NFDA comments on FCA’s Motor Finance Discretionary Commissions ban

The Financial Conduct Authority (FCA) has confirmed it will introduce a ban on motor finance discretionary commission models. The announcement followed a consultation in October 2019. “In the light of consultation feedback and the additional operational pressures which the sector is facing at present the FCA has agreed to give firms limited additional time to implement the new rules, with the ban coming into force on 28 January 2021”, FCA said.