Initial Disclosure Document
Leasing Options Limited
The Financial Conduct Authority (FCA) requires us to provide you with this Initial Disclosure Document (IDD) before we begin providing services to you. Its purpose is to ensure you have the information you need to decide whether our products and services are right for you. Please read it carefully. If you have any questions, contact us before proceeding.
About Leasing Options
Leasing Options Limited is a credit broker for vehicle finance and insurance related products. We are an independent vehicle finance broker, we are not a lender. We are authorised and regulated by the Financial Conduct Authority.
Registered office: Options House, Atkin Street, Worsley, Manchester, M28 3DG
FCA Firm Reference Number: 660061
You can verify our authorisation by contacting the FCA on 0800 111 6768 or by visiting the Financial Services Register at register.fca.org.uk.
Leasing Options Commitment
In line with the FCA's Consumer Duty, Leasing Options is committed to acting in good faith, avoiding foreseeable harm, and supporting you in making informed financial decisions. This means:
- We will present products and services that are appropriate for your needs
- We will communicate with you in a clear, fair and transparent way
- We will support you throughout the agreement, not just at the point of sale
- If you have characteristics of vulnerability for example, due to age, financial difficulty, disability, or a significant life event, please let us know and we will adapt our service accordingly
Products and services
We offer a range of vehicle leasing facilities through a panel of carefully selected third-party lenders. In addition to the leasing agreement itself, we can arrange optional add-ons including maintenance packages, service plans and insurance products.
We will provide you with comparable details of lenders most appropriate to your requirements, or general information relating to finance products. In assessing your needs, we may ask for information about your personal circumstances and objectives. It is important that you provide accurate and complete information so that we can identify the most suitable options for you.
Leasing Options uses a carefully selected panel of third party lenders, we will not source finance from lenders outside this panel. Different lenders may pay us different commission amounts, and you are encouraged to seek alternative quotations from other sources.
What we charge fees and commission
Leasing Options are fully transparent about our remuneration. We receive income by the processing fee paid by you and commission paid by lenders and other third parties.
Processing fee
We charge a Processing Fee of £0.00 (Inc. VAT) for personal customers and £0.00 +VAT (£0.00 Inc. VAT) for business customers. This fee is payable only once you have been accepted for finance and are placing your vehicle order. It is not payable until that stage.
The processing fee covers the costs we incur in facilitating your order, including:
- Sourcing and ordering your vehicle with the supplier
- Providing access to our customer portal
- Providing regular updates throughout the order journey
- Arranging delivery of your vehicle
The processing fee is not included in your monthly lease payments, it is a separate, one-off charge. Payment can be made online by credit or debit card, or by BACS transfer. We do not charge a fee for arranging insurance products.
Finance commission
Once your vehicle has been delivered and your finance agreement is live, your finance provider will pay us a commission. This commission may be a fixed amount or a variable amount, depending on the lender and the specific agreement.
The finance commission is included in the lease costs paid by you over the duration of the finance agreement, so has a bearing on your monthly lease cost you pay.
Full details of the commission applicable to your specific agreement are disclosed on your Commission Disclosure form, which requires your signed consent before your finance documents are released. For further information, please see our Commission Disclosure on our website: leasingoptions.co.uk/commission-disclosure.
You may, at any time before entering into a finance agreement, request disclosure of the amount (or likely amount) of commission we will receive in connection with your agreement. Please contact us to make this request and we will provide this information in good time before you sign.
Marketing support and performance payments
In addition to finance commission, some lenders may pay us a marketing support contribution or performance-related payment. This may be a fixed or variable amount based on agreed key performance indicators (KPIs). Where applicable, this is also disclosed on your Commission Disclosure form.
Vehicle supplier and manufacturer commission
In some cases, we may receive a payment from the vehicle supplier or manufacturer. These payments are generally based on commercial volumes and KPIs and do not affect your monthly rental. Where they do affect your monthly rental, this will be stated on your Commission Disclosure form.
Affordability
Before entering into a finance agreement, you should carefully assess whether the monthly payments are affordable alongside your existing financial commitments, without causing you undue hardship. If you are aware of any future events that may affect your ability to make payments, such as a change in employment or significant expenditure, please inform your finance provider immediately.
Failing to make payments when due may adversely affect your credit rating and could make it harder or more expensive to access finance in the future.
Confidentiality and data protection
To arrange finance for you, we will collect personal information and share it with one or more third-party lenders so they can make a credit decision.
If your application is declined by the most suitable lender, we may conduct further searches with other lenders on our panel to find one willing to accept your application. Lenders will seek your individual consent before using your information for marketing purposes.
If you are applying jointly with another person, the same principles apply to their personal data.
A full list of the lenders on our panel is available on request. For full details of how we handle personal data, please see our Privacy Notice at leasingoptions.co.uk/privacy.
What to do if you have a complaint
Our aim is to provide a first-class service. If you wish to raise a complaint, please contact us using any of the following:
- By phone: 0161 516 4499
- By email: complaints@leasingoptions.co.uk
- In writing: FAO: Compliance Manager, Leasing Options Limited, Options House, Atkin St, Worsley, Manchester M28 3DG
Our full complaints policy is available at leasingoptions.co.uk/complaints.
We will acknowledge your complaint promptly and aim to resolve it as quickly as possible. If your complaint remains unresolved after 8 weeks from the date it was received, you may be eligible to refer it to the Financial Ombudsman Service (FOS):
- Website: www.financial-ombudsman.org.uk
- Email: complaint.info@financial-ombudsman.org.uk
- Phone: 0800 023 4567 (free) or 0300 123 9123
- Post: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
You may also contact the BVRLA (British Vehicle Rental and Leasing Association), our industry trade body, who can act as an independent arbiter. Details are available at www.bvrla.co.uk.
Financial Services Compensation Scheme (FSCS)
As a firm directly authorised by the FCA, Leasing Options Limited is covered by the Financial Services Compensation Scheme (FSCS). The FSCS is the UK's statutory compensation scheme for customers of authorised financial services firms. It can pay compensation if a firm is unable to meet its obligations.
Coverage for insurance advising and arranging: 100% of the first £2,000 and 90% of the remainder of any eligible claim, with no upper limit.
For more information about the FSCS, please visit www.fscs.org.uk.
Industry membership - BVRLA
Leasing Options Limited is a member of the British Vehicle Rental and Leasing Association (BVRLA). All BVRLA broker members must comply with the BVRLA Code of Conduct, which sets standards for service quality, transparent information, fair terms and conditions, and complaint resolution. BVRLA members are also subject to regular audit and inspection.
