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What are the new rules on Commission disclosure?
When should Commission disclosure be made?
What are the new FCA rules on Commission disclosure?
Should a lender disclose a commission?
What are the changes to Commission disclosure?
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4 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 · 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).
1 day ago · 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 while they ...
5 days ago · The decision set a new legal standard for the duty brokers owe to customers, establishing a fiduciary responsibility that includes a duty of loyalty and disinterestedness. This duty requires brokers to provide greater transparency and seek customer consent on commissions, a standard that surpasses existing rules from the Financial Conduct Authority (FCA).
4 days ago · Clear, upfront disclosure of commission to ensure informed consent will be critical for providers of motor finance following last week’s shock Court of Appeal decision which saw several major industry names suspend lending in order to take stock of the implications of the ruling.
3 days ago · In the wake of a landmark Appeal Court ruling, the UK car finance industry is grappling with significant disruption as major lenders temporarily suspend new finance deals. The unexpected decision has placed lenders under greater liability for non-disclosure of commission payments, leading to urgent consultations with regulators and ministers to ...
Feb 9, 2021 · THE FCA’s new rules on Commission Disclosure came into force on 28 January 2021. The regulation forms part of the CONC rules on affordability and transparency.
