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.
Since the Court of Appeal judgment ruled in favour of consumers in October 2024, the FCA has focussed on assessing the potential impacts of the judgment, not only in relation to its ongoing review of the historical use of discretionary commission arrangements (DCAs), but also on non-DCA commission agreements.
The FCA may make this request to some BVRLA members, including those already in scope of its existing review of motor finance commission arrangements. The firms included in this work have been (or shortly will be) contacted directly.
BVRLA Commission Disclosure resources hub.
If you have a question regarding commissions disclosure, contact [email protected].
