Expert Insights
60 minutes
- Industry panel
The UK’s Financial Conduct Authority will ban discretionary commission models from 2021 to end incentives for motor finance brokers and dealers to increase customers’ finance costs.
It is also changing its rules to make sure credit brokers give consumers more information about commission levels and structures.
The ruling follows a consultation by the FCA in October last year that found commission for some car retailers was linked to the level of interest charged, which created an incentive to sell more expensive credit.
Find out what this really means for dealers and finance companies in a one hour briefing from the IAFN Online team and expert panel.