Regulatory Alerts2024-06-12
Central Bank of Ireland Letter on Discretionary Commission Arrangements in Motor Finance
The Central Bank of Ireland has identified that discretionary commission arrangements in motor finance create conflicts of interest inconsistent with consumer protection standards. Regulated firms are required to cease these practices immediately and no later than 31 July 2024 to align with proposed regulatory changes. Firms must also review and amend their commission disclosure documentation by 30 August 2024 and provide board-approved confirmation of compliance actions by 5 July 2024.
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