Midland Credit Limited is authorised and regulated by the Financial Conduct Authority.
As a credit broker, the Financial Conduct Authority expects Midland Credit Limited to ensure that customers are aware of the existence and nature of commissions, fees or other remuneration payable in good time before the credit agreement is entered into.
In addition to this, Midland Credit Limited is also required to disclose the amount (or likely amount if the precise amount is not known) of any commission fee or other remuneration payable by the lender, in good time, before the credit agreement is entered into if any of the following apply:
- from the customer’s perspective, the commission could have unduly influenced the broker into recommending or offering a particular product
- knowing about the existence or amount of the commission would materially impact the customer’s decision in entering the credit agreement
- the customer has formally requested details of the commission.