Regulatory Alerts2019-10-14
Added · Updated
PS20/8: Motor finance discretionary commission models and consumer credit commission disclosure
The Financial Conduct Authority implements a ban on discretionary commission models in the motor finance market and amends commission disclosure rules for consumer credit. These measures apply to motor finance providers, credit brokers, and consumer hire agreement brokers, requiring compliance by 28 January 2021. The rules prohibit arrangements where broker remuneration is linked to the interest rate or other elements of the total charge for credit set or negotiated by the broker.