Information Notice

Who are we

The Electric Car Scheme is the trading style of The Electric Car Scheme Limited (company number 12646157, ICO number ZB030706), The Electric Car Scheme Holdings Limited (company number 13295877, ICO number ZB252629) and ECS M/G Ltd (company number 13292245). Our registered address is The Shipping Building, 254 Blyth Road, UB3 1HA.

The Electric Car Scheme Holdings Limited is a member of the British Vehicle Rental & Leasing Association (BVRLA) (member 10608), is authorised and regulated by the Financial Conduct Authority (FCA) under FRN 968270, and is an Appointed Representative of Marshall Management Services Ltd under FRN 667174.  Our permitted business under our FCA regulation is credit broking. It is important to state that we are a credit broker and not a lender or insurer.

What fees do we charge for salary sacrifice administration

We provide services for the administration of your salary sacrifice employee benefit through The Electric Car Scheme Limited. 

In this role, we charge companies a fee based on the employer tax savings. This fee is set out clearly in our administration services agreement and is confirmed in a schedule at the point of order for each vehicle.

What fees do we charge for credit broking

We may also provide you with a credit broking service through The Electric Car Scheme Holdings Limited (and this will be noted on your order form). In this role, we introduce you to a number of finance providers to organise the funding of your vehicle lease. If you would like to know more details about the finance companies that we work with, please see our Our Partners page or email us at info@electriccarscheme.com. 

We may charge an administration fee in connection with our credit broking and car sourcing activities (and this will be noted on your order form). We will also receive commission from your finance provider for introducing you to them, which is shared with our partner Marshall Management Services Ltd.

All finance providers set their own policies regarding commission and typically the amount will be capped at a percentage of the tax list price (P11D value) of the vehicle. The commission we receive is calculated based on the P11D value of the car (and is typically 2% of the P11D value of the car), as well as a risk premium for leases with a higher risk profile. We may also receive an extra amount based on how much business we introduce and there is often a requirement to achieve certain levels of quality and service. The higher the amount of commission, the more you will pay to hire your vehicle. 

This commission goes towards the cost of providing our services to you - including the sourcing of vehicles, sourcing of finance, administration of the salary sacrifice scheme, providing access to our online portal and employer toolkit, as well as providing the risk protection service to you and your employees.

If you are a regulated customer (individual, sole trader or small partnership with 2-3 partners) you are within your rights to request a full disclosure of the commission that we earn on your contract. In order to request this, simply email us at info@electriccarscheme.com or write to us at our head office address (marked for the attention of the Compliance Manager) and state that you would like to receive a disclosure of the commission. 

What fees apply if you cancel your order

If you choose to cancel your order, we may charge a cancellation fee (currently set at £500 + VAT) in accordance with our terms and conditions. This cancellation fee becomes chargeable if (i) credit acceptance has been received from the finance provider and (ii) the vehicle has been ordered with the supplier.

Additional charges may be payable if you terminate your vehicle lease or subscription early, and these are set out in the salary sacrifice agreement you enter with your employer.

What next

If you choose to accept our quotation, you’ll proceed to the order process and be asked to electronically agree to this Information Notice and our General Terms & Conditions. For ease, a copy of this Information Notice will be annexed to your order form, but please feel free to download copy of this Information Notice for your records.