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4 days ago · Summary: The Court of Appeal has ruled in favour of the consumer complaints, meaning lenders have to disclose any commissions made on a sale. Earlier this year, the Financial Conduct Authority (FCA) started investigating whether some car finance customers were charged too much through a Discretionary Commission Agreement (DCA).
2 days ago · The Court of Appeal’s decision is notable in that it goes further than the FCA’s current rules on commission disclosure in the credit broking context, which require prominent disclosure of the existence and nature of a commission where it could affect impartiality or have a material impact on the customer’s decision to transact, and disclosure of the amount of commission only on a ...
4 days ago · Firstrand Limited has issued a press release on the judgment here. The Court of Appeal has delivered claimant-friendly guidance to lower courts dealing with a substantial volume of borrowers’ claims relating to commission disclosures in the context of motor finance lending. The decision may have implications for credit broking outside the ...
1 day ago · 1 November 2024. Fleet funding. Leasing companies and brokers are assessing the impact of a Court of Appeal decision on commissions paid on vehicle finance deals. Some paused quoting for business ...
Commission disclosure. Due to a judgment handed down by the Court of Appeal on 25 October 2024, we now require explicit consent from the customer that they agree to you being paid a commission for arranging their vehicle finance. To meet this requirement, we must set out to the customer the following: The relationship between us and you. The ...
Whilst the FCA ultimately banned discretionary commission from 28 January 2021 it stopped short of declaring that such practices were automatically unfair. To be clear; some areas of the finance industry have abused discretionary models of commission to the detriment of consumers.
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When should a firm disclose a commission?
Should a firm disclose the value of a commission equivalent?
When should a firm disclose a payment?
Is the discretionary commission model unfair?
What should I do if a customer complains about discretionary Commission?
Why did the FCA ban discretionary Commission?
A firm must make the disclosure required by the rule on disclosure of commission or equivalent (COBS 6.4.3 R) as close as practicable to the time that it sells or arranges the sale of a packaged product.
