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
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.
About Our Finance Services and Insurance Products
We will only offer products from a limited number of suppliers and all products from insurers are of a non-investment insurance contract type. You can request a full list of the suppliers who provide our finance and insurance products but these are listed on our Demands and Needs documentation. All the products we offer are optional. We are not an Independent Financial Adviser.
We do not charge a fee for our services.
As we are a franchised dealer we offer products from a limited number of carefully selected finance providers, we are not
independent financial advisors. Lenders may pay a fixed commission to us for us introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, but these amounts will not affect the amounts you pay under your finance agreement as these are set by the lender concerned.
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.
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