The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. Please use this information to decide if our services are right for you. We are fully committed to delivering good customer outcomes, and our Board of Directors fully endorse the Consumer Duty in our business. All staff are charged with the responsibility of implementing this in all our dealings with our customers.
Product Offering
We offer a limited range of financing and insurance products that we have chosen. While we strive to provide you with suitable financing and insurance options, we receive financial incentives, such as commissions, from certain lenders and insurers. These incentives influence the options we present. Accordingly, the options we present may not reflect the most competitive or impartial terms that you could receive in the market.
We only offer you the following insurance products from a limited number of insurers indicated below.
Service Provision
We are a credit broker and not a lender and can introduce you to a limited number of lenders and their finance products.
The finance products we offer are Personal Contract Purchase, Conditional Sale with a balloon, Conditional Sale, Hire Purchase, Purchase Plan, Lease Purchase, Lease Purchase with a balloon, Personal Contract Hire, Business Contract Hire and Add on Loan.
Richmond Cars Ltd., Richmond Cars (Southampton) Ltd., Richmond Cars (Guildford) Ltd., Richmond Cars (Fareham) Ltd., Richmond Cars (Botley) Ltd. and Newmans (Southampton) Ltd. have chosen to work with a panel of lenders. If the underwriting or finance product availability criteria of our chosen lender does not suit your needs, we will offer a finance option using an alternative lender which has different lending criteria.
We are not providing you with independent financial advice and are not impartial. We will provide you with information of the finance products which may suit your requirements based on information you disclose to assist you in making an informed decision on your purchase. You should decide whether the finance product is right for you.
The non-regulated products we offer are: Extended Warranty, Recovery, Paint & Fabric Protection and Shine Protect.
The insurance product we offer is Combined GAP/RTI Insurance, which is administered by AutoProtect (MBI) Ltd (Firm Reference Number 312143) and underwritten by Acasta European Insurance Company Limited. We will advise and make a recommendation for you after we have assessed your needs.
Commission Disclosure
We do not charge a fee for our services. We will receive a commission from the lender or broker for introducing you, which will either be a fixed fee or a fixed percentage of the amount you borrow. The lenders we work with will pay commission at different rates.
The exact amount of the finance commission will be provided to you in good time prior to the conclusion of your finance contract.
We receive commission as a proportion of premium paid from our insurance provider if you decide to enter into an agreement with them.
Regulatory Oversight
Richmond Cars Ltd (FRN 673585), Richmond Cars (Southampton) Ltd (FRN 687484), Richmond Cars (Guildford) Ltd (683805), Richmond Cars (Fareham) Ltd (FRN 741215), Richmond Cars (Botley) Ltd (FRN 741326). and Newmans (Southampton) Ltd (FRN 922679) are authorised and regulated by the Financial Conduct Authority for Consumer Credit activities.
For the sale of general insurance, Richmond Cars Ltd (FRN 627736), Richmond Cars (Southampton) Ltd (FRN 629974), Richmond Cars (Guildford) Ltd (FRN 627621), Richmond Cars (Fareham) Ltd (FRN 848119), Richmond Cars (Botley) Ltd (FRN 848135), and Newmans (Southampton) Ltd (FRN 584297) are Appointed Representatives of Automotive Compliance Ltd (FRN 497010), which is authorised and regulated by the Financial Conduct Authority). Automotive Compliance Ltd’s permissions as a Principal Firm allows these companies to act as agents on behalf of the insurer for insurance distribution activities only.
You can check this on the FCA Register by visiting https://register.fca.org.uk/s/
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 for any insurance products you purchase.
This depends on the type of business and the circumstances of the claim. General Insurance advising and arranging is covered for 90% of the claim with no upper limit. Compulsory forms of insurance (e.g. Motor Insurance) are covered for 100% of the claim with no upper limit. Further information about compensation scheme arrangements is available from the FSCS.
Please note - finance products are not covered by this scheme.
Further information can be found within our Customer Services section.