Initial Disclosure Document

John Banks Group

Introduction to the FCA Process

To comply with Financial Conduct Authority rules, and to ensure we provide you with the correct information, and to enable you to make an informed decision on our finance and insurance services and what to purchase, we are required to complete the Statement of Demands and Needs.

This will help us to determine which of our finance and insurance products are appropriate taking in to account your individual and specific personal requirements. Our Sales Consultant will, based on your answers, provide you with a personal recommendation and their reasons for doing so, together with all relevant details about each product.

All recommended products are optional. A copy of this document will be provided to you. This record will be retained for seven years.

The Financial Conduct Authority (FCA) has legislated that customers purchasing a vehicle must be aware by their supplying dealership, of the full terms and conditions including the customer benefits and any limitations of that the FCA refers to as “Guaranteed Asset Protection” Insurance (GAP) or Return to Invoice (RTI). We provide this detail to you below in the form of a “Key Facts” document, covering our GAP and RTI product which we call Asset Protection. We ask that you read this document, and should you have any questions please discuss this with your Sales Consultant who will be happy to help.

Whilst this legislation is a positive step to greater transparency and customer awareness, we at John Banks Group believe that this legislation does not go far enough and that customers may miss out on other beneficial products or risk being mis-sold if they are not given sufficient information so that they can make an informed decision. To this end we have included the “Key Facts” for other products that, based on what you have told us, we believe you have a demand or a need for.

Should you, after reading this information have any questions or wish to confirm a purchase please do not hesitate to speak to one of our fully trained members of staff.

John Banks Group Initial Disclosure Document

The Financial Conduct Authority is the independent watchdog that regulates financial services. It requires us to give you this document to help you decide if our services and products are right for you.

John Banks Limited whose registered office is at Kempson Way, Moreton Hall, Bury St Edmunds, Suffolk, IP32 7AR is registered in England and Wales under Company Registration 1831725 and authorised and regulated by the Financial Conduct Authority.

Our Financial Conduct Authority Firm Reference Number is 308667 as a Firm Type of Body Corporate. Our permitted business is General Insurance mediation in the sale, repair and servicing of motor vehicles along with other Sub-Categories in Consumer Credit Business. We are also registered with the Office of Fair Trading as a licenced Credit broker and our Licence Number is 169742.

You can check our permissions on the Financial Services Register by visiting the Financial Conduct Authority Website at www.fca.org.uk or by contacting the FCA on free phone 0800 111 6768 or 0300 500 8082 from the UK.

Commission Disclosure Statement New Vehicle Finance via John Banks Limited

New Vehicles where a franchised retailer has an arrangement with a captive lender.

We are a credit broker and not a lender. We can introduce you to a selected panel of lenders, which includes the following for each of the new vehicle brands we represent (OEM's):

Mobilize Financial Services – Renault, Dacia and Alpine

Suzuki Finance – Suzuki Financial Services via Blackhorse, Honda Finance – Honda, Hyundai Finance – Hyundai, Mazda Financial Services

An introduction to a lender does not amount to independent financial advice.

Our approach from our transaction Managers or SAF trained Sales personnel is to introduce you first to one of the lenders listed in the listing above, determined by which brand of new vehicle you are looking to purchase. If one of the above are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make an offer of finance for you - please see the list below.

Moto Novo Finance, Evolution Funding, Santander

We are not an independent financial advisor. We will provide details of products available from the lenders we work with which are limited to a number of selected lenders only.

Lenders could pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders could pay different commissions for such introductions, and also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement or the agreement you select which is based on your demands and needs questionnaire, all of which are set by the lender concerned.”

Used Vehicle Finance via John Banks Limited

Commission Disclosure Statement

Used vehicles where a retailer recommends a finance product.

We are a credit broker and not a lender.

We are able to introduce you to a limited number of lenders and their finance products which may have different interest rates and charges. We are not an independent financial advisor. We may advise you on the products, subject to your personal circumstances, though you are not obliged to take our advice or recommendation. The suppliers we work with as well as the manufacturer or OEM’s as detailed above are: Moto Novo Finance, Santander, Evolution Funding, Close Brothers Finance

We do not charge you a fee for our services. Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow – the loan amount).

The lenders we work with could pay commission at different rates. However, the amount of commission that we receive from a lender does not have any effect on the amount that you pay to that lender under your credit agreement.

About Our Finance Services and Insurance Products

We will advise and make a recommendation for you once we have assessed your needs for any insurance policies, we have available. Any insurance money we hold is as an agent of the insurer under a Risk Transfer Agreement.

We offer the following insurance products from individually selected providers in line with manufacturer requirements. We do not provide a whole of the market analysis for any of these products. We operate on a non-advised sale basis, therefore, no advice or recommendation will be provided on the insurance products listed below. The insurance products available are:

Short Term Motor Insurance *

GAP/Return to Invoice*

Key Insurance *

Note: (Not all of the manufacturer partners we work with provide these insurances. Details of insurance providers are available upon request)

With regards to short term motor insurance (and where applicable), we are an introducer only. This means we can only introduce you to the provider and you should discuss your needs and eligibility directly with them. We do not receive any commission for this initial introduction. In the event you purchase an annual policy direct from the Insurer, they may pay us a commission (either a flat fee or a percentage of the annual insurance premium) as a result of the initial introduction.

With regard to GAP/Return to Invoice Asset Protection we only work with Opteven and Safe and Sound products. We will advise and work as an introducer, your agreement will be with them. In the event that you take out a plan we confirm that we will receive a commission (either a flat fee or a percentage of the annual insurance premium) as a result of the initial introduction.

With regards to key insurance (and where applicable), we are an introducer only. This means we can only introduce you to the provider and you should discuss your needs and eligibility directly with them. We do not receive any commission for this initial introduction. In the event you purchase an annual policy direct from the Insurer, they may pay us a commission (either a flat fee or a percentage of the annual insurance premium) as a result of the initial introduction.

Customer Care, Dispute Resolution and Complaints

We work hard to ensure that the finance and insurance services we offer are fair and that our communication to our customers is clear, transparent and not misleading. However, if you are unhappy with either services please write to: FCA Compliance Manager, Head Office, John Banks Group, Kempson Way, Moreton Hall, Bury St Edmunds, Suffolk, IP32 7AR

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 Financial Services Compensation Scheme (FSCS) – applicable to insurances services only.

We are covered by the FSCS. This means that you may be entitled to compensation from the Scheme if we are unable to meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim without any upper limit. Further information about this is available from the FSCS.