15 October 2019
FCA announcement on commission is good news for the industry
Commenting on the Financial Conduct Authority's publication today of a consultation on discretionary commission models, Adrian Dally, Head of Motor Finance at the FLA, said:
“Today’s announcement is good news for the industry and consumers, as it delivers clear rules and a consistent approach to commissions. Many lenders have already moved to the commission models that the FCA is proposing.”
Note to editors:
1. In 2018, FLA members provided £136 billion of new finance to UK businesses and households. £103 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2018. £46 billion of it supported the purchase of new and used cars, including over 91% of private new car registrations.
2. For media enquiries, please contact the FLA press office on 020 7420 9656.