with its UK Branch, Fortegra Europe Insurance Company SE is authorised by the Prudential Regulation Authority, is subject to regulation by the Financial Conduct Authority under reference number 805770.The product is administered by Premia Solutions Ltd, 3 Corunna Court, Warwick, Warwickshire, CV34 5HQ FCA No 310089.
Warranty and Assist: Nationwide Vehicle Contracts Limited offer Warranty and Assistance insurance products from a single provider. These products are underwritten by Car Care Plan Insurance, a trading style of Motors Insurance Company Limited (MICL), Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire, BD3 7AG. MICL is authorised and regulated by the Prudential Regulation Authority (PRA) and is regulated by the Financial Conduct Authority under firm reference number 202875. The product is administered by Car Care Plan Limited, Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire BD3 7AG, who is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 309268.
The insurance services we provide
Nationwide Vehicle Contracts Limited is an insurance intermediary. We will advise and make recommendations for you after we have assessed your needs for Contract Hire and Lease GAP, Tyre and Alloy Wheel Insurance, SMART Repair Insurance and/or Warranty and Assistance products.
The charge for our insurance services
We do not charge fees for our insurance-related services, nor do we receive any additional commissions from the insurer over and above our published list price for each given product. Our margins for regulated insurance policies are within the guidelines issued by the FCA (Financial Conduct Authority) and can be compared with like-for-like products in the open market.
We hold any insurance money (premiums/refunds) as the agent of the insurance provider under a Risk Transfer Agreement.
Confidentiality and data protection
As part of the process of obtaining finance and non-investment insurance products for your vehicle, we will need to pass your details on to one or more of our finance/insurance providers. A list of these partners is available upon request, together with their FCA firm reference numbers. Any organisation approached to arrange credit will need to undertake credit searches with a credit reference agency, which could affect your credit rating. All our calls are recorded for training and monitoring purposes.
The regulator
Nationwide Vehicle Contracts is authorised and regulated by the Financial Conduct Authority. Our registered address is Unit 9, Christie Way, Christie Fields, Manchester, M21 7QY. Our Firm Reference Number is 668741. You can check this on the Financial Services Register by visiting the FCA’s website at www.fca.org.uk or by contacting the contact centre on 0800 111 6768.
Some services that we offer are not regulated by the Financial Conduct Authority.
Dispute Resolution and Complaints
We work hard to ensure that the services we offer are fair and that our communication to our customers is clear and not misleading. However, if you are unhappy with our service and you wish to register a complaint, please contact us:
…in writing Customer Resolutions, Nationwide Vehicle Contracts, Unit 9, Christie Way, Christie Fields, Manchester, M21 7QY
… by phone 0800 091 9595
… by email [email protected]
To help us resolve your problem, you should provide the following information:
- Your full name and contact information
- Full details of your complaint
- Your lease agreement details
- Details of what you would like us to do to put things right
- Photocopies of any relevant paperwork
We will answer any complaints as quickly as possible but always within eight weeks.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service or the BVRLA (British Vehicle Leasing & Rental Association.
A copy of our full complaints procedure is also available here: Complaints Procedure
The Financial Services Compensation Scheme (FSCS)
Our insurers are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if the insurer is unable to meet its obligations. This depends on the type of business and circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim amount, without any upper limit.
For further information about the scheme (including the amounts covered and eligibility to claim), you can contact the FSCS helpline on 0800 678 1100 or 0207 741 4100, visit the website www.fscs.org.uk or write to Financial Services Compensation Scheme, PO Box 300, Mitcheldean GL17 1DY.