Login Partner with us
Important update
Back to Support and resources

Commission disclosure

Due to a judgment handed down by the Court of Appeal on 25 October 2024, we now require explicit consent from the customer that they agree to you being paid a commission for arranging their vehicle finance.  

 

To meet this requirement, we must set out to the customer the following: 

​

  1. The relationship between us and you
  2. The existence of commission
  3. The nature of the commission
  4. The amount of commission you’ll receive.
  5. The method we use to calculate the commission amount.


 

On this page:


 

Accessing the Commission Disclosure Form

Click the button below to access the commission disclosure form.  For ease, we recommend saving this link to your desktop.​

Commission Disclosure Form

What do you need to do?

As part of this new requirement, we need to obtain consent from the customer to pay you a commission for setting up their vehicle finance.

 

To do this, we’ve created an electronic signing journey to make this as quick and easy as possible for you and the customer.

 

When proposing customers to us, you’ll now be required to send us specific details electronically. 

 

Let’s look at the journey:

  1. Submit a customer proposal to us via either the Showroom or iVendi Proposal Systems. We’ll then go through our usual underwriting process. 
  2. If the proposal is accepted, the system will show as ‘Approved’. We won’t be able to issue agreement documents until you and your customer have completed our commission disclosure form
  3. Once you've submitted your customer's proposal to us, you’ll need to visit the commission disclosure form here
  4. Fill in all the necessary details as you go through the form.
  5. Once finalised, the electronic form will be sent to the customer for them to review and sign. This confirms they understand the relationship between us, and consent to the existence, nature and amount of commission you’ll be paid, as well the basis on which it was calculated
  6. Once we receive the completed commission disclosure form from the customer, we can send out the agreement documents and the finance agreement signature process can begin as normal

 

If you need help at any stage, please contact your account manager or partner hub. Contact details can be found here.

 

We've put together the below video to guide you and your customers through the steps of our new process for proposing new business to us.

Frequently asked questions

    Who needs to sign a commission disclosure form?

    The customer named on the agreement needs to sign a commission disclosure form. Their name needs to match exactly what was given on the legal agreement.

     

    If the agreement is with more than one person (joint hirers, partnerships or limited companies), each person named on the agreement will need to complete separate forms.  

    What happens if the customer doesn’t agree to me receiving commission?

    If a customer doesn’t agree to you receiving a commission for setting up their vehicle finance agreement, we’re unable to proceed with their application. They'll need to find an alternative way of paying for their vehicle.  

    What happens if the customer wants me to receive less commission?

    We’re unable to make commission adjustments. In this instance, the customer will need to find an alternative way of paying for their vehicle.  

    My customer hasn’t received the electronic form, what should I do?

    Either re-submit another form, making sure their email is correct, or contact your partner hub to discuss. Contact details can be found here. 

    Why do I need to disclose all these details about the commission?

    Due to a judgment handed down by the Court of Appeal on 25 October 2024, we now require explicit consent from the customer that they agree to you being paid a commission for arranging their vehicle finance.

     

    To meet this requirement, we must set out to the customer the following: 

     

    • The relationship between us and you
    • The existence of commission
    • The nature of the commission
    • The amount of commission you’ll receive.
    • The method we use to calculate the commission amount.

     

    Before their vehicle finance can be set up, the customer must sign a form to say they understand the relationship between us, that they agree to you receiving commission and the amount you’ll receive.

    Will other lenders take a similar approach?

    We’re unable to comment on any action other lenders may or may not take. 

    What happens if I don’t want to work in this way?

    As this is now a legal requirement, we need all our partners to explicitly disclose commission to the customer. If you don’t want to do this, unfortunately we’re unable to continue working with you.  

    Do I need to disclose commission on unregulated agreements?

    Yes. The law has changed so you’ll need to disclose commission on any vehicle finance agreement. This legal standard has higher authority than existing regulation. 

    What if I don’t receive commission?

    You can explain this to your customer, but you will still need to take customers through our new commission disclosure process. This is to make sure your customer understands the business relationship between us and you.