Commission Disclosure Statement

Lami Auto Ltd

Commission Disclosure Statement

Effective Date: 26.09.2024.
Review Date: 26.09.2025.

1. Introduction

Lami Auto Ltd, registered in the United Kingdom, acts as a credit broker, not a lender, in relation to vehicle finance products. As part of our business, we may receive a commission for introducing customers to finance providers. This document outlines how we disclose commissions in compliance with Financial Conduct Authority (FCA) regulations and UK law.

2. What is a Commission?

A commission is a fee or payment Lami Auto Ltd may receive from a finance provider when a customer enters into a finance agreement arranged by us. This payment is typically a fixed fee or a percentage of the finance amount.

3. Disclosure of Commission

In accordance with FCA regulations, Lami Auto Ltd will:

• Inform customers upfront that we may receive a commission for introducing finance agreements.
• Provide details of the commission amount or the method of calculation if the customer requests it.
• Ensure transparency by clarifying that the commission will not affect the total amount the customer pays under the finance agreement.

4. Impact on Customers

The commission received by Lami Auto Ltd does not influence the finance options presented to customers. We aim to offer a range of finance options based on the customer’s needs and creditworthiness, ensuring that commission arrangements do not result in any bias or disadvantage to the customer.

5. Requesting Commission Disclosure

Customers have the right to request details of the commission arrangements at any point during the vehicle purchase process. We will provide a clear explanation of the amount or how the commission is calculated within a reasonable timeframe.

6. Customer's Right to Information

• We ensure that the customer is informed that commission arrangements exist and has the right to know how it impacts their finance agreement.
• Any request for information about commissions will be addressed fully and transparently.

7. Regulatory Compliance

Lami Auto Ltd complies with the relevant provisions of the Consumer Credit Act 1974, FCA Handbook, and any other relevant UK regulations regarding commission disclosure. This ensures that our customers are treated fairly and that our commission practices are fully transparent.

8. Complaints Handling

If a customer believes that commission arrangements have not been disclosed appropriately or affect the fairness of the finance deal, they are entitled to file a complaint through our complaints process. Details of the process are available upon request.

Signed by:
A Farhan

Director
Lami Auto Ltd
Date: 26.09.2024.