Resource Library

The Financial Conduct Authority is carrying out an information gathering exercise to help understand the impact of the judgment on both individual firms and on the sector. It will shortly be issuing a data request to a number of motor finance lenders to obtain details of their non-discretionary commission arrangements.

The Financial Conduct Authority (FCA) is considering how it can remove or simplify rules, having been challenged by the Government in December to support the UK’s growth ambitions.

The Financial Times has reported that the Treasury has approached the Supreme Court with regards to the upcoming commissions disclosure appeal.

The BVRLA’s Leasing Broker inspection programme has been updated to include further questions on commission disclosure and the October Court of Appeal judgement.

Permission has been granted for the three motor finance cases from 25 October’s ruling to be appealed. The Court of Appeal found in favour of the consumer in all three cases, with the rulings causing fundamental questions about the future of financing to be raised.

The High Court has found in favour of the consumer when reviewing a case relating to Discretionary Commission Arrangements (DCA). The case is not directly related to the separate the Court of Appeal rulings from 25 October (which were recently granted permission to appeal by the Supreme Court).

A pair of guidance documents exploring good and bad practice have been published by the Financial Conduct Authority (FCA), looking at approaches to Complaints and Root Cause Analysis, as well as Consumer Duty Board Reports. Both guidance documents are designed to support firms to learn and improve.

The Financial Conduct Authority (FCA) has now closed its consultation relating to temporary changes to handling rules for motor finance complaints. It will determine what is deemed in scope of the freeze.

The inaugural meeting of the BVRLA’s Commissions Working Group took place last week. Chaired by the BVRLA, the group was attended by representatives from across leasing broker and funder members and aims to facilitate cross-sector collaboration.

The Financial Conduct Authority (FCA) has confirmed the details and timings of its consultation on extending the time motor finance firms have to handle commission complaints. The consultation was announced last week and requests responses by 5 December 2024.

The Financial Conduct Authority (FCA) is consulting on extending the time motor finance firms have to handle commission complaints. Its decision to consult follows the Court of Appeal’s 25 October judgment.

The Digital Markets, Competition and Consumers Act (DMCCA) sets out a legislative regulatory framework to strengthen protections for consumers when they enter a subscription contract. The Department for Business and Trade is seeking views on the proposals for how the regime will work in practice and inform guidance.