The Financial Conduct Authority has today published its response to the recent consultation on Motor finance discretionary commission models and consumer credit commission disclosure.
The regulator has announced that both a ban on discretionary commission models in motor finance and the commission disclosure changes that will apply across all credit sectors will take effect from 28 January 2021.
The BVRLA is pleased that the sector has been given sufficient notice to prepare for the changes as members will need time to make system changes and negotiate contracts. This was a request made by the association in its consultation response submitted earlier this year.
