initial disclosure document
1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
2. Whose products do we offer?
Investment
- We offer mortgages from the whole market.
- We only offer mortgages from a limited number of lenders. Ask us for a list of lenders we offer mortgages from.
- We only offer mortgages from a single lender – Commercial First.
Insurance
- We offer insurance from the whole market.
- We only offer insurance from a limited number of insurers. Ask us for a list of insurers we offer mortgages from.
- We only offer insurance from a single insurer – Barclay Willis.
3. Which Service will we provide you with?
- We will advise and make a recommendation for you after we have assessed your needs.
- You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.
4. What will you have to pay us for this service?
- No fee.
- An upfront fee of £200 – and we will refund to you any commission that we get paid by the mortgage lender.
- 1% of the amount borrowed which is paid to us on completion (min. fee £500).
You will receive a key facts illustration when considering a particular mortgage which will tell you about any fees relating to it.
5. Refund of fees
- A full refund.
- No refund in all circumstances.
6. Who regulates us?
Commercial Loan Company Limited is authorised and regulated by the Financial Services Authority. Commercial Loan Companys' FSA Register number is 302096. Commercial Loan Companys' permitted business is advising on and arranging mortgages and non investment insurances.
7. What to do if you have a complaint
If you wish to register a complaint, please contact us:
| .in writing | Write to: | Commercial Loan Company Limited |
| .by phone | Telephone: | 0845 241 6464 |
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (Regulated Contracts Only).
8. Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations (Regulated Contracts Only). Further details available on request.
Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000. Further information about compensation scheme arrangements is available from the FSCS.
Insurance advising and arranging is covered 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.