What’s happening with motor finance commissions?

Published 01 February 2024

The issue of disclosure commission complaints is something we have been following in recent times as part of our work on motor finance. On 11 January the Financial Conduct Authority (FCA) announced that it would be undertaking work in the motor finance market – but on a different area- discretionary commission arrangements.

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Commission and disclosure – update

Published 14 February 2023

Earlier in the year we wrote out to all our members with an interest in motor finance about the increased regulatory interest around commission disclosures. I recently had the opportunity to join other trade association representatives in a discussion with the Financial Ombudsman Service (FOS) about issues or sectors that might attract more customer complaints.

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Commissions and disclosures

Published 18 January 2023

Following FCA’s extensive review of the motor finance market, the regulator moved to ban discretionary DiC commission arrangements and apply commission disclosure changes with effect from 28 January 2021. Accordingly, the rules around commissions and disclosures were updated in the FCA’s Consumer Credit Sourcebook (CONC), primarily in CONC 3 and CONC 4.

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